November 4, 2026·49 min read
Advanced Micro Devices (AMD), Financial Analysis
Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.
Net revenue Q3 2026
$13.4bn
+44.7% year on year (Q3 2025 $9.25bn)
Cost of sales and operating expenses Q3 2026
$10.5bn
+32.2% year on year (Q3 2025 $7.98bn)
Operating margin Q3 2026
21.2%
+7.4 pts year on year (Q3 2025 13.7%)
Key findings
- Data Center nearly doubles and leads the quarter. Q3 2026 revenue $13.38bn, +44.7%; Data Center $8.55bn, +96.9%, 63.9% of revenue against 47.0%, at a 33.7% segment margin against 24.7%. Instinct MI450 Series GPUs launched; first Helios racks run models and workloads at Anthropic, Meta, Microsoft, OpenAI and OCI (8-K Ex 99.1).
- GPU contracts in gigawatts, with customer warrants attached. OpenAI up to 6 GW, Meta up to 6 GW and Anthropic up to 2 GW; OpenAI and Meta warrants cover up to 320m shares, 19.6% of shares outstanding. A ($1.10bn) warrant fair value loss took GAAP EPS to $1.46 against $2.09 non GAAP.
- Client grows, Gaming falls. Client and Gaming $3.72bn, (8.1%): Client $2.95bn, +7.2%; Gaming $773m, (40.4%) on lower semi custom and graphics revenue. Segment margin 15.4% against 21.4%; management plans PC units down by double digits in 2027 on memory costs (stated on the call).
- Embedded returns to growth. Embedded $1.11bn, +29.4%, up year on year in each 2026 quarter, at a 40.8% segment margin against 33.0%.
- Inventory and debt rise with the ramp. Free cash flow $554m against $1.53bn as inventory rose to $11.46bn; $4.75bn of notes in Aug 2026 took debt to $7.08bn, net cash $8.70bn. World Labs (about $8.2bn in shares) and Taalas to close in Q4 2026.
- Q4 guidance about $17bn, +65.5%. Shares closed at $483.90 on 3 Nov 2026 before results, 105.2x TTM GAAP EPS and 72.8x non GAAP. Insiders sold about $378m in 12 months, $239m by Lisa Su under trading plans, with no open market purchases. Scenarios: base $530, best $1,023, worst $149.
Figures are read from the Forms 10-K for FY2022 to FY2025, the Forms 10-Q for Q1 2025 to Q2 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99.1) and earnings slides (Ex 99.2), the Meta warrant and registration rights agreement (Ex 4.1, 10.1), the Aug 2026 notes underwriting agreement, supplemental indenture and legal opinion (Ex 1.1, 4.1, 5.1), the revolving credit agreement (Ex 10.1), the Chief Accounting Officer offer letter (Ex 10.1) and the board releases (Ex 99.1), the 2026 proxy statement, the Form 8-K Item 5.07 vote results and the Forms 4 on the record for central index key 2488, and the filings of seven other companies used in chapters 2 to 4. Q3 2026 figures are from the earnings release (8-K Ex 99.1 of 3 Nov 2026); the Q3 2026 Form 10-Q was not filed by 4 Nov 2026. AMD files no CFO commentary exhibit: CFO commentary comes from the CFO statements and outlook in the earnings releases and slides and from the Q2 2026 and Q3 2026 earnings calls; call figures are labelled as stated on the call. Accession numbers appear in the Sources appendix. The share price used is the close of 3 Nov 2026, before the results release.
1 Revenue & Business Model
- Storyline: AMD moves from PC and console chips to data center GPUs and CPUs sold in rack scale systems, with customer warrants, inventory and debt supporting the ramp. Chapters 2 to 4 cover the three revenue drivers: Data Center (Instinct GPUs and EPYC CPUs), Client and Gaming, and Embedded.
- Three segments. Data Center sells Instinct GPUs, EPYC server CPUs, DPUs, AI network cards and data center FPGAs; Client and Gaming sells Ryzen PC processors, Radeon graphics and semi custom chips for game consoles; Embedded sells FPGAs, adaptive SoCs and embedded CPUs to industrial, automotive, communications, aerospace and defense customers. All other holds amortization of acquisition intangibles ($2.25bn in FY2025), stock based compensation and acquisition costs.
- FY2025 segments: Data Center $16.64bn (48.0% of revenue), 21.7% operating margin; Client and Gaming $14.55bn, 19.6%; Embedded $3.45bn, 36.0%; All other ($4.01bn).
- Revenue FY2021 $16.43bn to FY2025 $34.64bn, a 20.5% CAGR incl. the Xilinx acquisition of Feb 2022; TTM Q3 2026 $45.44bn; 9M 2026 $35.17bn, +44.3%.
- Regions FY2025 (customer billing location): United States $11.36bn (32.8%), China incl. Hong Kong $7.75bn (22.4%), Taiwan $5.19bn, Singapore $4.28bn, other $6.06bn. Taiwan and Singapore billing is largely contract manufacturers and distributors. No customer was 10% of revenue in FY2024 or FY2025.
- Acquisitions: ZT Systems bought on 31 Mar 2025 for $4.4bn; its manufacturing business was sold on 27 Oct 2025 for about $2.4bn and is shown as discontinued operations, while the rack design team stays in Data Center. MEXT bought in Q2 2026; World Labs and Taalas pending.
Table 1.1 Segment revenue and operating income, FY2021 to FY2025 ($bn)
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Data Center revenue ($bn) | 3.69 | 6.04 | 6.50 | 12.58 | 16.64 |
| Client revenue ($bn) | 6.89 | 6.20 | 4.65 | 7.05 | 10.64 |
| Gaming revenue ($bn) | 5.61 | 6.81 | 6.21 | 2.60 | 3.91 |
| Client and Gaming revenue ($bn) | 12.49 | 13.01 | 10.86 | 9.65 | 14.55 |
| Embedded revenue ($bn) | 0.25 | 4.55 | 5.32 | 3.56 | 3.45 |
| Total revenue ($bn) | 16.43 | 23.60 | 22.68 | 25.79 | 34.64 |
| Data Center operating income ($bn) | 0.99 | 1.85 | 1.27 | 3.48 | 3.60 |
| Client and Gaming operating income ($bn) | 3.02 | 2.14 | 0.93 | 1.19 | 2.86 |
| Embedded operating income ($bn) | 0.04 | 2.25 | 2.63 | 1.42 | 1.24 |
| All other operating income ($bn) | (0.41) | (4.98) | (4.42) | (4.19) | (4.01) |
| Operating income ($bn) | 3.65 | 1.26 | 0.40 | 1.90 | 3.69 |
FY2023 to FY2025 on the three segment basis of the FY2025 Form 10-K; FY2021 and FY2022 Client and Gaming add the former Client and Gaming segments. Segment operating income for FY2021 and FY2022 is on the former basis.
Table 1.2 Segment revenue and operating income, last five quarters ($bn)
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Data Center revenue ($bn) | 4.34 | 5.38 | 5.78 | 6.72 | 8.55 |
| Client revenue ($bn) | 2.75 | 3.10 | 2.89 | 3.06 | 2.95 |
| Gaming revenue ($bn) | 1.30 | 0.84 | 0.72 | 0.78 | 0.77 |
| Embedded revenue ($bn) | 0.86 | 0.95 | 0.87 | 0.98 | 1.11 |
| Data Center operating income ($bn) | 1.07 | 1.75 | 1.60 | 2.10 | 2.88 |
| Client and Gaming operating income ($bn) | 0.87 | 0.73 | 0.58 | 0.58 | 0.57 |
| Embedded operating income ($bn) | 0.28 | 0.36 | 0.34 | 0.39 | 0.45 |
| All other operating income ($bn) | (0.95) | (1.08) | (1.04) | (1.08) | (1.08) |
| Data Center operating margin (%) | 24.7 | 32.6 | 27.7 | 31.3 | 33.7 |
| Client and Gaming operating margin (%) | 21.4 | 18.4 | 16.0 | 15.2 | 15.4 |
| Embedded operating margin (%) | 33.0 | 37.6 | 38.7 | 39.5 | 40.8 |
| Data Center share of revenue (%) | 47.0 | 52.4 | 56.3 | 58.2 | 63.9 |
Q3 2026 from the 8-K Ex 99.1 of 3 Nov 2026. Segment operating margins computed as operating income over segment revenue. Q2 2025 Data Center includes about $800m of MI308 charges.
2 Data Center: Instinct GPUs, EPYC CPUs and Gigawatt Contracts
- Data Center revenue $8.55bn in Q3 2026, +96.9%, 63.9% of revenue against 47.0% a year earlier; operating income $2.88bn, 33.7% margin against 24.7%. 9M 2026 Data Center revenue $21.04bn, +86.9%.
- Products: Instinct MI450 Series GPUs launched in Q3 2026, and the first Helios racks, with MI450 GPUs and 6th Gen EPYC CPUs, run models and workloads at Anthropic, Meta, Microsoft, OpenAI and OCI (8-K Ex 99.1); first volume MI450 and MI455X shipments (stated on the call). AMD develops and licenses Helios for implementation by customers and their manufacturing partners and supplies certain products used in the racks (10-Q Q2 2026). Data Center revenue is reported as one line covering GPUs and CPUs.
- Server CPUs: server revenue more than doubled in both cloud and enterprise in Q3 2026, and Venice revenue shipments began (stated on the call); the CEO said AMD's server CPU revenue share exceeded 40% at the end of 2025 (annual meeting).
- Contracts: OpenAI up to 6 GW (Oct 2025) and Meta up to 6 GW (Feb 2026), each with a warrant for up to 160m shares; Anthropic up to 2 GW (Aug 2026). On the Q2 2026 call management put revenue per gigawatt at double digit billions of dollars.
- Outlook (stated on the call): Data Center up about 50% on Q3 in Q4 2026, with Data Center AI revenue above server CPU revenue for the first time; Data Center above 80% of revenue in 2027 and Data Center AI revenue more than 2x.
- Export controls: about $800m of MI308 inventory and related charges in Q2 2025; about $390m of MI308 revenue to China and a $360m reserve release in Q4 2025; in Feb 2026 the US licensed MI325 shipments to some China customers, subject to a 25% tariff on import (10-Q Q1 2026).
How the data center market is changing
- Market size: AMD puts the data center AI accelerator market at about $1.4tn by 2030, growing more than 45% a year, and server CPUs at about $220bn by 2030 (management estimates, Q2 2026 call).
- Contracts in gigawatts, with equity attached: OpenAI and Meta each agreed up to 6 GW and received warrants for up to 160m AMD shares; Anthropic agreed up to 2 GW. AMD booked a $1.10bn Q3 2026 charge for the change in fair value of these warrants (8-K Ex 99.2).
- Racks replace single accelerators: AMD Helios began shipping in Q3 2026; NVIDIA Vera Rubin racks reached full production at CoreWeave, Google Cloud, Azure, OCI and Nebius (NVIDIA 8-K, 26 Aug 2026).
- Custom accelerators grow beside GPUs: Broadcom AI semiconductor revenue $16.7bn, +221%, in its Jul 2026 quarter, with $21.7bn guided for the Oct 2026 quarter; Marvell expects its custom business to accelerate from H2 FY2027 (Forms 8-K).
- Arm based host CPUs: NVIDIA Vera, Google Axion, AWS Graviton5 and Azure Cobalt 200; Arm data center royalties more than doubled in its Jun 2026 quarter (Arm 6-K).
- Supply and China: Samsung supplies HBM4 for MI455X (8-K 5 May 2026); Intel expects shortages of substrates, memory and other components into 2027 (Intel 10-Q, 29 Oct 2026); NVIDIA assumes no data center compute revenue from China in its Oct 2026 quarter outlook. Marvell agreed on 2 Nov 2026 to acquire Lumentum in an all stock deal (Marvell 8-K).
Table 2.1 Data center businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| AMD: Data Center segment revenue | Q3 2026 | $8.55bn | 96.9 | 33.7 | MI450 Series launched; first Helios racks running at Anthropic, Meta, Microsoft, OpenAI and OCI |
| NVIDIA: Data Center revenue | Jul 2026 quarter | $89.00bn | 117.0 | 66.2 | total revenue $96.22bn (106%); margin shown is company GAAP operating margin; Oct 2026 quarter outlook $108.0bn plus or minus 2% |
| Intel: DCAI revenue | Q3 2026 | $7.32bn | 77.8 | 41.5 | server ASP up 54% and units up 10%; Xeon on OCI and Crescent Island inference GPU announced |
| Broadcom: AI semiconductor revenue | Jul 2026 quarter (ended 2 Aug 2026) | $16.70bn | 221.0 | 53.9 | semiconductor solutions $20.84bn (127%); margin shown is company GAAP operating margin; Oct 2026 quarter AI guide $21.7bn |
| Marvell: Data center revenue | Jul 2026 quarter (ended 1 Aug 2026) | $2.17bn | 45.7 | not stated | 79% of revenue; Oct 2026 quarter revenue guide $3.15bn, preliminary results on 2 Nov 2026 consistent with guidance |
| Arm: Royalty revenue (incl. data center) | Jun 2026 quarter | $715.0m | 22.2 | not stated | data center royalties more than doubled; total revenue $1.29bn (22%); data center royalty value not disclosed |
NVIDIA and Broadcom margins are company GAAP operating margins; Intel margin is the DCAI segment margin. NVIDIA, Broadcom and Marvell report on fiscal quarters ending Jul or Aug 2026; their Oct 2026 quarters were not filed by 4 Nov 2026.
3 Client and Gaming: Client Growth, Console Decline and Memory Costs
- Client and Gaming revenue $3.72bn in Q3 2026, (8.1%); operating income $573m, 15.4% margin against 21.4%. Client $2.95bn, +7.2%; Gaming $773m, (40.4%).
- Client: FY2025 Client revenue $10.64bn, +50.8%; in Q2 2026 Client units rose 34% while average prices fell 6% (10-Q Q2 2026). Growth slowed from +25.8% in Q1 2026 to +7.2% in Q3 2026.
- Gaming: lower semi custom and graphics revenue (8-K Ex 99.1); Gaming revenue $773m against $1.30bn a year earlier, and FY2025 Gaming $3.91bn against $6.81bn in FY2022.
- Outlook (stated on the call): Client and Gaming down more than 20% on Q3 in Q4 2026; PC units planned down by double digits in 2027 on memory costs; AMD shares part of the higher component costs with customers.
- Commercial PCs: Ryzen PRO sales rose more than 50% in Q2 2026 (Q2 2026 call); the CEO said more than half of Fortune 100 companies deploy Ryzen commercial PCs (annual meeting).
How the PC and console market is changing
- Memory costs cut PC demand: Intel's 10-Q (29 Oct 2026) states client demand fell in Q3 2026 on higher component prices, mainly memory, and expects the trend to worsen in Q4 2026 and persist in 2027; Intel CCPG revenue (5.1%), client units (14%), prices +9%.
- Prices up, units down: HP Personal Systems revenue rose 18% in its Jul 2026 quarter while units fell 16% (HP 8-K, 26 Aug 2026).
- Arm in Windows PCs: NVIDIA and Microsoft introduced RTX Spark, a Windows PC chip (NVIDIA 8-K, 26 Aug 2026); OEMs added Snapdragon Windows on Arm PCs (Arm 6-K, 29 Jul 2026).
- Console chip sales fall: AMD Gaming revenue (40.4%) in Q3 2026 after (30.6%) in Q2 2026, on lower semi custom and graphics revenue (8-K Ex 99.1).
Table 3.1 Client, PC and gaming businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| AMD: Client and Gaming segment revenue | Q3 2026 | $3.72bn | (8.1) | 15.4 | Client $2.95bn (+7.2%); Gaming $773m ((40.4%)) |
| Intel: CCPG revenue | Q3 2026 | $8.10bn | (5.1) | 28.2 | client units (14%), ASP up 9%; $763m of period charges mainly inventory |
| NVIDIA: Edge Computing revenue (includes RTX PC and gaming) | Jul 2026 quarter | $7.20bn | 27.0 | not stated | RTX Spark Windows PC superchip with Microsoft; segment margin not disclosed |
| Qualcomm: QCT IoT revenue (includes PC chips) | Jun 2026 quarter | $1.83bn | 8.9 | 25.8 | PC revenue not reported separately; margin shown is QCT EBT margin; Sep 2026 quarter not filed by 4 Nov 2026 |
| Arm: Royalty revenue | Jun 2026 quarter | $715.0m | 22.2 | not stated | higher royalty per chip from Armv9 and CSS; PC royalties not disclosed separately |
Intel margin is the CCPG segment margin; Qualcomm margin is the QCT EBT margin and PC revenue is not reported separately. NVIDIA Edge Computing replaced its Gaming line and is not like for like.
4 Embedded: Growth Returns After the 2025 Inventory Correction
- Embedded revenue $1.11bn in Q3 2026, +29.4%; operating income $453m, 40.8% margin against 33.0%. Year on year growth of +6.1%, +18.6% and +29.4% in Q1 to Q3 2026.
- FY2025: Embedded revenue $3.45bn, (2.9%), after customer inventory reductions early in the year; FY2023 was $5.32bn, the first full year after the Xilinx acquisition.
- End markets: aerospace and defense, automotive, communications and industrial led Q3 2026 growth (8-K Ex 99.1); design wins totalled $17bn over recent years and track toward more than $18bn in 2026 (annual meeting; Q3 2026 call).
- Outlook (stated on the call): Embedded up by double digits on Q3 in Q4 2026.
- Products: Ryzen AI Embedded P100 and X100, Kria robotics platforms, and sampling of the space grade Versal AI Core XQRVC1902 for missions up to 15 years (8-K Ex 99.1 releases).
How the embedded market is changing
- Inventory correction ends: AMD Embedded revenue fell 3% in FY2025 on customer inventory reductions and grew in each 2026 quarter (Forms 8-K).
- Physical AI and robotics: NVIDIA Edge Computing revenue, covering automotive, robotics and RTX, was $7.2bn, +27%, in its Jul 2026 quarter (NVIDIA 8-K).
- Automotive grows fastest among peers: Qualcomm QCT automotive revenue $1.59bn, +61%, its 23rd consecutive quarter of double digit growth (Qualcomm 8-K, 29 Jul 2026).
- Networking and communications: Marvell communications and other revenue $567.8m, +10%; Cisco N9300 switches and 8000 routers use AMD Ryzen Embedded V3000 (AMD 8-K Ex 99.2, 5 May 2026).
Table 4.1 Embedded, automotive and edge businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| AMD: Embedded segment revenue | Q3 2026 | $1.11bn | 29.4 | 40.8 | operating income $453m, +60.1% |
| Qualcomm: QCT automotive revenue | Jun 2026 quarter | $1.59bn | 61.4 | 25.8 | QCT IoT $1.83bn (9%); margin shown is QCT EBT margin |
| NVIDIA: Edge Computing revenue | Jul 2026 quarter | $7.20bn | 27.0 | not stated | includes automotive, robotics and RTX PC; not a like for like embedded line |
| Marvell: Communications and other revenue | Jul 2026 quarter (ended 1 Aug 2026) | $567.8m | 10.1 | not stated | enterprise networking, carrier and automotive Ethernet; 21% of revenue |
| Arm: License and other revenue | Jun 2026 quarter | $574.0m | 22.6 | not stated | Arm IP spans IoT, automotive and edge devices; no embedded revenue line |
No peer reports a like for like embedded line. Qualcomm margin is the QCT EBT margin.
5 Financial Analysis & Ratios
- Operating margin 17.7% TTM against 10.7% in FY2025 and 22.2% in FY2021; Q3 2026 21.2% against 13.7%. Non GAAP operating margin 29.3% against 24.2%; the gap is mainly amortization of acquisition intangibles ($534m) and stock based compensation ($523m).
- Net income TTM $7.62bn on operating income of $8.05bn; Q3 2026 net income $2.43bn after a ($1.10bn) loss on the customer warrant liability and a $0.56bn tax benefit.
- Cash flow TTM: operating cash flow $8.83bn (continuing operations), capital expenditure $2.07bn (4.5% of revenue), free cash flow $6.76bn, a 14.9% margin. Q3 2026 operating cash flow $1.20bn includes the $1.18bn non cash warrant item.
- Balance sheet at 26 Sep 2026: cash and short term investments $15.78bn, debt $7.08bn, net cash $8.70bn; inventory $11.46bn; accounts payable $7.76bn; goodwill and acquisition intangibles $40.57bn; equity $68.39bn.
- Capital returns: no dividend; buybacks $221m TTM, all in Q1 2026, against $1.32bn in FY2025; $9.4bn of authorization left at Dec 2025. Treasury stock of $7.08bn was retired during 2026.
- Market value $790.0bn at the 3 Nov 2026 close on 1.63bn shares (29 Jul 2026 cover count); enterprise value $781.3bn.
Table 5.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Revenue | 16.4 | 23.6 | 22.7 | 25.8 | 34.6 | 45.4 |
| Gross profit | 7.9 | 10.6 | 10.5 | 12.7 | 17.2 | 24.4 |
| Research and development | 2.8 | 5.0 | 5.9 | 6.5 | 8.1 | 10.1 |
| Selling, general and administrative | 1.4 | 2.3 | 2.3 | 2.7 | 4.1 | 5.2 |
| Operating income | 3.6 | 1.3 | 0.4 | 1.9 | 3.7 | 8.1 |
| Net income | 3.2 | 1.3 | 0.9 | 1.6 | 4.3 | 7.6 |
| Diluted EPS ($) | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 | 4.60 |
| Operating cash flow | 3.5 | 3.6 | 1.7 | 3.0 | 6.5 | 8.8 |
| Capital expenditure | (0.3) | (0.5) | (0.5) | (0.6) | (1.0) | (2.1) |
| Free cash flow | 3.2 | 3.1 | 1.1 | 2.4 | 5.5 | 6.8 |
| Stock based compensation | 0.4 | 1.1 | 1.4 | 1.4 | 1.6 | 2.0 |
| Cash and investments | 3.6 | 5.9 | 5.8 | 5.1 | 10.6 | 15.8 |
| Total debt | 0.3 | 2.5 | 2.5 | 1.7 | 3.2 | 7.1 |
| Total equity | 7.5 | 54.8 | 55.9 | 57.6 | 63.0 | 68.4 |
Operating cash flow and free cash flow are from continuing operations, the company definition; FY2025 operating cash flow incl. ZT Systems manufacturing was $7.71bn. TTM equals Q4 2025 plus Q1 to Q3 2026; Q3 2026 from the earnings release; balance sheet items at 26 Sep 2026.
Table 5.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 9.25 | 13.38 | 44.7% |
| Gross profit ($bn) | 4.78 | 7.21 | 50.8% |
| Operating income ($bn) | 1.27 | 2.83 | 123.0% |
| Net income ($bn) | 1.24 | 2.43 | 95.3% |
| Diluted EPS ($) | 0.75 | 1.46 | 94.7% |
| Operating cash flow ($bn) | 1.79 | 1.20 | (32.8%) |
| Free cash flow ($bn) | 1.53 | 0.55 | (63.8%) |
| Operating margin (%) | 13.7 | 21.2 | 7.4 pts |
| Net margin (%) | 13.4 | 18.2 | 4.7 pts |
Table 5.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Growth and margins | ||||||
| Revenue growth (%) | n/a | 43.6 | (3.9) | 13.7 | 34.3 | n/a |
| Gross margin (%) | 48.2 | 44.9 | 46.1 | 49.4 | 49.5 | 53.7 |
| Operating margin (%) | 22.2 | 5.4 | 1.8 | 7.4 | 10.7 | 17.7 |
| Net margin (%) | 19.2 | 5.6 | 3.8 | 6.4 | 12.5 | 16.8 |
| FCF margin (%) | 19.6 | 13.2 | 4.9 | 9.3 | 15.9 | 14.9 |
| Cost and investment intensity | ||||||
| R&D (%) revenue | 17.3 | 21.2 | 25.9 | 25.0 | 23.4 | 22.1 |
| SBC (%) revenue | 2.3 | 4.6 | 6.1 | 5.5 | 4.7 | 4.4 |
| Capex (%) revenue | 1.8 | 1.9 | 2.4 | 2.5 | 2.8 | 4.5 |
| Effective tax rate (%) | 14.0 | (10.3) | (70.3) | 19.2 | (2.5) | 4.8 |
| Returns | ||||||
| ROE (%) | 42.2 | 4.2 | 1.5 | 2.9 | 7.2 | 11.1 |
| ROA (%) | 25.5 | 3.3 | 1.3 | 2.4 | 5.9 | 8.0 |
| ROIC (%) | 74.7 | 2.0 | 0.6 | 2.8 | 5.4 | 12.8 |
| Asset turnover (x) | 1.32 | 0.35 | 0.33 | 0.37 | 0.45 | 0.48 |
| Liquidity and leverage | ||||||
| Current ratio (x) | 2.02 | 2.36 | 2.51 | 2.62 | 2.85 | 2.72 |
| Debt to equity (x) | 0.04 | 0.05 | 0.04 | 0.03 | 0.05 | 0.10 |
| Net cash ($bn) | 3.3 | 3.4 | 3.3 | 3.4 | 7.3 | 8.7 |
| Efficiency and cash quality | ||||||
| Days sales outstanding | 60 | 64 | 87 | 88 | 67 | 74 |
| Inventory days | 84 | 106 | 130 | 160 | 165 | 199 |
| FCF to net income (x) | 1.02 | 2.36 | 1.31 | 1.47 | 1.27 | 0.89 |
| Shareholder returns (%) FCF | 55 | 119 | 88 | 36 | 24 | 3 |
ROE and ROA use average balances for fiscal years; the TTM column uses 26 Sep 2026 balances. FY2022 ratios include the Xilinx acquisition from 14 Feb 2022.
Table 5.4 Valuation snapshot at $483.90 per share, close of 3 Nov 2026 before results
| Measure | Value |
|---|---|
| Market cap ($bn) | 790.0 |
| Enterprise value ($bn) | 781.3 |
| P/E on TTM diluted EPS (x) | 105.2 |
| P/E on TTM non GAAP EPS (x) | 72.8 |
| EV/Sales (TTM) (x) | 17.2 |
| EV/Adjusted EBITDA (TTM) (x) | 58.9 |
| FCF yield (%) | 0.9 |
| Price/Book (x) | 11.6 |
Cost structure and profitability
- Cost of sales 46.1% of Q3 2026 revenue against 48.3% a year earlier and 60.2% in Q2 2025, which carried about $800m of MI308 charges. Non GAAP gross margin 56% against 54%; Q4 2026 guidance about 55% as Helios racks ramp.
- R&D $2.80bn, 21.0% of revenue against 23.1%; marketing, general and administrative $1.30bn, 9.7% against 11.6%. Revenue grew +44.7% and costs (revenue less operating income) +32.2%.
- Amortization of acquisition intangibles $534m in Q3 2026 (4.0% of revenue) against $562m; stock based compensation $523m against $419m.
- Operating income $2.83bn, up $1.56bn: Data Center operating income rose $1.81bn and Embedded $170m, while Client and Gaming fell $294m.
- Cash conversion: Q3 2026 free cash flow $554m on net income of $2.43bn; inventory rose by $3.54bn in 9M 2026 and accounts payable by $4.83bn. Capital expenditure $648m in Q3 2026 after $808m in Q2.
Table 5.5 Costs as % of revenue, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Cost of sales (% of revenue) | 48.3 | 45.7 | 47.2 | 46.2 | 46.1 |
| Research and development (% of revenue) | 23.1 | 22.7 | 23.4 | 21.9 | 21.0 |
| Marketing, general and administrative (% of revenue) | 11.6 | 11.7 | 12.2 | 12.1 | 9.7 |
| Amortization of acquisition intangibles (% of revenue) | 6.1 | 5.4 | 5.4 | 4.7 | 4.0 |
| Stock based compensation (% of revenue) | 4.5 | 4.7 | 4.7 | 4.4 | 3.9 |
| Operating income (% of revenue) | 13.7 | 17.1 | 14.4 | 17.3 | 21.2 |
| Capital expenditure (% of revenue) | 2.8 | 2.2 | 3.8 | 7.0 | 4.8 |
| Non GAAP gross margin (%) | 54 | 57 | 55 | 56 | 56 |
| Non GAAP operating margin (%) | 24.2 | 27.8 | 24.8 | 26.8 | 29.3 |
Cost of sales is revenue less gross profit and includes the amortization of acquisition intangibles charged to cost of sales. Stock based compensation is spread across cost and expense lines.
Table 5.6 Operating income to net income ($bn)
| Line | Q3 2025 | Q3 2026 | 9M 2026 |
|---|---|---|---|
| Operating income | 1.27 | 2.83 | 6.30 |
| Interest expense | (0.04) | (0.06) | (0.14) |
| Other income (expense), net | 0.08 | (0.90) | (0.14) |
| of which customer warrant fair value loss | 0.00 | (1.10) | (1.10) |
| Income taxes (expense) benefit | (0.15) | 0.56 | 0.07 |
| Net income | 1.24 | 2.43 | 6.11 |
Q3 2026 from the earnings release; tax is a benefit in Q3 2026.
Table 5.7 GAAP and non GAAP results, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| GAAP operating income ($bn) | 1.27 | 1.75 | 1.48 | 1.99 | 2.83 |
| Non GAAP operating income ($bn) | 2.24 | 2.85 | 2.54 | 3.09 | 3.92 |
| GAAP diluted EPS ($) | 0.75 | 0.92 | 0.84 | 1.38 | 1.46 |
| Non GAAP diluted EPS ($) | 1.20 | 1.53 | 1.37 | 1.66 | 2.09 |
| Adjusted EBITDA ($bn) | 2.43 | 3.05 | 2.75 | 3.32 | 4.16 |
| Free cash flow ($bn) | 1.53 | 2.08 | 2.57 | 1.56 | 0.55 |
Non GAAP figures are company measures from the earnings releases.
6 MD&A & Management Commentary
Q3 2026 earnings release and earnings call
- Q3 2026 (8-K Ex 99.1, 3 Nov 2026): revenue $13.38bn, +44.7% and +16.0% on Q2, against guidance of $13.0bn plus or minus $0.3bn; GAAP gross margin 53.9%, non GAAP 56%; EPS $1.46 GAAP and $2.09 non GAAP against $1.20, +74.2%.
- Segments: Data Center $8.55bn, +96.9%, operating income $2.88bn; Client $2.95bn, +7.2%; Gaming $773m, (40.4%); Client and Gaming operating income $573m; Embedded $1.11bn, +29.4%, operating income $453m.
- Costs: R&D $2.80bn, +31.0%; marketing, general and administrative $1.30bn, +21.4%; GAAP operating income $2.83bn, non GAAP $3.92bn, +75.3%.
- Below operating income: other expense ($0.90bn), incl. the ($1.10bn) change in fair value of the customer warrant liability; tax benefit $0.56bn on pretax income of $1.87bn.
- Stated on the Q3 2026 call (3 Nov 2026): server revenue more than doubled in both cloud and enterprise; 6th Gen EPYC Venice revenue shipments began, with more than 240 Venice platforms committed, 20% more than Turin; demand exceeds supply and AMD shares part of the higher component costs with customers.
- Q2 2026 call (4 Aug 2026): cloud and enterprise server sales each grew more than 70%; Helios shipments start in Q3 2026 and step up in Q4 2026 and Q1 2027; revenue per gigawatt described as double digit billions of dollars; Client units +34% with prices (6%); softer PC market expected in H2 2026 on memory costs.
Table 6.1 Outlook as filed or stated on the calls, incl. every 2026 revision
| Item | Outlook | Source |
|---|---|---|
| Q4 2026 revenue | about $17bn, plus or minus 3%: +65.5% year on year and +27.1% on Q3 2026 | 8-K 3 Nov 2026, Ex 99.1 |
| Q4 2026 margin, expenses, tax and shares | non GAAP gross margin about 55%; non GAAP operating expenses about $3.75bn; non GAAP tax rate 13%; diluted shares about 1.67bn incl. the Taalas and World Labs shares; customer warrants not expected to change the Q4 share count | 8-K 3 Nov 2026, Ex 99.2; Q3 2026 call |
| Q4 2026 segments | Data Center up about 50% on Q3, with Data Center AI revenue above server CPU revenue for the first time; Client and Gaming down more than 20% on Q3; Embedded up by double digits on Q3 | Q3 2026 call (CFO) |
| FY2026 revenue implied | $52.17bn (9M actual $35.17bn plus the Q4 midpoint), +50.6% against FY2025 $34.64bn | computed from 8-K Ex 99.1 |
| FY2027 outlook | Data Center above 80% of revenue; server revenue about double; Data Center AI revenue more than 2x; operating expense growth below half of revenue growth; PC units planned down by double digits | Q3 2026 call (CEO and CFO) |
| Server revenue growth | Aug 2026: above 80% in H2 2026 and above 70% in 2027; Nov 2026: 2027 server revenue about double | Q2 and Q3 2026 calls |
| Data Center segment, 2027 | Aug 2026: expected to more than double in 2027; Nov 2026: Data Center above 80% of total revenue | Q2 and Q3 2026 calls |
| Quarterly revenue guidance against results | Q4 2025: $9.6bn, actual $10.27bn; Q1 2026: $9.8bn incl. about $100m of MI308 sales to China, actual $10.25bn; Q2 2026: $11.2bn, actual $11.54bn; Q3 2026: $13.0bn, actual $13.38bn (each plus or minus $0.3bn) | 8-K Ex 99.1 releases |
| Quarterly non GAAP gross margin and operating expense guidance | Q1 2026: about 55% and $3.05bn; Q2 2026: about 56% and $3.3bn; Q3 2026: about 56% and $3.65bn; Q4 2026: about 55% and $3.75bn | 8-K Ex 99.1 and Ex 99.2 |
| Long term targets | Financial Analyst Day targets restated at the 13 May 2026 meeting: revenue CAGR above 35%, operating margin above 35%, EPS above $20; on the Q2 2026 call management said it expects to exceed the EPS target and the growth target | annual meeting remarks; Q2 2026 call |
| Market size (management estimate) | data center AI accelerators about $1.4tn by 2030, growing more than 45% a year; server CPUs about $220bn by 2030 | Q2 2026 call |
Management and CFO commentary
- CFO Jean Hu, 8-K Ex 99.1 and 99.2 of 3 Nov 2026: revenue +44.7%; non GAAP EPS +74.2%; non GAAP operating margin about 29% against 24%; free cash flow $554m against $1.53bn as inventories rose 35% in the quarter; GAAP results include the $1.10bn warrant fair value increase.
- CFO, Q3 2026 call: fair value adjustments on the customer warrants are expected to grow as milestones progress and do not affect non GAAP results or free cash flow; operating expense growth in 2027 below half of revenue growth.
- CFO, Q2 2026 (4 Aug 2026): Data Center 58% of revenue with a 31% margin; EPYC sales grew more than 70% and Instinct sales more than doubled; inventory about $8.5bn; server CPU growth adds to margin while the MI450 ramp weighs on mix (stated on the call).
- CFO, Q1 2026 (5 May 2026): free cash flow $2.57bn, a 25% margin; non GAAP gross margin up 170 basis points on Data Center mix.
- CFO, Q4 2025 (3 Feb 2026) and Meta release (24 Feb 2026): FY2025 included about $440m of net MI308 charges; the Meta agreement is expected to add to non GAAP EPS.
- CEO Lisa Su, 8-K Ex 99.1 of 3 Nov 2026: revenue above the top of guidance as Data Center nearly doubled; growth expected to accelerate in Q4 as Helios and Venice production scales; agreements to acquire World Labs and Taalas.
- CEO, Q2 2026 call: Data Center segment expected to more than double in 2027; Embedded design wins tracking above $18bn in 2026.
Table 6.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Lisa Su, Chair and CEO | 3 Nov 2026, 8-K Ex 99.1 | “We delivered a record quarter with revenue exceeding the high end of our guidance” |
| Lisa Su, Chair and CEO | 5 May 2026, 8-K Ex 99.1 | “with Data Center now the primary driver of our revenue and earnings growth” |
| Mark Zuckerberg, Meta founder and CEO | 24 Feb 2026, 8-K Ex 99.1 | “This is an important step for Meta as we diversify our compute.” |
Table 6.3 Key disclosures in the Forms 10-K and 10-Q
| Item | Disclosure |
|---|---|
| 8-K Ex 99.1 Q3 2026, warrants | ($1.10bn) loss on the change in fair value of customer warrant liability in other expense; $1.18bn non cash warrant item in operating cash flow; excluded from non GAAP results and free cash flow. |
| 10-Q Q2 2026, warrants | No OpenAI or Meta warrant tranche had vested at 27 Jun 2026 and the warrants had no effect on results to that date. |
| 10-Q Q2 2026, commitments | Purchase commitments about $30.3bn ($17.4bn for the rest of 2026) against $12.17bn at Dec 2025; after quarter end, investment commitments up to $5.0bn through FY2028 and data center leases of $9.5bn over up to 16 years from 2027 and 2028. |
| 10-Q Q2 2026, liquidity | $5.0bn revolver to 2031 and $5.5bn commercial paper program, both undrawn; leases not yet commenced $4.5bn; data center lease guarantees up to $4.1bn. |
| 10-Q Q2 2026, MD&A | Client revenue +23% on 34% higher units and 6% lower prices; Gaming (31%) on semi custom; R&D +33% on headcount for AI; other income $598m from unrealized gains on equity investments that listed publicly. |
| 10-K FY2025, export controls | Licenses needed for certain Instinct GPUs and Versal FPGAs to China and customers headquartered in restricted countries; about $440m of net MI308 charges in FY2025. |
| 10-K FY2025, ZT Systems | Bought 31 Mar 2025 for $4.4bn (cash $3.19bn, 8.3m shares worth $860m, contingent consideration settled for $482m); manufacturing sold 27 Oct 2025 for about $2.4bn. |
| 10-K FY2025, debt | Principal $3.25bn at Dec 2025; the $875m 2026 notes were repaid in Q3 2026 and $4.75bn of new notes issued, taking debt to $7.08bn. |
| 10-K FY2025, intangibles | Goodwill $25.13bn and acquisition intangibles $16.71bn at Dec 2025, mainly Xilinx; expected amortization $2.15bn in 2026, $2.04bn in 2027 and $1.92bn in 2028. |
| 10-K FY2025, tax | FY2025 tax benefit $103m on pretax income of $4.14bn, incl. an $853m release of uncertain tax positions in Q2 2025. |
7 Peer Valuation & Sector Summary
- Sector: semiconductors for data center accelerators, server and PC CPUs, consoles, FPGAs and embedded chips. AMD TTM revenue $45.4bn against NVIDIA $303.0bn (TTM Jul 2026), Broadcom $89.1bn, Intel $59.9bn, Qualcomm $44.1bn and Texas Instruments $20.8bn.
- Growth (latest quarter): NVDA 105.9%, AVGO 85.5%, AMD 44.7%, TXN 27.7%, INTC 20.9%, QCOM (4.0%).
- Operating margin TTM: NVDA 65.2%, AVGO 48.0%, TXN 40.8%, QCOM 23.2%, AMD 17.7%, INTC 2.9%; AMD non GAAP 27.3%.
- Valuation: AMD 17.2x EV/Sales and 105.2x TTM GAAP EPS (72.8x non GAAP) against NVDA 16.4x and 25.8x, AVGO 18.6x and 42.4x, TXN 13.7x and 40.0x, QCOM 4.1x and 18.6x.
Table 7.1 Peer comparison, latest reported trailing twelve months
| Company | Revenue TTM ($bn) | Revenue growth (%) | Gross margin (%) | Operating margin (%) | Net margin (%) | FCF margin (%) | ROE (%) | Net cash ($bn) | Market value ($bn) | EV/Sales (x) | P/E TTM (x) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMD | 45.4 | 44.7 | 53.7 | 17.7 | 16.8 | 14.9 | 11.6 | 8.7 | 790 | 17.2 | 105.2 |
| NVDA | 303.0 | 105.9 | 74.7 | 65.2 | 63.7 | n/a | n/a | 23.2 | 4,981 | 16.4 | 25.8 |
| AVGO | 89.1 | 85.5 | 68.8 | 48.0 | 42.9 | 44.2 | 42.3 | (35.4) | 1,623 | 18.6 | 42.4 |
| INTC | 59.9 | 20.9 | 39.9 | 2.9 | (20.1) | 2.7 | (10.9) | 3.9 | 322 | 5.3 | n/a |
| QCOM | 44.1 | (4.0) | 54.2 | 23.2 | 21.0 | n/a | 33.7 | (7.0) | 173 | 4.1 | 18.6 |
| TXN | 20.8 | 27.7 | 60.2 | 40.8 | 34.3 | n/a | n/a | n/a | 286 | 13.7 | 40.0 |
AMD TTM to 26 Sep 2026, growth Q3 2026; NVDA TTM to 26 Jul 2026; AVGO TTM to 2 Aug 2026; INTC TTM to 26 Sep 2026; QCOM TTM to 28 Jun 2026; TXN TTM to 30 Sep 2026. AVGO market value uses diluted weighted shares; TXN EV/Sales uses market value. INTC P/E not shown as TTM diluted EPS is negative. AMD ROE uses average Dec 2025 and Sep 2026 equity. QCOM net income includes a $4.1bn tax benefit. Prices are closes of 3 Nov 2026.
8 Material Events & Contracts
- 14 Forms 8-K in twelve months: five earnings releases, the Meta GPU agreement and warrant, the $5.0bn revolver with the annual meeting results, the $4.75bn notes, the World Labs merger agreement, two board notices and three executive appointment or pay notices.
- Equity as a sales and deal currency: OpenAI (Oct 2025) and Meta (Feb 2026) warrants for up to 320m shares at $0.01; World Labs for about $8.2bn in AMD shares, about 16.9m shares at $483.90; ZT Systems paid partly in 8.3m shares in 2025.
- Debt: $4.75bn of notes in four tranches (Aug 2026) after $1.5bn in Mar 2025; the $875m 4.212% 2026 notes repaid in Q3 2026.
Table 8.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 4 Nov 2025 | 2.02, 7.01, 9.01 | Q3 2025 results (Ex 99.1, 99.2): revenue $9.25bn, +36%; EPS $0.75 GAAP, $1.20 non GAAP; no MI308 revenue to China; Q4 2025 guidance $9.6bn. |
| 15 Dec 2025 | 5.02, 9.01 | Emily Ellis appointed Chief Accounting Officer from 15 Dec 2025 (Ex 10.1 offer letter: salary $425,000, $3m RSU award). |
| 20 Jan 2026 | 5.02, 9.01 | KC McClure, Accenture CFO from 2019 to 2024, appointed director; board grows from eight to nine (Ex 99.1). |
| 3 Feb 2026 | 2.02, 7.01, 9.01 | Q4 2025 results (Ex 99.1, 99.2): revenue $10.27bn, +34%; FY2025 revenue $34.64bn, EPS $2.65; about $390m of MI308 revenue to China and a $360m reserve release in Q4; Q1 2026 guidance $9.8bn. |
| 17 Feb 2026 | 5.02 | FY2025 bonuses; CEO Value Creation Award for Lisa Su of $75m target in performance RSUs with stock price hurdles up to $600, performance period to 15 Mar 2031. |
| 24 Feb 2026 | 1.01, 3.02, 7.01, 9.01 | Meta agreement for up to 6 GW of Instinct GPUs (Ex 99.1); warrant for up to 160m shares at $0.01 vesting on GPU purchases and stock price thresholds up to $600 (Ex 4.1); registration rights (Ex 10.1). |
| 5 May 2026 | 2.02, 7.01, 9.01 | Q1 2026 results (Ex 99.1, 99.2): revenue $10.25bn, +38%; Data Center $5.78bn, +57%; free cash flow $2.57bn; Q2 2026 guidance $11.2bn. |
| 15 May 2026 | 1.01, 1.02, 2.03, 5.02, 5.07, 9.01 | $5.0bn five year revolving credit facility with no financial covenants replaces the $3bn 2022 facility (Ex 10.1); 13 May 2026 annual meeting results; equity plan raised by 65m shares. |
| 1 Jul 2026 | 5.02 | Executive pay from 1 Jul 2026: Lisa Su salary $1.375m and a $36m long term award; awards for Jean Hu, Mark Papermaster, Forrest Norrod and Darren Grasby. |
| 4 Aug 2026 | 2.02, 7.01, 9.01 | Q2 2026 results (Ex 99.1, 99.2): revenue $11.54bn, +50%; Data Center $6.72bn, +107%; Anthropic agreement for up to 2 GW of MI450 GPUs; Q3 2026 guidance $13.0bn. |
| 17 Aug 2026 | 1.01, 2.03, 9.01 | $4.75bn senior notes due 2029 to 2036 closed (Ex 1.1 underwriting agreement, Ex 4.1 supplemental indenture, Ex 5.1 legal opinion). |
| 19 Aug 2026 | 5.02, 9.01 | Director Joseph Householder retires; Tim Ryan appointed independent director; KC McClure chairs the Audit and Finance Committee (Ex 99.1). |
| 28 Sep 2026 | 3.02 | Merger agreement of 26 Sep 2026 to acquire World Labs Technologies for about $8.2bn in AMD shares, priced on a 10 day volume weighted average before closing. |
| 3 Nov 2026 | 2.02, 7.01, 9.01 | Q3 2026 results (Ex 99.1, 99.2): revenue $13.38bn, +44.7%; Data Center $8.55bn, +96.9%; EPS $1.46 GAAP after a $1.10bn warrant fair value loss, $2.09 non GAAP; Q4 2026 guidance about $17bn; agreement to acquire Taalas. |
Table 8.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| OpenAI agreement and warrant (8-K 6 Oct 2025) | Up to 6 GW of AMD GPUs, first 1 GW of MI450 from H2 2026; warrant for up to 160m shares at $0.01, vesting from 1 GW to 6 GW of purchases and on stock price targets up to $600; expires 5 Oct 2030. |
| Meta agreement and warrant (8-K 24 Feb 2026, Ex 4.1, 10.1) | Up to 6 GW of Instinct GPUs; first 1 GW, a custom MI450 with EPYC Venice on Helios, binding under an amended 2023 Master Purchase Agreement; warrant for up to 160m shares at $0.01 to 23 Feb 2031; demand, piggyback and block trade registration rights. |
| Anthropic agreement (8-K 4 Aug 2026, Ex 99.1) | Up to 2 GW of MI450 series GPUs in Helios racks; first GW from H1 2027 (Q2 2026 call). |
| Senior notes (Ex 1.1, 4.1, 17 Aug 2026) | $1.25bn 4.600% 2029, $1.50bn 5.000% 2031, $1.00bn 5.250% 2033, $1.00bn 5.500% 2036, sold at 99.757% to 99.921%; unsecured; 101% repurchase on a change of control; Barclays, BofA, Citigroup, J.P. Morgan, Morgan Stanley and Wells Fargo as representatives. |
| Revolving credit agreement (Ex 10.1, 15 May 2026) | $5.0bn, five years, JPMorgan Chase as agent; SOFR plus 0.50% to 0.80%; commitment fee 0.03% to 0.05%; no financial covenants; undrawn. $5.5bn commercial paper program, undrawn. |
| World Labs merger agreement (8-K 28 Sep 2026) | About $8.2bn payable in AMD shares priced on the 10 day volume weighted average before closing; expected to close in Q4 2026. |
| Guarantees and leases | Data center lease guarantee for a commercial partner up to $4.1bn over 15 years; data center leases of $9.5bn over up to 16 years and investment commitments up to $5.0bn through FY2028 (10-Q Q2 2026). |
| CEO Value Creation Award (8-K 17 Feb 2026) | $75m target in performance RSUs for Lisa Su, 0% to 200%, on four stock price hurdles up to $600, performance period to 15 Mar 2031. |
9 Ownership, Voting Power & Annual Meeting
- One class of common stock, one vote per share, no controlling holder. Vanguard held 8.8% and BlackRock 7.7% at 19 Mar 2026 (proxy statement); directors and executive officers held under 1%.
- Potential new holders: OpenAI and Meta warrants for up to 320m shares together, 19.6% of shares outstanding, vest on GPU purchase milestones and stock price thresholds up to $600; none had vested at 27 Jun 2026.
- 2026 annual meeting (13 May 2026): 1.27bn shares represented, 77.89% of the 1.63bn shares outstanding at the 19 Mar 2026 record date; eight directors elected, Lisa Su with 93.3% and Abhi Talwalkar with 91.7% of votes for and against; say on pay 92.6%; equity plan increase of 65m shares approved; special meeting stockholder proposal rejected at 37.5%.
- Insiders, 12 months: no open market purchases; open market sales of about $378m in 221 transactions by seven insiders, incl. about $239m by Lisa Su under trading plans at $197 to $516 per share. Monthly sales peaked at $78.5m in May 2026 and $65.3m in Jun 2026.
Table 9.1 Annual meeting vote results, 13 May 2026
| Proposal | For (bn votes) | Against (bn votes) | Abstain (bn votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Nora M. Denzel | 0.948 | 0.054 | 0.002 | 94.6 | Elected |
| Elect Michael P. Gregoire | 0.981 | 0.020 | 0.002 | 98.0 | Elected |
| Elect Joseph A. Householder | 0.981 | 0.021 | 0.002 | 97.9 | Elected |
| Elect John W. Marren | 0.997 | 0.004 | 0.002 | 99.6 | Elected |
| Elect KC McClure | 0.999 | 0.002 | 0.002 | 99.8 | Elected |
| Elect Lisa T. Su | 0.930 | 0.067 | 0.006 | 93.3 | Elected |
| Elect Abhi Y. Talwalkar | 0.918 | 0.083 | 0.002 | 91.7 | Elected |
| Elect Elizabeth W. Vanderslice | 0.998 | 0.004 | 0.002 | 99.6 | Elected |
| Ratify Ernst & Young LLP for FY2026 | 1.182 | 0.085 | 0.002 | 93.3 | Ratified |
| Say on pay (advisory) | 0.924 | 0.073 | 0.006 | 92.6 | Approved |
| Amend and restate 2023 Equity Incentive Plan (65m more shares, to 153m) | 0.971 | 0.029 | 0.004 | 97.1 | Approved |
| Stockholder: lower special meeting threshold and remove holding requirement | 0.375 | 0.624 | 0.004 | 37.5 | Rejected |
Broker non votes 266.5m on each item except the auditor ratification.
2026 annual meeting
- Meeting of 13 May 2026; results in the Form 8-K Item 5.07 of 15 May 2026. Director Jon A. Olson was not renominated and retired from the board at the meeting (proxy statement); Joseph Householder retired on 19 Aug 2026 and Tim Ryan joined the board.
- CEO remarks: FY2025 revenue $34.6bn and EPS $2.65; server CPU revenue share above 40% at the end of 2025; Helios rack launching in 2026; Financial Analyst Day targets restated (revenue CAGR above 35%, operating margin above 35%, EPS above $20).
Table 9.2 Large holders and potential holders
| Holder | Shares (m) | % of shares | Source |
|---|---|---|---|
| The Vanguard Group | 142.4 | 8.8 | Proxy statement, 19 Mar 2026 |
| BlackRock | 124.9 | 7.7 | Proxy statement, 19 Mar 2026 |
| Directors and executive officers (16 persons) | 8.1 | under 1 | Proxy statement; Lisa Su 4.3m incl. 0.4m options |
| OpenAI (warrant, unvested at 27 Jun 2026) | up to 160.0 | 9.8 | 8-K 6 Oct 2025; expires 5 Oct 2030 |
| Meta Platforms (warrant, unvested at 27 Jun 2026) | up to 160.0 | 9.8 | 8-K 24 Feb 2026, Ex 4.1; expires 23 Feb 2031 |
Warrant percentages use 1.63bn shares outstanding at 29 Jul 2026. 13F holdings and Schedule 13G history were not read.
Table 9.3 Insider sales, last twelve months
| Insider | Transactions |
|---|---|
| Lisa Su, Chair and CEO | 695,000 shares sold for about $239.2m, Dec 2025 to Sep 2026, under trading plans; 304,577 shares gifted |
| Mark Papermaster, CTO | 142,044 shares sold for about $51.8m; 854,326 shares gifted |
| Forrest Norrod, EVP | 110,171 shares sold for about $43.0m |
| Darren Grasby, EVP | 56,876 shares sold for about $22.3m |
| Jean Hu, CFO | 49,462 shares sold for about $14.2m |
| Ava Hahn, General Counsel | 5,864 shares sold for about $2.2m |
| Nora Denzel, director | 10,447 shares sold for about $5.5m |
Forms 4 filed 14 Nov 2025 to 15 Oct 2026; other filings report option exercises, tax withholding and gifts. No open market purchases.
10 Risk Factors
- FY2025 Form 10-K: 42 risk factors and 18,968 words against 44 and 18,015 in FY2024: 1 added, 3 removed and 10 materially reworded.
- Quarterly reports: AMD restates the full Item 1A in each Form 10-Q; the Q2 2026 10-Q reached 20,063 words and adds the memory shortage and Helios rack supply. The Q3 2026 Form 10-Q was not filed by 4 Nov 2026.
Table 10.1 Main risks named in the filings, with filed figures
| Risk | Disclosure and change |
|---|---|
| Customer warrants and dilution | OpenAI and Meta hold warrants for up to 320m shares at $0.01 (19.6% of 1.63bn shares outstanding), vesting on GPU purchases up to 6 GW each and stock price thresholds up to $600. Q3 2026 GAAP results include a ($1.10bn) fair value loss; the CFO expects the adjustments to grow as milestones progress. |
| Export controls and China | China incl. Hong Kong was $7.75bn, 22.4% of FY2025 revenue by billing location. MI308 rules cost about $800m in Q2 2025 and about $440m net in FY2025; the export control factor grew from 1,004 to 2,084 words in the FY2025 10-K and to 2,483 words in the Q2 2026 10-Q. |
| Supply of memory, wafers and packaging | Inventory $11.46bn at 26 Sep 2026 against $7.92bn at Dec 2025; purchase commitments about $30.3bn at Jun 2026 against $12.17bn at Dec 2025. The Q2 2026 10-Q adds the industry wide memory shortage and rack level components for Helios. |
| Guarantees and commitments for customer buildouts | New FY2025 factor. Data center lease guarantee for a commercial partner up to $4.1bn over 15 years; after 27 Jun 2026, investment commitments up to $5.0bn through FY2028 and data center leases with $9.5bn of payments over up to 16 years (10-Q Q2 2026). |
| Competition | Standalone Intel and NVIDIA factors folded into one competition factor that now names Arm based architectures and customers building their own AI chips (10-K FY2025). |
| Customer concentration and demand | GPU agreements are concentrated in OpenAI, Meta and Anthropic; the FY2025 10-K adds customers' access to data center capacity, energy and capital, and requests for vendor financing or deferred payment. |
| PC and console demand | Gaming revenue (40.4%) in Q3 2026; management plans PC units down by double digits in 2027 on memory costs (Q3 2026 call). |
| Acquisitions and intangibles | Goodwill $25.47bn and acquisition intangibles $15.10bn at 26 Sep 2026, mainly Xilinx; World Labs (about $8.2bn in shares) and Taalas expected to close in Q4 2026. |
How risk factors changed
- Comparison: 10-K FY2025 filed 3 Feb 2026 acc 0000002488-26-000018 against 10-K FY2024 filed 5 Feb 2025 acc 0000002488-25-000012.
- China is named 30 times in the FY2025 risk factors against 14 a year earlier, and tariff 12 times against 5, with the export control factor growing from 1,004 to 2,084 words and to 2,483 words by the Q2 2026 10-Q.
- Named competitor factors for Intel and Nvidia were folded into one competition factor that now also names Arm based architectures and customers' own AI chips.
- New text links demand to customers' ability to secure data center capacity, energy and capital, and a new factor covers AMD guarantees, leases and capacity commitments that support customer buildouts.
- Total risk factor length rose from 18,015 words (44 factors) in FY2024 to 18,968 words (42 factors) in FY2025 and 20,063 words in the Q2 2026 10-Q.
- AI is named 57 times across 10 factors in FY2025 against 58 times across 11 factors in FY2024.
Table 10.2 Size of the risk factor section
| Measure | 10-K FY2024 | 10-K FY2025 |
|---|---|---|
| Risk factors (count) | 44 | 42 |
| Words in Item 1A | 18,015 | 18,968 |
Table 10.3 Risk factors added, removed and materially reworded
| Change | Risk factor | What changed |
|---|---|---|
| Added | Obligations under guarantees and commercial commitments | New factor on long term capacity purchase agreements, financial guarantees and leases that support customers' or partners' infrastructure buildout, exposing AMD to counterparty financing, project delay and insolvency risk. |
| Removed | Intel dominance of the microprocessor market | Standalone Intel factor dropped; its text on Intel's market position, aggressive pricing and customer incentives now sits inside the general competition factor. |
| Removed | Nvidia dominance of the GPU market | Standalone Nvidia factor on its Data Center GPU share and proprietary software ecosystem dropped; competition from Nvidia is now covered in the general competition factor. |
| Removed | Completing the ZT Systems acquisition | Removed after the ZT Systems acquisition closed in 2025 and its manufacturing business was sold to Sanmina. |
| Reworded | Competitive and rapidly evolving markets | Rewritten to absorb the Intel and Nvidia factors and add Arm based architectures in consumer, commercial and data center markets and customers developing their own chips for AI workloads; body cut from 612 to 499 words. |
| Reworded | Demand depends on end market conditions | Adds AI customers' access to data center capacity and energy, construction delays in data center buildouts, and customers lacking capital who ask vendors for financing or deferred payment; drops the 2024 Embedded inventory example. |
| Reworded | Ordering and shipment uncertainties | Adds longer manufacturing lead times and the April 2025 US license rule on MI308 exports to China, which led to about $800m of inventory and related charges in Q2 2025, and notes some licenses were later granted. |
| Reworded | Gray market sales | Expanded from 202 to 290 words to cover a multi tier distribution network, misuse of pricing programs and diversion into restricted markets, reexports or prohibited end users despite screening and audits. |
| Reworded | Climate change | Heading drops 'long term'; text shifts from physical climate events to customers' multi year process to secure energy, water and power capacity, which could reduce their purchases from AMD. |
| Reworded | Export controls, tariffs and trade measures | Body doubled from 1,004 to 2,084 words: adds the Jan 2025 AI Diffusion Rule and its planned rescission in May 2025, the Apr 2025 MI308 license requirement ($800m Q2 2025 charges, about $360m later released), the Aug 2025 US expectation of 15% of licensed MI308 China revenue, and higher US import tariffs. |
| Reworded | Deferred tax assets | Body cut from 189 to 115 words, removing the text on Section 382 and 383 and dual consolidated loss limits on net operating losses. |
| Reworded | Potential tax liabilities | Adds the Jan 2026 OECD side by side package exempting US based groups from parts of the Pillar Two global minimum tax, described as generally favorable but not yet enacted by each country. |
| Reworded | Impairment of tangible and intangible assets | Removes the named Xilinx, Pensando and Silo AI acquisitions and the reference to a stock price decline after the annual goodwill test; body cut from 322 to 261 words. |
| Reworded | Attracting and retaining key employees | Heading changes from 'qualified personnel' to 'key employees'; adds US immigration law and controls as a risk to hiring and retaining technical staff. |
Table 10.4 Risk factor updates in quarterly reports since the annual filing
| Filing | Change disclosed |
|---|---|
| 10-Q Q1 2026 filed 5 May 2026 | Full restatement, 42 factors and 19,635 words, with 9 factors edited: Feb 2026 US licenses to ship MI325 to some China customers, with shipments inspected in the US and subject to a 25% tariff on import; FY2025 net MI308 charges of about $440m; supply of third party rack level components for rack scale systems added to two supply factors; guarantee factor extended to leases and committed cloud capacity; trade secret theft by former staff added. |
| 10-Q Q2 2026 filed 4 Aug 2026 | Full restatement, 42 factors and 20,063 words: export control factor retitled to include national security based regulations and adds the Treasury Outbound Investment Security Program and the Commerce OICTS supply chain reviews; adds the industry wide memory shortage raising data center buildout costs and public and regulatory pushback on data centers; notes AMD licenses Helios but does not make or sell completed racks, which start shipping in 2H 2026; records the replaced $3.0bn revolver and removal of the interest coverage covenant; adds contingent worker risk. |
| 10-Q Q3 2026 | Not filed by 4 Nov 2026; the Q3 2026 earnings slides (8-K 3 Nov 2026) add stock price effects on the fair value of customer warrants and memory supply to the cautionary factors. |
11 Stock Price, Scenarios & Sensitivity
- AMD closed at $483.90 on 3 Nov 2026, the close before the Q3 2026 results release, 26.5% below the 52 week high of $658.52 (Oct 2026) and above the 52 week low of $188.22 (Mar 2026); +126.0% in 2026 to date and +88.9% over one year. After hours trading on 3 Nov 2026 ended at about $508.20.
- Valuation: 105.2x TTM diluted EPS of $4.60 and 72.8x TTM non GAAP EPS of $6.65; 17.2x EV/Sales; free cash flow yield 0.86%; no dividend.
- Reference prices: customer warrants at $0.01 with the final tranches tied to a $600 share price; CEO award hurdles up to $600; World Labs shares priced on a 10 day average before closing.
- Scenario model: revenue grows for three years from the FY2026 implied $52.17bn (9M actual plus the Q4 midpoint) to FY2029; operating margin as stated; 13% tax rate (non GAAP planning rate); 1.67bn base shares (Q4 2026 guidance incl. World Labs and Taalas) plus warrant shares: all 320m in the best case, half in the base case, none in the worst case; no warrant fair value charges; price equals FY2029 EPS times exit P/E.
Critical factors and core assumptions
Table 11.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Data Center AI GPU ramp (MI450 and Helios) | Data Center $8.55bn in Q3 2026, +96.9% | Data Center AI revenue more than 2x in 2027; OpenAI, Meta and Anthropic deployments on schedule | Q3 2026 call; OpenAI and Meta agreements of up to 6 GW each; Anthropic up to 2 GW |
| Server CPUs | Server revenue more than doubled in Q3 2026 (stated on the call) | Server revenue about double in 2027 with Venice | Q3 2026 call; more than 240 Venice platforms committed |
| Gross margin | Non GAAP 56% in Q3 2026; Q4 guidance about 55% | 55% to 58% while rack scale systems ramp | 8-K Ex 99.1; NVIDIA GAAP gross margin 74.7% TTM |
| Supply of memory, wafers and packaging | Inventory $11.46bn; purchase commitments about $30.3bn at Jun 2026 | Supply for 2027 volumes without margin loss | 10-Q Q2 2026; Q3 2026 call |
| Warrant dilution | Up to 320m warrant shares (19.6%); Q3 2026 fair value loss ($1.10bn) | Revenue per share grows faster than vested warrant shares | 8-K 6 Oct 2025 and 24 Feb 2026; 8-K Ex 99.1 3 Nov 2026 |
| Export controls and China | China incl. Hong Kong 22.4% of FY2025 revenue; $440m net MI308 charges in FY2025 | No further limits on CPU or GPU sales | 10-K FY2025 Item 1A and segment note |
- Revenue base FY2026 implied $52.17bn, +50.6%; TTM Q3 2026 revenue $45.44bn, GAAP operating margin 17.7%, non GAAP operating margin 27.3%.
- Best case: 50% revenue CAGR (FY2029 $176.1bn), 38% operating margin, 35x P/E; FY2027 growth near 80%, several GW deployed at each GPU customer, operating expense growth below half of revenue growth and lower amortization; all 320m warrant shares issued.
- Base case: 35% CAGR (FY2029 $128.3bn), 31% margin, 28x P/E; FY2027 growth near 70% then about 20% a year; Data Center above 80% of revenue; non GAAP gross margin near 55%; half the warrant shares issued.
- Worst case: 15% CAGR (FY2029 $79.3bn), 20% margin, 18x P/E; GPU deployments slip as AI capital spending slows, memory and packaging limit supply, price pressure from NVIDIA and custom accelerators, PC and console declines and added export limits; no warrant shares issued.
- Tax rate 13% (non GAAP planning rate); amortization of acquisition intangibles falls from $2.15bn in 2026 to $1.92bn in 2028 (10-K schedule); net interest is not deducted.
Scenarios, three years forward
Table 11.2 Scenario analysis, FY2026 guided to FY2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | 15.0 | 35.0 | 50.0 |
| Revenue, FY2029 ($bn) | 79.3 | 128.3 | 176.1 |
| Operating margin, FY2029 (%) | 20.0 | 31.0 | 38.0 |
| Net income, FY2029 ($bn) | 13.8 | 34.6 | 58.2 |
| EPS, FY2029 ($) | 8.27 | 18.91 | 29.24 |
| Exit P/E (x) | 18.0 | 28.0 | 35.0 |
| Implied price ($) | 149 | 530 | 1,023 |
| Change against $483.90 (%) | (69) | 9 | 111 |
| Implied annual return (%) | (32.5) | 3.1 | 28.4 |
Share count: 1.67bn base shares plus 19.2% in the best case and 9.6% in the base case for warrant shares. AMD pays no dividend. Sensitivity tables use the base case share count.
Sensitivity analysis
Table 11.3 Sensitivity of implied price to revenue CAGR and operating margin at 28x P/E
| Revenue CAGR \ Operating margin | 20% | 25% | 31% | 35% | 38% |
|---|---|---|---|---|---|
| 15% | $211 | $264 | $327 | $370 | $401 |
| 25% | $271 | $339 | $420 | $475 | $515 |
| 35% | $342 | $427 | $530 | $598 | $649 |
| 42% | $398 | $497 | $616 | $696 | $755 |
| 50% | $469 | $586 | $726 | $820 | $890 |
Cells show implied share price in year 3. Close of 3 Nov 2026 before results $483.90. Blue cells sit above it, red cells below.
Table 11.4 Sensitivity of implied price to exit P/E and operating margin at 35% revenue CAGR
| Exit P/E \ Operating margin | 20% | 25% | 31% | 35% | 38% |
|---|---|---|---|---|---|
| 18x | $220 | $275 | $340 | $384 | $417 |
| 23x | $281 | $351 | $435 | $491 | $533 |
| 28x | $342 | $427 | $530 | $598 | $649 |
| 32x | $390 | $488 | $605 | $683 | $742 |
| 35x | $427 | $534 | $662 | $747 | $811 |
Cells show implied share price in year 3. Close of 3 Nov 2026 before results $483.90. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 4 November 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server. CEO and CFO statements are taken from the earnings releases and slides and from the Q2 2026 and Q3 2026 earnings calls held by the company; figures marked as stated on the call are not in a filing. Q3 2026 figures are from the 8-K Ex 99.1 of 3 Nov 2026, as the Q3 2026 Form 10-Q was not filed by 4 Nov 2026.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 8-K (2.02) Ex 99.1 | Q3 2026 | 3 Nov 2026 | 0000002488-26-000188 |
| 10-Q | Q2 2026 | 4 Aug 2026 | 0000002488-26-000123 |
| 8-K (2.02) Ex 99.1 | Q2 2026 | 4 Aug 2026 | 0000002488-26-000121 |
| 10-Q | Q1 2026 | 5 May 2026 | 0000002488-26-000076 |
| 8-K (2.02) Ex 99.1 | Q1 2026 | 5 May 2026 | 0000002488-26-000072 |
| 10-K | FY2025 | 3 Feb 2026 | 0000002488-26-000018 |
| 8-K (2.02) Ex 99.1 | Q4 2025 | 3 Feb 2026 | 0000002488-26-000014 |
| 10-Q | Q3 2025 | 4 Nov 2025 | 0000002488-25-000166 |
| 10-Q | Q2 2025 | 5 Aug 2025 | 0000002488-25-000108 |
| 10-Q | Q1 2025 | 6 May 2025 | 0000002488-25-000047 |
| 10-K | FY2024 | 5 Feb 2025 | 0000002488-25-000012 |
| 10-K | FY2023 | 31 Jan 2024 | 0000002488-24-000012 |
| 10-K | FY2022 | 27 Feb 2023 | 0000002488-23-000047 |
| DEF 14A | 2026 meeting | 27 Mar 2026 | 0001193125-26-129057 |
| 8-K (1.01, 5.07) | May 2026 | 15 May 2026 | 0001193125-26-226746 |
| 8-K (1.01, 3.02) | Feb 2026 | 24 Feb 2026 | 0000002488-26-000045 |
| 8-K (1.01) | Oct 2025 | 6 Oct 2025 | 0001193125-25-230895 |
| 8-K (1.01, 2.03) | Aug 2026 | 17 Aug 2026 | 0001193125-26-354029 |
| 8-K (3.02) | Sep 2026 | 28 Sep 2026 | 0000002488-26-000182 |
| 8-K (5.02) | Feb 2026 | 17 Feb 2026 | 0000002488-26-000029 |
| 10-K (peer) | Broadcom FY2025 | 18 Dec 2025 | 0001730168-25-000121 |
Table A.2 Further filings used: AMD Forms 8-K, peers and competitors
| Company | Form | Filed | Accession number |
|---|---|---|---|
| AMD | Form 8-K, Item 2.02, 7.01, 9.01 | 4 Nov 2025 | 0000002488-25-000163 |
| AMD | Form 8-K, Item 5.02, 9.01 | 15 Dec 2025 | 0000002488-25-000182 |
| AMD | Form 8-K, Item 5.02, 9.01 | 20 Jan 2026 | 0000002488-26-000002 |
| AMD | Form 10-K/A FY2025 | 4 Feb 2026 | 0000002488-26-000021 |
| AMD | Form 8-K, Item 5.02 | 1 Jul 2026 | 0000002488-26-000115 |
| AMD | Form 8-K, Item 5.02, 9.01 | 19 Aug 2026 | 0000002488-26-000163 |
| Arm | Form 6-K Ex 99.2 | 29 Jul 2026 | 0001973239-26-000113 |
| Broadcom | Form 8-K Ex 99.1 | 2 Sep 2026 | 0001730168-26-000076 |
| Intel | Form 8-K Ex 99.1 | 29 Oct 2026 | 0000050863-26-000188 |
| Intel | Form 10-Q Q3 2026 | 29 Oct 2026 | 0000050863-26-000191 |
| Marvell | Form 8-K Ex 99.1 | 27 Aug 2026 | 0001835632-26-000022 |
| NVIDIA | Form 8-K Ex 99.1 | 26 Aug 2026 | 0001045810-26-000073 |
| Qualcomm | Form 10-K FY2025; Form 10-Q Jun 2026 quarter | 2025 and 2026 | 0000804328-25-000085; 0000804328-26-000086 |
| Qualcomm | Form 8-K Ex 99.1 | 29 Jul 2026 | 0000804328-26-000085 |
| Texas Instruments | Form 10-K FY2025; Form 10-Q Q3 2026 | 2026 | 0000097476-26-000059; 0000097476-26-000169 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 4 Nov 2025 | Ex 99.1 | Q3 2025 results press release | Q3 2025 revenue $9.25bn, up 36% from $6.82bn; GAAP gross margin 52%, operating income $1.27bn, net income $1.24bn, diluted EPS $0.75; Non GAAP gross margin 54%, operating income $2.24bn, EPS $1.20 (up 30%); no MI308 revenue to China in the quarter |
| 4 Nov 2025 | Ex 99.2 | Q3 2025 earnings slides | Data Center operating income $1.07bn against $1.04bn, operating margin 25% against 29%; Client and Gaming operating income $867m against $288m, margin 21% against 12%; Embedded operating income $283m, margin 33% against 40% |
| 15 Dec 2025 | Ex 10.1 | Offer letter to Emily Ellis, Chief Accounting Officer | Emily Ellis hired as Corporate VP and Chief Accounting Officer reporting to CFO Jean Hu, start 15 Dec 2025; Base salary $425,000, target bonus 70% of base pay, sign on bonus $300,000 repayable if she leaves within 24 months |
| 20 Jan 2026 | Ex 99.1 | KC McClure appointed to Board | KC McClure, Accenture CFO from 2019 to 2024, appointed to the AMD Board of Directors; McClure also serves on the Goldman Sachs board |
| 3 Feb 2026 | Ex 99.1 | Q4 and FY2025 results press release | Q4 2025 revenue $10.27bn, up 34%; GAAP operating income $1.75bn, net income $1.51bn, EPS $0.92; non GAAP gross margin 57%, EPS $1.53; FY2025 revenue $34.64bn, up 34%; GAAP net income $4.34bn, EPS $2.65; non GAAP operating income $7.77bn, EPS $4.17 |
| 3 Feb 2026 | Ex 99.2 | Q4 2025 earnings slides | Data Center Q4 operating income $1.75bn against $1.16bn, margin 33% against 30%; FY2025 segment operating income: Data Center $3.60bn, Client and Gaming $2.86bn, Embedded $1.24bn |
| 17 Feb 2026 | Form 8-K Item 5.02 (no exhibits) | FY2025 executive bonuses and CEO Value Creation Equity Award | FY2025 cash bonuses: Lisa Su $3.13m, Mark Papermaster $1.29m, Jean Hu $1.18m, Forrest Norrod $1.16m, Ava Hahn $738,100; Special CEO award to Lisa Su with target value $75m in performance RSUs, granted 15 Mar 2026, performance period to 15 Mar 2031 |
| 24 Feb 2026 | Ex 99.1 | AMD and Meta 6 GW Instinct GPU partnership press release | Definitive multi year, multi generation agreement for Meta to deploy up to 6 GW of AMD Instinct GPUs; First 1 GW uses a custom MI450 based GPU with 6th Gen EPYC Venice CPUs on the Helios rack; shipments to begin H2 2026 |
| 24 Feb 2026 | Ex 4.1 | Common stock warrant issued to Meta | Warrant for 160,000,000 AMD shares at $0.01 per share, exercisable until 23 Feb 2031; Tranches vest on Instinct GPU purchase milestones from 1 GW to 6 GW and on AMD stock price thresholds rising to $600 for the final tranche |
| 24 Feb 2026 | Ex 10.1 | Registration rights agreement with Meta | Grants Meta demand, piggyback and underwritten block trade registration rights for the warrant shares; Agreement dated 23 Feb 2026 between AMD and Meta Platforms |
| 5 May 2026 | Ex 99.1 | Q1 2026 results press release | Q1 2026 revenue $10.25bn, up 38%; GAAP operating income $1.48bn, net income $1.38bn, EPS $0.84; Non GAAP gross margin 55%, operating income $2.54bn, EPS $1.37 (up 43%) |
| 5 May 2026 | Ex 99.2 | Q1 2026 earnings slides | Data Center operating margin 28% against 25%; Client and Gaming margin 16% against 17%; Embedded 39% against 40%; Non GAAP gross margin up 170 basis points on higher Data Center mix |
| 15 May 2026 | Ex 10.1 | $5bn revolving credit agreement and 2026 annual meeting results | Five year $5.0bn unsecured revolving facility with JPMorgan Chase as agent replaces the April 2022 facility; no borrowings at closing on 14 May 2026; SOFR margin 0.50% to 0.80% by credit rating; commitment fee 0.03% to 0.05%; no financial covenants |
| 1 Jul 2026 | Form 8-K Item 5.02 (no exhibits) | Executive salary increases and FY2026 long term incentive awards | From 1 Jul 2026 base salaries: Lisa Su $1.375m (from $1.323m), Jean Hu $850,000 (from $800,000), Mark Papermaster $900,000; Long term awards granted 15 Aug 2026: Lisa Su $36m target, Mark Papermaster $10m, Jean Hu $9m, Forrest Norrod $8m, Darren Grasby $7.5m |
| 4 Aug 2026 | Ex 99.1 | Q2 2026 results press release | Q2 2026 revenue $11.54bn, up 50%; GAAP operating income $1.99bn, net income $2.30bn, EPS $1.38; Non GAAP gross margin 56%, operating income $3.09bn, EPS $1.66 |
| 4 Aug 2026 | Ex 99.2 | Q2 2026 earnings slides | Data Center operating income $2.10bn, margin 31% against a loss of $155m in Q2 2025; Client and Gaming operating margin 15% against 21%; Embedded margin 40% against 33% |
| 17 Aug 2026 | Ex 1.1 | Underwriting agreement for $4.75bn senior notes | Underwriting agreement dated 13 Aug 2026 with Barclays, BofA, Citigroup, J.P. Morgan, Morgan Stanley and Wells Fargo as representatives; Notes sold at 99.757% to 99.921% of principal |
| 17 Aug 2026 | Ex 4.1 | Third supplemental indenture for senior notes | $1.25bn 4.600% notes due 2029, $1.50bn 5.000% due 2031, $1.00bn 5.250% due 2033, $1.00bn 5.500% due 2036; Unsecured senior obligations; 101% repurchase on change of control triggering event; proceeds for general corporate purposes including debt repayment |
| 17 Aug 2026 | Ex 5.1 | Legal opinion of Latham & Watkins | Counsel opinion that the $4.75bn of notes are duly authorized and will be valid and binding obligations |
| 19 Aug 2026 | Ex 99.1 | Tim Ryan appointed to Board; Householder retires | Tim Ryan, Citi Head of Technology and Business Enablement and former PwC US Chair (2016 to 2024), joins the Board on 19 Aug 2026; Joseph Householder retires after more than 11 years; KC McClure becomes Audit and Finance Committee chair |
| 28 Sep 2026 | Form 8-K Item 3.02 (no exhibits) | Agreement to acquire World Labs for about $8.2bn in stock | Merger agreement signed 26 Sep 2026 to buy World Labs Technologies for about $8.2bn, paid in AMD common stock; Share count set by the 10 day VWAP before closing; shares issued under the private placement exemptions of the Securities Act |
| 3 Nov 2026 | Ex 99.1 | Q3 2026 results press release | Q3 2026 revenue $13.38bn, up 45%, above the $13bn guide; GAAP operating income $2.83bn, net income $2.43bn, EPS $1.46; Non GAAP gross margin 56%, operating income $3.92bn (up 75%), EPS $2.09 (up 74%) |
| 3 Nov 2026 | Ex 99.2 | Q3 2026 earnings slides | Data Center operating income $2.88bn, margin 34% against 25%; Client and Gaming margin 15% against 21%; Embedded 41% against 33%; GAAP results include a $1.10bn charge for the change in fair value of warrants issued to customers |
