Income Statement
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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Aggregate Accruals
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Advanced Micro Devices Inc., consolidated income statement
US$ in millions
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).
The income statement reveals a period of fluctuating performance over the five-year period. Net revenue experienced substantial growth initially, followed by a slight contraction, and then resumed a strong upward trajectory. Profitability metrics demonstrate considerable volatility, with operating income and net income exhibiting significant swings.
- Revenue Growth
- Net revenue increased significantly from 2021 to 2022, growing from US$16,434 million to US$23,601 million. A modest decrease was observed in 2023, with revenue falling to US$22,680 million. However, revenue rebounded strongly in 2024 and 2025, reaching US$25,785 million and US$34,639 million respectively. This indicates a potential recovery and strengthening market position in the later years.
- Cost of Sales and Gross Profit
- Cost of sales increased consistently throughout the period, mirroring the revenue trends. While gross profit initially increased alongside revenue, the rate of increase slowed in 2023, and then accelerated again in 2024 and 2025. The amortization of acquisition-related intangibles became a more substantial component of cost of sales in 2022 and continued to be a factor through 2025.
- Operating Income
- Operating income experienced significant volatility. It peaked in 2021 at US$3,648 million, then declined sharply in 2022 to US$1,264 million, and further decreased to US$401 million in 2023. A substantial recovery occurred in 2024 and 2025, with operating income reaching US$1,900 million and US$3,694 million, respectively. This suggests a significant impact from operating expenses and potentially macroeconomic factors.
- Operating Expenses
- Research and development expenses increased steadily throughout the period, indicating a continued investment in innovation. Marketing, general and administrative expenses also increased consistently, though at a slower rate than research and development. The amortization of acquisition-related intangibles also contributed to operating expenses, with a decreasing trend over the period.
- Net Income
- Net income mirrored the trends observed in operating income, with a peak in 2021 at US$3,162 million, a decline in 2022 and 2023, and a strong recovery in 2024 and 2025, culminating in US$4,335 million. Fluctuations in interest income, interest expense, gains/losses on investments, and income tax provisions significantly impacted net income.
- Non-Operating Items
- Interest income increased substantially over the period, partially offsetting interest expense. Gains (losses) on long-term investments were volatile, with a significant gain reported in 2025. Other income (expense), net, also showed a substantial increase in 2025, contributing to the overall positive trend in net income. The income tax provision fluctuated between a benefit and an expense, impacting net income.
Overall, the financial performance demonstrates a cyclical pattern with a strong recovery in the most recent years. The increasing investments in research and development, coupled with revenue growth, suggest a focus on future innovation and market expansion. However, the volatility in profitability metrics warrants continued monitoring.