At a glance
Advanced Micro Devices Inc is worth $762.10B, about 176 times its fiscal 2025 earnings. Revenue grew 34.3% to $34.64B in fiscal 2025, with 12.5% kept as profit; over 5 years it has grown 28.8% a year. It pays no dividend; it spent $8.63B buying back its shares over FY2021–FY2025. The stock returned +82.3% over the past year with dividends reinvested and +29.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 34.3% in the 2020 crash (S&P 500: 33.7%) and 61.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 15 months after the lows.
The business in plain English
AMD designs computer chips and relies on outside manufacturers to make them. Its main products are EPYC server processors (CPUs, the general-purpose “brains” of a computer), Instinct graphics processors (GPUs, chips that run many calculations at once, widely used for AI), Ryzen processors for PCs, discrete graphics chips, and FPGAs, chips customers can reprogram after purchase. Buyers include large cloud operators, PC and server makers, and companies that order custom chips for game consoles.
In the fiscal year ended December 27, 2025, revenue was $34.6 billion. The Data Center segment, which sells server chips, AI accelerators and networking products, brought in 48% ($16.6 billion). Client and Gaming, covering PC processors, graphics and console chips, contributed 42% ($14.6 billion). Embedded, which supplies chips for cars, factories, healthcare and networking equipment, made up 10% ($3.5 billion). By country, the United States accounted for 32.8% of revenue, China 22.4%, Taiwan 15% and Singapore 12.4%.
Growing the Data Center business was a key priority in fiscal 2025. In October 2025 AMD signed a multiyear agreement for OpenAI to deploy 6 gigawatts (a measure of electrical power) of AMD GPUs, starting with its Instinct MI450 chips. AMD bought ZT Systems in March 2025 to help design complete AI server systems, then sold ZT's manufacturing business to Sanmina in October 2025.
Price history
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AMD +82.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Datacenter | $16.64B | 48% |
| Client and Gaming | $14.55B | 42% |
| Embedded | $3.45B | 10% |
By geography
| UNITED STATES | $11.36B | 32.8% |
| CHINA | $7.75B | 22.4% |
| Other Countries | $6.05B | 17.5% |
| TAIWAN | $5.19B | 15% |
| SINGAPORE | $4.28B | 12.4% |
Latest results
- In Q2 FY2026 (ended Jun 27, 2026), revenue was $11.54B, up 50.1% from a year earlier, and net income was $2.30B (+163.4%).
- For fiscal 2025, revenue was $34.64B (+34.3% year over year; +28.8% a year from FY2020 to FY2025) with a 12.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +28.8% good |
|---|---|
| Operating margin | 10.7% watch |
| Free cash flow margin | 19.4% good |
| Return on equity (FY2025) | 6.9% weak |
| Return on assets (FY2025) | 5.6% watch |
| Net cash (cash minus debt) | $9.88B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.76B | $2.49B | $777.0M |
| FY2021 | $16.43B | $3.16B | $3.22B |
| FY2022 | $23.60B | $1.32B | $3.12B |
| FY2023 | $22.68B | $854.0M | $1.12B |
| FY2024 | $25.79B | $1.64B | $2.40B |
| FY2025 | $34.64B | $4.33B | $6.74B |
Valuation snapshot
| Market value | $762.10B |
|---|---|
| P/E ratio | 176.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Advanced Micro Devices’s market value went from $10.51B at the end of 2016 to $762.10B on Nov 2, 2026, about 72.5 times as much; since the end of 2025 it is up 119%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $762.10B | +118.6% |
| 2025 | $348.66B | +77.9% |
| 2024 | $196.02B | -17.7% |
| 2023 | $238.14B | +128.0% |
| 2022 | $104.43B | -39.9% |
| 2021 | $173.78B | +57.5% |
| 2020 | $110.30B | +116.0% |
| 2019 | $51.07B | +176.8% |
| 2018 | $18.45B | +86.0% |
| 2017 | $9.92B | -5.6% |
| 2016 | $10.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AMD price data to Nov 2, 2026 | +118.0% | +82.3% | +63.0% | +29.6% | +52.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +118.0% |
| 2025 | +77.3% |
| 2024 | -18.1% |
| 2023 | +127.6% |
| 2022 | -55.0% |
| 2021 | +56.9% |
| 2020 | +100.0% |
| 2019 | +148.4% |
| 2018 | +79.6% |
| 2017 | -9.3% |
| 2016 | +295.1% |
| 2015 | +7.5% |
| 2014 | -31.0% |
| 2013 | +61.3% |
| 2012 | -55.6% |
| 2011 | -34.0% |
| 2010 | -15.5% |
| 2009 | +348.1% |
| 2008 | -71.2% |
| 2007 | -63.1% |
| 2006 | -33.5% |
| 2005 | +39.0% |
| 2004 | +47.8% |
| 2003 | +130.7% |
| 2002 | -59.3% |
| 2001 | +14.8% |
| 2000 | -4.5% |
| 1999 | -0.2% |
| 1998 | +63.4% |
| 1997 | -31.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 84.5% over that stretch · deepest drop along the way 87.6%, back to its old high 99.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.3% over that stretch · deepest drop along the way 34.3%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 61.5% over that stretch · deepest drop along the way 61.6%, back to its old high 15.2 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 86 sales ($114.9M), 85 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Paul Darren Grasby EVP & CSO | sell | $7.7M |
| Sep 10, 2026 | Lisa T Su Chair, President & CEO, Director | sell (plan) | $6.6M |
| Sep 10, 2026 | Lisa T Su Chair, President & CEO, Director | sell (plan) | $6.6M |
| Sep 10, 2026 | Lisa T Su Chair, President & CEO, Director | sell (plan) | $5.3M |
| Aug 20, 2026 | Mark D Papermaster Chief Technology Officer & EVP | sell (plan) | $4.5M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
ETFs with the most weight in AMD
| GAMR Amplify Video Game Leaders ETF | 9% |
| SOXX iShares Semiconductor ETF | 6.74% |
| IGPT Invesco AI and Next Gen Software ETF | 5.57% |
| SMHX VanEck Fabless Semiconductor ETF | 4.88% |
| WISE Themes Generative Artificial Intelligence ETF | 4.86% |
| FMET Fidelity Metaverse ETF | 4.8% |
| AOTG AOT Growth and Innovation ETF | 4.52% |
| SHOC Strive U.S. Semiconductor ETF | 4.4% |
What could go wrong
- A few large customers drive sales. AMD expects a small number of customers to keep accounting for a substantial part of its revenue. Losing one, or a big order being cut back, could hurt results sharply.
- Depends on outside chip factories. AMD designs its chips but relies on outside companies to make them. Delays, shortages of materials or low yields (the share of usable chips from each batch) could limit supply and hurt sales.
- Fierce competition in fast-changing markets. AMD's markets are highly competitive and change quickly. It aims to release new Instinct AI chips every year; a late launch or a product that falls short could send customers to rivals.
- Export rules and reliance on China. Export controls, tariffs and trade restrictions can limit which customers AMD is allowed to serve. China accounted for 22.4% of revenue in fiscal 2025, so tighter rules on chip sales there could hurt results.
- Boom-and-bust chip industry cycles. The chip industry is highly cyclical, with severe past downturns, and demand depends on spending in the industries it sells to. In fiscal 2023, net income fell to $854 million from $1.32 billion.
- Acquisitions may not pay off. AMD has made several deals, including buying ZT Systems in March 2025. If acquired businesses are not integrated well, AMD could face disruption and write-downs of goodwill (the premium paid above an acquired company's asset value).
Recent events
- Unregistered sale of shares
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; Major agreement ended; New debt or financial obligation; Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
AMD pays no dividend, and its annual report filed February 4, 2026 says it does not expect to pay one in the near future. Any income drawn from the stock would have to come from trimming the position. AMD returns cash through buybacks instead, spending $8.6 billion from fiscal 2021 to 2025. Even so, the share count rose 35.2% between October 2021 and July 2026, shrinking each share's slice of the company.
The share price has fallen hard in downturns. It dropped 87.6% in the 2008 financial crisis and took about 99 months, until February 2017, to recover. It fell 61.6% in the 2022 bear market, needing about 15 months to regain its peak, and 34.3% in the 2020 COVID crash, recovering in about four months. Its one-year beta was 3.22 as of October 27, 2026, meaning its price tended to move about three times as much as the market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does AMD make money?
AMD makes money by designing and selling computer chips. It relies on outside manufacturers to make them. In the fiscal year ended December 27, 2025, revenue was $34.6 billion. The Data Center segment, which sells EPYC server processors and Instinct AI chips to cloud operators and server makers, brought in 48%. Client and Gaming, covering Ryzen PC processors, graphics chips and custom chips for game consoles, contributed 42%. Embedded chips for cars, factories, healthcare and networking made up the remaining 10%.
Does AMD pay a dividend?
No. AMD does not pay a dividend, and its annual report says it does not expect to pay one in the near future. It returns cash through share buybacks instead, spending $8.6 billion from fiscal 2021 through fiscal 2025. Buybacks have not stopped the share count from growing, though: it rose 35.2% between October 2021 and July 2026. Investors who rely on portfolio income would receive no cash payouts from this stock.
What is AMD's deal with OpenAI?
In October 2025, AMD signed a multiyear product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, the chips used to train and run AI models. Gigawatts measure electrical power, so the deal is sized by how much power the installed chips will draw. The first gigawatt is to use AMD's Instinct MI450 series. Large deals like this also concentrate sales among a few big customers, which AMD's annual report lists as a risk.
How much of AMD's revenue comes from China?
About 22.4%. China accounted for $7.8 billion of AMD's $34.6 billion in revenue in the fiscal year ended December 27, 2025, making it the second-largest market after the United States at 32.8%. Taiwan contributed 15% and Singapore 12.4%. AMD's annual report warns that export regulations, import tariffs and other trade measures may limit its ability to export products to certain customers, so changes in trade rules could affect a large share of sales.
Is AMD stock overvalued?
AMD trades at a high price relative to its past earnings. As of October 27, 2026, its price-to-earnings (P/E) ratio, the share price divided by annual profit per share, was 211.4, based on fiscal 2025 diluted earnings of $2.65 a share. Its market value was about $915 billion. Profits have been rising fast: net income in the quarter ended June 27, 2026 rose 163.4% from a year earlier. Still, a P/E that high leaves little room for disappointment.