Advanced Micro Devices Inc.
Revenue
$12B
Net Income
$2B
Advanced Micro Devices Inc.
Revenue
$12B
Net Income
$2B
Advanced Micro Devices Inc.
CIK: 0000002488
Earnings Analysis
Analyzed 9 of 12 reports
Performance Summary - Q2 2026bullish (92)not_provided
Reality-Based Sentiment Analysisbullish92/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Advanced Micro Devices Inc. has been consistently bullish with stable guidance. Revenue has grown 98.9% during this period. The latest quarter shows bullish sentiment with neutral tone from management.
Latest Quarter Highlights:
AMD delivered exceptional Q2 2026 results with quarterly revenue of $11.5B (+50% YoY) driven by surging Data Center segment demand for EPYC CPUs and Instinct MI350 GPUs. Gross margin expanded dramatically to 54% from 40% YoY, with operating income swinging to $2.0B profit from a $134M loss, while the company secured major strategic partnerships with OpenAI and Meta committing to 6 gigawatts each of GPU deployments. Strong cash generation of $5.3B from operations and aggressive capex investment of $1.2B reflects confidence in AI-driven growth trajectory.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 8/5/2026
Summary
AMD delivered exceptional Q2 2026 results with quarterly revenue of $11.5B (+50% YoY) driven by surging Data Center segment demand for EPYC CPUs and Instinct MI350 GPUs. Gross margin expanded dramatically to 54% from 40% YoY, with operating income swinging to $2.0B profit from a $134M loss, while the company secured major strategic partnerships with OpenAI and Meta committing to 6 gigawatts each of GPU deployments. Strong cash generation of $5.3B from operations and aggressive capex investment of $1.2B reflects confidence in AI-driven growth trajectory.
Revenue
$11.54B
Net Income
$2.30B
Guidance
Tone
Capex
$1.20B(+142.1% YoY)
Partnerships
Key Quotes
"Data Center net revenue of $6.7 billion for the three months ended June 27, 2026 increased by 107%, compared to net revenue of $3.2 billion for the prior year period...primarily driven by strong demand for our AMD EPYC processors and AMD Instinct MI350 Series GPUs."
"In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by our AMD Instinct MI450 series products."
"The increase in both periods was primarily due to higher employee-related costs from an increase in headcount in support of our continued focus on our AI strategy and long-term growth opportunities."
Q1 2026
10-Q • Filed 5/6/2026
Summary
AMD delivered strong Q1 2026 results with 38% YoY revenue growth to $10.3B driven by robust Data Center demand for 5th gen EPYC and MI350 GPUs, with gross margin expanding 300bps to 53%. Operating cash flow of $3.0B and net income of $1.4B reflect healthy earnings quality, while strategic partnerships with Meta and OpenAI underscore competitive positioning in AI infrastructure. Headcount expansion and elevated capex signal confidence in sustained demand, though management avoids forward guidance.
Revenue
$10.25B
Net Income
$1.38B
Guidance
Tone
Capex
$389M(+83.5% YoY)
Partnerships
Key Quotes
"The increase in net revenue was driven by an increase in Data Center segment revenue primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs"
"Gross margin for the three months ended March 28, 2026 was 53% compared to gross margin of 50% for the prior year period, a 3% increase primarily driven by a favorable product mix, including higher Data Center segment revenue"
"In February 2026, we amended a master purchase agreement with Meta Platforms, Inc. (Meta) and Meta agreed to deploy up to 6 gigawatts of AMD GPUs, with the first gigawatt of capacity powered by custom AMD Instinct MI450-based GPU and 6th Gen AMD EPYC™ CPUs"
Q4 2025
10-K • Filed 2/4/2026
Summary
AMD delivered strong full-year 2025 revenue growth of 34% to $34.6B, driven by robust demand for data center AI GPUs (MI350 Series) and EPYC processors, plus 51% growth in Client and Gaming. The company demonstrated pricing power and market share gains despite facing intense competition from Intel and Nvidia. Regulatory headwinds from U.S. export controls on MI308 products to China created a $440M net inventory charge, though partial reversal occurred in Q4 following license grants.
Revenue
$10.27B
Net Income
$1.51B
Guidance
Tone
Partnerships
Key Quotes
"In 2025, we delivered strong annual revenue growth with net revenue increasing 34% to $34.6 billion, compared to $25.8 billion in 2024. This growth was driven by the performance of our Data Center and Client and Gaming segments."
"Data Center net revenue of $16.6 billion increased by 32% compared to $12.6 billion in 2024, primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs."
"In October 2025, we entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 series products."
Q3 2025
10-Q • Filed 11/5/2025
Summary
AMD delivered strong Q3 2025 results with revenue of $9.2B (+36% YoY) driven by robust demand for EPYC processors and MI350 GPUs in Data Center, and Ryzen processors plus gaming GPUs in Client & Gaming. Gross margin expanded to 52% despite $800M MI308 export control charges, while operating income reached $1.3B. The company is aggressively investing in AI capabilities through the ZT Systems acquisition and OpenAI partnership, with R&D spending up 31% and headcount expanding to support growth.
Revenue
$9.25B
Net Income
$1.24B
Guidance
Tone
Capex
$752M(+75.7% YoY)
Partnerships
Key Quotes
"The increase in net revenue was driven by an increase in Client and Gaming segment revenue, primarily driven by strong demand for our AMD Ryzen™ processors, semi-custom game console SoCs and Radeon™ gaming GPUs; and an increase in Data Center segment revenue primarily driven by strong demand for our 5th generation AMD EPYC™ processors and AMD Instinct™ MI350 Series GPUs."
"The increase in both periods was due to higher employee-related costs from an increase in headcount in support of our continued focus on our AI strategy."
"During the nine months ended September 27, 2025, we generated $5.1 billion of cash from operating activities and we returned $1.3 billion to stockholders through the repurchase of common stock under our Repurchase Program."
Q2 2025
10-Q • Filed 8/6/2025
Summary
AMD achieved Q2 2025 revenue of $7.7B (+32% YoY) driven by strong Client/Gaming segment growth (69% YoY) and Data Center CPU sales, but gross margins compressed to 40% from 49% due to an $800M inventory charge related to U.S. export controls on MI308 GPUs. Net income of $872M benefited from an $853M tax benefit related to IRS approval of reasonable cause relief for dual consolidated losses, while underlying operational performance showed Data Center operating loss of $155M despite revenue growth.
Revenue
$7.68B
Net Income
$872M
Guidance
Tone
Capex
$494M(+66.9% YoY)
Partnerships
Key Quotes
"The increase in net revenue was driven by an increase in Client and Gaming segment revenue primarily driven by strong demand for the latest 'Zen 5' AMD Ryzen processors and higher semi-custom sales, and an increase in Data Center segment revenue primarily driven by growth in AMD EPYC CPU sales."
"The decrease in gross margin was primarily due to approximately $800 million of inventory and related charges associated with the U.S. government export control on AMD Instinct MI308 Data Center GPU products."
"On March 31, 2025, we completed the acquisition of ZT Group Int'l, Inc. (ZT Systems), which is expected to enable AMD to deliver end-to-end AI solutions and accelerate the design and deployment of AMD-powered AI infrastructure at scale optimized for the cloud."
Q1 2025
10-Q • Filed 5/7/2025
Summary
AMD delivered strong Q1 2025 results with revenue of $7.4B (+36% YoY) and net income of $709M (+477% YoY), driven by robust Data Center segment growth (57% revenue increase) in AI accelerators and EPYC CPUs. Gross margin expanded to 50% from 47%, reflecting favorable product mix and scale benefits. The company is aggressively investing in AI with the ZT Systems acquisition ($3.4B) to accelerate AI infrastructure deployment, though near-term headwinds include ~$800M inventory charges from new U.S. export controls on China.
Revenue
$7.44B
Net Income
$709M
Guidance
Tone
Capex
$212M(+49.3% YoY)
Partnerships
Key Quotes
"Net revenue for the three months ended March 29, 2025 was $7.4 billion, a 36% increase compared to the prior year period. The increase in net revenue was driven by an increase in Data Center segment revenue primarily driven by growth in AMD EPYC CPU and AMD Instinct GPU sales"
"Data Center net revenue of $3.7 billion increased by 57%, compared to net revenue of $2.3 billion for the prior year period. The increase was primarily driven by the growth in AMD EPYC CPU and AMD Instinct GPU sales"
"On March 31, 2025, we completed the acquisition of ZT Systems to help accelerate the end-to-end design and deployment of AMD-powered AI infrastructure at scale for the cloud"
Q2 2024
10-Q • Filed 7/31/2024
Summary
AMD delivered strong Q2 2024 results with 9% YoY revenue growth to $5.8B and net income of $265M, driven by exceptional Data Center segment performance (115% YoY growth) from steep ramp of AMD Instinct GPU shipments and strong 4th Gen EPYC CPU sales. Gross margin expanded 300 bps to 49% despite significant investment in R&D headcount to support AI strategy, demonstrating strong operational leverage and pricing power. The company generated solid cash flow of $1.1B in H1 2024, maintains robust balance sheet with $5.3B in cash and investments, and continues returning capital to shareholders while making strategic acquisitions (Silo AI for $665M) to strengthen AI capabilities.
Revenue
$5.83B
Net Income
$265M
Guidance
Tone
Capex
$296M(+4.6% YoY)
Partnerships
Key Quotes
"Data Center net revenue increased by 115% compared to the prior year period, primarily driven by the steep ramp of AMD Instinct GPU shipments and strong growth in 4th Gen AMD EPYC CPU sales"
"The increase in R&D expenses was primarily due to higher employee-related costs from an increase in headcount in support of our continued focus on our AI strategy"
"Gross margin was 49% and 46% for the three months ended June 29, 2024 and July 1, 2023, respectively. The increase in both periods was primarily driven by higher Data Center segment revenue"
Q1 2024
10-Q • Filed 5/1/2024
Summary
AMD returned to profitability in Q1 2024 with net income of $123 million vs. loss of $139 million in prior year, driven by strong 80% Data Center revenue growth fueled by AI accelerators and 4th Gen EPYC CPUs, plus 85% Client segment growth from Ryzen processor recovery. Gross margin expanded to 47% from 44% despite headwinds in Gaming (-48%) and Embedded (-46%) segments as customers managed inventory levels, while the company invested in AI capabilities through increased R&D headcount.
Revenue
$5.47B
Net Income
$123M
Guidance
Tone
Capex
$142M(-10.1% YoY)
Partnerships
Key Quotes
"Net revenue for the three months ended March 30, 2024 was $5.5 billion, a 2% increase compared to the prior year period. The increase in net revenue was driven by an increase in Data Center segment revenue from higher sales of AMD Instinct™ GPUs and 4th Gen AMD EPYC™ CPUs"
"The increase was primarily due to an increase in employee-related costs due to an increase in headcount to support increased investment in AI"
"Data Center net revenue of $2.3 billion for the three months ended March 30, 2024 increased by 80%, compared to net revenue of $1.3 billion for the prior year period primarily driven by higher sales of AMD Instinct GPUs and 4th Gen AMD EPYC CPUs"
Q3 2023
10-Q • Filed 11/1/2023
Summary
AMD reported Q3 2023 revenue of $5.8B (+4% YoY) with improved profitability: net income of $299M vs. $66M prior year, driven by strong Client segment growth (+42% revenue) as PC market improved and lower acquisition-related amortization. However, near-term challenges persist with Data Center flat YoY (-4% for nine months) and Gaming declining 8%, partially offset by strong Embedded growth from Xilinx integration. Management is actively investing in AI R&D (evidenced by 20% YoY increase in R&D spending and headcount expansion), signaling confidence in future opportunities despite current macro headwinds.
Revenue
$5.80B
Net Income
$299M
Guidance
Tone
Capex
$407M(+24.85% YoY)
Partnerships
Key Quotes
"The increase in net revenue was driven mainly by a 42% increase in Client segment revenue primarily due to higher Ryzen mobile processor sales as PC market conditions improved"
"The increase in both periods was primarily driven by an increase in employee-related costs due to an increase in headcount to support increased investment in AI"
"Data Center operating income was $306 million for the three months ended September 30, 2023, compared to operating income of $505 million for the prior year period. The decrease in operating income was primarily due to increased Research and Development (R&D) investment in artificial intelligence (AI) and product mix"
Sector Comparison
How AMD performs vs Technology sector and Semiconductors peers
Sector Ranking (Technology)
Category Ranking (Semiconductors)
Key Metrics vs Averages
AMD
$11,536M
Semiconductors Avg
$12,537M
Technology Avg
$40,813.995M
AMD
142.1%
Semiconductors Avg
71.3%
Technology Avg
56.5%
Guidance: not_provided • Tone: neutral