Advanced Micro Devices reports second quarter 2026 results higher-than-expected results in terms of turnover and confirms the acceleration of the artificial intelligence business, supported by strong demand for Epyc processors and Instinct accelerators intended for data centers. The company led by Lisa Su reported revenue of $11,9 billion, up approximately 55% from $7,7 billion in the same period of 2025 and above the FactSet/LSEG consensus of approximately $11,3 billion (+5% vs. expectations).
GAAP net income rose to $2,3 billion, up from about $0,8 billion a year earlier, while GAAP earnings per share were $1,38, versus a consensus of around $1,30. On an adjusted basis, EPS reached $1,62, essentially in line or slightly above analysts' expectations of $1,61.
The data center business is increasingly dominant
The Data Center segment continues to be the engine of growth, which posted revenue of $6,7 billion, up more than 100% from approximately $3,3 billion in the second quarter of 2025 and exceeding the consensus of approximately $6,5 billion. The business now represents over 56% of the group's consolidated revenue, confirming AMD's progressive transformation into an AI infrastructure company.
The Client division also performed positively, supported by the spread of AI PCs, while Gaming and Embedded continue to show more moderate dynamics, in line with the indications provided by management in previous quarters.
Growing margins and better-than-expected guidance
Profitability continues to benefit from the more favorable product mix. Non-GAAP gross margin remained around 56%, up from the previous year and substantially in line with market expectations, while operating leverage from Data Center growth supported the expansion of operating margins.
AMD expects third-quarter revenue of $13 billion, with a variance of approximately $300 million, higher than the Wall Street consensus of $12,5-$12,6 billion. The company also estimates a non-GAAP gross margin of approximately 56%, confirming that demand for artificial intelligence will continue to be the primary growth driver in the second half of the year.
CEO Lisa Su reiterated that Demand for AI infrastructure remains “exceptionally robust”, emphasizing how the expansion of inference applications and agent AI is supporting both the server processor and graphics accelerator markets. Management also confirmed the roadmap for new products aimed at large hyperscalers and cloud providers.
The market looks beyond the quarter
Despite higher-than-estimated numbers and upward guidance, AMD stocks fell by around8% in after-hours tradingThe reaction reflects expectations that have become very high after the strong rally recorded by the stock in recent months and a growing attention among investors on the company's ability to continue to reduce the competitive gap with Nvidia in the AI accelerator market.
Operators also highlighted that, at these valuation levels, the market requires significantly higher-than-consensus results to sustain further price increases. Advanced Micro Devices remains one of the Nasdaq's flagship stocks in 2026, both in terms of performance and trading activity: since January 1st its value has almost tripled.
