AMD Q3 Results: Record $13.4bn as Data Center Sales Nearly Double

AMD reported record quarterly revenue of $13.4 billion for the third quarter of 2026, up 45% from $9.2 billion a year earlier, as sales in its Data Center segment almost doubled. The company’s results release, published on 3 November, also guided fourth-quarter revenue to approximately $17 billion, plus or minus 3%.

The AMD Q3 results came in above the top of the company’s own guidance. AMD filed its earnings slides with the SEC as an exhibit to a Form 8-K and filed its quarterly report on Form 10-Q on 4 November.

The numbers in AMD’s release

AMD said revenue was $13,377 million, against $9,246 million a year earlier and $11,536 million in the second quarter, a rise of 16% from the previous quarter. GAAP gross margin was 54%, operating income was $2,832 million and net income was $2,428 million. Diluted earnings per share were $1.46, against $0.75 a year earlier.

On a non-GAAP basis, gross margin was 56%, operating income was $3,923 million, net income was $3,471 million and diluted earnings per share were $2.09, up 74%.

Lisa Su, AMD’s chair and chief executive, said in the release: “We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year.” Jean Hu, the chief financial officer, said: “Our fourth-quarter outlook reflects accelerating revenue and earnings growth, driven by strong demand across our Data Center portfolio.”

Where the growth came from

AMD said Data Center segment revenue was “a record $8.5 billion, up 97% year-over-year, driven by strong demand for AMD EPYC processors and the launch of AMD Instinct MI450 Series GPUs”. The company said Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure are running workloads on its first Helios rack-scale systems. TSN covered AMD’s plan to invest $1bn in Meta’s share sale as Helios racks started testing in late October.

Client and Gaming segment revenue fell 8% to $3.7 billion. Within that, client revenue rose 7% to $2.9 billion on sales of Ryzen mobile processors, while gaming revenue fell 40% to $773 million, which AMD put down to “lower semi-custom and graphics revenue”. Embedded segment revenue rose 29% to $1.1 billion.

For the fourth quarter, AMD said the midpoint of its revenue range represents growth of approximately 66% from a year earlier and approximately 27% from the third quarter. It expects a non-GAAP gross margin of about 55%.

What AMD said on the call

According to Tom’s Hardware’s report on the earnings call, Su told analysts: “We now expect server revenue to double year over year in 2027 and data center AI revenue to grow even faster than we projected ninety days ago.” Tom’s Hardware also reported her saying: “In 2027, we are planning for PC market unit shipments to decline by a double-digit percentage.”

Why the $17bn guide matters

The clearest point in the AMD Q3 results is how far the business now leans on data centres. The Data Center segment brought in $8.5 billion of $13.4 billion in revenue, almost two-thirds of the total. Its 97% growth more than made up for the drop in gaming, and AMD is guiding for a sharper rise in the fourth quarter.

The comparison with Intel is striking. In its third-quarter results release, Intel forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, as TSN reported in its coverage of Intel’s third quarter. If both companies land within their ranges, AMD’s quarter would be larger than Intel’s. Tom’s Hardware said this would be the first time AMD has outsold Intel. That outcome depends on two forecasts, and neither is a result yet.

There are also weak spots. AMD’s own call comments point to a falling PC market in 2027, and its gaming business is shrinking. Its client and local AI efforts, such as the Ryzen AI Halo developer platform with up to 192GB of memory, sit in a segment that grew far more slowly than data centres. For now, the bet is on servers and AI racks. The fourth quarter will show whether Helios production can scale as fast as AMD expects.

Sources

• AMD: AMD Reports Third Quarter 2026 Financial Results (3 November 2026)
• AMD: Q3 2026 earnings slides, Form 8-K exhibit 99.2
• AMD: Form 10-Q for the third quarter of 2026
• Intel: Intel Reports Third-Quarter 2026 Financial Results
• Tom’s Hardware: AMD expects to outsell Intel in Q4 for the first time in history (4 November 2026)

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