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Monday 12 October 2026 Export all AMD data to Excel Powerpack

Advanced Micro Devices, Inc.

AMD Technology Semiconductors

Advanced Micro Devices, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $34.6 billion, up 34.3% from fiscal 2024. In the quarter to June 2026, revenue grew 50.1%, EPS grew 161.1%, free cash flow fell 8.73% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100.

591.67 16.43 −2.70%
Market cap
$992.7B
P/E
154×
Fwd P/E
35.9×
Dividend yield
—
F-score
7/9
Altman Z
15.99
Beneish M
−2.72
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Advanced Micro Devices, Inc. (AMD) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

AMD reported revenue of $34.6 billion, gross profit of $17.2 billion, operating income of $3.7 billion and net income of $4.3 billion in FY2025. Diluted EPS was $2.65 and free cash flow was $6.7 billion in FY2025. Market capitalisation was $1.03 trillion as of September 24, 2026.

In Q2 FY2026, revenue was $11.5 billion, gross profit was $6.2 billion and operating income was $2.0 billion. Net income was $2.3 billion, diluted EPS was $1.38 and free cash flow was $1.6 billion in Q2 FY2026. Net debt was −$9.9 billion in Q2 FY2026, indicating cash and short-term investments exceeded total debt under this measure.

Growth

Revenue increased 34.3% in FY2025 against FY2024 to $34.6 billion in FY2025. Revenue compound annual growth was 13.6% over FY2022–FY2025 and 28.8% over FY2020–FY2025. Diluted EPS increased 165.0% in FY2025 against FY2024 to $2.65 in FY2025, while its compound annual growth was 46.7% over FY2022–FY2025.

Free cash flow increased 178.5% in FY2025 against FY2024 to $6.7 billion in FY2025, with compound annual growth of 29.1% over FY2022–FY2025. Revenue was $11.5 billion in Q2 FY2026, up 12.5% in Q2 FY2026 against Q1 FY2026 and 50.1% in Q2 FY2026 against Q2 FY2025. Diluted EPS was $1.38 in Q2 FY2026, up 64.3% sequentially and 155.6% from a year earlier.

Profitability

Gross margin was 49.5% in FY2025, a 0.2 percentage point increase over FY2024–FY2025 and a 5.0 percentage point increase over FY2020–FY2025. Operating margin was 10.7% in FY2025, up 3.3 percentage points over FY2024–FY2025 but down −3.4 percentage points over FY2020–FY2025. Net margin was 12.5% in FY2025, up 6.2 percentage points over FY2024–FY2025 but down −13.0 percentage points over FY2020–FY2025.

Return on equity was 7.19%, return on assets was 5.93% and return on invested capital was 4.15% in FY2025. Each return measure was higher in FY2025 than in FY2024, but lower than in FY2021. Gross margin was 53.8% and operating margin was 17.3% in Q2 FY2026. Industry-median comparisons are not reported.

Balance sheet

Net debt was −$9.9 billion in Q2 FY2026, compared with −$9.1 billion in Q1 FY2026 and −$2.6 billion in Q2 FY2025. The quarter-over-quarter net-debt change was −$762.0 million in Q2 FY2026 against Q1 FY2026. The year-over-year net-debt change was −$7.2 billion in Q2 FY2026 against Q2 FY2025.

The current ratio was 2.6× and debt to equity was 0.0× in Q2 FY2026. At FY2025 year-end, total debt was $3.2 billion, cash and short-term investments were $10.6 billion and shareholders’ equity was $63.0 billion. Working capital was $17.5 billion and book value per share was $38.79 in FY2025. Cash and short-term investments exceeded total debt in FY2025.

Cash flow & capital return

Operating cash flow was $7.7 billion in FY2025, an increase of 153.5% in FY2025 against FY2024. Capital expenditure was $1.0 billion and free cash flow was $6.7 billion in FY2025. Free cash flow represented 154.5% of net income in FY2025. Operating cash flow was $10.1 billion and free cash flow was $8.4 billion in TTM to Q2 FY2026.

Free cash flow was $1.6 billion in Q2 FY2026, down −39.3% in Q2 FY2026 against Q1 FY2026 and down −8.73% in Q2 FY2026 against Q2 FY2025. Net share repurchases were $1.0 billion in FY2025. Weighted average shares were 1.6 billion shares in FY2025 and 1.6 billion shares in Q2 FY2026; the share count changed 37.2% over FY2020–FY2025. A dividend figure is not reported.

Valuation

As of September 24, 2026, P/E was 159×, compared with the five-year median of 80.2× over the five fiscal years to FY2025; the current multiple was 2.0× the median. P/S was 24.9× as of September 24, 2026, compared with 9.9× over the five fiscal years to FY2025 and 7.5× over the ten fiscal years to FY2025. The current P/S was 2.5× the five-year median and 3.3× the ten-year median as of September 24, 2026.

EV/Sales was 24.6× as of September 24, 2026, compared with 9.7× over the five fiscal years to FY2025 and 7.4× over the ten fiscal years to FY2025. P/B was 15.3× as of September 24, 2026, higher than the five-year median of 4.0× but below the ten-year median of 15.9×. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue rose 12.5% in Q2 FY2026 against Q1 FY2026, reaching $11.5 billion in Q2 FY2026. Diluted EPS increased 64.3% in Q2 FY2026 against Q1 FY2026 to $1.38 in Q2 FY2026. Gross margin increased 0.9 percentage points and operating margin increased 2.9 percentage points in Q2 FY2026 against Q1 FY2026. Free cash flow declined −39.3% in Q2 FY2026 against Q1 FY2026 to $1.6 billion in Q2 FY2026.

Against Q2 FY2025, revenue increased 50.1%, diluted EPS increased 155.6%, gross margin increased 14.0 percentage points and operating margin increased 19.0 percentage points in Q2 FY2026. Free cash flow declined −8.73% in Q2 FY2026 against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the change in free cash flow in the latest quarter?
  • What accounts for the movement in gross and operating margins between recent quarters?
  • How are operating cash flow and capital expenditure distributed across the business?
  • What explains the change in weighted average shares over the longer period?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.