AMD · 10-K · 2025A · Full report

Liquidity and Cash Position

ADVANCED MICRO DEVICES INC · 2026-02-04 · Importance 81 · Surprise 64

As of December 27, 2025 AMD held $10.6 billion of cash, cash equivalents and short-term investments, up from $5.1 billion at December 28, 2024. Net cash provided by operating activities of continuing operations was $6.5 billion in 2025 (compared to $3.0 billion in 2024), and net cash used in investing activities of continuing operations was $6.9 billion driven by purchases of short-term investments, acquisitions ($1.8 billion net of cash acquired) and $1.0 billion of property and equipment. AMD has $3.0 billion available under an unsecured revolving credit facility and believes cash, cash flows, and available facilities will be sufficient to fund operations, capital expenditures, purchase and lease commitments, and strategic activities over the next 12 months and beyond. The company disclosed unconditional commitments of approximately $12.2 billion, with $8.5 billion attributable to fiscal year 2026.

Key facts

• Cash, cash equivalents and short-term investments as of December 27, 2025 were $10.6 billion, compared to $5.1 billion as of December 28, 2024.
• Net increase in cash, cash equivalents and restricted cash for 2025 was $1,745 million, compared to a decrease of $122 million in 2024.
• As of December 27, 2025, AMD had $3.0 billion available under an unsecured revolving credit facility that expires on April 29, 2027, and no funds were drawn from it during the year.
• Other income (expense), net for 2025 was $577 million, an increase of $396 million from $181 million in 2024, primarily due to higher unrealized gains from long-term investments.
• Net cash used in investing activities of continuing operations in 2025 was $6.851 billion, which primarily consisted of $5.5 billion of cash used for purchases of short-term investments, $1.8 billion of cash used in acquisitions net of cash acquired, and $1.0 billion for purchases of property and equipment, partially offset by $1.8 billion proceeds from maturities of short-term investments.
• AMD stated it believes cash, cash equivalents, short-term investments and cash flows from operations along with its revolving credit facility and commercial paper program will be sufficient to fund operations, capital expenditures, purchase and lease commitments, and strategic activities over the next 12 months and beyond.
• Other income (expense), net is primarily comprised of interest income from short-term investments, changes in valuation of long-term investments and foreign currency transaction gains and losses.

Impact estimates