Reports › AMD › 10-Q FY2025

SEC filings, compared

What changed in Advanced Micro Devices's 10-Q for the quarter ended September 27, 2025

Compared with the 10-Q for the quarter ended September 28, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: ADVANCED MICRO DEVICES INC · AMD
This filing: 0000002488-25-000166 ↗ · filed Nov 5, 2025
Compared with: 0000002488-24-000163 ↗ · filed Oct 30, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

47 material changes among 63 changed paragraphs

15 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	9,246,000,000USD · Jun 29, 2025 to Sep 27, 2025	6,819,000,000USD · Jun 30, 2024 to Sep 28, 2024	+2,427,000,000+35.6%
Net income or lossus-gaap:NetIncomeLoss	1,243,000,000USD · Jun 29, 2025 to Sep 27, 2025	771,000,000USD · Jun 30, 2024 to Sep 28, 2024	+472,000,000+61.2%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	4,808,000,000USD · at Sep 27, 2025	3,897,000,000USD · at Sep 28, 2024	+911,000,000+23.4%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	5,109,000,000USD · Dec 29, 2024 to Sep 27, 2025	1,742,000,000USD · Dec 31, 2023 to Sep 28, 2024	+3,367,000,000+193.3%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000002488-25-000166 · FY2024: 0000002488-24-000163

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

10 material additions

Part I, Item 2 · MD&A

8 of 10 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Added disclosure of China export restrictions, approximately $800 million in charges, licensing, absent MI308 China revenue, and related sales dependencies.

The paragraph introduces a new regulatory event, financial charge, licensing condition, revenue absence, and customer and import-control dependencies, materially changing disclosed exposure and outlook.

Why the model ranked it here

This introduces a realized export-control disruption with significant charges, licensing constraints, and new dependencies affecting China-related revenue and customers.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] In April 2025, new U.S. export restrictions on certain semiconductors to China led to approximately $800 million in product inventory and related charges on AMD Instinct MI308 Data Center GPU products during the second quarter of fiscal year 2025. We applied for and were granted some licenses by the U.S. government that allow us to ship MI308 products to certain China-based customers. We did not record MI308 China-based customer revenue during the three months ended September 27, 2025. Sales of our MI308 products into China depend on customer demand, China's import control rules and our ability to obtain licenses.

Cite this change

"In April 2025, new U.S. export restrictions on certain semiconductors to China led to approximately $800 million in product inventory and related charges on AMD Instinct MI308 Data Center GPU products during the second quarter of fiscal year 2025."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

02AddedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Added disclosure of the completed sale of the ZT Manufacturing Business, including stock and cash consideration and potential additional cash consideration.

The new paragraph discloses a completed business sale, its consideration, purchase price adjustments, and contingent additional cash; these are substantive transaction and obligation details.

Why the model ranked it here

This discloses a completed business sale involving substantial cash and equity consideration, purchase price adjustments, and potential additional proceeds.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] On October 27, 2025, we completed the sale of the ZT Manufacturing Business to Sanmina Corporation (Sanmina) for 1,151,052 shares of Sanmina common stock and $2.4 billion in cash, subject to certain purchase price adjustments, as closing consideration. We are eligible to receive additional cash consideration of up to $450 million to the extent certain conditions are met following the close of the sale.

Cite this change

"On October 27, 2025, we completed the sale of the ZT Manufacturing Business to Sanmina Corporation (Sanmina) for 1,151,052 shares of Sanmina common stock and $2.4 billion in cash, subject to certain purchase price adjustments, as closing consideration."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

03AddedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Added disclosure of a warrant issued to OpenAI, including its share amount, exercise price, vesting conditions, and exercise period.

The new paragraph discloses a warrant, related vesting milestones, exercise conditions, and a stated obligation affecting potential shares and commitments; this is substantive new information.

Why the model ranked it here

This introduces a substantial warrant obligation with vesting milestones and exercise conditions that could affect future ownership and commitments.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] On October 5, 2025, the Company issued to OpenAI OpCo, LLC (the Warrantholder) a warrant to purchase up to an aggregate of 160 million shares of the Company's common stock at an exercise price of $0.01 per share. The warrant shares will vest in tranches based on certain GPU purchase milestones by the Warrantholder, or its affiliates, or indirectly through third parties, and achievement of specified Company stock price targets and stock performance. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions prior to exercise. Subject to certain conditions, the warrant is exercisable through October 5, 2030.

Cite this change

"On October 5, 2025, the Company issued to OpenAI OpCo, LLC (the Warrantholder) a warrant to purchase up to an aggregate of 160 million shares of the Company's common stock at an exercise price of $0.01 per share."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

04AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure describing commercial paper capacity, recent issuance and repayment, and no commercial paper outstanding at year-end.

The new paragraph discloses a financing facility and related borrowing activity, obligations, and liquidity position, adding substantive information about the company’s funding dependency and exposure.

Why the model ranked it here

This adds new information about commercial paper availability, borrowing activity, repayment, and the company’s year-end funding position.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] We may issue unsecured commercial paper up to a maximum principal amount outstanding, at any time, of $3.0 billion, with a maturity of up to 397 days from the date of issue. During the three months ended March 29, 2025, we issued $950 million in aggregate principal amount of commercial paper which was subsequently repaid before June 28, 2025. As of September 27, 2025, we had no commercial paper outstanding.

Cite this change

"We may issue unsecured commercial paper up to a maximum principal amount outstanding, at any time, of $3.0 billion, with a maturity of up to 397 days from the date of issue. During the three months ended March 29, 2025, we issued $950 million in aggregate principal amount of commercial paper which was subsequently repaid before June 28, 2025. As of September 27, 2025, we had no commercial paper outstanding."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

05AddedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Added disclosure that the company settled the ZT Systems contingent consideration liability with cash and common stock.

The paragraph introduces a specific settlement of an acquisition-related liability, including cash and share consideration, representing a new obligation-related event.

Why the model ranked it here

This reports settlement of an acquisition-related contingent consideration liability using cash and common stock, making a previously disclosed obligation concrete.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] On October 30, 2025, we settled the contingent consideration liability associated with the acquisition of ZT Systems of $300 million in cash and 740,961 shares of the Company's common stock with the former ZT Systems stockholders and warrant holders.

Cite this change

"On October 30, 2025, we settled the contingent consideration liability associated with the acquisition of ZT Systems of $300 million in cash and 740,961 shares of the Company's common stock with the former ZT Systems stockholders and warrant holders."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

06AddedPart I, Item 2 › Income Taxes

Summary · quote-checked

Added disclosure of the OBBBA’s enacted tax changes and their effects on estimated tax rates, deferred tax assets, and current income tax liability.

The paragraph introduces a newly enacted law, identifies its effects on tax calculations, and describes expected changes to tax assets and liabilities.

Why the model ranked it here

This introduces enacted tax-law changes that affect tax rates, deferred tax assets, and current income tax liabilities.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. For the three and nine months ended September 27, 2025, the primary impact of the OBBBA to our tax provision was the accelerated expensing of domestic R&D activities which decreased our estimated income eligible for FDII resulting in a higher estimated annual effective tax rate. The OBBBA is also expected to reduce our deferred tax assets and our current income tax liability for fiscal year 2025. Other OBBBA changes did not have a material impact on the financial statements.

Cite this change

"In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

07AddedPart I, Item 2 › Results of Discontinued Operations

Summary · quote-checked

Added disclosure of discontinued-operations income from the ZT Manufacturing Business and increases in contingent consideration liability.

The new paragraph identifies a discontinued business and an associated contingent consideration liability, adding substantive information about operations and an obligation.

Why the model ranked it here

This identifies discontinued operations from the divested business while highlighting changes in the related contingent consideration liability.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] Net income from discontinued operations for the three and nine months ended September 27, 2025 of $71 million and $175 million, respectively, include the results of operations of the ZT Manufacturing Business, partially offset by increases of $17 million and $52 million, respectively, in the fair value of the contingent consideration liability associated with the acquisition of ZT Systems.

Cite this change

"Net income from discontinued operations for the three and nine months ended September 27, 2025 of $71 million and $175 million, respectively, include the results of operations of the ZT Manufacturing Business, partially offset by increases of $17 million and $52 million, respectively, in the fair value of the contingent consideration liability associated with the acquisition of ZT Systems."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

08AddedPart I, Item 2 › Critical Accounting Policies and Estimates

Summary · quote-checked

Added a critical accounting policy describing fair-value allocation, valuation estimates, contingent consideration, and amortization effects for business combinations.

The new paragraph discloses substantive accounting treatment and estimation risks for acquired assets, liabilities, contingent consideration, intangible assets, and goodwill, rather than merely changing presentation mechanics.

Filing text · FY2024 10-Q · filed Oct 30, 2024

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] Business Combinations. We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to assets and liabilities held for sale, intangible assets and contingent consideration. Significant estimates and inputs used in valuing acquired assets and liabilities held for sale, developed technology, and other identifiable intangible assets include, but are not limited to, expected future revenue, future changes in technology, useful lives, and risk-adjusted discount rates. Management's estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Allocation of purchase consideration to identifiable assets and liabilities affects our amortization expense, as acquired finite-lived intangible assets are amortized over their useful life, whereas any indefinite-lived intangible assets, including goodwill, are not amortized.

Cite this change

"Business Combinations. We allocate the fair value of purchase consideration to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

Show all 10 in Part I, Item 2 (2 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

2 material removals

Part I, Item 2 · MD&A

2 of 2 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

The current filing removes disclosure of AMD’s completed Silo AI acquisition, its purchase consideration, strategic purpose, and financial-results treatment.

Removing a paragraph describing a completed acquisition, its consideration, strategic capabilities, and segment accounting changes the disclosed transaction and related obligations or dependencies.

Filing text · FY2024 10-Q · filed Oct 30, 2024

[removed] As part of the next step in our AI strategy, on August 9, 2024, we completed the acquisition of Silo AI, an AI lab based in Finland in an all-cash transaction of $665 million, which resulted in a net purchase consideration of $553 million. The acquisition of Silo AI expands our ability to accelerate development and deployment of AI models on AMD hardware. Silo AI financial results, which were immaterial, were included in our statement of operations from the date of acquisition primarily within the Data Center segment.

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"As part of the next step in our AI strategy, on August 9, 2024, we completed the acquisition of Silo AI, an AI lab based in Finland in an all-cash transaction of $665 million, which resulted in a net purchase consideration of $553 million."

Advanced Micro Devices, Form 10-Q for FY2024, Part I, Item 2, accession 0000002488-24-000163, filed 30 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248824000163/amd-20240928.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

02RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The current report removes disclosure that the company paid $548 million for Silo AI using available cash.

The removed paragraph disclosed a specific acquisition and cash use, changing the stated transaction and liquidity information.

Filing text · FY2024 10-Q · filed Oct 30, 2024

~~[removed] During the three months ended September 28, 2024, we paid $548 million for Silo AI, net of cash acquired, using available cash.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

No corresponding language in the FY2025 10-Q.

Cite this change

"During the three months ended September 28, 2024, we paid $548 million for Silo AI, net of cash acquired, using available cash."

Advanced Micro Devices, Form 10-Q for FY2024, Part I, Item 2, accession 0000002488-24-000163, filed 30 October 2024.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248824000163/amd-20240928.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

35 material changes

Part I, Item 2 · MD&A

5 of 35 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Data Center

Summary · quote-checked

The discussion shifts from Client to Data Center and reports lower operating income driven partly by approximately $800 million of export-control-related charges.

The operating-income direction changes from an increase to a decrease, and the current paragraph adds a specific U.S. government export-control event and associated inventory charges.

Why the model ranked it here

The company now reports a decline in operating income tied to realized export-control charges, making this a significant change in operating performance and external risk.

Filing text · FY2024 10-Q · filed Oct 30, 2024

~~[removed] Client~~ operating income was ~~[removed] $276 million~~ for the ~~[removed] three~~ months ended September ~~[removed] 28, 2024,~~ compared to operating income of ~~[removed] $140 million~~ for the prior year period. ~~[removed] Client~~ operating income was [removed] $451 million for the nine months ended September 28, 2024, compared to operating loss of $101 million for the prior year period. The increase in operating income in both periods was primarily driven by higher revenue, partially offset by higher ~~[removed] operating expenses.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

[added] Data Center operating income was [added] $1.9 billion for the [added] nine months ended September [added] 27, 2025, compared to operating income of [added] $2.3 billion for the prior year period. [added] The decrease in operating income was [added] primarily due to approximately $800 million of inventory and related charges associated with the U.S. government export control on AMD Instinct MI308 GPU product and higher operating expenses, partially offset by higher [added] revenue.

Cite this change

"The decrease in operating income was primarily due to approximately $800 million of inventory and related charges associated with the U.S. government export control on AMD Instinct MI308 GPU product and higher operating expenses, partially offset by higher revenue."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Commitments increased from $4.3 billion to $12.1 billion, while “unconditional purchase” was removed and suppliers and partners were referenced.

The disclosure changes the stated commitment exposure, amounts due within the fiscal year, and characterization of the obligation, so it is substantively different.

Why the model ranked it here

The disclosed commitment exposure has expanded substantially and is no longer characterized solely as unconditional purchases, changing the company’s apparent future obligations.

Filing text · FY2024 10-Q · filed Oct 30, 2024

As of September ~~[removed] 28, 2024,~~ we had ~~[removed] unconditional purchase~~ commitments of approximately ~~[removed] $4.3~~ billion, of which ~~[removed] $2.5~~ billion are for the remainder of fiscal year ~~[removed] 2024. On an ongoing basis, we work~~ with our suppliers on the timing of payments and deliveries of ~~[removed] purchase~~ commitments, taking into account business conditions.

Filing text · FY2025 10-Q · filed Nov 5, 2025

As of September [added] 27, 2025, we had commitments of approximately [added] $12.1 billion, of which [added] $3.8 billion are for the remainder of fiscal year [added] 2025. We work continually with our suppliers [added] and partners on the timing of payments and deliveries of commitments, taking into account business conditions.

Cite this change

"As of September 27, 2025, we had commitments of approximately $12.1 billion, of which $3.8 billion are for the remainder of fiscal year 2025."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Debt disclosure changed from aggregate obligations with repayment and maturity information to separate short-term and long-term amounts.

The paragraph removes specific repayment and maturity disclosures and adds separate short-term and long-term debt amounts, substantively changing the stated debt obligations and liquidity information.

Why the model ranked it here

The debt disclosure now shows separate short-term and long-term obligations while omitting repayment and maturity information, materially changing the liquidity picture.

Filing text · FY2024 10-Q · filed Oct 30, 2024

As of September ~~[removed] 28, 2024,~~ our principal debt obligations were ~~[removed] $1.8 billion. Our 2.95% Notes with a principal amount of $750 million were repaid in June 2024 and our remaining debt will mature starting in 2030.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

As of September [added] 27, 2025, our principal [added] short-term and long-term debt obligations were [added] $873 million and $2.3 billion, respectively.

Cite this change

"As of September 27, 2025, our principal short-term and long-term debt obligations were $873 million and $2.3 billion, respectively."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure removes $3.0 billion of commercial paper availability and adds that no funds were drawn from the revolving credit facility.

The paragraph changes disclosed liquidity sources and adds a borrowing-status statement, altering the company’s stated financing availability and credit-facility usage.

Why the model ranked it here

The company no longer highlights commercial paper availability and instead states that its revolving facility was unused, changing the disclosed sources of liquidity.

Filing text · FY2024 10-Q · filed Oct 30, 2024

We have $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. ~~[removed] We also have $3.0 billion available under a commercial paper program.~~

Filing text · FY2025 10-Q · filed Nov 5, 2025

We have $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027. [added] No funds were drawn from this credit facility during the three months ended September 27, 2025.

Cite this change

"No funds were drawn from this credit facility during the three months ended September 27, 2025."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure changes from an expected ZT Systems acquisition with contingent consideration and a manufacturing-partner search to its completed acquisition with actual consideration paid.

The transaction moved from planned to completed, the cash consideration changed, and contingent payments and the stated manufacturing-partner search were removed.

Why the model ranked it here

The ZT Systems transaction has moved from a proposed acquisition with contingent consideration and a planned manufacturing-partner search to a completed acquisition with consideration paid.

Filing text · FY2024 10-Q · filed Oct 30, 2024

On ~~[removed] August 17, 2024, we agreed to acquire ZT Systems (the Acquisition). Upon closing of the Acquisition, we will pay approximately $3.4~~ billion in cash and ~~[removed] 8,335,852~~ shares of ~~[removed] the Company's~~ common stock [removed] and to the extent certain conditions are met, we will pay an additional $300 million of cash and up to 740,963 shares of the Company's common stock. The Acquisition is expected to close in the first half of fiscal year 2025, subject to certain regulatory approvals and other customary closing conditions. We intend to seek a strategic partner to acquire ZT Systems' manufacturing business.

Filing text · FY2025 10-Q · filed Nov 5, 2025

On [added] March 31, 2025, we paid $3.2 billion in cash and [added] issued 8,335,849 shares of [added] our common stock [added] to close the acquisition of ZT Systems.

Cite this change

"On March 31, 2025, we paid $3.2 billion in cash and issued 8,335,849 shares of our common stock to close the acquisition of ZT Systems."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000166, filed 5 November 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000166/amd-20250927.htm

Comparison: https://yearover.com/reports/amd/0000002488-25-000166?ref=quote

Show all 35 in Part I, Item 2 (30 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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