Live Nasdaq Composite: Tech Stock Strength Buoys Market Sentiment Despite Hawkish Fed
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
+207.0%
BEATING MARKET
AMD +224.9% vs S&P +17.9%
Market Reaction
Did AMD Beat Earnings? Q2 2025 Results
Advanced Micro Devices delivered a mixed but broadly encouraging second quarter, posting revenue of $7.68 billion, up 31.7% year over year and ahead of the $7.43 billion consensus by 3.43%, even as a non-GAAP EPS of $0.48 came in just shy of the $0.4… Read more Advanced Micro Devices delivered a mixed but broadly encouraging second quarter, posting revenue of $7.68 billion, up 31.7% year over year and ahead of the $7.43 billion consensus by 3.43%, even as a non-GAAP EPS of $0.48 came in just shy of the $0.48 analyst estimate, a miss of 0.54%. The quarter's defining event was roughly $800 million in inventory and related charges tied to U.S. Government export controls on AMD's Instinct MI308 GPUs destined for China, a headwind that pushed GAAP operating results to a loss of $134 million and compressed non-GAAP gross margin to 43%, well below the 54% the business would have otherwise generated. Stripping out those charges, AMD's underlying mix looked healthy, with Client and Gaming revenue climbing 69% year over year to $3.62 billion on record Ryzen CPU demand and strong semi-custom shipments. Free cash flow reached $1.18 billion, and 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% as the MI308 export situation awaits regulatory resolution.
Key Takeaways
- • Record server CPU (EPYC) and client PC processor (Ryzen) sales
- • Strong semi-custom gaming revenue growth (73% YoY)
- • EPYC processor share gains across cloud and enterprise customers
- • Richer client product mix driving improved Client and Gaming segment margins
- • Record free cash flow of $1.18 billion
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
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.29 | $1.37 | +5.88% | $10.25B | +3.41% |
| Q4 25 BEAT FY | $1.32 | $1.53 | +15.98% | $10.27B | +6.20% |
| FY Full Year | — | $4.17 | — | $34.64B | — |
| 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 | +0.36% | $7.66B | +1.76% |
| FY Full Year | — | $3.31 | — | $25.79B | — |
| 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% |