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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 cash generation improved, but the raw FY2025 free cash flow value mixes total operating cash flow with continuing-operations capital spending. Using matching continuing operations gives $5.519 billion, compared with the raw $6.735 billion. Keep both definitions visible when comparing years. Dots can maintain the dated research memo, while valuation and any trading rule require a separate argument.

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

AMD free cash flow on two reporting scopes

Scale: 0 to 6.735 B USD · zero baseline

FY2023

  • Continuing CFO less PPE+1.12B USD
  • Raw API FCF+1.12B USD

FY2024

  • Continuing CFO less PPE+2.41B USD
  • Raw API FCF+2.41B USD

FY2025

  • Continuing CFO less PPE+5.52B USD
  • Raw API FCF+6.74B USD

These exact table values retain both the raw API figure and continuing operating cash flow less continuing PPE. The FY2025 difference comes from the reporting scope. Labels are rounded; the full table retains the exact figures.

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 Dots

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

Start the AMD memo with reported facts

Inspect the original start the amd memo with reported facts

AMD published Q2 2026 results on August 4 for the quarter ended June 27. GAAP revenue was $11,536 million versus $7,685 million a year earlier; AMD reported 50% growth. GAAP gross margin was 54%. Keep the reported unit as millions rather than silently treating the table as billions.

The release says the comparable 2025 quarter included an $800 million inventory and related charge caused by export controls. That affects interpretation of the margin comparison. Your memo can infer that the current revenue base grew, but it needs separate evidence for repeat orders, customer concentration and cash conversion. Record later guidance changes as dated updates and keep this reported quarter intact.

Memo fieldSource observation
Issuer and tickerAdvanced Micro Devices · AMD
Reporting periodQ2 ended June 27, 2026
PublishedAugust 4, 2026
GAAP revenue$11,536 million; prior year $7,685 million
Reported revenue growth50% year over year
Comparison caveatPrior-year $800 million export-control inventory and related charge

Read the filing list before starting paid research

Inspect the original read the filing list before starting paid research

Use sec_edgar to list AMD filings with the read-only request below. Open the relevant 10-Q and earnings 8-K; confirm issuer, accession, reporting period and filed date. The example above is a dated source check, not a claim that it will remain the latest quarter.

Missing filing values stay unresolved. action=ingest_filings persists source text and is a separate write, so listing filings does not grant permission to ingest them.

JSON
{
  "ticker": "AMD",
  "action": "list_filings",
  "forms": [
    "10-Q",
    "8-K"
  ],
  "since": "2026-07-01",
  "limit": 10
}

Read the reported quarterly fundamentals

Inspect the original read the reported quarterly fundamentals

Use this separate sec_edgar request to read available quarterly XBRL metrics. Match each observation to its fiscal period, unit and filing date rather than assuming the first row is the quarter in this example. Open the issuer statement to resolve any discrepancy. A missing operating cash-flow value remains missing.

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

Submit one bounded question, then poll its ID

Inspect the original submit one bounded question, then poll its id

After reviewing the question and its usage cost, explicitly approve one research_topic call with message. The structured result returns researchJobId and status. Copy that returned ID into get_research_status as research_job_id. PROCESSING means poll the same job; COMPLETED should include the report and citations; FAILED includes an error to inspect.

If the response is lost, inspect the task transcript for the accepted ID before starting another request. A second research_topic call can create another billed job. A missing or foreign ID is an ownership or identity problem, not an instruction to invent a result. Read each primary citation before accepting the brief.

Prompt
After I approve one research_topic request, use message: "Research AMD using the primary earnings release and corresponding 10-Q. Compare reported revenue and operating cash flow with the matching prior-year period. Preserve GAAP basis, units, quarter-end and publication dates. Explain disclosed one-off items, customer concentration and missing evidence. Return facts, interpretation and disconfirming evidence with source URLs. Do not draft orders or alter portfolios."
Save the returned researchJobId. Call get_research_status with research_job_id set to that exact value until terminal status.

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.

Keep an AMD memo current without repeating the research job

Save the brief as AMD research memo with the source date, the accepted researchJobId and open questions. Ask your dot for one weekly check through November 6, 2026, Friday at 4:30 p.m. America/New_York. It should read new issuer publications and update the memo only when a fact changes; another paid research job still needs separate approval.

In profile → Customize → Custom rules, save Ask before taking action for paid research, strategy edits and deployment. Ask the dot to confirm the exact schedule and end date, then review it under Scheduled. Check the first task's output in Activity: a completed task should have a dated source diff, not simply an assertion that nothing changed. Pause the dot's work and cancel the saved schedule separately when ending the assignment.

Prompt
Maintain my AMD research memo. Once each Friday at 4:30 p.m. America/New_York through November 6, 2026, check AMD investor relations and SEC filings. Record newly published links and which facts changed. Reuse the saved brief; do not resubmit research_topic for the same question. Notify me only for a new filing, revised guidance, a material contradiction or a connection failure. Ask before a new paid job, portfolio edit or deployment. Confirm the saved schedule and end date.

Choose a separate strategy experiment

A filing brief ends with a documented thesis and what would change it. Turning that thesis into a rule requires a separate entry, exit, sizing and timing decision. The price-rule guide below tests mechanics; it does not retrospectively treat a 2026 earnings release as information known in 2021.

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.

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 OpenAI Dots in the intended environment

Documented setup flow for this client
Documented setup flow for this client
Connect OpenAI Dots in the intended environment
Enable for the dot
Dot profile → Customize → Plugins → NexusTrade → review account connection. Cloud plugins and a local Codex-host connection are separate.
Inspect the request

Create the NexusTrade custom MCP plugin on ChatGPT web if it is not already installed. Use endpoint https://nexustrade.io/api/mcp with OAuth and complete NexusTrade sign-in. Open your dot’s profile → Customize → Plugins, select NexusTrade and complete any requested connection.

What you should see: The dot has the installed and enabled plugin in its current environment. Account permissions determine the tools it can use.

NexusTrade MCP URL: https://nexustrade.io/api/mcp
Authentication: OAuth
Include the connected NexusTrade app, then verify owned portfolio reads before enabling actions.

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.
JSON
{
  "include_live": false,
  "include_paper": true,
  "include_chat_portfolios": true,
  "include_inactive": true,
  "include_positions": false,
  "limit": 50,
  "page": 1
}

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