Quarterly Performance (Most Recent 3 Quarters)
Q4 2025 (Oct-Dec 2025) - Most Recent
Earnings released: February 3, 2026
| Metric |
Reported |
YoY Change |
vs Consensus |
Next Q Guidance |
| Revenue |
$10.3B |
+34% |
Beat ($10.0B est.) |
~$9.8B (+32% YoY) |
| EPS (Non-GAAP) |
$1.53 |
+40% |
Beat ($1.32 est.) |
-- |
| Gross Margin |
54% |
+400 bps |
-- |
~55% |
| Data Center Revenue |
$5.4B |
+39% |
Record |
Strong growth |
| Client & Gaming Revenue |
$3.9B |
+37% |
Record Client |
-- |
| Embedded Revenue |
$950M |
+3% |
Return to growth |
-- |
| Stock Reaction |
-8% (after hours) |
-- |
-- |
Opportunities
- Record Revenue and Earnings: AMD achieved record Q4 revenue of $10.3B and record non-GAAP net income of $2.5B (+42% YoY), demonstrating strong execution across all product lines.
- Data Center Dominance: Data Center hit record $5.4B revenue (+39% YoY), driven by EPYC server share gains and Instinct MI350 GPU ramp for AI workloads.
- Client CPU Market Share Gains: Client revenue reached record $3.1B (+34% YoY) with AMD's PC market share climbing to ~33%, driven by Ryzen "Zen 5" demand.
- MI450 and Helios Roadmap: Strong customer interest in MI450 series launching H2 2026 with 432GB HBM4, positioning AMD to compete with NVIDIA Rubin.
Challenges
- Q1 2026 Guidance Miss: Q1 guidance of $9.8B fell short of some analyst expectations (~$10B+), causing stock to drop 8% after hours despite the earnings beat.
- China Export Restrictions: MI308 sales to China remain restricted, limiting TAM. Q1 guidance includes only ~$100M of MI308 China sales pending license review.
- NVIDIA Competition: Despite progress, AMD still trails NVIDIA significantly in AI GPU market share. NVIDIA's Blackwell and upcoming Rubin maintain technology lead.
- Embedded Segment Softness: Embedded revenue grew only 3% YoY after prolonged weakness, reflecting mixed demand in industrial and communications markets.
Q3 2025 (Jul-Sep 2025) - Previous Quarter
Earnings released: November 4, 2025
| Metric |
Reported |
YoY Change |
vs Consensus |
Next Q Guidance |
| Revenue |
$9.2B |
+36% |
Beat ($8.9B est.) |
~$9.6B (+25% YoY) |
| EPS (Non-GAAP) |
$1.20 |
+30% |
Beat ($1.09 est.) |
-- |
| Gross Margin |
54% |
+40 bps |
-- |
~54.5% |
| Data Center Revenue |
$4.3B |
+22% |
Record |
Double-digit growth |
| Client & Gaming Revenue |
$4.0B |
+73% |
Record Client |
-- |
| Embedded Revenue |
$857M |
-8% |
-- |
Return to growth |
| Stock Reaction |
-4% (after hours) |
-- |
-- |
Opportunities
- OpenAI Strategic Partnership: Announced landmark deal with OpenAI to deploy 6GW of AMD Instinct GPUs, with OpenAI taking potential 10% stake via warrants - major validation of AMD AI platform.
- Oracle AI Supercluster: Oracle committed to deploy 50,000 AMD Instinct MI450 GPUs in cloud starting 2026, demonstrating hyperscaler adoption beyond traditional NVIDIA deployments.
- Gaming Revenue Surge: Gaming revenue of $1.3B grew 181% YoY, driven by semi-custom console demand and strong Radeon RX 9000 series adoption.
- Record Free Cash Flow: Free cash flow more than tripled year-over-year, demonstrating improved capital efficiency and ability to fund R&D investments.
Challenges
- Data Center Growth Deceleration: Data Center grew "only" 22% YoY vs. expectations for 30%+, raising concerns about AI GPU demand sustainability.
- Embedded Decline Continues: Embedded segment down 8% YoY, extending multi-quarter weakness in industrial and automotive end markets.
- China Restrictions Persist: Q4 outlook excluded any MI308 China revenue as export licenses remain under review, limiting near-term upside.
- Stock Sell-off Despite Beat: Despite beating expectations, stock fell 4% as investors focused on conservative guidance and competitive concerns.
Q2 2025 (Apr-Jun 2025) - Two Quarters Ago
Earnings released: August 5, 2025
| Metric |
Reported |
YoY Change |
vs Consensus |
Next Q Guidance |
| Revenue |
$7.7B |
+32% |
Beat ($7.5B est.) |
~$8.7B (+28% YoY) |
| EPS (Non-GAAP) |
$0.48 |
-27% |
Miss (export charges) |
-- |
| Gross Margin (GAAP) |
40% |
-900 bps |
MI308 charge impact |
~54% |
| Data Center Revenue |
$3.2B |
+14% |
Export restricted |
Strong growth |
| Client & Gaming Revenue |
$3.6B |
+69% |
Record Client |
-- |
| Embedded Revenue |
$824M |
-4% |
-- |
-- |
| Stock Reaction |
+38% QoQ (OpenAI news) |
-- |
-- |
Opportunities
- Record Client Revenue: Client CPU revenue hit record $2.5B (+67% YoY) with market share climbing to 33%, driven by "Zen 5" Ryzen processor demand.
- Gaming Resurgence: Gaming revenue of $1.1B grew 73% YoY on strong semi-custom and Radeon GPU demand, reversing prior quarters' weakness.
- Excluding MI308 Charge: Non-GAAP gross margin would have been ~54% excluding the $800M MI308 inventory write-down, demonstrating underlying strength.
- Client Market Share Momentum: AMD's PC CPU market share grew from 24% to 33% year-over-year, taking significant share from Intel in both desktop and laptop.
Challenges
- $800M Export Restriction Charge: U.S. government export controls on MI308 GPUs to China resulted in $800M inventory write-down, crushing EPS.
- Data Center Margin Pressure: Data Center segment posted $155M operating loss vs. $740M profit in prior year due to MI308 charges and AI GPU investment.
- China Market Uncertainty: MI308 license applications under review with no timeline, creating ongoing revenue and margin uncertainty.
- Embedded Weakness Persists: Embedded down 4% YoY, marking fourth consecutive quarter of decline in industrial and communications markets.
Recent Important News (Past 2 Months)
AMD Reports Record Q4 2025 Results - Revenue $10.3B, EPS $1.53
February 3, 2026
AMD reported record fourth quarter and full year 2025 results with Q4 revenue of $10.3B (+34% YoY) and non-GAAP EPS of $1.53 (+40% YoY). Full year 2025 revenue reached record $34.6B. Data Center segment hit record $5.4B quarterly revenue. Stock fell 8% after hours as Q1 2026 guidance of $9.8B came in below some expectations.
TCS Partners with AMD to Co-Develop AI and GenAI Solutions
January 27, 2026
Tata Consultancy Services announced a strategic collaboration with AMD to co-develop AI and generative AI solutions across enterprise sectors. The partnership focuses on data center AI demand, enterprise AI adoption, and getting AMD hardware designed into cloud, edge, and workplace environments.
AMD Unveils Full MI400 Product Lineup at CES 2026
January 6, 2026
At CES 2026, AMD CEO Dr. Lisa Su unveiled the complete Instinct MI400 series including MI430X, MI440X, and MI455X accelerators. The MI455X features 432GB HBM4 memory with 19.6TB/sec bandwidth. AMD also announced the Helios rack-scale platform for AI superclusters, with Oracle and HPE as launch partners.
OpenAI Commits to 6GW of AMD Instinct GPUs
October 2025 (ongoing)
AMD and OpenAI's multi-year partnership to deploy 6 gigawatts of AMD Instinct GPUs continues to progress. OpenAI will begin with 1GW of MI450 GPUs in H2 2026 for next-generation AI infrastructure. AMD issued OpenAI warrants for up to 160 million shares (~10% potential stake).
AMD Board Expands with Former Accenture CFO
January 2026
AMD expanded its board from eight to nine directors, appointing KC McClure, former CFO of Accenture, as an independent director. McClure will serve on the Audit and Finance Committee, bringing enterprise technology and financial expertise as AMD scales its AI business.