Slide 1: AMD Financial Results
AMD Financial Results Fourth Quarter and Full Year 2025 February 3, 2026
Slide 2: Cautionary Statement
Cautionary Statement This presentation contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD), such as the features, functionality, performance, availability, timing and expected benefits of future AMD products; AMD's large growth opportunities across diverse set of market
Slide 3: Our Journey
Leadership Product Portfolio Expanding Customer & Partner Ecosystem Our Journey Data Center and AI Growth Strong Financial Foundation 3 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 4: Strategic Pillars
Strategic Pillars Powering AI and High-Performance Compute Everywhere Extend Compute Expand Data Center Open Software Platforms Powering Technology Leadership Leadership & Developer Enablement AI Everywhere CPU, GPU, FPGA, Cloud, Enterprise and Production-Grade High-Performance, Adaptive Networking,
Slide 5: Large Growth Opportunities
Large Growth Opportunities Across a Diverse Set of Markets Data Center Client and Gaming Embedded Performance, efficiency and Leadership performance Industry’s broadest portfolio AI capabilities for commercial and TCO across cloud, of adaptive and embedded and consumer PC and enterprise and AI workl
Slide 6: Q4 2025 Revenue
Q4 2025 Revenue 1 $10.3B Record revenue of $10.3 billion increased 34% y/y $7.7B Growth driven by broad-based demand across our Data Center and Client and Gaming segments Q4 2024 Q4 2025 1. Fourth quarter of 2025 results included AMD Instinct MI308 GPU product revenue to China of ~$390 million 6 | |
Slide 7: Q4 2025 Gross Margin
Q4 2025 Gross Margin 1 GAAP Non-GAAP 57% 54% 54% 51% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Excluding AMD InstinctTM MI308 inventory and related reserve release2 and sales to China, Non-GAAP gross margin1 would have been ~55% driven by a favorable product mix 1. See Appendices for GAAP to Non-GAAP reconcil
Slide 8: Q4 2025 Operating Income
Q4 2025 Operating Income 1 GAAP Non-GAAP $2.9B $1.8B $2.0B $0.9B Q4 2024 Q4 2025 Q4 2024 Q4 2025 Record operating income driven by higher revenue partially offset by higher operating expenses 1. See Appendices for GAAP to Non-GAAP reconciliation 8 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 9: Q4 2025 Diluted Earnings Per Share
Q4 2025 Diluted Earnings Per Share 1 GAAP Non-GAAP $0.92 $1.53 $1.09 $0.29 Q4 2024 Q4 2025 Q4 2024 Q4 2025 GAAP EPS up 217% y/y, primarily driven by higher revenue Record Non-GAAP EPS up 40% y/y driven by higher revenue 1. See Appendices for GAAP to Non-GAAP reconciliation 9 | | Q4 2025 FINANCIAL RE
Slide 10: Q4 2025 Summary P&L | GAAP
Q4 2025 Summary P&L | GAAP $ in millions, except per share data and % Q4’251 Q4’24 Y/Y Q3’25 Q/Q Revenue $10,270 $7,658 Up 34% $9,246 Up 11% Gross Profit $5,577 $3,882 Up 44% $4,780 Up 17% Gross Margin 54% 51% Up 3 ppts 52% Up 2 ppts Operating Expenses $3,825 $3,011 Up 27% $3,510 Up 9% Operating Exp
Slide 11: Q4 2025 Summary P&L | Non-GAAP
Q4 2025 Summary P&L | NON-GAAP1 2 $ in millions, except per share data and % Q4’25 Q4'24 Y/Y Q3’25 Q/Q Revenue $10,270 $7,658 Up 34% $9,246 Up 11% Gross Profit $5,855 $4,140 Up 41% $4,992 Up 17% Gross Margin 57% 54% Up 3 ppts 54% Up 3 ppts Operating Expenses $3,001 $2,114 Up 42% $2,754 Up 9% Operati
Slide 12: Q4 2025 Segment Results
Q4 2025 Segment Results $ in millions Q4'25 Q4'24 Y/Y Q3'25 Q/Q Data Center Net Revenue 5,380 3,859 Up 39% 4,341 Up 24% Operating Income 1,752 1,157 Up 51% 1,074 Up 63% Client & Gaming Net Revenue 3,940 2,876 Up 37% 4,048 Down 3% Operating Income 725 496 Up 46% 867 Down 16% Embedded Net Revenue 950
Slide 13: FY 2025 Revenue
FY 2025 Revenue $34.6B Record full year revenue of $25.8B $34.6 billion increased 34% y/y Revenue growth driven by growth in Data Center and Client and Gaming segments 2024 2025 13 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 14: FY 2025 Gross Margin
FY 2025 Gross Margin 1 GAAP Non-GAAP 53% 52% 49% 50% 2024 2025 2024 2025 Flat y/y driven by product mix offset by net inventory and related charges 1. See Appendices for GAAP to Non-GAAP reconciliation 14 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 15: FY 2025 Operating Income
FY 2025 Operating Income 1 GAAP Non-GAAP $3.7B $7.8B $6.1B $1.9B 2024 2025 2024 2025 Increase driven by higher revenue partially offset by higher operating expenses 1. See Appendices for GAAP to Non-GAAP reconciliation 15 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 16: FY 2025 Diluted Earnings Per Share
FY 2025 Diluted Earnings Per Share 1 GAAP Non-GAAP $2.65 $4.17 $1.00 $3.31 2024 2025 2024 2025 GAAP EPS up 165% y/y, primarily driven by higher revenue Record Non-GAAP EPS up 26% y/y, primarily driven by higher revenue 1. See Appendices for GAAP to Non-GAAP reconciliation 16 | | Q4 2025 FINANCIAL RE
Slide 17: FY 2025 Summary P&L | GAAP
FY 2025 Summary P&L | GAAP $ in millions, except per share data and % 20251 2024 Y/Y Revenue $34,639 $25,785 Up 34% Gross Profit $17,152 $12,725 Up 35% Gross Margin 50% 49% Up 1 ppt Operating Expenses $13,458 $10,825 Up 24% Operating Expense/Revenue % 39% 42% Down 3% Operating Income $3,694 $1,900 U
Slide 18: FY 2025 Summary P&L | Non-GAAP
FY 2025 Summary P&L | NON-GAAP1 $ in millions, except per share data and % 20252 2024 Y/Y Revenue $34,639 $25,785 Up 34% Gross Profit $18,165 $13,759 Up 32% Gross Margin 52% 53% Down 1 ppt Operating Expenses $10,397 $7,621 Up 36% Operating Expense/Revenue % 30% 30% Flat Operating Income $7,768 $6,13
Slide 19: FY 2025 Segment Results
FY 2025 Segment Results $ in millions 2025 2024 Y/Y Data Center Net Revenue $16,635 $12,579 Up 32% Operating Income $3,603 $3,482 Up 3% Client & Gaming Net Revenue $14,550 $9,649 Up 51% Operating Income $2,855 $1,187 Up 141% Embedded Net Revenue $3,454 $3,557 Down 3% Operating Income $1,243 $1,421 D
Slide 20: Summary Balance Sheet Items
Q4 2025 Summary Balance Sheet Items $ in millions Q4’25 Q3’25 Q/Q Cash, Cash Equivalents and $10,552 $7,243 Up 46% Short-term Investments Accounts Receivable, Net $6,315 $6,201 Up 2% Inventories $7,920 $7,313 Up 8% Total Debt $3,222 $3,220 Flat Record cash from operating activities of continuing ope
Slide 21: Q4 2025 Data Center Segment
Q4 2025 Data Center Segment Revenue Operating Margin Strategic Highlights $5.4B • At CES, AMD previewed the AMD Helios rack-scale $3.9B platform, the blueprint for yotta-scale AI and unveiled the AMD Instinct MI440X GPU for enterprise AI. 30% 33% • HPE will adopt AMD Helios and deliver the Herder su
Slide 22: Q4 2025 Client and Gaming Segment
Q4 2025 Client and Gaming Segment Revenue Operating Margin Strategic Highlights $3.9B 18% 17% $2.9B Gaming $0.8B • AMD extended its PC performance leadership and Gaming gaming capabilities with: $0.6B Client • The new AMD Ryzen AI 400 and PRO 400 Series Client $3.1B platforms and Ryzen AI Max+ 392 a
Slide 23: Q4 2025 Embedded Segment
Q4 2025 Embedded Segment Revenue Operating Margin Strategic Highlights $923M $950M 39% 38% AMD expanded its embedded processor portfolio with: • The RyzenTM AI Embedded P100 and X100 Series processors, designed for AI-driven applications across automotive, industrial automation and Q4 2024 Q4 2025 Q
Slide 24: Financial Outlook – Non-GAAP
Financial Outlook – NON-GAAP1 Q1’26 Revenue ~$9.8 Billion, +/- $300 Million Including ~$100 Million of AMD Instinct MI308 sales to China Gross Margin ~55% Operating Expenses ~$3.05 Billion Interest Expense/Other Income (Expense), net ~$35 Million Effective Tax Rate ~13% of pre-tax income Diluted Sha
Slide 25: Summary
Q4 2025 Summary1 Data Center Segment Revenue $5.4B Gross Margin 54% Diluted EPS $0.92 Record Revenue Up 39% Y/Y $10.3B Client and Gaming Non-GAAP Non-GAAP Up 34% Y/Y Segment Revenue $3.9B Gross Margin 57% Diluted EPS $1.53 Up 37% Y/Y Revenue growth driven by broad based demand across our Data Center
Slide 26: Corporate Responsibility at AMD
Corporate Responsibility at AMD Environmental Social Governance Integrating corporate Advancing environmental Fostering a workplace where responsibility and solutions in our products, all voices are welcomed and governance across product supply chain and operations, valued, partnering with design, s
Slide 27: Our Momentum
Our Momentum Expanding Data World-Class Large and Technology Strong Balance Center and AI Execution and Compelling TAM Leadership Sheet Leadership Focus Driving Long-term Shareholder Returns 27 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026
Slide 28: Appendices: Gross Profit and Operating Expenses Reconciliation
Appendices Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin $ in millions, except % (Unaudited) Q4'25 Q4'24 Q3’25 2025 2024 GAAP gross profit $ 5,577 $ 3,882 $ 4,780 $ 17,152 $ 12,725 GAAP gross margin 54% 51% 52% 50% 49% Stock-based compensation 8 6 7 26 22 Amortization of acquisiti
Slide 29: Appendices: Adjusted Non-GAAP Financial Measures
Appendices Reconciliation of GAAP to Adjusted Non-GAAP Financial Measures $ in millions, except % (Unaudited) Q4’25 GAAP gross profit $ 5,577 GAAP gross margin 54% Stock-based compensation, amortization of acquisition-related intangibles, acquisition-related 278 and other costs Impact from the relea
Slide 30: Appendices: Operating Income Reconciliation
Appendices Reconciliation of GAAP Operating Income to Non-GAAP Operating Income $ in millions, except % (Unaudited) Q4’25 Q4’24 Q3’25 2025 2024 GAAP operating income $ 1,752 $ 871 $ 1,270 $ 3,694 $ 1,900 GAAP operating margin 17% 11% 14% 11% 7% Stock-based compensation 486 339 419 1,638 1,407 Amorti
Slide 31: Appendices: Net Income and EPS Reconciliation
Appendices Reconciliation of GAAP to Non-GAAP Net Income / Diluted Earnings Per Share $ in millions, except per share data (Unaudited) Q4’25 Q4’24 Q3’25 2025 2024 GAAP net income / earnings per share $ 1,511 $ 0.92 $ 482 $ 0.29 $ 1,243 $ 0.75 $ 4,335 $ 2.65 $ 1,641 $ 1.00 Stock-based compensation 48
Slide 32: Appendices: Free Cash Flow Reconciliation
Appendices Reconciliation of GAAP Net Cash Provided by Operating Activities of Continuing Operations to Free Cash Flow $ in millions, except % (Unaudited) Q4’25 GAAP net cash provided by operating activities of continuing operations $ 2,304 Operating cash flow margin % from continuing operations 22%
Slide 33: Appendices: Share Count Overview
Appendices Share Count Overview Q4’25 2025 Q1’26 (1) Shares (millions) (Unaudited) Actual Actual Estimate Basic shares 1,630 1,624 1,631 Dilutive impact from employee equity grants (2) 19 12 20 Diluted shares 1,649 1,636 1,651 The table above provides actual share count for Q4’25 and 2025 and an est
Slide 34: | Q4 2025 FINANCIAL RESULTS – February 3, 2026
34 | | Q4 2025 FINANCIAL RESULTS – February 3, 2026