AMD · 10-K · 2025A · Full report
Operating Cash Flow Improvement
ADVANCED MICRO DEVICES INC · 2026-02-04 · Importance 81 · Surprise 64
Net cash provided by operating activities of continuing operations increased to $6.493 billion in 2025 from $3.041 billion in 2024, an improvement of $3.452 billion year-over-year. The 2025 operating cash flow was driven by net income of $4.3 billion and $4.6 billion of non-cash adjustments, partially offset by $2.4 billion of net cash outflows from changes in operating assets and liabilities. Inventory increased by $2.2 billion in 2025 to support Data Center product ramps in advanced process nodes. Net cash provided by operating activities of the discontinued ZT Manufacturing Business was $1.216 billion in 2025.
Key facts
- Net cash provided by operating activities of continuing operations in 2025 was $6.493 billion, compared to $3.041 billion in 2024.
- Net cash provided by operating activities (total) in 2025 was $7.709 billion, compared to $3.041 billion in 2024.
- Net cash provided by operating activities of discontinued operations (ZT Manufacturing Business) in 2025 was $1.216 billion.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +6.1% | Net cash provided by operating activities (total) in 2025 was $7.709 billion, compared to $3.041 billion in 2024. |