AMD
Updated: 07/10/2026, 03:27:51
Advanced Micro Devices, Inc. (AMD), established in 1969 and headquartered in Santa Clara, California, operates as a global leader in the semiconductor industry. The company organizes its extensive operations into two primary segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. In its Computing and Graphics division, AMD develops a range of products including x86 microprocessors (often as accelerated processing units), chipsets, and various graphics processing units (GPUs), encompassing discrete, integrated, data center, and professional variants, alongside providing development services. The Enterprise, Embedded and Semi-Custom segment focuses on server and embedded processors, bespoke System-on-Chip (SoC) products, and foundational technology for popular game consoles, also offering associated development support. AMD's diverse product lineup features processors for desktop and notebook personal computers under well-known brands such as AMD Ryzen, Ryzen PRO, Ryzen Threadripper, Threadripper PRO, AMD Athlon, Athlon PRO, AMD FX, AMD A-Series, and PRO A-Series. Discrete GPUs for these PCs are offered through the AMD Radeon graphics and AMD Embedded Radeon graphics brands, while professional graphics solutions include AMD Radeon Pro and AMD FirePro. Furthermore, the company provides high-performance accelerators for servers, including Radeon Instinct, Radeon PRO V-series, and AMD Instinct, along with AMD EPYC microprocessors designed for server environments. Its embedded processor solutions span multiple brands, such as AMD Athlon, AMD Geode, AMD Ryzen, AMD EPYC, AMD R-Series, and G-Series. AMD also produces chipsets under its own trademark and crafts customer-specific solutions leveraging its CPU, GPU, and multimedia expertise, including specialized semi-custom SoC products. AMD reaches its wide array of clients, which comprise original equipment manufacturers (OEMs), public cloud service providers, original design manufacturers (ODMs), system integrators, independent distributors, online retailers, and add-in-board manufacturers. The company's sales and distribution network includes its direct sales force, independent distributors, and dedicated sales representatives.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$34.6B
FY 2025 · Reported
Net income
$4.3B
FY 2025 · Reported
Gross margin
49.5%
FY 2025 · Calculated
Free cash flow
$6.7B
FY 2025 · Calculated
R&D intensity
23.4%
FY 2025 · Calculated
Share repurchases
$1.3B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
AMD drives innovation in high performance and AI computing; portfolio includes AI-optimized CPUs, GPUs, networking, software, semi-custom SoCs, adaptive SoCs and APUs
“With a broad portfolio of AI-optimized CPUs, GPUs, networking and software, AMD delivers full-stack solutions that help customers turn data into breakthroughs”
Segment structure change in fiscal 2025
Client and Gaming combined into one reportable segment starting Q1 FY2025
“Beginning in the first quarter of fiscal year 2025, we combined the Client and Gaming segments into one reportable segment”
Three reportable segments (2025 reorganization)
Data Center; Client and Gaming; Embedded — Client and Gaming combined beginning Q1 FY2025
“Beginning in the first quarter of fiscal year 2025, we combined the Client and Gaming segments into one reportable segment to align with how we manage our business.”
Semi-custom SoC revenue model
Semi-custom SoC revenue consists of NRE fees plus product sales, dependent on third-party customers' product success
“The revenue that we receive from our semi-custom SoC products is in the form of non-recurring engineering fees charged to third parties for design and development services and revenue received in connection with sales of our semi-custom SoC products”
Data Center segment products
Server CPUs (EPYC), Instinct GPUs, Pensando DPUs/AI NICs, FPGAs, adaptive SoCs, Alveo cards, Helios rack-scale platform
“Our CPUs for server platforms currently include the AMD EPYC™ Series processors... including AMD Instinct MI200, MI300, MI325 and MI350 series”
Client and Gaming segment products
Client CPUs/APUs/chipsets, discrete GPUs, semi-custom SoCs; first x86 CPU with dedicated NPU for AI PCs
“AMD was the first company to integrate a dedicated neural processing unit (NPU) on the same SoC as an x86 CPU for AI PCs.”
Embedded segment products
Embedded CPUs, APUs, FPGAs, SOMs, adaptive SoCs for automotive, industrial, healthcare, storage, networking
“the Embedded segment, which primarily includes embedded CPUs, APUs, FPGAs, SOMs, and adaptive SoC products”
International sales share of net revenue
International sales were 67% of net revenue for the year ended December 27, 2025
“International sales, as a percent of net revenue, were 67% for the year ended December 27, 2025.”
FY2025 net revenue by segment
Net revenue $34.6B (+34% vs $25.8B in 2024); Data Center $16.6B (+32%), Client and Gaming $14.6B (+51%), Embedded $3.5B (-3%)
“net revenue increasing 34% to $34.6 billion, compared to $25.8 billion in 2024”
Assembly and final testing outsourced to China, Malaysia, Taiwan
Nearly all product assembly and final testing is performed at third-party facilities in China, Malaysia and Taiwan
“Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in China, Malaysia and Taiwan.”
Assembly, test, mark and packaging (ATMP)
ATMP via Tongfu Microelectronics JVs, SPIL and KYEC in Asia-Pacific
“We are party to two ATMP joint ventures (collectively, the ATMP JVs) with Tongfu Microelectronics Co., Ltd.”
Reliance on TSMC and other third-party foundries
Third-party foundries TSMC and UMC produce wafers; TSMC manufactures AMD's newest IC products and must achieve acceptable yields
“the foundries, particularly TSMC which manufactures our newest IC products, must be able to transition to advanced manufacturing process technologies”
Wafer foundry suppliers
TSMC, GlobalFoundries (12/14nm), UMC and Samsung supply wafers
“We utilize Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of wafers for our HPC, FPGA and adaptive SoC products”
Global workforce size
Approximately 31,000 employees as of December 27, 2025
“As of December 27, 2025, we had approximately 31,000 employees in our global workforce”
Competition for AI/machine learning talent
Highly competitive market for qualified executives and employees, especially in AI and machine learning; competitors have targeted AMD personnel
“The market for qualified and skilled executives and employees in the technology industry, especially in the areas of AI and machine learning, is highly competitive.”
ZT Systems acquisition and divestiture of manufacturing business
ZT Systems acquired for $3.2B cash + 8.3M shares; ZT Manufacturing sold to Sanmina for $2.4B + 1.2M Sanmina shares + up to $450M contingent
“we completed the acquisition of ZT Systems for $3.2 billion in cash and 8.3 million shares of our common stock”
ZT Systems acquisition and manufacturing divestiture
Acquired ZT Systems March 2025 for AI infrastructure design; sold ZT manufacturing business to Sanmina October 2025
“In March 2025, we acquired ZT Group Int'l, Inc. (ZT Systems)... In October 2025, we sold the ZT data center infrastructure manufacturing business (ZT Manufacturing Business) to Sanmina Corporation”
Intel competitive pricing behavior
Intel uses its microprocessor market position to price aggressively, reducing AMD unit sales and ASPs
“Intel Corporation (Intel) uses its microprocessor market position to price its products aggressively and target our customers and channel partners with special incentives.”
Nvidia and Arm-based competition; Nvidia-Intel partnership
Nvidia leverages data center GPU position; Arm ecosystem growing; Nvidia-Intel partnership (Sept 2025) may increase competition and pricing pressure
“in September 2025, Nvidia announced a partnership and investment in Intel to partner on new data center and client platform products.”
Data center AI demand dependent on infrastructure buildout and customer capital
AI accelerator demand depends on generative AI adoption, data center capacity/energy, buildout timing and customer financing capacity
“Some customers in AI markets may be unable to secure access to internal and external infrastructure, including availability of sufficient data center capacity or energy for the buildout of data centers that use our products.”
R&D focus areas
R&D focused on CPUs/GPUs, FPGAs, adaptive SoCs, accelerators, AI NICs and AI software stack
“Our main area of focus is on delivering the next generation of processors (CPU and GPU), FPGAs and adaptive SoCs, accelerators (adaptive, graphics and DPU), SOMs and AI NICs”
AI strategy and data center product roadmap
AI strategy: annual Instinct GPU cadence, EPYC 5th Gen, AI NICs, Helios rack-scale platform, ROCm software
“we previewed our Helios AI rack-scale platform solution that incorporates all of our data center products (CPUs, GPUs and Networking)”
2025 Data Center growth and AI roadmap priority
2025 key priority: accelerating Data Center growth; annual Instinct GPU cadence; 5th Gen EPYC; Helios rack-scale platform; ROCm open ecosystem
“In 2025, a key priority was accelerating growth in our Data Center segment.”
China-Taiwan geopolitical risk to foundries
Geopolitical changes between China and Taiwan could disrupt Taiwan-based foundries and materially adversely affect product delivery
“geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors”
Stock repurchase program authorization and remaining capacity
Approved $14 billion repurchase program; $9.4 billion remained available as of December 27, 2025
“authorizes repurchases of up to $14 billion of our common stock (Repurchase Program). As of December 27, 2025, $9.4 billion remained available for future stock repurchases”
OpenAI 6-gigawatt GPU partnership
Product purchase agreement with OpenAI to deploy 6 GW of AMD GPUs, first gigawatt powered by Instinct MI450
“we entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 series products”
OpenAI GPU deployment agreement and warrant
OpenAI agreement to deploy 6 GW of AMD GPUs; warrant for 160M shares at $0.01 exercisable through Oct 5, 2030
“to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 series products”
Privacy and data security regulation
Subject to GDPR, CCPA/CPRA fines, penalties and private claims for data breaches; ongoing increasing information-security compliance costs anticipated
“many governments have enacted and are continuing to enact strict privacy and security laws, such as the UK’s and European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act of 2018 (CCPA)”
Yield declines could raise per-unit costs and constrain supply
Any decrease in manufacturing yields could increase per-unit costs, hurt gross margin, and force reduced product supply allocation
“Any decrease in manufacturing yields could result in an increase in per unit costs, which would adversely impact our gross margin”
U.S. export restrictions on MI308 GPUs to China
~$800M MI308 export-control charges, ~$360M reversed after licenses; U.S. expects 15% of licensed China MI308 revenue (not yet formalized)
“recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 Data Center GPU products due to new U.S. export restrictions on certain semiconductors to China”
Product security vulnerabilities risk
Complex products have been and may be subject to security vulnerabilities causing data loss, litigation, customer loss, and reputational harm
“The products that we sell are complex and have been and may in the future be subject to security vulnerabilities”
Dependence on third-party manufacturing
AMD relies on third parties to manufacture its products (fabless model) with risks on capacity, technology and yields
“We rely on third parties to manufacture our products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies, our business could be materially adversely affected.”
Cybersecurity and IT systems risk including AI-enabled attacks
AMD is increasingly subject to cyberattacks including ransom gangs and state-sponsored actors; AI technology may enable more sophisticated attacks
“As AI capabilities improve and are increasingly adopted, we may see more sophisticated threats created through the use of AI technology to launch more automated, targeted and coordinated cyberattacks”
Cyclicality of semiconductor industry
Semiconductor industry is highly cyclical with severe downturns; AMD has incurred substantial losses in prior downturns
“The semiconductor industry is highly cyclical and has experienced significant downturns, often alongside constant and rapid technological change, wide fluctuations in supply and demand”
Natural disaster and climate exposure including Taiwan earthquake
Operations exposed to earthquakes, extreme weather and water availability; April 2024 Taiwan earthquake occurred where third-party wafer foundries are located
“In April 2024, Taiwan experienced an earthquake where our third-party wafer foundries are located.”
Export controls, tariffs and trade protection
Export regulations, import tariffs and trade protection measures may limit ability to export products to certain customers
“Government actions and regulations, including but not limited to export regulations, import tariffs and trade protection measures, may limit our ability to export our products to certain customers.”
Technology license impairment risk
Third-party technology licenses carried as other non-current assets may require future impairment charges
“The occurrence of any of these events may require us to record future technology license impairment charges.”
Stock price volatility risk
Stock price subject to wide fluctuations from financial results, competitor news, tariffs, interest rates, inflation; volatility could affect recruiting and financing
“The trading price of our stock may fluctuate widely due to various factors including: actual or anticipated fluctuations in our financial conditions and operating results”
Customer concentration and software ecosystem dependencies
Small number of customers account for substantial revenue; depends on Microsoft support, third-party components, distributors/AIB partners
“The loss of a significant customer may have a material adverse effect on us.”
AMD relies on third parties to manufacture products; inability to manufacture on time, in quantity, or with competitive technologies would materially harm the business.
“We rely on third parties to manufacture our products, and if they are unable to do so on a timely basis in sufficient quantities and using competitive technologies”
TSMC manufactures AMD's newest IC products; yield and process-transition performance directly drive AMD's costs, supply, and gross margin.
“the foundries, particularly TSMC which manufactures our newest IC products, must be able to transition to advanced manufacturing process technologies”
AI is AMD's central strategic driver: data center AI accelerator demand since 2024, AI PC adoption, and full-stack AI investments underpin growth, though the trajectory of generative AI adoption is unknown.
“since 2024, we have experienced significant demand for our AI accelerators”
FY2025 growth driven by demand for 5th Gen EPYC processors and Instinct MI350 GPUs; AI strategy (annual Instinct cadence, Helios rack-scale platform, ROCm) is the company's central strategic priority.
“primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs”
Multiyear strategic partnership to deploy 6 GW of AMD GPUs beginning with Instinct MI450, a material demand commitment for the Data Center segment.
“This multiyear strategic partnership with OpenAI demonstrates our continued execution of hardware, software and full-stack solutions roadmaps.”
October 2025 product purchase agreement with OpenAI to deploy 6 GW of AMD GPUs starting with Instinct MI450, plus a 160M-share warrant tied to GPU purchase milestones, makes OpenAI a strategic anchor AI customer.
“entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs”
TSMC produces wafers for AMD's HPC, FPGA and adaptive SoC products, making it a critical sole-source-style foundry dependency.
“We utilize Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of wafers for our HPC, FPGA and adaptive SoC products”
China-Taiwan geopolitical changes could disrupt AMD's Taiwan-based wafer foundries and assembly/test subcontractors, affecting product delivery.
“geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors”
New U.S. export restrictions on MI308 GPUs to China drove ~$800M of inventory charges in Q2 FY2025, partially reversed (~$360M) after licenses; possible 15% U.S. government revenue share expectation creates further regulatory uncertainty.
“recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 Data Center GPU products due to new U.S. export restrictions on certain semiconductors to China”
Nvidia's data center GPU market position, financial resources and proprietary software ecosystem influence shared customers; Sept 2025 Nvidia-Intel partnership may intensify competition and pricing pressure.
“Nvidia Corporation (Nvidia) leverages its market position in data center GPU, financial resources, and proprietary software ecosystem to promote its systems and influences customers who do business with us.”
Nearly all assembly and final testing is concentrated at third-party facilities in China, Malaysia and Taiwan, concentrating operational risk.
“Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in China, Malaysia and Taiwan.”
With 67% of net revenue international, AMD's sales are exposed to tariffs, export licensing, US-China trade deterioration, and trade protection measures.
“International sales, as a percent of net revenue, were 67% for the year ended December 27, 2025.”
Customer access to data center capacity, energy, and capital constrains demand for AMD AI products; buildout delays could materially affect growth strategy.
“construction delays in the scheduled buildout of data centers could impact the timing of customer demand”
Export regulations, import tariffs and trade protection measures may limit AMD's ability to export products to certain customers, constraining international sales.
“may limit our ability to export our products to certain customers”
Intel's aggressive pricing and incentives against AMD's customers and channel partners reduce AMD unit sales and average selling prices.
“These aggressive activities have reduced and may reduce our unit sales and average selling prices for many of our products”
Demand for data center AI GPU products came from large hyperscale customers, OEMs and ODMs deploying AMD Instinct MI350X Series GPUs; revenue allowances also reflect OEM/ODM and distributor return, rebate and price-protection terms.
“large hyperscale customers, OEMs and ODMs deployed our AMD Instinct MI350X Series GPUs”
Loss of Microsoft's support or vendors not developing software for AMD products could materially impair AMD's ability to sell products.
“If we lose Microsoft Corporation’s support for our products or other software vendors do not design and develop software to run on our products, our ability to sell our products could be materially adversely affected.”
Cyberattacks on AMD or third-party providers could breach confidential data, cause litigation, regulatory action, and remediation costs; AI may amplify attack sophistication.
“Cyberattacks that breach our security measures, or those of our third-party service providers, customers or business partners, could result in any or all of the following”
Semi-custom SoC revenue is directly tied to the market success of third-party customers' end products, which AMD does not control.
“Any revenue from sales of our semi-custom SoC products is directly related to sales of the third-party’s products and reflective of their success in the market.”
Competitors target AMD employees with AI/ML skills; failure to retain talent could hinder product development programs.
“Our competitors have targeted individuals in our organization that have desired skills and experience.”
GF supplies wafers for HPC products at the 12 nm and 14 nm technology nodes.
“GLOBALFOUNDRIES Inc. (GF), with respect to wafer purchases for our HPC products at the 12 nm and 14 nm technology nodes”
Earthquakes, extreme weather, and water availability disruptions (e.g., April 2024 Taiwan earthquake) could interrupt AMD, supplier, or foundry operations and raise costs.
“In April 2024, Taiwan experienced an earthquake where our third-party wafer foundries are located.”
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