AMD
AMD Nasdaq Semiconductors Financials FY2016–FY2025
AMD's revenue rose 34.3% to $34.6 billion in fiscal 2025. Its operating margin was 10.7%, up from 7.4% a year earlier. Free cash flow was $6.7 billion, up 180.0%. It paid out $1.3 billion in dividends and buybacks, 20% of free cash flow.
What AMD does
AMD designs computer chips and the software that runs on them. For data centers it sells AI accelerators, EPYC server processors (CPUs), Instinct graphics processors (GPUs) for AI work, networking chips, and FPGAs, which are chips customers can reprogram after they are made. For PCs it sells Ryzen processors for desktops and notebooks and Radeon graphics. Its custom chips power the Sony PlayStation 5 and the Microsoft Xbox Series S and X game consoles. Its embedded chips go into equipment for markets such as aerospace and defense, automotive, industrial and healthcare.
AMD reports three segments: Data Center; Client and Gaming; and Embedded. Its customers include hyperscale data centers (very large cloud operators), makers of PCs and servers, and independent distributors. In data centers it competes primarily against Intel and Nvidia. Intel is its primary competitor in PC processors, and Nvidia is its principal competitor in discrete graphics. AMD does not make its own chips: it uses TSMC and GLOBALFOUNDRIES to produce wafers, and partners in the Asia-Pacific region package and test them.
In March 2025 AMD acquired ZT Systems, keeping its design business, and in October 2025 it sold ZT's data center manufacturing business to Sanmina. Also in October 2025 it signed a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, as part of a multiyear partnership. As of December 27, 2025, AMD had approximately 31,000 employees.
- Legal name
- ADVANCED MICRO DEVICES INC
- Fiscal year ends
- December 27, 2025
- Latest annual report
- 10-K · Feb 4, 2026
- Accession · CIK
- 0000002488-26-000018
0000002488
Revenue and margins
AMD had $34.6B of revenue in fiscal 2025, up 34.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $6.7B in fiscal 2025, 19.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
AMD returned $1.3B to shareholders in fiscal 2025, 20% of free cash flow. The diluted share count fell 0.1%.
Value AMD yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $6.5B and divides by 1,636.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 132.9x · peers — · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably AMD can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $3.6B | $5.9B | $5.8B | $5.1B | $10.6B |
| Debt incl. finance leases | $313M | $2.5B | $3.2B | $1.7B | $4.1B |
| Net debt / EBITDA | −0.8x | −2.0x | −0.7x | −0.7x | −1.0x |
| Debt / equity | 0.0x | 0.1x | 0.1x | 0.0x | 0.1x |
| Interest coverage | 107.3x | 14.4x | 3.8x | 20.7x | 28.2x |
| Current ratio | 2.0x | 2.4x | 2.5x | 2.6x | 2.9x |
| Quick ratio | 1.6x | 1.8x | 1.9x | 1.8x | 2.0x |
| Total assets | $12.4B | $67.6B | $67.9B | $69.2B | $76.9B |
| Total liabilities | $4.9B | $12.8B | $12.0B | $11.7B | $13.9B |
| Shareholders' equity | $7.5B | $54.8B | $55.9B | $57.6B | $63.0B |
| Net debt (− = net cash) | −$3.3B | −$3.4B | −$2.6B | −$3.4B | −$6.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$118M
6 insiders
Of sales under plans
93%
$110M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Forrest Eugene NorrodEVP & Gm Dsg | Sold plan | 17,262 | $540.70 | $9.3M | Form 4 |
| Sep 15, 2026 | Forrest Eugene NorrodEVP & Gm Dsg | Sold plan | 17,261 | $503.05 | $8.7M | Form 4 |
| Sep 10, 2026 | Lisa T SuChair, President & CEO, Director | Sold plan | 95,000 | $506.80 | $48.1M | Form 4 |
| Aug 25, 2026 | Jean X. HuEVP, CFO and Treasurer | Sold plan | 15,000 | $474.08 | $7.1M | Form 4 |
| Aug 24, 2026 | Forrest Eugene NorrodEVP & Gm Dsg | Sold plan | 17,261 | $459.95 | $7.9M | Form 4 |
| Aug 20, 2026 | Mark D PapermasterChief Technology Officer & EVP | Sold plan | 28,811 | $471.87 | $13.6M | Form 4 |
| Aug 18, 2026 | Ava HahnSVP, GC & Corporate Secretary | Sold plan | 2,993 | $488.69 | $1.5M | Form 4 |
| Aug 18, 2026 | Lisa T SuChair, President & CEO, Director | Sold plan | 15,000 | $480.94 | $7.2M | Form 4 |
| Aug 17, 2026 | Paul Darren GrasbyEVP & CSO | Sold | 15,000 | $514.91 | $7.7M | Form 4 |
| Aug 14, 2026 | Mark D PapermasterChief Technology Officer & EVP | Sold plan | 7,369 | $487.34 | $3.6M | Form 4 |
| Aug 11, 2026 | Ava HahnSVP, GC & Corporate Secretary | Sold plan | 143 | $474.75 | $0.1M | Form 4 |
| Jul 15, 2026 | Mark D PapermasterChief Technology Officer & EVP | Sold plan | 6,000 | $556.43 | $3.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 6 / 9 | 8 / 9 | 8 / 9 |
| Accruals ratio | −1.2% | −2.0% | −4.6% |
| Altman Z'' | 5.94 | 6.60 | 6.85 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| AMD AMD | $857.4B | 34.3% | 10.7% | 19.4% | 6.7% | 132.9x | 8 | |
| Nvidia NVDA | $5.12T | 65.5% | 60.4% | 44.8% | — | 26.7x | 4 | Compare → |
| Intel INTC | $443.8B | −0.5% | −4.2% | −9.4% | −0.8% | — | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.3B | $5.3B | $6.5B | $6.7B | $9.8B | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B |
| Gross profit | $1.0B | $1.8B | $2.4B | $2.9B | $4.3B | $7.9B | $10.6B | $10.5B | $12.7B | $17.2B |
| Research and development | $1.0B | $1.2B | $1.4B | $1.5B | $2.0B | $2.8B | $5.0B | $5.9B | $6.5B | $8.1B |
| Operating income | −$373M | $127M | $451M | $631M | $1.4B | $3.6B | $1.3B | $401M | $1.9B | $3.7B |
| Interest expense | $156M | $126M | $121M | $94.0M | $47.0M | $34.0M | $88.0M | $106M | $92.0M | $131M |
| Pretax income | −$459M | −$15.0M | $328M | $372M | $1.3B | $3.7B | $1.2B | $508M | $2.0B | $4.2B |
| Income tax | $39.0M | $18.0M | −$9.0M | $31.0M | −$1.2B | $513M | −$122M | −$346M | $381M | −$103M |
| Net income | −$498M | −$33.0M | $337M | $341M | $2.5B | $3.2B | $1.3B | $854M | $1.6B | $4.3B |
| Diluted EPS | −$0.60 | −$0.03 | $0.32 | $0.30 | $2.06 | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 |
| Diluted shares | 0.84B | 0.95B | 1.06B | 1.12B | 1.21B | 1.23B | 1.57B | 1.63B | 1.64B | 1.64B |
| Cash flow | ||||||||||
| Cash from operations | $81.0M | $12.0M | $34.0M | $493M | $1.1B | $3.5B | $3.6B | $1.7B | $3.0B | $7.7B |
| Capital expenditure | $77.0M | $113M | $163M | $217M | $294M | $301M | $450M | $546M | $636M | $974M |
| Free cash flow | $4.0M | −$101M | −$129M | $276M | $777M | $3.2B | $3.1B | $1.1B | $2.4B | $6.7B |
| Depreciation and amortization | $133M | $144M | $170M | $222M | $217M | $296M | $439M | $3.2B | $2.9B | $2.8B |
| Stock-based compensation | $86.0M | $97.0M | $137M | $197M | $274M | $379M | $1.1B | $1.4B | $1.4B | $1.6B |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.8B | $3.7B | $985M | $862M | $1.3B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.8B | $3.7B | $985M | $862M | $1.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.3B | $1.2B | $1.2B | $1.5B | $2.3B | $3.6B | $5.9B | $5.8B | $5.1B | $10.6B |
| Total debt | — | $1.4B | $1.3B | $486M | $330M | $313M | $2.5B | $3.2B | $1.7B | $4.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $2.5B | $2.6B | $3.5B | $4.6B | $6.1B | $8.6B | $15.0B | $16.8B | $19.0B | $26.9B |
| Current liabilities | $1.3B | $1.5B | $2.0B | $2.4B | $2.4B | $4.2B | $6.4B | $6.7B | $7.3B | $9.5B |
| Inventory | $691M | $694M | $845M | $982M | $1.4B | $2.0B | $3.8B | $4.4B | $5.7B | $7.9B |
| Property and equipment, net | $164M | $261M | $348M | $500M | $641M | $702M | $1.5B | $1.6B | $1.8B | $2.3B |
| Total assets | $3.3B | $3.6B | $4.6B | $6.0B | $9.0B | $12.4B | $67.6B | $67.9B | $69.2B | $76.9B |
| Total liabilities | $2.8B | $3.0B | $3.3B | $3.2B | $3.1B | $4.9B | $12.8B | $12.0B | $11.7B | $13.9B |
| Shareholders' equity | $477M | $596M | $1.3B | $2.8B | $5.8B | $7.5B | $54.8B | $55.9B | $57.6B | $63.0B |
| Margins | ||||||||||
| Gross margin | 23.2% | 34.0% | 37.8% | 42.6% | 44.5% | 48.3% | 44.9% | 46.1% | 49.4% | 49.5% |
| Operating margin | −8.6% | 2.4% | 7.0% | 9.4% | 14.0% | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| EBITDA margin | −5.6% | 5.2% | 9.6% | 12.7% | 16.3% | 24.0% | 7.2% | 16.1% | 18.4% | 18.8% |
| Net margin | −11.5% | −0.6% | 5.2% | 5.1% | 25.5% | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
| FCF margin | 0.1% | −1.9% | −2.0% | 4.1% | 8.0% | 19.6% | 13.2% | 4.9% | 9.3% | 19.4% |
| Returns | ||||||||||
| Return on capital | — | — | 41.6% | 36.5% | 48.1% | 77.7% | 4.6% | 0.8% | 2.9% | 6.7% |
| Return on capital employed | −20.4% | 6.3% | 19.6% | 20.2% | 26.8% | 49.6% | 3.6% | 0.7% | 3.1% | 5.7% |
| Return on equity | — | −6.2% | 36.2% | 16.7% | 57.5% | 47.4% | 4.2% | 1.5% | 2.9% | 7.2% |
| Return on assets | −15.6% | −1.0% | 8.3% | 6.4% | 33.2% | 29.6% | 3.3% | 1.3% | 2.4% | 5.9% |
| Growth | ||||||||||
| Revenue growth | 8.2% | 21.6% | 23.3% | 4.0% | 45.1% | 68.3% | 43.6% | −3.9% | 13.7% | 34.3% |
| Net income growth | — | — | — | 1.2% | 630.2% | 27.0% | −58.3% | −35.3% | 92.2% | 164.2% |
| EPS growth | — | — | — | −6.3% | 586.7% | 24.8% | −67.3% | −36.9% | 88.7% | 165.0% |
| FCF growth | — | −2,625.0% | — | — | 181.5% | 314.4% | −3.3% | −64.0% | 114.5% | 180.0% |
| Share count change | 6.6% | 14.0% | 11.8% | 5.3% | 7.8% | 1.8% | 27.8% | 3.4% | 0.7% | −0.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 0.8x | 0.2x | −1.2x | −1.2x | −0.8x | −2.0x | −0.7x | −0.7x | −1.0x |
| Debt / equity | — | 2.3x | 1.0x | 0.2x | 0.1x | 0.0x | 0.1x | 0.1x | 0.0x | 0.1x |
| Interest coverage | −2.4x | 1.0x | 3.7x | 6.7x | 29.1x | 107.3x | 14.4x | 3.8x | 20.7x | 28.2x |
| Current ratio | 1.9x | 1.7x | 1.8x | 2.0x | 2.5x | 2.0x | 2.4x | 2.5x | 2.6x | 2.9x |
| Quick ratio | 1.4x | 1.3x | 1.4x | 1.5x | 2.0x | 1.6x | 1.8x | 1.9x | 1.8x | 2.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.8% | 2.2% | 2.5% | 3.2% | 3.0% | 1.8% | 1.9% | 2.4% | 2.5% | 2.8% |
| Stock comp / revenue | 2.0% | 1.9% | 2.1% | 2.9% | 2.8% | 2.3% | 4.6% | 6.1% | 5.5% | 4.7% |
| Payouts / FCF | 0.0% | — | — | 0.0% | 0.0% | 54.7% | 118.8% | 87.9% | 35.8% | 19.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 7.0 | 6.0 | 7.0 | 6.0 | 5.0 | 6.0 | 8.0 | 8.0 |
| Altman Z'' | −5.8 | −4.6 | −2.0 | 0.2 | 4.0 | 5.5 | 5.4 | 5.9 | 6.6 | 6.9 |
| Accruals ratio | −18.1% | −1.3% | 7.5% | −2.9% | 18.9% | −3.4% | −5.6% | −1.2% | −2.0% | −4.6% |
Source: SEC EDGAR XBRL filings (CIK 0000002488). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.