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Jun 28
AMD Q2 2025 Earnings Report
AMD posted record quarterly revenue in Q2 2025, driven by strong server and PC processor sales.
Key Takeaways
AMD achieved record revenue of $7.685 billion and net income of $872 million in Q2 2025. Despite an operating loss due to export restrictions affecting its data center GPU business, the company saw strong demand across client and gaming segments. Non-GAAP EPS was $0.48.
Q2 2025 revenue reached a record $7.685 billion, up 32% YoY.
Net income was $872 million despite a GAAP operating loss of $134 million.
Client revenue hit a record $2.5 billion, driven by Ryzen desktop processor demand.
Export controls on data center GPUs led to $800 million in inventory-related charges.
AMD
AMD
AMD Revenue by Segment
Revenue by Segment
Data Center Revenue
CapyFin.comClient Revenue
CapyFin.comGaming Revenue
CapyFin.comEmbedded Revenue
CapyFin.com Forward Guidance
AMD expects Q3 2025 revenue of approximately $8.7 billion and non-GAAP gross margin around 54%, excluding contributions from MI308 exports to China.
Positive Outlook
- Projected Q3 revenue of ~$8.7 billion represents 28% YoY growth.
- Expected sequential growth of ~13% from Q2.
- Non-GAAP gross margin expected to reach 54%.
- Ongoing ramp of MI350 AI accelerators expected to boost revenue.
- Strong demand for EPYC and Ryzen processors to continue.
Challenges Ahead
- No revenue expected from MI308 GPU shipments to China in Q3.
- Export license applications for MI308 are under review by the U.S. Government.
- Q2 operating loss of $134 million highlights pressure on profitability.
- GAAP gross margin declined sharply due to $800 million in inventory charges.
- Non-GAAP EPS declined 30% YoY.
Revenue & Expenses
Visualization of income flow from segment revenue to net income