NASDAQ · AMD

AMD

AI Accelerators · EPYC · Data Center

Earnings release date: 2026.08.04
Market data date: 2026.10.13
Last checked: 2026.10.13

PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.

View Matched Facts

Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$11.536B

YoY+$3.851B · +50.1%

QoQ+$1.283B · +12.5%

Data Center Revenue$6.718B

YoY+$3.478B · +107.3%

QoQ+$0.943B · +16.3%

Client Revenue$3.062B

YoY+$0.563B · +22.5%

QoQ+$0.177B · +6.1%

GAAP Gross Margin54%

YoY+14.0%p

QoQ+1.0%p

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Data Center became AMD’s main growth engine

EPYC demand and expanding Instinct deployments drove growth, while Client and Embedded also contributed. The quarter shows AMD’s growth is increasingly centered on Data Center, with server CPUs and AI accelerators expanding together.

Data Center Revenue

EPYC and Instinct scaled together

Server CPU demand and the MI350 GPU ramp both contributed to growth. Rather than relying on a single product, AMD’s long-term model depends on EPYC and AI accelerators expanding within the same data-center investment cycle.

Client Revenue

Ryzen growth was volume-led

Higher client-processor shipments drove growth while product mix lowered average selling prices. This growth was driven more by higher volumes—particularly Ryzen mobile—than by higher pricing.

GAAP Gross Margin

Base effects and Data Center mix both supported margin recovery

The absence of prior-year MI308 export-control inventory charges and a higher Data Center mix both supported margin recovery. The improvement should therefore not be viewed entirely as structural margin expansion.

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$988.5B

$605.53 × 1.63B

TTM revenue$41.305B

See calculation

FY2025 Q3 $9.246B
+ FY2025 Q4 $10.270B
+ FY2026 Q1 $10.253B
+ FY2026 Q2 $11.536B
= TTM $41.305B

Current P/S23.9x

Current market cap: $988.5B
TTM revenue: $41.305B

$988.5B ÷ $41.305B

Current P/E153.6x

Current market cap: $988.5B
GAAP TTM net income: $6.434B

$988.5B ÷ $6.434B = 153.6x

GAAP TTM net margin 15.6%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$41.305B

FY2026 Q2Annualized latest-quarter revenue$46.144BQuarter revenue $11.536B ×4

FY2026 Q3Annualized Revenue Guidance$52.000BGuidance revenue midpoint $13.000B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison

HIGH-POINT COMPARISON

All-Time Closing High

2026-10-06

Sources and calculations checked

Peak close$649.42

Market cap at peak$1.06T

PSR at peak25.7x

P/E at peak164.8x

Trailing twelve months at the peakTTM revenue at the peak$41.305B

FY2026 Q2Annualized latest quarter at the peak$46.144B

Quarter revenue $11.536B ×4

FY2026 Q3Annualized public guidance at the peak$52.000B

Guidance revenue midpoint $13.000B ×4

At peakCurrentChange

TTM revenue$41.305B$41.305B+0.0%

Latest quarter$11.536B$11.536B+0.0%

Public guidance$13.0B$13.0B+0.0%

Information already public at the peak AMD reached its highest closing price on October 6, 2026, reflecting published results and expectations for future Data Center growth. The analysis uses only information available to the market then, including Q2 results released on August 4 and the 10-Q filed on August 5.

Key Variables at the Peak

The market focused on the potential for expanding EPYC server demand and Instinct GPU deployments to drive Data Center growth together. Q2 results and Q3 revenue guidance were key evidence for assessing those expectations.

Expectations reflected in the peak valuation

The valuation reflected expectations that EPYC server demand and Instinct AI accelerator deployments would expand rapidly, with continued Data Center growth also lifting profitability.

Close $649.42 × 1.63B shares outstanding = approximately $1.06T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis

Implied 2030 Revenue CAGR34.4% annuallyTTM revenue growth +39.5% YoY

Current market cap$988.5B

Assumed 2030 P/S7.3xAssumed net margin 34.5% × assumed P/E 21.3x

Required 2030 revenue$134.6B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic

AMD assumptions

Current TTM$41.305B

Latest-quarter annualized$46.144B

Guidance-midpoint annualized$52.000B

Conservative

Assumed 2030 revenue$144.5BRevenue CAGR from TTM 36.8%

CAGR from annualized latest-quarter revenue 33.0%CAGR from annualized guidance midpoint 29.1%

Assumed 2030 net margin: 32.3%Current 15.6%
Assumed 2030 P/E: 21.0xCurrent 153.6x
Converted P/S: 6.8x

Conditional Shareholder Return Bridge

Conditional Market Cap$979.2BVs. current -0.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares1.80BVs. current +10.3%Reflects share-count changes from issuance and repurchases.

Conditional Implied Share Value$543.84Current $605.53 · -10.2%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return-10.2%Implied Share Value Change -10.2% · Dividend Contribution +0.0 ppAnnualized -2.7%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $988.5B$979.2B
Shares: 1.63B1.80B
Implied Share Value Change: -10.2%

Shareholder Return Components

Implied Share Value Change: -10.2%
Dividend Contribution: +0.0 pp
Conditional Total Shareholder Return: -10.2%

EPYC and Instinct continue to grow, but Data Center expansion is more gradual and profitability gains remain limited.

Base

Assumed 2030 revenue$169.5BRevenue CAGR from TTM 42.3%

CAGR from annualized latest-quarter revenue 38.4%CAGR from annualized guidance midpoint 34.4%

Assumed 2030 net margin: 34.5%Current 15.6%
Assumed 2030 P/E: 23.0xCurrent 153.6x
Converted P/S: 7.9x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.34TVs. current +36.0%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares1.82BVs. current +11.2%Reflects share-count changes from issuance and repurchases.

Conditional Implied Share Value$740.55Current $605.53 · +22.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+22.3%Implied Share Value Change +22.3% · Dividend Contribution +0.0 ppAnnualized +5.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $988.5B$1.34T
Shares: 1.63B1.82B
Implied Share Value Change: +22.3%

Shareholder Return Components

Implied Share Value Change: +22.3%
Dividend Contribution: +0.0 pp
Conditional Total Shareholder Return: +22.3%

EPYC server demand and Instinct deployments expand together, establishing Data Center as AMD’s main growth driver and translating scale into improved profitability.

Optimistic

Assumed 2030 revenue$199.5BRevenue CAGR from TTM 48.2%

CAGR from annualized latest-quarter revenue 44.2%CAGR from annualized guidance midpoint 40.0%

Assumed 2030 net margin: 36.4%Current 15.6%
Assumed 2030 P/E: 25.0xCurrent 153.6x
Converted P/S: 9.1x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.82TVs. current +83.7%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares1.83BVs. current +12.0%Reflects share-count changes from issuance and repurchases.

Conditional Implied Share Value$993.35Current $605.53 · +64.0%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+64.0%Implied Share Value Change +64.0% · Dividend Contribution +0.0 ppAnnualized +13.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $988.5B$1.82T
Shares: 1.63B1.83B
Implied Share Value Change: +64.0%

Shareholder Return Components

Implied Share Value Change: +64.0%
Dividend Contribution: +0.0 pp
Conditional Total Shareholder Return: +64.0%

AI accelerator deployments and server CPU demand expand faster, increasing Data Center’s revenue share and allowing greater scale to translate into stronger profitability improvement.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Assumed 2030 revenue169.5B

119.5B229.5B

Assumed 2030 net margin34.5%

29.1%37.8%

Assumed 2030 P/E23.0x

20.5x25.5x

Conditional Shareholder Return Bridge

Conditional Market Cap$1.34TVs. current +36.0%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.

Conditional Projected Shares1.82BVs. current +11.2%Reflects share-count changes from issuance and repurchases.

Conditional Implied Share Value$740.55Current $605.53 · +22.3%Conditional market cap and conditional projected shares determine implied share value.

Conditional Total Shareholder Return+22.3%Implied Share Value Change +22.3% · Dividend Contribution +0.0 ppAnnualized +5.2%

View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change

Market Cap: $988.5B$1.34T
Shares: 1.63B1.82B
Implied Share Value Change: +22.3%

Shareholder Return Components

Implied Share Value Change: +22.3%
Dividend Contribution: +0.0 pp
Conditional Total Shareholder Return: +22.3%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

AMD Reports Second Quarter 2026 Financial Results · 2026-08-04 ↗

Official AMD IR/SEC materials and market data.

Methodology, Terms and Operating Principles

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Company-Specific Valuation Assumptions

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