Short answer
Advanced Micro Devices (AMD) filed its fiscal 2025 10-K annual report with the SEC on Feb 4, 2026. It reported revenue of $34.6B (+34.3% year over year) and net income of $4.3B.
- Top risk flagged: Legal risk: export regulations and trade protection measures by governments may limit product exports to certain customers impacting sales
FY2025 key financial metrics · XBRL
- Revenue
- $34.6B
- +34.3% YoY
- Net income
- $4.3B
- +164.2% YoY
- Operating margin
- 10.7%
- +3.3 pp YoY
- Gross margin
- 49.5%
- +0.2 pp YoY
- EPS (diluted)
- $2.65
- +165.0% YoY
- ROE
- 6.9%
- +4.0 pp YoY
- Operating cash flow
- $7.7B
- +153.5% YoY
Source: XBRL data from the Advanced Micro Devices (AMD) FY2025 10-K on SEC EDGAR. USD.
Advanced Micro Devices FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on semiconductor design and development for computing and graphics solutions
- Increased emphasis on AI technologies and cloud service capacity integration this year
- Strategic focus on leveraging acquisitions to enhance competitive positioning in emerging tech markets
- Notable reliance on a small number of customers accounting for a substantial part of revenue and receivables
- Highlighted ongoing and increased costs related to enhancing and implementing information security controls
Management Discussion & Analysis
- Revenue $34.6B, up 34% YoY from $25.8B in 2024; Data Center $16.6B (+32%), Client and Gaming $14.6B (+51%), Embedded $3.5B (-3%)
- Gross margin 50.0% vs 49.0% in 2024, affected by $440M inventory charges related to U.S. export controls
- Best segment: Client and Gaming, revenue growth $5.0B (51%) to $14.6B; worst segment: Embedded, revenue down $0.1B (3%) to $3.5B
- Cash and equivalents $10.6B vs $5.1B; debt $3.3B vs $1.8B; share repurchases $1.3B for 12.4M shares, $9.4B remaining buyback authorization
- Management prioritizes Data Center and AI growth, launched AMD EPYC 5th Gen and Instinct MI350 GPUs, expects AI compute market expansion
Risk Factors
- Legal risk: export regulations and trade protection measures by governments may limit product exports to certain customers impacting sales
- Macroeconomic threat: industry-wide memory shortage increasing prices and risking supply, potentially raising production costs and hurting gross margin
- Supply chain risk: dependence on TSMC for all wafers at 7nm or smaller nodes and GLOBALFOUNDRIES for larger nodes, risking supply constraints
- Competitive risk: Intel's aggressive pricing and Nvidia's data center GPU ecosystem partnership with Intel increasing competition and pricing pressure
- Financial risk: reliance on few customers for a substantial portion of revenue, increasing exposure to customer demand reductions or payment delays
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