AMD Q3 FY2026: revenue up 45% to $13.38B, Q4 guided to $17B
AMD's FY2026 third quarter is a beat-and-raise: revenue of $13.38 billion (up 45.0%) cleared guidance, non-GAAP EPS of $2.09 topped the $1.969 consensus, and Q4 is guided to $17 billion. Data Center did the work at $8.55 billion, up 97%. The one soft spot is cash: free cash flow dropped to $554 million on a $3.00 billion inventory build. Read the growth first, then the working capital.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $1.46, up from $0.75 a year ago, while non-GAAP EPS of $2.09 beat the $1.969 consensus by about $0.12. The largest reconciling items are a $0.66 per-share charge from remeasuring customer warrants and a $0.64 per-share tax benefit, so the GAAP-to-non-GAAP gap is mostly non-operating. Non-GAAP EPS grew 74% year over year against 45.0% revenue growth, which is where the operating leverage claim comes from.
Revenue of $13.38 billion rose 45.0% from $9.25 billion a year earlier and 16.0% from $11.54 billion last quarter, clearing the $13.00 billion guided mid-point. Data Center was $8.55 billion, or 63.9% of the quarter, and the release ties the gain to record Instinct GPU and EPYC CPU sales. Client and Gaming at $3.72 billion and Embedded at $1.11 billion were rounding errors by comparison.
The Q4 guide of approximately $17 billion, plus or minus 3%, is $3.62 billion above this quarter, or 27.1% sequential growth, and the release frames it as roughly 66% year-over-year growth. Non-GAAP gross margin is guided to about 55%, a point below the 56% just delivered. So the company is promising more dollars but not a better margin percentage.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
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 2026-11-04
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.