Key takeaways
- AMD reported Q3 2026 revenue of $13.38 billion on November 3, up 45% from a year earlier.
- Data center revenue rose 97% to $8.55 billion, driven by EPYC and the new Instinct MI450 GPUs.
- AMD guided Q4 revenue to about $17 billion, plus or minus 3%, with non-GAAP gross margin near 55%.
AMD reported third-quarter 2026 revenue of $13.38 billion on November 3, up 45% from a year earlier, and guided to about $17 billion for the fourth quarter. The numbers come from AMD's earnings release for the quarter that ended September 26. Data center, the AI chip business, grew 97%.
The guide is the part to read twice. Fourth-quarter revenue of $17 billion, plus or minus 3%, would be about 27% above this quarter. AMD says revenue beat the top of its own guidance for Q3. Before this report, we covered why AMD stock fell on October 30.
Data center nearly doubled
Data center revenue was $8.55 billion, up from $6.72 billion in the second quarter. AMD credits strong demand for its EPYC server processors and the launch of the Instinct MI450 GPUs. It says Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure are running workloads on its first Helios rack-scale systems, which pair MI450 GPUs with sixth-generation EPYC chips.
The rest of the company moved less:
| Segment | Q3 2026 revenue | Change from a year earlier |
|---|---|---|
| Data center | $8,546M | up 97% |
| Client | $2,949M | up 7% |
| Gaming | $773M | down 40% |
| Embedded | $1,109M | up 29% |
Client and gaming together fell 8% to $3.72 billion, because the gaming drop outweighed PC chip growth.
Profit and margins
Gross margin was 54% on a GAAP basis and 56% non-GAAP, both up two points from a year ago and flat on the second quarter. Non-GAAP operating income was $3.92 billion, up 75%. Non-GAAP earnings per share were $2.09, up 74%. On a GAAP basis, net income was $2.43 billion, or $1.46 per share.
AMD expects non-GAAP gross margin of about 55% in the fourth quarter. So the revenue ramp comes with a slightly lower margin, not a higher one.
Deals and products in the release
AMD also said it has agreed to acquire World Labs and Taalas. The release gives no price for either in the summary we read. It announced a reference design called Helion for rack-scale systems that run AI agents, and released ROCm 10, its GPU software stack.
What to watch
The Q4 report will show whether MI450 shipments reach the roughly 66% year-over-year growth the midpoint of the guide implies. Watch the gross margin line too: it is the one number in the guide that goes down.
