Aslan Research · Chips
ADVANCED MICRO DEVICES INC (AMD)
Data as of 2026-09-03 · 27 quarters · filed in USD
Revenue reached $41.3 billion over the trailing year, while expenses were $31.0 billion. Revenue growth of 32% per year trails expense growth of 35% per year, even as committed obligations grew 66% per year.
Earned, collected early, and merely signed
Reports $3.2B of debt; has promised $35B
Total committed money is $34.6 billion, far above reported debt of $3.2 billion. Purchases account for $30.3 billion of commitments, while leases account for $1.1 billion.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The five-year due wall is $95.9 billion, set against $144 million of future revenue promised over the same period. That gap is captured by a 665.9x ratio. Later amounts are much smaller: $261 million is due in years 5 to 10, and $311 million beyond 10 years.
The rates that matter
Expenses as filed vs after cited reconciliation
17 patterns worth a second look
The sharpest flag is the reported $9.5 billion of long-term data-center leases entered into after period end and expected to commence in 2027 and 2028. Filings also report financing involving an equity-method investee that is a supplier and resale counterparty, material guarantees and uncommenced lease commitments outside ordinary debt balances, and a change that broadened unconditional commitments to include cloud-service and other service-provider commitments.
circular financing · 1
The filings report AMD financing an equity-method investee that is also a supplier and resale counterparty.
off balance sheet · 2
The filings report material guarantees and uncommenced lease commitments outside the ordinary debt balances.
The Q2 2026 filing reports $9.5 billion of long-term data-center leases entered into after period end and expected to commence in 2027 and 2028.
one time dressing · 1
The filings report substantial licensing gains from milestone achievements and royalty income, including $102 million in FY2022 and $34 million in FY2023.
redefinition · 1
The filings change the reported scope of unconditional commitments from supplier obligations to include cloud-service and other service-provider commitments.
regulator challenge · 8
A reply to SEC staff was filed on 2020-08-10, answering a staff comment letter dated 2020-07-20; it quotes 8 staff comments.
A reply to SEC staff was filed on 2021-01-14, answering a staff comment letter dated 2020-12-30; it quotes 12 staff comments.
A reply to SEC staff was filed on 2021-03-03, answering a staff comment letter dated 2020-12-30; it quotes 0 staff comments.
+ 5 more
related party exposure · 1
The filings report sustained, material purchases and payables with the ATMP joint ventures in which AMD holds a 15% interest.
subsequent event · 1
The filing reports a subsequent $800 million export-control charge and a $900 million tax benefit that materially recontextualize the quarter ended March 29, 2025.
value revision · 2
The later filing reports a substantive revision to FY2023 selling, general and administrative expense from $2.352 billion to $2.318 billion.
The later filing reports a substantive revision to FY2024 selling, general and administrative expense from $2.783 billion to $2.735 billion.