ADVANCED MICRO DEVICES INCAMD
ADVANCED MICRO DEVICES INC Debt Disclosure
Debt, Revolving Credit Facility and Commercial Paper Program
Debt
The Company’s total debt as of December 27, 2025 and December 28, 2024 consisted of:
| December 27, 2025 | December 28, 2024 | ||||||||||
| (In millions) | |||||||||||
| 4.212% Senior Notes Due 2026 (4.212% Notes) | $ | 875 | $ | — | |||||||
| 4.319% Senior Notes Due 2028 (4.319% Notes) | 625 | — | |||||||||
| 2.375% Senior Notes Due 2030 (2.375% Notes) | 750 | 750 | |||||||||
| 3.924% Senior Notes Due 2032 (3.924% Notes) | 500 | 500 | |||||||||
| 4.393% Senior Notes Due 2052 (4.393% Notes) | 500 | 500 | |||||||||
| Total debt (principal amount) | 3,250 | 1,750 | |||||||||
| Unamortized debt discount and issuance costs | (28) | (29) | |||||||||
| Total debt (net) | 3,222 | 1,721 | |||||||||
| Less: current portion of long-term debt and related unamortized debt issuance costs | (874) | — | |||||||||
| Total long-term debt | $ | 2,348 | $ | 1,721 | |||||||
4.212% Senior Notes Due 2026 and 4.319% Senior Notes Due 2028
On March 24, 2025, the Company issued 4.212% Notes and 4.319% Notes in aggregate principal amount of $1.5 billion, which are general unsecured senior obligations of the Company. The interest is payable semi-annually on March 24 and September 24 of each year, commencing on September 24, 2025.
The Company may redeem some or all of the 4.212% Notes prior to September 24, 2026 and the 4.319% Notes prior to February 24, 2028 at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the debt or 100% of the principal amount plus accrued and unpaid interest. On or after February 24, 2028, the Company may also redeem some or all of the 4.319% Notes at 100% of the principal amount plus accrued and unpaid interest.
Holders of the 4.212% Notes and the 4.319% Notes have the right to require the Company to repurchase all or a portion of their notes at 101% of the principal amount plus accrued and unpaid interest if the Company undergoes a change of control. An event of default may also accelerate the maturity of the 4.212% Notes and 4.319% Notes.
2.375% Senior Notes Due 2030, 3.924% Senior Notes Due 2032 and 4.393% Senior Notes Due 2052
The 2.375% Notes, 3.924% Notes and 4.393% Notes are general unsecured senior obligations of the Company with semi-annual fixed interest payments due on June 1 and December 1.
The Company may redeem some or all of the 3.924% Notes and 4.393% Notes prior to March 1, 2032 and December 1, 2051, respectively, at a price equal to the greater of the present value of the principal amount and future interest through the maturity of the 3.924% Notes or 4.393% Notes or 100% of the principal amount plus accrued and unpaid interest. Holders have the right to require the Company to repurchase all or a portion of the 3.924% Notes or 4.393% Notes in the event that the Company undergoes a change of control as defined in the indenture, at a repurchase price of 101% of the principal amount plus accrued and unpaid interest. Additionally, an event of default may result in the acceleration of the maturity of the 3.924% Notes and 4.393% Notes.
As of December 27, 2025, the Company was in compliance with the covenants associated with all of its debt.
Future Payments on Total Debt
As of December 27, 2025, the Company’s future debt payment obligations are as follows:
Fiscal Year | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 and thereafter | Total | ||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Term Debt (Principal only) | $ | 875 | $ | — | $ | 625 | $ | — | $ | 750 | $ | 1,000 | $ | 3,250 | |||||||||||||||||||||||||||
Revolving Credit Facility
The Company has $3 billion available under an unsecured revolving credit facility that expires on April 29, 2027. During 2025, the Company did not draw funds from the revolving credit facility. As of December 27, 2025, the Company was in compliance with the covenants under the revolving credit facility.
Commercial Paper
The Company has a commercial paper program under which it can issue unsecured commercial paper notes up to a principal amount of $3.0 billion at any time with maturities of up to 397 days from the date of issue. The commercial paper will be sold at a discount from par or, alternatively, will be sold at par and bear interest at rates that will vary based on market conditions at the time of the issuance. During the first quarter of fiscal year 2025, the Company issued $950 million in aggregate principal amount of commercial paper which was subsequently repaid in the second quarter of fiscal year 2025. As of December 27, 2025 and December 28, 2024, the Company had no commercial paper outstanding.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 5, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Jan 29, 2021 | |
| 2019 | Feb 4, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2016 | Feb 21, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.