Advanced Micro Devices, Inc. · AMD · FY2026 Q2 · Calendar Q3 2026

AMD pairs record Q2 revenue with an ambitious AI infrastructure ramp

The supplied analysis supports the view that resilient AI-compute demand and accelerating product adoption can sustain AMD's growth trajectory over the next year. The countercase is that supply constraints, memory costs, GPU mix, and execution could limit margin expansion or delay the ramp.

Reported After market closeNASDAQTechnology $1003.67B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.66 Consensus $1.62
EPS surprise +2.5% Reported versus consensus
Reported revenue $11.54B Consensus $11.31B
Revenue surprise +2.0% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -7.0% Event window
SPY move -0.2% Same window
Abnormal move -6.8% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift -5.2% Up to 20 sessions
AMDSPY benchmark

Ask FN2 about AMD FY2026 Q2

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Why did AMD fall 7.0% after beating EPS estimates in FY2026 Q2?What changed in AMD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for AMD after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, AMD's narrative moved from strong AI-driven demand and planned Helios production toward reported execution: record revenue, data center at 58% of total, Venice in production, and Helios and MI450 ahead of forecast. Management also introduced ROCm.ai and highlighted new partnerships, while the focus of investor concern shifted more heavily to ramp execution, mix, costs, and monetization.

Guidance delta

Management raised the outlook: Q3 revenue is projected around $13 billion, up 41% year over year, with continued margin expansion and data-center revenue expected to more than double in 2027.

Key takeaways

  • Q2 revenue reached a record $11.5 billion, up 50% year over year, with data center at 58% of total revenue.
  • EPYC and Instinct demand remained strong, while Venice entered production and Helios and MI450 were described as ahead of forecast.
  • The next phase depends on scaling new platforms, supply capacity, margins, and AI infrastructure execution.

Management priorities

  • Scale EPYC Venice and the broader OEM platform portfolio.
  • Ramp MI450 and the Helios rack-scale AI platform, with the next-generation MI500 and Verano platform planned for 2027.
  • Expand ROCm.ai, developer support, AI-PC products, and partnerships with Anthropic, Microsoft, OpenAI, Meta, and Cerebras.

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Earnings History

Estimate Beat Miss Match
AMD EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q1 '24 estimate $0.62 Q1 '24 actual $0.62, match Q2 '24 estimate $0.68 Q2 '24 actual $0.69, beat Q3 '24 estimate $0.92 Q3 '24 actual $0.92, match Q2 '25 estimate $0.48 Q2 '25 actual $0.48, match Q3 '25 estimate $1.17 Q3 '25 actual $1.20, beat Q4 '25 estimate $1.32 Q4 '25 actual $1.53, beat Q1 '26 estimate $1.29 Q1 '26 actual $1.37, beat Q2 '26 estimate $1.62 Q2 '26 actual $1.66, beat Q3 '26 estimate $1.89 Q4 '26 estimate $2.65
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Analyst Consensus ?

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

Analyst 52W Price Targets

$623.77Current
$62.5Low
$354.59Average
$1,250High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Raymond James Strong Buy OutperformUpgradeAug 25, 2026
BMO Capital Outperform OutperformMaintainAug 21, 2026
Rosenblatt Buy BuyMaintainAug 6, 2026
Argus Research Buy BuyMaintainAug 6, 2026
Wells Fargo Overweight OverweightMaintainAug 5, 2026
Show 64 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $623.77. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerAnalyst unavailable$600$521.1 -3.8%Sep 9, 2026
CLSABhavtosh Vajpayee$710$505.74 +13.8%Sep 9, 2026
Raymond JamesSimon Leopold$641$456.74 +2.8%Aug 25, 2026
BMO CapitalAnalyst unavailable$550$469.46 -11.8%Aug 20, 2026
Argus ResearchAnalyst unavailable$625$487.98 +0.2%Aug 6, 2026
See 238 more

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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.…

Historical context

All AMD earnings
+18.6%FY2026 Q1 · Calendar Q2 2026

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
ADBE Adobe Inc. FY2026 Q3 · Calendar Q3 2026 +0.8% +1.4% Adobe raises FY26 outlook as AI strategy broadens
ORCL Oracle Corporation FY2027 Q1 · Calendar Q3 2026 +10.3% -1.7% Oracle raises FY27 outlook as AI demand accelerates cloud growth
SAIL SailPoint, Inc. FY2027 Q2 · Calendar Q3 2026 +13.8% -1.2% SailPoint pairs 25% ARR growth with accelerating AI-driven adoption
CIEN Ciena Corporation FY2026 Q3 · Calendar Q3 2026 +22.0% -10.4% Ciena raises outlook as AI networking demand lifts backlog
DOCU DocuSign, Inc. FY2027 Q2 · Calendar Q3 2026 +6.4% +3.7% DocuSign Q2 FY27: IAM momentum supports a raised outlook
IOT Samsara Inc. FY2027 Q2 · Calendar Q3 2026 +25.0% +3.7% Samsara: AI adoption expands as FY27 guidance holds

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-05T14:14:52.155930+00:00
  2. FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T20:30:56.837893+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T20:30:56.834941+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 · As of 2026-09-22. For educational purposes only; not investment advice.