Reports › AMD › 10-Q FY2026

SEC filings, compared

What changed in Advanced Micro Devices's 10-Q for the quarter ended March 28, 2026

Compared with the 10-Q for the quarter ended March 29, 2025. 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: 0000002488-26-000076 ↗ · filed May 6, 2026
Compared with: 0000002488-25-000047 ↗ · filed May 7, 2025
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

37 material changes among 51 changed paragraphs

10 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	10,253,000,000USD · Dec 28, 2025 to Mar 28, 2026	7,438,000,000USD · Dec 29, 2024 to Mar 29, 2025	+2,815,000,000+37.8%
Net income or lossus-gaap:NetIncomeLoss	1,383,000,000USD · Dec 28, 2025 to Mar 28, 2026	709,000,000USD · Dec 29, 2024 to Mar 29, 2025	+674,000,000+95.1%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	5,585,000,000USD · at Mar 28, 2026	6,049,000,000USD · at Mar 29, 2025	−464,000,000−7.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	2,955,000,000USD · Dec 28, 2025 to Mar 28, 2026	939,000,000USD · Dec 29, 2024 to Mar 29, 2025	+2,016,000,000+214.7%

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. FY2026: 0000002488-26-000076 · FY2025: 0000002488-25-000047

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

2 material additions

Part I, Item 2 · MD&A

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

01AddedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Added disclosure of Meta’s planned AMD GPU deployment and a warrant for up to 160 million AMD shares.

The paragraph introduces a new customer arrangement, GPU purchase commitment, equity warrant, vesting conditions, and exercisability terms, changing disclosed obligations and dependencies.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] In February 2026, we amended a master purchase agreement with Meta Platforms, Inc. (Meta) and Meta agreed to deploy up to 6 gigawatts of AMD GPUs, with the first gigawatt of capacity powered by custom AMD Instinct MI450-based GPU and 6th Gen AMD EPYC™ CPUs. Concurrent with the agreement, we issued to Meta a warrant to purchase up to 160 million shares of AMD's common stock at an exercise price of $0.01 per share. The warrant will vest in tranches based on AMD Instinct GPU purchase milestones by Meta, or its affiliates, or indirectly through authorized third parties and achievement of specified AMD stock price targets. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions by Meta prior to exercisability. The warrant is exercisable through February 23, 2031. As of March 28, 2026, none of the warrant shares had vested or become exercisable, and the warrant had no impact on our Condensed Consolidated Financial Statements for the three months then ended.

Cite this change

"In February 2026, we amended a master purchase agreement with Meta Platforms, Inc. (Meta) and Meta agreed to deploy up to 6 gigawatts of AMD GPUs, with the first gigawatt of capacity powered by custom AMD Instinct MI450-based GPU and 6th Gen AMD EPYC™ CPUs. Concurrent with the agreement, we issued to Meta a warrant to purchase up to 160 million shares of AMD's common stock at an exercise price of $0.01 per share. The warrant will vest in tranches based on AMD Instinct GPU purchase milestones by Meta, or its affiliates, or indirectly through authorized third parties and achievement of specified AMD stock price targets. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions by Meta prior to exercisability. The warrant is exercisable through February 23, 2031. As of March 28, 2026, none of the warrant shares had vested or become exercisable, and the warrant had no impact on our Condensed Consolidated Financial Statements for the three months then ended."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

02AddedPart I, Item 2 › Client and Gaming

Summary · quote-checked

Added a Client and Gaming revenue result with year-over-year growth and shipment and pricing drivers.

The new paragraph discloses revenue, its increase, and stated operational drivers; this is substantive MD&A information, not merely a period or figure roll-forward.

Filing text · FY2025 10-Q · filed May 7, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] Client net revenue of $2.9 billion for the three months ended March 28, 2026 increased by 26% compared to net revenue of $2.3 billion for the prior year period, primarily driven by a 25% increase in unit shipments and a 1% increase in average selling price primarily of AMD Ryzen mobile processors.

Cite this change

"Client net revenue of $2.9 billion for the three months ended March 28, 2026 increased by 26% compared to net revenue of $2.3 billion for the prior year period, primarily driven by a 25% increase in unit shipments and a 1% increase in average selling price primarily of AMD Ryzen mobile processors."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

What the company no longer says

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

3 material removals

Part I, Item 2 · MD&A

3 of 3 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Removed disclosure of debt and commercial paper issued to fund part of the ZT Systems acquisition.

The removed paragraph disclosed a specific acquisition-financing event, debt obligations, interest rates, maturities and commercial paper, changing the disclosed liquidity and commitment information.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] To fund a portion of the acquisition of ZT Group Int'l Inc. (ZT Systems), on March 24, 2025, we issued $1.5 billion in aggregate principal amount of senior notes, consisting of $875 million aggregate principal amount of 4.212% Senior Notes due 2026, $625 million aggregate principal amount of 4.319% Senior Notes due 2028, and $950 million in aggregate principal amount of unsecured commercial paper, with maturities of up to 60 days.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"To fund a portion of the acquisition of ZT Group Int'l Inc. (ZT Systems), on March 24, 2025, we issued $1.5 billion in aggregate principal amount of senior notes, consisting of $875 million aggregate principal amount of 4.212% Senior Notes due 2026, $625 million aggregate principal amount of 4.319% Senior Notes due 2028, and $950 million in aggregate principal amount of unsecured commercial paper, with maturities of up to 60 days."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000047, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000047/amd-20250329.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

02RemovedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

The MD&A no longer discloses the ZT Systems acquisition, related consideration, contingent payments, or plans to sell its manufacturing business.

Removing this paragraph eliminates disclosure of a completed acquisition, significant consideration, contingent obligations, and a planned strategic transaction, changing stated obligations and dependencies.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] On March 31, 2025, we completed the acquisition of ZT Systems to help accelerate the end-to-end design and deployment of AMD-powered AI infrastructure at scale for the cloud. At the close of the acquisition, we paid $3.375 billion in cash, subject to certain purchase price adjustments, and issued 8,335,849 shares of our common stock. To the extent certain conditions are met, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock. We are actively seeking a strategic partner to acquire ZT Systems' manufacturing business.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On March 31, 2025, we completed the acquisition of ZT Systems to help accelerate the end-to-end design and deployment of AMD-powered AI infrastructure at scale for the cloud. At the close of the acquisition, we paid $3.375 billion in cash, subject to certain purchase price adjustments, and issued 8,335,849 shares of our common stock. To the extent certain conditions are met, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock. We are actively seeking a strategic partner to acquire ZT Systems' manufacturing business."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000047, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000047/amd-20250329.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

03RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure of senior notes and commercial paper issued to fund part of the ZT Systems acquisition.

The deleted paragraph disclosed new financing obligations and their maturities, changing the filing’s description of liquidity and debt commitments.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] To fund a portion of the acquisition of ZT Systems, on March 24, 2025, we issued $1.5 billion of senior notes, consisting of $875 million aggregate principal amount of our 4.212% Senior Notes due 2026, $625 million aggregate principal amount of our 4.319% Senior Notes due 2028, and $950 million in aggregate amount of commercial paper.

Filing text · FY2026 10-Q · filed May 6, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"To fund a portion of the acquisition of ZT Systems, on March 24, 2025, we issued $1.5 billion of senior notes, consisting of $875 million aggregate principal amount of our 4.212% Senior Notes due 2026, $625 million aggregate principal amount of our 4.319% Senior Notes due 2028, and $950 million in aggregate amount of commercial paper."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000047, filed 7 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000047/amd-20250329.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

What the company says differently

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

32 material changes

Part I, Item 2 · MD&A

5 of 32 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Results of Discontinued Operations

Summary · quote-checked

Disclosure shifted from ZT Systems acquisition payments and a planned manufacturing-business sale to discontinued-operations income and post-close sale adjustments.

The disclosure changes from acquisition consideration, contingent obligations, and an active search for a strategic partner to reported discontinued-operations income and completed-sale adjustments.

Why the model ranked it here

The disclosure now reflects completion of the manufacturing-business sale and discontinued-operations adjustments rather than acquisition consideration and an unresolved strategic transaction.

Filing text · FY2025 10-Q · filed May 7, 2025

[removed] On March 31, 2025, we completed the acquisition of ZT Systems. At the close of the acquisition, we paid $3.375 billion in cash, subject to certain purchase price adjustments, and issued 8,335,849 shares of our common stock. In addition, to the ~~[removed] extent certain conditions are met following the closing~~ of the [removed] acquisition, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock. We are actively seeking a strategic partner to acquire ZT Systems' manufacturing business.

Filing text · FY2026 10-Q · filed May 6, 2026

[added] Net income from discontinued operations for the three months ended March 28, 2026 of $11 million included measurement period adjustments related to the ZT Systems acquisition and post-close adjustments related to the [added] sale of the [added] ZT Manufacturing business.

Cite this change

"Net income from discontinued operations for the three months ended March 28, 2026 of $11 million included measurement period adjustments related to the ZT Systems acquisition and post-close adjustments related to the sale of the ZT Manufacturing business."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Unconditional commitments increased, with new descriptions of purchase obligations, lease commitments, lease guarantees, and related financial-statement references.

The paragraph adds substantive obligations and dependencies, including cloud arrangements, leases, and lease guarantees; these changes alter the disclosed exposure beyond a fiscal-year roll-forward.

Why the model ranked it here

The filing adds substantial lease commitments and lease guarantees, materially expanding the obligations and dependencies clients must assess.

Filing text · FY2025 10-Q · filed May 7, 2025

As of March ~~[removed] 29, 2025,~~ we had unconditional ~~[removed] purchase~~ commitments of approximately ~~[removed] $8.2~~ billion, of which ~~[removed] $5.6~~ billion are for the remainder of fiscal year ~~[removed] 2025. On an ongoing basis, we work~~ with our suppliers and partners on the timing of payments and deliveries of purchase commitments, taking into account business conditions.

Filing text · FY2026 10-Q · filed May 6, 2026

As of March [added] 28, 2026, we had unconditional commitments of approximately [added] $25.7 billion, of which [added] $18.3 billion are for the remainder of fiscal year [added] 2026. Our contractual obligations and purchase commitments relate primarily to our obligations to purchase wafers, substrates and components from third parties and future payments related to multi-year cloud service provider arrangements, and certain software and technology licenses. We work continually with our suppliers and partners on the timing of payments and deliveries of purchase commitments, taking into account business conditions.[added] We also have commitments for leases that have commenced for approximately $805 million and leases that have not yet commenced for $4.4 billion. In addition, as of March 28, 2026, we provided lease guarantees with maximum potential amount of future payments of $4.1 billion. For additional information on lease guarantees and commitments, refer to Notes 8 and 10 of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q).

Cite this change

"We also have commitments for leases that have commenced for approximately $805 million and leases that have not yet commenced for $4.4 billion. In addition, as of March 28, 2026, we provided lease guarantees with maximum potential amount of future payments of $4.1 billion."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

03ChangedPart I, Item 2 › Operating Activities

Summary · quote-checked

Operating cash flow changed substantially, including a shift from net cash outflows to inflows and different working-capital drivers.

The paragraph changes the direction of operating-asset cash effects and replaces the reported working-capital drivers, so the disclosure conveys materially different cash-flow information beyond period and figure roll-forwards.

Why the model ranked it here

Operating cash flow shifted from cash outflows caused by working-capital changes to cash inflows driven by customer payments and accrued liabilities.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash provided by operating activities ~~[removed] was $521 million~~ in the three months ended March ~~[removed] 30, 2024,~~ primarily due to our net income of ~~[removed] $123 million,~~ adjusted for non-cash and non-operating charges of ~~[removed] $1.2~~ billion and net cash ~~[removed] outflows of $760~~ million from changes in our operating assets and liabilities. The primary drivers of the ~~[removed] change~~ in operating assets and liabilities ~~[removed] was a $636 million decrease in accounts payable~~ driven primarily by [removed] the timing of payments and inventory receipts, and a $368 million increase in inventory primarily to support the continued ramp of Data Center and Client and Gaming products in advanced process nodes.

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash provided by operating activities [added] of continuing operations was $3.0 billion in the three months ended March [added] 28, 2026, primarily due to our net income of [added] $1.4 billion, adjusted for non-cash and non-operating charges of [added] $1.1 billion and net cash [added] inflows of $456 million from changes in our operating assets and liabilities. The primary drivers of the [added] changes in operating assets and liabilities [added] included a $713 million increase in accrued and other liabilities driven primarily by [added] higher customer-related accruals and a $280 million reduction in accounts receivable driven primarily by customer payments, partially offset by a $308 million increase in prepaid expenses and other assets primarily by prepayments of supply agreements.

Cite this change

"Net cash provided by operating activities of continuing operations was $3.0 billion in the three months ended March 28, 2026, primarily due to our net income of $1.4 billion, adjusted for non-cash and non-operating charges of $1.1 billion and net cash inflows of $456 million from changes in our operating assets and liabilities. The primary drivers of the changes in operating assets and liabilities included a $713 million increase in accrued and other liabilities driven primarily by higher customer-related accruals and a $280 million reduction in accounts receivable driven primarily by customer payments, partially offset by a $308 million increase in prepaid expenses and other assets primarily by prepayments of supply agreements."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

04ChangedPart I, Item 2 › Investing Activities

Summary · quote-checked

Investing cash use changed substantially, with continuing operations identified, higher short-term investment purchases, new long-term investment purchases, and different equipment and proceeds amounts.

The paragraph changes the reported cash-use amount and composition, adds long-term investments, and identifies continuing operations, altering the disclosed investing activity and exposure.

Why the model ranked it here

Investing cash use and its composition changed substantially, including newly disclosed long-term investment purchases and greater short-term investment activity.

Filing text · FY2025 10-Q · filed May 7, 2025

Net cash used in investing activities ~~[removed] was $135 million~~ for the three months ended March ~~[removed] 30, 2024,~~ which primarily consisted of ~~[removed] cash used in the~~ purchases of short-term investments of ~~[removed] $433 million and~~ purchases of property and equipment of ~~[removed] $142~~ million, partially offset by ~~[removed] $443~~ million of proceeds from the maturity and sale of short-term investments.

Filing text · FY2026 10-Q · filed May 6, 2026

Net cash used in investing activities [added] of continuing operations was $2.6 billion for the three months ended March [added] 28, 2026, which primarily consisted of purchases of short-term investments of [added] $2.5 billion, purchases of property and equipment of [added] $389 million, and purchases of long-term investments of $409 million, partially offset by [added] $778 million of proceeds from the maturity and sale of short-term investments.

Cite this change

"Net cash used in investing activities of continuing operations was $2.6 billion for the three months ended March 28, 2026, which primarily consisted of purchases of short-term investments of $2.5 billion, purchases of property and equipment of $389 million, and purchases of long-term investments of $409 million, partially offset by $778 million of proceeds from the maturity and sale of short-term investments."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

05ChangedPart I, Item 2 › Interest Expense

Summary · quote-checked

Interest expense increased due to newly issued Notes, replacing the prior-year decrease attributed to repayment of matured Senior Notes.

The paragraph changes both the direction and stated driver of interest expense, and identifies a new $1.5 billion debt issuance and related Notes.

Why the model ranked it here

Interest expense now reflects newly issued debt rather than declining after repayment of matured notes, changing the company’s financing profile.

Filing text · FY2025 10-Q · filed May 7, 2025

Interest expense for the three months ended March 29, 2025 was [removed] $20 million, a decrease of $5 million, or 20%, compared to $25 million for the prior year period. Interest expense decreased due to the repayment of our 2.95% Senior Notes that matured in June 2024.

Filing text · FY2026 10-Q · filed May 6, 2026

Interest expense for the three months ended March [added] 28, 2026 and March 29, 2025 was [added] $37 million and $20 million, respectively. The increase was due to the issuance of $1.5 billion in aggregate principal amount of 4.212% Notes and 4.319% Notes on March 24, 2025.

Cite this change

"The increase was due to the issuance of $1.5 billion in aggregate principal amount of 4.212% Notes and 4.319% Notes on March 24, 2025."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000076, filed 6 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000076?ref=quote

Show all 32 in Part I, Item 2 (27 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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