Aslan Research · Chips
ADVANCED MICRO DEVICES INC (AMD)
Data as of 2026-08-21 · 27 quarters · filed in USD
Revenue grew 32% per year while expenses grew 31%, leaving a much larger operating scale than the $222 million backlog. The backlog is small beside $41.3 billion of trailing-year revenue.
Earned, collected early, and merely signed
Reports $3.2B of debt; has promised $4.3B
Committed obligations total $4.3 billion, or 1.3x reported debt of $3.2 billion. Leases account for $1.1 billion of the committed total beyond debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next 5 years carry $70.8 billion of obligations against $594 million of future revenue promised for that period. That is a 119.2x gap between amounts due and revenue promised.
The rates that matter
Expenses as filed vs after cited reconciliation
10 patterns worth a second look
The largest disclosed exposure is $4.1 billion tied to guarantees of commercial partners' data-center lease obligations. Other notable items include $1.3 billion to $4.5 billion tied to future data-center and real-estate lease payments that had not yet commenced, and an unsecured parent guarantee tied to ZT Systems' credit facility of approximately $642 million. The disclosures also describe an $800 million export-control inventory charge followed by a $360 million reversal in the same fiscal year's fourth quarter, plus recurring substantial purchases and payables tied to ATMP joint ventures in which AMD holds a 15% interest.
circular financing · 1
The filings report AMD financing an ATMP joint venture that also supplies AMD and receives resale revenue from AMD.
off balance sheet · 3
The filings report guarantees of commercial partners' data-center lease obligations with maximum gross exposure of $4.1 billion.
The filings report $1.3 billion to $4.5 billion of future payments for data-center and real-estate leases that had not yet commenced.
The filings report an unsecured parent guarantee of ZT Systems' obligations under an asset-based revolving credit facility of approximately $642 million.
one time dressing · 1
The filings report a $800 million export-control inventory charge followed by a $360 million reversal in the fourth quarter of the same fiscal year.
redefinition · 1
The filings change the reported scope of international-sales comparisons from customer billing location to a broader risk-factor presentation while the percentages vary by period.
related party exposure · 1
The filings report recurring, substantial purchases and payables with ATMP joint ventures in which AMD holds a 15% interest.
subsequent event · 3
The filings report a $900 million favorable tax-provision impact after the March 2025 quarter from IRS approval.
The filings report the ZT Systems acquisition closing after the March 2025 quarter, followed by a $4.4 billion recorded purchase consideration.
The filings report a subsequent $2.4 billion cash receipt when AMD completed the sale of the ZT Manufacturing Business to Sanmina.