News AMD 4Q25 Earnings

[Hitman928]

Record quarter for AMD. Forecasting 5% decrease in revenue for Q1 but that would mean ~33% increase in y/y revenue.

Fourth quarter revenue was a record $10.3 billion, gross margin was 54%, operating income was $1.8 billion, net income was $1.5 billion and diluted earnings per share was $0.92. On a non-GAAP(*) basis, gross margin was 57%, operating income was a record $2.9 billion, net income was a record $2.5 billion and diluted earnings per share was a record $1.53.

https://seekingalpha.com/pr/20386861-amd-reports-fourth-quarter-and-full-year-2025-financial-results#hasComeFromMpArticle=false

 

[Tuna-Fish]

AMD now has 75% of Intel's revenue. If both companies hit the midpoint of their Q1 predictions, then next quarter AMD will have 80% of Intel's revenue.

 

[adroc_thurston]

10B quarter poggers

 

[adroc_thurston]

AMD now has 75% of Intel's revenue. If both companies hit the midpoint of their Q1 predictions, then next quarter AMD will have 80% of Intel's revenue.

mind you, this will be 80% of rev at mid-high 50's margins versus Intel toilet-tier 35%.

 

[Tuna-Fish]

mind you, this will be 80% of rev at mid-high 50's margins versus Intel toilet-tier 35%.

Yeah. I hate concentrating too much on margin% vs margin dollars, but AMD had more of those too. $5.6B vs $5B. I think that's a first?

 

[adroc_thurston]

Yeah. I hate concentrating too much on margin% vs margin dollars, but AMD had more of those too. $5.6B vs $5B. I think that's a first?

Yup.
thank you dr. Lisa Su.

 

[gdansk]

After market hates it. Why? Q1 outlook? Seasonally-adjusted it is fine but I guess they wanted Nvidia-like growth where seasons don't matter.

 

[adroc_thurston]

Why?

They want bubblemoney.

 

[itsmydamnation]

After market hates it. Why? Q1 outlook? Seasonally-adjusted it is fine but I guess they wanted Nvidia-like growth where seasons don't matter.

Just AMD things happens every fin reporting without fail

 

[Doug S]

After market hates it. Why? Q1 outlook? Seasonally-adjusted it is fine but I guess they wanted Nvidia-like growth where seasons don't matter.

The market is getting a little jittery about AI on and off lately, today was one of the jittery days. So "look at our great results which have a lot to do with AI" doesn't have the same impact it does on a day when the jitters are pushed aside. Maybe tomorrow it gets a bounce, or maybe it gets punished more.

 

[Markfw]

My 9755's are so awesome, and those are just mid-tier of AMD's server chips. Not to mention their desktops just beat Intel mercilessly. That is how to beat the competition, at every turn. These results are no surprise at all to me.

 

[Khato]

Heh, the after market reaction is the same as we always saw with Intel a decade+ ago when they were continually reporting record revenue quarters etc. The reaction may be a bit stronger currently with AMD for the aforementioned reason of investors expecting AMD to be getting more of the AI bubble spending than they are.

In terms of the actual results, not surprising to see Data Center continue to carry the financials. Don't like seeing quite so much of a dip in client and gaming compared to Q3.

 

[adroc_thurston]

Don't like seeing quite so much of a dip in client and gaming compared to Q3.

It's a 100m dip off the memory-induced AIC crunch.

 

[desrever]

oof that selloff

 

[Joe NYC]

Yeah. I hate concentrating too much on margin% vs margin dollars, but AMD had more of those too. $5.6B vs $5B. I think that's a first?

Yup, I am seeing

$5.85B non-GAAP gross margin dollars for AMD
vs.
$5.19B non-GAAP gross margin dollars for Intel.

 

[Joe NYC]

After market hates it. Why? Q1 outlook? Seasonally-adjusted it is fine but I guess they wanted Nvidia-like growth where seasons don't matter.

The market always hates where AMD's revenue is coming from.
- pre Q4 gaming revenue up: bad
- Q4 gaming revenue down: still bad

- pre Q4 client revenue up: bad
- Q4 client revenue up: bad

- pre Q4 lack of China sales: bad
- Q4 surprise China sales: bad

- pre Q4 server CPU high percentage of datacenter: bad
- Q4 server CPU high percentage of datacenter: bad

 

[Joe NYC]

Heh, the after market reaction is the same as we always saw with Intel a decade+ ago when they were continually reporting record revenue quarters etc. The reaction may be a bit stronger currently with AMD for the aforementioned reason of investors expecting AMD to be getting more of the AI bubble spending than they are.

In terms of the actual results, not surprising to see Data Center continue to carry the financials. Don't like seeing quite so much of a dip in client and gaming compared to Q3.

Client CPU: up $350 billion
Gaming: down $450 billion

Gaming receding from extremely high Sony chip purchases in prior quarters, likely related to PS4 Pro.

 

[inquiss]

Client CPU: up $350 billion
Gaming: down $450 billion

Gaming receding from extremely high Sony chip purchases in prior quarters, likely related to PS4 Pro.

Those are some really big numbers.

 

[Joe NYC]

Those are some really big numbers.

BTW, in comparison for client CPU business:
AMD Q4 2024: 2,319
AMD Q3 2025: 2.750
AMD Q4 2025: 3.097

Intel Q4 2024: 8.8
Intel Q3 2025: 8.5
Intel Q4 2025: 8.2

AMD market share:
Q4 2024: 20.8
Q3 2025: 24.4
Q4 2024: 27.4

In the single quarter, AMD appeared to have gained 3% of client market share.

 

[Vattila]

Here's my updated Segment Results spreadsheet.

 

[Khato]

Client CPU: up $350 billion
Gaming: down $450 billion

Gaming receding from extremely high Sony chip purchases in prior quarters, likely related to PS4 Pro.

What I don't like seeing is that the client and gaming operating income dropped by $142M compared to the overall revenue drop of $108M. Granted, the ratios are matched by Intel's Q4 numbers so it could just be a reflection of a general industry trend of client being less profitable.

 

[jpiniero]

What I don't like seeing is that the client and gaming operating income dropped by $142M compared to the overall revenue drop of $108M. Granted, the ratios are matched by Intel's Q4 numbers so it could just be a reflection of a general industry trend of client being less profitable.

Could easily be TSMC price hikes causing that.

 

[Joe NYC]

What I don't like seeing is that the client and gaming operating income dropped by $142M compared to the overall revenue drop of $108M. Granted, the ratios are matched by Intel's Q4 numbers so it could just be a reflection of a general industry trend of client being less profitable.

I think it could be that the big drop of console sale had higher profitability for AMD than the rest of the client business. Rather than client business profitability being down.

 

[mikegg]

BTW, in comparison for client CPU business:
AMD Q4 2024: 2,319
AMD Q3 2025: 2.750
AMD Q4 2025: 3.097

Intel Q4 2024: 8.8
Intel Q3 2025: 8.5
Intel Q4 2025: 8.2

AMD market share:
Q4 2024: 20.8
Q3 2025: 24.4
Q4 2024: 27.4

In the single quarter, AMD appeared to have gained 3% of client market share.

Should make it clear that this is x86 market share. As a whole, x86 is shrinking market share compared to the entire CPU market.

 

[Joe NYC]

Should make it clear that this is x86 market share. As a whole, x86 is shrinking market share compared to the entire CPU market.

In merchant CPUs, not really. Ampere and Qualcomm are not doing well in PC and datacenter. We will see how NVidia does.