Advanced Micro Devices (AMD) 10-K Summaries & Annual Filing History
Review Advanced Micro Devices, Inc. (AMD) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 27, 2025 · FY2025 10-K
Advanced Micro Devices reported a significant increase in annual revenue, driven by strong demand across its product segments. The company also completed the acquisition of ZT Systems and the subsequent sale of its manufacturing business, which impacted cash flows and capital structure.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$34.6B
Revenue reported for the fiscal year.
Operating income
$3.7B
Income from operations reported for the year.
Net income
$4.3B
Net income reported for the year.
Operating cash flow
$7.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $23.6B | +43.6% |
| Dec 30, 2023 | $22.7B | -3.9% |
| Dec 28, 2024 | $25.8B | +13.7% |
| Dec 27, 2025 | $34.6B | +34.3% |
Business overview
Advanced Micro Devices designs and sells high-performance computing and graphics products. The company serves markets including data centers, gaming, and personal computing. Its business overview section outlines the company's focus on innovation and market leadership in these segments.
Financial performance
Revenue increased compared to the prior year, reflecting growth in the company's core markets. Operating income and net income also rose, while operating cash flow improved substantially. The trend data shows revenue has grown over the past several years, with the most recent year showing the largest increase.
Material risks
The filing identifies risk factors related to competition, technological change, and dependence on third-party suppliers. It also notes risks from acquisitions and divestitures, including integration challenges and potential earn-out obligations. Cybersecurity risks are mentioned as a separate item.
Liquidity and capital
Cash and short-term investments increased significantly, supported by strong operating cash flow. The company used cash for the ZT Systems acquisition and received cash from the sale of its manufacturing business, while also managing debt and share issuance.
What to watch
Readers should monitor the outcome of the Sanmina earn-out and any further developments related to the ZT Systems acquisition and divestiture.