AMD 8-K
PositiveEarningsNew guidanceImpairment / charge
Data Center and Client/Gaming drove record revenue; MI308 reserve release and China sales lifted Q4 non-GAAP gross margin.
Filed 2026-02-03 16:16 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with Q1 2026 guidance. AMD reported record quarterly and full-year revenue, with growth driven by Data Center and Client and Gaming. Q4 gross margin included an MI308 inventory reserve release and China sales; the company expects Q1 revenue of ≈$9.8B.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $10.3B | $7.66B | +34% |
| Operating income, GAAP | $1.75B | $871M | +101% |
| Operating income, non-GAAP | $2.85B | $2.03B | +41% |
| Net income, GAAP | $1.51B | $482M | +213% |
| Net income, non-GAAP | $2.52B | $1.78B | +42% |
| Diluted EPS, GAAP | $0.92 | $0.29 | +217% |
| Diluted EPS, non-GAAP | $1.53 | $1.09 | +40% |
| Operating cash flow from continuing operations | $2.30B | $1.30B | +77.4% |
| Free cash flow | $2.08B | $1.09B | +90.8% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Revenue | $34.6B | $25.8B | +34% |
| Operating income, GAAP | $3.69B | $1.90B | +94% |
| Operating income, non-GAAP | $7.77B | $6.14B | +27% |
| Net income, GAAP | $4.34B | $1.64B | +164% |
| Net income, non-GAAP | $6.83B | $5.42B | +26% |
| Diluted EPS, GAAP | $2.65 | $1.00 | +165% |
| Diluted EPS, non-GAAP | $4.17 | $3.31 | +26% |
| Operating cash flow from continuing operations | $6.49B | $3.04B | +113% |
| Free cash flow | $5.52B | $2.41B | +129% |
- Q4 GAAP/non-GAAP gross margin was 54%/57%. Q4 included an ≈$360M release of MI308 inventory reserves and ≈$390M of MI308 sales to China; excluding both, non-GAAP gross margin would have been ≈55%. FY2025 included ≈$440M in net inventory and related charges tied to U.S. export controls.
- Q4 Data Center revenue rose 39% Y/Y to $5.38B; Client and Gaming revenue increased 37% to $3.94B; Embedded revenue rose 3% to $950M.
- Year-end cash, cash equivalents and short-term investments were $10.6B vs $5.13B a year earlier; total debt was $3.22B vs $1.72B. FY common-stock repurchases were $1.32B vs $862M; weighted-average diluted shares were 1.636B vs 1.637B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue, GAAP | Q1 2026 | ≈$9.8B ±$0.3B; ≈32% Y/Y growth at midpoint and ≈5% Q/Q decline | — | — |
| MI308 sales to China, included in revenue | Q1 2026 | ≈$100M | — | — |
| Gross margin, non-GAAP | Q1 2026 | ≈55% | — | — |
| Operating expenses, non-GAAP | Q1 2026 | ≈$3.05B | — | — |
| Interest expense/other income (expense), net, non-GAAP | Q1 2026 | ≈$35M | — | — |
| Effective tax rate, non-GAAP | Q1 2026 | ≈13% of pre-tax income | — | — |
| Diluted share count | Q1 2026 | ≈1.65B shares | — | — |
Investor Takeaways
- Compare Q1 revenue and non-GAAP gross margin with guidance; the reported MI308 sales to China and reserve-related effects are relevant to interpreting margin.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3