Companies / AMD COMPANY FILINGS
AMD AMD In fiscal 2025, AMD was a global semiconductor company supplying CPUs, GPUs, AI accelerators and adaptive computing products for data centers, PCs, gaming and embedded applications.
Business description: FY2025 CIK 0000002488 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 AMD's fiscal 2025 net revenue rose 34% to $34.6 billion. Data Center revenue increased 32% to $16.6 billion; management attributed that growth primarily to demand for fifth-generation EPYC processors and Instinct MI350 Series GPUs.
Source: 2025 U.S. export controls on Instinct MI308 GPUs resulted in approximately $440 million of net inventory and related charges in fiscal 2025. AMD initially recorded approximately $800 million in the second quarter and reversed approximately $360 million in the fourth quarter after obtaining some licenses and beginning shipments to certain China-based customers.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Client growth Client net revenue increased 51% to $10.6 billion in fiscal 2025, from $7.1 billion in 2024. In its amended filing, management attributed the increase primarily to 15% growth in processor unit shipments and a 31% rise in average selling prices, reflecting demand for desktop and mobile Ryzen processors.
Source: 2025 Business in fiscal 2025 In fiscal 2025, AMD was a global semiconductor company supplying CPUs, GPUs, AI accelerators and adaptive computing products for data centers, PCs, gaming and embedded applications.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Segment reporting changed The selected disclosures show changes in reporting scope across the window. AMD reported Computing and Graphics and Enterprise, Embedded and Semi-Custom in 2021. In the second quarter of 2022, it changed to four reportable segments: Data Center, Client, Gaming and Embedded. The 2025 presentation combines Client and Gaming while retaining separate revenue disclosures for those businesses. The original segment labels therefore do not provide an unchanged five-year series; comparisons require consistent classifications.
Source: 2021 , 2022 , 2025 Data Center revenue expanded Within the selected 2022–2025 disclosures, Data Center net revenue was $6.0 billion in 2022, $6.5 billion in 2023, $12.6 billion in 2024 and $16.6 billion in 2025. AMD attributed the 2022 increase primarily to higher EPYC server processor sales. Its explanations for the 2024 and 2025 increases cited EPYC processors and Instinct graphics processing units (GPUs). These are reported segment revenue observations; they do not establish how much growth came from an unchanged set of businesses across the period.
Source: 2022 , 2023 , 2024 , 2025 Client revenue recovered Client net revenue fell to $4.7 billion in 2023, then reached $7.1 billion in 2024 and $10.6 billion in 2025. AMD linked weaker Ryzen sales in the first half of 2023 to weak personal-computer (PC) market conditions and supply-chain inventory correction. For 2025 versus 2024, the limited amendment corrects processor unit-shipment growth to 15% and average-selling-price growth to 31%. These figures concern the Client business, whose revenue remains separately disclosed within the combined Client and Gaming segment in 2025.
Source: 2023 , 2024 , 2025 , 2025 Request a correction AMD’s fiscal 2024 net revenue rose 14% to $25.8 billion. Operating income reached $1.9 billion, compared with $401 million in fiscal 2023.
Source: 2024 Fiscal 2024 Data Center revenue increased 94% to $12.6 billion, while Client revenue increased 52% to $7.1 billion. Management attributed the growth primarily to higher Instinct GPU and EPYC CPU sales in Data Center and higher Ryzen mobile and desktop processor sales in Client.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Gross margin improvement Gross margin was 49% in fiscal 2024, compared with 46% in fiscal 2023. Management attributed the improvement to a favorable revenue mix from higher Data Center and Client revenue and lower Gaming revenue, partly offset by lower Embedded revenue.
Source: 2024 Negative signals Segment declines Fiscal 2024 Gaming revenue fell 58% to $2.6 billion, and Embedded revenue fell 33% to $3.6 billion. Management attributed Gaming’s decline primarily to lower semi-custom product revenue and Embedded’s decline primarily to weaker demand as customers continued to normalize inventories.
Source: 2024 Supply risk AMD relied on Taiwan Semiconductor Manufacturing Company Limited (TSMC) for all wafers used in its microprocessor and GPU products at 7 nm or smaller nodes. It warned that supply constraints at third-party manufacturers could force product allocations among customers and materially harm customer relationships and its financial condition.
Source: 2024 Business context Completed and pending AI acquisitions AMD completed its acquisition of Finnish AI lab Silo AI during fiscal 2024 and signed an agreement to acquire ZT Systems, a provider of AI and general-purpose computing infrastructure. ZT Systems remained a pending acquisition in the filing: management expected closing in the first half of fiscal 2025, subject to regulatory approvals and customary conditions, and intended to seek a buyer for its manufacturing business.
Source: 2024 Business in fiscal 2024 In fiscal 2024, AMD was a global semiconductor company supplying AI accelerators, CPUs, GPUs, embedded processors and adaptive computing products.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Reporting expands to four segments AMD used two reportable segments in its FY2020 and FY2021 filings: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. In the second quarter of FY2022, it moved to four segments: Data Center, Client, Gaming and Embedded. Management said the change aligned reporting with how it managed strategic end markets. This classification change limits direct comparisons between the earlier segment totals and the later categories.
Source: 2020 , 2021 , 2022 Embedded revenue and acquisition timing Embedded net revenue was $4.6 billion in FY2022, $5.3 billion in FY2023 and $3.6 billion in FY2024. Management attributed the FY2022 increase primarily to adding Xilinx embedded revenue after the February 2022 acquisition, and the FY2023 increase primarily to including Xilinx for a full year rather than a partial year. It attributed the FY2024 decline primarily to lower demand as customers normalized inventories. The acquisition timing limits interpretation of the earlier increases as underlying demand growth.
Source: 2022 , 2023 , 2024 Data Center growth Under the four-segment presentation, Data Center net revenue was $6.0 billion in FY2022, $6.5 billion in FY2023 and $12.6 billion in FY2024. Management primarily linked the FY2022 increase to higher EPYC server processor sales. For FY2024, it reported a 94% revenue increase over FY2023 and identified higher sales of both Instinct graphics processors and EPYC server processors as the principal drivers.
Source: 2022 , 2023 , 2024 Request a correction AMD reported 2023 net revenue of $22.7 billion, down 4% from 2022. Operating income declined to $401 million from $1.3 billion.
Source: 2023 Data Center revenue rose 7% to $6.5 billion in 2023. Management attributed the increase primarily to higher sales of AMD Instinct GPUs and 4th Gen AMD EPYC CPUs.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals AI product announcements During 2023, AMD announced availability of its Instinct MI300X accelerators, unveiled the MI300A APU combining CPU and GPU cores in one package, and released ROCm 6 software for AI and high performance computing workloads.
Source: 2023 Negative signals Client weakness Client revenue fell 25% to $4.7 billion in 2023, and the segment recorded a $46 million operating loss. Management linked lower Ryzen processor sales to weak PC demand and a PC supply-chain inventory correction affecting the first half of 2023.
Source: 2023 Export controls AMD disclosed that October 2023 U.S. export controls required a license to ship products including its Instinct MI300X and MI300A integrated circuits to China, or to customers outside the United States whose ultimate parent was headquartered in a country in the U.S. export-control Country Group D5, including China.
Source: 2023 Business context Full-year Xilinx contribution Embedded revenue increased 17% to $5.3 billion in 2023. Management attributed the increase primarily to including Xilinx embedded revenue for all twelve months of 2023, compared with only the period from its February 14, 2022 acquisition date in 2022.
Source: 2023 Business in fiscal 2023 In fiscal 2023, AMD was a global semiconductor company serving data center, client computing, gaming and embedded markets.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
New segments and Client loss AMD reported two segments in 2019: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. In the second quarter of 2022, it changed to four segments—Data Center, Client, Gaming and Embedded—to reflect how management organized the business. The earlier segment totals cannot be treated as equivalent to individual later segments. Within the later classification, Client moved from $1.2 billion of operating income in 2022 to a $46 million operating loss in 2023; management attributed the deterioration primarily to lower revenue.
Source: 2019 , 2022 , 2023 Xilinx changes revenue scope The FY2020 filing described AMD's agreement to acquire Xilinx; the FY2022 filing records completion on February 14, 2022. AMD attributed the rise in Embedded revenue from $246 million in 2021 to $4.6 billion in 2022 primarily to including Xilinx's embedded products. Embedded revenue reached $5.3 billion in 2023, with management again citing the inclusion period: twelve months of Xilinx revenue versus the partial period beginning February 14, 2022. These figures reflect changes in the businesses included and the length of their inclusion, so they do not establish growth from an unchanged set of businesses.
Source: 2020 , 2022 , 2023 Operating cash declines in final year The selected consolidated cash-flow statements report cash generated by operating activities of $493 million in 2019, $1,071 million in 2020, $3,521 million in 2021, $3,565 million in 2022 and $1,667 million in 2023. Operating cash generation therefore fell in the final year after increasing through 2022, while remaining above the 2019 amount. These are reported consolidated totals, without adjustment for acquisitions; they do not isolate cash generation from an unchanged set of businesses.
Source: 2020 , 2021 , 2023 Request a correction AMD reported fiscal 2022 net revenue of $23.6 billion, up 44% from $16.4 billion in fiscal 2021.
Source: 2022 AMD completed its acquisitions of Xilinx in February 2022 and Pensando in May 2022, adding field-programmable gate arrays (FPGAs), adaptive system-on-chip (SoC) products and data processing units to its product portfolio.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Client revenue decline Client revenue fell 10% to $6.2 billion in fiscal 2022 from $6.9 billion in fiscal 2021. Management linked lower shipments to challenging PC market conditions and significant inventory corrections across the PC supply chain in the second half of 2022.
Source: 2022 Lower operating income and margin Fiscal 2022 operating income declined to $1.3 billion from $3.6 billion in fiscal 2021, while gross margin fell to 45% from 48%. Management attributed both declines primarily to amortization of intangible assets associated with the Xilinx acquisition.
Source: 2022 Supply risk AMD disclosed that it relied on Taiwan Semiconductor Manufacturing Company Limited (TSMC) for all wafers used in microprocessor and GPU products at process nodes of 7 nm or smaller. It warned that insufficient TSMC production to meet customer demand could materially harm its business.
Source: 2022 Business context 53-week year and partial-year Xilinx Fiscal 2022 contained 53 weeks, compared with 52 weeks in fiscal 2021. Xilinx results were included only from its February 14, 2022 acquisition date through December 31, 2022, and prior-period segment data were retrospectively adjusted to the revised reporting structure.
Source: 2022 Business in fiscal 2022 In fiscal 2022, AMD was a global semiconductor company serving data center, client, gaming and embedded markets.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Four segments replace two groups The selected 2018 and 2021 disclosures identify two reportable segments. In 2021, these were Computing and Graphics and Enterprise, Embedded and Semi-Custom. AMD changed its reporting structure in the second quarter of 2022 to reflect management of strategic end markets, introducing Data Center, Client, Gaming and Embedded. The 2022 filing presents 2021 comparative figures under those four categories. The earlier segment totals therefore should not be treated as directly equivalent to the later categories.
Source: 2018 , 2021 , 2022 Xilinx acquisition The 2020 filing described AMD's agreement to acquire Xilinx, while the 2021 filing still described completion as subject to closing conditions. AMD completed the acquisition on February 14, 2022, for total purchase consideration of $48.8 billion. Xilinx's results were consolidated from the acquisition date and reported within Embedded and Data Center. AMD attributed the increase in Embedded revenue from $246 million in 2021 to $4.6 billion in 2022 primarily to inclusion of Xilinx embedded product revenue. That comparison includes a change in business scope through acquisition.
Source: 2020 , 2021 , 2022 Cash growth and share repurchases AMD reported operating cash inflows of $34 million in 2018, $493 million in 2019, $1,071 million in 2020, $3,521 million in 2021 and $3,565 million in 2022. Separately, cash outflows for common-stock repurchases were $1,762 million in 2021 and $3,702 million in 2022. Those repurchase figures exclude the separately reported purchases for employee equity-plan tax withholding. These are reported consolidated amounts; the sequence does not isolate the cash-flow contribution of acquired businesses.
Source: 2018 , 2019 , 2020 , 2021 , 2022 Request a correction AMD reported 2021 net revenue of $16.4 billion, up 68% from 2020. Gross margin (revenue less cost of sales, as a share of revenue) rose to 48% from 45%.
Source: 2021 Enterprise, Embedded and Semi-Custom revenue reached $7.1 billion in 2021, up 113% from 2020. Management attributed the increase primarily to higher sales of semi-custom products and EPYC server processors.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business context Pending acquisition The 2021 annual report described the Xilinx acquisition as pending, with completion subject to closing conditions, including governmental consents and approvals. AMD warned that those authorities could impose conditions that adversely affected AMD or prevented completion; these were conditional risks, not reported outcomes.
Source: 2021 Business in fiscal 2021 In fiscal 2021, AMD offered processors and graphics products and reported results through two segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue grows on adjusted basis The selected disclosures show FY2017 net revenue of $5,253 million on an ASC 606-adjusted basis (using the accounting standard for revenue from customer contracts), compared with $16.4 billion reported for FY2021. The FY2017 filing also presented $5,329 million under the earlier accounting basis. Its adjustment table, followed by the FY2018 retrospective presentation, supports using the adjusted FY2017 amount as the starting point for this comparison.
Source: 2017 , 2018 , 2021 Final-year prices rise as shipments fall Computing and Graphics showed different price and shipment patterns across the selected years. AMD reported year-over-year increases in average selling price and unit shipments of 15% and 17%, respectively, in FY2018, and 2% and 37% in FY2020. In FY2021, average selling price increased 57% while unit shipments declined 8%. Management attributed the FY2021 price increase primarily to a richer mix of Ryzen, Radeon and AMD Instinct products, and the shipment decline primarily to its focus on premium products amid tight supply.
Source: 2018 , 2020 , 2021 Lower debt principal AMD's disclosed total debt principal declined across the five fiscal year-ends: $1.70 billion in FY2017, $1.53 billion in FY2018, $563 million in FY2019, $338 million in FY2020 and $313 million in FY2021. These figures consistently measure total debt principal; they do not represent net debt or only the long-term portion shown on the balance sheet.
Source: 2018 , 2019 , 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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