Advanced Micro Devices, Inc. · AMD · FY2026 Q3 · Calendar Q4 2026

AMD Q3: Data-center growth accelerates, while supply and mix remain key tests

The quarter supports the case that accelerating AI and server demand can sustain AMD’s growth: management reported 97% year-over-year data-center growth and raised its 2027 revenue-growth outlook. The thesis remains conditional on the company converting demand into supply and managing component costs and weaker client and gaming segments.

Reported After market closeNASDAQTechnology $789.95B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.09 Consensus $1.95
EPS surprise +7.2% Reported versus consensus
Reported revenue $13.38B Consensus $13.10B
Revenue surprise +2.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +1.0% Event window
SPY move +1.7% Same window
Abnormal move -0.6% Stock minus SPY
Volume 2.3× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
AMDSPY benchmark

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Why did AMD rise 1.0% after beating EPS estimates in FY2026 Q3?What changed in AMD's guidance and outlook in FY2026 Q3?Give me the bull and bear case for AMD after FY2026 Q3 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter’s record $11.5 billion of revenue and Q3 outlook of about $13 billion, AMD reported Q3 revenue of $13.4 billion, up 45% year over year. Management described data-center revenue growth of 97% and said AI revenue is expected to outpace CPU revenue in Q4. The supplied market-reaction data show AMD rose 1.01% from event close to next-session close, versus 1.65% for the benchmark, with volume at 2.32 times baseline.

Guidance delta

Management raised its 2027 revenue-growth outlook to over 80%, according to the supplied call analysis. It also expects AI revenue to outpace CPU revenue in Q4. No more detailed forecast figures were supplied.

Key takeaways

  • Revenue reached $13.4 billion, up 45% year over year; the supplied scorecard shows EPS and revenue above estimates.
  • Data-center revenue grew 97% year over year and accounted for 64% of revenue, according to the supplied call analysis.
  • Management reported strong initial EPYC Venice shipments and an ongoing ramp of Instinct MI450 GPUs and Helios racks.
  • Embedded revenue grew 29% year over year, while client and gaming segments declined.
  • Operating margin was 29% and gross margin was 56%, per the supplied transcript analysis.

Management priorities

  • Increase wafer, substrate, packaging and memory capacity to address demand and support 2027 growth.
  • Ramp EPYC Venice and Instinct MI450 shipments, and scale Helios rack deployments.
  • Continue investment in research and development as the product portfolio expands.

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Earnings History

Estimate Beat Miss Match
AMD EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q4 '23 estimate $0.77 Q4 '23 actual $0.77, match 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 $1.95 Q3 '26 actual $2.09, beat Q4 '26 estimate $2.65 Q1 '27 estimate $3.08
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Analyst Consensus ?

ConsensusBuy70 ratings
Bullish5172.9%
Neutral1927.1%
Bearish00.0%

Analyst 52W Price Targets

$488.78Current
$62.5Low
$386.38Average
$1,250High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.

Firm-level rating actions

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

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainNov 4, 2026
Wedbush Outperform OutperformMaintainNov 4, 2026
Truist Securities Buy BuyMaintainNov 4, 2026
StoneX Buy BuyMaintainNov 4, 2026
Stifel Buy BuyMaintainNov 4, 2026
Show 65 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $488.78. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
D.A. DavidsonGil Luria$600$483.2 +22.8%Nov 4, 2026
RBC CapitalAnalyst unavailable$675$483.64 +38.1%Nov 4, 2026
RBC CapitalSrini Pajjuri$540$483.84 +10.5%Nov 4, 2026
Wolfe ResearchChris Caso$650$485.55 +33.0%Nov 4, 2026
Melius ResearchBen Reitzers$650$483.9 +33.0%Nov 4, 2026
See 254 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
-7.0%FY2026 Q2 · Calendar Q3 2026+18.6%FY2026 Q1 · Calendar Q2 2026+2.5%FY2025 Q3 · Calendar Q4 2025

Technology peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
PCOR Procore Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 — +19.7% Procore pairs faster Q3 growth with AI expansion and higher FY26 outlook
CDW CDW Corporation FY2026 Q3 · Calendar Q4 2026 — +12.7% CDW raises FY2026 outlook as AI infrastructure demand lifts Q3 sales
FIS Fidelity National Information Services, Inc. FY2026 Q3 · Calendar Q4 2026 — -23.7% FIS grows recurring revenue, but lowers 2026 outlook amid execution delays
DDOG Datadog, Inc. FY2026 Q3 · Calendar Q4 2026 — -14.4% Datadog Q3: 35% growth and broader AI adoption, with renewal timing risks
UBER Uber Technologies, Inc. FY2026 Q3 · Calendar Q4 2026 — +4.9% Uber reports strong Q3 bookings and cash flow, with driver supply a constraint
JKHY Jack Henry & Associates, Inc. FY2027 Q1 · Calendar Q4 2026 +10.1% +10.8% Jack Henry Raises FY2027 Outlook as Core and Digital Demand Strengthens

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-11-04T15:05:56.923644+00:00
  2. FN2 earnings calendar · 2026-11-04T01:23:13.345574+00:00
  3. Polygon adjusted daily market bars · 2026-11-05T01:10:43.833125+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-05T01:10:43.830526+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 2026-11-05. For educational purposes only; not investment advice.