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Jun 28, 2025
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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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