Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Advanced Micro Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27).
The company experienced a significant cycle of profitability volatility between 2021 and 2026, characterized by an initial period of strength, a mid-cycle contraction leading to operating losses, and a subsequent recovery toward higher margin levels.
- Gross Profitability Trends
- Gross margins demonstrated notable fluctuations. After maintaining a range of 46% to 50% throughout 2021, margins declined to a trough of 42.30% in September 2022. A sustained recovery followed, with gross profit as a percentage of revenue climbing to a peak of 54.30% in September 2025. A significant anomaly occurred in June 2025, where the gross margin sharply contracted to 39.80% before rebounding immediately.
- Operating Expense Analysis
- Research and development (R&D) spending intensified significantly as a proportion of revenue, increasing from approximately 17% in early 2021 to a peak of 27.86% in March 2024. This indicates a period of aggressive investment in technology and product development. Marketing, general, and administrative expenses remained relatively stable, though they trended slightly upward from roughly 8% in 2021 to approximately 12% by 2026.
- Amortization of acquisition-related intangibles created a substantial drag on operating income starting in 2022. This expense peaked at 10.73% of net revenue in December 2022 and steadily declined thereafter, reaching 2.46% by June 2026, which contributed to the improvement in overall operating margins.
- Operating and Net Income Trajectory
- Operating income margins shifted from a strong position of 25.01% in December 2021 to negative territory between September 2022 and July 2023, reaching a low of -2.71% in April 2023. Recovery began in the latter half of 2023, with margins returning to positive territory and eventually reaching 17.25% by June 2026, despite a brief dip back to -1.74% in June 2025.
- Net income margins mirrored the operating trend, recovering from a bottom of -2.60% in April 2023 to a high of 19.91% in June 2026. This recovery was supported by the expansion of gross margins and the systematic reduction of acquisition-related amortization costs.
- Non-Operating Items
- Interest expenses remained consistently low and stable, typically fluctuating between 0.2% and 0.5% of net revenue. Other income and expenses showed increased volatility in 2025 and 2026, contributing positively to the bottom line in the final reported quarters.