AMD ($AMD) reported Q3 2026 earnings after the market close on Tuesday, November 3, 2026, for the quarter that ended September 26. Revenue rose 45% to $13.377 billion, above the high end of the range AMD itself had guided in August. Data Center revenue nearly doubled, rising 96.87% to $8.546 billion.
The cash flow statement points in a different direction. Free cash flow fell 63.79% to $554 million, inventories rose $2.995 billion in the quarter to $11.463 billion, and total debt rose to $7.079 billion from $3.226 billion after a $4.75 billion bond issue in August.
Making sense of the quarter means keeping both statements in view: the revenue and earnings AMD reported, and the cash, inventory and debt that moved alongside them.
Key Takeaways
- Revenue of $13.377 billion was 0.58% above the high end of AMD's $12.7-13.3 billion August guidance; non-GAAP gross margin was 56%, as guided.
- Data Center revenue rose 96.87% to $8.546 billion, 63.89% of total revenue, and its operating margin rose to 33.72% from 24.74%.
- Free cash flow fell 63.79% to $554 million, a 4% margin against 17% a year earlier, as inventories rose to $11.463 billion.
- Non-GAAP EPS of $2.09 was 6.15% above the consensus estimate of $1.969; GAAP diluted EPS was $1.46, after a $0.66 per-share change in the fair value of a warrant liability.
- AMD guides fourth-quarter revenue to about $17.0 billion plus or minus 3%, with non-GAAP gross margin of about 55%. Guidance is forward-looking, and actual results could differ materially.
AMD Q3 2026 Results at a Glance
AMD's third-quarter revenue was $13.377 billion, up 44.68% from $9,246 million a year earlier, which AMD rounds to 45%. Non-GAAP EPS was $2.09, up 74%, and GAAP diluted EPS was $1.46, up 95%. Free cash flow was $554 million, down 63.79%.
Revenue was also 15.96% higher than the $11.536 billion of the second quarter. Data Center revenue made up 63.89% of the total, against 46.95% a year earlier.
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue ($M) | 13,377 | 9,246 | +44.68% (AMD: 45%) |
| Revenue vs Q2 2026 of $11,536M ($M) | 13,377 | n/a | +15.96% |
| Data Center revenue ($M) | 8,546 | 4,341 | +96.87% (AMD: 97%) |
| Data Center share of revenue | 63.89% | 46.95% | +16.94 pts |
| Non-GAAP gross margin | 56% | 54% | +2 pts |
| Non-GAAP diluted EPS | $2.09 | $1.20 | +74.17% (AMD: 74%) |
| GAAP diluted EPS | $1.46 | $0.75 | +94.67% (AMD: 95%) |
| Free cash flow ($M) | 554 | 1,530 | -63.79% |
| Free cash flow margin | 4% | 17% | -13 pts |
"We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year.
— Dr. Lisa Su, AMD chair and CEO (AMD Q3 2026 earnings release, November 3, 2026)
Results Against AMD's August Guidance
In its second-quarter release in August, AMD guided third-quarter revenue to $12.7-13.3 billion, a midpoint of $13.0 billion, and non-GAAP gross margin to about 56%. Revenue came in 0.58% above the high end and 2.90% above the midpoint. The gross margin matched the guide.
| Item | August guidance | Q3 2026 actual | Difference |
|---|---|---|---|
| Revenue | $12.7-13.3B | $13.377B | +0.58% vs high end |
| Revenue, midpoint | $13.0B | $13.377B | +2.90% |
| Non-GAAP gross margin | about 56% | 56% | in line |
Results Against the Consensus Estimate
The consensus estimate is the average forecast of the analysts who follow a company. On a non-GAAP basis, AMD's EPS of $2.09 was 6.15% above the consensus estimate of $1.969.
Revenue of $13.377 billion was 1.17% above the consensus estimate of $13.223 billion.
| Measure, non-GAAP basis | Consensus estimate | Q3 2026 actual | Difference |
|---|---|---|---|
| Diluted EPS | $1.969 | $2.09 | +6.15% |
| Revenue | $13.223B | $13.377B | +1.17% |
What Drove Revenue: Data Center Versus Client, Gaming and Embedded
A segment is a business unit that a company reports separately, with its own revenue and operating income. AMD reports three: Data Center, Client and Gaming, and Embedded.
| Segment | Q3 2026 revenue ($M) | Q3 2025 revenue ($M) | Change | Q3 2026 op. margin | Q3 2025 op. margin |
|---|---|---|---|---|---|
| Data Center | 8,546 | 4,341 | +96.87% | 33.72% | 24.74% |
| Client and Gaming | 3,722 | 4,048 | -8.05% | 15.39% | 21.42% |
| Client, within Client and Gaming | 2,949 | 2,750 | +7.24% | n/a | n/a |
| Gaming, within Client and Gaming | 773 | 1,298 | -40.45% | n/a | n/a |
| Embedded | 1,109 | 857 | +29.40% | 40.85% | 33.02% |
| Total revenue | 13,377 | 9,246 | +44.68% | n/a | n/a |
Data Center: EPYC and Instinct
Data Center revenue rose 96.87% to $8.546 billion. The 10-Q states that the growth was "primarily driven by strong demand for our AMD EPYC processors and AMD Instinct GPUs," and it also cites the launch of the Instinct MI450 Series GPUs.
EPYC is AMD's server processor line, and Instinct is its line of graphics processors used as accelerators in data centers. The segment's share of company revenue rose to 63.89% from 46.95%, so the rest of AMD's business now accounts for a little more than a third of sales.
Client and Gaming: Semi-Custom Revenue Fell
Client and Gaming revenue fell 8.05% to $3.722 billion, with its two parts moving in opposite directions. Client revenue, from PC processors, rose 7.24% to $2.949 billion.
The 10-Q attributes the Client increase to a 6% rise in processor unit shipments and a 1% rise in average selling price.
Gaming revenue fell 40.45% to $773 million, primarily on lower semi-custom revenue, according to the 10-Q. Semi-custom chips are chips AMD designs for a single customer, such as the processors inside game consoles.
Embedded
Embedded revenue rose 29.40% to $1.109 billion, which the 10-Q says came "as demand strengthened across end markets." Across the company, international sales made up 57% of revenue, against 64% a year earlier.
| Item | Q3 2026 | Q3 2025 |
|---|---|---|
| Client processor unit shipments, year over year | +6% | n/a |
| Client average selling price, year over year | +1% | n/a |
| International sales, share of revenue | 57% | 64% |
Margins: Gross, Operating and by Segment
Gross margin is revenue minus the cost of making the products, expressed as a percentage of revenue. Operating margin also subtracts operating expenses, such as research and development (R&D) and marketing, general and administrative costs (MG&A).
GAAP gross margin rose to 54% from 52%. The 10-Q says the increase was "driven by a favorable product mix, including higher Data Center segment revenue." On a non-GAAP basis, gross margin was 56% against 54%.
GAAP operating income rose 123% to $2,832 million, an operating margin of 21% against 14%. Non-GAAP operating income rose 75.29% to $3,923 million, a 29% margin against 24%. R&D spending rose to $2,803 million from $2,139 million.
| Line ($M) | GAAP Q3 2026 | GAAP Q3 2025 | Non-GAAP Q3 2026 | Non-GAAP Q3 2025 |
|---|---|---|---|---|
| Revenue | 13,377 | 9,246 | 13,377 | 9,246 |
| Gross profit | 7,210 | 4,780 | 7,483 | 4,992 |
| Gross margin | 54% | 52% | 56% | 54% |
| R&D | 2,803 | 2,139 | n/a | n/a |
| MG&A | 1,298 | 1,069 | n/a | n/a |
| Total operating expenses | 4,378 | n/a | 3,560 | 2,754 |
| Operating income | 2,832 | 1,270 | 3,923 | 2,238 |
| Operating income, change | +123% | n/a | +75.29% | n/a |
| Operating margin | 21% | 14% | 29% | 24% |
| Net income | 2,428 | 1,243 | 3,471 | 1,965 |
"Third quarter revenue grew 45% year-over-year to a record $13.4 billion, while non-GAAP earnings per share grew 74%, demonstrating the significant operating leverage in our business model as our Data Center business drives scale.
— Jean Hu, executive vice president, chief financial officer and treasurer (AMD Q3 2026 earnings release, November 3, 2026)
Segment Operating Margins
Data Center operating margin rose to 33.72% from 24.74%, and Embedded rose to 40.85% from 33.02%. Client and Gaming fell to 15.39% from 21.42%.
All Other is not a business unit. It collects costs AMD does not assign to segments, mainly stock-based compensation, amortization of acquisition-related intangibles and acquisition costs, and its operating loss was $1,076 million against $954 million a year earlier.
| Segment | Q3 2026 op. income ($M) | Q3 2025 op. income ($M) |
|---|---|---|
| Data Center | 2,882 | 1,074 |
| Client and Gaming | 573 | 867 |
| Embedded | 453 | 283 |
| All Other | (1,076) | (954) |
| Total, GAAP operating income | 2,832 | 1,270 |
GAAP Versus Non-GAAP EPS and the Customer Warrants
GAAP EPS is net income per diluted share calculated under U.S. generally accepted accounting principles, the rules every listed U.S. company must follow. Non-GAAP EPS is a company's own adjusted figure, which removes items management treats as outside ongoing operations.
Both figures appear in every AMD release, and the reconciliation table shows exactly what separates them. A step-by-step approach to that table is set out in how to read an earnings report.
GAAP diluted EPS was $1.46, up from $0.75; non-GAAP diluted EPS was $2.09, up from $1.20. AMD's non-GAAP figures use a normalized 13% tax rate for fiscal 2026, according to the release.
| Item | Per share, Q3 2026 |
|---|---|
| GAAP diluted EPS | $1.46 |
| Stock-based compensation | +$0.31 |
| Amortization of acquisition-related intangibles | +$0.32 |
| Change in fair value of warrant liability | +$0.66 |
| Acquisition-related and other costs | +$0.02 |
| Gains on long-term investments | $(0.04) |
| Income tax provision | $(0.64) |
| Non-GAAP diluted EPS | $2.09 |
| Non-GAAP tax rate used for fiscal 2026 | 13% |
The largest reconciling item was the $0.66 per-share change in the fair value of AMD's warrant liability. The income tax line moved the other way, by $(0.64) per share: AMD recorded a GAAP income tax benefit of $555 million in the quarter, against a provision of $153 million a year earlier.
Other income (expense) was $(902) million, against $82 million a year earlier.
| Item ($M) | Q3 2026 | Q3 2025 |
|---|---|---|
| Other income (expense) | (902) | 82 |
| Interest expense | 62 | 37 |
| Income tax provision (benefit) | (555) | 153 |
| Adjusted EBITDA | 4,162 | 2,430 |
| Diluted shares (millions) | 1,661 | 1,641 |
The Customer Warrants
A warrant is a right to buy shares at a set price. The 10-Q states that AMD issued warrants to two customers, in October 2025 and February 2026, each for up to 160 million shares at an exercise price of $0.01.
The warrants vest in tranches as the customers reach purchase milestones and AMD's stock price meets specified targets. No warrant shares had vested or been exercised at September 26, 2026.
At quarter end the warrant liability stood at $1.2 billion. The quarter carried a noncash charge of $1.2 billion in other income (expense), primarily from remeasuring that liability. The release says the remeasurement "is driven by changes in AMD's stock price and other valuation assumptions."
A further $4.5 billion of unrecognized grant-date fair value remains, to be recorded as a reduction of revenue as qualifying customer revenue is recognized. The 10-Q also states: "We depend on a small number of customers for a substantial portion of our business."
| Term | Detail |
|---|---|
| Holders | Two customers |
| Issued | October 2025 and February 2026 |
| Size | Up to 160 million shares each |
| Exercise price | $0.01 per share |
| Vesting | Tranches tied to customer purchase milestones and AMD stock-price targets |
| Vested or exercised at September 26, 2026 | None |
| Warrant liability at quarter end | $1.2 billion |
| Q3 noncash charge in other income (expense) | $1.2 billion |
| Unrecognized grant-date fair value | $4.5 billion, recorded as a reduction of revenue as qualifying customer revenue is recognized |
The Surprise History
The AMD second-quarter recap observed that the difference between actual and consensus EPS had narrowed for two quarters, from 14.83% in Q4 2025 to 1.76% in Q2 2026. In the third quarter it widened again, to 6.15%.
| Quarter | Consensus EPS | Actual non-GAAP EPS | Difference |
|---|---|---|---|
| Q2 2025 | $0.4961 | $0.48 | -3.25% |
| Q3 2025 | $1.175 | $1.20 | +2.13% |
| Q4 2025 | $1.3324 | $1.53 | +14.83% |
| Q1 2026 | $1.3074 | $1.37 | +4.79% |
| Q2 2026 | $1.6313 | $1.66 | +1.76% |
| Q3 2026 | $1.969 | $2.09 | +6.15% |
Cash Flow, Inventory and the August Bond Issue
Free cash flow, in AMD's terms, is operating cash flow from continuing operations minus purchases of property and equipment. It shows how much cash the business generated after paying for its own investment.
Operating cash flow from continuing operations was $1,202 million, down 32.77% from $1,788 million a year earlier and below the $2,366 million of the second quarter. Capital expenditures rose to $648 million from $258 million, leaving free cash flow of $554 million, a 4% margin against 17%.
Over the first nine months of the year, free cash flow was $4,678 million, against $3,437 million in the same period of 2025.
| Item ($M) | Q3 2026 | Q2 2026 | Q3 2025 | Change vs Q3 2025 |
|---|---|---|---|---|
| Operating cash flow, continuing operations | 1,202 | 2,366 | 1,788 | -32.77% |
| Capital expenditures | 648 | n/a | 258 | n/a |
| Free cash flow | 554 | 1,558 | 1,530 | -63.79% |
| Free cash flow margin | 4% | n/a | 17% | -13 pts |
| Free cash flow, first nine months of the year | 4,678 | n/a | 3,437 | n/a |
| Repurchases for tax withholding on employee equity plans | 1,495 | n/a | n/a | n/a |
| Repurchases under the buyback program | 0 | n/a | n/a | n/a |
Where the Cash Went: Working Capital
An inventory build happens when a company produces or buys more goods than it sells in a period, so cash goes into stock on hand before it returns as revenue. In the third quarter, inventories absorbed $2,995 million of cash, accounts receivable $1,928 million and prepaid expenses and other assets $1,070 million.
Accounts payable worked the other way, adding $2,313 million. The noncash warrant impact of $1,179 million was added back, because it reduced income without using cash.
| Cash flow line, Q3 2026 | $M |
|---|---|
| Inventories | (2,995) |
| Accounts receivable | (1,928) |
| Prepaid expenses and other assets | (1,070) |
| Accounts payable | +2,313 |
| Noncash warrant impact, added back | +1,179 |
The 10-Q gives AMD's explanation for the nine-month changes. The inventory increase was "primarily to support the continued ramp of Data Center products in advanced process technology nodes," and the increase in prepaid assets was "primarily due to prepayments of supply agreements."
Inventories stood at $11,463 million on September 26, 44.73% above December 27, 2025 and 35.37% above June 27. Receivables rose to $9,209 million from $6,315 million in December, and payables to $7,756 million from $2,929 million.
| Item ($M) | Sep 26, 2026 | Jun 27, 2026 | Dec 27, 2025 |
|---|---|---|---|
| Inventories | 11,463 | 8,468 | 7,920 |
| Inventories, Sep 26 change vs date | n/a | +35.37% | +44.73% |
| Accounts receivable | 9,209 | n/a | 6,315 |
| Accounts payable | 7,756 | n/a | 2,929 |
| Cash, cash equivalents and short-term investments | 15,776 | 13,111 | n/a |
| Total debt | 7,079 | 3,226 | n/a |
Debt and the August Notes
On August 17, 2026, AMD issued $4.75 billion of senior notes in four tranches, for general corporate purposes including repayment of debt. In September it repaid its $875 million of 4.212% notes at maturity.
Total debt rose to $7,079 million at September 26 from $3,226 million at June 27. Interest expense rose to $62 million from $37 million a year earlier, and cash, cash equivalents and short-term investments rose to $15,776 million from $13,111 million at June 27.
| Notes | Coupon | Maturity | Amount ($B) |
|---|---|---|---|
| Issued August 17, 2026 | 4.600% | 2029 | 1.25 |
| Issued August 17, 2026 | 5.000% | 2031 | 1.50 |
| Issued August 17, 2026 | 5.250% | 2033 | 1.00 |
| Issued August 17, 2026 | 5.500% | 2036 | 1.00 |
| Total issued | n/a | n/a | 4.75 |
| Repaid at maturity, September 2026 | 4.212% | 2026 | (0.875) |
AMD spent $1,495 million in the quarter repurchasing shares for tax withholding on employee equity plans. It made no repurchases under its buyback program in the third quarter.
Five Quarters of Revenue, Earnings and Cash
Over five quarters, revenue rose from $9.25 billion to $13.38 billion and Data Center revenue from $4.34 billion to $8.55 billion. Non-GAAP EPS rose from $1.20 to $2.09.
Free cash flow was highest in Q1 2026, at $2.57 billion, and lowest in Q3 2026, at $0.55 billion. Inventories at quarter end rose from $7.31 billion to $11.46 billion over the same five quarters.
| Metric | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Revenue ($B) | 9.25 | 10.27 | 10.25 | 11.54 | 13.38 |
| Data Center revenue ($B) | 4.34 | 5.38 | 5.78 | 6.72 | 8.55 |
| Non-GAAP gross margin | 54% | 57% | 55% | 56% | 56% |
| Non-GAAP EPS | $1.20 | $1.53 | $1.37 | $1.66 | $2.09 |
| GAAP EPS | $0.75 | $0.92 | $0.84 | $1.38 | $1.46 |
| Free cash flow ($B) | 1.53 | 2.08 | 2.57 | 1.56 | 0.55 |
| Inventories at quarter end ($B) | 7.31 | 7.92 | 8.05 | 8.47 | 11.46 |
The Fourth-Quarter 2026 Outlook
AMD guides fourth-quarter revenue to about $17.0 billion, plus or minus 3%, a range of $16.49-17.51 billion. The midpoint is 27.08% above third-quarter revenue and 65.53% above the $10.270 billion of the fourth quarter of 2025. AMD describes these steps as about 27% and about 66%.
The guided non-GAAP gross margin is about 55%, one percentage point below the 56% reported for the third quarter. Revenue is guided higher and the gross-margin outlook is lower in the same quarter.
| Item | Q4 2026 guidance | Reference |
|---|---|---|
| Revenue | about $17.0B, plus or minus 3% | Q3 2026 actual: $13.377B |
| Revenue range | $16.49-17.51B | Q4 2025 actual: $10.270B |
| Midpoint vs Q3 2026 | +27.08% (range +23.27% to +30.90%) | AMD: about 27% |
| Midpoint vs Q4 2025 | +65.53% | AMD: about 66% |
| Non-GAAP gross margin | about 55% | Q3 2026 actual: 56% |
AMD says its outlook statements are forward-looking and that actual results could differ materially. Management's expectations, as stated in the release, follow.
"Demand for our Instinct and EPYC products continued to strengthen, and we expect growth to accelerate further in the fourth quarter as we scale Helios and 'Venice' production.
— Dr. Lisa Su, AMD chair and CEO (AMD Q3 2026 earnings release, November 3, 2026 (forward-looking statement))
"Our fourth-quarter outlook reflects accelerating revenue and earnings growth, driven by strong demand across our Data Center portfolio.
— Jean Hu, executive vice president, chief financial officer and treasurer (AMD Q3 2026 earnings release, November 3, 2026 (forward-looking statement))
Export Controls
The 10-Q states that AMD holds some U.S. licenses to ship Instinct MI308 products to certain China-based customers and began shipping at the end of fiscal 2025. During the first half of 2026 it was granted some licenses for MI325 products to certain China-based customers; those products must first undergo an inspection process in the United States and are therefore subject to a 25% tariff on importation.
| Product | Status in the 10-Q |
|---|---|
| Instinct MI308 | U.S. licenses held to ship to certain China-based customers; shipping began at the end of fiscal 2025 |
| Instinct MI325 | Some licenses granted in the first half of 2026 for certain China-based customers; U.S. inspection first, subject to a 25% tariff on importation |
Two Ways to Read the Quarter
One way to read the quarter is that growth is accelerating and broadening inside Data Center. Revenue came in above the top of AMD's own range, and non-GAAP EPS was above the consensus estimate by a wider margin than in the second quarter.
On that reading, the fourth-quarter guide adds to the picture, because it implies another step of about 27% from the third quarter.
Another reading starts from the cash flow statement. Free cash flow fell to $554 million while revenue rose 45%, inventory is up 44.73% since December, and total debt more than doubled in the quarter.
That second reading also notes that the gross-margin outlook is lower even as revenue is guided higher. It adds that Client and Gaming revenue fell 8.05%, with Gaming down 40.45%.
Both readings rest on the same release and the same 10-Q. The fourth-quarter report will show how the guided revenue step and the lower margin outlook compare with actual results.
How the Shares Traded After the Report
AMD shares closed at $483.90 on November 3, the report day, up 3.65%; the release came after that close. On Wednesday, November 4, they closed at $488.78, up 1.01%. On Thursday, November 5, they closed at $404.40, down 17.26%, after trading between $402.10 and $456.20.
The November 5 close is 16.43% below the report-day close, 33.90% below the September 30 close of $611.76 and 88.83% above the December 31, 2025 close of $214.16. The report-day close itself was 16.34% below the October 28 close of $578.44.
| Date | AMD close ($) | Change |
|---|---|---|
| Dec 31, 2025 | 214.16 | n/a |
| Sep 30, 2026, quarter end | 611.76 | n/a |
| Oct 28, 2026 | 578.44 | n/a |
| Oct 29, 2026 | 566.42 | -2.08% |
| Oct 30, 2026 | 504.80 | -10.88% |
| Nov 2, 2026 | 466.84 | -7.52% |
| Nov 3, 2026, report day, release after the close | 483.90 | +3.65% |
| Nov 4, 2026 | 488.78 | +1.01% |
| Nov 5, 2026, traded 402.10-456.20 | 404.40 | -17.26% |
| Comparison | Change |
|---|---|
| Nov 5 close vs Nov 3 report-day close | -16.43% |
| Nov 5 close vs Sep 30 close | -33.90% |
| Nov 5 close vs Dec 31, 2025 close | +88.83% |
| Nov 3 report-day close vs Oct 28 close | -16.34% |
The November 5 decline was the third-largest one-day percentage decline for AMD shares in the daily data checked since November 4, 2016. The two larger declines were 24.23% on May 2, 2017 and 17.31% on February 4, 2026, the session after AMD's fourth-quarter 2025 report.
| Rank | Date | One-day change |
|---|---|---|
| 1 | May 2, 2017 | -24.23% |
| 2 | Feb 4, 2026 | -17.31% |
| 3 | Nov 5, 2026 | -17.26% |
On November 5, Nvidia, Broadcom, Intel and Qualcomm each fell between 9.26% and 10.43%, and Invesco QQQ Trust and SPDR S&P 500 ETF Trust fell 6.49% and 4.41%. On November 4, the same two index funds rose 0.97% and 1.65%.
| Security | Nov 4, 2026 | Nov 5, 2026 |
|---|---|---|
| AMD | +1.01% | -17.26% |
| Nvidia | n/a | -9.26% |
| Broadcom | n/a | -10.43% |
| Intel | n/a | -10.33% |
| Qualcomm | n/a | -9.49% |
| Invesco QQQ Trust | +0.97% | -6.49% |
| SPDR S&P 500 ETF Trust | +1.65% | -4.41% |
Frequently Asked Questions
What were AMD's Q3 2026 revenue and EPS?
Revenue was $13.377 billion, up 44.68%, which AMD rounds to 45%. Non-GAAP diluted EPS was $2.09, up 74%, and GAAP diluted EPS was $1.46, up 95%.
How did AMD's Q3 2026 revenue compare with its own guidance?
AMD guided $12.7-13.3 billion in August. Actual revenue of $13.377 billion was 0.58% above the high end and 2.90% above the $13.0 billion midpoint.
Why is AMD's GAAP EPS lower than its non-GAAP EPS?
AMD's reconciliation adds back $0.66 per share for the change in fair value of the warrant liability, $0.32 for amortization of acquisition-related intangibles, $0.31 for stock-based compensation and $0.02 for acquisition-related and other costs. It subtracts $0.04 for investment gains and $0.64 for the income tax item, taking $1.46 to $2.09.
What are AMD's customer warrants?
They are rights for two customers to buy up to 160 million AMD shares each at $0.01, vesting on purchase milestones and stock-price targets. None had vested or been exercised at September 26, 2026, and the warrant liability was $1.2 billion.
Why did AMD's free cash flow fall in Q3 2026 while revenue rose?
Operating cash flow from continuing operations fell to $1,202 million and capital expenditures rose to $648 million. Inventories absorbed $2,995 million, receivables $1,928 million and prepaid assets $1,070 million, partly offset by $2,313 million from payables. The 10-Q ties the inventory increase to "the continued ramp of Data Center products in advanced process technology nodes."
What is AMD's revenue guidance for Q4 2026?
AMD guides about $17.0 billion plus or minus 3%, or $16.49-17.51 billion, with non-GAAP gross margin of about 55%. The guidance is a forward-looking statement, and actual results could differ materially.