Advanced Micro Devices (AMD) — Fundamental Analysis
Based on SEC filings through Q1 2026 (period ending March 28, 2026)
Snapshot & Big Picture
AMD has transformed itself over the past several years from a perennial underdog into one of the most consequential semiconductor companies in the world. Its product lineup spans CPUs, GPUs, and data center accelerators — putting it squarely in the middle of the AI infrastructure boom. The annual revenue figures tell a compelling story: from $22.7 billion in fiscal 2023 to $25.8 billion in fiscal 2024, and then a sharp jump to $34.6 billion in fiscal 2025. That's growth of more than 52% in two years, driven heavily by surging demand for AMD's Instinct GPU accelerators and EPYC server processors.
| Fiscal Year End | Revenue | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|---|
| Dec 30, 2023 | $22.68B | 46.1% | 1.8% | 3.8% |
| Dec 28, 2024 | $25.79B | 49.4% | 7.4% | 6.4% |
| Dec 27, 2025 | $34.64B | 49.5% | 10.7% | 12.5% |
Latest Quarter Snapshot
The most current window into AMD's business is Q1 2026 (quarter ending March 28, 2026), reported in a 10-Q filed May 6, 2026. This data is more recent than the annual figures and shows the momentum continuing — and in some respects, accelerating.
| Metric | Q1 2026 (Mar 28, 2026) |
|---|---|
| Revenue | $10.25B |
| EBITDA | $1.54B |
| Gross Margin | 52.8% |
| Operating Margin | 14.4% |
| Net Margin | 13.5% |
| Current Ratio | 2.72 |
| Debt-to-Equity | Not available in filing |
A single quarter annualizes to roughly $41 billion in revenue run-rate, suggesting fiscal 2026 could comfortably surpass fiscal 2025's $34.6 billion. More notably, gross margin hit 52.8% in Q1 2026 — the highest in the dataset — pointing to favorable product mix, likely continued strength in high-margin data center GPUs. Operating margin of 14.4% and net margin of 13.5% are also the best readings across all periods shown here.
Profitability — Multi-Year Trend
The profitability trajectory is one of the most striking features of AMD's recent fundamental story. In fiscal 2023, operating margin was just 1.8% — barely above breakeven at the operating level — while net margin sat at 3.8%. The company was carrying heavy amortization loads from its Xilinx acquisition and facing a cyclical downturn in PC and gaming markets.
By fiscal 2025, operating margin had expanded to 10.7% and net margin to 12.5%. Then Q1 2026 pushed those figures even higher. The consistent improvement in gross margin — from 46.1% in 2023 to 49.5% in 2025 and now 52.8% in the latest quarter — indicates that AMD is not just growing revenue but also selling more of its premium, higher-margin products. EBITDA figures were not reported in the annual 10-K filings provided, but Q1 2026's 10-Q shows $1.54 billion in EBITDA for a single quarter.
| Period | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| FY 2023 | 46.1% | 1.8% | 3.8% |
| FY 2024 | 49.4% | 7.4% | 6.4% |
| FY 2025 | 49.5% | 10.7% | 12.5% |
| Q1 2026 (quarterly) | 52.8% | 14.4% | 13.5% |
Financial Health
AMD's liquidity position is solid and has improved steadily. The current ratio — which measures the ability to cover short-term obligations with short-term assets — rose from 2.51 in fiscal 2023 to 2.85 in fiscal 2025, and stands at 2.72 in the most recent quarter. Any current ratio above 2.0 is generally considered healthy; AMD's figures suggest it is not under any near-term liquidity stress.
Debt-to-equity figures were not available in any of the filings provided, so a full leverage analysis cannot be completed from this dataset alone. That said, the consistently strong current ratios suggest the balance sheet is not in a distressed state.
| Period | Current Ratio | Debt-to-Equity |
|---|---|---|
| FY 2023 | 2.51 | Not available |
| FY 2024 | 2.62 | Not available |
| FY 2025 | 2.85 | Not available |
| Q1 2026 (quarterly) | 2.72 | Not available |
Growth
AMD's revenue growth over the three annual periods in this dataset is exceptional by any standard. Year-over-year revenue growth was approximately 13.7% from fiscal 2023 to fiscal 2024, then surged to roughly 34.3% from fiscal 2024 to fiscal 2025. At $10.25 billion in Q1 2026 alone, AMD is already running well ahead of its fiscal 2025 quarterly average of approximately $8.66 billion per quarter.
| Period | Revenue | YoY Growth |
|---|---|---|
| FY 2023 | $22.68B | — |
| FY 2024 | $25.79B | ~13.7% |
| FY 2025 | $34.64B | ~34.3% |
| Q1 2026 (single quarter) | $10.25B | Annualizes to ~$41B+ |
The acceleration in growth from fiscal 2024 to fiscal 2025, combined with expanding margins, indicates AMD is gaining operating leverage — meaning revenue is growing faster than costs, allowing more of each incremental dollar to flow through to profit.
Plain English Summary
AMD is a semiconductor company in an enviable position right now. It makes the chips that power everything from gaming PCs to the massive data centers that train and run AI models. Over the past three fiscal years, it has more than doubled its profitability margins while growing revenue by over 50%. The most recent quarter (ending March 2026) shows that momentum hasn't stalled — in fact, margins are at their best levels in this dataset, and quarterly revenue alone suggests the company is on pace for an even bigger fiscal year in 2026. The balance sheet looks comfortable, with current ratios well above 2.0 across every period. The one gap in this picture is the absence of debt-to-equity data in the filings provided, which would give a fuller view of financial risk. But based on what is available, AMD's fundamentals paint the portrait of a company that has moved from cyclical pressure and thin margins in 2023 to a high-growth, increasingly profitable enterprise by early 2026 — with the AI infrastructure buildout acting as a powerful tailwind behind it.
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