How much did AMD spend on capital expenditures last quarter?

AMD spent $0.8 billion on purchases of property and equipment in the quarter ended June 27, 2026, up 187% from the same quarter a year earlier. Over its latest four reported quarters it spent $1.7 billion.

Did AMD's capital spending exceed its operating cash flow?

No. In the quarter ended June 27, 2026 capital spending was 34% of AMD's $2.4 billion of operating cash flow, leaving free cash flow of $1.6 billion.

What is AMD's free cash flow?

$1.6 billion in the quarter ended June 27, 2026, and $8.4 billion over the latest four reported quarters, against $4.0 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.

Did AMD borrow to fund its spending?

AMD's long-term debt rose by $0.0 billion over the quarter ended June 27, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.

Is this AMD's AI spending?

No. These are AMD's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Compute, memory and networkingAMDFilings through August 5, 2026

AMD capital spending

In the quarter ended June 27, 2026, AMD spent $0.8 billion on capital equipment, 34% of its $2.4 billion of operating cash flow and up 187% from a year earlier. Free cash flow was $1.6 billion, and long-term debt rose by $0.0 billion.

Next report: November 3, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through August 5, 2026

AMD’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, AMD capital spending, filings through August 5, 2026.

AMD, quarter ended June 27, 2026

34%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $808.0M; +186.5% against the same quarter a year earlier
Free cash flow, quarter: $1.6B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $1.7B; +101.1% against the four quarters before
Long-term debt, change: +$1.0M; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: Not reported; Capital spending as a multiple of the quarter’s depreciation and amortization

Spending against cash flow

$ billion, quarterly

AMD, quarterly capital spending and operating cash flow through Jun 2026

Jun 2026Capital spending $808.0MOperating cash flow $2.4BFree cash flow $1.6B

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

AMD’s quarterly capital spending has been above the same quarter a year earlier for nine consecutive quarters, and Jun 2026 was the highest quarter in the 68-quarter record held here. Over the latest four quarters it generated $10.1 billion from operations and spent $1.7 billion, leaving $8.4 billion of free cash flow against $4.0 billion over the four before.

Financing the build

The five hyperscalers combined

AMD, sources and uses of cash by quarter through Jun 2026

$ billion, quarterly. Sources above the axis, uses below.

Jun 2026Operating cash flow $2.4BLong-term debt issued $0.0MShort-term borrowing, net $0.0MCapital spending $808.0MFinance-lease principal $0.0MLong-term debt repaid $0.0MReturned to shareholders $0.0MChange in cash −$499.0M

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Operating cash flow	628	1,299	939	2,011	2,159	2,600	2,955	2,366
Long-term debt issued	0	0	2,441	0	0	0	0	0
Short-term borrowing, net	0	0	947	(950)	0	1,494	0	0
Stock issued	4	127	4	155	10	116	5	200
Capital spending	132	208	212	282	258	222	389	808
Finance-lease principal	0	0	0	0	0	0	0	0
Long-term debt repaid	0	0	0	0	0	950	0	0
Share repurchases	250	256	749	478	89	0	221	0
Dividends	0	0	0	0	0	0	0	0
Free cash flow	496	1,091	727	1,729	1,901	2,378	2,566	1,558
Net long-term debt issued	0	0	2,441	0	0	(950)	0	0
Returned to shareholders	250	256	749	478	89	0	221	0
Outside funding needed	(246)	(835)	22	(1,251)	(1,812)	(2,378)	(2,345)	(1,558)
Change in cash	(216)	(86)	2,248	(1,606)	372	731	40	(499)
Interest expense	23	19	20	38	37	36	37	37
Stock-based compensation	351	339	364	369	419	486	487	503

Millions of dollars, outflows positive as reported in the cash flow statement.

Capex including finance leases

Across the hyperscalers

AMD, cash capital spending and equipment acquired under finance leases, by fiscal year

$ billion, annual

FY2025Cash capital spending $974.0M

Cash capital spending

AMD capital spending including finance leases by fiscal year, millions of US dollars
Millions of dollars	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Cash capital spending	163	217	294	301	450	546	636	974
Finance-lease principal paid	0	0	0	0	0	0	0	0
Operating-lease liability	261	242	242	419	489	641	600	784

AMD discloses equipment acquired under finance leases only in its annual 10-K, so this section runs by fiscal year as filed. The addition is a non-cash item and is not in cash capital spending.

The balance sheet

The five hyperscalers combined

AMD, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jun 2026Net cash $9.9BGross debt $3.2B

Net debtNet cashGross debt

AMD balance sheet, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Cash and equivalents	3,897	3,787	6,049	4,442	4,808	5,539	5,585	5,086
Short-term investments	647	1,345	1,261	1,425	2,435	5,013	6,762	8,025
Long-term investments	—	—	—	—	—	—	—	—
Cash and investments	4,544	5,132	7,310	5,867	7,243	10,552	12,347	13,111
Long-term debt	1,720	1,721	3,217	3,218	2,347	2,348	2,350	2,351
Current debt	0	0	—	—	873	874	874	875
Gross debt	1,720	1,721	3,217	3,218	3,220	3,222	3,224	3,226
Net debt	(2,824)	(3,411)	(4,093)	(2,649)	(4,023)	(7,330)	(9,123)	(9,885)
Property and equipment, net, as reported	1,669	1,802	1,921	2,128	2,205	2,312	2,723	3,439
Accumulated depreciation	2,072	2,173	2,269	2,434	2,523	2,616	2,752	2,904
Construction in progress	228	324	445	575	590	508	646	1,148
Inventory	5,374	5,734	6,416	6,677	7,313	7,920	8,045	8,468
Inventory days	144 days	139 days	158 days	132 days	149 days	154 days	152 days	145 days
Total assets	69,636	69,226	71,550	74,820	76,891	76,926	79,642	84,464
Shareholders’ equity	56,985	57,568	57,881	59,665	60,790	62,999	64,462	67,224
Interest expense	23	19	20	38	37	36	37	37
Effective interest cost	5.3%	4.4%	2.5%	4.7%	4.6%	4.5%	4.6%	4.6%
Stock-based compensation	351	339	364	369	419	486	487	503
Shares outstanding, millions	1,623	1,622	1,616	1,622	1,628	1,630	1,630	1,632

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies

AMD, Data Center segment revenue (bars) and operating income (line), by fiscal quarter

$ billion, quarterly

Jun 2026Data Center segment revenue $6.7BOperating income $2.1B

Data Center segment revenueOperating income

Data Center segment: $6.7B of revenue in Jun 2026, $2.1B of operating income (31.3% margin). Members read: StatementBusinessSegmentsAxis=DatacenterMember, StatementBusinessSegmentsAxis=DataCenterMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

Largest customers

Share of revenue or receivables, as disclosed

Period	Customer	Benchmark	Share	Filing
Year to Dec 2025	Top Customer One	Accounts receivable	11.0%	10-K

AMD does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 3 customer labels seen in filings since 2023.

Debt issued

The ledger across all companies

AMD bonds, notes, term loans and facilities since 2025
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Aug 13, 2026	Registered notes	4 tranches, 2029 to 2036	4.60 to 5.50%	4,750	High: term sheet	FWP
May 15, 2026	Notes	—	—	5,500	Low: one amount read from the filing text	8-K
Mar 31, 2025	Other obligation not counted	—	—	850	Low: one amount read from the filing text	8-K
Mar 10, 2025	Registered notes	2 tranches, 2026 to 2028	4.21 to 4.32%	1,500	High: term sheet	FWP

In 2026 AMD has priced $10.3B of notes and term loans in 2 filings. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side

AMD, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter

$ billion, quarterly

Jun 2026Remaining performance obligations $222.0MQuarterly revenue $11.5B

Remaining performance obligationsQuarterly revenue

AMD contracted revenue, millions of US dollars
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Revenue	6,819	7,658	7,438	7,685	9,246	10,270	10,253	11,536
Remaining performance obligations	86	85	74	218	279	315	264	222
Backlog over trailing revenue	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×	0.0×
Deferred revenue, current	—	—	—	—	—	—	—	—
Deferred revenue	—	—	—	—	—	—	—	—

At Jun 2026 AMD carried $222.0M of remaining performance obligations, 0.0× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined

AMD, depreciation of property and equipment (bars) and capital spending (line), by fiscal year

$ billion, annual

FY2025Depreciation of property and equipment $521.0MCapital spending $974.0M

Depreciation of property and equipmentCapital spending

AMD capital spending and depreciation by fiscal year, millions of US dollars
Millions of dollars	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Capital spending	163	217	294	301	450	546	636	974
Depreciation of property and equipment	94	142	217	296	439	441	454	521
Capex to depreciation	1.7×	1.5×	1.4×	1.0×	1.0×	1.2×	1.4×	1.9×
Amortization of intangibles	—	—	—	—	—	2,800	2,400	2,300
Depreciation and amortization, as reported	170	222	—	—	—	3,241	2,854	2,821
Property and equipment, net, as reported	348	500	641	702	1,513	1,589	1,802	2,312
Property and equipment, gross	1,055	1,268	1,553	1,836	3,020	3,376	3,975	4,928

AMD reports depreciation of property and equipment separately only in its annual 10-K, so this section runs by fiscal year as filed.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Sep 2024 Q3 FY2024	Dec 2024 Q4 FY2024	Mar 2025 Q1 FY2025	Jun 2025 Q2 FY2025	Sep 2025 Q3 FY2025	Dec 2025 Q4 FY2025	Mar 2026 Q1 FY2026	Jun 2026 Q2 FY2026
Revenue	6,819	7,658	7,438	7,685	9,246	10,270	10,253	11,536
Operating cash flow	628	1,299	939	2,011	2,159	2,600	2,955	2,366
Capital spending	132	208	212	282	258	222	389	808
Free cash flow	496	1,091	727	1,729	1,901	2,378	2,566	1,558
Depreciation and amortization	—	—	—	—	—	—	—	—
Long-term debt	1,720	1,721	3,217	3,218	2,347	2,348	2,350	2,351
First filed / release date	Oct 30, 2024	Feb 5, 2025	May 7, 2025	Aug 6, 2025	Nov 5, 2025	Feb 4, 2026	May 6, 2026	Aug 5, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did AMD spend on capital expenditures last quarter?: AMD spent $0.8 billion on purchases of property and equipment in the quarter ended June 27, 2026, up 187% from the same quarter a year earlier. Over its latest four reported quarters it spent $1.7 billion.
Did AMD's capital spending exceed its operating cash flow?: No. In the quarter ended June 27, 2026 capital spending was 34% of AMD's $2.4 billion of operating cash flow, leaving free cash flow of $1.6 billion.
What is AMD's free cash flow?: $1.6 billion in the quarter ended June 27, 2026, and $8.4 billion over the latest four reported quarters, against $4.0 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
Is AMD's capital spending still rising?: Yes. AMD's quarterly capital spending has been above the same quarter a year earlier for nine consecutive quarters, and Jun 2026 was the highest quarter in its 68-quarter record on this site. The latest four quarters' spending is 101% above the four before.
Did AMD borrow to fund its spending?: AMD's long-term debt rose by $0.0 billion over the quarter ended June 27, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
Is this AMD's AI spending?: No. These are AMD's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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