EarningsQ2 2026 Earnings Report
MX:AMD Q2 2026 EPS Results
Actual EPS$28.07
Consensus EPS$27.33
Beat/MissBeat by +$0.74
One Year Ago EPS$8.12
MX:AMD Q2 2026 Revenue Results
Actual Revenue$195.10B
Expected Revenue$191.27B
Beat/MissBeat by +$3.83B
YoY Revenue Growth+50.11%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:AMD Upcoming Earnings
Advanced Micro Devices's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AMD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive: AMD reported record revenue, significantly expanded profitability and gross margin, and highlighted major traction across data center CPUs, Instinct accelerators, software (ROCm) and strategic AI partnerships (OpenAI, Meta, Anthropic, Microsoft). Management raised long‑term TAM views and issued aggressive multi‑year growth targets while providing strong near‑term guidance. Notable challenges include a steep YoY decline in gaming revenue, higher operating expenses, inventory build, memory cost exposure for GPU platforms, and near‑term supply-chain/ramp risks. Overall, the substantial and broad-based positives (record top-line, margin expansion, powerful AI ramp and large strategic partnerships) materially outweigh the identified lowlights.Company Guidance
Record Revenue and Strong Profitability
Revenue increased 50% year-over-year to $11.5 billion (Q2 FY2026). Non-GAAP diluted EPS rose ~82% year-over-year. Operating income was $3.1 billion (27% operating margin) and non-GAAP gross margin expanded to 56% (up >200 basis points YoY and +80 bps sequentially).
Data Center Segment Surge
Data center revenue more than doubled YoY (107%) to a record $6.7 billion and now represents ~58% of total revenue (up from 42% a year ago). Data center segment operating income was $2.1 billion (31% of segment revenue).
Server CPU Momentum and Market Share Gains
Fifth consecutive quarter of record server CPU revenue; cloud and enterprise sales each grew >70% YoY. EPYC adoption expanded (fifth‑gen Turin powers nearly 1/3 of >1,600 EPYC public cloud instance types) and AMD gained x86 server revenue share across cloud and enterprise.
New Venice CPUs and Leadership Performance
Sixth‑gen EPYC Venice (Zen 6, 2nm) is in production with OEMs and cloud providers planning deployments later in the year. Venice delivers >2x performance-per-watt vs leading x86 and up to 3.3x vs leading ARM-based CPUs, with >30 SKUs to address varied memory/I/O needs.
Data Center AI Acceleration and Helios Platform
Instinct sales more than doubled YoY as MI350/MI355x adoption broadened. Launched Helios rack-scale AI platform (EPYC Venice + MI450 GPUs + Pensando + ROCm); Helios delivers up to 15% more throughput at same rack power and up to 30% more tokens per dollar versus competition, and initial shipments begin later this quarter with ramp into Q4 and 2027.
Strategic Partnerships and Large AI Commitments
Multigigawatt commitments and partnerships: multi‑generation deployments with OpenAI and Meta; strategic partnership with Anthropic to deploy up to 2 GW of MI450 in Helios (first GW in H1 2027); expanded Microsoft partnership to deploy Helios at scale on Azure.
Software and Ecosystem Momentum (ROCm)
ROCm ecosystem growth: >3 million models run out-of-the-box on AMD; open-source ROCm contributions up >10x year-over-year. Released ROCm.ai delivering >2x training performance and 3x inference performance versus ROCm 7 for many models, improving developer experience and porting to Instinct GPUs.
Large TAM and Upgraded Long-Term Outlook
Raised long-term market views: data center AI accelerator TAM now expected to grow >45% annually to ~$1.4 trillion by 2030; server CPU market >50% annually to ~$220 billion by 2030. Company now expects revenue growth substantially above prior >35% target and to significantly exceed prior $20 annual EPS target within strategic timeframe.
Client and Embedded Growth
Client and Gaming segment revenue rose 6% YoY to $3.8 billion; client revenue grew 23% YoY to $3.1 billion (record mobile processor revenue, Ryzen Pro sales +50% YoY). Embedded revenue increased 19% YoY to $977 million with embedded operating income at $386 million (40% margin). Design win momentum: tracking toward >$18 billion of new design wins.
Strong Cash Generation and Liquidity
Generated $2.4 billion cash from operations and $1.6 billion free cash flow in Q2; cash, cash equivalents and short‑term investments totaled $13.1 billion at quarter end.
Near-Term Guidance Reflects Continued Strength
Q3 FY2026 guidance: revenue approx. $13.0 billion ± $300 million (midpoint up ~41% YoY), non-GAAP gross margin ~56%, non-GAAP operating expenses ~ $3.65 billion; guidance expects strong double-digit growth in data center and embedded segments.
MX:AMD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed