AMD · US
AMD.US: Q2’26 update — DC doubled, Helios ramping
AMD Q2 revenue $11.54B (+50%), Data Center $6.72B (+107%, 58% of sales), Non-GAAP EPS $1.66 / GM 56%. Q3 guide ~$13.0B ±$0.3B. Helios/MI400 and large-customer deals enter ramp verification. See NVDA, CPU industry, CUDA moat, AgentX v3.
Cite a section with a deep link, e.g. /en/r/amd-us-research#thesis
Q2 2026 snapshot
- Q2 revenue
- USD 11.5B
- Data Center (+107%)
- USD 6.7B
- Non-GAAP EPS
- USD 1.66
- Non-GAAP gross margin
- 1
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Q3 guidance
- Revenue guide mid
- USD 13.0B
- Guide YoY (mid)
- 0
- Non-GAAP GM guide
- 1
- Guide QoQ (mid)
- 0
Thesis
AMD Q2’26 beat and raised the bar: revenue $11.54B (+50% YoY), Data Center $6.72B (+107%, 58% of sales), Non-GAAP EPS $1.66 / GM 56%. The EPYC + Instinct #2-supplier thesis moved from guide to delivery; Helios / MI400 and Anthropic-scale partnerships frame 2H26–27 system upside. Q3 guide $13.0B ±$0.3B (+41% YoY mid) keeps momentum, but training share and software moat vs NVDA remain the valuation ceiling.
Lisa Su highlights EPYC acceleration, Instinct scale-out and Helios ramp; CFO guides 2H26 Data Center sales acceleration. See CPU industry, ISA map, and CUDA moat note.
Business
Model: Fabless x86 CPUs (EPYC/Ryzen) + Instinct GPUs; Data Center is 58% of Q2 revenue.
Flagships: Instinct MI400 / Helios; EPYC (incl. 6th Gen); Client Ryzen.
Edge: Server CPU share vs Intel; #2 AI price/performance vs NVDA; move toward rack-scale Helios.
Strategy (12–24m): Helios/MI400 ramp; ROCm.ai + co-optimization with Anthropic/Microsoft; higher DC mix.
Value chain
Fabless mid-stack. Upstream: TSMC/HBM/advanced packaging. Downstream: hyperscalers/AI labs. Risks: CoWoS/HBM; customer concentration and export controls.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 见 KPI / N/A | AMD · 以包内 kpi_snapshot 时点为准 |
Valuation & returns · ~3y
Interactive chart available in the reader.
Beat + guide raise the bar for delivery proof (Helios/Instinct units, ROCm milestones). Still a discount to NVDA on training share and software moat (Non-GAAP GM 56% vs ~75%).
~3 years quarter-ends: TTM PE / PB / dividend yield (AMD historically ~0) / trailing 12M price return (§A.6). Late-2023 TTM PE spiked extremely; one chart point is soft-clipped for readability—defer to market data vendors for exacts.
Valuation & returns · ~3y
Interactive chart available in the reader.
Valuation frame
| Metric | Status | Read |
|---|---|---|
| 盈利增长 | 加速已兑现 | Q2 DC +107%；Q3 指引中值约 +41% YoY |
| 毛利率 | 改善 | Q2 Non-GAAP 56%；Q3 指引 ~56% |
| 估值 | 高位（预期上修后） | Beat 后更看 Helios/Instinct 可验证出货 |
| 相对 NVDA | 折价 | 训练份额与 CUDA 生态差距仍大 |
| 催化剂 | 下一窗口 Q3 | ~$13.0B ±$0.3B 与 2H DC 加速 |
| 风险收益 | 不对称减弱 | 指引上修后，不及预期的回调空间仍在 |
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24m)
Revenue · last 8Q
Interactive chart available in the reader.
Non-GAAP gross margin · last 8Q
Interactive chart available in the reader.
Q2’25 Non-GAAP GM was depressed by MI308 export-control inventory charges—YoY GM expansion needs that context.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 稳健偏扩张 | 以最新季报 OCF 与净现金为准 |
| 经营现金流 | 见最新 10-Q | AI 周期龙头通常 OCF 强劲 |
| 净负债 / 现金 | 投资级或净现金 | 详见 table 与 IR |
| 流动性 | 充裕 | Current ratio / cash & equivalents |
| 审计意见 | 无保留（常规预期） | 以最新 10-K 为准 |
Operations
Q2 2026
Q2 P&L and segments
| Item | Q2 2026 | Note |
|---|---|---|
| 营收 | $11.54B | +50% YoY / +13% QoQ；超 Q2 指引中值 |
| Data Center | $6.72B（+107%） | 占营收 58%；EPYC + Instinct |
| Client + Gaming | $3.84B（+6%） | Client $3.1B（+23%）；Gaming $779M（−31%） |
| Embedded | $0.98B（+19%） | 多终端需求回暖 |
| GAAP EPS | $1.38 | +64% QoQ |
| Non-GAAP EPS | $1.66 | 超共识约 $1.62 |
| GAAP 毛利率 | 54% | +1ppt QoQ |
| Non-GAAP 毛利率 | 56% | 兑现指引 |
Revenue mix (Q2)
| Segment | Mix | Note |
|---|---|---|
| Data Center | 58% | Q2 $6.72B；+107% YoY |
| Client | ~27% | Ryzen $3.1B；+23% YoY |
| Gaming | ~7% | $0.78B；半定制下滑 |
| Embedded | ~8% | $0.98B；+19% YoY |
DC more than doubled YoY to 58% of sales. Client strong (+23%); Gaming weak (−31% on semi-custom). Helios launched with cloud/AI-lab deployment narrative; Anthropic partnership up to ~2GW MI450-class; Azure expands EPYC VMs and Helios.
AI accelerators
Helios/MI400 shift the story from early deployments to rack-scale. Training still NVDA-led; inference/multi-sourcing remain the realistic wedge. See CUDA moat.
CPU / client
EPYC demand “accelerating” per management; 6th Gen targets agentic/general/enterprise. Client buffers but should not drive the multiple.
Competition
Strategy / product / risk map
| Category | Content | Implication |
|---|---|---|
| AI GPU | Helios / MI400 系列进入爬坡；Instinct 放量 | 训练份额仍远落后 NVDA |
| 服务器 CPU | EPYC（含第 6 代）需求加速 | 确定性较高的增长源 |
| 软件生态 | ROCm.ai vs CUDA | 迁移成本是最大壁垒 |
| 客户 | Anthropic、Microsoft Azure 等大客户 | 机柜级部署验证是关键 |
| 竞争 | NVDA 主导 + 云 ASIC 自研 | 推理/多供应商场景是切入口 |
| 估值 | Q2 beat + Q3 上修抬高基准 | 下一关是 Q3 与 Helios 交付 |
Peer map
| Company | Role | Margin | Strength | Weakness |
|---|---|---|---|---|
| AMD (self) | AI #2 + EPYC share | ~55% | CPU share + MI ramp | CUDA / training gap |
| NVIDIA | AI GPU leader | ~75% | CUDA ecosystem | Premium valuation |
| Intel | x86 repair | ~39% | Installed base | Foundry / AI lag |
Management
Chair/CEO Lisa Su; CFO Jean Hu. No material CEO/CFO change in 24m. Focus shifts to Helios/MI400 scale delivery.
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO / Chair | Lisa Su | 2014-10 | No change |
| CFO | Jean Hu | 2023-01 | No change (appointed Jan 2023) |
| EVP Technology & Eng. | Mark Papermaster | 2011 | No material disclosure change |
Outlook
Company guide · Q3 2026
| Item | Guide | Note |
|---|---|---|
| 营收 | ~$13.0B ±$0.3B | 中值约 +41% YoY / +13% QoQ |
| Non-GAAP 毛利率 | ~56% | 与 Q2 持平 |
| Data Center 展望 | 2H26 加速 | 管理层：DC 销售加速、全年动能 |
| 财报发布 | 2026-08-04 | Q2 已发布；下一关键窗口为 Q3 |
Q2 cleared the prior “>$11.5B + 56% GM” bull checkbox; next proof points are Q3 ~$13B and 2H DC acceleration. Longer-dated “DC doubles in 2027” commentary needs order/capacity cross-checks.
Scenarios
| Scenario | Trigger | Implication |
|---|---|---|
| Bull | Q3 ≥$13.3B; Helios/MI400 verified; ROCm milestones | #2 premium sticks |
| Base | Q3 ~$13.0B; Helios on plan | High-range chop |
| Bear | Guide miss; delivery snags; NVDA pressure; software lag | Multiple compression |
Risks
References
- AMD Q2 2026 press release (2026-08-04) — https://ir.amd.com/news-events/press-releases/detail/1295/amd-reports-second-quarter-2026-financial-results
- AMD Newsroom — https://newsroom.amd.com/news/amd-2q-2026-earnings/
- SEC Exhibit 99.1 — https://www.sec.gov/Archives/edgar/data/2488/000000248826000121/q22026991.htm
- CNBC earnings wrap — https://www.cnbc.com/2026/08/04/amd-earnings-report-q2-2026.html
- On-site: CPU industry · ISA map · NVDA · INTC · CUDA moat
Not investment advice. Defer to AMD filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
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