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Is AMD's reported cash improvement comparable across continuing operations? Compare three filed periods, reproduce the calculation and inspect the accounting explanation.

As of 2026-10-11

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TL;DR

AMD's revenue and operating margin improved across FY2023 to FY2025, but the reported $6.735 billion free cash flow figure mixes cash flow and investment scopes. A comparable FY2025 continuing operations calculation is $5.519 billion. Use Cursor to retain raw observations beside the reconciliation, match fiscal periods and filing dates, and check segment results. Improving business figures alone leave valuation and future stock returns unanswered.

Is AMD's reported cash improvement comparable across continuing operations?

AMD FY2025 cash-flow scope changes the figure

Scale: 0 to 6.735 B USD · zero baseline

FY2025 free cash flow comparison

  • Raw source FCF+6.74 B USD
  • Continuing CFO minus PPE+5.52 B USD

Exact reported and reconciled values retained in the table. Continuing CFO of $6.493B minus continuing PPE of $0.974B gives $5.519B.

Raw source FCF
$6.735B
Continuing CFO − PPE
$5.519B
Show the table · 4 rows, 4 columns

Scroll sideways to compare all columns. Select a heading to sort.

Continuing CFO1.6673.0416.493
Continuing PPE0.5460.6360.974
Continuing CFO − PPE1.1212.4055.519
Raw API FCF, retained1.1212.4056.735

FY2025 revenue and operating margin improved, but the raw $6.735B FCF mixes total operating cash flow with continuing-operations PPE. A continuing-operations bridge is $6.493B − $0.974B = $5.519B.

Reproduce this evidence in Cursor

Inspect the request

This worked comparison was checked in NexusTrade and against the original statements. It is not an execution receipt from your external client. Use the connected client capability described in the setup guide, or supply the public statements directly when a tool is unavailable.

Compare three full fiscal periods

Scale: 0 to 34.64B USD · zero baseline

Revenue

  • AMD · 2023-12-30$22.680B
  • AMD · 2024-12-28$25.785B
  • AMD · 2025-12-27$34.639B

Scale: 0 to 4.34B USD · zero baseline

Net income

  • AMD · 2023-12-30$0.854B
  • AMD · 2024-12-28$1.641B
  • AMD · 2025-12-27$4.335B

Scale: 0 to 6.74B USD · zero baseline

Source FCF

  • AMD · 2023-12-30$1.121B
  • AMD · 2024-12-28$2.405B
  • AMD · 2025-12-27$6.735B

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Show the table · 3 rows, 5 columns

Scroll sideways to compare all columns. Select a heading to sort.

AMD · 2023-12-30$22.680B$0.401B / 1.77%$0.854B$1.121B
AMD · 2024-12-28$25.785B$1.900B / 7.37%$1.641B$2.405B
AMD · 2025-12-27$34.639B$3.694B / 10.66%$4.335B$6.735B

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Read-only NexusTrade sec_edgar fundamentals retrieved October 12, 2026 and checked against the original annual statements. Amounts below are USD billions; the retained raw response uses USD. These are historical fiscal periods, not a live quote or a forecast.

Follow the calculation into the business

  1. Evidence 1

    Revenue: $22.680B → $25.785B → $34.639B. Operating margin: 1.77% → 7.37% → 10.66%.

  2. Evidence 2

    FY2025 total CFO is $7.709B including $1.216B from discontinued operations. Continuing PPE is $0.974B; discontinued PPE adds $0.038B.

  3. Evidence 3

    Data Center sales rose from $12.579B to $16.635B, while Embedded declined from $3.557B to $3.454B. Growth is uneven across segments.

What this result leaves unanswered

  1. Accounting explanation

    Preserve source FCF rather than silently substituting a different scope. Like-for-like continuing FCF is $1.121B, $2.405B and $5.519B; total CFO minus total PPE in FY2025 is $6.697B.

  2. Business and investment limits

    Acquired-intangible amortization affects GAAP margins. Distinguish it from a non-GAAP adjustment and from a cash expenditure before comparing AMD with NVIDIA.

Check fiscal periods and public availability

Inspect every input period, publication date and source

Select FY rows by periodEnd instead of assuming the array is latest first. Source statements may present comparative years in one filing. Their later publication does not prove those exact restated values were available at the earlier historical date.

Scroll sideways to compare all columns. Select a heading to sort.

AMD20232023-12-302024-01-31Annual FY, USD
AMD20242024-12-282025-02-05Annual FY, USD
AMD20252025-12-272026-02-04Annual FY, USD

Finish with a claim you can audit

Show the table · 3 rows, 3 columns

Scroll sideways to compare all columns. Select a heading to sort.

The reported business improvedSame-period revenue and operating incomeSource definitions and segment mix
Profit turned into cashCFO reconciliation and PPE scopeWorking capital and noncash items
The stock is attractiveNot established by these statementsPrice, valuation assumptions and competing outcomes

AMD: Q2 2026 reported result

Inspect the original amd: q2 2026 reported result

NexusTrade sec_edgar read recorded October 10, 2026. The reporting period ended 2026-06-27; the filing date was 2026-08-05.

Revenue
$11.536B11,536,000,000 USD
Operating income
$1.990B1,990,000,000 USD
Operating margin
17.25%Calculated as operating income ÷ revenue.

Interpret the reported figures

Inspect the original interpret the reported figures

Operating margin describes this reported period. Keep annual and quarterly values separate, select the matching period explicitly, and retain the source filing. The fundamentals array includes older observations and is not ordered latest first.

Choose a separate next task

Inspect the original choose a separate next task

Request a bounded company brief

Inspect the original request a bounded company brief

Create research/amd-q3-2024.md as the evidence record. Keep issuer identity, metric, unit, fiscal period, publication date, URL and the exact source passage together. The worked historical release below is a verification exercise, not the company's latest report.

Prompt
Using AMD issuer sources, inspect the Q3 2024 release published October 29, 2024. Extract GAAP revenue and operating income for the three months ended September 28, 2024. Compute operating margin using matching units. Save research/amd-q3-2024.md with the source table, arithmetic and a separate interpretation. Show the file diff. Do not mix gross margin or non-GAAP operating income into the calculation. Wait before any paid research submission.

Review AMD operating margin beside the source

Inspect the original review amd operating margin beside the source

AMD published Q3 2024 results on October 29, 2024 for the three months ended September 28, 2024. Its GAAP table reports revenue of $6,819 million and operating income of $724 million.

724 ÷ 6,819 × 100 is about 10.6%, consistent with the release's rounded 11% operating margin. This is different from the reported 50% gross margin. The calculation supports a historical operating-margin statement; it does not forecast AMD's share price. Preserve GAAP labels when comparing periods.

Read filing references and statement periods

Inspect the original read filing references and statement periods

Call sec_edgar twice with the separate argument objects below. list_filings returns filing references; fundamentals reads inline XBRL metrics. Inspect filing dates, fiscal periods and units before comparing them with the historical release. The five recent filings may not include that older release. Missing evidence is a gap to resolve from the primary source, not permission to fill in a number.

Keep these reads separate from ingest_filings, which persists source text. For AMD, quarterly periods preserve the three-month comparison.

JSON
{
  "ticker": "AMD",
  "action": "list_filings",
  "forms": [
    "10-K",
    "10-Q"
  ],
  "limit": 5
}

{
  "ticker": "AMD",
  "action": "fundamentals",
  "periods": "quarterly"
}

From a question to evidence

  1. Read filings

    NexusTrade tool

    sec_edgar

    Output to inspect

    Issuer, accession, reporting period and publication date

  2. Read relevant news

    NexusTrade tool

    search_stock_news

    Output to inspect

    Dated publisher links; distinguish news from filings

  3. Submit bounded research

    NexusTrade tool

    research_topic

    Output to inspect

    researchJobId and source-backed question

  4. Poll the accepted job

    NexusTrade tool

    get_research_status

    Output to inspect

    Same research_job_id, completed report and citations

Inspect the original from a question to evidence

Scroll sideways to compare all columns. Select a heading to sort.

Read filingssec_edgarIssuer, accession, reporting period and publication date
Read relevant newssearch_stock_newsDated publisher links; distinguish news from filings
Submit bounded researchresearch_topicresearchJobId and source-backed question
Poll the accepted jobget_research_statusSame research_job_id, completed report and citations

research_topic is asynchronous. Poll get_research_status with the same job ID instead of launching another billed research run for the same question.

Submit research only when the request is approved

Inspect the original submit research only when the request is approved

If the primary sources leave a specific question unresolved, show the exact message for research_topic first. The accepted response includes researchJobId and status; save them before ending the session. A completed inline response may already contain citations. Otherwise pass the saved researchJobId as research_job_id to get_research_status.

PROCESSING means poll the same job. COMPLETED returns the report content and citations. FAILED returns an error to investigate. A second research_topic call starts another billed run; a missing response is not permission to duplicate it. If no saved ID exists, inspect the original tool response before considering another submission.

Finish the brief and recover an interrupted session

Inspect the original finish the brief and recover an interrupted session

If NexusTrade is absent, check the project folder and .cursor/mcp.json location. Restart Cursor after changing custom configuration and inspect the server in Customize. Finish or repeat the requested OAuth flow if authorization has expired. Review file diffs separately from remote operations: reverting an editor change does not cancel an accepted job or undo a deployment.

Open research/amd-q3-2024.md and check each material claim against its link. Keep the original reported value and label each calculation. Leave absent/restated evidence explicit. For a newer-period brief repeat the source checks with the actual latest publication dates instead of carrying these historical figures forward.

The finished artifact should contain the source table, reproducible arithmetic, a bounded interpretation and the next unresolved question. It is a research brief, not a saved strategy or order instruction.

Costs and the next task

Inspect the original costs and the next task

The local brief records your sources and calculations. A research_topic submission can consume credits, so review its exact question and your plan before starting it. Reuse the accepted job ID when polling or recovering a session. Check each report claim against its cited source.

For live deployment, review the separate broker guide, exact trading account and permissions. Choose the broker guide that matches your trading account.

Actual NexusTrade filing-tool output

Inspect the exact returned fields and original requests

We ran the two read-only sec_edgar requests below through NexusTrade on October 10, 2026. The filing list and quarterly fundamentals returned AMD Q2 2026, ending 2026-06-27, filed 2026-08-05. The original SEC statement's three-month columns agree with the revenue and operating income shown here after converting millions to USD.

Select the matching fiscal period and periodEnd explicitly. The returned fundamentals array includes older observations and is not ordered latest first. These recorded NexusTrade tool results provide a reference for your own filing reads. Preserve the returned filing date even when it differs from the earnings release date.

This receipt records a NexusTrade filing read on October 10, 2026. Optional historical exercises retain their own periods and units.

Returned fieldActual value
TickerAMD
Fiscal periodQ2 2026
periodEnd2026-06-27
filed2026-08-05
totalRevenue (USD)11536000000
operatingIncome (USD)1990000000
JSON
[
  {
    "ticker": "AMD",
    "action": "list_filings",
    "forms": [
      "10-K",
      "10-Q"
    ],
    "limit": 2
  },
  {
    "ticker": "AMD",
    "action": "fundamentals",
    "periods": "quarterly"
  }
]

Connect Cursor in the intended environment

Documented setup flow for this client
Documented setup flow for this client
Connect Cursor in the intended environment
Scope choice
The project file applies here; ~/.cursor/mcp.json applies across projects.

Merge the JSON below into .cursor/mcp.json for this project, preserving other configured servers. For all projects, use ~/.cursor/mcp.json. Open Customize, find NexusTrade and complete its browser OAuth connection.

What you should see: Cursor discovers the remote server and its tools in the intended project or user scope. Read the account before approving any changes.

JSON
{
  "mcpServers": {
    "nexustrade": {
      "url": "https://nexustrade.io/api/mcp"
    }
  }
}

Optional: check the account before owned-record changes

Optional: check the account before owned-record changes

Skip this step if you only want to inspect the public filing in the next step. Before reading or changing an owned portfolio, ask for a read-only list, inspect one returned ID with get_portfolio and compare its name, strategies and deployment type. An authenticated empty list is valid for a new account.

What you should see: For owned records, you have the intended account response or an authenticated empty response. Resolve an account mismatch before saving anything. Public filing inspection does not require an owned-portfolio read.

Identity boundary
A server list or public filing read does not verify access to your owned portfolios.
Prompt
Use only NexusTrade read tools. Call fetch_portfolios, then get_portfolio with one returned portfolio ID. Report the ID, name, strategies and deployment type. If the authenticated list is empty, report that result. Do not create, edit, backtest, deploy or place orders.

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