# AMD (AMD) Q2 2026 earnings

Results filed 2026-08-04 for the quarter ended 2026-06-27. Source page: https://earnings.opennash.com/companies/amd/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/2488/000000248826000121/0000002488-26-000121-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

AMD reported second quarter revenue of $11.5 billion, up 50% year-over-year, with diluted earnings per share of $1.38 and non-GAAP diluted earnings per share of $1.66.

AMD posted record second-quarter revenue of $11.5 billion, up 50% from a year ago. Data Center revenue was $6.7 billion, up 107%, and made up 58% of the total. GAAP gross margin was 54% and non-GAAP gross margin was 56%. GAAP operating income was $2.0 billion, against a loss a year ago. Client revenue grew, Embedded grew, and Gaming fell 31%.
For the third quarter, AMD expects revenue of approximately $13 billion, plus or minus $300 million, and non-GAAP gross margin of approximately 56%. Management expects Data Center sales to accelerate in the second half as Helios racks begin to ramp. The main tension is execution. Capital spending rose to $808 million and receivables grew, while free cash flow fell from the prior quarter. Export controls and memory supply are named risks.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $11.5 billion | up 50% from a year ago | GAAP |
| Gross margin | 54% | up 14 ppts from a year ago | GAAP |
| Operating income | $2.0 billion |  | GAAP |
| Operating margin | 17% | up 19 ppts from a year ago | GAAP |
| Net income | $2.3 billion | up 163% from a year ago | GAAP |
| Diluted EPS | $1.38 | up 156% from a year ago | GAAP |
| Non-GAAP diluted EPS | $1.66 | up 246% from a year ago | non-GAAP |
| Operating cash flow (continuing operations) | $2,366 |  | GAAP |
| Free cash flow | $1,558 |  | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Data Center revenue | $6.7 billion | up 107% year-over-year |
| Client and Gaming revenue | $3.8 billion | up 6% year-over-year |
| Client revenue | $3.1 billion | up 23% year-over-year |
| Gaming revenue | $779 million | down 31% year-over-year |
| Embedded revenue | $977 million | up 19% year-over-year |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Revenue | third quarter of 2026 | $13 billion |
| Non-GAAP gross margin | third quarter of 2026 | approximately 56% |
| Non-GAAP operating expenses | Q3'26 | ~$3.65 Billion |
| Other income (expense) net of interest expense | Q3'26 | ~$55 Million |
| Effective tax rate | Q3'26 | 13% of pre-tax income |
| Diluted share count | Q3'26 | ~1.66 Billion shares |

## Key takeaways

1. **Data Center more than doubled and now leads** Data Center revenue was $6.7 billion, up 107% year-over-year, and represented 58% of company revenue. Segment operating income was $2,103 million versus a $(155) million loss a year ago.
2. **Margins expanded sharply on mix** GAAP gross margin was 54% versus 40% a year ago, and non-GAAP gross margin was 56%. Non-GAAP operating margin reached 27%, up 15 ppts.
3. **Third-quarter outlook implies further acceleration** AMD expects revenue of approximately $13 billion, plus or minus $300 million, and non-GAAP gross margin of approximately 56%. The mid-point represents year-over-year growth of approximately 41%.
4. **Cash conversion lagged earnings this quarter** Free cash flow was $1,558 million versus $2,566 million in Q1'26, as capital expenditures rose to $808 million. Accounts receivable rose to $7,281 million.
5. **Helios and Anthropic deal anchor AI growth** AMD announced a partnership with Anthropic to deploy up to 2 gigawatts of MI450 Series GPUs in Helios racks. Microsoft is also expanding Helios deployments on Azure.

## Questions

**What were AMD's Q2 2026 results?** Revenue was $11.5 billion, up 50% year-over-year, with GAAP diluted EPS of $1.38 and non-GAAP diluted EPS of $1.66. GAAP gross margin was 54% and non-GAAP gross margin was 56%.
**How big is AMD's Data Center business now?** Data Center segment revenue was $6.7 billion, up 107% year-over-year, and represented 58% of company revenue. Its operating income was $2,103 million.
**What is AMD's guidance for the third quarter of 2026?** AMD expects revenue of approximately $13 billion, plus or minus $300 million, and non-GAAP gross margin of approximately 56%. It also guided non-GAAP operating expenses of about $3.65 billion and a 13% tax rate.
**How did Client, Gaming and Embedded perform?** Client revenue was $3.1 billion, up 23%, and Gaming revenue was $779 million, down 31% on lower semi-custom revenue. Embedded revenue was $977 million, up 19%.
**How was AMD's cash flow and balance sheet?** Operating cash flow from continuing operations was $2,366 million and free cash flow was $1,558 million. Cash, cash equivalents and short-term investments were a record $13,111 million against total debt of $3,226 million.

## Slides and investor documents

- [Slide Presentation     PDF](https://d1io3yog0oux5.cloudfront.net/_76e60a688092d06ccab8a780191eae46/amd/db/841/9237/presentation/AMD+Q2+2026+Earnings+Slides+FINAL.pdf) (Slide deck)
- [Financial Tables     PDF](https://d1io3yog0oux5.cloudfront.net/_76e60a688092d06ccab8a780191eae46/amd/db/841/9237/financial_tables_pdf/Q2+2026+GAAP+and+Non-GAAP+Earnings+Tables.pdf) (Financial tables)