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AMD Revenue Rose 34% to $10.3 Billion in Q4 2025

AMD’s Q4 2025 revenue reached $10.270 billion, driven chiefly by Data Center growth, with strong Client and Gaming results and a slower Embedded business.
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AMD reported $10.270 billion in revenue for the fourth quarter of fiscal 2025, up 34% year over year and 11% from the preceding quarter. The company announced the results on February 3, 2026; the quarter ended December 27, 2025. It was AMD’s first quarter above $10 billion in revenue and a record quarterly total—not a full-year figure. The main growth engine was Data Center, though Client and Gaming also expanded sharply.

AMD’s Q4 financial results

The figures below are AMD’s GAAP results, which use standard accounting rules and include items such as acquisition-related amortization. The year-over-year comparisons are against the fourth quarter of fiscal 2024.

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Metric Q4 2025 Q4 2024 Year-over-year change
Revenue $10.270 billion $7.658 billion +34%
Gross profit $5.577 billion $3.882 billion +44%
Gross margin 54% 51% +3 percentage points
Operating income $1.752 billion $871 million +101%
Net income $1.511 billion $482 million +213%
Diluted earnings per share $0.92 $0.29 +217%

AMD also reported non-GAAP results, which exclude specified items and are not directly interchangeable with GAAP figures. On that adjusted basis, Q4 gross margin was 57%, operating income was $2.854 billion, net income was $2.519 billion, and diluted earnings per share were $1.53. See AMD’s Q4 and full-year 2025 results for its reconciliations and definitions.

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Data Center was the largest growth engine

AMD’s Data Center segment generated $5.4 billion in Q4 revenue, up 39% year over year. It represented slightly more than half of quarterly sales and was the largest reported segment. AMD attributed the growth to demand for EPYC server processors and Instinct data-center GPUs.

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That distinction matters: Data Center is not synonymous with AI accelerator sales. It includes server CPUs used across a range of workloads as well as accelerators used for AI and high-performance computing. The results show strong demand across the segment, but do not establish that all of its revenue came from AI.

Client and Gaming grew; Embedded was nearly flat

AMD’s combined Client and Gaming revenue was $3.9 billion, up 37% year over year. The components show that this growth reached beyond the data center:

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  • Client: $3.1 billion, up 34%. AMD cited Ryzen processor demand and continued market-share gains as drivers.
  • Gaming: $843 million, up 50%. The company attributed the increase mainly to higher semi-custom revenue and stronger Radeon GPU demand.
  • Embedded: $923 million, up 3%, a much slower pace than the other reported businesses.

Gaming had the fastest percentage growth among these listed businesses, but its revenue was far below Data Center’s. The overall picture is broad growth in Client and Gaming alongside a comparatively flat Embedded business, with Data Center the largest contributor in dollars.

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Why profit rose faster than revenue

Revenue grew 34%, while GAAP operating income rose 101% and net income rose 213%. Profit growth rates can outpace sales when margins improve and when the comparison starts from a smaller profit base; they do not mean that each additional revenue dollar became profit.

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Gross margin increased from 51% to 54%, and operating margin rose from 11% to 17%. Operating expenses also increased: GAAP operating expenses were $3.825 billion, up 27% year over year. Non-GAAP operating expenses were $3.001 billion, up 42%. The stronger profit result therefore reflects a combination of higher sales and margin changes, not simply flat costs.

MI308 sales and export-control accounting affected the quarter

AMD said its 2025 results included approximately $440 million in net inventory and related charges associated with U.S. export controls on MI308 data-center GPUs. In Q4, the company released approximately $360 million of previously recorded MI308 inventory and related charges, and reported approximately $390 million in MI308 revenue to China.

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These are separate effects: the China figure is reported product revenue, while the reserve release is an accounting adjustment involving earlier charges. AMD said Q4 non-GAAP gross margin would have been approximately 55%, rather than 57%, excluding both the reserve release and MI308 sales to China. The release should not be treated as recurring revenue, and the figures do not show that China shipments caused the full 34% sales increase. Export controls remain a regulatory and supply risk for advanced accelerators.

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Full-year revenue was $34.6 billion

For all of fiscal 2025, AMD reported revenue of $34.639 billion, up 34% from $25.785 billion in 2024. Full-year Data Center revenue was $16.6 billion, up 32%. The annual total provides a different time frame from the headline’s $10.270 billion quarterly figure. AMD’s full-year GAAP gross margin was 50%, operating income was $3.694 billion, net income was $4.335 billion, and diluted earnings per share were $2.65.

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What the next quarter showed

In a subsequent report, AMD said Q1 2026 revenue was $10.253 billion, up 38% year over year and roughly flat sequentially from Q4 2025. Data Center revenue was $5.775 billion, compared with $3.674 billion a year earlier. Client revenue was $2.885 billion, Gaming was $720 million, and Embedded was $873 million. The follow-on quarter indicates that revenue above $10 billion was not immediately reversed, but one quarter does not establish a permanent new baseline. See AMD’s Q1 2026 results.

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How to read the result

  • The $10.270 billion figure is reported quarterly revenue, not a forecast or the company’s annual total.
  • The 34% headline is year-over-year revenue growth; it is distinct from the much larger percentage increases in net income and earnings per share.
  • Data Center includes both EPYC CPUs and Instinct accelerators, so its revenue should not be labeled entirely AI revenue.
  • The earnings release reports AMD’s results but does not by itself establish an analyst-consensus beat or a comparison with Nvidia’s market position.
  • Whether this pace can continue depends on factors including accelerator supply and export rules, customer demand, server competition, and product execution.

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