Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD)

$24.99

Common-Size Income Statement

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Advanced Micro Devices Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 28, 2024 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Net revenue
Cost of sales
Amortization of acquisition-related intangibles
Cost of sales
Gross profit
Research and development
Marketing, general and administrative
Amortization of acquisition-related intangibles
Restructuring charges
Licensing gain
Operating income
Interest expense
Interest income
Loss on debt redemption, repurchase and conversion
Gains (losses) on equity investments, net
Other income (expense)
Other income (expense), net
Income before income taxes and equity income
Income tax (provision) benefit
Equity income in investee
Net income

Based on: 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), 10-K (reporting date: 2020-12-26).


Gross Profit and Cost of Sales
Over the five-year period, gross profit as a percentage of net revenue displayed a fluctuating trend, starting at 44.53% in 2020, increasing to 48.25% in 2021, declining to 44.93% in 2022, then gradually rising to 49.35% in 2024. The cost of sales percentage shows two entries; excluding amortization of acquisition-related intangibles, it decreased steadily from 55.47% in 2020 to 46.98% in 2024, indicating improved cost efficiency. When including amortization, the cost percentage became higher in 2022 and 2023 but declined in 2024, maintaining an overall downward trend.
Amortization of Acquisition-Related Intangibles
This expense appeared starting in 2022, representing a notable impact on costs, first at 6.14% of net revenue, decreasing to 3.67% by 2024. It also affected operating expenses, being 8.9% in 2022 and reducing steadily to 5.62% in 2024, contributing to diminished intangible asset-related charges over time.
Operating Expenses
Research and development (R&D) costs exhibited an increasing share of net revenue from 20.31% in 2020 to a peak of 25.89% in 2023, slightly decreasing to 25.04% in 2024, indicating a sustained and growing investment in innovation. Marketing, general and administrative expenses fluctuated within a narrower band, ranging between 8.81% and 10.79%, with a mild increase toward 2024. A restructuring charge appeared only in 2024, accounting for 0.72% of net revenue, representing a one-time operational adjustment.
Licensing Gain and Other Income/Expenses
Licensing gains were modest but positive from 2021 onwards, remaining below 0.5%. Other net income/expenses improved over the period, shifting from slightly negative or near zero values to positive contributions of approximately 0.7% by 2024. Gains and losses on equity investments fluctuated, with minor positive or negative impacts, suggesting limited but variable influence on profitability.
Operating and Net Income
Operating income as a percentage of net revenue peaked in 2021 at 22.20%, then sharply declined to 1.77% in 2023 before recovering somewhat to 7.37% in 2024. Net income followed a similar pattern, dropping from 25.5% in 2020 to a low of 3.77% in 2023, then increasing to 6.36% in 2024. This pattern indicates margin pressure in the middle of the period, followed by partial recovery in the most recent year.
Interest and Other Financial Items
Interest expense remained relatively low, below 0.5% throughout the period, with slight fluctuations. Interest income increased notably from 0.08% in 2020 to a peak of 0.91% in 2023, before slightly declining to 0.71% in 2024, contributing positively to overall income. Losses on debt redemption were minimal and only recorded in early years. Equity income in investee entities showed a consistent but minor positive contribution, increasing slightly over time.
Income Before Taxes and Tax Provision
Income before income taxes mirrored operating income trends, peaking in 2021 at 22.33% of net revenue and then contracting to 2.17% in 2023, recovering to 7.71% in 2024. The income tax provision displayed volatility, with a significant tax benefit in 2020 of 12.39%, turning into a tax provision in most subsequent years, most notably -3.12% in 2021 and -1.48% in 2024, which somewhat dampened net income growth in those years.