AMD Q3 2026 earnings review

Q3 non-GAAP EPS beat the LSEG consensus by 7.2%, and the Q4 revenue outlook topped it by 4.9%.

AMD · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

AMD Q3 2026 earnings review

Quarter ended September 26, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Advanced Micro Devices (AMD) Q3 2026 earnings review

Q3 non-GAAP EPS beat the LSEG consensus by 7.2%, and the Q4 revenue outlook topped it by 4.9%

  1. 1.Non-GAAP EPS of $2.09 beat the $1.95 LSEG consensus; revenue beat by 2.2%
  2. 2.Q4 revenue outlook of $17.0B at the midpoint topped the $16.2B LSEG consensus
  3. 3.Data Center supplied 101.8% of the revenue increase, as Gaming fell
  4. 4.Shares rose 7.6% to $520.44 by 4:33 PM ET on Nov 3 as the Q4 outlook beat

Note: Non-GAAP EPS is AMD’s non-GAAP diluted EPS; it excludes stock-based compensation, amortization and the warrant charge.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; LSEG via CNBC; CNBC quote, Nov 3, 2026; Investing.com, Nov 3, 2026; analysis of company data

2

2 · Executive summary

Q3 non-GAAP EPS beat the LSEG consensus by 7.2%, and revenue beat it by 2.2%

Q3 2026 results vs. LSEG consensus

MetricActualConsensusVarianceResult
Non-GAAP diluted EPS$2.09$1.95+$0.14 / +7.2%Beat
Net revenue$13.38B$13.09B+$0.29B / +2.2%Beat

Q3 2026 results vs. FactSet consensus (cross-check)

MetricActualConsensusVarianceResult
Non-GAAP diluted EPS$2.09$1.95+7.2%Beat
Net revenue$13.38B$13.10B+2.1%Beat

Share price reaction, Nov 3, 2026

MeasureNov 3 close4:33 PM ETChange
AMD (Nasdaq)$483.90$520.44+7.6%

Note: Variance is actual less consensus. Prices are CNBC’s close and after-hours last trade, matched by Yahoo Finance and Public.com. Investing.com and CNBC tied the rise to the results and Q4 outlook beat.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; LSEG via CNBC; FactSet via MarketWatch; Investing.com; CNBC, Yahoo Finance and Public.com quotes, Nov 3, 2026

3

3 · Q3 results vs. consensus

AMD guided Q4 revenue to $17.0B at the midpoint, 4.9% above the LSEG consensus

Q4 2026 revenue outlook vs. consensus

MetricOutlookConsensusVarianceResult
Midpoint vs. LSEG$17.00B$16.20B+$0.80B / +4.9%Above
Low end vs. LSEG$16.49B$16.20B+1.8%Above
Midpoint vs. FactSet$17.00B$16.30B+4.3%Above

Q4 2026 outlook vs. Q3 2026 actual

MetricQ4 2026 outlookQ3 2026 actualChange
Net revenue range$16.49B–$17.51B$13.38B+27.1%
Non-GAAP gross margin55%55.9%-94 bps
Non-GAAP operating expenses$3,750M$3,560M+5.3%
Diluted share count1,670M1,661M+0.5%

Note: Variance is outlook less consensus. The range is $17B plus or minus 3%. Change in gross margin is in basis points (bps).Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; AMD Q3 2026 earnings slides (Form 8-K, Exhibit 99.2), Nov 3, 2026; LSEG via CNBC; FactSet via MarketWatch, Nov 3, 2026

4

4 · Q4 guidance vs. consensus

Revenue rose 44.7% to $13.4B, and operating income rose 123.0%

  1. Faster than Q2Revenue rose 16.0% from Q2 2026.
  2. Higher EBITDA marginAdjusted EBITDA margin rose to 31.1% from 26.3%.
  3. Net income nearly doubledGAAP net income rose 95.3% YoY.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Net revenue$9,246M$13,377M44.7%
Gross profit$4,780M$7,210M50.8%
Operating income$1,270M$2,832M123.0%
Non-GAAP operating income$2,238M$3,923M75.3%
Net income$1,243M$2,428M95.3%
Adjusted EBITDA$2,430M$4,162M71.3%

Note: Adjusted EBITDA is as reported by AMD: non-GAAP operating income plus depreciation and amortization.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

5

5 · Q3 key financials

Data Center revenue rose 96.9% to $8.5B, while Client and Gaming revenue fell 8.1%

Revenue and operating income by segment

$M unless noted, Q3 2026 (YoY vs. Q3 2025)

SegmentRevenueRevenue YoYOperating income
Data Center$8,546M96.9%$2,882M
Client and Gaming$3,722M(8.1%)$573M
Client business$2,949M7.2%n.a.
Gaming business$773M(40.4%)n.a.
Embedded$1,109M29.4%$453M
All othern.a.n.a.($1,076M)
Total$13,377M44.7%$2,832M
Data Center operating income rose 168.3% on EPYC processors and the MI450 launch.CEO Lisa Su said “demand for our Instinct and EPYC products continued to strengthen”

Note: EPYC is AMD’s server processor brand; MI450 is AMD’s Instinct data center GPU series. All other holds costs not allocated to segments, such as amortization and stock-based compensation. n.a. means not reported.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026 (CEO quote); analysis of company data

6

6 · Revenue by segment

Data Center added $4,205M, more than the full $4,131M revenue increase

Embedded added $252M and Client $199M, while Gaming fell $525M

Revenue bridge by business

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $9,246M$M · Data Center: $4,205M$M · Client: $199M$M · Gaming: -$525M$M · Embedded: $252M$M · Q3 2026: $13,377MQ3 2025Data CenterClientGamingEmbeddedQ3 2026$8,000M$10,000M$12,000M$14,000M$9,246M$4,205M$199M-$525M$252M$13,377M

Note: Bars are YoY revenue changes by business. The axis starts at $8,000M.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

7

7 · Revenue bridge by segment

Data Center operating margin rose to 33.7% from 24.7%, while Client and Gaming fell to 15.4%

Segment operating margin

% of segment revenue, Q3 2025 vs. Q3 2026

Data Center · Q3 2025: 24.7%Data Center · Q3 2026: 33.7%Client and Gaming · Q3 2025: 21.4%Client and Gaming · Q3 2026: 15.4%Embedded · Q3 2025: 33.0%Embedded · Q3 2026: 40.8%Q3 2025Q3 20260.0%10.0%20.0%30.0%40.0%50.0%24.7%33.7%21.4%15.4%33.0%40.8%

Data CenterClient and GamingEmbedded

Embedded operating income rose 60.1% YoY

Note: Operating margin is segment operating income divided by segment revenue.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

8

8 · Segment operating margins

GAAP diluted EPS rose 94.7% to $1.46, and non-GAAP diluted EPS rose 74.2%

GAAP and non-GAAP diluted EPS

$ per share, Q3 2025 vs. Q3 2026

Non-GAAP diluted EPS · Q3 2025: $1.20Non-GAAP diluted EPS · Q3 2026: $2.09GAAP diluted EPS · Q3 2025: $0.75GAAP diluted EPS · Q3 2026: $1.46Q3 2025Q3 2026$0.0$0.5$1.0$1.5$2.0$2.5$1.20$2.09$0.75$1.46

Non-GAAP diluted EPSGAAP diluted EPS

A $1,097M rise in the fair value of customer warrants cut GAAP EPS by $0.66

Note: Non-GAAP EPS excludes stock-based compensation, amortization, the warrant charge and investment gains, net of tax.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

9

9 · GAAP vs. non-GAAP EPS

Non-GAAP operating margin rose to 29.3% from 24.2% as non-GAAP gross margin reached 55.9%

GAAP and non-GAAP margins

% of net revenue, Q3 2025 vs. Q3 2026

Gross margin · Q3 2025: 51.7%Gross margin · Q3 2026: 53.9%Non-GAAP gross margin · Q3 2025: 54.0%Non-GAAP gross margin · Q3 2026: 55.9%Operating margin · Q3 2025: 13.7%Operating margin · Q3 2026: 21.2%Non-GAAP operating margin · Q3 2025: 24.2%Non-GAAP operating margin · Q3 2026: 29.3%Q3 2025Q3 20260.0%20.0%40.0%60.0%51.7%53.9%54.0%55.9%13.7%21.2%24.2%29.3%

Gross marginNon-GAAP gross marginOperating marginNon-GAAP operating margin

Non-GAAP operating expenses fell to 26.6% of revenue from 29.8%

Note: Margins are profit divided by net revenue. Non-GAAP figures exclude stock-based compensation, amortization and acquisition costs.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

10

10 · GAAP and non-GAAP margins

Free cash flow fell 63.8% to $554M as capex rose 151.2%

Operating cash flow to free cash flow

$M, Q3 2026

$M · Operating cash flow: $1,202M$M · Capex: -$648M$M · Free cash flow: $554MOperating cash flowCapexFree cash flow$0M$500M$1,000M$1,500M$1,202M-$648M$554M
Higher inventories absorbed $2,995M of operating cash flow, against $636M a year earlier

Note: Free cash flow is operating cash flow from continuing operations less purchases of property and equipment.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

11

11 · Free cash flow

Research and development expense rose 31.0%, behind cost of sales growth of 40.5%

Cost growth by line

% change YoY, Q3 2026

YoY · Cost of sales: 40.5%YoY · Research and development: 31.0%YoY · Stock-based compensation: 24.8%YoY · Marketing, G&A: 21.4%Cost of salesResearch anddevelopmentStock-basedcompensationMarketing, G&A0.0%10.0%20.0%30.0%40.0%50.0%40.5%31.0%24.8%21.4%
Research and development fell to 21.0% of revenue from 23.1%

Note: Growth is Q3 2026 vs. Q3 2025 as reported. Cost of sales excludes amortization of acquired intangibles.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

12

12 · Cost growth by line

Cash and short-term investments rose $5,224M to $15,776M as total debt rose

Balance sheet items

$M, Dec 27, 2025 vs. Sep 26, 2026

$MDec 27, 2025Sep 26, 2026
Cash and short-term investments$10,552M$15,776M
Total debt$3,222M$7,079M
Net cash$7,330M$8,697M
Inventories$7,920M$11,463M
Inventories rose 44.7% since December, and receivables rose 45.8% to $9,209M

Note: Net cash is cash and short-term investments less total debt. Total debt is current and long-term debt.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

13

13 · Balance sheet

Q4 estimates depend on Data Center volumes, PC demand and working capital, with Data Center at 63.9% of revenue

Indicator
What to watch
Implication
Q3 reading
Data Center ramp
Helios and MI450 volumes in Q4
The outlook relies on Data Center growth
Data Center growth vs. Q2 27.2%
Client and Gaming
PC and console demand
Segment profit could keep falling
Segment operating income (33.9%) YoY
Working capital
Inventory and receivables build
Cash conversion could stay low
Operating cash flow (32.8%) YoY

Note: MI450 is AMD’s Instinct data center GPU series. These are analytical watch points, not company targets. Q3 readings are reported Q3 2026 figures.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: supporting analysis for revenue

ClaimEvidenceCalculation
Data Center share roseData Center was 47.0% of revenue in Q3 2025Data Center revenue divided by net revenue
Client and Gaming fellClient and Gaming revenue fell $326M; Client grew on Ryzen mobile processorsQ3 2026 less Q3 2025 segment revenue
Gaming base was higherGaming revenue was $1,298M in Q3 2025, before lower semi-custom and graphics salesAs reported by AMD
Q2 2026 baseQ2 2026 revenue was $11,536M and Data Center $6,718MExhibit 99.1, Q2 2026 column

Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

15

15 · Appendix: Revenue detail

Appendix: supporting analysis for profit and costs

ClaimEvidenceCalculation
GAAP-to-non-GAAP EPS items widenedNon-GAAP EPS exceeded GAAP EPS by $0.63 in Q3 2026 and $0.45 in Q3 2025Non-GAAP diluted EPS less GAAP diluted EPS
Other expense swungOther income (expense), net was ($902M), against $82MIncludes the warrant charge
Tax benefitIncome tax was a benefit of $555M, against a $153M provisionReported income tax line
Non-GAAP gross profit roseNon-GAAP gross profit rose 49.9% to $7,483MGross profit before amortization and stock-based compensation

Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

16

16 · Appendix: Profit and costs

Appendix: cash flow and capital support

ClaimEvidenceCalculation
Payables offset part of the buildHigher accounts payable added $2,313M to operating cash flowReported cash flow line
FCF margin fellFree cash flow margin fell to 4.1% from 16.5%Free cash flow divided by net revenue
Debt raisedAMD raised $4,726M of debt and repaid $875MReported cash flow lines
Tax withholding repurchasesShares repurchased for tax withholding cost $1,495M, with no open-market buybacksReported cash flow lines

Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

17

17 · Appendix: Cash and capital

Appendix: watch items behind outlook and risks

ClaimEvidenceCalculation
Implied Q4 operating incomeImplied Q4 non-GAAP operating income of $5,600MMidpoint revenue times 55% gross margin, less opex outlook
Implied Q4 operating marginImplied Q4 non-GAAP operating margin of 32.9%Implied operating income divided by midpoint revenue
Tax and other incomeQ4 non-GAAP tax rate of 13% and other income net of interest of $4MExhibit 99.2, slide 17
Warrant watch itemThe non-cash warrant charge in operating cash flow was $1,179M; its value moves with the share priceReported cash flow line

Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

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18 · Appendix: Implied Q4 profit

Appendix: operating expense and non-GAAP detail

Operating expense detail, $M

$M unless notedQ3 2025Q3 2026
Research and development$2,139M$2,803M
Marketing, general and administrative$1,069M$1,298M
Amortization of acquired intangibles$302M$277M
Total operating expenses$3,510M$4,378M

Non-GAAP net income, $M

$M unless notedQ3 2025Q3 2026
GAAP net income$1,243M$2,428M
Stock-based compensation$419M$523M
Amortization of acquired intangibles$562M$534M
Change in warrant fair value-$1,097M
Other adjustments, net($119M)($38M)
Income tax provision adjustment($140M)($1,073M)
Non-GAAP net income$1,965M$3,471M

Note: Other adjustments, net covers investment gains, acquisition, legal and other items; the data sheet lists each.Source: AMD Q3 2026 press release (Form 8-K, Exhibit 99.1), Nov 3, 2026; analysis of company data

19

19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Company: AMD Q3 2026 press release, Exhibit 99.1 to Form 8-K, Nov 3, 2026 — https://www.sec.gov/Archives/edgar/data/2488/000000248826000188/q32026991.htm
  • Company: AMD Q3 2026 earnings slides, Exhibit 99.2 to Form 8-K, Nov 3, 2026 — https://www.sec.gov/Archives/edgar/data/2488/000000248826000188/amdq32026earningsslidesf.htm
  • Consensus: LSEG via CNBC, Nov 3, 4:17 PM ET — https://www.cnbc.com/2026/11/03/amd-amd-q3-earnings-report-2026-.html
  • Consensus cross-check: FactSet via MarketWatch live coverage, Nov 3 — https://www.marketwatch.com/livecoverage/amd-earnings-stock-results-q3
  • Share price reaction reason: Investing.com, Nov 3 — https://www.investing.com/news/earnings/amd-stock-jumps-after-hours-as-quarterly-results-revenue-guidance-beat-estimates-4996344
  • Share price: CNBC quote, Nov 3 close and after-hours last trade at 4:33 PM ET — https://www.cnbc.com/quotes/AMD
  • Share price cross-checks: Yahoo Finance — https://finance.yahoo.com/quote/AMD/; Public.com — https://public.com/stocks/amd

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from AMD's Q3 2026 press release and earnings slides filed with its Form 8-K on November 3, 2026. Consensus estimates (LSEG via CNBC, FactSet via MarketWatch) and share prices (CNBC, Yahoo Finance, Public.com) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Non-GAAP figures, adjusted EBITDA and free cash flow follow AMD's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. AMD's press release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Advanced Micro Devices, Inc. and does not represent AMD's views. Company and product names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 3, 2026, 4:33 PM ET, before AMD's earnings call. It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

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