Thank you, Matt, and good afternoon to all those listening today. 2025 was a defining year for Advanced Micro Devices, Inc. With record revenue, net income, and free cash flow driven by broad-based demand for our high-performance computing and AI products. We ended the year with significant momentum, with every part of our business performing very well. We saw demand accelerate across the data center, PC gaming, and embedded markets. Launched the broadest set of leadership products in our history. Gained significant server and PC processor share, and rapidly scaled our data center AI business as Instinct and ROCm adoption increased with cloud, enterprise, and AI customers.
Looking at our fourth quarter, fourth quarter revenue grew 34% year over year to $10.3 billion led by record EPYC, Ryzen, and Instinct processor sales. Net income increased 42% to a record $2.5 billion and free cash flow nearly doubled year over year to a record $2.1 billion. For the full year, revenue grew 34% to $34.6 billion and we added more than $7.6 billion of data center segment and client revenue.
Turning to our fourth quarter segment results. Data Center segment revenue increased 39% year over year to a record $5.4 billion led by accelerating Instinct MI350 Series GPU deployments and server share gains.
In server, adoption of fifth-gen EPYC TURN CPUs accelerated in the quarter, accounting for more than half of the total server revenue. Fourth-gen EPYC sales were also robust as our prior generation CPUs continue to deliver superior performance and TCO compared to competitive offerings across a wide range of workloads. As a result, we had record server CPU sales to both cloud and enterprise customers in the quarter, and exited the year with record share. In cloud, hyperscaler demand was very strong as North American customers expanded deployments. EPYC-powered public cloud offerings grew significantly in the quarter, with AWS, Google, and others launching more than 230 new AMD instances. Hyperscalers launched more than 500 AMD-based instances in 2025, increasing the number of EPYC Cloud instances more than 50% year over year to nearly 1,600. In the enterprise, we are seeing a meaningful shift in EPYC adoption driven by our leadership performance, expanded platform availability, broad software enablement, and increased go-to-market programs. The leading server providers now offer more than 3,000 solutions powered by fourth and fifth-gen EPYC CPUs, that are optimized for all major enterprise workloads. As a result, the number of large businesses deploying EPYC on-prem more than doubled in 2025 and we exited the year with record server sell-through. Looking ahead, server CPU demand remains very strong. Hyperscalers are expanding their infrastructure to meet growing demand for cloud services and AI. While enterprises are modernizing their data centers to ensure they have the right compute to enable new AI workflows. Against this backdrop, EPYC has become the processor of choice for the modern data center. Delivering leadership performance, efficiency, and TCO. Our next-generation Venice CPU extends our leadership across each of these metrics. Customer pull for Venice is very high with engagements underway to support large-scale cloud deployments and broad OEM platform availability when Venice launches later this year.
Turning to our data center AI business, We delivered record Instinct GPU revenue in the fourth quarter led by the ramp of MI350 Series shipments. We also had some revenue from MI308 sales to customers in China. Instinct adoption broadened in the quarter. Today, eight of the top 10 AI companies use Instinct to power production workloads across a growing range of use cases. With the MI350 series, we are entering the next phase of Instinct adoption. Expanding our footprint with existing partners and adding new customers. In the fourth quarter, hyperscalers expanded MI350 series availability. Leading AI companies scaled their deployments to support additional workloads. Multiple new cloud providers launched MI350 series offerings that deliver on-demand access to Instinct infrastructure in the cloud. Turning to our AI software stack, We expanded the ROCm ecosystem in the fourth quarter, enabling customers to deploy Instinct faster and with higher performance across a broader range of workloads.
Millions of large language and multimodal models run out of the box on AMD, with the leading models launching with day-zero support for Instinct GPUs. This capability highlights our rapidly expanding open-source community enablement. Including new upstream integration of AMD GPUs in VLLM, one of the most widely used inference engines. To drive Instinct adoption with industry-specific use cases, we are also adding support for domain-specific models in key verticals. As one example, in healthcare, we added ROCm support for the leading medical imaging framework to enable developers to train and deploy highly performant deep learning models on Instinct GPUs.
For large businesses, we introduced our enterprise AI suite. A full-stack software platform with enterprise-grade tools, inference microservices, and solutions blueprints designed to simplify and accelerate production deployments at scale. We also announced a strategic partnership with Tata Consultancy Services to co-develop industry-specific AI solutions and help customers deploy AI across their operations. Looking ahead, customer engagements for our next-gen MI400 series and Helios platform continue expanding. In addition to our multi-generation partnership with OpenAI to deploy six gigawatts of Instinct GPUs, We are in active discussions with other customers on at-scale multi-year deployments starting with Helios and MI450 later this year. With the MI400 series, we are also expanding our portfolio to address the full range of cloud, HPC, and enterprise AI workloads. This includes MI455x and Helios for AI superclusters, MI430x for HPC and sovereign AI, and MI440x servers for enterprise customers requiring leadership training and inference performance in a compact eight-GPU solution that integrates easily into existing infrastructure.
Multiple OEMs publicly announced plans to launch Helios systems in 2026, with deep engineering engagement underway to support smooth production ramps. In December, HPE announced that they will offer Helios Racks with purpose-built HPE Juniper Ethernet switches. And optimized software for high-bandwidth scale-up networking. And in January, Lenovo announced plans to offer Helios Racks. MI430x adoption also grew in the quarter. With new exascale-class supercomputers announced by Genc in France and HLRS in Germany.
Looking further ahead, development of our next-generation MI500 series is well underway. MI500 is powered by our cDNA6 architecture, built on advanced two-nanometer process technology, and features high-speed HBM4e memory. We are on track to launch MI500 in 2027 and expect MI500 to deliver another major leap in AI performance to power the next wave of large-scale multimodal models. In summary, our AI business is accelerating. With the launch of MI400 series and Helios representing a major inflection point for the business as we deliver leadership performance and TCO at the chip, compute tray, and rack level. Based on the strength of our EPYC and Instinct roadmaps, we are well-positioned to grow data center segment revenue by more than 60% annually, over the next three to five years and scale our AI business to tens of billions in annual revenue in 2027.
Turning to clients and gaming. Segment revenue increased 37% year over year to $3.9 billion. In client, our PC processor business performed exceptionally well. Revenue increased 34% year over year to a record $3.1 billion driven by increased demand for multiple generations of Ryzen desktop and mobile CPUs.
Desktop CPU sales set a record for the fourth consecutive quarter. Ryzen CPUs topped the best-seller lists at major global retailers and e-tailers throughout the holiday period. With strong demand across all price points in every region, driving record desktop channel sell-out. In mobile, strong demand for AMD-powered notebooks drove record Ryzen PC sell-through in the quarter. That momentum extended into commercial PCs, where Ryzen adoption accelerated as we established the new long-term growth engine for our client business. Sell-through of Ryzen CPUs for commercial notebooks and desktops grew by more than 40% year over year in the fourth quarter, and we closed large wins with major telecom, financial services, aerospace, automotive, energy, and technology customers. At CES, we expanded our Ryzen portfolio with CPUs that further extend our performance leadership. Our new Ryzen AI 400 mobile processors deliver significantly faster content creation and multitasking performance than the competition. Notebooks powered by Ryzen AI 400 are already available. With the broadest lineup of AMD-based consumer and commercial AIPCs, set to launch throughout the year. We also introduced our Ryzen AI Halo platform, the world's smallest AI development system, featuring our highest-end Ryzen AI Max processor, 128 gigabytes of unified memory that can run models with up to 200 billion parameters locally.
In gaming, revenue increased 50% year over year to $843 million. Semi-Custom sales increased year over year and declined sequentially as expected.
For 2026, we expect semi-custom SoC annual revenue to decline by a significant double-digit percentage as we enter the seventh year of what has been a very strong console cycle. From a product standpoint, Valve is on track to begin shipping its AMD-powered steam machine early this year. And development of Microsoft's next-gen Xbox featuring an AMD semi-custom SoC is progressing well to support a launch in 2027. Gaming GPU revenue also increased year over year.
With higher channel sellout driven by demand throughout the holiday sales period for our latest generation Radeon RX 9000 series GPUs. We also launched FSR4 Redstone in the quarter. Our most advanced AI-powered upscaling technology, delivering higher image quality and smoother frame rates for gamers.
Turning to our embedded segment, revenue increased 3% year over year to $950 million led by strength with test and measurement and aerospace customers, and growing adoption of our embedded x86 CPUs. Channel sell-through accelerated in the quarter as end customer demand improved across several end markets led by test measurement and emulation. Design win momentum remains one of the clearest indicators of long-term growth for our embedded business, and we delivered another record year. We closed $17 billion in design wins in 2025, up nearly 20% year over year as we now won more than $50 billion of embedded designs since acquiring Xilinx. We also strengthened our embedded portfolio in the quarter.
We began production of our Versal AI Edge Gen2 SoCs for low latency inference workloads. And started shipping our highest-end Spartan UltraScale plus devices for cost-optimized applications. We also launched new embedded CPUs, including our EPYC 2005 series for network security and industrial edge applications. Ryzen P100 series for in-vehicle infotainment and industrial systems, and Ryzen X100 series for physical AI and autonomous platforms. In summary, 2025 was an excellent year for Advanced Micro Devices, Inc. Marking the start of a new growth trajectory for the company. We are entering a multiyear demand super cycle for high-performance and AI computing that is creating significant growth opportunities across each of our businesses. Advanced Micro Devices, Inc. is well-positioned to capture that growth. With highly differentiated products, a proven execution engine, deep customer partnerships, and significant operational scale. And as AI reshapes the compute landscape, we have the breadth of solutions and partnerships required for end-to-end leadership. From Helios in the cloud for at-scale training and inference, to an expanded Instinct portfolio for sovereign supercomputing and enterprise AI deployment. At the same time, demand for EPYC CPUs is surging, as agentic and emerging AI workloads require high-performance CPUs to power head nodes and run parallel tasks alongside GPUs. And at the edge and in PCs where AI adoption is just beginning, our industry-leading Ryzen and embedded processors are powering real-time on-device AI. As a result, we expect significant top-line and bottom-line growth in 2026, led by increased adoption of EPYC and Instinct, continued client share gains, and a return to growth in our Embedded segment. Looking further ahead, we see a clear path to achieve the ambitious targets we laid out at our Financial Analyst Day last November, including growing revenue at greater than 35% CAGR over the next three to five years. Significantly expanding operating margins, and generating annual EPS of more than $20 in the strategic time frame driven by growth in all of our segments and the rapid scaling of our data center AI business. Now I'll turn the call over to Jean to provide additional color on our fourth quarter results and full year results. Jean?