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AMD · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
An outstanding quarter with record $11.5B revenue (+50% y/y) and net income more than doubling to $2.3B, driven by Data Center revenue more than doubling on EPYC and Instinct demand, while Gaming remains a drag, down 31% y/y on weaker semi-custom sales.
Net Income
$2,297M
up 163.4% y/y
Revenue
$11,536M
up 50.1% y/y
Operating Income
$1,990M
up 1585% y/y
Gross Profit
$6,203M
up 102.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Data Center | $6,718 · +107% |
| Client | $3,062 · +23% |
| Gaming | $779 · -31% |
| Embedded | $977 · +19% |
| Revenue | $11,536 · +50.1% |
| Cost of Sales | $5,333 · +15.3% |
| Gross Profit | $6,203 · +102.8% · 54.0% margin |
| R&D | $2,528 · +33.5% |
| SG&A | $1,401 · +41.4% |
| Amort. of Intangibles* | $284 · -7.8% |
| Operating Income | $1,990 · +1585% · 17.2% margin |
| Other Income & Equity | $567 · +251% · incl. $483M investment gain, net of $37M interest expense |
| Pre-Tax Income | $2,551 · n/m |
| Income Tax | $252 · n/m |
| Discont. Ops, net | $(8) · n/m |
| Net Income | $2,297 · +163.4% · $1.38 diluted EPS |
Verdict: an outstanding quarter with record $11.5B revenue (+50% y/y) and net income more than doubling to $2.3B, driven by Data Center revenue more than doubling on EPYC and Instinct demand, while Gaming remains a drag, down 31% y/y on weaker semi-custom sales.
OCF (continuing ops) $2,366M; capex $808M; free cash flow $1,558M (14% margin); no buybacks this quarter (repurchases $0 in Q2, $221M YTD); Q3'26 revenue guide ≈$13.0B ±$300M (+41% y/y), non-GAAP gross margin ≈56%.
Source and notation
* marks non-cash / ≈ estimated. Source: AMD press release / 10-Q (SEC EDGAR).
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- Q2'25 GAAP results included an $800M inventory/related charge tied to US export controls on MI308 GPUs, depressing the prior-year base and inflating y/y growth rates.
- GAAP operating income $1,990M vs non-GAAP $3,094M; gap driven by $544M acquisition-related intangible amortization and $503M stock-based comp*.
- Other income (expense), net of $598M includes a $483M gain on long-term investments, a non-recurring/volatile item boosting pre-tax income.
- Data Center segment operating income $2,103M swung from a $(155)M loss a year ago; 'All other' unallocated costs of $(1,081)M (SBC, intangible amortization) drag consolidated operating income below segment totals.
- Gaming revenue fell 31% y/y to $779M on lower semi-custom sales, partly offsetting strong Client (+23%) and Data Center (+107%) growth.
- Discontinued operations (ZT Systems divestiture) contributed a small $(8)M loss this quarter, reconciling continuing-ops net income of $2,305M to reported net income of $2,297M.
What distorts the picture in this report and what to watch beyond the headlines.
AMD — Advanced Micro Devices designs and manufactures semiconductor products, including CPUs, GPUs, and adaptive SoCs for computing and gaming.
The company is headquartered in Santa Clara, California.
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