AMD 8-K
PositiveEarningsNew guidance
EPYC and Instinct demand more than doubled Data Center revenue Y/Y; AMD expects the segment’s sales to accelerate in H2.
Filed 2026-08-04 16:16 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 guidance. AMD reported record revenue, up 50% Y/Y, driven primarily by Data Center, where revenue more than doubled. AMD expects Data Center sales to accelerate in H2 2026.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $11.5B | $7.69B | Up 50% |
| Operating income | $1.99B | $(134)M | n/m |
| Non-GAAP operating income | $3.09B | $897M | Up 245% |
| Net income | $2.30B | $872M | Up 163% |
| Non-GAAP net income | $2.76B | $781M | Up 253% |
| Diluted EPS | $1.38 | $0.54 | Up 156% |
| Non-GAAP diluted EPS | $1.66 | $0.48 | Up 246% |
| Operating cash flow | $2.37B | $2.01B | Up 18% |
| Free cash flow (non-GAAP) | $1.56B | $1.18B | Up 32% |
- Data Center revenue was $6.72B, up 107% Y/Y, on strong EPYC processor and Instinct GPU demand. Client and Gaming revenue was $3.84B, up 6%: Client rose 23% to $3.06B, while Gaming fell 31% to $779M on lower semi-custom revenue. Embedded revenue increased 19% to $977M.
- Gross margin was 54% GAAP and 56% non-GAAP. Non-GAAP margin was up more than 200 bp on a comparable basis, driven by higher Data Center revenue mix. Q2 2025 included $800M of inventory and related charges tied to U.S. export controls on MI308 products.
- Cash, cash equivalents and short-term investments totaled $13.11B; total debt was $3.23B.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue (GAAP) | Q3 2026 | ≈$13B ± $300M; ≈41% Y/Y and ≈13% Q/Q at midpoint | — | — |
| Gross margin (non-GAAP) | Q3 2026 | ≈56% | — | — |
| Operating expenses (non-GAAP) | Q3 2026 | ≈$3.65B | — | — |
| Other income (expense), net of interest expense (non-GAAP) | Q3 2026 | ≈$55M | — | — |
| Effective tax rate (non-GAAP) | Q3 2026 | 13% of pre-tax income | — | — |
| Diluted share count | Q3 2026 | ≈1.66B shares | — | — |
Investor Takeaways
- Q3 revenue and non-GAAP gross margin versus guidance will test whether Data Center strength is translating into the expected broader growth.
- Watch for the stated H2 Data Center acceleration as Instinct deployments scale and Helios begins to ramp, including the announced Anthropic deployment plan of up to 2 GW of MI450 GPUs.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3