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.
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Advanced Micro Devices Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Net Revenue
- Net revenue exhibits an overall upward trend from March 2020 to March 2025, increasing from $1.8 billion to approximately $7.4 billion. There is noticeable growth across the periods with periodic fluctuations, particularly a dip around late 2022 before recovering again in 2023 and 2024.
- Cost of Sales
- The cost of sales generally increases in line with revenue growth. From about $968 million in March 2020, it rises steadily to over $3.7 billion by December 2024 and March 2025. Amortization of acquisition-related intangibles, included within cost of sales from March 2022, adds a significant portion, showing a steady range of $230-$250 million quarterly. Overall, gross margins appear stable with increasing costs balanced against revenue growth.
- Gross Profit
- Gross profit follows the trend of net revenue and costs, rising from $818 million in March 2020 to a peak of around $3.9 billion in late 2024. However, there are declines in late 2022 and early 2023 where gross profit drops below $2.4 billion, indicating margin pressure during this period, before recovering afterward.
- Research and Development Expenses
- R&D expenses consistently increase over the period from $442 million to approximately $1.7 billion by March 2025. This shows a commitment to investment in innovation and product development with steady quarterly increases, reflecting an aggressive growth strategy.
- Marketing, General and Administrative Expenses
- These expenses show a rising trend from $199 million to $886 million by early 2025. The growth rate accelerates after 2021, with periodic fluctuations likely due to strategic spending adjustments. Acquisition-related amortization included from late 2021 adds a material amount to these expenses.
- Operating Income (Loss)
- Operating income rises significantly from $177 million in March 2020 to a peak exceeding $1.2 billion by December 2021. Afterward, it experiences volatility, with periods of sharp declines turning into operating losses in late 2022 and early 2023, before recovering and surpassing prior highs in 2024. This pattern suggests cyclical operational challenges followed by strong recoveries.
- Interest Expense
- Interest expense remains relatively stable between $7 million and $31 million per quarter, peaking around mid-2022 and then slightly declining, indicating controlled borrowing costs without significant volatility.
- Other Income (Expense), Net
- Other income/expense fluctuates with no clear trend, oscillating between small positive and negative values, with occasional spikes such as a $62 million gain mid-2021. Overall, this category does not materially impact profitability.
- Income Before Taxes and Equity Income
- Pre-tax income trends closely follow that of operating income, peaking above $1.2 billion in late 2021, falling into losses in late 2022, and recovering strongly through 2024. The fluctuation pattern again indicates sensitivity to operational performance and market conditions.
- Income Tax Provision (Benefit)
- Income tax expense varies significantly, with some quarters showing negative tax charges (benefits) due to tax-loss carryforwards or other tax strategies, such as June and September 2020 where benefits reached over $1.2 billion. Total tax expenses fluctuate between modest provisions and significant benefits, contributing to net income volatility.
- Equity Income in Investee
- Equity income remains small but positive, gradually increasing from zero in 2020 to about $7-$12 million quarterly by 2025, showing stable returns from investments in related entities.
- Net Income (Loss)
- Net income grows substantially from $162 million in March 2020 to a peak of $1.78 billion in December 2020. Following this peak, net income fluctuates widely, dipping sharply in late 2022 and early 2023 with some quarters near break-even or slight losses. Recovery is observed thereafter with net income reaching around $700 million by early 2025. This volatility reflects combined operational challenges, tax impacts, and market conditions.