Company profile
SEC EDGAR ↗- Industry
- Semiconductors & Related Devices
- Listed
- Nasdaq: AMD
- Incorporated
- DE
- Headquarters
- Santa Clara, CA
- Fiscal year end
- Dec 26
Financials
FY2025- Revenue
- $34.6B
- Net income
- $4.33B
- Total assets
- $76.9B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $34.6B | $4.33B | $76.9B |
| FY2024 | $25.8B | $1.64B | $69.2B |
| FY2023 | $22.7B | $854.0M | $67.9B |
| FY2022 | $23.6B | $1.32B | $67.6B |
| FY2021 | $16.4B | $3.16B | $12.4B |
| FY2020 | $9.76B | $2.49B | $8.96B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
6 verified Decision Records on AMD, and the casebook each one belongs to.
| Fork date | Decision type | What AMD chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2003 | Standards War | Backward-compatible x86 extension | The FTC settlement imposed behavioral remedies but no monetary fine on Intel, which admitted no violation (2010-08) | Read the story → | Standards War Casebook → |
| 2006 | The Counterfactual | Buy GPU silicon only | AMD's FY2025 filing concedes Nvidia is the share leader and claims leadership only in semi-custom game consoles (2025) | Read the story → | The Counterfactual Casebook → |
| 2008 | The Counterfactual | Sell fabs, go fabless | AMD paid $703 million to escape the Wafer Supply Agreement exclusivity (2012) | Read the story → | The Counterfactual Casebook → |
| 2013 | The Loss Leader | Take thin-margin console deals | Loss narrowed from roughly $1.18 billion in fiscal 2012 to roughly $83 million in fiscal 2013 as the semi-custom business ramped (2013) | Read the story → | The Loss Leader Casebook → |
| 2018 | The Turnaround | Commit 7nm to TSMC | Zen 2 shipped in Ryzen 3000 on TSMC's 7nm node, delivering a 15% IPC gain and clocks up to 4.7 GHz (2019) | Read the story → | The Turnaround Casebook → |
| 2019 | Moat Anatomy | Split compute and I/O | up to 64 cores per socket in Rome versus 32 in Naples (2019) | Read the story → | Moat Anatomy Casebook → |
Videos on AMD
Run one of these yourself
The decisions AMD faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →Business ModelThe Loss LeaderWhat share of the units you sell cheap has to come back for the subsidy to be repaid?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →
The analyses
The Counterfactual · Decision Forks
With Its Stock at $1.82, AMD Sold Its Fabs — Then Paid $703 Million to Exit the Fine Print
AMD's 2008 fabless pivot is told as visionary. The stock had collapsed to $1.82 and the company lost roughly $3.13 billion that year. The truth: a near-insolvent firm sold its factories to Abu Dhabi's sovereign fund, then paid $703 million in 2012 just to get out of the fine print.
8 min
The Counterfactual · Decision Forks
AMD Bought ATI's GPUs in 2006 and Skipped the Software — CUDA Built an Estimated 85% Lead
Everyone says AMD missed mobile and got crushed by Nvidia. The real miss is smaller and crueler: it bought ATI's GPUs in 2006 and never built the software to drive them, while Nvidia's CUDA started a head start that's now an estimated 85% market lead.
8 min
The Loss Leader · Business Model
AMD Took the PS4 and Xbox One Chips at Thin Margins to Buy Guaranteed Volume
In 2013 AMD, bleeding after a roughly $1.18 billion loss the year before, won the custom silicon inside both the PlayStation 4 and Xbox One. The deals paid a lower margin than its PC and GPU business ever had — and AMD took them anyway, because volume was the thing it no longer had.
7 min
The Moat Anatomy · Moat & Competition
Intel Mocked AMD's 'Glued-Together' Chips, Then Needed Until 2023 to Copy Them
Intel mocked AMD's first server chip as desktop parts 'glued together.' Then it took Intel until 2023 to ship its own chiplet Xeon - four years after AMD's Rome and nearly six after Naples. The moat was never the chiplet. It was the lead time.
8 min
The Standards War · Moat & Competition
AMD Won Almost Every Round of the x86 War. Intel Won the Only One That Pays.
AMD invented the 64-bit extension Intel had to copy, beat Intel to first 64-bit x86 silicon in 2003, and pried $1.25 billion out of it in 2009. It still spent thirty years as the structural underdog. Here's why winning the argument didn't win the market.
8 min
The Turnaround · Crisis & Reinvention
AMD's Comeback Hinged on One Chip Roadmap Landing Before the 2019 Debt Wall
The legend says AMD rose from the dead. The truth is grimmer and more useful: three straight years of nine-figure losses ($403M, $660M, $497M), a debt clock ticking toward 2019, and a turnaround that hinged on getting one chip roadmap right before the money ran out.
8 min