Reports › AMD › 10-Q FY2026

SEC filings, compared

What changed in Advanced Micro Devices's 10-Q for the quarter ended June 27, 2026

Compared with the 10-Q for the quarter ended June 28, 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: 0000002488-26-000123 ↗ · filed Aug 5, 2026
Compared with: 0000002488-25-000108 ↗ · filed Aug 6, 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

40 material changes among 54 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	11,536,000,000USD · Mar 29, 2026 to Jun 27, 2026	7,685,000,000USD · Mar 30, 2025 to Jun 28, 2025	+3,851,000,000+50.1%
Net income or lossus-gaap:NetIncomeLoss	2,297,000,000USD · Mar 29, 2026 to Jun 27, 2026	872,000,000USD · Mar 30, 2025 to Jun 28, 2025	+1,425,000,000+163.4%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	5,086,000,000USD · at Jun 27, 2026	4,442,000,000USD · at Jun 28, 2025	+644,000,000+14.5%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	5,321,000,000USD · Dec 28, 2025 to Jun 27, 2026	2,950,000,000USD · Dec 29, 2024 to Jun 28, 2025	+2,371,000,000+80.4%

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: 0000002488-26-000123 · FY2025: 0000002488-25-000108

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

0 material additions

No material additions in the analysed Items.

What the company no longer says

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

8 material removals

Part I, Item 2 · MD&A

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

01RemovedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Removed disclosure of the planned sale of the ZT Manufacturing Business, including consideration, termination-fee rights, expected timing, and closing conditions.

The removed paragraph disclosed a specific transaction, contingent payment, termination fee, regulatory approvals, and closing conditions, changing the company’s stated obligations and transaction outlook.

Why the model ranked it here

This removes the most specific disclosure about a major divestiture, including its consideration, contingent payment, termination-fee rights, and closing conditions.

Filing text · FY2025 10-Q · filed Aug 6, 2025

[removed] On May 18, 2025, we entered into an equity purchase agreement (the Sale Agreement) with Sanmina Corporation to sell the ZT Manufacturing Business for $3.0 billion in cash and stock, inclusive of a contingent payment of up to $450 million, subject to customary adjustments for working capital and other items. The Sale Agreement provides that if the sale is not completed by May 18, 2026, subject to two automatic extensions until November 18, 2026, we will be entitled to receive a termination fee of up to $153 million. The transaction is expected to close near the end of 2025, subject to regulatory approvals and customary closing conditions.

Filing text · FY2026 10-Q · filed Aug 5, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On May 18, 2025, we entered into an equity purchase agreement (the Sale Agreement) with Sanmina Corporation to sell the ZT Manufacturing Business for $3.0 billion in cash and stock, inclusive of a contingent payment of up to $450 million, subject to customary adjustments for working capital and other items. The Sale Agreement provides that if the sale is not completed by May 18, 2026, subject to two automatic extensions until November 18, 2026, we will be entitled to receive a termination fee of up to $153 million. The transaction is expected to close near the end of 2025, subject to regulatory approvals and customary closing conditions."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000108, filed 6 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000108/amd-20250628.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

02RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure of the ZT Systems acquisition and its cash, stock, and contingent additional payment obligations.

The removed paragraph disclosed a completed acquisition and associated cash, share issuance, and contingent consideration, changing stated obligations and transaction exposure.

Why the model ranked it here

This removes disclosure of a completed acquisition and its substantial cash, equity, and contingent consideration obligations.

Filing text · FY2025 10-Q · filed Aug 6, 2025

[removed] On March 31, 2025, we completed the acquisition of ZT Systems. At the close of the acquisition, we paid $3.2 billion in cash and issued 8,335,849 shares of our common stock. To the extent contingencies are fully met, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock.

Filing text · FY2026 10-Q · filed Aug 5, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On March 31, 2025, we completed the acquisition of ZT Systems. At the close of the acquisition, we paid $3.2 billion in cash and issued 8,335,849 shares of our common stock. To the extent contingencies are fully met, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000108, filed 6 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000108/amd-20250628.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

03RemovedPart I, Item 2 › Overview and Recent Developments

Summary · quote-checked

Removed disclosure of the planned divestiture and accounting presentation of ZT Systems’ manufacturing and design businesses.

The removed paragraph described a divestiture plan, held-for-sale classification, and continuing versus discontinued operations, all substantive disclosures about obligations and transaction structure.

Why the model ranked it here

This removes the stated divestiture strategy and the accounting distinction between the retained design business and the manufacturing business.

Filing text · FY2025 10-Q · filed Aug 6, 2025

[removed] At the time of the announcement of the ZT Systems acquisition in August 2024, we disclosed our intent to divest ZT Systems' data center infrastructure manufacturing business (the ZT Manufacturing Business), while retaining only certain intellectual property and employees (the ZT Design Business). Accordingly, upon acquisition, we classified the ZT Manufacturing Business and its related assets and liabilities as held for sale. The results of the ZT Design Business and the ZT Manufacturing Business are presented within continuing operations and discontinued operations of AMD's consolidated statements of operations and cash flows, respectively. The consolidated statements of operations include immaterial revenue attributable to the ZT Design Business, which is reported within the Data Center segment from the Acquisition Date.

Filing text · FY2026 10-Q · filed Aug 5, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"At the time of the announcement of the ZT Systems acquisition in August 2024, we disclosed our intent to divest ZT Systems' data center infrastructure manufacturing business (the ZT Manufacturing Business), while retaining only certain intellectual property and employees (the ZT Design Business). Accordingly, upon acquisition, we classified the ZT Manufacturing Business and its related assets and liabilities as held for sale. The results of the ZT Design Business and the ZT Manufacturing Business are presented within continuing operations and discontinued operations of AMD's consolidated statements of operations and cash flows, respectively. The consolidated statements of operations include immaterial revenue attributable to the ZT Design Business, which is reported within the Data Center segment from the Acquisition Date."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000108, filed 6 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000108/amd-20250628.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

04RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure about commercial paper capacity, issuance, repayment, and outstanding balance was removed.

The removed paragraph described a financing facility and actual borrowing activity, changing disclosure about debt capacity and liquidity obligations.

Why the model ranked it here

This removes disclosure of available short-term borrowing capacity and actual commercial-paper issuance and repayment, obscuring a meaningful liquidity dependency.

Filing text · FY2025 10-Q · filed Aug 6, 2025

[removed] 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 June 28, 2025, we had no commercial paper outstanding.

Filing text · FY2026 10-Q · filed Aug 5, 2026

No corresponding language in the FY2026 10-Q.

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 June 28, 2025, we had no commercial paper outstanding."

Advanced Micro Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000002488-25-000108, filed 6 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000108/amd-20250628.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

05RemovedPart I, Item 2 › Interest Expense

Summary · quote-checked

Removed disclosure that higher interest expense resulted from issuing $1.5 billion of Notes.

The removed paragraph disclosed a debt issuance and its effect on interest expense; dropping that obligation-related disclosure is substantive under the rubric.

Why the model ranked it here

This removes disclosure linking higher interest expense to a significant debt issuance, making an important financing obligation less visible.

Filing text · FY2025 10-Q · filed Aug 6, 2025

~~[removed] The increase in both periods 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.~~

Filing text · FY2026 10-Q · filed Aug 5, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The increase in both periods 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 FY2025, Part I, Item 2, accession 0000002488-25-000108, filed 6 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248825000108/amd-20250628.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

Show all 8 in Part I, Item 2 (3 more, in filing order)

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 › Overview and Recent Developments

Summary · quote-checked

Disclosure of the ZT Systems acquisition was replaced with agreements involving OpenAI and Meta, GPU deployment plans, and customer warrants.

The paragraph now states new multi-year customer agreements, GPU deployment intentions, warrant terms, vesting conditions, and lack of current impact, changing disclosed dependencies and obligations.

Why the model ranked it here

New agreements with named customers, GPU deployment plans, and warrant terms change the company’s disclosed dependencies and potential obligations.

Filing text · FY2025 10-Q · filed Aug 6, 2025

[removed] On March 31, 2025 (the Acquisition Date), we completed the acquisition of ZT Group Int'l, Inc. (ZT Systems), which is expected to enable AMD to deliver end-to-end AI solutions and accelerate the design and deployment of AMD-powered AI infrastructure at scale optimized for the cloud. At the close of the acquisition, we paid $3.2 billion in cash and issued 8,335,849 shares of our common ~~[removed] stock. To the extent contingencies are fully met, we will pay an additional $300 million in cash and issue up to 740,961 shares of our common stock.~~

Filing text · FY2026 10-Q · filed Aug 5, 2026

[added] In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products. In connection with these agreements, we issued each customer a warrant to purchase up to 160 million shares of our common [added] stock at an exercise price of $0.01 per share, vesting in tranches tied to AMD Instinct GPU purchase milestones and specified AMD stock price and/or performance conditions. As of June 27, 2026, no warrant tranches had vested or become exercisable, and the warrants had no impact on our results for the three and six months ended June 27, 2026.

Cite this change

"In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000123, filed 5 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure adds substantially expanded contractual, lease, guarantee, investment, and data center commitments, alongside higher unconditional commitment amounts.

New obligations, counterparties, leases, guarantees, and future investment commitments materially change the filing’s disclosure of commitments and potential cash requirements.

Why the model ranked it here

New lease, guarantee, investment, and data center commitments materially expand the company’s disclosed future cash requirements.

Filing text · FY2025 10-Q · filed Aug 6, 2025

As of June ~~[removed] 28, 2025,~~ we had unconditional ~~[removed] purchase~~ commitments of approximately ~~[removed] $9.4~~ billion, of which ~~[removed] $5.5~~ billion are for the remainder of fiscal year ~~[removed] 2025.~~ We work continually 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 Aug 5, 2026

As of June [added] 27, 2026, we had unconditional commitments of approximately [added] $30.3 billion, of which [added] $17.4 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 $1.2 billion and leases that have not yet commenced for $4.5 billion. In addition, as of June 27, 2026, we have data center lease guarantees with maximum potential amount of future payments of $4.1 billion. Subsequent to June 27, 2026, we entered into investment commitments of up to $5.0 billion, subject to certain conditions, which are expected to be made through fiscal year 2028 and long-term data center leases with aggregate future payments of $9.5 billion over lease terms of up to 16 years that are expected to commence in 2027 and 2028.

Cite this change

"We also have commitments for leases that have commenced for approximately $1.2 billion and leases that have not yet commenced for $4.5 billion. In addition, as of June 27, 2026, we have data center 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 0000002488-26-000123, filed 5 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Revolving credit availability increased, maturity changed, and a commercial paper program and outstanding-balance disclosure were added.

The disclosure changes liquidity capacity and maturity and introduces a new commercial paper funding instrument, affecting stated financing resources and obligations.

Why the model ranked it here

Expanded revolving capacity, a longer maturity, and a new commercial paper program materially change the company’s stated financing resources and obligations.

Filing text · FY2025 10-Q · filed Aug 6, 2025

We have ~~[removed] $3.0~~ billion available under an unsecured revolving credit facility that expires ~~[removed] on April 29, 2027. No funds were drawn from this credit facility during the three months ended June 28, 2025.~~

Filing text · FY2026 10-Q · filed Aug 5, 2026

We have [added] $5.0 billion available under an unsecured revolving credit facility that expires [added] in 2031. We also have a commercial paper program to issue unsecured commercial paper notes up to a maximum principal amount outstanding, at any time, of $5.5 billion, with a maturity of up to 397 days from the date of issue. We had no commercial paper and revolving credit amounts outstanding as of June 27, 2026.

Cite this change

"We have $5.0 billion available under an unsecured revolving credit facility that expires in 2031. We also have a commercial paper program to issue unsecured commercial paper notes up to a maximum principal amount outstanding, at any time, of $5.5 billion, with a maturity of up to 397 days from the date of issue. We had no commercial paper and revolving credit amounts outstanding as of June 27, 2026."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000123, filed 5 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

04ChangedPart I, Item 2 › Investing Activities

Summary · quote-checked

Investing cash flow changed from $251 million provided to $5.2 billion used, with different investment drivers and a discontinued-operations payment disclosed.

The direction, magnitude, investment composition, and discontinued-operations disclosure changed, altering the stated cash-flow obligations and activities.

Why the model ranked it here

Investing cash flow reversed from a source to a substantial use, reflecting a materially different pattern of investment and cash deployment.

Filing text · FY2025 10-Q · filed Aug 6, 2025

Net cash ~~[removed] provided by~~ investing activities of continuing operations was ~~[removed] $251 million~~ for the six months ended June ~~[removed] 29, 2024~~ which primarily consisted of ~~[removed] $1.2 billion of proceeds from the maturity and sale of short-term investments, partially offset by cash used in the~~ purchases of ~~[removed] short-term~~ investments of ~~[removed] $565 million and purchases of property and equipment of $296 million. There was no net cash provided by~~ investing activities of discontinued operations ~~[removed] for the six months ended June 29, 2024.~~

Filing text · FY2026 10-Q · filed Aug 5, 2026

Net cash [added] used in investing activities of continuing operations was [added] $5.2 billion for the six months ended June [added] 27, 2026, which primarily consisted of [added] purchases of short-term investments of $4.6 billion, purchases of property and equipment of $1.2 billion, and purchases of [added] long-term investments of [added] $844 million, partially offset by $1.6 billion of proceeds from the maturity and sale of short-term investments. Net cash used in investing activities of discontinued operations [added] was $243 million, which represents payment for customary net working capital adjustments related to the divestiture of the ZT Manufacturing Business.

Cite this change

"Net cash used in investing activities of continuing operations was $5.2 billion for the six months ended June 27, 2026, which primarily consisted of purchases of short-term investments of $4.6 billion, purchases of property and equipment of $1.2 billion, and purchases of long-term investments of $844 million, partially offset by $1.6 billion of proceeds from the maturity and sale of short-term investments."

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000123, filed 5 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The cash-flow table rolled forward and changed from a net increase in cash to a net decrease, with updated operating, investing and financing amounts.

The net cash direction changed from an increase to a decrease, changing the filing’s stated liquidity and cash-flow position beyond a routine period update.

Why the model ranked it here

Overall cash generation shifted from a net increase to a net decrease, changing the stated direction of the company’s liquidity position.

Filing text · FY2025 10-Q · filed Aug 6, 2025

Filing text · FY2026 10-Q · filed Aug 5, 2026

|Six Months EndedJune 27, 2026 | June 28, 2025(In millions)Net cash provided by (used in):Net cash provided by operating activities of continuing operations | $ | 5,321 | $ | 2,401Net cash provided by operating activities of discontinued operations | - | 549Operating activities | 5,321 | 2,950Net cash used in investing activities of continuing operations | (5,172) | (2,633)Net cash used in investing activities of discontinued operations | (243) | (22)Investing activities | (5,415) | (2,655)Financing activities of continuing operations | (365) | 347Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (459) | $ | 642

Cite this change

"Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (459) | $ | 642"

Advanced Micro Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000002488-26-000123, filed 5 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/2488/000000248826000123/amd-20260627.htm

Comparison: https://yearover.com/reports/amd/0000002488-26-000123?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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