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Advanced Micro Devices cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$554M in Q3 2026 · $7.1B over twelve months

Operating cash flow$1.2B
Capital spending−$648M
Free cash flow+$554M
Cash / net income0.5×
Cash conversion cycle106 days

Analysis

In Q3 2026, Advanced Micro Devices generated $1.2B of operating cash flow and spent $648M on capital projects, leaving free cash flow of $554M.

Over the twelve months to Sep 26, 2026, operating cash flow was $9.1B; the largest uses were other investing ($6.1B), capital spending ($2.1B), taxes on employees’ shares ($2.0B); besides operations, cash came from other financing ($3.5B), shares issued ($326M); the cash balance rose by $2.6B.

Operating cash flow was $1.2B against net income of $2.4B — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$3.0B, payables +$2.3B, receivables −$1.9B.

Its cash conversion cycle was 106 days (receivables 56 + inventory 147 − payables 97).

Free cash flow

Advanced Micro Devices: free cash flow by quarterAdvanced Micro Devices: free cash flow by quarter$1.1BQ4 2024$727MQ1 2025$1.7BQ2 2025$1.9BQ3 2025$2.4BQ4 2025$2.6BQ1 2026$1.6BQ2 2026$554MQ3 2026
Operating cash flow less capital spending.
Advanced Micro Devices: operating cash flow against capital spendingAdvanced Micro Devices: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$208MQ4 2024$939M$212MQ1 2025$2.0B$282MQ2 2025$2.2B$258MQ3 2025$2.6B$222MQ4 2025$3.0B$389MQ1 2026$2.4B$808MQ2 2026$1.2B$648MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $648M.

Capital allocation, year by year

Advanced Micro Devices: where the cash came from (up) and went (down), by fiscal yearAdvanced Micro Devices: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $3.5BFY2021: Shares issued $104MFY2021: Capital spending −$301MFY2021: Buybacks −$1.8B$3.6BFY2021FY2022: Operating cash flow $3.6BFY2022: Net borrowing $679MFY2022: Shares issued $167MFY2022: Capital spending −$450MFY2022: Buybacks −$3.7B$4.4BFY2022FY2023: Operating cash flow $1.7BFY2023: Shares issued $268MFY2023: Capital spending −$546MFY2023: Buybacks −$985M$1.9BFY2023FY2024: Operating cash flow $3.0BFY2024: Net borrowing −$750MFY2024: Shares issued $279MFY2024: Capital spending −$636MFY2024: Buybacks −$862M$3.3BFY2024FY2025: Operating cash flow $7.7BFY2025: Net borrowing $1.5BFY2025: Shares issued $285MFY2025: Asset sales $1.4BFY2025: Capital spending −$974MFY2025: Buybacks −$1.3B$10.8BFY2025
Over these 5 years operating cash flow totalled $19.5B; the largest uses were buybacks ($8.6B) and capital spending ($2.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.8B
Debt$8.0B
Net cash$7.8B
Due within a year$875M

Advanced Micro Devices funds itself: free cash flow was $7.1B over the last twelve months, and $15.8B of cash and investments stands against $8.0B of debt ($875M due within a year, 18.0× covered by cash).

Advanced Micro Devices: debt maturities by year (FY2025)Advanced Micro Devices: debt maturities by year (FY2025)$875MYear 1$625MYear 3$750MYear 5$1.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $15.8B of cash and investments now.

Where the cash came from and went

Advanced Micro Devices: sources (+) and uses (−) of cash, Q3 2026Advanced Micro Devices: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$3.9BCash drawn (+) / kept (−)−$2.3BTaxes on employees’ shares−$1.5BOperating cash flow$1.2BCapital spending−$648MOther investing−$595MOther financing−$13.0MShares issued$5.0M
Advanced Micro Devices: sources (+) and uses (−) of cash, TTM to Q3 2026Advanced Micro Devices: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$9.1BOther investing−$6.1BOther financing$3.5BCash drawn (+) / kept (−)−$2.6BCapital spending−$2.1BTaxes on employees’ shares−$2.0BShares issued$326MBuybacks−$221M

From profit to cash

Advanced Micro Devices: net income to operating cash flow, Q3 2026Advanced Micro Devices: net income to operating cash flow, Q3 2026Net income$2.4BStock-based pay$523MDeferred taxes−$321MGains on investments−$67.0MOther non-cash$44.0MReceivables−$1.9BInventory−$3.0BPayables$2.3BAccrued liabilities$323MPrepaid and other assets−$1.1BOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265614797106
Q2 20265314171122
Q1 20265515056149
Q4 20255514862141
Q3 20255614367131
Q2 20256312952139
Q1 20257114957163
Q4 20248013460153

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$648M—$3.9B$5.0M−$2.3B$554M
Q2 2026$2.4B−$808M——$200M$499M$1.6B
Q1 2026$3.0B−$389M−$221M—$5.0M−$40.0M$2.6B
Q4 2025$2.6B−$222M——$116M−$731M$2.4B
Q3 2025$2.2B−$258M−$89.0M—$10.0M−$372M$1.9B
Q2 2025$2.0B−$282M−$478M—$155M$1.6B$1.7B
Q1 2025$939M−$212M−$749M$2.4B$4.0M−$2.2B$727M
Q4 2024$1.3B−$208M−$256M—$127M$86.0M$1.1B

Advanced Micro Devices: income statement and cash flow

Advanced Micro Devices, Q3 2026: revenue $13.4B (+45% year over year), operating margin 21.2%. The chart follows the revenue to costs, profit and cash.

Advanced Micro Devices: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.