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AMD 10-K filed February 4, 2026 (FY25)

Date: Filed February 4, 2026; fiscal year ended December 27, 2025.

Why it matters: AMD is the second whale on the OEM balance-sheet side. Its purchase commitments at year-end 2025 totaled $12.2 billion, up from $4.3 billion at September 28, 2024 — roughly 3× growth in fifteen months. $8.5B is due in fiscal 2026 alone. AMD's commitments are smaller than Nvidia's $50.3B but are growing at a faster percentage rate, reflecting the MI300X / MI325X / MI355X ramp.

Primary sources:

Load-bearing figures

$12.2 billion in unconditional purchase commitments

"Unconditional purchase commitments: $12.2 billion" at December 27, 2025. "Due in fiscal 2026: $8.5 billion."

Prior year comparison: $4.3 billion at September 28, 2024 (per the prior 10-Q).

Why: The growth rate matters more than the level. AMD's wafer + HBM commitments have nearly tripled in 15 months. This is the contractual evidence of AMD's Instinct ramp: each MI300X carries 192 GB HBM3, MI325X 256 GB HBM3e, MI355X 288 GB HBM3e — and AMD has committed cash and unconditional purchase paper to source it.

Composition

The 10-K does not itemize $12.2B between HBM, wafer-foundry obligations (TSMC), and other components. Industry sourcing puts a substantial fraction against HBM3 and HBM3e (SK Hynix and Micron for AMD; Samsung qualified more recently) and CoWoS-bonded compute at TSMC.

What this filing implies

Three things:

  1. AMD is the second-largest contractual carrier in the chain after Nvidia. Combined Nvidia + AMD: $62.5B of unconditional purchase obligations. This is the load-bearing OEM exposure if AI demand misses.
  2. The 3× growth rate signals confidence — and lock-in. AMD did not commit $12.2B speculatively. The commitment matches contracted MI3xx orders to hyperscalers and neoclouds. But the contracts AMD has signed with its suppliers are not, in disclosed form, matched dollar-for-dollar by binding offtake from its customers.
  3. AMD is the marginal accelerator in the chain. Where SK Hynix's exposure to Nvidia is 27% of consolidated revenue (per DART), AMD is a smaller second-source customer for the same memory producers. If demand softens, AMD's contracts soften before SK Hynix's Nvidia exposure does — but Nvidia has the larger absolute obligation, so the dollar exposure lands at Nvidia.

Reading this 10-K against Nvidia's 10-Q

Nvidia Oct 26, 2025 AMD Dec 27, 2025
Unconditional purchase obligations $50.3B $12.2B
Supply/capacity prepayments $4.2B (not separately disclosed)
Inventory/obligation writedowns FY/year $3.7B (FY25) (disclosed in MD&A; smaller scale)
Growth rate YoY Growing ~3× in 15 months

Combined exposure: $62.5B in unconditional commitments on the OEM tier — the layer above the hyperscalers, the layer above the memory producers. This is the load-bearing balance sheet of the AI compute supply chain.

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