Advanced Micro Devices, Inc. (AMD) Cash Flow Statement
Where AMD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $7.71B +153.5% vs 2024
- Capital expenditures
- $1.01B 2.9% of revenue
- Free cash flow
- $6.74B 19.4% margin
- Returned to shareholders
- $1.32B 20% of free cash flow
- Change in cash
- $1.86B cash at year-end $5.54B
Cash from operations
$7.71B
Capital expenditures
−$1.01B
Investments (net)
−$4.13B
Acquisitions & other
−$394.0M
Share buybacks (net)
−$1.32B
Net borrowing (repayment)
+$1.49B
Other financing
−$606.0M
Currency & other
+$114.0M
Change in cash
$1.86B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AMD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AMD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $90.0M2016 | $7.71B2025 | +64.0%/yr | |
| Capital expenditures | $77.0M2016 | $1.01B2025 | +33.1%/yr | |
| Free cash flow | $13.0M2016 | $6.74B2025 | +100.3%/yr | |
| Free cash flow margin | 0.3%2016 | 19.4%2025 | +19.1 pts | |
| Operating cash flow / net income | 1.582017 | 1.812025 | +0.22 | |
| Stock-based compensation | $86.0M2016 | $1.64B2025 | +38.7%/yr | |
| Dividends paid | $02016 | $104.0M2021 | — | |
| Share buybacks (net) | $02016 | $1.32B2025 | — | |
| Capex / revenue | 1.8%2016 | 2.9%2025 | +1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AMD cash flow by activity
OperatingInvestingFinancingChange in cash
AMD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AMD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.27B | $1.64B | $854.0M | $1.32B | $3.16B | $2.49B | $341.0M | $337.0M | $43.0M | −$497.0M |
| Depreciation & amortization | $3.00B | $3.18B | $3.55B | $4.26B | $407.0M | $312.0M | $258.0M | $170.0M | $144.0M | $133.0M |
| Stock-based compensation | $1.64B | $1.41B | $1.38B | $1.08B | $379.0M | $274.0M | $197.0M | $137.0M | $97.0M | $86.0M |
| Change in working capital | −$2.38B | −$2.10B | −$3.05B | −$1.85B | −$774.0M | −$931.0M | −$542.0M | −$727.0M | −$264.0M | $180.0M |
| Other non-cash items | $1.18B | −$1.09B | −$1.07B | −$1.25B | $347.0M | −$1.07B | $239.0M | $117.0M | $48.0M | $188.0M |
| Cash from operating activities | $7.71B | $3.04B | $1.67B | $3.56B | $3.52B | $1.07B | $493.0M | $34.0M | $68.0M | $90.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.01B | −$636.0M | −$546.0M | −$450.0M | −$301.0M | −$294.0M | −$217.0M | −$163.0M | −$113.0M | −$77.0M |
| Investments (net) | −$4.13B | −$1.10B | −$506.0M | $2.00B | −$378.0M | −$658.0M | $66.0M | −$7.0M | $1.0M | $342.0M |
| Acquisitions & other investing | −$394.0M | $636.0M | −$371.0M | $450.0M | −$7.0M | $0 | $2.0M | $0 | −$2.0M | $2.0M |
| Cash from investing activities | −$5.53B | −$1.10B | −$1.42B | $2.00B | −$686.0M | −$952.0M | −$149.0M | −$170.0M | −$114.0M | $267.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$104.0M | −$85.0M | −$6.0M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$1.32B | −$1.59B | −$1.41B | −$4.11B | −$1.66B | $85.0M | $523.0M | $70.0M | $20.0M | $687.0M |
| Net borrowing (repayment) | $1.49B | −$750.0M | $0 | $679.0M | $679.0M | $679.0M | −$473.0M | −$41.0M | −$40.0M | −$561.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$606.0M | $278.0M | $266.0M | $165.0M | −$812.0M | −$673.0M | −$1.0M | −$1.0M | −$13.0M | −$4.0M |
| Cash from financing activities | −$431.0M | −$2.06B | −$1.15B | −$3.26B | −$1.90B | $6.0M | $43.0M | $28.0M | −$33.0M | $122.0M |
| Summary | ||||||||||
| Net change in cash | $1.86B | −$122.0M | −$902.0M | $2.30B | $940.0M | $125.0M | $387.0M | −$108.0M | −$79.0M | $479.0M |
| Cash at end of period | $5.54B | $3.81B | $3.93B | $4.83B | $2.54B | $1.59B | $1.47B | $1.08B | $1.19B | $1.26B |
| Free cash flow | $6.74B | $2.40B | $1.12B | $3.12B | $3.22B | $777.0M | $276.0M | −$129.0M | −$45.0M | $13.0M |
| Free cash flow margin | 19.4% | 9.3% | 4.9% | 13.2% | 19.6% | 8.0% | 4.1% | −2.0% | −0.8% | 0.3% |
| Capex / revenue | 2.9% | 2.5% | 2.4% | 1.9% | 1.8% | 3.0% | 3.2% | 2.5% | 2.1% | 1.8% |
| Operating cash flow / net income | 1.81 | 1.85 | 1.95 | 2.70 | 1.11 | 0.43 | 1.45 | 0.10 | 1.58 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.30B | $1.38B | $1.62B | $1.17B | $768.0M | $709.0M | $482.0M | $771.0M | $265.0M | $123.0M | $667.0M | $299.0M |
| Depreciation & amortization | $765.0M | $757.0M | $751.0M | $754.0M | $757.0M | $742.0M | $786.0M | $756.0M | $769.0M | $784.0M | $824.0M | $848.0M |
| Stock-based compensation | $503.0M | $487.0M | $486.0M | $419.0M | $369.0M | $364.0M | $339.0M | $351.0M | $346.0M | $371.0M | $374.0M | $353.0M |
| Change in working capital | −$730.0M | $456.0M | −$533.0M | −$708.0M | $564.0M | −$748.0M | −$70.0M | −$660.0M | −$608.0M | −$760.0M | −$1.24B | −$838.0M |
| Other non-cash items | −$469.0M | −$128.0M | $276.0M | $522.0M | −$447.0M | −$128.0M | −$238.0M | −$590.0M | −$179.0M | $3.0M | −$242.0M | −$241.0M |
| Cash from operating activities | $2.37B | $2.96B | $2.60B | $2.16B | $2.01B | $939.0M | $1.30B | $628.0M | $593.0M | $521.0M | $381.0M | $421.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$808.0M | −$389.0M | −$222.0M | −$258.0M | −$282.0M | −$212.0M | −$208.0M | −$132.0M | −$154.0M | −$142.0M | −$139.0M | −$124.0M |
| Investments (net) | −$1.67B | −$2.18B | −$2.63B | −$1.34B | −$2.30B | −$357.0M | −$1.21B | −$138.0M | $386.0M | −$135.0M | $150.0M | $102.0M |
| Acquisitions & other investing | −$372.0M | $0 | $1.31B | $258.0M | $282.0M | $212.0M | $208.0M | $132.0M | $154.0M | $142.0M | $139.0M | −$1.55B |
| Cash from investing activities | −$2.85B | −$2.56B | −$1.54B | −$1.34B | −$2.30B | −$357.0M | −$1.21B | −$138.0M | $386.0M | −$135.0M | $150.0M | −$1.57B |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$207.0M | −$221.0M | $76.0M | −$89.0M | −$524.0M | −$779.0M | −$298.0M | −$710.0M | −$449.0M | −$133.0M | −$278.0M | −$511.0M |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | −$950.0M | $2.44B | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $192.0M | −$129.0M | −$404.0M | −$361.0M | $155.0M | $4.0M | $127.0M | $4.0M | −$607.0M | $4.0M | $119.0M | −$292.0M |
| Cash from financing activities | −$15.0M | −$350.0M | −$328.0M | −$450.0M | −$1.32B | $1.67B | −$171.0M | −$706.0M | −$1.06B | −$129.0M | −$159.0M | −$803.0M |
| Summary | ||||||||||||
| Net change in cash | −$499.0M | $40.0M | $910.0M | $372.0M | −$1.61B | $2.25B | −$86.0M | −$216.0M | −$77.0M | $257.0M | $372.0M | −$280.0M |
| Cash at end of period | $5.10B | $5.60B | $5.54B | $4.83B | $4.45B | $6.06B | $3.81B | $3.90B | $4.11B | $4.19B | $3.93B | $3.56B |
| Free cash flow | $1.56B | $2.57B | $2.38B | $1.90B | $1.73B | $727.0M | $1.09B | $496.0M | $439.0M | $379.0M | $242.0M | $297.0M |
| Free cash flow margin | 13.5% | 25.0% | 23.2% | 20.6% | 22.5% | 9.8% | 14.2% | 7.3% | 7.5% | 6.9% | 3.9% | 5.1% |
| Capex / revenue | 7.0% | 3.8% | 2.2% | 2.8% | 3.7% | 2.9% | 2.7% | 1.9% | 2.6% | 2.6% | 2.3% | 2.1% |
| Operating cash flow / net income | 1.03 | 2.14 | 1.60 | 1.84 | 2.62 | 1.32 | 2.70 | 0.81 | 2.24 | 4.24 | 0.57 | 1.41 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AMD cash generation
In fiscal 2025 (ended December 31, 2025), AMD generated $7.7 billion of cash from operations (up 153.5%) and spent $1.0 billion on capital expenditures, leaving free cash flow of $6.7 billion, 19.4% of revenue. It returned $1.3 billion to shareholders through dividends ($0) and net share buybacks ($1.3 billion). Cash and equivalents rose by $1.9 billion over the year.
Related: AMD income statement, AMD balance sheet. See the AMD stock overview for the latest quote and news.
AMD cash flow FAQ
What is AMD's free cash flow?
AMD's free cash flow was $6.7 billion in fiscal 2025: $7.7 billion of operating cash flow minus $1.0 billion of capital expenditures It was $2.4 billion a year earlier..
How much cash does AMD generate from operations?
AMD generated $7.7 billion of cash from operating activities in fiscal 2025, 1.81 times its net income of $4.3 billion.
How much does AMD spend on capital expenditures?
AMD spent $1.0 billion on capital expenditures in fiscal 2025, 2.9% of revenue, compared with $636.0 million the year before.
How much stock does AMD buy back?
AMD spent $1.3 billion on net share repurchases in fiscal 2025.