Advanced Micro Devices, Inc. (AMD)
Q2 2025 Financial Results (Quarter Ended June 30, 2025)
Earnings Release Date: August 5, 2025
Stock Price (August 6, 2025, 07:35 AM CDT): $164.634 (down 5.6% from $174.31 previous close)
| Metric | Actual | Year-over-Year Change | Analyst Expectations |
|---|---|---|---|
| Revenue | $7.7 billion | +32% | Exceeded ($7.41 billion) |
| Earnings Per Share (EPS, Non-GAAP) | $0.48 | -30.4% (from $0.69) | Missed ($0.49) |
| Gross Margin (Non-GAAP) | 43% (54% excl. $800M write-down) | Not specified | Not specified |
| Operating Income (Non-GAAP) | $897 million | Not specified | Not specified |
| Net Income (Non-GAAP) | $781 million | Not specified | Not specified |
| Free Cash Flow | Over $1 billion | Not specified | Not specified |
Segment Performance
- Data Center Segment: Revenue of $3.2 billion, up 14% year-over-year, driven by EPYC processor demand, offset by reduced Instinct MI308 shipments to China.
- Client and Gaming Segment: Revenue of $3.6 billion, up 69% year-over-year.
- Client: Record $2.5 billion, up 67% year-over-year, driven by “Zen 5” Ryzen processors.
- Gaming: $1.1 billion, up 73% year-over-year, driven by semi-custom revenue and Radeon GPU demand.
- Embedded Segment: Revenue of $824 million, down 4% year-over-year due to mixed market demand.
Key Highlights
- Record revenue of $7.7 billion, exceeding expectations, driven by server and PC processor sales.
- $800 million inventory write-down due to U.S. export controls on Instinct MI308 GPUs to China impacted EPS and gross margin.
- Stock fell ~5% in after-hours trading due to EPS miss and cautious China export outlook.
- Launched Instinct MI350 Series GPUs and ROCm 7 platform, with partnerships from Meta, OpenAI, and Microsoft.
- Share repurchases of $478 million in Q2, totaling $1.2 billion in H1 2025.
Q3 2025 and Full-Year 2025 Outlook
- Q3 Revenue Forecast: $8.7 billion (± $300 million), up 13% from Q2, exceeding analyst estimates of $8.31 billion.
- Q3 Gross Margin Forecast: ~54%.
- Q3 EPS Forecast: ~$0.91.
- Full-Year 2025: ~$30 billion revenue, ~$4.00 EPS, driven by AI and data center growth, despite $1.5 billion revenue hit from export controls.
CEO Commentary: “We delivered strong revenue growth in the second quarter led by record server and PC processor sales. Our AI business continued accelerating, and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC, and Ryzen processors.” – Dr. Lisa Su, AMD Chair and CEO.
NVIDIA Corporation (NVDA)
Q2 2025 Financial Results (Fiscal Q3 2026, Quarter Ended July 2025)
Earnings Release Date: Scheduled for August 28, 2025 (projected data used)
Stock Price (August 6, 2025, 07:35 AM CDT): $176.736 (down 0.9% from $178.26 previous close)
| Metric | Forecast/Actual (Prior Quarters) | Year-over-Year Change | Analyst Expectations |
|---|---|---|---|
| Revenue (Q2 2025 Forecast) | $28.1 billion | +75.4% | Consensus estimate |
| Earnings Per Share (EPS, Non-GAAP, Q2 2025 Forecast) | $0.64 | +77% | Consensus estimate |
| Gross Margin (Non-GAAP, Q2 2025 Forecast) | 75.5% | Not specified | Consensus estimate |
| Revenue (Q1 2025 Actual) | $26.04 billion | +262% (from $7.64 billion) | Exceeded ($24.65 billion) |
| Earnings Per Share (Non-GAAP, Q1 2025 Actual) | $0.61 | +629% (from $0.09) | Exceeded ($0.57) |
| Gross Margin (Non-GAAP, Q1 2025 Actual) | 78.4% | Not specified | Not specified |
Segment Performance (Q1 2025 Actual, Q2 2025 Estimated)
- Data Center Segment (Q1 2025): Revenue of $22.6 billion, up 427% year-over-year, driven by H100 GPUs and networking solutions.
- Gaming Segment (Q1 2025): Revenue of $2.6 billion, up 18% year-over-year, driven by GeForce RTX GPUs.
- Professional Visualization and Automotive (Q1 2025): Combined revenue of ~$0.7 billion, up 45% year-over-year.
- Q2 2025 Estimate: Data Center expected to drive ~85% of revenue (~$23.9 billion), with Blackwell GPU ramp-up contributing significantly.
Key Highlights
- Q2 2025 revenue forecast of $28.1 billion (+75.4% YoY), driven by Data Center demand, though impacted by an $8 billion write-down from China export controls.
- Blackwell GPU launch delays reported, potentially affecting Q2 and Q3 performance, but strong H2 expected with NVL72 rack shipments.
- Maintains 80–90% AI GPU market share, with AMD as the primary competitor.
- Q1 2025 results showed exceptional growth, with Data Center revenue up 427% YoY, driven by H100 GPU demand from hyperscalers like Microsoft and AWS.
- Stock up 32% year-to-date, but flat since June 2024, reflecting concerns over Blackwell delays and export restrictions.
Q3 2025 and Full-Year 2025 Outlook
- Q3 Revenue Forecast: $31.8 billion, up 75.4% YoY.
- Q3 EPS Forecast: $0.71, up 77% YoY.
- Q3 Gross Margin Forecast: ~75%.
- Full-Year 2025: ~$120 billion revenue, ~$2.60 EPS, driven by Blackwell GPUs and sustained Data Center demand.
- Key risks: Blackwell production delays, competition from AMD’s MI350 series, and export restrictions.
CEO Commentary: (From Q1 2025) “The next industrial revolution has begun… Companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories.” – Jensen Huang, NVIDIA CEO.
Comparative Summary
| Metric | AMD (Q2 2025) | NVIDIA (Q2 2025 Forecast) |
|---|---|---|
| Revenue | $7.7 billion | $28.1 billion |
| Revenue YoY Growth | +32% | +75.4% |
| EPS (Non-GAAP) | $0.48 | $0.64 |
| EPS YoY Change | -30.4% | +77% |
| Gross Margin (Non-GAAP) | 43% (54% excl. write-down) | 75.5% |
| Data Center Revenue | $3.2 billion (+14% YoY) | ~$23.9 billion (est., ~85% of total) |
| Analyst Expectations | Exceeded revenue, missed EPS | Pending release |
| Stock Price (Aug 6, 2025) | $164.634 (-5.6% from $174.31) | $176.736 (-0.9% from $178.26) |
Future Estimates Comparison
| Metric | AMD | NVIDIA |
|---|---|---|
| Q3 2025 Revenue Forecast | $8.7 billion (± $300 million) | $31.8 billion |
| Q3 2025 EPS Forecast | ~$0.91 | $0.71 |
| Full-Year 2025 Revenue Forecast | ~$30 billion | ~$120 billion |
| Full-Year 2025 EPS Forecast | ~$4.00 | ~$2.60 |
| Key Growth Drivers | MI350 GPUs, EPYC CPUs, Ryzen processors | Blackwell GPUs, H100/H200 demand |
| Key Risks | China export controls, NVIDIA competition | Blackwell delays, export restrictions |
Conclusion
AMD reported a record Q2 2025 revenue of $7.7 billion (+32% YoY), exceeding analyst expectations, driven by Data Center ($3.2 billion, +14% YoY) and Client/Gaming ($3.6 billion, +69% YoY) segments. However, an $800 million inventory write-down due to China export controls led to an EPS miss ($0.48 vs. $0.49), causing a 5.6% stock drop to $164.634. NVIDIA’s Q2 2025 is projected at $28.1 billion (+75.4% YoY) and $0.64 EPS, reflecting its 80–90% AI GPU market share, though an $8 billion China export write-down is expected. NVIDIA’s stock is down 0.9% at $176.736, with concerns over Blackwell delays. For Q3 2025, AMD forecasts $8.7 billion revenue and $0.91 EPS, while NVIDIA projects $31.8 billion and $0.71 EPS. Full-year 2025 estimates show NVIDIA at ~$120 billion revenue and ~$2.60 EPS, compared to AMD’s ~$30 billion and ~$4.00 EPS. AMD’s diversified portfolio and lower forward P/E (~44 vs. NVIDIA’s ~57) make it a compelling alternative, but NVIDIA’s scale and margins maintain its lead. Both face export control risks, with AMD potentially gaining market share via MI350 GPUs.
