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 publication

Advanced 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
AMD REVENUE earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $6B Q4 '23 actual $6B, beat Q1 '24 estimate $5B Q1 '24 actual $5B, match Q2 '24 estimate $6B Q2 '24 actual $6B, beat Q3 '24 estimate $7B Q3 '24 actual $7B, beat Q2 '25 estimate $7B Q2 '25 actual $8B, beat Q3 '25 estimate $9B Q3 '25 actual $9B, beat Q4 '25 estimate $10B Q4 '25 actual $10B, beat Q1 '26 estimate $10B Q1 '26 actual $10B, beat Q2 '26 estimate $11B Q3 '26 estimate $13B Q4 '26 estimate $16B Q1 '27 estimate $17B

Analyst Consensus ?

ConsensusBuy69 ratings
Bullish5072.5%
Neutral1927.5%
Bearish00.0%

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.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainJul 24, 2026
Roth Capital Buy BuyMaintainJul 24, 2026
Rosenblatt Buy BuyMaintainJul 24, 2026
RBC Capital Sector Perform Sector PerformMaintainJul 24, 2026
Jefferies Buy BuyMaintainJul 24, 2026
Cantor Fitzgerald Overweight OverweightMaintainJul 24, 2026
Benchmark Buy BuyMaintainJul 23, 2026
Keybanc Overweight OverweightMaintainJul 14, 2026
Show 61 more rating actions

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.

FirmAnalyst52W targetPrice when postedUpsideDate
Mizuho SecuritiesAnalyst unavailable$625$486.98 +26.3%Jul 27, 2026
Roth CapitalSuji Desilva$650$539.69 +31.3%Jul 24, 2026
Melius ResearchBen Reitzers$660$539.69 +33.3%Jul 24, 2026
Robert W. BairdTristan Gerra$1,250$539.69 +152.6%Jul 24, 2026
UBSTimothy Arcuri$730$539.69 +47.5%Jul 24, 2026
JefferiesBlayne Curtis$640$539.69 +29.3%Jul 24, 2026
UBSTimothy Arcuri$700$548.13 +41.4%Jul 15, 2026
KeyBancAnalyst unavailable$725$534.39 +46.5%Jul 14, 2026
Stifel NicolausAnalyst unavailable$635$546.72 +28.3%Jul 10, 2026
Goldman SachsAnalyst unavailable$640$517.82 +29.3%Jul 6, 2026
See 221 more

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Market reaction

event-close to next-session close
Stock move +18.6% Event window
SPY move +1.4% Same window
Abnormal move +17.2% Stock minus SPY
Volume 2.1× Versus trailing sessions
Subsequent drift +24.2% Up to 20 sessions
AMDSPY benchmark

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Transcript intelligence

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

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-28T06:34:28.453162+00:00
  4. 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.