Advanced Micro Devices
AMD · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 26
Advanced Micro Devices reported revenue of $34.6B in the fiscal year ended Dec 2025, up 34.3% from the year before. Operating income was $3.7B, an operating margin of 10.7%, and net income was $4.3B. Operating cash flow of $7.7B less capital expenditure of $974M left free cash flow of $6.7B. It held more cash than debt (net cash $2.3B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B |
| Cost of revenue | $8.5B | $13B | $12.2B | $13.1B | $17.5B |
| Gross profit | $7.9B | $10.6B | $10.5B | $12.7B | $17.2B |
| Research & development | $2.8B | $5B | $5.9B | $6.5B | $8.1B |
| Selling, general & admin | $1.4B | $2.3B | $2.3B | $2.7B | $4.1B |
| Operating income | $3.6B | $1.3B | $401M | $1.9B | $3.7B |
| Net interest incomeBanks | $8M | $65M | $206M | $182M | $215M |
| Interest expense | $34M | $88M | $106M | $92M | $131M |
| Pre-tax income | $3.7B | $1.2B | $508M | $2B | $4.2B |
| Income tax | $513M | −$122M | −$346M | $381M | −$103M |
| Net income | $3.2B | $1.3B | $854M | $1.6B | $4.3B |
| Diluted EPS | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 |
| Diluted shares | 1,229M | 1,571M | 1,625M | 1,637M | 1,636M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $4.8B | $3.9B | $3.8B | $5.5B |
| Receivables | $2.7B | $4.1B | $4.3B | $6.2B | $6.3B |
| Inventory | $2B | $3.8B | $4.4B | $5.7B | $7.9B |
| Current assets | $8.6B | $15B | $16.8B | $19B | $26.9B |
| Net PP&E | $702M | $1.5B | $1.6B | $1.8B | $2.3B |
| Goodwill | $289M | $24.2B | $24.3B | $24.8B | $25.1B |
| Total assets | $12.4B | $67.6B | $67.9B | $69.2B | $76.9B |
| Payables | $1.3B | $2.5B | $2.1B | $2.5B | $2.9B |
| Current liabilities | $4.2B | $6.4B | $6.7B | $7.3B | $9.5B |
| Short-term debt | $312M | $0 | $751M | $0 | $874M |
| Long-term debt | $1M | $2.5B | $1.7B | $1.7B | $2.3B |
| Shareholders' equity | $7.5B | $54.8B | $55.9B | $57.6B | $63B |
| Backlog (remaining obligations) | $197M | $247M | $137M | $85M | $315M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.5B | $3.6B | $1.7B | $3B | $7.7B |
| Capital expenditure | $301M | $450M | $546M | $636M | $974M |
| Free cash flow | $3.2B | $3.1B | $1.1B | $2.4B | $6.7B |
| Depreciation & amortisation | $296M | $439M | $441M | $454M | $521M |
| Stock-based compensation | $379M | $1.1B | $1.4B | $1.4B | $1.6B |
| Share buybacks | $1.8B | $3.7B | $985M | $862M | $1.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 43.6% | −3.9% | 13.7% | 34.3% |
| Operating income growth (YoY) | – | −65.4% | −68.3% | 373.8% | 94.4% |
| EPS growth (YoY) | – | −67.3% | −36.9% | 88.7% | 165.0% |
| Gross margin | 48.2% | 44.9% | 46.1% | 49.4% | 49.5% |
| Operating margin | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| Net margin | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
| Return on equityBlank when equity is negative | 42.2% | 2.4% | 1.5% | 2.9% | 6.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 44.6% | 2.1% | 0.7% | 3.1% | 5.5% |
| Free cash flow margin | 19.6% | 13.2% | 4.9% | 9.3% | 19.4% |
| Cash conversion (CFO ÷ net income) | 1.11x | 2.70x | 1.95x | 1.85x | 1.78x |
| Receivable days | 60 | 64 | 70 | 88 | 67 |
| Inventory days | 84 | 106 | 130 | 160 | 165 |
| Payable days | 57 | 70 | 61 | 69 | 61 |
| Interest cover | 107x | 14.4x | 3.78x | 20.7x | 28.2x |
| Debt ÷ equity | 0.04x | 0.05x | 0.04x | 0.03x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.2B | −$2.4B | −$1.5B | −$2.1B | −$2.3B |
| Current ratio | 2.02x | 2.36x | 2.51x | 2.62x | 2.85x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.