美国当地时间11月4日，AMD公布了2025财年第三季度财报。 在AMD官方发布的财报新闻稿里，创纪录（record）的表述一共出现了7次。 根据本次财报，AMD在总营收、利润、自由现金流以及C端营收四个方面都创下了新纪录：总营收达92.46亿美元，同比增长36%；毛利润为约47.80亿美 元，同比增长40%；自由现金流增长超2倍；C端业务营收27.5亿美元，同比增长46%。 | | Q3 2025(1) 2025 年第 Q3 2024 2024 年第三 | | Y/Y 同比 | Q2 2025(2 2025 年第 | Q/Q 环比 | | --- | --- | --- | --- | --- | --- | | | 三季度 | 季度 | | 二季度2) | | | Revenue ($M) 营收 (百万美元) | $9,246 | $6,819 | Up 36% 增长 36% | $7,685 | Up 20% 增长 20% | | Gross profit ($M) 毛利润(百万美元) | $4,780 | $3,419 | Up 40% 增长 40% | $3,059 | Up 56% 增长 56% ...

Core Insights - AMD reported Q2 2025 revenue of $7.685 billion, a 32% year-over-year increase, exceeding analyst expectations [1] - The company's gross margin for Q2 was 40%, with a net income of $872 million [1] - Non-GAAP gross margin was 43%, with operating income of $897 million and net income of $781 million [1] - Trade policies led to $800 million in inventory and related costs, impacting data center business [1] - Excluding these costs, the non-GAAP gross margin would be approximately 54% [1] Business Segment Performance - Data Center segment revenue was $3.2 billion, a 14% year-over-year increase, driven by demand for EPYC processors [2] - Client and Gaming segments generated $3.6 billion in revenue, a 69% year-over-year increase [2] - Client segment revenue was $2.5 billion, up 67%, attributed to the new "Zen 5" architecture [2] - Gaming segment revenue reached $1.1 billion, a 73% increase, due to growth in semi-custom business and demand for Radeon GPUs [2] - Embedded segment revenue was $824 million, a 4% year-over-year decline, due to fluctuating end-market demand [2]

Core Viewpoint - AMD reported a record revenue of nearly $7.685 billion in Q2, maintaining over 30% year-on-year growth, but profit growth turned negative due to U.S. export restrictions on MI308, leading to a 30% decline in EPS and a 10 percentage point drop in gross margin to 43% [1][12][13] Financial Data Summary - Revenue: Q2 revenue was $7.685 billion, up 32% year-on-year, slightly below the Q1 growth of 36% [6][12] - EPS: Non-GAAP diluted EPS for Q2 was $0.48, down 30% year-on-year, compared to a 55% increase in Q1 [6][12] - Profit: Non-GAAP gross margin was 43%, down from 54% in Q1 and 53% a year ago; operating profit decreased by 29% year-on-year [6][12][13] Segment Performance - Data Center: Q2 revenue was $3.2 billion, growing 14% year-on-year, a significant slowdown from Q1's 57% growth [6][14] - Client Segment: Q2 revenue reached $2.5 billion, up 67% year-on-year, marking a third consecutive quarter of record high revenue [7][14] - Gaming: Q2 revenue was $1.1 billion, reversing a 30% decline in Q1 to a 73% increase [8][15] Guidance and Outlook - Q3 Revenue Guidance: Expected revenue is approximately $8.7 billion, with a growth rate slowing to below 30% [10][16] - Gross Margin Guidance: Q3 gross margin is projected to recover to 54% [11][17] - Export Restrictions: Current guidance does not account for any revenue from MI308 exports to China, pending U.S. government approval [18][19] Market Context - AMD's stock price has increased over 40% since the beginning of the year, outperforming competitors like NVIDIA, which saw a 30% increase [3] - Concerns about high valuation pressures on AMD's stock following significant price increases this year [3]