NEW YORK, August 4, 2026, 07:03 EDT
- Shares of Advanced Micro Devices, Inc. NASDAQ:AMD climbed 4.3% to $505.40 ahead of the market open. The company will report its second-quarter earnings after the close on Tuesday.
- Initial consensus estimates project revenue of $11.3 billion, adjusted earnings per share of $1.62, and data-center sales reaching $6.5 billion.
- The data center segment represents an estimated 91% of anticipated yearly sales growth. Options are pricing in an 8.7% move after results.
AMD’s second-quarter results now serve as a gauge for its data-center performance rather than a sign of an overall chip market rebound. Early projections indicate the segment accounts for 57.5% of sales, compared with roughly 41.6% a year ago.
The change is significant. Data center is projected to account for nearly $3.3 billion of AMD’s anticipated $3.6 billion yearly revenue growth. Other segments of the company are estimated to add just $300 million, according to rounded figures.
The consensus estimate for the headline figure is just $100 million higher than AMD’s guided midpoint, leaving little room for comfort as shares have surged 126% so far this year. At Monday’s close, the company’s valuation approached $790 billion.
Quarterly comparison — provisional figures except where noted as guidance
| Metric | Q2 2025 actual | Q1 2026 actual | Q2 2026 estimate or guide |
|---|---|---|---|
| Revenue | $7.685 billion | $10.253 billion | $11.3 billion estimate |
| AMD guidance midpoint | — | — | $11.2 billion |
| Data-center revenue | Roughly $3.2 billion | $5.775 billion | $6.5 billion estimate |
| Adjusted EPS | $0.48 | $1.37 | $1.62 estimate |
| Non-GAAP gross margin | 43%; 54% not counting export charge | 55% | Guidance suggests around 56% |
Revenue at $11.3 billion would be up 47% year-on-year and show a 10% gain from the previous quarter. Adjusted earnings are forecast to more than triple compared to the period impacted by exports.
Source of projected growth — early, approximate figures
| Revenue pool | Q2 2025 | Q2 2026 preliminary | Dollar increase | Share of total growth |
|---|---|---|---|---|
| Data center | $3.2 billion | $6.5 billion | $3.3 billion | Roughly 91% |
| All other businesses | $4.5 billion | $4.8 billion | $0.3 billion | Roughly 9% |
| Total AMD | $7.7 billion | $11.3 billion | $3.6 billion | 100% |
The composition is more focused than the headline implies. Growth for segments outside the data center is projected at just 7%. This increases the impact of any underperformance in EPYC or Instinct sales.
The anticipated division in data-center operations also raises questions about AMD’s market story. Server processors are still the dominant segment. AI accelerators have yet to surpass them.
Data center insights — initial analyst projections
| Engine | Estimated Q2 revenue | Share of data center | Share of total AMD sales |
|---|---|---|---|
| EPYC and other server CPUs | $4.0 billion | 61.5% | 35.4% |
| AI accelerators and components | $2.5 billion | 38.5% | 22.1% |
| Data-center total | $6.5 billion | 100% | 57.5% |
As a result, server CPU revenue is projected to surpass AI revenue by 60%. Comments on EPYC may prove just as significant as updates on MI450 and Helios shipping schedules.
Susquehanna analyst Christopher Rolland described demand for EPYC processors as strong, stating, “The demand environment remains robust.” AMD now estimates its data-center market opportunity could reach $220 billion by 2030. MarketWatch
Major new Helios commitments continue to drive future revenue. Anthropic plans to start deploying its initial gigawatt of MI450-powered systems in the first half of 2027. Short-term forecasts remain tied to current EPYC and Instinct offerings.
Analysts’ early third-quarter forecasts suggest revenue of $12.5 billion and adjusted EPS of $1.89. Meeting those targets would mean sequential growth of approximately 10.6% in revenue and 16.7% in adjusted EPS.
A standard earnings beat might not suffice. AMD topped earnings forecasts in 10 out of its past 12 quarters, but its stock increased the following day after just five of those beats. After a 16% beat in February, shares dropped 17.3%. A modest beat in May led to an 18.6% surge. The difference was driven by guidance.
Risks: Factors such as export regulations, supply of memory and packaging, timing of customer orders, and rivalry from Nvidia Corporation NASDAQ:NVDA could cause revenue to fluctuate between quarters. A 56% margin might be insufficient to counterbalance soft outlooks for data-center performance.
AMD is scheduled to release its results once the cash market session ends. The company’s earnings call is set for 5:00 p.m. EDT. Market watchers are looking at $6.5 billion in data-center revenue, the 56% margin goal, and if third-quarter guidance meets the early $12.5 billion consensus.
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