The Revenue LinesNarrow moat

Advanced Micro Devices (AMD) — moat facet

Four segments on one set of chip designs: in three years Data Center went from a quarter of AMD to well over half.

AMD reports four lines of revenue, and in three years their order has turned over. In 2022 Data Center brought in $6,043 million, Client $6,201 million, Gaming $6,805 million and Embedded $4,552 million, of $23,601 million in total.1 In 2025 the same four were $16,635 million, $10,640 million, $3,910 million and $3,454 million, of $34,639 million.2

Share of AMD revenue by segment (%)20222025Data Center25.6%48.0%Client26.3%30.7%Gaming28.8%11.3%Embedded19.3%10.0%AMD Forms 10-K FY2023 and FY2025
Three roughly equal lines and one smaller in 2022; one line nearly half by 2025.

The shares make the change plain. Data Center went from 25.6% of revenue to 48.0%, Client from 26.3% to 30.7%, Gaming from 28.8% to 11.3% and Embedded from 19.3% to 10.0%.3 In the June 2026 quarter Data Center was 58.2%.45

Profit is disclosed for three segments rather than four. Since the first quarter of 2025 AMD has combined Client and Gaming into one reportable segment, while still reporting their revenue separately.6 In 2025 Data Center earned $3,603 million of operating income, Client and Gaming $2,855 million and Embedded $1,243 million; a further $4,007 million of losses, mostly $2.3 billion of amortization of acquisition-related intangibles, sat outside the segments.7

The margins run in the opposite order to the growth. Embedded, the smallest and slowest line, earned 36.0% on its revenue in 2025, against 21.7% for Data Center and 19.6% for Client and Gaming.8

All four are built from the same chiplet designs and the same TSMC wafers, which is why the pages on Chiplet Architecture & Engineering Culture and The Fabless + TSMC Model apply to every line. These four pages take each line as a business: what is in it, what drove it and what it earns.

The question the four raise together is how much of AMD is now one line. The measure is Data Center's share of revenue, 58.2% in the June 2026 quarter; above 60% for a full year, AMD's results would move with one market, and the ballast the other three were meant to provide would be too small to steady them.

Moat trajectory: Widening

Data Center reached 58.2% of revenue in the June 2026 quarter, up from 25.6% in 2022, while the other three lines grew more slowly or shrank.

The number that tests this moat
Moat Explorer calc
Data Center share of revenue, latest quarter
58.2% in Q2 2026, from 25.6% in 2022

Above 60% for a full year, AMD's results would move with one market and the other three lines would be too small to steady them.

How it's calculated: 6,718 / 11,536 for Q2 2026; 6,043 / 23,601 for 2022.
Source: AMD Form 10-Q, Q2 2026 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Data Center
Revenue 2.8 times 2022's and still gaining, but the margin fell in 2025 before it rose; the June 2026 quarter earned 31%.
DIG DEEPER 02
Client
A 25% fall in 2023, then two years of 51% growth; in 2026 the units are rising and the price is not.
DIG DEEPER 03
Gaming
The line that follows the console cycle: 28.8% of AMD in 2022, 6.8% in the June 2026 quarter.
DIG DEEPER 04
Embedded
The smallest line and the richest margin: Xilinx's business earned 36% in 2025, down from 49% two years earlier.
References
  1. ReportedIn 2022 Data Center brought in $6,043 million, Client $6,201 million, Gaming $6,805 million and Embedded $4,552 million, of $23,601 million in total.
    AMD Form 10-K FY2023 - segment revenue 2022 Data Center $6,043M, Client $6,201M, Gaming $6,805M, Embedded $4,552M of $23,601M; 2023 drivers: Data Center +7% on Instinct and 4th Gen EPYC, operating income $1.8bn to $1.3bn on mix and R&D; Client -25% on a 16% lower ASP and 12% fewer units, operating loss $46M against $1.2bn; Gaming -9% on lower semi-custom revenue, operating income $953M to $971M; Embedded +17% on a full year of Xilinx (acquired 14 Feb 2022), operating income $2,252M to $2,628M — FY2022-FY2023 · publ. January 2024 · source ↗
  2. ReportedIn 2025 the same four were $16,635 million, $10,640 million, $3,910 million and $3,454 million, of $34,639 million.
    AMD Form 10-K FY2025 - segment note and MD&A: revenue 2023-2025 Data Center $6,496M/$12,579M/$16,635M, Client $4,651M/$7,054M/$10,640M, Gaming $6,212M/$2,595M/$3,910M, Embedded $5,321M/$3,557M/$3,454M of $22,680M/$25,785M/$34,639M; operating income Data Center $1,267M/$3,482M/$3,603M, Client and Gaming $925M/$1,187M/$2,855M, Embedded $2,628M/$1,421M/$1,243M, All Other ($4,419M)/($4,190M)/($4,007M) incl. $2.3bn amortization in 2025; Client and Gaming combined into one reportable segment from Q1 2025; 2025 drivers: Data Center +32% on EPYC and Instinct demand, ~$440M MI308 charges; Client +51% on 31% more units and a 15% higher ASP; Gaming +51% on semi-custom and Radeon; Embedded -3% as certain end market demand remained mixed; segment product descriptions — FY2023-FY2025 · publ. February 2026 · source ↗
  3. Moat Explorer calcData Center went from 25.6% of revenue to 48.0%, Client from 26.3% to 30.7%, Gaming from 28.8% to 11.3% and Embedded from 19.3% to 10.0%.
    Moat Explorer calculation from AMD's Forms 10-K FY2023 and FY2025 and the Q2 2026 10-Q: segment shares of revenue, operating margins and growth rates — 2022 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedIn the June 2026 quarter Data Center was 58.2%.
    AMD Form 10-Q, quarter to 27 June 2026 - Data Center $6.7bn (+107%), operating income $2.1bn against a $155M loss, six months $12.5bn (+81%); Client $3.1bn (+23%, units +34%, ASP -6%), six months $5.9bn (+24%, units +29%, ASP -3%), driven by Ryzen mobile; Gaming $779M, six months -15% on lower semi-custom revenue partly offset by Radeon; Client and Gaming operating income $582M against $767M; Embedded $977M (+19%), six months $1.9bn (+12%), operating income $386M against $275M, demand strengthened across end markets; total revenue $11,536M — Q2 2026 · publ. August 2026 · source ↗
  5. Moat Explorer calcIn the June 2026 quarter Data Center was 58.2%.
    Moat Explorer calculation from AMD's Forms 10-K FY2023 and FY2025 and the Q2 2026 10-Q: segment shares of revenue, operating margins and growth rates — 2022 to Q2 2026 · publ. 2026-09-23 · source ↗
  6. ReportedSince the first quarter of 2025 AMD has combined Client and Gaming into one reportable segment, while still reporting their revenue separately.
    AMD Form 10-K FY2025 - segment note and MD&A: revenue 2023-2025 Data Center $6,496M/$12,579M/$16,635M, Client $4,651M/$7,054M/$10,640M, Gaming $6,212M/$2,595M/$3,910M, Embedded $5,321M/$3,557M/$3,454M of $22,680M/$25,785M/$34,639M; operating income Data Center $1,267M/$3,482M/$3,603M, Client and Gaming $925M/$1,187M/$2,855M, Embedded $2,628M/$1,421M/$1,243M, All Other ($4,419M)/($4,190M)/($4,007M) incl. $2.3bn amortization in 2025; Client and Gaming combined into one reportable segment from Q1 2025; 2025 drivers: Data Center +32% on EPYC and Instinct demand, ~$440M MI308 charges; Client +51% on 31% more units and a 15% higher ASP; Gaming +51% on semi-custom and Radeon; Embedded -3% as certain end market demand remained mixed; segment product descriptions — FY2023-FY2025 · publ. February 2026 · source ↗
  7. ReportedIn 2025 Data Center earned $3,603 million of operating income, Client and Gaming $2,855 million and Embedded $1,243 million; a further $4,007 million of losses, mostly $2.3 billion of amortization of acquisition-related intangibles, sat outside the segments.
    AMD Form 10-K FY2025 - segment note and MD&A: revenue 2023-2025 Data Center $6,496M/$12,579M/$16,635M, Client $4,651M/$7,054M/$10,640M, Gaming $6,212M/$2,595M/$3,910M, Embedded $5,321M/$3,557M/$3,454M of $22,680M/$25,785M/$34,639M; operating income Data Center $1,267M/$3,482M/$3,603M, Client and Gaming $925M/$1,187M/$2,855M, Embedded $2,628M/$1,421M/$1,243M, All Other ($4,419M)/($4,190M)/($4,007M) incl. $2.3bn amortization in 2025; Client and Gaming combined into one reportable segment from Q1 2025; 2025 drivers: Data Center +32% on EPYC and Instinct demand, ~$440M MI308 charges; Client +51% on 31% more units and a 15% higher ASP; Gaming +51% on semi-custom and Radeon; Embedded -3% as certain end market demand remained mixed; segment product descriptions — FY2023-FY2025 · publ. February 2026 · source ↗
  8. Moat Explorer calcEmbedded, the smallest and slowest line, earned 36.0% on its revenue in 2025, against 21.7% for Data Center and 19.6% for Client and Gaming.
    Moat Explorer calculation from AMD's Forms 10-K FY2023 and FY2025 and the Q2 2026 10-Q: segment shares of revenue, operating margins and growth rates — 2022 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026