Financial Data and Key Metrics Changes - In Q4 2025, revenue grew 34% year-over-year to a record $10.3 billion, driven by strong sales of EPYC, Ryzen, and Instinct processors [4][22] - Net income increased 42% to a record $2.5 billion, and free cash flow nearly doubled year-over-year to a record $2.1 billion [5][22] - For the full year, revenue grew 34% to $34.6 billion, with gross margin at 52% and record earnings per share of $4.17, up 26% year-over-year [22][24] Business Segment Data and Key Metrics Changes - Data center segment revenue increased 39% year-over-year to a record $5.4 billion, driven by strong demand for EPYC processors and MI350 products [5][24] - Client gaming segment revenue was $3.9 billion, up 37% year-over-year, with the PC processor business performing exceptionally well [14][25] - Embedded segment revenue increased 3% year-over-year to $950 million, supported by demand in test and measurement and aerospace markets [18][25] Market Data and Key Metrics Changes - Hyperscaler demand for EPYC processors was strong, with over 500 AMD-based instances launched in 2025, increasing EPYC cloud instances by more than 50% year-over-year [6][19] - The number of large businesses deploying EPYC on-premises more than doubled in 2025, indicating a significant market share gain [7][19] - The client market is expected to face inflationary pressures, but the company anticipates growth in its PC business, particularly in the enterprise segment [70] Company Strategy and Development Direction - The company is entering a multi-year demand supercycle for high-performance and AI computing, positioning itself to capture significant growth opportunities [19] - The launch of the next-generation Venice CPU and MI400 series is expected to extend the company's leadership in performance and efficiency [8][12] - Strategic partnerships, such as with Tata Consultancy Services, aim to co-develop industry-specific AI solutions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for server CPUs and AI workloads, anticipating data center segment revenue growth of over 60% annually over the next three to five years [13][20] - The company expects significant top-line and bottom-line growth in 2026, driven by increased adoption of EPYC and Instinct products [20][29] - Management highlighted the importance of maintaining operational scale and deep customer partnerships to support long-term growth [19] Other Important Information - The company generated a record $2.3 billion in cash from continuing operations during the quarter, with inventory increasing to support strong data center demand [26] - The company repurchased 12.4 million shares and returned $1.3 billion to shareholders in 2025 [27] Q&A Session Summary Question: Can you talk about customer engagements and demand for MI450 and Helios platforms? - Management confirmed strong customer engagement and progress on MI450 series development, with expectations for a second-half launch and ramp [32][33] Question: Can you provide details on March guidance and data center GPU ramp? - Management indicated a sequential decline in client revenue but strong growth in data center, with expectations for GPU revenue to also increase [36][39] Question: What are the expectations for data center revenue growth in 2026? - Management expressed optimism about achieving the long-term target of over 60% growth in data center revenue, supported by strong demand for EPYC and MI450 products [44][46] Question: How is the company addressing supply chain challenges for server CPUs? - Management noted increased supply capacity for server CPUs and ongoing collaboration with supply chain partners to meet demand [50][51] Question: What is the outlook for operating expenses as AI revenue ramps? - Management expects operating expenses to grow slower than revenue, indicating potential leverage as revenue increases [62][63] Question: How does the company view the competitive landscape with ARM CPUs? - Management emphasized the importance of x86 CPUs for AI workloads and the optimization of EPYC processors to meet diverse customer needs [78][80]

来源：格隆汇APP 期内，经营利润率报28%，高过分析员预期的25.4%；资本开支录得2.22亿美元，少过市场估计的2.31亿 美元；研发开支报23.3亿美元，多于分析员预期的21.6亿美元。 格隆汇2月4日｜美国超微半导体(AMD.US)盘后跌逾7%，报224.93美元。超微半导体公布，第四财政季 度经营利润录得28.5亿美元，优于分析员预期的24.7亿美元；经调整后每股盈利报1.53美元，胜于市场 估计的1.32美元；经营收入录得102.7亿美元，当中包括来自中国的MI308人工智能(AI)芯片销售额3.9亿 美元，整体收入好过分析员预期的96.5亿美元。 AMD预计，第一财季经营收入将录得95亿至101亿美元，优于分析员平均估计的93.9亿美元，但部分预 测超过100亿美元，这项展望令原本希望看到AI算力开出增加、能带来更大回报的投资者感到失望；预 计经调整后毛利率约为55%，则高过市场预期的54.5%。 ...

It's been basically a quarter since my last analysis ( check it here ) of Advanced Micro Devices, Inc. ( AMD ), because my last article was right after Q3 earnings, where I mentioned thatEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclosure: I/we have a ...

It's been basically a quarter since my last analysis ( check it here ) of Advanced Micro Devices, Inc. ( AMD ), because my last article was right after Q3 earnings, where I mentioned thatEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collaborations or to connect!Analyst’s Disclosure: I/we have a ...

AMD Stock Drops Despite Beat-And-Raise Earnings Report | Investor's Business DailyBREAKING: [Futures Fall; Google AI Spending Soars]---Advanced Micro Devices (AMD) late Tuesday easily beat Wall Street's targets for its fiscal fourth quarter and guided above estimates for the current period. But AMD stock fell in extended trading. The Santa Clara, Calif.-based fabless chipmaker earned an adjusted $1.53 a share on sales of $10.27 billion in the quarter ended Dec. 27. Analysts surveyed by FactSet had expected… ...

AMD Financial Results Fourth Quarter and Full Year 2025 February 3, 2026 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 markets; AMD's data center AI accelerator opportunity; AMD's expected first quarter 2026 financial outlook, including revenue, expected revenue f ...

So it's interesting. I mean, again, you think about most of the measures here, the look back and the look forward above expectations. Then you have fourth quarter CapEx coming in a little bit, light, shares dropping right now down about 2%.Come on. What is your first read here. Yeah, I mean, this is a fabulous companies with the CapEx number is not really that important here.They don't they're not a big spender of CapEx. But having said that, I mean, look, the results overall for the print and the outlook l ...

The chip maker data center segment sales jumped 39%, driven by strong demand for its EPYC processors and the ramp-up of its Instinct GPU shipments. ...

AMD is on the first tick it looks like slightly lower. Um it's moving around quite dramatically though. Um fourth quarter adjusted EPS $153.That is way better than the$132 that was expected. Uh looking at revenue 10.27% billion. That is also better than expected by a pretty wide margin.Looking for uh 9.67% billion for an estimate. They provide capex numbers of 222 million uh which is actually lower than the estimate. Um all things considered seems relatively contained compared to some of the other numbers w ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...