AMD reported $2.428B in quarterly profit.
But free cash flow was just $554M.
Where did the difference go?
Receivables and inventory absorbed $4.923B in cash, partly offset by payables and other liabilities.
After all operating adjustments and $648M of capital spending, AMD generated $554M in free cash flow.
This doesn't mean demand is collapsing. It means growth is consuming significant working capital.
The next test isn't just revenue growth. It's whether collections and inventory conversion catch up.
Q3 2026, unaudited. FCF is a supplemental non-GAAP measure.
But free cash flow was just $554M.
Where did the difference go?
Receivables and inventory absorbed $4.923B in cash, partly offset by payables and other liabilities.
After all operating adjustments and $648M of capital spending, AMD generated $554M in free cash flow.
This doesn't mean demand is collapsing. It means growth is consuming significant working capital.
The next test isn't just revenue growth. It's whether collections and inventory conversion catch up.
Q3 2026, unaudited. FCF is a supplemental non-GAAP measure.
