Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Advanced Micro Devices Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-26), 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).
The analyzed period is characterized by a distinct V-shaped trajectory across all profitability metrics. A significant contraction in margins and returns occurred between early 2022 and mid-2023, reaching a trough in the second quarter of 2023, followed by a sustained and robust recovery through September 2026.
- Gross Profit Margin
- A moderate decline is observed from 48.53% in March 2022 to a low of 43.70% in July 2023. Following this period, a consistent upward trend emerged, with the margin expanding to 53.72% by September 2026. This indicates an improvement in the cost of goods sold relative to revenue, ending the period at a higher efficiency level than the baseline.
- Operating and Net Profit Margins
- Both metrics experienced severe compression during the first half of the period. The operating profit margin fell from 20.86% in March 2022 to a negative peak of -1.73% in July 2023, while the net profit margin dropped from 17.98% to -0.11% in the same window. A strong recovery followed, with the operating margin climbing to 17.72% and the net profit margin reaching 16.77% by September 2026, suggesting a successful realignment of operational expenses and a return to strong bottom-line profitability.
- Return on Equity (ROE) and Return on Assets (ROA)
- Returns mirrored the trend of the profit margins, collapsing toward near-zero or negative values by July 2023 (ROE at -0.05% and ROA at -0.04%). However, the subsequent recovery was substantial. ROE expanded to 11.14% and ROA reached 8.04% by the end of the period. This growth indicates a significant increase in the efficiency of capital deployment and asset utilization, with final figures substantially exceeding the levels recorded in early 2022.
Overall, the financial trajectory demonstrates a transition from a period of operational distress and margin erosion to a phase of accelerated growth and enhanced profitability, with most ratios exceeding their initial 2022 values by the end of the observed timeframe.
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Gross Profit Margin
Advanced Micro Devices Inc., gross profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 7,210) | 6,203) | 5,416) | 5,577) | 4,780) | 3,059) | 3,736) | 3,882) | 3,419) | 2,864) | 2,560) | 2,911) | 2,747) | 2,443) | 2,359) | 2,403) | 2,354) | 3,028) | 2,818) | ||||||
| Net revenue | 13,377) | 11,536) | 10,253) | 10,270) | 9,246) | 7,685) | 7,438) | 7,658) | 6,819) | 5,835) | 5,473) | 6,168) | 5,800) | 5,359) | 5,353) | 5,599) | 5,565) | 6,550) | 5,887) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 53.72% | 53.20% | 50.28% | 49.52% | 48.26% | 47.62% | 50.09% | 49.35% | 48.38% | 47.61% | 46.76% | 46.12% | 45.01% | 43.70% | 43.98% | 44.93% | 46.55% | 48.01% | 48.53% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 65.80% | 64.49% | 62.84% | 61.47% | 60.15% | 58.76% | 57.16% | 57.08% | 57.85% | 59.84% | 62.47% | 64.01% | 65.23% | 65.69% | 65.62% | 62.70% | 58.63% | 58.33% | 57.81% | ||||||
| Applied Materials Inc. | 49.40% | 48.96% | 48.72% | 48.67% | 48.50% | 48.14% | 47.73% | 47.46% | 47.41% | 47.18% | 46.98% | 46.70% | 46.40% | 46.35% | 46.39% | 46.51% | 47.05% | 47.51% | 47.67% | ||||||
| Broadcom Inc. | 68.77% | 68.28% | 67.82% | 67.77% | 66.83% | 66.09% | 64.70% | 63.03% | 63.90% | 65.05% | 67.06% | 68.93% | 68.28% | 67.71% | 66.98% | 66.55% | 65.68% | 64.42% | 62.95% | ||||||
| Intel Corp. | 39.90% | 38.60% | 35.43% | 34.77% | 35.58% | 29.76% | 31.67% | 32.66% | 34.67% | 41.42% | 41.49% | 40.04% | 38.14% | 38.27% | 38.34% | 42.61% | 46.56% | 49.85% | 54.32% | ||||||
| KLA Corp. | 61.45% | 61.57% | 61.30% | 60.91% | 60.56% | 59.68% | 59.75% | 59.97% | 59.57% | 59.76% | 59.44% | 59.81% | 60.16% | 60.69% | 61.23% | 61.00% | 60.86% | 60.77% | 60.27% | ||||||
| Lam Research Corp. | 49.98% | 49.80% | 49.31% | 48.71% | 48.03% | 47.60% | 47.47% | 47.32% | 46.84% | 45.23% | 44.80% | 44.62% | 44.65% | 45.31% | 45.74% | 45.69% | 45.93% | 46.30% | 46.19% | ||||||
| Marvell Technology Inc. | 50.69% | 44.64% | 43.17% | 41.31% | 39.60% | 44.15% | 42.35% | 41.64% | 41.87% | 45.01% | 48.22% | 50.47% | 51.34% | 50.94% | 47.21% | 46.26% | 45.92% | 46.07% | 50.83% | ||||||
| Micron Technology Inc. | 72.57% | 58.44% | 45.31% | 39.79% | 37.13% | 34.73% | 30.92% | 22.35% | 11.42% | -0.32% | -14.49% | -9.11% | 9.03% | 27.51% | 41.34% | 45.18% | 46.89% | 45.81% | 41.37% | ||||||
| NVIDIA Corp. | 70.05% | 69.85% | 70.11% | 74.99% | 75.86% | 75.98% | 75.29% | 72.72% | 69.85% | 64.62% | 56.31% | 56.93% | 57.84% | 60.45% | 65.26% | 64.93% | 64.40% | 63.76% | 62.43% | ||||||
| Qualcomm Inc. | 54.23% | 54.80% | 55.10% | 55.43% | 55.68% | 55.68% | 55.99% | 56.21% | 55.90% | 55.80% | 55.54% | 55.70% | 56.31% | 56.46% | 57.22% | 57.84% | 57.99% | 58.51% | 58.16% | ||||||
| Texas Instruments Inc. | 60.24% | 58.33% | 57.32% | 57.02% | 57.48% | 58.03% | 58.02% | 58.14% | 58.63% | 59.36% | 61.01% | 62.90% | 64.46% | 66.29% | 67.64% | 68.76% | 69.51% | 69.26% | 68.68% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (7,210 + 6,203 + 5,416 + 5,577)
÷ (13,377 + 11,536 + 10,253 + 10,270)
= 53.72%
2 Click competitor name to see calculations.
The gross profit margin exhibits a cyclical trajectory characterized by an initial period of contraction, a sustained recovery phase, and a final stage of significant expansion. Over the analyzed period from March 2022 to September 2026, the margin transitioned from 48.53% to a peak of 53.72%, coinciding with a substantial increase in both net revenue and gross profit.
- Margin Contraction and Trough
- A downward trend is observed from March 2022 through July 2023, where the gross profit margin declined from 48.53% to a period low of 43.70%. During this phase, gross profit fluctuated between 2.3 billion and 3.0 billion US dollars, while net revenue showed signs of volatility, indicating a period of reduced pricing power or increased cost of goods sold relative to sales.
- Recovery and Stabilization Phase
- A consistent recovery began in September 2023, with the margin climbing steadily from 45.01% to reach 50.09% by March 2025. This recovery was supported by a gradual increase in net revenue, which grew from 5.8 billion US dollars in September 2023 to 7.4 billion US dollars by December 2023, suggesting improved operational efficiency or a shift toward higher-margin product mixes.
- Accelerated Expansion and Peak Performance
- Following a brief dip to 47.62% in June 2025, the gross profit margin entered an accelerated growth phase. From July 2025 to September 2026, the margin rose from 48.26% to a maximum of 53.72%. This period is marked by aggressive scaling in net revenue, which surged from 9.2 billion US dollars in July 2025 to 13.3 billion US dollars by September 2026, resulting in gross profit reaching a peak of 7.2 billion US dollars.
The correlation between increasing net revenue and expanding margins in the latter half of the timeline suggests strong economies of scale and enhanced profitability per unit of revenue. The transition from a 43.70% low in 2023 to a 53.72% high in 2026 represents a significant strengthening of the company's fundamental profitability profile.
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Operating Profit Margin
Advanced Micro Devices Inc., operating profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income (loss) | 2,832) | 1,990) | 1,476) | 1,752) | 1,270) | (134) | 806) | 871) | 724) | 269) | 36) | 342) | 224) | (20) | (145) | (149) | (64) | 526) | 951) | ||||||
| Net revenue | 13,377) | 11,536) | 10,253) | 10,270) | 9,246) | 7,685) | 7,438) | 7,658) | 6,819) | 5,835) | 5,473) | 6,168) | 5,800) | 5,359) | 5,353) | 5,599) | 5,565) | 6,550) | 5,887) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 17.72% | 15.71% | 11.65% | 10.66% | 8.78% | 7.66% | 9.62% | 7.37% | 5.64% | 3.74% | 2.55% | 1.77% | -0.41% | -1.73% | 0.73% | 5.36% | 11.48% | 16.83% | 20.86% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 35.55% | 32.50% | 29.24% | 26.61% | 24.61% | 22.71% | 20.76% | 21.56% | 21.63% | 24.23% | 28.34% | 31.07% | 33.43% | 33.06% | 32.15% | 27.29% | 20.49% | 20.42% | 18.87% | ||||||
| Applied Materials Inc. | 29.64% | 28.59% | 28.16% | 29.22% | 30.14% | 29.66% | 29.22% | 28.95% | 29.02% | 28.87% | 28.89% | 28.86% | 28.92% | 29.28% | 29.64% | 30.20% | 31.03% | 31.80% | 31.37% | ||||||
| Broadcom Inc. | 48.05% | 43.39% | 40.69% | 39.89% | 37.72% | 35.94% | 32.35% | 26.10% | 27.93% | 30.84% | 36.50% | 45.25% | 45.00% | 45.19% | 44.23% | 42.84% | 40.47% | 37.37% | 34.35% | ||||||
| Intel Corp. | 2.94% | -0.14% | -9.39% | -4.19% | -4.46% | -22.84% | -20.57% | -21.99% | -17.52% | -0.83% | 0.89% | 0.17% | -6.86% | -7.01% | -6.16% | 3.70% | 12.16% | 18.88% | 25.87% | ||||||
| KLA Corp. | 41.68% | 41.99% | 39.86% | 39.28% | 38.10% | 35.37% | 34.78% | 34.10% | 33.27% | 34.30% | 37.20% | 38.06% | 39.00% | 39.86% | 40.05% | 39.67% | 39.30% | 38.90% | 37.26% | ||||||
| Lam Research Corp. | 34.26% | 33.76% | 33.00% | 32.01% | 30.85% | 29.50% | 28.89% | 28.61% | 28.03% | 27.08% | 28.42% | 29.69% | 30.76% | 31.76% | 31.71% | 31.24% | 31.18% | 31.60% | 31.06% | ||||||
| Marvell Technology Inc. | 14.80% | 1.29% | -4.57% | -12.49% | -18.39% | -8.19% | -10.05% | -10.31% | -9.29% | -4.61% | -0.25% | 4.02% | 4.27% | 2.00% | -3.85% | -7.79% | -9.80% | -10.42% | -7.87% | ||||||
| Micron Technology Inc. | 65.63% | 48.34% | 32.45% | 26.14% | 22.59% | 19.76% | 15.83% | 5.19% | -7.91% | -22.77% | -41.18% | -36.97% | -15.14% | 8.73% | 25.27% | 31.54% | 34.38% | 31.86% | 27.17% | ||||||
| NVIDIA Corp. | 58.84% | 58.09% | 58.03% | 62.42% | 62.71% | 61.87% | 59.85% | 54.12% | 45.94% | 33.04% | 17.37% | 15.66% | 20.79% | 26.93% | 33.69% | 37.31% | 35.34% | 33.36% | 28.62% | ||||||
| Qualcomm Inc. | 23.19% | 25.52% | 27.12% | 27.90% | 27.78% | 27.14% | 26.29% | 25.85% | 23.83% | 23.35% | 22.74% | 21.74% | 26.03% | 30.91% | 33.66% | 35.88% | 35.82% | 32.65% | 30.88% | ||||||
| Texas Instruments Inc. | 40.76% | 37.29% | 35.29% | 34.06% | 34.33% | 34.89% | 34.29% | 34.94% | 35.78% | 37.03% | 39.78% | 41.85% | 44.03% | 46.54% | 48.77% | 50.63% | 51.84% | 51.52% | 50.55% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (2,832 + 1,990 + 1,476 + 1,752)
÷ (13,377 + 11,536 + 10,253 + 10,270)
= 17.72%
2 Click competitor name to see calculations.
The operating profit margin exhibited a significant U-shaped trajectory over the analyzed period, characterized by a steep decline into negative territory followed by a sustained recovery and expansion phase. This trend reflects a period of substantial volatility in operational efficiency before achieving a strong upward momentum in the final quarters.
- Margin Compression and Trough (March 2022 – September 2023)
- A consistent downward trend in profitability is observed starting from March 2022, where the operating profit margin stood at 20.86%. This figure declined sharply over six consecutive quarters, reaching a trough in July 2023 at -1.73%. During this window, operating income transitioned from a surplus of 951 million USD to periodic losses, indicating a phase where operational expenses significantly outweighed operating income.
- Recovery and Stabilization (December 2023 – June 2025)
- A reversal in the margin trend occurred in late 2023, with the operating profit margin returning to positive territory at 1.77% in December 2023. A gradual recovery followed, with the margin climbing to 9.62% by March 2025. Although a brief contraction to 7.66% occurred in June 2025, the overall trajectory remained positive, supported by a steady increase in net revenue from approximately 5.4 billion USD to 7.6 billion USD.
- Accelerated Profitability and Scaling (September 2025 – September 2026)
- The final period is marked by simultaneous growth in both scale and efficiency. Net revenue expanded rapidly, rising from 9.2 billion USD in September 2025 to 13.3 billion USD by September 2026. This revenue growth translated effectively into operating profit, as the operating profit margin accelerated from 8.78% to 17.72%. The operating income grew substantially in the final four quarters, peaking at 2.8 billion USD, suggesting improved operating leverage and cost management as the volume of business increased.
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Net Profit Margin
Advanced Micro Devices Inc., net profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) | 2,428) | 2,297) | 1,383) | 1,511) | 1,243) | 872) | 709) | 482) | 771) | 265) | 123) | 667) | 299) | 27) | (139) | 21) | 66) | 447) | 786) | ||||||
| Net revenue | 13,377) | 11,536) | 10,253) | 10,270) | 9,246) | 7,685) | 7,438) | 7,658) | 6,819) | 5,835) | 5,473) | 6,168) | 5,800) | 5,359) | 5,353) | 5,599) | 5,565) | 6,550) | 5,887) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 16.77% | 15.58% | 13.37% | 12.51% | 10.32% | 9.57% | 8.03% | 6.36% | 7.52% | 5.82% | 4.89% | 3.77% | 0.94% | -0.11% | 1.71% | 5.59% | 9.96% | 14.51% | 17.98% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 29.79% | 26.01% | 23.02% | 20.58% | 18.85% | 18.65% | 16.75% | 17.35% | 17.07% | 20.45% | 24.34% | 26.94% | 29.23% | 28.16% | 27.27% | 22.88% | 17.00% | 16.84% | 15.18% | ||||||
| Applied Materials Inc. | 30.05% | 29.31% | 27.78% | 24.67% | 23.88% | 24.06% | 22.95% | 26.41% | 27.74% | 27.56% | 27.03% | 25.86% | 24.27% | 24.36% | 24.57% | 25.31% | 26.42% | 27.20% | 27.10% | ||||||
| Broadcom Inc. | 42.94% | 38.85% | 36.57% | 36.20% | 31.59% | 22.64% | 18.47% | 11.43% | 10.88% | 24.10% | 29.93% | 39.31% | 39.25% | 39.06% | 37.19% | 34.62% | 31.96% | 29.76% | 27.47% | ||||||
| Intel Corp. | -20.09% | -19.79% | -5.90% | -0.51% | 0.37% | -38.64% | -36.19% | -35.32% | -29.42% | 1.77% | 7.36% | 3.11% | -3.11% | -1.71% | -5.06% | 12.71% | 19.13% | 26.03% | 31.68% | ||||||
| KLA Corp. | 35.66% | 35.76% | 33.83% | 33.41% | 31.99% | 29.58% | 28.92% | 28.15% | 27.19% | 27.98% | 30.51% | 32.27% | 33.01% | 33.77% | 33.28% | 36.06% | 36.41% | 36.57% | 36.52% | ||||||
| Lam Research Corp. | 30.94% | 30.22% | 29.66% | 29.06% | 27.19% | 26.49% | 26.02% | 25.68% | 25.35% | 24.15% | 25.08% | 25.88% | 26.08% | 26.91% | 26.96% | 26.73% | 27.13% | 27.78% | 27.07% | ||||||
| Marvell Technology Inc. | 31.75% | -1.43% | -7.56% | -15.35% | -27.49% | -18.30% | -18.33% | -16.95% | -10.11% | -6.74% | -2.88% | -2.76% | -2.43% | -3.95% | -9.82% | -9.44% | -10.48% | -10.74% | -8.13% | ||||||
| Micron Technology Inc. | 55.91% | 41.49% | 28.15% | 22.84% | 18.41% | 14.92% | 13.34% | 3.10% | -7.20% | -20.57% | -42.47% | -37.54% | -16.02% | 6.99% | 22.78% | 28.24% | 30.61% | 28.95% | 24.86% | ||||||
| NVIDIA Corp. | 53.01% | 52.41% | 51.69% | 55.85% | 55.69% | 55.04% | 53.40% | 48.85% | 42.09% | 31.59% | 18.52% | 16.19% | 20.85% | 26.03% | 32.02% | 36.23% | 33.81% | 32.33% | 27.66% | ||||||
| Qualcomm Inc. | 21.01% | 22.31% | 11.96% | 12.51% | 26.76% | 26.11% | 25.94% | 26.03% | 23.33% | 23.03% | 21.39% | 20.19% | 22.33% | 25.67% | 27.40% | 29.27% | 30.52% | 28.42% | 27.71% | ||||||
| Texas Instruments Inc. | 34.25% | 31.11% | 29.11% | 28.28% | 29.21% | 30.23% | 30.36% | 30.68% | 31.60% | 33.01% | 35.16% | 37.16% | 39.21% | 40.84% | 42.33% | 43.68% | 44.21% | 43.78% | 43.34% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (2,428 + 2,297 + 1,383 + 1,511)
÷ (13,377 + 11,536 + 10,253 + 10,270)
= 16.77%
2 Click competitor name to see calculations.
The financial trajectory exhibits a pronounced U-shaped recovery in profitability over the analyzed period. An initial sharp contraction in net profit margins was followed by a consistent and accelerating expansion, culminating in a return to high profitability levels by the end of the sequence.
- Profitability Contraction (March 2022 – July 2023)
- A severe downward trend in margins is observed during this interval, falling from 17.98% in March 2022 to a trough of -0.11% in July 2023. This decline was driven by a substantial erosion of net income, which transitioned from 786 million USD to a deficit of 139 million USD in April 2023, while net revenue remained relatively stagnant or slightly declined.
- Recovery and Stabilization (July 2023 – December 2023)
- A reversal of the negative trend occurred in the second half of 2023. The net profit margin returned to positive territory, ascending from -0.11% in July 2023 to 3.77% by December 2023. This recovery was supported by a significant rebound in net income, which reached 667 million USD by the end of the calendar year.
- Sustainable Growth and Margin Expansion (March 2024 – September 2026)
- A period of steady and sustained margin expansion is evident from March 2024 through September 2026. The net profit margin grew incrementally from 4.89% to 16.77%. This phase is characterized by strong scaling, as net revenue increased from 5,473 million USD to 13,377 million USD, while net income surged from 123 million USD to 2,428 million USD, indicating improved operational efficiency and profitability per dollar of revenue.
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Return on Equity (ROE)
Advanced Micro Devices Inc., ROE calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) | 2,428) | 2,297) | 1,383) | 1,511) | 1,243) | 872) | 709) | 482) | 771) | 265) | 123) | 667) | 299) | 27) | (139) | 21) | 66) | 447) | 786) | ||||||
| Stockholders’ equity | 68,389) | 67,224) | 64,462) | 62,999) | 60,790) | 59,665) | 57,881) | 57,568) | 56,985) | 56,538) | 56,198) | 55,892) | 54,970) | 55,136) | 54,694) | 54,750) | 54,542) | 55,169) | 55,333) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 11.14% | 9.57% | 7.77% | 6.88% | 5.44% | 4.75% | 3.85% | 2.85% | 3.20% | 2.39% | 1.99% | 1.53% | 0.38% | -0.05% | 0.72% | 2.41% | 4.17% | 5.67% | 6.13% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 12.32% | 9.82% | 8.01% | 6.70% | 5.74% | 5.23% | 4.46% | 4.65% | 4.70% | 6.07% | 7.92% | 9.32% | 10.45% | 10.06% | 9.39% | 7.54% | 5.15% | 4.43% | 3.43% | ||||||
| Applied Materials Inc. | 36.16% | 35.58% | 36.10% | 34.28% | 35.03% | 35.64% | 34.06% | 37.77% | 39.54% | 40.14% | 41.07% | 41.94% | 42.69% | 45.93% | 48.06% | 53.51% | 55.06% | 58.35% | 55.09% | ||||||
| Broadcom Inc. | 38.38% | 33.43% | 31.27% | 28.45% | 25.84% | 18.56% | 14.43% | 8.71% | 7.76% | 14.68% | 16.55% | 58.70% | 63.03% | 62.20% | 54.90% | 50.62% | 48.50% | 42.58% | 34.09% | ||||||
| Intel Corp. | -10.47% | -12.90% | -2.85% | -0.23% | 0.19% | -20.95% | -19.24% | -18.89% | -16.04% | 0.85% | 3.84% | 1.60% | -1.61% | -0.91% | -2.91% | 7.90% | 13.32% | 18.88% | 23.87% | ||||||
| KLA Corp. | 80.11% | 83.39% | 84.99% | 86.56% | 92.27% | 89.51% | 83.33% | 82.00% | 84.34% | 88.92% | 103.76% | 116.01% | 130.76% | 136.01% | 156.01% | 237.04% | 77.19% | 73.76% | 70.61% | ||||||
| Lam Research Corp. | 63.38% | 61.24% | 57.01% | 54.33% | 48.98% | 48.75% | 47.89% | 44.82% | 45.00% | 42.06% | 49.36% | 54.94% | 58.49% | 61.71% | 65.45% | 73.35% | 75.35% | 70.88% | 73.28% | ||||||
| Marvell Technology Inc. | 17.60% | -0.77% | -3.69% | -6.59% | -11.05% | -6.80% | -6.77% | -6.29% | -3.65% | -2.46% | -1.08% | -1.05% | -0.91% | -1.40% | -3.22% | -2.68% | -2.62% | -2.52% | -1.70% | ||||||
| Micron Technology Inc. | 50.11% | 33.28% | 20.25% | 15.76% | 12.27% | 9.61% | 8.30% | 1.72% | -3.48% | -8.59% | -16.02% | -13.22% | -6.41% | 3.41% | 12.55% | 17.41% | 20.12% | 18.86% | 16.04% | ||||||
| NVIDIA Corp. | 83.43% | 86.48% | 91.57% | 91.87% | 95.71% | 91.15% | 86.68% | 69.24% | 56.78% | 37.54% | 19.55% | 19.76% | 27.90% | 32.45% | 35.93% | 36.65% | 34.49% | 33.48% | 28.37% | ||||||
| Qualcomm Inc. | 33.48% | 36.38% | 23.25% | 26.13% | 42.55% | 39.82% | 39.27% | 38.60% | 35.31% | 34.27% | 33.67% | 33.51% | 41.68% | 53.52% | 62.58% | 71.81% | 80.15% | 83.73% | 88.12% | ||||||
| Texas Instruments Inc. | 37.08% | 33.61% | 31.99% | 30.73% | 30.33% | 30.73% | 29.70% | 28.39% | 28.75% | 30.86% | 34.78% | 38.53% | 42.70% | 48.22% | 54.16% | 60.02% | 61.52% | 60.86% | 58.62% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Stockholders’ equity
= 100 × (2,428 + 2,297 + 1,383 + 1,511)
÷ 68,389 = 11.14%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 to September 2026 is characterized by an initial period of contraction followed by a sustained and accelerating recovery in profitability and shareholder returns.
- Net Income Trends
- A significant decline in net income is observed from March 2022, where earnings stood at 786 million USD, falling to a trough of negative 139 million USD in April 2023. Following this low point, a consistent upward trend emerged. Earnings growth accelerated notably starting in late 2024, leading to a peak of 2,428 million USD by September 2026.
- Stockholders' Equity Evolution
- Equity levels remained relatively stable during the first two years, fluctuating narrowly around the 55 billion USD range between March 2022 and December 2023. A steady expansion began in early 2024, with equity increasing consistently each quarter to reach 68,389 million USD by September 2026, indicating a strengthening capital base.
- Return on Equity (ROE) Analysis
- The ROE exhibited a sharp decline in tandem with net income, dropping from 6.13% in March 2022 to a minimum of -0.05% in July 2023. A recovery phase commenced in September 2023, with the ratio gradually improving throughout 2024. An acceleration in profitability efficiency is evident from December 2024 onward, with the ROE climbing steadily to reach 11.14% by September 2026, marking the highest point in the analyzed period.
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Return on Assets (ROA)
Advanced Micro Devices Inc., ROA calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) | 2,428) | 2,297) | 1,383) | 1,511) | 1,243) | 872) | 709) | 482) | 771) | 265) | 123) | 667) | 299) | 27) | (139) | 21) | 66) | 447) | 786) | ||||||
| Total assets | 94,812) | 84,464) | 79,642) | 76,926) | 76,891) | 74,820) | 71,550) | 69,226) | 69,636) | 67,886) | 67,895) | 67,885) | 67,626) | 67,967) | 67,634) | 67,580) | 67,811) | 67,502) | 66,915) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 8.04% | 7.62% | 6.29% | 5.64% | 4.30% | 3.79% | 3.11% | 2.37% | 2.62% | 1.99% | 1.64% | 1.26% | 0.31% | -0.04% | 0.58% | 1.95% | 3.35% | 4.64% | 5.07% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Analog Devices Inc. | 8.54% | 6.91% | 5.64% | 4.72% | 4.06% | 3.87% | 3.26% | 3.39% | 3.41% | 4.38% | 5.82% | 6.79% | 7.60% | 7.32% | 6.83% | 5.46% | 3.75% | 3.23% | 2.50% | ||||||
| Applied Materials Inc. | 21.29% | 21.12% | 20.82% | 19.28% | 19.97% | 20.09% | 19.03% | 20.86% | 22.14% | 22.86% | 22.69% | 22.31% | 21.19% | 22.31% | 23.07% | 24.41% | 25.40% | 26.54% | 25.76% | ||||||
| Broadcom Inc. | 20.34% | 16.36% | 14.70% | 13.52% | 11.43% | 7.85% | 6.09% | 3.56% | 3.03% | 5.86% | 6.54% | 19.33% | 19.44% | 19.10% | 17.54% | 15.69% | 14.20% | 12.45% | 10.69% | ||||||
| Intel Corp. | -5.26% | -5.58% | -1.55% | -0.13% | 0.10% | -10.65% | -9.99% | -9.55% | -8.25% | 0.47% | 2.11% | 0.88% | -0.87% | -0.50% | -1.54% | 4.40% | 7.61% | 11.21% | 13.96% | ||||||
| KLA Corp. | 27.68% | 27.26% | 25.96% | 25.28% | 24.33% | 21.39% | 18.92% | 17.90% | 17.45% | 18.95% | 21.95% | 24.07% | 25.64% | 25.79% | 24.99% | 26.37% | 26.21% | 25.57% | 24.46% | ||||||
| Lam Research Corp. | 32.26% | 29.05% | 26.53% | 25.10% | 23.33% | 21.64% | 20.77% | 20.42% | 19.75% | 18.41% | 21.43% | 24.02% | 25.55% | 26.68% | 25.91% | 26.78% | 27.37% | 27.51% | 27.40% | ||||||
| Marvell Technology Inc. | 11.47% | -0.50% | -2.45% | -4.38% | -7.50% | -4.76% | -4.78% | -4.40% | -2.56% | -1.74% | -0.75% | -0.73% | -0.63% | -0.98% | -2.26% | -1.90% | -1.87% | -1.78% | -1.19% | ||||||
| Micron Technology Inc. | 37.63% | 23.75% | 13.85% | 10.31% | 7.94% | 6.40% | 5.43% | 1.12% | -2.32% | -5.73% | -10.78% | -9.08% | -4.43% | 2.42% | 9.11% | 13.11% | 15.18% | 14.17% | 12.02% | ||||||
| NVIDIA Corp. | 61.56% | 61.53% | 61.29% | 65.30% | 65.69% | 62.20% | 55.27% | 45.28% | 34.88% | 20.84% | 10.78% | 10.61% | 14.71% | 17.80% | 20.92% | 22.07% | 20.20% | 18.32% | 17.30% | ||||||
| Qualcomm Inc. | 16.14% | 17.37% | 10.12% | 11.05% | 21.10% | 19.94% | 18.99% | 18.39% | 16.52% | 15.77% | 14.89% | 14.17% | 17.58% | 21.80% | 23.54% | 26.39% | 27.35% | 25.19% | 23.32% | ||||||
| Texas Instruments Inc. | 19.31% | 16.87% | 15.60% | 14.46% | 14.41% | 14.43% | 14.44% | 13.51% | 14.06% | 15.16% | 16.93% | 20.12% | 22.44% | 24.85% | 28.25% | 32.16% | 34.25% | 34.69% | 32.51% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income (loss)Q3 2026
+ Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025)
÷ Total assets
= 100 × (2,428 + 2,297 + 1,383 + 1,511)
÷ 94,812 = 8.04%
2 Click competitor name to see calculations.
The analysis of the Return on Assets (ROA) reveals a cyclical trajectory characterized by a sharp contraction followed by a sustained and accelerating recovery over the observed period.
- Period of Profitability Contraction
- A significant decline in ROA is observed from March 2022 to July 2023, where the ratio fell from 5.07% to a low of -0.04%. This deterioration was driven primarily by a substantial drop in net income, which plummeted from US$ 786 million to a deficit of US$ 139 million in April 2023. During this phase, total assets remained relatively stagnant, fluctuating narrowly around the US$ 67 billion mark, indicating that the decline in efficiency was a result of diminished earnings rather than asset volatility.
- Recovery and Stabilization Phase
- Beginning in September 2023, a consistent upward trend in ROA emerged, rising from 0.31% to 2.37% by December 2024. This recovery corresponds with a return to positive net income and a gradual increase in profitability. Total assets began a modest ascent during this period, increasing to US$ 69.23 billion, while net income recovered to US$ 482 million, signaling a stabilization of operational efficiency.
- Expansion and Optimized Asset Utilization
- From March 2025 through September 2026, a period of accelerated growth is evident. ROA climbed steadily from 3.11% to a peak of 8.04%. This trend is particularly notable as it occurred alongside a significant expansion of the balance sheet, with total assets increasing from US$ 71.55 billion to US$ 94.81 billion. The fact that ROA increased while the asset base grew indicates that net income growth—reaching US$ 2,428 million by September 2026—significantly outpaced asset accumulation, resulting in superior capital productivity.
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