Analyst Consensus ?
ConsensusBuy69 ratings
Bullish5072.5%
Neutral1927.5%
Bearish00.0%
Advanced Micro Devices, Inc. · AMD · FY2026 Q1 · Calendar Q2 2026
AMD Q1 2026: Revenue Surges 38% on AI Demand, Guidance Raised
AMD's Q1 2026 results mark a structural acceleration in its AI-driven data center business. Revenue grew 38% year-over-year to $10.3 billion, beating consensus on both EPS ($1.37 vs $1.29) and revenue ($10.25B vs $9.90B). Data center revenue rose 57% YoY, with EPYC server CPU revenue up over 50% and Instinct GPUs posting double-digit growth. Management raised guidance, projecting Q2 revenue of approximately $11.2 billion (+46% YoY) and server CPU revenue growth above 70% YoY. The company expanded its server CPU TAM projection to over $120 billion by 2030 (growing at over 35% CAGR, up from the prior 18% CAGR) and deepened its AI partnership with Meta for up to 6 GW of Instinct GPU deployments including a custom MI450. Free cash flow tripled to a record $2.6 billion. The market responded forcefully, with the stock rising approximately 18.6% on the report and drifting an additional 24%…
Reported After market closeNASDAQTechnology
$807.07B market cap
90quality score
Company context
Snapshot as of publicationAdvanced Micro Devices, Inc. (AMD), established in 1969 and headquartered in Santa Clara, California, operates as a global leader in the semiconductor industry. The company organizes its extensive operations into two primary segments: Computing and Graphics, and Enterprise, Embedded and Semi-Custom. In its Computing and Graphics division, AMD develops a range of products including x86 microprocessors (often as accelerated processing units), chipsets, and various graphics processing units (GPUs), encompassing discrete, integrated, data center, and professional variants, alongside providing development services. The Enterprise, Embedded and Semi-Custom segment focuses on server and embedded processors, bespoke System-on-Chip (SoC) products, and foundational technology for popular game consoles, also offering associated development support.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.37
Consensus $1
EPS surprise
+6.2%
Reported versus consensus
Reported revenue
$10.25B
Consensus $9.90B
Revenue surprise
+3.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$494.95Previous close
$62.5Low
$320.32Average
$1,250High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Jul 24, 2026 |
| Roth Capital | Buy | Buy | Maintain | Jul 24, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jul 24, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 24, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 24, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Benchmark | Buy | Buy | Maintain | Jul 23, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 14, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 13, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 10, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 17, 2026 |
| Citigroup | Buy | Neutral | Upgrade | Jun 12, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 1, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 19, 2026 |
| Melius Research | Buy | Buy | Maintain | May 18, 2026 |
| Daiwa Capital | Outperform | Buy | Maintain | May 13, 2026 |
| Wedbush | Outperform | Outperform | Maintain | May 6, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 6, 2026 |
| Susquehanna | Positive | Positive | Maintain | May 6, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | May 6, 2026 |
| Raymond James | Outperform | Outperform | Maintain | May 6, 2026 |
| Northland Capital Markets | Market Perform | Market Perform | Maintain | May 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 6, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 6, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | May 6, 2026 |
| DA Davidson | Buy | Buy | Maintain | May 6, 2026 |
| Baird | Outperform | Outperform | Maintain | May 6, 2026 |
| HSBC | Hold | Buy | Downgrade | May 4, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jan 26, 2026 |
| CICC | Outperform | Market Perform | Upgrade | Nov 7, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 14, 2025 |
| Loop Capital | Buy | Buy | Maintain | May 7, 2025 |
| Argus Research | Buy | Buy | Maintain | Feb 6, 2025 |
| Roth MKM | Buy | Buy | Maintain | Oct 11, 2024 |
| DZ Bank | Hold | Buy | Downgrade | Mar 7, 2024 |
| New Street Research | Buy | Neutral | Upgrade | Jan 24, 2024 |
| Craig-Hallum | Buy | Buy | Maintain | Jun 14, 2023 |
| BMO Capital | Outperform | Outperform | Maintain | Jun 14, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 1, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Oct 10, 2022 |
| KGI Securities | Outperform | Neutral | Upgrade | Aug 3, 2022 |
| Nomura | Buy | Buy | Maintain | Apr 29, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 29, 2020 |
| Northland | Outperform | Market Perform | Upgrade | Mar 13, 2020 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Mar 6, 2020 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Jan 29, 2020 |
| Nomura Instinet | Buy | Buy | Maintain | Jan 2, 2020 |
| Piper Jaffray | Neutral | Neutral | Maintain | Aug 19, 2019 |
| Bank of America | Buy | Buy | Maintain | Apr 8, 2019 |
| Northland Securities | Market Perform | Outperform | Downgrade | Sep 27, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 20, 2018 |
| Argus | Buy | Buy | Maintain | Sep 14, 2018 |
| Macquarie | Neutral | Underperform | Upgrade | Dec 18, 2017 |
| Longbow Research | Neutral | Neutral | Maintain | Jun 9, 2017 |
| MKM Partners | Buy | Buy | Maintain | Nov 22, 2016 |
| Oppenheimer | Perform | Underweight | Upgrade | Oct 17, 2016 |
| Canaccord Genuity | Hold | Hold | Maintain | Jun 16, 2016 |
| Ascendiant Capital | Hold | Buy | Downgrade | Apr 17, 2015 |
| Pacific Crest | Sector Perform | Underperform | Upgrade | Oct 17, 2014 |
| FBR Capital | Market Perform | Market Perform | Maintain | Oct 16, 2014 |
| Imperial Capital | Outperform | Outperform | Maintain | Oct 10, 2014 |
| Maxim Group | Market Perform | Market Perform | Maintain | Jan 23, 2013 |
| Williams Capital | Buy | Buy | Maintain | Oct 12, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | Oct 12, 2012 |
| Williams Financial | Buy | Buy | Maintain | Jul 10, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $494.95. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $625 | $486.98 | +26.3% | Jul 27, 2026 |
| Roth Capital | Suji Desilva | $650 | $539.69 | +31.3% | Jul 24, 2026 |
| Melius Research | Ben Reitzers | $660 | $539.69 | +33.3% | Jul 24, 2026 |
| Robert W. Baird | Tristan Gerra | $1,250 | $539.69 | +152.6% | Jul 24, 2026 |
| UBS | Timothy Arcuri | $730 | $539.69 | +47.5% | Jul 24, 2026 |
| Jefferies | Blayne Curtis | $640 | $539.69 | +29.3% | Jul 24, 2026 |
| UBS | Timothy Arcuri | $700 | $548.13 | +41.4% | Jul 15, 2026 |
| KeyBanc | Analyst unavailable | $725 | $534.39 | +46.5% | Jul 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $635 | $546.72 | +28.3% | Jul 10, 2026 |
| Goldman Sachs | Analyst unavailable | $640 | $517.82 | +29.3% | Jul 6, 2026 |
| Wells Fargo | Analyst unavailable | $615 | $539.49 | +24.3% | Jun 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $700 | $521.58 | +41.4% | Jun 29, 2026 |
| UBS | Analyst unavailable | $670 | $519.85 | +35.4% | Jun 24, 2026 |
| Bernstein | Analyst unavailable | $600 | $507.29 | +21.2% | Jun 17, 2026 |
| Wolfe Research | Chris Caso | $450 | $511.57 | -9.1% | Jun 15, 2026 |
| Mizuho Securities | Analyst unavailable | $615 | $516.1 | +24.3% | Jun 1, 2026 |
| Barclays | Tom O'Malley | $665 | $516.1 | +34.4% | Jun 1, 2026 |
| Evercore ISI | Analyst unavailable | $579 | $420.99 | +17.0% | May 19, 2026 |
| Melius Research | Analyst unavailable | $540 | $418.15 | +9.1% | May 18, 2026 |
| Daiwa | Analyst unavailable | $500 | $448.29 | +1.0% | May 13, 2026 |
| Mizuho Securities | Analyst unavailable | $515 | $458.79 | +4.1% | May 12, 2026 |
| Susquehanna | Christopher Rolland | $450 | $408.3 | -9.1% | May 6, 2026 |
| Truist Financial | Analyst unavailable | $478 | $408.41 | -3.4% | May 6, 2026 |
| RBC Capital | Analyst unavailable | $400 | $415.21 | -19.2% | May 6, 2026 |
| Seaport Global | Jay Goldberg | $430 | $355.26 | -13.1% | May 6, 2026 |
| KeyBanc | Analyst unavailable | $530 | $355.26 | +7.1% | May 6, 2026 |
| Jefferies | Analyst unavailable | $415 | $355.26 | -16.2% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $410 | $355.26 | -17.2% | May 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $500 | $355.26 | +1.0% | May 6, 2026 |
| Barclays | Tom O'Malley | $500 | $355.26 | +1.0% | May 6, 2026 |
| Bernstein | Analyst unavailable | $525 | $355.26 | +6.1% | May 6, 2026 |
| Goldman Sachs | Analyst unavailable | $450 | $355.26 | -9.1% | May 6, 2026 |
| Roth Capital | Analyst unavailable | $500 | $355.26 | +1.0% | May 6, 2026 |
| HSBC | Analyst unavailable | $340 | $360.54 | -31.3% | May 4, 2026 |
| Susquehanna | Christopher Rolland | $375 | $323.21 | -24.2% | Apr 29, 2026 |
| Northland Securities | Market Perform | $260 | $347.8 | -47.5% | Apr 27, 2026 |
| D.A. Davidson | Analyst unavailable | $375 | $305.33 | -24.2% | Apr 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $320 | $278.39 | -35.3% | Apr 20, 2026 |
| Bernstein | Analyst unavailable | $265 | $258.12 | -46.5% | Apr 16, 2026 |
| KeyBanc | Analyst unavailable | $330 | $213.78 | -33.3% | Feb 24, 2026 |
| Evercore ISI | Analyst unavailable | $358 | $214.48 | -27.7% | Feb 24, 2026 |
| D.A. Davidson | Gil Luria | $220 | $205.94 | -55.6% | Feb 12, 2026 |
| Truist Financial | Analyst unavailable | $283 | $205.9 | -42.8% | Feb 4, 2026 |
| UBS | Analyst unavailable | $310 | $205.86 | -37.4% | Feb 4, 2026 |
| Morgan Stanley | Analyst unavailable | $255 | $242.11 | -48.5% | Feb 4, 2026 |
| Bernstein | Analyst unavailable | $235 | $242.11 | -52.5% | Feb 4, 2026 |
| UBS | Analyst unavailable | $330 | $250.81 | -33.3% | Jan 26, 2026 |
| Piper Sandler | Analyst unavailable | $300 | $259.68 | -39.4% | Jan 26, 2026 |
| Bernstein | Stacy Rasgon | $225 | $247.96 | -54.5% | Jan 21, 2026 |
| RBC Capital | Analyst unavailable | $230 | $223.6 | -53.5% | Jan 14, 2026 |
| Truist Financial | William Stein | $277 | $201.06 | -44.0% | Dec 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $207.74 | -39.4% | Dec 16, 2025 |
| Raymond James | Analyst unavailable | $377 | $206.02 | -23.8% | Nov 20, 2025 |
| Mizuho Securities | Analyst unavailable | $285 | $237.52 | -42.4% | Nov 12, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $350 | $237.52 | -29.3% | Nov 12, 2025 |
| Wells Fargo | Analyst unavailable | $345 | $237.52 | -30.3% | Nov 12, 2025 |
| Bernstein | Stacy Rasgon | $200 | $237.52 | -59.6% | Nov 12, 2025 |
| Melius Research | Ben Reitzers | $380 | $237.52 | -23.2% | Nov 12, 2025 |
| Truist Financial | Analyst unavailable | $279 | $250.33 | -43.6% | Nov 5, 2025 |
| Evercore ISI | Mark Lipacis | $270 | $252.13 | -45.4% | Nov 5, 2025 |
| Rosenblatt Securities | Kevin Cassidy | $300 | $250.33 | -39.4% | Nov 5, 2025 |
| Wedbush | Matt Bryson | $290 | $250.05 | -41.4% | Nov 5, 2025 |
| Morgan Stanley | Analyst unavailable | $260 | $250.05 | -47.5% | Nov 5, 2025 |
| UBS | Timothy Acuri | $300 | $250.05 | -39.4% | Nov 5, 2025 |
| Piper Sandler | Harsh Kumar | $280 | $250.05 | -43.4% | Nov 5, 2025 |
| Loop Capital Markets | Gary Mobley | $290 | $250.05 | -41.4% | Nov 5, 2025 |
| Robert W. Baird | Tristan Gerra | $300 | $250.05 | -39.4% | Nov 5, 2025 |
| Stifel Nicolaus | Ruben Roy | $280 | $250.05 | -43.4% | Nov 5, 2025 |
| Susquehanna | Christopher Rolland | $300 | $260.6 | -39.4% | Oct 31, 2025 |
| Wedbush | Matt Bryson | $270 | $218.09 | -45.4% | Oct 15, 2025 |
| HSBC | Frank Lee | $310 | $218.09 | -37.4% | Oct 15, 2025 |
| Deutsche Bank | Ross Seymore | $230 | $218.01 | -53.5% | Oct 14, 2025 |
| Deutsche Bank | Analyst unavailable | $235 | $216.42 | -52.5% | Oct 14, 2025 |
| Wolfe Research | Analyst unavailable | $300 | $216.42 | -39.4% | Oct 14, 2025 |
| Mizuho Securities | Analyst unavailable | $275 | $214.76 | -44.4% | Oct 13, 2025 |
| KGI Securities | Analyst unavailable | $260 | $214.76 | -47.5% | Oct 13, 2025 |
| Piper Sandler | Harsh Kumar | $240 | $211.25 | -51.5% | Oct 7, 2025 |
| Truist Financial | Analyst unavailable | $273 | $203.71 | -44.8% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $240 | $203.71 | -51.5% | Oct 7, 2025 |
| Morgan Stanley | Joseph Moore | $246 | $203.71 | -50.3% | Oct 7, 2025 |
| UBS | Timothy Arcuri | $265 | $203.71 | -46.5% | Oct 7, 2025 |
| Wells Fargo | Aaron Rakers | $275 | $203.71 | -44.4% | Oct 7, 2025 |
| Jefferies | Analyst unavailable | $300 | $203.71 | -39.4% | Oct 6, 2025 |
| Stifel Nicolaus | Analyst unavailable | $240 | $203.71 | -51.5% | Oct 6, 2025 |
| Melius Research | Analyst unavailable | $300 | $203.71 | -39.4% | Oct 6, 2025 |
| Roth Capital | Suji Desilva | $250 | $208.34 | -49.5% | Oct 6, 2025 |
| Barclays | Tom O'Malley | $300 | $208.34 | -39.4% | Oct 6, 2025 |
| Truist Financial | William Stein | $213 | $168.7 | -57.0% | Aug 26, 2025 |
| Deutsche Bank | Ross Seymore | $200 | $163.12 | -59.6% | Aug 6, 2025 |
| Morgan Stanley | Analyst unavailable | $185 | $179.51 | -62.6% | Jul 30, 2025 |
| Goldman Sachs | Christine Cho | $345 | $144.12 | -30.3% | Jul 10, 2025 |
| Roth Capital | Suji Desilva | $150 | $116.16 | -69.7% | Jun 13, 2025 |
| Evercore ISI | Mark Lipacis | $144 | $116.16 | -70.9% | Jun 13, 2025 |
| Barclays | Tom O'Malley | $130 | $117.17 | -73.7% | May 16, 2025 |
| UBS | Timothy Arcuri | $150 | $98.55 | -69.7% | May 7, 2025 |
| Melius Research | Ben Reitzes | $110 | $98.55 | -77.8% | May 7, 2025 |
| Stifel Nicolaus | Ruben Roy | $132 | $96.39 | -73.3% | Apr 28, 2025 |
| Loop Capital Markets | Vivek Arya | $160 | $88.29 | -67.7% | Apr 16, 2025 |
| Argus Research | Analyst unavailable | $160 | $110.16 | -67.7% | Feb 6, 2025 |
| Truist Financial | Analyst unavailable | $130 | $112.01 | -73.7% | Feb 5, 2025 |
| Morgan Stanley | Analyst unavailable | $137 | $112.01 | -72.3% | Feb 5, 2025 |
| KeyBanc | Analyst unavailable | $140 | $112.01 | -71.7% | Feb 5, 2025 |
| UBS | Analyst unavailable | $175 | $112.01 | -64.6% | Feb 5, 2025 |
| Roth Capital | Suji Desilva | $140 | $119.5 | -71.7% | Feb 5, 2025 |
| Morgan Stanley | Joseph Moore | $147 | $119.5 | -70.3% | Feb 4, 2025 |
| Susquehanna | Analyst unavailable | $165 | $117.35 | -66.7% | Jan 29, 2025 |
| Melius Research | Analyst unavailable | $129 | $114.17 | -73.9% | Jan 28, 2025 |
| Wedbush | Analyst unavailable | $150 | $115.01 | -69.7% | Jan 27, 2025 |
| Loop Capital Markets | Analyst unavailable | $175 | $117.32 | -64.6% | Jan 13, 2025 |
| Goldman Sachs | Toshiya Hari | $129 | $116.04 | -73.9% | Jan 10, 2025 |
| Piper Sandler | Harsh Kumar | $180 | $152.54 | -63.6% | Oct 30, 2024 |
| Robert W. Baird | Tristan Gerra | $175 | $166.25 | -64.6% | Oct 30, 2024 |
| Deutsche Bank | Ross Seymore | $150 | $166.25 | -69.7% | Oct 30, 2024 |
| Evercore ISI | Mark Lipacis | $198 | $166.25 | -60.0% | Oct 30, 2024 |
| Citigroup | Christopher Danely | $200 | $166.25 | -59.6% | Oct 30, 2024 |
| Barclays | Tom O'Malley | $170 | $166.25 | -65.7% | Oct 30, 2024 |
| Roth Capital | Suji Desilva | $200 | $163.41 | -59.6% | Oct 11, 2024 |
| KeyBanc | Justin Vinh | $220 | $167.01 | -55.6% | Oct 11, 2024 |
| Piper Sandler | Harsh Kumar | $200 | $166.81 | -59.6% | Oct 11, 2024 |
| Northland Securities | Gus Richard | $175 | $167.12 | -64.6% | Oct 11, 2024 |
| Citigroup | Christopher Danely | $210 | $164.18 | -57.6% | Oct 11, 2024 |
| Goldman Sachs | Toshiya Hari | $175 | $144.67 | -64.6% | Jul 31, 2024 |
| Morgan Stanley | Joseph Moore | $178 | $138.44 | -64.0% | Jul 31, 2024 |
| Truist Financial | William Stein | $156 | $138.44 | -68.5% | Jul 31, 2024 |
| Barclays | Tom O'Malley | $180 | $139.99 | -63.6% | Jul 29, 2024 |
| Wells Fargo | Aaron Rakers | $205 | $183.96 | -58.6% | Jul 11, 2024 |
| Stifel Nicolaus | Ruben Roy | $200 | $158.4 | -59.6% | Jun 18, 2024 |
| Susquehanna | Christopher Rolland | $200 | $167.87 | -59.6% | Jun 10, 2024 |
| CFRA | Angelo Zino | $200 | $162.48 | -59.6% | Jun 3, 2024 |
| Jefferies | Blayne Curtis | $190 | $151.92 | -61.6% | May 13, 2024 |
| Roth Capital | Suji Desilva | $180 | $158.38 | -63.6% | May 1, 2024 |
| Piper Sandler | Harsh Kumar | $175 | $147.39 | -64.6% | May 1, 2024 |
| Truist Financial | William Stein | $162 | $147.88 | -67.3% | May 1, 2024 |
| Mizuho Securities | Vijay Rakesh | $215 | $147.22 | -56.6% | May 1, 2024 |
| HSBC | Frank Lee | $220 | $158.38 | -55.6% | May 1, 2024 |
| Rosenblatt Securities | Hans Mosesmann | $250 | $159.96 | -49.5% | Apr 29, 2024 |
| Susquehanna | Christopher Rolland | $185 | $159.58 | -62.6% | Apr 29, 2024 |
| HSBC | Frank Lee | $225 | $160.32 | -54.5% | Apr 15, 2024 |
| Evercore ISI | Mark Lipacis | $200 | $160.32 | -59.6% | Apr 15, 2024 |
| Piper Sandler | Harsh Kumar | $195 | $165.83 | -60.6% | Apr 5, 2024 |
| KeyBanc | John Vinh | $270 | $192.39 | -45.4% | Mar 15, 2024 |
| Wedbush | Matt Bryson | $200 | $167.36 | -59.6% | Jan 31, 2024 |
| Susquehanna | Christopher Rolland | $210 | $176.39 | -57.6% | Jan 29, 2024 |
| UBS | Timothy Arcuri | $220 | $179.15 | -55.6% | Jan 25, 2024 |
| New Street | Pierre Ferragu | $215 | $168.42 | -56.6% | Jan 23, 2024 |
| Mizuho Securities | Vijay Rakesh | $162 | $168.42 | -67.3% | Jan 23, 2024 |
| Melius Research | Ben Reitzers | $188 | $146.18 | -62.0% | Jan 8, 2024 |
| Loop Capital Markets | John Vinh | $170 | $135.32 | -65.7% | Jan 4, 2024 |
| Mizuho Securities | Vijay Rakesh | $130 | $128.37 | -73.7% | Dec 7, 2023 |
| Raymond James | Srini Pajjuri | $125 | $108.04 | -74.7% | Nov 1, 2023 |
| BMO Capital | Ambrish Srivastava | $140 | $95.97 | -71.7% | Oct 30, 2023 |
| Morgan Stanley | Joseph Moore | $138 | $110.15 | -72.1% | Aug 2, 2023 |
| Raymond James | Srini Pajjuri | $145 | $126.51 | -70.7% | Jun 14, 2023 |
| Wedbush | Matt Bryson | $95 | $81.86 | -80.8% | May 3, 2023 |
| Morgan Stanley | Joseph Moore | $102 | $88.92 | -79.4% | May 2, 2023 |
| Citigroup | Analyst unavailable | $76 | $84.64 | -84.6% | Feb 2, 2023 |
| Bernstein | Stacy Rasgon | $80 | $81.71 | -83.8% | Feb 1, 2023 |
| Truist Financial | William Stein | $79 | $75.15 | -84.0% | Jan 31, 2023 |
| Oppenheimer | Rick Schafer | $112.5 | $36.19 | -77.3% | Nov 11, 2022 |
| UBS | Timothy Arcuri | $75 | $59.66 | -84.8% | Nov 2, 2022 |
| Raymond James | Melissa Fairbanks | $80 | $58.63 | -83.8% | Nov 2, 2022 |
| KeyBanc | John Vinh | $85 | $58.63 | -82.8% | Nov 2, 2022 |
| Mizuho Securities | Vijay Rakesh | $95 | $59.66 | -80.8% | Nov 1, 2022 |
| Morgan Stanley | Joseph Moore | $77 | $60.06 | -84.4% | Oct 31, 2022 |
| Loop Capital Markets | John Vinh | $100 | $61.87 | -79.8% | Oct 7, 2022 |
| Morgan Stanley | Joseph Moore | $95 | $62.95 | -80.8% | Oct 7, 2022 |
| J.P. Morgan | Harlan Sur | $80 | $58.44 | -83.8% | Oct 7, 2022 |
| Truist Financial | William Stein | $70 | $58.44 | -85.9% | Oct 7, 2022 |
| KeyBanc | John Vinh | $100 | $58.44 | -79.8% | Oct 7, 2022 |
| Robert W. Baird | Tristan Gerra | $65 | $58.44 | -86.9% | Oct 7, 2022 |
| KeyBanc | John Vinh | $100 | $67.85 | -79.8% | Oct 7, 2022 |
| Piper Sandler | Harsh Kumar | $90 | $67.85 | -81.8% | Oct 6, 2022 |
| Piper Sandler | Harsh Kumar | $90 | $67.85 | -81.8% | Oct 6, 2022 |
| Wells Fargo | Aaron Rakers | $85 | $67.94 | -82.8% | Oct 5, 2022 |
| Goldman Sachs | Toshiya Hari | $88 | $67.9 | -82.2% | Oct 4, 2022 |
| Mizuho Securities | Vijay Rakesh Rakesh | $62.5 | $33.98 | -87.4% | Sep 24, 2022 |
| Mizuho Securities | Vijay Rakesh | $140 | $100.83 | -71.7% | Aug 15, 2022 |
| Goldman Sachs | Analyst unavailable | $112 | $99.45 | -77.4% | Aug 4, 2022 |
| Northland Securities | Analyst unavailable | $105 | $95.95 | -78.8% | Aug 3, 2022 |
| J.P. Morgan | Analyst unavailable | $120 | $99.29 | -75.8% | Aug 3, 2022 |
| Deutsche Bank | Analyst unavailable | $95 | $99.29 | -80.8% | Aug 3, 2022 |
| UBS | Analyst unavailable | $120 | $99.29 | -75.8% | Aug 3, 2022 |
| Raymond James | Analyst unavailable | $130 | $99.29 | -73.7% | Aug 3, 2022 |
| Citigroup | Analyst unavailable | $96 | $99.29 | -80.6% | Aug 3, 2022 |
| Deutsche Bank | Ross Seymore | $85 | $94.47 | -82.8% | Jul 30, 2022 |
| BMO Capital | Ambrish Srivastava | $115 | $87.54 | -76.8% | Jul 26, 2022 |
| Wells Fargo | Aaron Rakers | $130 | $85.85 | -73.7% | Jul 19, 2022 |
| Susquehanna | Christopher Rolland | $120 | $78.6 | -75.8% | Jul 15, 2022 |
| KeyBanc | John Vinh | $130 | $77.24 | -73.7% | Jul 14, 2022 |
| Cowen & Co. | Analyst unavailable | $120 | $75.81 | -75.8% | Jul 12, 2022 |
| Morgan Stanley | Joseph Moore | $103 | $85.84 | -79.2% | Jun 22, 2022 |
| Goldman Sachs | Toshiya Hari | $133 | $94.82 | -73.1% | Jun 13, 2022 |
| Loop Capital Markets | John Vinh | $150 | $94.72 | -69.7% | Jun 10, 2022 |
| Robert W. Baird | Tristan Gerra | $100 | $94.82 | -79.8% | Jun 10, 2022 |
| KeyBanc | John Vinh | $150 | $94.82 | -69.7% | Jun 10, 2022 |
| Rosenblatt Securities | Hans Mosesmann | $100 | $49.4 | -79.8% | Jun 9, 2022 |
| Piper Sandler | Harsh Kumar | $140 | $105.28 | -71.7% | Jun 7, 2022 |
| Stifel Nicolaus | Patrick Ho | $98.5 | $52.68 | -80.1% | Jun 6, 2022 |
| Stifel Nicolaus | Patrick Ho | $98.5 | $52.83 | -80.1% | Jun 6, 2022 |
| Bank of America Securities | Vivek Arya | $160 | $106.3 | -67.7% | Jun 3, 2022 |
| Piper Sandler | Harsh Kumar | $140 | $102.47 | -71.7% | May 17, 2022 |
| Piper Sandler | Harsh Kumar | $100.06 | $102.47 | -79.8% | May 17, 2022 |
| Piper Sandler | Harsh Kumar | $98 | $98.86 | -80.2% | May 17, 2022 |
| KeyBanc | John Vinh | $150 | $93.87 | -69.7% | May 5, 2022 |
| Mizuho Securities | Analyst unavailable | $145 | $91.92 | -70.7% | May 4, 2022 |
| Jefferies | Mark Lipacis | $147 | $91.13 | -70.3% | May 4, 2022 |
| Rosenblatt Securities | Hans Mosesmann | $100 | $45.57 | -79.8% | May 4, 2022 |
| Deutsche Bank | Ross Seymore | $115 | $88.14 | -76.8% | Apr 25, 2022 |
| Wells Fargo | Analyst unavailable | $140 | $90.36 | -71.7% | Apr 22, 2022 |
| Susquehanna | Christopher Rolland | $160 | $93.89 | -67.7% | Apr 18, 2022 |
| Truist Financial | William Stein | $111 | $101 | -77.6% | Apr 10, 2022 |
| Deutsche Bank | Ross Seymore | $125 | $101 | -74.7% | Apr 9, 2022 |
| Barclays | Blayne Curtis | $115 | $108.19 | -76.8% | Apr 3, 2022 |
| Bernstein | Stacy Rasgon | $150 | $115.65 | -69.7% | Feb 22, 2022 |
| Cowen & Co. | Matt Ramsay | $145 | $121.47 | -70.7% | Feb 15, 2022 |
| Mizuho Securities | Vijay Rakesh | $160 | $114.27 | -67.7% | Feb 13, 2022 |
| Wells Fargo | Aaron Rakers | $180 | $113.18 | -63.6% | Feb 11, 2022 |
| Daiwa | Louis Miscioscia | $150 | $132.85 | -69.7% | Feb 9, 2022 |
| Jefferies | Mark Lipacis | $155 | $123.6 | -68.7% | Feb 6, 2022 |
| Raymond James | Chris Caso | $160 | $122.76 | -67.7% | Feb 2, 2022 |
| Craig-Hallum | Christian Schwab | $160 | $122.76 | -67.7% | Feb 2, 2022 |
| BMO Capital | Ambrish Srivastava | $130 | $122.76 | -73.7% | Feb 2, 2022 |
| Robert W. Baird | Tristan Gerra | $125 | $116.78 | -74.7% | Feb 1, 2022 |
| Piper Sandler | Harsh Kumar | $130 | $121.89 | -73.7% | Jan 20, 2022 |
| KeyBanc | John Vinh | $155 | $136.88 | -68.7% | Jan 17, 2022 |
| Wedbush | Matt Bryson | $165 | $148.92 | -66.7% | Nov 9, 2021 |
| Northland Securities | Gus Richard | $120 | $125.23 | -75.8% | Nov 1, 2021 |
| UBS | Timothy Arcuri | $115 | $122.28 | -76.8% | Oct 27, 2021 |
| Benchmark Co. | David Williams | $145 | $122.28 | -70.7% | Oct 27, 2021 |
| New Street | Pierre Ferragu | $70 | $97.93 | -85.9% | Jul 28, 2021 |
| Argus Research | Jim Kelleher | $120 | $97.93 | -75.8% | Jul 28, 2021 |
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What changed
Revenue increased 38% YoY to $10.3 billion, exceeding the $9.9 billion consensus by approximately 3.6%. EPS of $1.37 beat the $1.29 estimate by 6.2%. Data center revenue grew 57% YoY, driven by surging demand for EPYC server CPUs and Instinct GPUs; server CPU revenue rose over 50% YoY. Free cash flow tripled year-over-year to a record $2.6 billion. Management raised Q2 guidance to approximately $11.2 billion in revenue (+46% YoY) with server CPU revenue expected to grow over 70% YoY. The server CPU TAM was revised upward to over $120 billion by 2030 at over 35% CAGR, up from the previously cited 18% CAGR. AMD announced an expanded partnership with Meta for up to 6 GW of Instinct GPU deployments, including a custom MI450 accelerator, and projects tens of billions of dollars in AI data center revenue by 2027.
Guidance delta
Guidance was raised. For Q2 2026, AMD projected revenue of approximately $11.2 billion, representing roughly 46% year-over-year growth, with server CPU revenue expected to grow over 70% YoY. This signals continued acceleration from the already strong Q1 pace. Management's tone was confident, supported by record free cash flow and deepening AI partnerships with Meta and OpenAI. The company also projected tens of billions of dollars in AI data center revenue by 2027, reinforcing long-term conviction in its AI roadmap.
Key takeaways
- Q1 revenue surged 38% YoY to $10.3 billion, with data center revenue up 57% YoY.
- EPYC server CPU revenue rose over 50% YoY; Instinct GPUs posted double-digit growth.
- Guidance raised: Q2 revenue expected around $11.2 billion (+46% YoY) with server CPU revenue growth over 70% YoY.
- Server CPU TAM revised to over $120 billion by 2030 at over 35% CAGR, up from the prior 18% CAGR.
- Free cash flow tripled to a record $2.6 billion.
- Expanded Meta partnership for up to 6 GW of Instinct GPU deployments including a custom MI450 accelerator.
Management priorities
- Launch sixth-generation EPYC Venice processors later this year.
- Ramp production of the Helios rack-scale AI platform starting Q3 with volume in Q4.
- Deepen AI partnerships with Meta and OpenAI for multi-generation GPU deployments.
- Hold an Advancing AI event in July to showcase next-generation GPUs and CPUs.
- Continue heavy R&D investment to support the AI roadmap and new product families.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T06:34:28.453162+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T06:34:28.450233+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.