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Financial profile · Q3 FY2026

An expanding semiconductor model with operating leverage and rising cash requirements

AMD pairs rapid, uneven growth and variable reported margins with research spending that substantially exceeds physical capital investment. Free cash flow has remained positive throughout the supplied annual history, although working-capital absorption makes cash conversion uneven.

What is developing

The latest quarter extended operating-margin expansion but brought a sharp drop in cash conversion as inventory and capacity investment supported the Data Center ramp. Positive trailing free cash flow indicates a more cash-demanding growth phase rather than a demonstrated break in the financial model.

What matters next

Whether inventory and receivable growth moderate enough for operating cash flow to catch up with earnings while capacity investment continues.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
4.3B 5.3B 6.5B 6.7B 9.8B 16.4B 23.6B 22.7B 25.8B 34.6B
(3.3B) (3.5B) (4B) (3.9B) (5.4B) (8.5B) (13B) (12.2B) (13.1B) (17.5B)
998m 1.8B 2.4B 2.9B 4.3B 7.9B 10.6B 10.5B 12.7B 17.2B
(1.5B) (1.7B) (2B) (2.3B) (3B) (4.3B) (9.4B) (10.1B) (10.7B) (13.5B)
(460m) (516m) (562m) (750m) (995m) (1.4B) (2.3B) (2.4B) (2.8B) (4.1B)
R&D
(1B) (1.2B) (1.4B) (1.5B) (2B) (2.8B) (5B) (5.9B) (6.5B) (8.1B)
0 — — — — — (2.1B) (1.9B) (1.4B) (1.2B)
(470m) 75m 451m 571m 1.4B 3.6B 1.2B 367m 2B 3.7B
(153m) (123m) (106m) (80m) (39m) 30m (85m) 99m 92m 450m
156m 126m 121m 94m 47m 34m 88m 106m 92m 131m
30m 40m (12m) (116m) (54m) 5m 102m 34m (138m) 0
145m 0 (3m) (3m) (1m) (2m) 5m (8m) (3m) (4m)
(448m) (8m) 330m 372m 1.3B 3.7B 1.2B 492m 2B 4.1B
(39m) (1.1B) 22m (44m) 1.2B (513m) 122m 346m (381m) 103m
(487m) (1.2B) 352m 328m 2.5B 3.2B 1.3B 838m 1.6B 4.2B
(10m) (7m) (2m) 0 5m 6m 14m 16m 33m 26m
(497m) (33m) 337m 341m 2.5B 3.2B 1.3B 854m 1.6B 4.3B
(0.60) (0.03) 0.33 0.29 2.06 2.57 0.84 0.53 1.00 2.64