Advanced Micro Devices, Inc. AMD
NasdaqSemiconductorsFinancials to Jun 27, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| $B | Dec 27 | Jun 27 |
|---|---|---|
| Cash | 5.5 | 5.1 |
| Securities | 5.0 | 8.0 |
| Debt | 3.2 | 3.2 |
| Net cash | 7.3 | 9.9 |
| Equity | 63.0 | 67.2 |
- Debt / EBITDA
- 0.34×
- Debt / equity
- 0.05×
- Leases (12/27/25)
- $784M
- Diluted shares
- 1,659M
- Book value / share
- $40.52
- Price / book
- 15.8×
- Net cash / share
- $5.96
- Market cap
- $1.06T
- Enterprise value
- $1.05T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 50.1% | +18.4 pts | |
| Operating margin | 17.3% | +19.0 pts | |
| FCF margin | 13.5% | -1.8 pts | |
| Capex / revenue | 7.0% | +3.3 pts | |
| Data Center revenue | $6.7B | +107% | |
| Client processor revenue | $3.1B | +23% | |
| Gaming revenue | $779M | -31% | |
| Embedded revenue | $977M | +19% | |
| Client processor unit shipments growth | +34% | +17 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About AMD
AMD designs EPYC server CPUs, Instinct AI accelerators, Ryzen PC processors, Radeon graphics, console chips and embedded FPGAs. Data Center supplied 48.0% of FY2025 revenue, Client 30.7%, Gaming 11.3% and Embedded 10.0%.
- Design In Qualification
EPYC CPUs, Instinct accelerators and rack-scale systems require long technical qualification, roadmap alignment, software validation and deployment work.
- De Facto Standard
AMD is one of two scaled suppliers participating in the entrenched x86 architecture.
- Design In Qualification
Semi-custom console SoCs involve deep co-design, long qualification and multi-year platform cycles with console OEMs.
- Design In Qualification
Embedded processors, FPGAs, and adaptive SoCs are designed into long-life systems where qualification, reliability specs, and customer-specific tailoring create replacement friction.
- Sep 26, 2026
AMD agreed to buy World Labs in an approximately $8.2 billion all-stock transaction, adding spatial AI research and prospective chief scientist Fei-Fei Li while increasing dilution and integration risk.
- Aug 31, 2026
AMD, Cisco and HUMAIN brought MI355X and EPYC systems into production in Saudi Arabia, providing deployment evidence for AMD-powered AI infrastructure.
- Aug 19, 2026
AMD appointed Tim Ryan to the board following Joseph Householder’s retirement and named KC McClure audit chair, changing financial oversight as AI commitments expand.
- Aug 17, 2026
AMD issued $4.75 billion of senior notes with 4.6% to 5.5% coupons, adding funding for corporate purposes and future interest costs beyond its June balance sheet.
- Aug 6, 2026
AMD agreed to acquire Taalas, adding specialized inference chip expertise if regulatory approvals and closing conditions are met.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 5.17 | 5.52 | 6.09 | 6.01 | 8.09 | 13.37 | 15.02 | 13.96 | 15.75 | 21.17 | 24.90 | +17.0%/yr | |
| Cash flow | 0.10 | 0.01 | 0.03 | 0.44 | 0.89 | 2.86 | 2.27 | 1.03 | 1.86 | 3.97 | 5.67 | +51.0%/yr | |
| Earnings | -0.60 | -0.03 | 0.32 | 0.30 | 2.06 | 2.57 | 0.84 | 0.53 | 1.00 | 2.61 | 3.90 | – | |
| Free cash flow | 0.00 | -0.11 | -0.12 | 0.25 | 0.64 | 2.62 | 1.98 | 0.69 | 1.47 | 3.37 | 4.66 | +107.2%/yr | |
| Capex | 0.09 | 0.12 | 0.15 | 0.19 | 0.24 | 0.24 | 0.29 | 0.34 | 0.39 | 0.60 | 1.01 | +23.0%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | 0.57 | 0.63 | 1.19 | 2.52 | 4.84 | 6.10 | 34.85 | 34.40 | 35.17 | 38.51 | 40.52 | +59.7%/yr | |
| Diluted shares (M) | 835 | 952 | 1,064 | 1,120 | 1,207 | 1,229 | 1,571 | 1,625 | 1,637 | 1,636 | 1,659 | +7.8%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 4.3 | 5.3 | 6.5 | 6.7 | 9.8 | 16.4 | 23.6 | 22.7 | 25.8 | 34.6 | 41.3 | +26.0%/yr | |
| Operating income | -0.4 | 0.1 | 0.5 | 0.6 | 1.4 | 3.6 | 1.3 | 0.4 | 1.9 | 3.7 | 6.5 | – | |
| Net income | -0.5 | -0.0 | 0.3 | 0.3 | 2.5 | 3.2 | 1.3 | 0.9 | 1.6 | 4.3 | 6.5 | – | |
| Free cash flow | 0.0 | -0.1 | -0.1 | 0.3 | 0.8 | 3.2 | 3.1 | 1.1 | 2.4 | 5.5 | 7.7 | +123.3%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | 3.7 | 1.0 | 0.9 | 1.3 | 0.3 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | -0.2 | -0.2 | -0.1 | 1.0 | 2.0 | 3.3 | 3.4 | 3.3 | 3.4 | 7.3 | 9.9 | +$7.5B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 23.2 | 34.0 | 37.8 | 42.6 | 44.5 | 48.2 | 44.9 | 46.1 | 49.4 | 49.5 | 53.2 | +26.3 pts | |
| Operating margin | -8.6 | 2.4 | 7.0 | 9.4 | 14.0 | 22.2 | 5.4 | 1.8 | 7.4 | 10.7 | 15.7 | +19.3 pts | |
| Net margin | -11.5 | -0.6 | 5.2 | 5.1 | 25.5 | 19.2 | 5.6 | 3.8 | 6.4 | 12.3 | 15.7 | +23.9 pts | |
| FCF margin | 0.1 | -1.9 | -2.0 | 4.1 | 8.0 | 19.6 | 13.2 | 4.9 | 9.3 | 15.9 | 18.7 | +15.8 pts | |
| ROIC | -51.3 | 14.1 | 29.6 | 31.1 | 31.5 | 77.4 | 2.2 | 0.7 | 3.1 | 5.9 | 10.1 | +57.2 pts | |
| Return on equity | -104.4 | -5.5 | 26.6 | 12.1 | 42.7 | 42.2 | 2.4 | 1.5 | 2.9 | 6.8 | 9.6 | +111.2 pts | |
| R&D % of revenue | 23.3 | 22.8 | 22.1 | 23.0 | 20.3 | 17.3 | 21.2 | 25.9 | 25.0 | 23.4 | 22.7 | +0.0 pts | |
| Stock pay % of revenue | 2.0 | 1.8 | 2.1 | 2.9 | 2.8 | 2.3 | 4.6 | 6.1 | 5.5 | 4.7 | 4.6 | +2.7 pts | |
| Capex % of revenue | 1.8 | 2.2 | 2.5 | 3.2 | 3.0 | 1.8 | 1.9 | 2.4 | 2.5 | 2.8 | 4.1 | +1.0 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- widening
- Pricing power
- moderate
- Data Center48.0%1 claim
- Client CPUs30.7%1 claim
- Gaming11.3%1 claim
- Embedded10.0%1 claim
Moat claims
- Applies to
- Data Center
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 7, 2026
EPYC CPUs, Instinct accelerators and rack-scale systems require long technical qualification, roadmap alignment, software validation and deployment work. Q2 Data Center revenue rose 107% to $6.718B and AMD named nine Helios deployers, evidence that qualification has converted into scaled production use. The OpenAI, Meta and Anthropic capacity commitments are valuable forward indicators, not present revenue or proof of exclusivity.
Data Center revenue reached $6.718 billion in Q2 2026, up 107%, and the August HUMAIN launch adds production evidence beyond announced capacity.
- Data Center revenue$6.7B+107%
- Broad x86 server CPU unit share34.5%+7.2 pts
- Nvidia CUDA and full-stack systems remain the dominant AI accelerator standard
- Cloud customers shift workloads to internal ASICs
- Export controls restrict China AI accelerator sales
- HBM or leading-edge foundry shortages delay product ramps
- NewsAMD definitive agreement to acquire Taalas; closing conditions remainAug 6, 2026
- FilingAMD September 28, 2026 8-K: World Labs agreement signed September 26Sep 28, 2026
- FilingAMD August 17, 2026 8-K: $4.75 billion senior-note issuanceAug 17, 2026
- SourceAMD EPYC data-center page: shared x86 compatibility and Q4 2025 Mercury share footnote, checked October 7Oct 7, 2026
- Applies to
- Client CPUs
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
AMD is one of two scaled suppliers participating in the entrenched x86 architecture. Broad operating-system, application and OEM compatibility raises entry barriers for alternative instruction sets, although Intel shares and historically leads the standard.
Q2 2026 client processor units rose 34%, but selling prices fell 6%; x86 compatibility protects the architecture while competition still limits AMD-specific pricing.
- Client processor revenue$3.1B+23%
- Client processor unit shipments growth+34%
- Client processor average selling price growth-6%
- Client x86 CPU unit share30.3%+6.4 pts
- Windows-on-Arm improves application compatibility and OEM support
- Cloud and browser workloads reduce instruction-set dependence
- Intel regains performance leadership within x86
- SourceIntel and AMD form x86 Ecosystem Advisory GroupOct 15, 2024
- SourceAMD and Intel mark first year of x86 Ecosystem Advisory GroupOct 13, 2025
- Applies to
- Gaming
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 7, 2026
Semi-custom console SoCs involve deep co-design, long qualification and multi-year platform cycles with console OEMs. This moat applies to only part of the analytical Gaming category: Q2 Gaming revenue fell 31% because of lower semi-custom revenue, while AMD held just 5% of Q4 2025 PC add-in-board shipments.
Q2 2026 Gaming revenue fell 31% to $779 million as semi-custom demand weakened; that tests console-cycle demand, while no disclosed loss of a console design establishes moat erosion.
- Gaming revenue$779M-31%
- Sony or Microsoft choose alternative silicon for a future console cycle
- Console demand weakens late in the generation
- Cloud gaming and handheld devices alter form-factor demand
- Customer concentration increases price pressure
- FilingAdvanced Micro Devices, Inc. 2025 Form 10-KFeb 4, 2026
- FilingAdvanced Micro Devices, Inc. 2025 Form 10-KFeb 4, 2026
- Applies to
- Embedded
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 7, 2026
Embedded processors, FPGAs, and adaptive SoCs are designed into long-life systems where qualification, reliability specs, and customer-specific tailoring create replacement friction.
Q2 2026 Embedded revenue rose 19% to $977 million as demand recovered; long-life qualification remains supported, but recovery alone does not prove stronger switching costs.
- Embedded revenue$977M+19%
- Customers use ASICs or ASSPs instead of FPGAs
- Altera or Lattice wins next-generation sockets
- Industrial and communications customers reduce inventory
- Automotive or defense programs are delayed
- FilingAdvanced Micro Devices, Inc. 2025 Form 10-KFeb 4, 2026
- FilingAdvanced Micro Devices, Inc. 2025 Form 10-KFeb 4, 2026
Profile change log
- Oct 7, 2026 · analyst revision
Updated CPU unit shares to Q2 2026 and removed calculated concentration scores that covered only submarkets. The World Labs agreement is dated September 26 from the 8-K, before its September 28 announcement; depreciation uses complete cash-flow totals across the presentation change.
- Oct 7, 2026 · business change
AMD appointed Tim Ryan to the board following Joseph Householder’s retirement and named KC McClure audit chair, changing financial oversight as AI commitments expand.
- Oct 7, 2026 · business change
AMD issued $4.75 billion of senior notes with 4.6% to 5.5% coupons, adding funding for corporate purposes and future interest costs beyond its June balance sheet.
- Oct 7, 2026 · business change
AMD agreed to buy World Labs in an approximately $8.2 billion all-stock transaction, adding spatial AI research and prospective chief scientist Fei-Fei Li while increasing dilution and integration risk.
- Oct 7, 2026 · business change
AMD, Cisco and HUMAIN brought MI355X and EPYC systems into production in Saudi Arabia, providing deployment evidence for AMD-powered AI infrastructure.
- Oct 7, 2026 · business change
AMD agreed to acquire Taalas, adding specialized inference chip expertise if regulatory approvals and closing conditions are met.
- Oct 7, 2026 · business change
AMD sold the ZT manufacturing business to Sanmina, keeping the design operations and shifting manufacturing to a supplier relationship.
- Oct 7, 2026 · analyst revision
Replaced Q2 segment weights with FY2025 revenue weights and removed profit shares that excluded corporate costs. Separated CPU unit share from revenue share; added trajectories, a sourced debate, management and end-market links.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Data-center compute silicon
Server CPUs, AI accelerators, networking processors and custom compute ASICs used in cloud, enterprise and high-performance computing. Excludes complete server systems, memory and storage; server spending is demand context rather than this market’s size.
- Intel
- AMD
- NVIDIA
- Broadcom
- Amazon
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| AMD | 67 | 53.2% | 15.7% | |
| Industry median | 13 | 75 | 54.2% | 23.2% |
| Sector median | 77 | 75 | 64.9% | 23.6% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- AI training and inference increase demand for accelerators and supporting CPUs, networking and packaging, but supplier exposure differs by workload.
- Enterprise refresh cycles and cloud service demand support general-purpose servers in addition to AI clusters.
- Performance per watt matters because power, cooling and rack capacity constrain data-center deployment.
- Hyperscaler capital budgets and sovereign compute programs drive spending; higher financing costs can delay projects or reduce returns on new capacity.
- GPU and custom ASIC spending can grow faster than general-purpose CPUs, so total server spending does not prove CPU share gains.
- Arm server platforms and internally designed hyperscaler processors reduce reliance on merchant x86 CPUs.
- Export controls, grid connection delays and advanced packaging or memory shortages can block delivery despite strong demand.
- Large buyer concentration and a reversal in hyperscaler capital spending can create sharp order and inventory swings.
- Supplier-backed data-center infrastructure and lease guarantees increase capital commitments before customer demand proves durable; higher rates make these investments harder to fund.
Bulls & bears
Can AMD turn qualified AI demand into repeat chip sales and cash returns while funding infrastructure and preserving margins against NVIDIA, Intel and custom silicon?
Arguments
What to watch
- 1Data Center revenue and segment operating income
- 2Client unit shipments and average selling prices
- 3Operating cash flow, capex and future lease commitments
Next check: November 3, 2026 Q3 results: check Helios deployment revenue, gross profit, spending and export-license conditions.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 67/100 by <a href="https://www.findmymoat.com/stocks/XNAS:AMD">Find My Moat</a> (as of September 2026)Request update
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