AMD reported second quarter 2026 results on August 4, 2026. Revenue was 11,536 million dollars, up 50 percent year over year and 13 percent quarter over quarter, a company record. GAAP gross margin was 54 percent, operating income 1,990 million dollars, net income 2,297 million dollars and diluted earnings per share 1.38 dollars. On a non-GAAP basis gross margin was 56 percent, operating income 3,094 million dollars, net income 2,760 million dollars and diluted earnings per share 1.66 dollars. The year-ago comparison is flattered by the fact that Q2 2025 carried 800 million dollars in inventory and related charges tied to US export controls on the Instinct MI308 data center GPU.
The data center segment did the work. Segment revenue was 6.7 billion dollars, up 107 percent year over year on EPYC processor demand and Instinct GPU shipments, and accounted for 58 percent of total company revenue. Client and gaming revenue was 3.8 billion dollars, up 6 percent, with client at 3.1 billion dollars (up 23 percent) offset by gaming at 779 million dollars (down 31 percent on lower semi-custom revenue). Embedded revenue was 977 million dollars, up 19 percent.
The release also lists the quarter’s commercial commitments, which matter more than the segment line for judging 2027. AMD launched the Helios rackscale system and the Instinct MI400 Series including MI455X, and named Anthropic, Cirrascale, HUMAIN, Meta, Microsoft, OpenAI, Oracle, Tensorwave and Vultr among Helios deployers. It announced a strategic partnership with Anthropic to deploy up to 2 gigawatts of MI450 Series GPUs in Helios racks plus a multiyear collaboration to optimize Instinct GPUs and ROCm software using Claude, expanded its Microsoft collaboration to deploy Helios racks at scale on Azure for frontier model inference, and announced a collaboration with Cerebras pairing Helios with the Wafer-Scale Engine for ultra-low-latency inference. It also acquired MEXT for predictive memory technology.
For the third quarter of 2026 AMD guided revenue to approximately 13 billion dollars, plus or minus 300 million dollars, and chief financial officer Jean Hu said the company expects data center sales to accelerate in the second half of 2026.
The business meaning is that AMD has moved from being a credible second source on paper to one with named, contracted, gigawatt-scale AI deployments and a data center segment that is now the majority of revenue. For buyers negotiating accelerator supply, a supplier at 6.7 billion dollars of quarterly data center revenue with Anthropic, Meta, Microsoft, OpenAI and Oracle on its deployment list is leverage that did not exist a year earlier.