Q2 25 EPS
$0.48
MISS 0.54%
Est. $0.48
Q2 25 Revenue
$7.69B
BEAT +3.43%
Est. $7.43B
vs S&P Since Q2 25
+106.8%
BEATING MARKET
AMD +120.7% vs S&P +13.9%
Market Reaction
Did AMD Beat Earnings? Q2 2025 Results
Advanced Micro Devices delivered a tale of two metrics in Q2 2025, posting record revenue of $7.68 billion, up 31.7% year-over-year and beating the $7.43 billion consensus by 3.43%, while non-GAAP diluted EPS of $0.48 fell just short of the $0.48 est… Read more Advanced Micro Devices delivered a tale of two metrics in Q2 2025, posting record revenue of $7.68 billion, up 31.7% year-over-year and beating the $7.43 billion consensus by 3.43%, while non-GAAP diluted EPS of $0.48 fell just short of the $0.48 estimate by 0.54%. The headline number that dominated the quarter was an approximately $800 million inventory and related charge tied to U.S. Government export controls on AMD's Instinct MI308 GPU destined for China, which compressed non-GAAP gross margin to 43% from 53% a year ago and pushed GAAP operating results to a $134 million loss. Shares sank on the news, even as the Client and Gaming segment emerged as a standout, surging 69% year-over-year to $3.62 billion on record Ryzen processor sales. Looking ahead, AMD guided Q3 revenue to approximately $8.70 billion, implying roughly 28% year-over-year growth, with non-GAAP gross margin expected to recover to approximately 54%, though MI308 China shipments remain excluded pending license review.
Key Takeaways
- • Record server EPYC CPU sales driving Data Center segment growth with cloud and enterprise share gains
- • Record client revenue driven by strong demand for Zen 5 Ryzen desktop processors and richer product mix
- • Higher semi-custom revenue and strong Radeon GPU demand boosting Gaming revenue 73% year-over-year
- • 32% year-over-year total revenue growth and record free cash flow reflecting disciplined execution
AMD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong revenue growth in the second quarter led by record server and PC processor sales. We are seeing robust demand across our computing and AI product portfolio and are well positioned to deliver significant growth in the second half of the year, driven by the ramp of our AMD Instinct MI350 series accelerators and ongoing EPYC and Ryzen processor share gains.”
— Lisa Su, Q2 2025 Earnings Press Release
AMD Earnings Trends
AMD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMD EPS Trend
Earnings per share: estimate vs actual
AMD Revenue Trend
Quarterly revenue: estimate vs actual
AMD Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.32 | $1.53 | +15.91% | $10.27B | +5.64% |
| FY Full Year | $3.98 | $4.17 | +4.81% | $34.64B | +1.61% |
| Q3 25 BEAT | $1.17 | $1.20 | +2.37% | $9.25B | +5.66% |
| Q2 25 MISS | $0.48 | $0.48 | -0.54% | $7.69B | +3.43% |
| Q1 25 BEAT | $0.93 | $0.96 | +2.83% | $7.44B | +4.47% |
| Q4 24 BEAT FY | $1.09 | $1.09 | +0.00% | $7.66B | +1.73% |
| FY Full Year | $3.32 | $3.31 | -0.35% | $25.79B | +0.51% |
| Q3 24 BEAT | $0.91 | $0.92 | +1.10% | $6.82B | +1.64% |
| Q2 24 BEAT | $0.68 | $0.69 | +1.47% | $5.84B | +1.94% |
| Q1 24 BEAT | $0.61 | $0.62 | +1.64% | $5.47B | +0.26% |
| Q4 23 | $0.71 | — | — | — | — |
| Q3 23 BEAT | $0.64 | $0.70 | +9.37% | $5.80B | +8.01% |
| Q1 23 BEAT | $0.56 | $0.60 | +7.14% | $5.35B | +1.00% |