AMD Q2 FY2026: revenue $11.54 billion, EPS $1.38, Q3 guide $13 billion
AMD's second quarter of fiscal 2026 was a record on both revenue and profit: revenue of $11.54 billion, up 50.0% year-over-year, with non-GAAP EPS of $1.66 beating the $1.63 consensus estimate. Data Center did the heavy lifting at $6.72 billion, or 58.2% of sales. Guidance for the next quarter points to $13 billion, so the growth story is intact — the open questions are customer concentration and cash conversion.
1 · Expected vs. Actual
Free preview belowNon-GAAP EPS of $1.66 came in $0.03 above the $1.63 consensus estimate, while GAAP EPS was $1.38. The $0.28 gap is mostly accounting: $0.33 a share of acquisition-related intangible amortization and $0.30 of stock-based compensation, partly offset by a $0.29 gain on long-term investments. Net income of $2.30 billion was up 163.0% from $0.87 billion a year ago.
Revenue of $11.54 billion rose 50.0% from $7.69 billion a year ago and 12.5% from $10.25 billion last quarter. Gross margin was 53.8% on a GAAP basis versus 39.8% a year ago, but that comparison flatters: last year's quarter carried $800 million of inventory and related charges tied to export controls on the MI308 GPU. Data Center revenue of $6.72 billion more than doubled, up 107.0%, and is now 58.2% of the total.
Management guided third-quarter revenue to about $13 billion, plus or minus $300 million, which the company says implies roughly 41% year-over-year growth and a 13% sequential increase. Non-GAAP gross margin is expected to be about 56%, essentially flat with the 56% reported this quarter. The guide sits well above the $11.54 billion just delivered, so AMD is telling investors the ramp accelerates from here.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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