ADVANCED MICRO DEVICES INCAMD
ADVANCED MICRO DEVICES INC Segments Disclosure
Segment Reporting
Management, including the Chief Operating Decision Maker (CODM), who is the Company’s Chief Executive Officer, reviews and assesses operating performance using segment net revenue, consolidated cost of sales and operating expenses and operating income (loss). These performance measures include the allocation of expenses to the reportable segments based on management’s judgment. The CODM is regularly provided segment operating income to assess relative segment performance. In the first quarter of fiscal year 2025, the Company changed its segment structure, combining the Client and Gaming segments into one reportable segment to align with how the Company manages its business. All prior period segment data were retrospectively adjusted.
The Company’s three reportable segments are:
•the Data Center segment, which primarily includes Artificial Intelligence (AI) accelerators, microprocessors (CPUs) for servers, graphics processing units (GPUs), accelerated processing units (APUs), data processing units (DPUs), AI Network Interface Cards (AI NICs), Field Programmable Gate Arrays (FPGAs) and adaptive System-on-Chip (SoC) products for data centers;
•the Client and Gaming segment, which primarily includes CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, and semi-custom SoC products and development services; and
•the Embedded segment, which primarily includes embedded CPUs, APUs, FPGAs, System on Modules (SOMs), and adaptive SoC products.
From time to time, the Company may also sell or license portions of its IP portfolio.
In addition to these reportable segments, the Company has an All Other category, which is not a reportable segment. This category primarily includes certain expenses and credits that are not allocated to any of the reportable segments because the CODM does not consider these expenses and credits in evaluating the performance of the reportable segments. This category primarily includes amortization of acquisition-related intangibles, employee stock-based compensation, acquisition-related and other costs, restructuring charges, inventory loss at (recovery from) contract manufacturer and licensing gain. Acquisition-related and other costs primarily include transaction costs, certain compensation charges, contract termination costs and workforce rebalancing charges.
The following table provides a summary of net revenue, cost of sales and operating expenses, and operating income (loss) by segment. Segment cost of sales and operating expenses primarily include materials, external manufacturing, labor and marketing and advertising costs, and exclude expenses and credits that are recorded within the All Other category. Each of the Client and Gaming businesses do not qualify as a reportable operating segment, however, the Company continues to separately disclose revenue for each business.
| Year Ended | |||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 30, 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Net revenue: | |||||||||||||||||
| Data Center | $ | 16,635 | $ | 12,579 | $ | 6,496 | |||||||||||
| Client and Gaming | |||||||||||||||||
| Client | 10,640 | 7,054 | 4,651 | ||||||||||||||
| Gaming | 3,910 | 2,595 | 6,212 | ||||||||||||||
| Total Client and Gaming | 14,550 | 9,649 | 10,863 | ||||||||||||||
| Embedded | 3,454 | 3,557 | 5,321 | ||||||||||||||
| Total net revenue | $ | 34,639 | $ | 25,785 | $ | 22,680 | |||||||||||
Cost of sales and operating expenses: | |||||||||||||||||
Data Center | $ | 13,032 | $ | 9,097 | $ | 5,229 | |||||||||||
Client and Gaming | 11,695 | 8,462 | 9,938 | ||||||||||||||
Embedded | 2,211 | 2,136 | 2,693 | ||||||||||||||
All Other | 4,007 | 4,190 | 4,419 | ||||||||||||||
Total cost of sales and operating expenses | $ | 30,945 | $ | 23,885 | $ | 22,279 | |||||||||||
| Operating income (loss): | |||||||||||||||||
| Data Center | $ | 3,603 | $ | 3,482 | $ | 1,267 | |||||||||||
Client and Gaming | 2,855 | 1,187 | 925 | ||||||||||||||
| Embedded | 1,243 | 1,421 | 2,628 | ||||||||||||||
All Other | (4,007) | (4,190) | (4,419) | ||||||||||||||
Total operating income | $ | 3,694 | $ | 1,900 | $ | 401 | |||||||||||
The following table provides items included in All Other category:
| Year Ended | |||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 30, 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Operating loss: | |||||||||||||||||
| Amortization of acquisition-related intangibles | $ | 2,254 | $ | 2,394 | $ | 2,811 | |||||||||||
| Stock-based compensation expense | 1,638 | 1,407 | 1,384 | ||||||||||||||
| Acquisition-related and other costs | 228 | 186 | 258 | ||||||||||||||
| Restructuring charges | — | 186 | — | ||||||||||||||
| Inventory loss at (recovery from) contract manufacturer | (67) | 65 | — | ||||||||||||||
| Licensing gain | (67) | (48) | (34) | ||||||||||||||
Other expense | 21 | — | — | ||||||||||||||
| Total operating loss | $ | 4,007 | $ | 4,190 | $ | 4,419 | |||||||||||
The Company does not discretely allocate assets to its operating segments, nor does management evaluate operating segments using discrete asset information.
The following table summarizes sales to external customers by geographic regions based on billing location of the customer:
| Year Ended | |||||||||||||||||
| December 27, 2025 | December 28, 2024 | December 30, 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| United States | $ | 11,363 | $ | 8,693 | $ | 7,837 | |||||||||||
| China (including Hong Kong) | 7,751 | 6,231 | 3,417 | ||||||||||||||
| Taiwan | 5,186 | 3,301 | 1,841 | ||||||||||||||
| Singapore | 4,284 | 3,614 | 2,231 | ||||||||||||||
| Other regions | 6,055 | 3,946 | 7,354 | ||||||||||||||
| Total sales to external customers | $ | 34,639 | $ | 25,785 | $ | 22,680 | |||||||||||
No customer accounted for at least 10% of the Company’s consolidated net revenue in fiscal years 2025 and 2024. One Client and Gaming segment customer accounted for 18% of consolidated net revenue in fiscal year 2023.
The following table summarizes property and equipment, net by geographic areas:
| December 27, 2025 | December 28, 2024 | ||||||||||
| (In millions) | |||||||||||
| United States | $ | 1,717 | $ | 1,312 | |||||||
| Singapore | 157 | 140 | |||||||||
| Canada | 142 | 104 | |||||||||
| Other countries | 296 | 246 | |||||||||
| Total property and equipment, net | $ | 2,312 | $ | 1,802 | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Jan 29, 2021 | |
| 2019 | Feb 4, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.