# Advanced Micro Devices Inc. (AMD) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AMD/thesis · /stocks/AMD/memo

## Financial Snapshot

---
ticker: AMD
step: 04
generated: 2026-05-12
source: quick-research
---

### Advanced Micro Devices, Inc. (AMD) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $22.7B | $25.8B | $30.5B | +18% |
| Gross Margin (non-GAAP) | 50.6% | 53.0% | 54.0% | +1pp |
| Operating Margin (non-GAAP) | 22.2% | 25.0% | 27.5% | +2.5pp |
| Non-GAAP Net Income | $4.3B | $5.7B | $7.8B | +37% |
| Non-GAAP EPS (diluted) | $2.65 | $3.51 | $4.80 | +37% |

#### Segment Revenue (FY2025)

| Segment | FY2025 | YoY |
|---------|--------|-----|
| Data Center | $16.6B | +32% |
| Client | $9.2B | +56% (Zen 5 + AI PC) |
| Gaming | $3.3B | -10% (console down, gaming GPU stable) |
| Embedded | $3.7B | -12% (Xilinx market correction bottoming) |
| Total | $30.5B | |

#### Data Center + AI Detail

| Metric | Value |
|--------|-------|
| FY2024 Instinct AI revenue | >$5B |
| FY2025 Instinct AI revenue | ~$9-10B (data center GPU) |
| FY2027E AI revenue target | "Tens of billions" |
| Data center growth rate | 60%+ over next 3-5 years per mgmt |

#### Q1 2026 Highlights

| Metric | Q1 2026 | YoY |
|--------|---------|-----|
| Revenue Guidance | $9.9B | +32% |
| Non-GAAP Gross Margin | ~54% | |
| Q4 FY25 Data Center | $5.4B | +39% |
| Q4 FY25 Client | $3.1B | +34% |
| Q4 FY25 Gaming | $843M | +50% |

#### Mega-Deals (2025-2026)

| Customer | Deal | Timing | Architecture |
|----------|------|--------|------------|
| OpenAI | 6 GW deployment | Begins 2H 2026 | MI400 series |
| Meta | 6 GW deployment | Begins 2H 2026 | Custom MI450 |
| MI400 launch | ~$7.2B first-year revenue estimate | 2026 | HBM4 |
| Helios rack-scale | Direct Nvidia GB200 challenger | 2026 | MI400 series |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$8B |
| Capital Expenditures | ~($1.5B) |
| Free Cash Flow | ~$6.5B |
| Cash & Equivalents | ~$5B |
| Total Debt | ~$2B |
| Net Cash Position | ~$3B |

#### Key Ratios (approximate, May 2026)
- P/E (forward): ~32x | EV/Sales: ~11x | FCF Yield: ~1.8%
- Net Cash Position: ~$3B
- ROIC: ~12%

#### Growth Profile
AMD is at an AI inflection point — Q1 2026 guide of $9.9B (+32%) sets up a record year. Data center +39% in Q4 FY25 driven by EPYC Turin + MI350 (and MI355 specifically competitive with B200). Mid-2026 brings MI400 launch + Helios rack-scale system + OpenAI 6GW + Meta 6GW deployments. AI revenue trajectory: >$5B (2024) → ~$9-10B (2025) → estimated $15-20B (2026) → "tens of billions" by 2027.

#### Forward Estimates
- **FY2026E Revenue:** ~$40B (+30%)
- **FY2026E Non-GAAP EPS:** ~$6.50-7.00 (consensus, +35-45%)
- **FY2027E Revenue:** ~$55B (+38%)
- **FY2027E EPS:** ~$10-12 (consensus, +50%+)
- **FY2028E EPS:** $12+ (bull case)
- **Long-term DC GPU revenue target:** $20B+ within 2 years

#### Capital Return
- $7.5B share repurchase authorization (2024)
- No dividend
- FY2025 buybacks: ~$2-3B
- Net cash provides flexibility; M&A optionality (Xilinx model worked well)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AMD/fundamental

## Navigation

- Overview: /stocks/AMD
- Financials (this page): /stocks/AMD/financials
- Thesis: /stocks/AMD/thesis
- Investment Memo: /stocks/AMD/memo
- Coverage universe: /stocks