For the full year 2025, AMD had revenue of $34.6bn, gross margin of 50%, operating income of $3.7bn and net income of $4.3bn.
“2025 was a defining year for AMD, with record 
revenue and earnings driven by strong execution and broad-based demand for our high-performance and AI platforms,” said CEO Lisa Su (pictured). “We are entering 2026 with strong momentum across our business, led by accelerating adoption of our high-performance EPYC and Ryzen CPUs and the rapid scaling of our datacentre AI franchise.”
GAAP quarterly financial results
| Q4 2025 | Q4 2024 | Y/Y | Q3 2025 | Q/Q | |
| Revenue ($m) | $10,270 | $7,658 | Up 34% | $9,246 | Up 11% |
| Gross profit ($m) | $5,577 | $3,882 | Up 44% | $4,780 | Up 17% |
| Gross margin | 54% | 51% | Up 3 ppts | 52% | Up 2 ppts |
| Operating expenses ($m) | $3,825 | $3,011 | Up 27% | $3,510 | Up 9% |
| Operating income ($m) | $1,752 | $871 | Up 101% | $1,270 | Up 38% |
| Operating margin | 17% | 11% | Up 6 ppts | 14% | Up 3 ppts |
| Net income ($m) | $1,511 | $482 | Up 213% | $1,243 | Up 22% |
| Diluted earnings per share | $0.92 | $0.29 | Up 217% | $0.75 | Up 23% |
Non-GAAP(*) quarterly financial results
| Q4 2025 | Q4 2024 | Y/Y | Q3 2025 | Q/Q | |
| Revenue ($m) | $10,270 | $7,658 | Up 34% | $9,246 | Up 11% |
| Gross profit ($m) | $5,855 | $4,140 | Up 41% | $4,992 | Up 17% |
| Gross margin | 57% | 54% | Up 3 ppts | 54% | Up 3 ppts |
| Operating expenses ($m) | $3,001 | $2,114 | Up 42% | $2,754 | Up 9% |
| Operating income ($m) | $2,854 | $2,026 | Up 41% | $2,238 | Up 28% |
| Operating margin | 28% | 26% | Up 2 ppts | 24% | Up 4 ppts |
| Net income ($m) | $2,519 | $1,777 | Up 42% | $1,965 | Up 28% |
| Diluted earnings per share | $1.53 | $1.09 | Up 40% | $1.20 | Up 28% |
Annual financial results
| GAAP | Non-GAAP(*) | |||||
| 2025(1) | 2024 | Y/Y | 2025(1) | 2024 | Y/Y | |
| Revenue ($m) | $34,639 | $25,785 | Up 34% | $34,639 | $25,785 | Up 34% |
| Gross profit ($m) | $17,152 | $12,725 | Up 35% | $18,165 | $13,759 | Up 32% |
| Gross margin % | 50% | 49% | Up 1 ppt | 52% | 53% | Down 1 ppt |
| Operating expenses ($m) | $13,458 | $10,825 | Up 24% | $10,397 | $7,621 | Up 36% |
| Operating income ($m) | $3,694 | $1,900 | Up 94% | $7,768 | $6,138 | Up 27% |
| Operating margin % | 11% | 7% | Up 4 ppts | 22% | 24% | Down 2 ppts |
| Net income ($m) | $4,335 | $1,641 | Up 164% | $6,831 | $5,420 | Up 26% |
| Diluted earnings per share | $2.65 | $1.00 | Up 165% | $4.17 | $3.31 | Up 26% |
This is a bad sign though, AMD’ entire CPU strategy is: 2 masks. 2 chip designs. Everything beyond that is conventional binnig, segmentation via included fuse circuits and advanced packaging.
This is the oldest, most obvious and predictable VLSI product design strategy and should suprise no one.
However with Threadripper AMD really “flexed” too hard, too aggressive.
$4000 gets you 32 cores, but from 2 logic dies you can never obtain the maximum memory bandwidth.
In fact, strictly speaking the 8 channel memory layout is wasted on the 32 core chip.
Need to spend $9,000 for the 64 core chip, or else you are basically excluding features
Even before the RAMPocalypse. ($3,000 for 128 GB registered ECC ram) an entry level CPU-workstation at $12,000 seems like insanity on AMDs part.
And no this has nothing to do with scarcity.
Threadripper represents the MOST MATURE end-stage of each processor revision, 2 years worth of solid yield improvements at TSMC BEFORE even shipping Acer-exclusive parts for their 1st access products