EarningsQ2 2026 Earnings Report
TSE:AMD Q2 2026 EPS Results
Actual EPSC$1.92
Consensus EPS―
Beat/Miss―
One Year Ago EPSC$0.74
TSE:AMD Q2 2026 Revenue Results
Actual RevenueC$15.97B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+50.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
TSE:AMD Upcoming Earnings
Advanced Micro Devices, Inc. Shs -CAD hedged- Canadian Depositary Receipt Repr Shs Reg S's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, characterized by record revenue and profitability, rapid data center and AI growth, major customer commitments, expanding product adoption, and raised long-term expectations. The principal challenges were the 31% year-over-year gaming decline, a softer expected second-half PC market, tight server CPU supply, and the need to improve early Helios yields. These lowlights were outweighed by the breadth and magnitude of the reported growth and outlook.Company Guidance
Record Revenue and Profitability
Second-quarter revenue increased 50% year-over-year and 13% sequentially to a record $11.5 billion. AMD reported record profitability, comparable diluted earnings per share growth of approximately 82% year-over-year, gross margin of 56%—up over 200 basis points year-over-year and 80 basis points sequentially—and operating income of $3.1 billion, representing a 27% operating margin.
Data Center Revenue More Than Doubled
Data center revenue increased 107% year-over-year to a record $6.7 billion, up 16% sequentially, and represented approximately 58% of total revenue versus 42% a year ago. Growth was driven by strong demand for EPYC processors and Instinct accelerators.
Strong EPYC Server CPU Momentum
AMD delivered its fifth consecutive quarter of record server CPU revenue. Cloud and enterprise sales each grew more than 70% year-over-year, while both units and average selling prices increased significantly year-over-year, with unit growth higher than ASP growth. AMD also gained x86 server revenue share year-over-year.
Broadening EPYC Cloud Adoption
Hyperscalers including AWS, Microsoft, Google and Oracle continued expanding EPYC across internal infrastructure and public cloud offerings. Fifth-generation EPYC Turin powered nearly 1/3 of more than 1,600 EPYC public cloud instance types globally, and health care, financial services, media and technology companies added tens of millions of instances last quarter.
Record Enterprise Server Performance
AMD reported record enterprise sales and a fourth consecutive quarter of record enterprise sell-through, driven by leadership performance and total cost of ownership advantages. The company won large deployments with financial services, manufacturing, telecom, retail and technology customers, and more than 230 fifth-generation EPYC platforms are now in market.
Venice Production and Customer Demand
The sixth-generation EPYC Venice family is in production, with every major OEM on track to launch platforms and leading cloud providers planning deployments beginning later this year. Built on the Zen 6 core and 2-nanometer technology, Venice includes more than 30 processors and delivers more than twice the performance per watt of leading x86 CPUs and up to 3.3x the performance per watt of leading ARM-based CPUs. Customer demand was described as stronger than for any prior EPYC generation.
Instinct AI Accelerator Growth
Instinct sales more than doubled year-over-year as MI350-series adoption broadened across the largest AI labs, cloud providers, leading AI start-ups, national labs and sovereign AI deployments. MI355X adoption continued to expand across inference and training workloads.
Helios Rack-Scale AI Platform Launch
AMD launched Helios, combining EPYC Venice CPUs, MI450-series GPUs, Pensando networking and ROCm software. Across a broad range of inference workloads, Helios delivers up to 15% more throughput at the same rack power and up to 30% more tokens per dollar than the competition. Helios is in production, initial shipments are on track to begin later this quarter, and customer pull is tracking ahead of the initial forecast.
Major AI Customer Commitments
AMD has multi-generation gigawatt-scale deployments with OpenAI and Meta, announced a strategic partnership with Anthropic for up to 2 gigawatts of MI450-series GPUs in Helios, and expanded its partnership with Microsoft, which will deploy Helios at scale on Azure. Anthropic's first gigawatt deployment is expected to begin in the first half of 2027.
Future AI Platform Road Map
AMD plans to launch a new rack-scale AI platform every year. The 2027 platform will combine MI500-series GPUs, Verano CPUs and Pensando networking, with expanded scale-up domains using copper and optical interconnects. Customer engagement on MI500 was described as very strong, and AMD expects MI500 to deliver the largest generational leap in Instinct history and increase inference performance more than 2,000 times in four years.
ROCm Ecosystem Expansion
More than 3 million models now run out of the box on AMD, leading open models launched with day-zero support for Instinct, and open-source contributions to ROCm increased more than tenfold over the past year. AMD introduced ROCm.ai, which supports coding agents including Claude, Codex and Cursor for creating, porting and optimizing Instinct code.
ROCm.ai Performance Improvements
ROCm.ai delivered more than twice the training performance and 3x the inference performance of ROCm 7 across a broad range of models. AMD is also working with OpenAI, Anthropic, Meta and other leading AI labs to co-optimize ROCm for their models.
Expanded Data Center Market Opportunity
AMD now expects the data center AI accelerator market to grow more than 45% annually to approximately $1.4 trillion by 2030, and the server CPU market to grow more than 50% annually to approximately $220 billion by 2030. The company expects data center segment revenue to more than double year-over-year in 2027.
Raised Server and Corporate Growth Expectations
With strong customer demand and improved supply, AMD expects server revenue to grow more than 80% year-over-year in the second half of 2026 and more than 70% for the full year 2027, off a much higher base. AMD expects overall revenue growth to be substantially above its prior target of greater than 35% and expects to significantly exceed its $20 annual EPS target within its strategic timeframe.
Client Business Share Gains
Client revenue increased 23% year-over-year to $3.1 billion, driven by record mobile processor revenue and continued share gains. Ryzen Pro sales grew more than 50% year-over-year as AMD added commercial wins with large health care, technology, automotive and financial services companies.
New Ryzen AI Commercial and Developer Products
Dell, HP, Lenovo, Asus and others launched new commercial PC portfolios powered by Ryzen AI Pro 400-series processors. Ryzen AI Halo developer systems went on sale during the quarter, and AMD introduced the next-generation Ryzen AI Halo platform with the Gorgon Halo processor, featuring 192 gigabytes of unified memory and support for models with up to 300 billion parameters.
Embedded Segment Recovery and Growth
Embedded revenue increased 19% year-over-year and 12% sequentially to $977 million, representing the strongest growth in more than three years. Demand was broad-based across networking, aerospace and defense, test measurement and emulation, and communications customers. Embedded segment operating income increased to $386 million, or 40% of revenue, from $275 million, or 33% of revenue, a year ago.
Embedded Portfolio and Design-Win Momentum
Embedded x86 grew significantly as hyperscalers and networking customers adopted AMD CPUs for data-center networking and control-plane functions. AMD introduced Ryzen AI Embedded X100 processors and the Kria AI robotics platform, and is tracking toward another record year with more than $18 billion of new design wins.
Improved Financial Resources
AMD generated $2.4 billion in cash from continuing operations and $1.6 billion in free cash flow during the quarter. Cash, cash equivalents and short-term investments totaled $13.1 billion at quarter-end.
Third-Quarter Revenue Outlook
AMD expects third-quarter revenue of approximately $13 billion, plus or minus $300 million. At the midpoint, revenue would be up 41% year-over-year and approximately 13% sequentially, with strong double-digit growth expected in data center and embedded. Non-GAAP gross margin is expected to be approximately 56%, operating expenses approximately $3.65 billion, the effective tax rate 13%, and diluted share count approximately 1.66 billion shares.
Supply Chain Preparation for Growth
AMD has been increasing server capacity across wafers, back-end capacity, substrates and other components. The company expects the 2027 server supply situation to be better than 2026, has good visibility into HBM allocation for expected 2027 deliveries, and said it feels good about satisfying the planned server and data center AI ramps.
Cerebras Fast-Inference Partnership
AMD partnered with Cerebras on disaggregated compute, combining Cerebras technology and its wafer-scale engine with Helios. The solution is expected to become available in the Cerebras cloud in Q4 and extend into 2027.
TSE: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