Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Advanced Micro Devices Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 28, 2026	Dec 27, 2025	Sep 27, 2025	Jun 28, 2025	Mar 29, 2025	Dec 28, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 30, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Sep 24, 2022	Jun 25, 2022	Mar 26, 2022	Dec 25, 2021	Sep 25, 2021	Jun 26, 2021	Mar 27, 2021
Net revenue	10,253)	10,270)	9,246)	7,685)	7,438)	7,658)	6,819)	5,835)	5,473)	6,168)	5,800)	5,359)	5,353)	5,599)	5,565)	6,550)	5,887)	4,826)	4,313)	3,850)	3,445)
Cost of sales	(4,576)	(4,433)	(4,206)	(4,366)	(3,451)	(3,524)	(3,167)	(2,740)	(2,683)	(3,042)	(2,843)	(2,704)	(2,689)	(2,753)	(2,799)	(3,115)	(2,883)	(2,400)	(2,227)	(2,020)	(1,858)
Amortization of acquisition-related intangibles	(261)	(260)	(260)	(260)	(251)	(252)	(233)	(231)	(230)	(215)	(210)	(212)	(305)	(443)	(412)	(407)	(186)	—)	—)	—)	—)
Cost of sales	(4,837)	(4,693)	(4,466)	(4,626)	(3,702)	(3,776)	(3,400)	(2,971)	(2,913)	(3,257)	(3,053)	(2,916)	(2,994)	(3,196)	(3,211)	(3,522)	(3,069)	(2,400)	(2,227)	(2,020)	(1,858)
Gross profit	5,416)	5,577)	4,780)	3,059)	3,736)	3,882)	3,419)	2,864)	2,560)	2,911)	2,747)	2,443)	2,359)	2,403)	2,354)	3,028)	2,818)	2,426)	2,086)	1,830)	1,587)
Research and development	(2,397)	(2,330)	(2,139)	(1,894)	(1,728)	(1,712)	(1,636)	(1,583)	(1,525)	(1,511)	(1,507)	(1,443)	(1,411)	(1,366)	(1,279)	(1,300)	(1,060)	(811)	(765)	(659)	(610)
Marketing, general and administrative	(1,253)	(1,198)	(1,069)	(991)	(886)	(781)	(707)	(640)	(607)	(638)	(566)	(539)	(575)	(585)	(549)	(586)	(514)	(408)	(373)	(340)	(315)
Amortization of acquisition-related intangibles	(290)	(297)	(302)	(308)	(316)	(332)	(352)	(372)	(392)	(420)	(450)	(481)	(518)	(601)	(590)	(616)	(293)	—)	—)	—)	—)
Restructuring charges	—)	—)	—)	—)	—)	(186)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	1,476)	1,752)	1,270)	(134)	806)	871)	724)	269)	36)	342)	224)	(20)	(145)	(149)	(64)	526)	951)	1,207)	948)	831)	662)
Interest expense	(37)	(36)	(37)	(38)	(20)	(19)	(23)	(25)	(25)	(27)	(26)	(28)	(25)	(19)	(31)	(25)	(13)	(8)	(7)	(10)	(9)
Other income (expense), net	165)	358)	82)	98)	39)	37)	36)	55)	53)	49)	59)	46)	43)	32)	22)	(4)	(42)	4)	62)	—)	(11)
Income (loss) from continuing operations before income taxes and equity income	1,604)	2,074)	1,315)	(74)	825)	889)	737)	299)	64)	364)	257)	(2)	(127)	(136)	(73)	497)	896)	1,203)	1,003)	821)	642)
Income tax (provision) benefit	(238)	(455)	(153)	834)	(123)	(419)	27)	(41)	52)	297)	39)	23)	(13)	154)	135)	(54)	(113)	(229)	(82)	(113)	(89)
Equity income in investee	6)	1)	10)	8)	7)	12)	7)	7)	7)	6)	3)	6)	1)	3)	4)	4)	3)	—)	2)	2)	2)
Income (loss) from continuing operations, net of tax	1,372)	1,620)	1,172)	768)	709)	482)	771)	265)	123)	667)	299)	27)	(139)	21)	66)	447)	786)	974)	923)	710)	555)
Income from discontinued operations, net of tax	11)	(109)	71)	104)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	1,383)	1,511)	1,243)	872)	709)	482)	771)	265)	123)	667)	299)	27)	(139)	21)	66)	447)	786)	974)	923)	710)	555)

The financial trajectory over the analyzed period is characterized by significant top-line expansion and a period of operating volatility followed by a strong recovery in profitability. Net revenue grew from 3,445 million US dollars in March 2021 to 10,253 million US dollars by March 2026, representing a substantial long-term growth trend, with particularly accelerated gains observed between December 2023 and December 2025.

Revenue and Gross Profitability: Net revenue exhibited a consistent upward trend, though it experienced a plateau between March 2022 and December 2023. Gross profit followed a similar pattern, peaking early in 2022 before contracting and stabilizing through 2023. A significant shift occurred in late 2024 and 2025, where gross profit surged, reaching a peak of 5,577 million US dollars in December 2025, indicating improved pricing power or cost efficiencies during this window.
Operating Expense Trends: Operating expenses showed a steady and aggressive increase. Research and development expenses rose from 610 million US dollars in March 2021 to 2,397 million US dollars by March 2026, reflecting a sustained commitment to product innovation. Similarly, marketing, general, and administrative expenses increased from 315 million US dollars to 1,253 million US dollars over the same period. The amortization of acquisition-related intangibles became a persistent drag on operating results starting in March 2022.
Operating Income and Volatility: Operating income demonstrated significant fluctuations. After a period of growth in 2021, operating income turned negative between September 2022 and July 2023, reaching a low of -20 million US dollars. This downturn suggests a period where operating expenses and cost of sales outpaced revenue growth. However, a robust recovery began in late 2023, with operating income climbing to a peak of 1,752 million US dollars in December 2025 before settling at 1,476 million US dollars in March 2026.
Net Income and Bottom-Line Performance: Net income mirrored the volatility of operating results, with a notable dip into negative territory in April 2023 (-139 million US dollars). The latter half of the period showed a strong upward trajectory, with net income reaching 1,511 million US dollars in December 2025. This recovery was supported by fluctuations in income tax provisions and a modest contribution from equity income in investees, as well as temporary impacts from discontinued operations in 2025.

Overall, the data indicates a transition from a phase of rapid scaling and high investment, which temporarily pressured margins and operating income, to a phase of higher revenue realization and restored profitability by 2025 and 2026.

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Advanced Micro Devices Inc. (NASDAQ:AMD)

Income Statement Quarterly Data

Income Statement
Quarterly Data