Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD)

$24.99

Analysis of Revenues

Microsoft Excel

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Revenues as Reported

Advanced Micro Devices Inc., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Data Center
Client
Gaming
Client and Gaming
Embedded
Net revenue

Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).


Overall, the financial performance demonstrates significant revenue growth between 2021 and 2025, although with some fluctuations in individual segments. The most substantial growth is observed in the Data Center segment, while Gaming experienced a notable decline in 2023 and 2024 before a partial recovery. Client revenue shows a more moderate pattern, and Embedded revenue exhibits volatility. Net revenue reflects the combined performance of these segments, culminating in a substantial increase by the end of the period.

Data Center Revenue
Data Center revenue experienced consistent and substantial growth throughout the period. Starting at US$3,694 million in 2021, it increased to US$6,043 million in 2022 and US$6,496 million in 2023. A significant acceleration occurred in 2024, reaching US$12,579 million, and continued into 2025 with a further increase to US$16,635 million. This segment consistently contributed a growing portion to overall net revenue.
Client Revenue
Client revenue initially decreased from US$6,887 million in 2021 to US$6,201 million in 2022. It then experienced a more pronounced decline to US$4,651 million in 2023 before recovering to US$7,054 million in 2024 and further increasing to US$10,640 million in 2025. This segment demonstrates cyclicality, with a recovery in the later years of the period.
Gaming Revenue
Gaming revenue increased from US$5,607 million in 2021 to US$6,805 million in 2022, but then decreased to US$6,212 million in 2023. A significant decline was observed in 2024, falling to US$2,595 million, before a partial recovery to US$3,910 million in 2025. This segment exhibits the most volatility among the reported categories.
Client and Gaming Combined
Combined revenue from Client and Gaming segments initially increased from US$12,494 million in 2021 to US$13,006 million in 2022. It then decreased to US$10,863 million in 2023 and US$9,649 million in 2024, before recovering to US$14,550 million in 2025. The trend mirrors the individual fluctuations of its constituent parts, with a notable dip in 2024.
Embedded Revenue
Embedded revenue showed substantial growth from US$246 million in 2021 to US$4,552 million in 2022 and US$5,321 million in 2023. However, it decreased to US$3,557 million in 2024 and continued to decline slightly to US$3,454 million in 2025. While starting from a smaller base, this segment experienced significant expansion followed by a recent contraction.
Net Revenue
Net revenue increased from US$16,434 million in 2021 to US$23,601 million in 2022. A slight decrease was observed in 2023, with revenue at US$22,680 million, followed by an increase to US$25,785 million in 2024. The most significant increase occurred in 2025, reaching US$34,639 million. The overall trend is strongly positive, demonstrating substantial revenue growth over the five-year period.