Advanced Micro Devices

AMD’s balance sheet is robust. As of Q2 2025, cash and short-term investments were about 5.9 billion against long-term debt of roughly 3.2 billion, leaving net cash and ample flexibility.

TTM free cash flow is about 3.5 billion, with record quarterly free cash flow in Q2 2025. Purchase commitments to foundry and packaging partners and working-capital swings are manageable given scale and liquidity. Supplier concentration at advanced nodes and geopolitical exposure are the principal structural risks.