Advanced Micro Devices (AMD) financial statements
Advanced Micro Devices reported revenue of $34.6B in fiscal 2025, up 26.0% a year over 9 years.
Net income was $4.3B and the operating margin 10.7%, against -8.6% in 2016.
Free cash flow was $6.7B, and the company returned $1.3B in net buybacks.
The diluted share count rose 96% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Advanced Micro Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $5.3B | $6.5B | $6.7B | $9.8B | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B |
| Cost of revenue | $3.3B | $3.5B | $4.0B | $3.9B | $5.4B | $8.5B | $13.0B | $12.2B | $13.1B | $17.5B |
| Gross profit | $1.0B | $1.8B | $2.4B | $2.9B | $4.3B | $7.9B | $10.6B | $10.5B | $12.7B | $17.2B |
| Research and development | $1.0B | $1.2B | $1.4B | $1.5B | $2.0B | $2.8B | $5.0B | $5.9B | $6.5B | $8.1B |
| Selling, general and admin | $466M | $516M | $562M | $750M | $995M | $1.4B | $2.3B | $2.3B | $2.7B | $4.1B |
| Operating income | -$373M | $127M | $451M | $631M | $1.4B | $3.6B | $1.3B | $401M | $1.9B | $3.7B |
| Interest expense | $156M | $126M | $121M | $94M | $47M | $34M | $88M | $106M | $92M | $131M |
| Pre-tax income | -$449M | -$8M | $330M | $372M | $1.3B | $3.7B | $1.2B | $492M | $2.0B | $4.1B |
| Income tax | $39M | $18M | -$9M | $31M | -$1.2B | $513M | -$122M | -$346M | $381M | -$103M |
| Net income | -$498M | -$33M | $337M | $341M | $2.5B | $3.2B | $1.3B | $854M | $1.6B | $4.3B |
| EPS (diluted) | -$0.60 | -$0.03 | $0.32 | $0.30 | $2.06 | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 |
| Diluted shares | 835M | 952M | 1.06B | 1.12B | 1.21B | 1.23B | 1.57B | 1.62B | 1.64B | 1.64B |
| Gross margin | 23.2% | 34.0% | 37.8% | 42.6% | 44.5% | 48.2% | 44.9% | 46.1% | 49.4% | 49.5% |
| Operating margin | -8.6% | 2.4% | 7.0% | 9.4% | 14.0% | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| Net margin | -11.5% | -0.6% | 5.2% | 5.1% | 25.5% | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
Balance sheet
Fiscal years, from Advanced Micro Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.2B | $1.2B | $1.5B | $2.3B | $3.6B | $5.9B | $5.8B | $5.1B | $10.6B |
| Receivables | $372M | $454M | $1.2B | $1.9B | $2.1B | $2.7B | $4.1B | $4.3B | $6.2B | $6.3B |
| Inventory | $691M | $694M | $845M | $982M | $1.4B | $2.0B | $3.8B | $4.4B | $5.7B | $7.9B |
| Total current assets | $2.5B | $2.6B | $3.5B | $4.6B | $6.1B | $8.6B | $15.0B | $16.8B | $19.0B | $26.9B |
| Property, plant and equipment | $164M | $261M | $348M | $500M | $641M | $702M | $1.5B | $1.6B | $1.8B | $2.3B |
| Goodwill | $289M | $289M | $289M | $289M | $289M | $289M | $24.2B | $24.3B | $24.8B | $25.1B |
| Total assets | $3.3B | $3.6B | $4.6B | $6.0B | $9.0B | $12.4B | $67.6B | $67.9B | $69.2B | $76.9B |
| Total current liabilities | $1.3B | $1.5B | $2.0B | $2.4B | $2.4B | $4.2B | $6.4B | $6.7B | $7.3B | $9.5B |
| Long-term debt | $1.4B | $1.3B | $1.1B | $486M | $330M | $1M | $2.5B | $1.7B | $1.7B | $2.3B |
| Total liabilities | $2.8B | $3.0B | $3.3B | $3.2B | $3.1B | $4.9B | $12.8B | $12.0B | $11.7B | $13.9B |
| Shareholders' equity | $477M | $596M | $1.3B | $2.8B | $5.8B | $7.5B | $54.8B | $55.9B | $57.6B | $63.0B |
| Net debt | $171M | $210M | $172M | -$980M | -$1.3B | -$2.5B | -$2.4B | -$1.5B | -$2.1B | -$2.3B |
Cash flow
Fiscal years, from Advanced Micro Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $81M | $12M | $34M | $493M | $1.1B | $3.5B | $3.6B | $1.7B | $3.0B | $7.7B |
| Capital spending | $77M | $113M | $163M | $217M | $294M | $301M | $450M | $546M | $636M | $974M |
| Free cash flow | $4M | -$101M | -$129M | $276M | $777M | $3.2B | $3.1B | $1.1B | $2.4B | $6.7B |
| Stock-based compensation | $86M | $97M | $137M | $197M | $274M | $379M | $1.1B | $1.4B | $1.4B | $1.6B |
| Share buybacks (net) | — | — | — | $0 | $0 | -$1.8B | -$3.7B | -$985M | -$862M | -$1.3B |
| Net borrowing | $782M | -$40M | -$41M | -$473M | -$200M | $0 | -$312M | $0 | -$750M | -$950M |
| Free cash flow margin | 0.1% | -1.9% | -2.0% | 4.1% | 8.0% | 19.6% | 13.2% | 4.9% | 9.3% | 19.4% |
Questions
What was Advanced Micro Devices's revenue in 2025?
$34.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Advanced Micro Devices generate?
$6.7B in fiscal 2025 (operating cash flow minus capital spending).
From Advanced Micro Devices's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.