On 3 November 2026, after the US market close, AMD reported record quarterly revenue of $13.377 billion for its fiscal third quarter, up 45% year over year, with data-centre revenue up 97% to $8.546 billion. For the current quarter, management is guiding to about $17 billion in revenue, plus or minus 3%. That outlook is a forecast, not a result. Data Center revenue was $8.546 billion in the quarter.
Key takeaways
- AMD reported record revenue of $13.377 billion for the quarter ended 26 September 2026.
- Data Center revenue was $8.546 billion, up 97% year over year.
- Management expects about $17 billion in next-quarter revenue, but this is a forecast.
What AMD actually reported
First, a point that confuses a lot of readers. "AMD earnings November 2026" means fiscal third quarter 2026, the 13 weeks that ended on 26 September 2026. It does not cover October or November. AMD published the figures on 3 November 2026 after the US market close and held its results call the same day at 2:00 p.m. Pacific time, 5:00 p.m. Eastern time.
Revenue came in at $13.377 billion, a record, up 45% from a year earlier. Operating income was $2.832 billion and net income was $2.428 billion.
| Metric | Fiscal Q3 2026 | Comparison |
|---|---|---|
| Revenue | $13.377bn | Up 45% year over year |
| Operating income | $2.832bn | |
| Net income | $2.428bn | |
| GAAP diluted EPS | $1.46 | $1.38 in Q2 2026, $0.75 in Q3 2025 |
| Non-GAAP diluted EPS | $2.09 | |
| Data Center revenue | $8.546bn | Up 97% year over year |
GAAP and non-GAAP, in plain words
Two profit numbers appear in every AMD headline, and they are not the same thing. GAAP is the result under standard accounting rules: $1.46 per share. Non-GAAP takes that result and removes certain items: $2.09 per share.
AMD's adjusted figure excludes certain accounting and acquisition-related items. One adjustment was $1.097 billion, or $0.66 per diluted share. Neither number is fake. The rule is simply to compare like with like.
Data Center results
Data Center is AMD's business that sells to cloud providers and large companies running AI. It generated $8.546 billion of revenue in the quarter, up 97% year over year.
Two product lines sit inside it. EPYC are chips for servers. Instinct are chips that train and run AI models. AMD said data-centre revenue grew 97% year over year to a record $8.5 billion, driven by strong demand for EPYC processors and the launch of Instinct MI450 Series GPUs.
Growth reached the profit line too. Data Center operating income rose from $1.074 billion in Q3 2025 to $2.882 billion in Q3 2026, an increase of 168% year over year.
The rest of the company moved differently. Client and Gaming revenue was $3.722 billion, down 8% year over year, while Embedded revenue was $1.109 billion, up 29%. So the quarter was concentrated. Data Center revenue was approximately 64% of AMD's total revenue. For who those customers are, see our ranking of the biggest AI companies in 2026.
What AMD expects next quarter
Here the labels matter. Everything above is reported. Everything below is management's forecast, and forecasts can be missed.
For the fourth quarter of 2026, AMD guided to approximately $17 billion in revenue, plus or minus 3%.
There is a trade-off in the detail. AMD guided to approximately 55% non-GAAP gross margin for the fourth quarter, after 56% in the third. Gross margin is what's left from each sale after the cost of making the product. On 3 November 2026, Reuters reported that AMD expects overall revenue to grow more than 80% in 2027.
AMD also has two acquisitions pending. In its Form 10-Q filed on 4 November 2026, AMD described its Taalas and World Labs acquisitions as expected to close in fiscal Q4 2026, subject to approvals and customary conditions. Neither is completed.
Record revenue and beating estimates are two different tests
A record compares AMD with its own history. Beating estimates compares AMD with what outside analysts expected. The two can disagree.
On the second test, MarketWatch reported that FactSet's consensus for the quarter was $13.1 billion in September-quarter revenue and $1.95 in adjusted EPS. AMD reported $13.377 billion and non-GAAP diluted EPS of $2.09.
For context on size, AMD's stock-market value was $789.95 billion at the 3 November 2026 close. Its last completed regular-session close available on 4 November was $483.90 on 3 November 2026.
A share price after earnings reflects the gap between results and what was already expected, plus guidance, margins and segment mix. A beat is one input, not a verdict.
What this quarter says about AI spending
One company's results are a single data point. The question behind AMD's numbers is whether cloud providers and large companies are still turning AI announcements into delivered, paid-for hardware. On 27 October 2026, AMD said initial Helios rack-scale systems were installed and being tested at Meta, while broader deployment and AMD's stated $1 billion investment in Meta's equity offering remained forward-looking or planned.
AMD is also pushing further into rack-level systems. On 12 October 2026, it introduced Helion, a design for racks of AI computing equipment. Configurations were still under development with partners and planned to be available in November 2026.
For any earnings season, the frame stays the same: revenue growth, gross margin, segment mix and next-quarter guidance, read together rather than one at a time. If you want to follow the same pattern at the cloud buyers, start with our explainer on what drives Microsoft stock.
Frequently asked questions
When exactly did AMD report, and where can the figures be found?
AMD published its fiscal third quarter 2026 results on 3 November 2026, after the US market close, and held its conference call that day at 2:00 p.m. Pacific time, which is 5:00 p.m. Eastern time.
Is AMD's fiscal third quarter the same as the calendar third quarter?
Close, but not identical. AMD's fiscal Q3 2026 covered the three months, or 13 weeks, ended 26 September 2026. A calendar third quarter would end on 30 September. The practical effect is small, but it explains why a November release does not include October trading.
Why did AMD's GAAP and non-GAAP profit differ so much this quarter?
AMD adjusted for several items, including a change in the fair value of a warrant liability. One item alone, a change in the fair value of a warrant liability, was $1.097 billion, or $0.66 per diluted share. That is part of why GAAP diluted EPS was $1.46 while non-GAAP diluted EPS was $2.09.
How did the smaller segments do?
Client and Gaming revenue was $3.722 billion in the quarter, down 8% year over year. Embedded revenue was $1.109 billion, up 29% year over year. Both are far smaller than data centre at $8.546 billion.
Is the $17 billion a result or a forecast?
A forecast. AMD guided to approximately $17 billion in Q4 2026 revenue, plus or minus 3%, and had not yet reported that quarter's actual results. Guidance is management's own estimate and can be missed.
Sources
- AMD Investor Relations: Q3 2026 Form 10-Q (26 September 2026)
- Reuters: AMD shares jump as AI-driven data center strength fuels growth outlook (4 November 2026)
- AMD Investor Relations: AMD Form 10-Q (4 November 2026)
- MarketWatch: AMD's data-center segment drives a revenue beat (3 November 2026)
- AMD Investor Relations: AMD reports third quarter 2026 financial results (3 November 2026)
- AMD Investor Relations: AMD and Meta advance strategic partnership to power Meta's superintelligence infrastructure (27 October 2026)
Cover photo by Igor Omilaev on Unsplash.
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