AMD 8-K
PositiveEarningsNew guidance
EPYC demand and Instinct shipments drove Data Center growth; Meta plans an initial deployment using a custom MI450-based GPU.
Filed 2026-05-05 16:16 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with Q2 guidance. Revenue rose 38% Y/Y to $10.3B, with Data Center the primary driver of revenue and earnings growth. AMD also said Meta plans to deploy up to 6 GW of Instinct GPUs, beginning with a 1-GW deployment powered by a custom MI450-based GPU.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $10.3B | $7.44B | +38% |
| Operating income, GAAP | $1.48B | $806M | +83% |
| Operating income, non-GAAP | $2.54B | $1.78B | +43% |
| Net income | $1.38B | $709M | +95% |
| Net income, non-GAAP | $2.27B | $1.57B | +45% |
| Diluted EPS | $0.84 | $0.44 | +91% |
| Diluted EPS, non-GAAP | $1.37 | $0.96 | +43% |
| Operating cash flow from continuing operations | $2.96B | $939M | +215% |
| Free cash flow, non-GAAP | $2.57B | $727M | +253% |
- Data Center revenue was $5.78B, up 57%, driven by EPYC processor demand and continued Instinct GPU shipments. Client and Gaming revenue rose 23% to $3.61B, led by Ryzen demand and market-share gains; Embedded revenue increased 6% to $873M.
- Gross margin was 53% GAAP and 55% non-GAAP; non-GAAP gross margin increased 170 bp Y/Y, with favorable product mix and a larger Data Center contribution.
- Cash, cash equivalents and short-term investments totaled $12.3B, up 17% Q/Q; total debt was $3.22B. Common stock repurchases were $221M vs $749M a year earlier, while weighted-average diluted shares rose 1.5% to 1.65B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | Q2 2026 | ≈$11.2B ±$300M; midpoint implies ≈46% Y/Y growth and ≈9% Q/Q growth | — | — |
| Gross margin (non-GAAP) | Q2 2026 | ≈56% | — | — |
| Operating expenses (non-GAAP) | Q2 2026 | ≈$3.3B | — | — |
| Interest expense/other income, net (non-GAAP) | Q2 2026 | $60M | — | — |
| Effective tax rate (non-GAAP) | Q2 2026 | 13% of pre-tax income | — | — |
| Diluted share count | Q2 2026 | ≈1.66B shares | — | — |
Investor Takeaways
- Compare Q2 revenue and non-GAAP gross margin with the outlook; the results will also indicate whether supply can support the expected acceleration in server growth.
- Watch for progress toward Meta’s initial 1-GW MI450 deployment and further evidence of customer demand for MI450 and Helios systems.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3