AMD · 10-K · 2025A

ADVANCED MICRO DEVICES INC

Filed 2026-02-04 · Technology

Ranked Events

• Acquisition / Divestiture / PartnershipImportance 90 · Surprise 100
  In March 2025 AMD completed the acquisition of ZT Systems for $3.2 billion in cash and 8.3 million shares of AMD common stock, retaining the ZT Design Business IP and employees. In October 2025 AMD sold the ZT…
• Marketing / Go-to-market expense increaseImportance 89 · Surprise 82
  Marketing, general and administrative expenses rose to $4.1 billion in 2025, an increase of $1.4 billion or 52% versus $2.7 billion in 2024, reflecting a meaningful step-up in go-to-market activities. Management…
• Client and Gaming demand trendsImportance 89 · Surprise 82
  Client and Gaming net revenue grew 51% to $14.6 billion in 2025 from $9.6 billion in 2024, driven by consumer and enterprise demand for AMD Ryzen™ desktop and mobile processors, semi-custom game console SoCs and…
• Operating Expense TrendsImportance 89 · Surprise 82
  Research and development expense increased 25% year-over-year to $8.091 billion in 2025, a $1.635 billion increase driven primarily by higher employee-related costs and increased headcount to support AMD's AI strategy.…
• Client and Gaming PerformanceImportance 89 · Surprise 82
  Client and Gaming net revenue totaled $14.6 billion in 2025, up 51% from $9.6 billion in 2024, driven by Ryzen processors, semi-custom game console SoCs and Radeon gaming GPUs. Client revenue alone was $10.6 billion…
• Data Center demand trendsImportance 84 · Surprise 74
  Data Center net revenue rose to $16.6 billion in 2025, a 32% increase versus $12.6 billion in 2024, driven by strong demand for 5th generation AMD EPYC™ processors and AMD Instinct™ GPU accelerators (notably the MI350…
• Data Center Revenue and ProfitImportance 84 · Surprise 74
  Data Center net revenue was $16.6 billion in 2025, a 32% increase from $12.6 billion in 2024, driven primarily by AMD EPYC processors and AMD Instinct GPU accelerators. Data Center operating income was $3.6 billion in…
• Operating Cash Flow ImprovementImportance 81 · Surprise 64
  Net cash provided by operating activities of continuing operations increased to $6.493 billion in 2025 from $3.041 billion in 2024, an improvement of $3.452 billion year-over-year. The 2025 operating cash flow was…
• Liquidity and Cash PositionImportance 81 · Surprise 64
  As of December 27, 2025 AMD held $10.6 billion of cash, cash equivalents and short-term investments, up from $5.1 billion at December 28, 2024. Net cash provided by operating activities of continuing operations was…
• Income Tax Rate ChangesImportance 78 · Surprise 100
  In July 2025 the One Big Beautiful Bill Act (OBBBA) was enacted and for fiscal 2025 its primary impact to AMD was accelerated expensing of domestic R&D which decreased income eligible for FDII, reduced deferred tax…
• Export Control Inventory ChargesImportance 78 · Surprise 100
  In Q2 2025 AMD recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 GPUs due to new U.S. export restrictions to China. During Q4 2025 AMD began shipping licensed MI308 products and…
• Revenue Performance and MixImportance 78 · Surprise 74
  Net revenue increased 34% year-over-year to $34.6 billion in 2025 from $25.8 billion in 2024, driven by Data Center and Client and Gaming demand. Data Center revenue rose 32% to $16.6 billion, and Client and Gaming…
• Outstanding Indebtedness and Credit CapacityImportance 77 · Surprise 82
  Aggregate principal debt rose to $3.3 billion as of December 27, 2025 from $1.8 billion a year earlier, with $874 million of short-term debt and $2.3 billion of long-term debt. Interest expense increased to $131…
• R&D Investment in AIImportance 73 · Surprise 66
  Research and development expense was $8.1 billion in 2025, an increase of $1.6 billion (25%) versus 2024, driven primarily by higher employee-related costs and increased headcount to support AMD's AI strategy. AMD made…
• OpenAI PartnershipImportance 69 · Surprise 60
  In October 2025 AMD entered into a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, with the first gigawatt powered by AMD Instinct MI450 series products. Concurrent with the agreement AMD…
• Customer dynamics — OpenAI agreementImportance 69 · Surprise 60
  In October 2025 AMD entered a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, with the first gigawatt to be powered by AMD Instinct MI450 series products, representing a significant…
• Supplier purchase commitmentsImportance 64 · Surprise 42
  As of December 27, 2025, AMD had approximately $12.2 billion of unconditional commitments, with $8.5 billion falling in fiscal year 2026, primarily tied to purchases of wafers and substrates and multi-year cloud…
• Commitments and Purchase ObligationsImportance 56 · Surprise 24
  As of December 27, 2025, AMD had unconditional commitments of approximately $12.2 billion, of which $8.5 billion are scheduled for fiscal year 2026. These commitments primarily relate to wafer and substrate purchase…
• Export Controls / Regulatory RiskImportance 53 · Surprise 60
  During Q2 2025 AMD recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 Data Center GPUs as a result of new U.S. export restrictions on certain semiconductors to China. AMD applied…
• Acquisition / DivestitureImportance 53 · Surprise 60
  AMD completed the acquisition of ZT Systems in March 2025 for $3.2 billion in cash and 8.3 million shares, retaining select IP and employees (ZT Design Business). In October 2025 AMD sold the ZT Manufacturing Business…

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