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0000002488false00000024882025-05-062025-05-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

May 6, 2025
Date of Report (Date of earliest event reported)
amdlogo.jpg
ADVANCED MICRO DEVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-07882
94-1692300
(State or Other Jurisdiction of
Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

2485 Augustine Drive
Santa Clara, California 95054
(Address of principal executive offices) (Zip Code)
(408) 749-4000
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
 Name of each exchange on which registered
Common Stock, $0.01 par value
AMD
The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition.
On May 6, 2025, Advanced Micro Devices, Inc. ("AMD") announced its financial results for its first quarter of 2025 ended March 29, 2025 in a press release that is attached hereto as Exhibit 99.1. Attached hereto as Exhibit 99.2 is a presentation regarding AMD's first quarter of 2025.

The attached Exhibits 99.1 and 99.2 include references to certain non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial information and forward-looking financial guidance. Certain of these non-GAAP measures will be used in AMD’s earnings conference call. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the data tables at the end of the attached Exhibits 99.1 and 99.2. These non-GAAP financial measures should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP.

The information in this report furnished pursuant to Items 2.02 and 7.01, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references the information furnished pursuant to Items 2.02 and 7.01 of this report.
Item 7.01 Regulation FD Disclosure.
The information set forth under Item 2.02 “Results of Operations and Financial Condition” is incorporated into this Item 7.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT INDEX
Exhibit No.
Description
99.1
99.2
104 Inline XBRL for the cover page of this Current Report on Form 8-K





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 6, 2025
ADVANCED MICRO DEVICES, INC.
By:
/s/ Jean Hu
Name:
Jean Hu
Title:
Executive Vice President, Chief Financial Officer & Treasurer


EX-99.1 2 q12025991.htm EX-99.1 Document

image20.jpg

NEWS RELEASE
Media Contact:
Drew Prairie
AMD Communications
512-602-4425
drew.prairie@amd.com
    
Investor Contact:
Liz Stine
AMD Investor Relations
720-652-3965
liz.stine@amd.com


AMD Reports First Quarter 2025 Financial Results

SANTA CLARA, Calif. ― May 6, 2025 ― AMD (NASDAQ:AMD) today announced financial results for the first quarter of 2025. First quarter revenue was $7.4 billion, gross margin was 50%, operating income was $806 million, net income was $709 million and diluted earnings per share was $0.44. On a non-GAAP(*) basis, gross margin was 54%, operating income was $1.8 billion, net income was $1.6 billion and diluted earnings per share was $0.96.

“We delivered an outstanding start to 2025 as year-over-year growth accelerated for the fourth consecutive quarter driven by strength in our core businesses and expanding data center and AI momentum,” said Dr. Lisa Su, AMD chair and CEO. “Despite the dynamic macro and regulatory environment, our first quarter results and second quarter outlook highlight the strength of our differentiated product portfolio and consistent execution positioning us well for strong growth in 2025.”

“We grew first quarter revenue 36% year-over-year and delivered significant earnings leverage as our business gains scale,” said AMD EVP, CFO and Treasurer Jean Hu. “We continue to invest in R&D and go-to-market initiatives, positioning the company for long-term growth and value creation for our shareholders.”









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GAAP Quarterly Financial Results
Q1 2025 Q1 2024 Y/Y Q4 2024 Q/Q
Revenue ($M) $7,438 $5,473  Up 36% $7,658  Down 3%
Gross profit ($M) $3,736 $2,560  Up 46% $3,882  Down 4%
Gross margin 50% 47%  Up 3 ppts 51%  Down 1 ppt
Operating expenses ($M) $2,930 $2,524  Up 16% $3,011  Down 3%
Operating income ($M) $806 $36  Up 2,139% $871  Down 7%
Operating margin 11% 1%  Up 10 ppts 11%  Flat
Net income ($M) $709 $123  Up 476% $482  Up 47%
Diluted earnings per share $0.44 $0.07  Up 529% $0.29  Up 52%

Non-GAAP(*) Quarterly Financial Results
Q1 2025 Q1 2024 Y/Y Q4 2024 Q/Q
Revenue ($M) $7,438 $5,473  Up 36% $7,658  Down 3%
Gross profit ($M) $3,992 $2,861  Up 40% $4,140  Down 4%
Gross margin 54% 52%  Up 2 ppts 54%  Flat
Operating expenses ($M) $2,213 $1,728  Up 28% $2,114  Up 5%
Operating income ($M) $1,779 $1,133  Up 57% $2,026  Down 12%
Operating margin 24% 21%  Up 3 ppts 26%  Down 2 ppts
Net income ($M) $1,566 $1,013  Up 55% $1,777  Down 12%
Diluted earnings per share $0.96 $0.62  Up 55% $1.09  Down 12%

Segment Summary
•Data Center segment revenue in the quarter was $3.7 billion, up 57% year-over-year primarily driven by growth in AMD EPYC™ CPU and AMD Instinct™ GPU sales.
•Client and Gaming segment revenue in the quarter was $2.9 billion, up 28% year-over-year. Client revenue was $2.3 billion, up 68% year-over-year primarily driven by strong demand for the latest “Zen 5” AMD Ryzen™ processors and a richer mix. Gaming revenue was $647 million, down 30% year-over-year primarily due to a decrease in semi-custom revenue.
•Embedded segment revenue in the quarter was $823 million, down 3% year-over-year as demand in end markets remained mixed.

Recent PR Highlights
•AMD closed the acquisition of ZT Systems, bringing together leadership systems and rack-level expertise with AMD GPU, CPU and networking silicon and open-source software to address the $500 billion data center AI accelerator opportunity in 2028.
•AMD expanded strategic partnerships aimed at delivering AMD AI solutions and continued to invest in enhancing developer tools and support:
◦AMD continues to deepen support for frontier AI models on AMD Instinct GPUs with AMD ROCm™ software, delivering day-zero support for the latest Meta AI Llama 4 models and Google Gemma 3 models.
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◦AMD delivers leadership inference performance on DeepSeek-R1, leveraging continuous optimization of the ROCm software stack and the latest vLLM offerings.
◦Core42, G42’s digital infrastructure company, announced it is broadly deploying AMD Instinct GPU technology to establish one of France's most powerful AI compute facilities.
◦Dell Technologies announced the expansion of its AI for Telecom offering powered by AMD.
◦The Commissariat à l'énergie atomique et aux énergies alternatives (CEA) of France and AMD announced a collaboration to advance technologies, component and system architectures to shape the future of AI computing.
◦AMD, Jio Platforms Limited, Cisco and Nokia announced the formation of a new Open Telecom AI Platform that will offer AI-driven solutions to enhance efficiency, security and capabilities.
◦AMD announced support of the latest UALink 1.0 specification, an open, industry-standard, low-latency, high-bandwidth interconnect for scale-up AI.
•Leading hyperscalers continue expanding their deployments of AMD EPYC CPUs to power their internal infrastructure and public cloud offerings:
◦Oracle Cloud Infrastructure announced the OCI Compute E6 shapes, enabling impressive cost to performance improvements over its previous generation.
◦Google Cloud announced C4D and H4D virtual machines delivering leadership performance, scalability, and efficiency for demanding general purpose and HPC cloud workloads.
•AMD is delivering incredible gaming and content creation experiences with the latest AMD Ryzen and Radeon™ products and software:
◦New Radeon RX 9070 XT and RX 9070 graphics cards based on the AMD RDNA™ 4 graphics architecture offer gamers and creators a powerful blend of performance, visuals and value.
◦AMD FidelityFX™ Super Resolution 4 is an AI-accelerated frame generation technology that delivers incredible performance and image quality for gamers on the latest Radeon RX graphics cards.
◦AMD Ryzen 9 9950X3D and Ryzen 9 9900X3D processors leverage 2nd Gen AMD 3D V-Cache™ technology to deliver leadership performance and power efficiency.
•AMD expanded its portfolio for embedded markets:
◦New AMD EPYC Embedded 9005 Series processors deliver server-grade performance and energy efficiency combined with purpose-built features for networking, storage and industrial edge markets.
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◦AMD Versal™ AI Edge XQRVE2302 adaptive SoCs are now available, bringing AI inferencing to space in a small form factor.
◦Napatech and Druid Software announced the availability of a high-performance, energy-efficient 5G core powered by the AMD Virtex™ UltraScale+™ XCVU5P FPGA.

Current Outlook
AMD’s outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.
For the second quarter of 2025, AMD expects revenue to be approximately $7.4 billion, plus or minus $300 million. Non-GAAP gross margin is estimated to be 43% inclusive of approximately $800 million in charges for inventory and related reserves due to the new export controls as previously disclosed in AMD’s Current Report on Form 8-K filed on April 16, 2025. Excluding this charge, non-GAAP gross margin would be approximately 54%.

AMD Teleconference
AMD will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its first quarter 2025 financial earnings results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com.
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share data) (Unaudited)
Three Months Ended
March 29,
2025
December 28,
2024
March 30,
2024
GAAP gross profit $ 3,736  $ 3,882  $ 2,560 
GAAP gross margin 50  % 51  % 47  %
Stock-based compensation
Amortization of acquisition-related intangibles 251  252  230 
Inventory loss at contract manufacturer (2)
—  —  65 
Non-GAAP gross profit $ 3,992  $ 4,140  $ 2,861 
Non-GAAP gross margin 54  % 54  % 52  %
GAAP operating expenses (4)
$ 2,930  $ 3,011  $ 2,524 
GAAP operating expenses/revenue % 39  % 39  % 46  %
Stock-based compensation 359  333  365 
Amortization of acquisition-related intangibles 316  332  392 
Acquisition-related and other costs (1)
42  46  39 
Restructuring charges (3)
—  186  — 
Non-GAAP operating expenses (4)
$ 2,213  $ 2,114  $ 1,728 
Non-GAAP operating expenses/revenue % 30  % 28  % 32  %
GAAP operating income $ 806  $ 871  $ 36 
GAAP operating margin 11  % 11  % %
Stock-based compensation 364  339  371 
Amortization of acquisition-related intangibles 567  584  622 
Acquisition-related and other costs (1)
42  46  39 
Inventory loss at contract manufacturer (2)
—  —  65 
Restructuring charges (3)
—  186  — 
Non-GAAP operating income $ 1,779  $ 2,026  $ 1,133 
Non-GAAP operating margin 24  % 26  % 21  %
Three Months Ended
March 29,
2025
December 28,
2024
March 30,
2024
GAAP net income / earnings per share $ 709  $ 0.44  $ 482  $ 0.29  $ 123  $ 0.07 
(Gains) losses on equity investments, net —  —  —  — 
Stock-based compensation 364  0.22  339  0.21  371  0.23 
Equity income in investee (7) —  (12) (0.01) (7) — 
Amortization of acquisition-related intangibles 567  0.35  584  0.36  622  0.38 
Acquisition-related and other costs (1)
42  0.03  46  0.03  39  0.02 
Inventory loss at contract manufacturer (2)
—  —  —  —  65  0.04 
Restructuring charges (3)
—  —  186  0.11  —  — 
Income tax provision (111) (0.08) 152  0.10  (203) (0.12)
Non-GAAP net income / earnings per share $ 1,566  $ 0.96  $ 1,777  $ 1.09  $ 1,013  $ 0.62 

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(1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments, certain compensation charges, contract termination costs and workforce rebalancing charges.
(2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility.
(3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.
(4) Effective first quarter of 2025, licensing gain amounts were reclassified against Marketing, general and administrative expenses as the amounts were immaterial.

About AMD
For more than 55 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

Cautionary Statement

This press release 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 ability to deliver strong growth in 2025 based on AMD’s differentiated product portfolio and consistent execution; AMD’s ability to position itself for long-term growth and value creation; potential benefits of the acquisition of ZT Systems, including the data center AI accelerator opportunity in 2028; AMD’s expected second quarter 2025 financial outlook, including revenue and non-GAAP gross margin; and the expected impact of the new export licensing requirement on AMD, including on its revenues, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: impact of government actions and regulations such as export regulations, tariffs and trade protection measures, and licensing requirements; Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD's ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes, the revolving credit agreement and the ZT Systems credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses, including ZT Systems; AMD’s ability to sell the ZT Systems manufacturing business; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility.
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Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

(*) In this earnings press release, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue%, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2025, AMD used a non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD also provided adjusted EBITDA, free cash flow and free cash flow margin as supplemental non-GAAP measures of its performance. These items are defined in the footnotes to the selected corporate data tables provided at the end of this earnings press release. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance and for the other reasons described in the footnotes to the selected data tables. The non-GAAP financial measures disclosed in this earnings press release should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the data tables in this earnings press release. This earnings press release also contains forward-looking non-GAAP gross margin concerning AMD’s financial outlook, which is based on current expectations as of May 6, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP gross margin outlook typically include stock-based compensation, amortization of acquired intangible assets and acquisition-related and other costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law.
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©2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, 3D V-Cache, Alveo, AMD Instinct, EPYC, FidelityFX, Kria, Radeon, Ryzen, Threadripper, Ultrascale+, Versal, Zynq, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.
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ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)
Three Months Ended
  March 29,
2025
December 28,
2024
March 30,
2024
Net revenue $ 7,438  $ 7,658  $ 5,473 
Cost of sales 3,451  3,524  2,683 
Amortization of acquisition-related intangibles 251  252  230 
Total cost of sales 3,702  3,776  2,913 
Gross profit 3,736  3,882  2,560 
Gross margin 50  % 51  % 47  %
Research and development 1,728  1,712  1,525 
Marketing, general and administrative 886  781  607 
Amortization of acquisition-related intangibles 316  332  392 
Restructuring charges —  186  — 
Total operating expenses 2,930  3,011  2,524 
Operating income 806  871  36 
Interest expense (20) (19) (25)
Other income (expense), net 39  37  53 
Income before income taxes and equity income 825  889  64 
Income tax provision (benefit) 123  419  (52)
Equity income in investee 12 
Net income $ 709  $ 482  $ 123 
Earnings per share
Basic $ 0.44  $ 0.30  $ 0.08 
Diluted $ 0.44  $ 0.29  $ 0.07 
Shares used in per share calculation
Basic 1,620  1,623  1,617 
Diluted 1,626  1,634  1,639 
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ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Millions)
March 29,
2025
December 28,
2024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 6,049  $ 3,787 
Short-term investments 1,261  1,345 
Accounts receivable, net 5,443  6,192 
Inventories 6,416  5,734 
Prepaid expenses and other current assets 2,426  1,991 
Total current assets 21,595  19,049 
Property and equipment, net 1,921  1,802 
Goodwill 24,839  24,839 
Acquisition-related intangibles, net 18,363  18,930 
Deferred tax assets 845  688 
Other non-current assets 3,987  3,918 
Total Assets $ 71,550  $ 69,226 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,206  $ 2,466 
Accrued liabilities 3,876  4,260 
Short-term borrowings 947  — 
Other current liabilities 674  555 
Total current liabilities 7,703  7,281 
Long-term debt 3,217  1,721 
Long-term operating lease liabilities 567  491 
Deferred tax liabilities 343  349 
Other long-term liabilities 1,839  1,816 
Stockholders' equity:
Capital stock:
Common stock, par value $0.01 17  17 
Additional paid-in capital 61,730  61,362 
Treasury stock, at cost (6,899) (6,106)
Retained earnings 3,073  2,364 
Accumulated other comprehensive loss (40) (69)
Total stockholders' equity 57,881  57,568 
Total Liabilities and Stockholders' Equity $ 71,550  $ 69,226 



9


ADVANCED MICRO DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions) (Unaudited)
Three Months Ended
March 29,
2025
March 30,
2024
Cash flows from operating activities:
Net income $ 709  $ 123 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 175  162 
Amortization of acquisition-related intangibles 567  622 
Stock-based compensation 364  371 
Deferred income taxes (167) (66)
Inventory loss at contract manufacturer —  65 
Other 39 
Changes in operating assets and liabilities:
Accounts receivable, net 748  913 
Inventories (682) (368)
Prepaid expenses and other assets (237) (919)
Accounts payable (289) (561)
Accrued and other liabilities (288) 175 
Net cash provided by operating activities 939  521 
Cash flows from investing activities:
Purchases of property and equipment (212) (142)
Purchases of short-term investments (304) (433)
Proceeds from maturity of short-term investments 365  441 
Proceeds from sale of short-term investments 33 
Purchases of strategic investments (239) (4)
Other — 
Net cash used in investing activities (357) (135)
Cash flows from financing activities:
Proceeds from long-term debt issuance, net of issuance costs 1,494  — 
Proceeds from commercial paper issuance, net of discount 947  — 
Proceeds from sales of common stock through employee equity plans
Repurchases of common stock (749) (4)
Stock repurchases for tax withholding on employee equity plans (30) (129)
Other —  (1)
Net cash provided by (used in) financing activities 1,666  (129)
Net increase in cash, cash equivalents and restricted cash 2,248  257 
Cash, cash equivalents and restricted cash at beginning of period 3,811  3,933 
Cash, cash equivalents and restricted cash at end of period $ 6,059  $ 4,190 
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ADVANCED MICRO DEVICES, INC.
SELECTED CORPORATE DATA
(Millions) (Unaudited)
  Three Months Ended
  March 29,
2025
December 28,
2024
March 30,
2024
Segment and Disaggregated Revenue Information(1)
Net Revenue:
Data Center Segment $ 3,674  $ 3,859  $ 2,337 
Client and Gaming Segment
Client 2,294  2,313  1,368 
Gaming 647  563  922 
Total Client and Gaming 2,941  2,876  2,290 
Embedded Segment 823  923  846 
Total net revenue $ 7,438  $ 7,658  $ 5,473 
Operating Income (Loss):
Data Center Segment $ 932  $ 1,157  $ 541 
Client and Gaming Segment 496  496  237 
Embedded Segment 328  362  342 
All other (950) (1,144) (1,084)
Total operating income $ 806  $ 871  $ 36 
Other Data
Capital expenditures $ 212  $ 208  $ 142 
Adjusted EBITDA (2)
$ 1,954  $ 2,212  $ 1,295 
Cash, cash equivalents and short-term investments $ 7,310  $ 5,132  $ 6,035 
Free cash flow (3)
$ 727  $ 1,091  $ 379 
Total assets $ 71,550  $ 69,226  $ 67,895 
Total debt $ 4,164  $ 1,721  $ 2,468 

(1) The Company operates as three operating segments, Data Center, Client and Gaming, and Embedded segments.

The Data Center segment primarily includes Artificial Intelligence (AI) accelerators, server microprocessors (CPUs), graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), Field Programmable Gate Arrays (FPGAs), Smart Network Interface Cards (SmartNICs) and Adaptive System-on-Chip (SoC) products for data centers.

The Client and Gaming segment primarily includes CPUs, APUs, and chipsets for desktops and notebooks, and discrete GPUs, semi-custom SoC products and development services.

The Embedded segment primarily includes embedded CPUs, GPUs, APUs, FPGAs, System on Modules (SOMs), and Adaptive SoC products.

From time to time, the Company may also sell or license portions of its IP portfolio.

All Other category primarily includes certain expenses and credits that are not allocated to any of the operating segments, such as amortization of acquisition-related intangibles, employee stock-based compensation expense, acquisition-related and other costs, inventory loss at contract manufacturer and restructuring charges.

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(2) Reconciliation of GAAP Net Income to Adjusted EBITDA
  Three Months Ended
(Millions) (Unaudited) March 29, 2025 December 28, 2024 March 30, 2024
GAAP net income $ 709  $ 482  $ 123 
Interest expense 20  19  25 
Other (income) expense, net (39) (37) (53)
Income tax provision (benefit) 123  419  (52)
Equity income in investee (7) (12) (7)
Stock-based compensation 364  339  371 
Depreciation and amortization 175  186  162 
Amortization of acquisition-related intangibles 567  584  622 
Inventory loss at contract manufacturer —  —  65 
Acquisition-related and other costs 42  46  39 
Restructuring charges —  186  — 
Adjusted EBITDA $ 1,954  $ 2,212  $ 1,295 

The Company presents “Adjusted EBITDA” as a supplemental measure of its performance. Adjusted EBITDA for the Company is determined by adjusting GAAP net income for interest expense, other (income) expense, net, income tax provision (benefit), equity income in investee, stock-based compensation, depreciation and amortization expense, amortization of acquisition-related intangibles, inventory loss at contract manufacturer, acquisition-related and other costs, and restructuring charges. The Company calculates and presents Adjusted EBITDA because management believes it is of importance to investors and lenders in relation to its overall capital structure and its ability to borrow additional funds. In addition, the Company presents Adjusted EBITDA because it believes this measure assists investors in comparing its performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance. The Company’s calculation of Adjusted EBITDA may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view Adjusted EBITDA as an alternative to the GAAP operating measure of net income or GAAP liquidity measures of cash flows from operating, investing and financing activities. In addition, Adjusted EBITDA does not take into account changes in certain assets and liabilities that can affect cash flows.

(3) Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow
  Three Months Ended
(Millions except percentages) (Unaudited) March 29, 2025 December 28, 2024 March 30, 2024
GAAP net cash provided by operating activities $ 939  $ 1,299  $ 521 
Operating cash flow margin % 13  % 17  % 10  %
Purchases of property and equipment (212) (208) (142)
Free cash flow $ 727  $ 1,091  $ 379 
Free cash flow margin % 10  % 14  % %

The Company also presents free cash flow as a supplemental Non-GAAP measure of its performance. Free cash flow is determined by adjusting GAAP net cash provided by operating activities for capital expenditures, and free cash flow margin % is free cash flow expressed as a percentage of the Company's net revenue. The Company calculates and communicates free cash flow in the financial earnings press release because management believes it is of importance to investors to understand the nature of these cash flows. The Company’s calculation of free cash flow may or may not be consistent with the calculation of this measure by other companies in the same industry. Investors should not view free cash flow as an alternative to GAAP liquidity measures of cash flows from operating activities.
12
EX-99.2 3 amdq125earningsslides.htm EX-99.2 amdq125earningsslides
1 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 AMD Financial Results First Quarter 2025 May 6, 2025


 
2 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 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; the integration of the ZT Systems' business and the expected benefits, synergies and growth to result therefrom; AMD's proposed sale of the ZT Systems’ manufacturing business; AMD’s expected second quarter 2025 financial outlook, including revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP Interest Expense/Other Income (Expense), net, non-GAAP tax rate and diluted share count; AMD’s large and compelling TAM; AMD’s ability to expand Data Center and AI leadership; AMD's financial and operating performance; the expected impact of the new export licensing requirement on AMD, including on its revenues; and AMD’s ability to drive long-term shareholder returns, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this presentation are based on current beliefs, assumptions and expectations, speak only as of the date of this presentation and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and generally beyond AMD's control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: impact of government actions and regulations such as export regulations, tariffs and trade protection measures, and licensing requirements; Intel Corporation’s dominance of the microprocessor market and its aggressive business practices; Nvidia’s dominance in the graphics processing unit market and its aggressive business practices; competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD's ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; long-term impact of climate change on AMD’s business; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes, the revolving credit agreement and the ZT Systems credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses, including ZT Systems; AMD's ability to sell the ZT Systems manufacturing business; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain qualified personnel; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. NON-GAAP Financial Measures In this presentation, in addition to GAAP financial results, AMD has provided non-GAAP financial measures including non-GAAP gross profit and margin, non-GAAP operating expenses, non-GAAP operating expenses/revenue percent, non- GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted earnings per share. AMD uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2025, AMD uses a projected non-GAAP tax rate of 13%, which excludes the tax impact of pre-tax non-GAAP adjustments. AMD is providing these financial measures because it believes this non-GAAP presentation makes it easier for investors to compare its operating results for current and historical periods and also because AMD believes it assists investors in comparing AMD’s performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance. The non-GAAP financial measures disclosed in this presentation should be viewed in addition to and not as a substitute for or superior to AMD’s reported results prepared in accordance with GAAP and should be read only in conjunction with AMD’s Consolidated Financial Statements prepared in accordance with GAAP. These non-GAAP financial measures referenced are reconciled to their most directly comparable GAAP financial measures in the Appendices at the end of this presentation. This presentation also contains forward-looking non-GAAP measures concerning AMD’s financial outlook such as gross margin and operating expenses. These forward-looking non-GAAP measures are based on current expectations as of May 6, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its forward-looking statements made in this presentation except as may be required by law.


 
3 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Our Journey Leadership Product Portfolio Expanding Customer & Partner Ecosystem Data Center and AI Growth Strong Financial Foundation


 
4 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 High Performance & Adaptive Computing Leadership Accelerating innovation in silicon architecture, advanced packaging and software Scaling compute engines from Cloud to Edge to Endpoints with leadership performance per watt​ Delivering flexibility, transparency and choice to Developers Computing partner of choice across AI, data center, embedded, PCs and gaming Leadership Foundational IP Breadth and Depth of Portfolio Open, Proven Software Ecosystem Deep, Collaborative Partnerships


 
5 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Large Growth Opportunities Across a Diverse Set of Markets Embedded Industry’s broadest portfolio of adaptive and embedded computing platforms Data Center Leadership performance and TCO across cloud, enterprise and AI workloads Client and Gaming High performance, energy efficient and AI-enabled premium PC and gaming experiences


 
6 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Announced Completion of Acquisition of ZT Systems on March 31, 2025 BRINGING TOGETHER WORLD-CLASS SILICON, SOFTWARE AND SYSTEMS DESIGN TO DELIVER RACK-SCALE AI SOLUTIONS Based on AMD CPU, GPU and networking silicon, open-source AMD ROCm software and rack-scale systems capabilities Full rack-scale AI solutions and system-level capabilities key factors in scaling AMD AI Instinct business ZT Systems design teams join the AMD Data Center Solutions business unit Received significant interest to acquire ZT Systems US-based manufacturing business Enabling new class of end-to-end AMD AI solutions Addressing significant data center AI accelerator market Leadership systems design expertise Manufacturing divestiture progress


 
7 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Revenue Q1 2025 Record first quarter revenue of $7.4 billion increased 36% y/y Revenue growth in both Data Center and Client and Gaming segments $5.5B $7.4B Q1 2024 Q1 2025


 
8 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Gross Margin Q1 2025 1. See Appendices for GAAP to Non-GAAP reconciliation GAAP Non-GAAP 1 47% 50% Q1 2024 Q1 2025 52% 54% Q1 2024 Q1 2025 Increase in gross margin primarily driven by higher Data Center segment revenue and a richer Ryzen processor mix


 
9 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Operating Income Q1 2025 GAAP Non-GAAP 1 Increase in operating income driven by higher revenue in the Data Center segment and the Client and Gaming segment Q1 2024 Q1 2025 $0.04B $0.8B 1. See Appendices for GAAP to Non-GAAP reconciliation $1.1B $1.8B Q1 2024 Q1 2025


 
10 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 • GAAP net income of $0.7 billion • GAAP EPS up significantly y/y, primarily driven by higher revenue and gross margin, partially offset by higher operating expenses Diluted Earnings Per Share Q1 2025 GAAP Non-GAAP 1 1. See Appendices for GAAP to Non-GAAP reconciliation $0.62 $0.96 Q1 2024 Q1 2025 $0.07 $0.44 Q1 2024 Q1 2025 • Non-GAAP net income of $1.6 billion • Non-GAAP EPS up 55% y/y, primarily driven by higher revenue and gross margin, partially offset by higher operating expenses


 
11 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Q1 2025 Summary P&L | GAAP $ in millions, except per share data and % Q1'25 Q1'24 Y/Y Q4'24 Q/Q Revenue $7,438 $5,473 Up 36% $7,658 Down 3% Gross Profit $3,736 $2,560 Up 46% $3,882 Down 4% Gross Margin 50% 47% Up 3 ppts 51% Down 1 ppt Operating Expenses $2,930 $2,524 Up 16% $3,011 Down 3% Operating Expense/Revenue % 39% 46% Down 7% 39% Flat Operating Income $806 $36 Up 2,139% $871 Down 7% Operating Margin 11% 1% Up 10 ppts 11% Flat Net Income $709 $123 Up 476% $482 Up 47% Diluted Earnings Per Share $0.44 $0.07 Up 529% $0.29 Up 52%


 
12 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Q1 2025 Summary P&L | NON-GAAP1 $ in millions, except per share data and % Q1'25 Q1'24 Y/Y Q4'24 Q/Q Revenue $7,438 $5,473 Up 36% $7,658 Down 3% Gross Profit $3,992 $2,861 Up 40% $4,140 Down 4% Gross Margin 54% 52% Up 2 ppts 54% Flat Operating Expenses $2,213 $1,728 Up 28% $2,114 Up 5% Operating Expense/Revenue % 30% 32% Down 2% 28% Up 2% Operating Income $1,779 $1,133 Up 57% $2,026 Down 12% Operating Margin 24% 21% Up 3 ppts 26% Down 2 ppts Net Income $1,566 $1,013 Up 55% $1,777 Down 12% Diluted Earnings Per Share $0.96 $0.62 Up 55% $1.09 Down 12% 1. See Appendices for GAAP to Non-GAAP reconciliation


 
13 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Q1 2025 Segment Results $ in millions Q1’25 Q1’24 Y/Y Q4’24 Q/Q Data Center Net Revenue $3,674 $2,337 Up 57% $3,859 Down 5% Operating Income $932 $541 Up 72% $1,157 Down 19% Client & Gaming Net Revenue $2,941 $2,290 Up 28% $2,876 Up 2% Operating Income $496 $237 Up 109% $496 Flat Embedded Net Revenue $823 $846 Down 3% $923 Down 11% Operating Income $328 $342 Down 4% $362 Down 9%


 
14 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 1. Increase in balances due to $1.5 billion of debt raised and $950 million of commercial paper issued during Q1’25 associated with the acquisition of ZT Systems which was completed on March 31, 2025 2. See Appendices for GAAP to Non-GAAP reconciliation $ in millions Q1’25 Q4’24 Q/Q Cash, Cash Equivalents and Short-term Investments1 $7,310 $5,132 Up 42% Accounts Receivable, Net $5,443 $6,192 Down 12% Inventories $6,416 $5,734 Up 12% Total Debt1 $4,164 $1,721 Up 142% Q1 2025 Summary Balance Sheet Items Cash from operations $939 million; free cash flow $727 million2 Repurchased $749 million of common stock


 
15 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Driven primarily by growth in AMD EPYC CPU and AMD Instinct GPU sales Strategic Highlights Data Center Segment Q1 2025 Revenue $2.3B $3.7B Q1 2024 Q1 2025 23% 25% Q1 2024 Q1 2025 Revenue $3.7 Billion Up 57% y/y Operating Margin Primarily driven by higher revenue Operating Income $932 Million vs. $541 Million a year ago • Partnering with Oracle to deploy a large-scale cluster powered by MI355X accelerators and 5th Gen EPYC processors • Released ROCm 6.4 with performance and feature updates; now delivering ready to deploy inferencing and training containers on bi-weekly basis • Core42 announced it is broadly deploying AMD Instinct GPU technology to create one of France’s most powerful AI compute facilities • AMD, Jio Platforms Limited, Cisco and Nokia announced the formation of a new Open Telecom AI Platform • Siemens launched latest Software Defined Vehicle solution powered by EPYC CPUs and RadeonTM PRO GPUs on Azure significantly accelerating automotive design and validation • Next-gen MI350 series Instinct GPUs on track to begin accelerated production by mid-2025


 
16 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Client and Gaming Segment Q1 2025 10% 17% Q1 2024 Q1 2025 Revenue Primarily driven by a richer mix and strong demand for latest “Zen 5” AMD RyzenTM processors Operating Margin Primarily driven by higher revenue and a richer Ryzen processor mix Revenue $2.9 Billion Up 28% y/y Operating Income $496 Million vs. $237 Million a year ago Client $1.4B Client $2.3B Gaming $0.9B Gaming $0.6B Q1 2024 Q1 2025 Strategic Highlights • Launched 16-core Ryzen 9950X3D processor expanding AMD leadership desktop CPU portfolio • PC OEMs launched first notebooks powered by new high-end Ryzen AI Max+ and first mainstream Ryzen AI 7 and 5 300 series processors for gaming, ultrathin and commercial notebooks • Launched Radeon 9070 series to strong demand as new RDNATM 4 architecture delivers leadership performance for mainstream gamers • Introduced FSR4, first machine learning-based upscaling and frame generation technology delivering higher frame rates and immersive gaming experiences $2.3B $2.9B


 
17 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Embedded Segment Q1 2025 Revenue Primarily due to mixed end market demand Operating Margin Primarily due to lower revenue $0.8B Q1 2024 Q1 2025 $0.8B 41% 40% Q1 2024 Q1 2025 Revenue $823 Million Down 3% y/y Operating Income $328 Million vs. $342 Million a year ago Strategic Highlights • AWS launched new FPGA-accelerated instances powered by EPYC processors with AMD Virtex FPGAs optimized for data and compute-intensive workloads • Completed initial shipments of Spartan UltraScale+ FPGAs and 2nd-Gen Versal AI Edge SoCs to meet growing demand for AI at the edge • Launched EPYC Embedded 9005 series processors; powering IBM’s latest storage scale system 6000 and the latest generation Cisco high-end firewalls • Launched Vitis software suite with expanded support for the latest AI models


 
18 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Financial Outlook – NON-GAAP1 1. See Cautionary Statement on Slide 2. These forward-looking outlook statements and non-GAAP measures are based on current expectations as of May 6, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its outlook statements as a result of new information, future events or otherwise, except as may be required by law. All items, except revenue, are on a non-GAAP basis. Adjustments to arrive at the GAAP financial outlook typically include stock-based compensation, amortization of acquired intangible assets, income tax provision, and other non-recurring items such as impairment charges and acquisition-related costs. The timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control, therefore, a reconciliation to equivalent GAAP measures is not practicable at this time. 2. Q2’25 estimated Non-GAAP gross margin includes the expected impact of approximately $800 million in charges for inventory and related reserves related to the U.S. government's implementation of new export controls, which was previously disclosed in AMD's Current Report on Form 8-K filed on April 16, 2025. 3. Q2’25 estimated diluted share count includes 9 million of shares related to the acquisition of ZT Systems which was completed on March 31, 2025. Refer to Diluted Share Count overview in the Appendices. Q2’25 Revenue ~$7.4 Billion, +/- $300 Million Gross Margin2 ~43%, including $800M inventory charge; ~54%, excluding this one-time charge Operating Expenses ~$2.3 Billion Interest Expense/Other Income (Expense), net ~$(5) Million Effective Tax Rate ~13% of pre-tax income Diluted Share Count3 ~1.64 Billion shares


 
19 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Q1 2025 Summary1 1. See Appendices for GAAP to Non-GAAP reconciliation Significant y/y Revenue and EPS Growth Driven by Higher AMD Instinct, EPYC and Ryzen Processor Sales Revenue $7.4B Up 36% y/y Gross Margin 50% Non-GAAP Gross Margin 54% Data Center Segment Revenue $3.7B Up 57% y/y Diluted EPS $0.44 Non-GAAP Diluted EPS $0.96


 
20 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Corporate Responsibility at AMD Environmental Advancing environmental solutions in our products, supply chain and operations, while accelerating energy efficiency for IT users Social Fostering a culture of diversity, belonging and inclusion, partnering with suppliers and positively impacting our communities Governance Integrating corporate responsibility and governance across product design, supply chain, operations and external engagement


 
21 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Our Momentum DRIVING LONG-TERM SHAREHOLDER RETURNS Large and Compelling TAM Expanding Data Center and AI Leadership World-Class Execution and Focus Strong Balance Sheet Technology Leadership


 
22 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Appendices $ in millions, except % (Unaudited) Q1’25 Q1’24 Q4’24 GAAP gross profit $3,736 $2,560 $3,882 GAAP gross margin 50% 47% 51% Stock-based compensation 5 6 6 Amortization of acquisition-related intangibles 251 230 252 Inventory loss at contract manufacturer (2) - 65 - Non-GAAP gross profit $3,992 $2,861 $4,140 Non-GAAP gross margin 54% 52% 54% (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments. (4) Effective first quarter of 2025, licensing gain amounts were reclassified against Marketing, general and administrative expenses as the amounts were immaterial. Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin $ in millions, except % (Unaudited) Q1’25 Q1’24 Q4’24 GAAP operating expenses (4) $2,930 $2,524 $3,011 GAAP operating expenses/revenue % 39% 46% 39% Stock-based compensation 359 365 333 Amortization of acquisition-related intangibles 316 392 332 Acquisition-related and other costs (1) 42 39 46 Restructuring charges (3) - - 186 Non-GAAP operating expenses (4) $2,213 $1,728 $2,114 Non-GAAP operating expenses/revenue % 30% 32% 28% Reconciliation of GAAP to Non-GAAP Operating Expenses


 
23 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Appendices $ in millions, except % (Unaudited) Q1’25 Q1’24 Q4’24 GAAP operating income $806 $36 $871 GAAP operating margin 11% 1% 11% Stock-based compensation 364 371 339 Amortization of acquisition-related intangibles 567 622 584 Acquisition-related and other costs (1) 42 39 46 Inventory loss at contract manufacturer (2) - 65 - Restructuring charges (3) - - 186 Non-GAAP operating income $1,779 $1,133 $2,026 Non-GAAP operating margin 24% 21% 26% Reconciliation of GAAP Operating Income to Non-GAAP Operating Income (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.


 
24 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Appendices Reconciliation of GAAP to Non-GAAP Net Income / Diluted Earnings Per Share $ in Millions, except per share data (Unaudited) Q1’25 Q1’24 Q4’24 GAAP net income / diluted earnings per share $709 $0.44 $123 $0.07 $482 $0.29 (Gains) losses on equity investments, net 2 - 3 - - - Stock-based compensation 364 0.22 371 0.23 339 0.21 Equity income in investee (7) - (7) - (12) (0.01) Amortization of acquisition-related intangibles 567 0.35 622 0.38 584 0.36 Acquisition-related and other costs (1) 42 0.03 39 0.02 46 0.03 Inventory loss at contract manufacturer (2) - - 65 0.04 - - Restructuring charges (3) - - - - 186 0.11 Income tax provision (111) (0.08) (203) (0.12) 152 0.10 Non-GAAP net income / diluted earnings per share $1,566 $0.96 $1,013 $0.62 $1,777 $1.09 Shares used in earnings per share calculation Shares used in per share calculation (GAAP and Non-GAAP) 1,626 1,639 1,634 (1) Acquisition-related and other costs primarily include transaction costs, purchase price fair value adjustments, certain compensation charges, contract termination costs and workforce rebalancing charges. (2) Inventory loss at contract manufacturer is related to an incident at a third-party contract manufacturing facility. (3) Restructuring charges are related to the 2024 Restructuring Plan which comprised of employee severance charges and non-cash asset impairments.


 
25 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Appendices Reconciliation of GAAP Net Cash Provided by Operating Activities to Free Cash Flow $ in millions, except % (Unaudited) Q1’25 GAAP net cash provided by operating activities $939 Operating cash flow margin % 13% Purchases of property and equipment (212) Free cash flow $727 Free cash flow margin % 10%


 
26 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Appendices Share Count Overview The table above provides actual share count for Q1’25 and an estimate of share count to use when calculating GAAP and non-GAAP diluted earnings per share for Q2’25. (1) Share counts are weighted average shares. (2) The dilutive impact of employee equity grants is based on the Treasury Stock method and is dependent upon the average stock price during the period. The Q1’25 average stock price was $111.67. The Q1’25 average stock price of $111.67 was assumed for Q2’25 average stock price estimates. (3) Q2’25 estimated diluted share count includes 9 million of shares related to the acquisition of ZT Systems which was completed on March 31, 2025. Shares (millions) (1) Q1’25 Q2’25 Actual Estimate Basic shares 1,620 1,627 Dilutive impact from employee equity grants (2) 6 8 Diluted shares (3) 1,626 1,635


 
27 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025 Endnotes STX-04: Based on AMD product specifications and competitive products announced as of May 2024. AMD RyzenTM AI 300 Series processors’ NPU offer up to 50 peak TOPS. AI PC is defined as a laptop PC with a processor that includes a neural processing unit (NPU). STX-04. GD-220c: RyzenTM AI is defined as the combination of a dedicated AI engine, AMD RadeonTM graphics engine, and Ryzen processor cores that enable AI capabilities. OEM and ISV enablement is required, and certain AI features may not yet be optimized for Ryzen AI processors. Ryzen AI is compatible with: (a) AMD Ryzen 7040 and 8040 Series processors except Ryzen 5 7540U, Ryzen 5 8540U, Ryzen 3 7440U, and Ryzen 3 8440U processors; (b) AMD Ryzen AI 300 Series processors, and (c) all AMD Ryzen 8000G Series desktop processors except the Ryzen 5 8500G/GE and Ryzen 3 8300G/GE. Please check with your system manufacturer for feature availability prior to purchase. GD-220c.


 
28 | | Q1 2025 FINANCIAL RESULTS – May 6, 2025