AMD 2026 年第三季度财报：数据中心营收增长 97%、第四季度指引约 170 亿美元及股价反应

特邀专栏作者

2026-11-04 19:08 (UTC+8)

This article is about 2739 words, reading the full article takes about 4 minutes

AMD三季度营收创纪录达133.8亿美元，同比增45%，数据中心营收近翻倍至85.5亿。公司预计四季度营收约170亿美元，盘后股价一度大涨至530美元，收于508美元。

AI Summary

AMD reported third-quarter 2026 financial results on November 3, setting a record for revenue in the same period at $13.38 billion, up 45% year-over-year and above the LSEG estimate of $13.09 billion. Non-GAAP earnings per share came in at $2.09 versus the $1.95 market estimate. Data center revenue nearly doubled to $8.55 billion, and AMD expects fourth-quarter revenue of about $17 billion, roughly 27% higher than the third quarter.

AMD shares closed the regular session at $483.90, rose as high as $530.38 after hours, and stood at $508.20 at the end of after-hours trading. The AMDSTOCK_USDT contract on MEXC continued trading after 20:00 ET, quoting 501.24 USDT at 22:00 ET, up 3.4% from the 16:00 price.

AMD Q3 2026 Results vs. Market Expectations

Revenue: $13.38 billion vs. $13.09 billion expected (beat); up 45% year-over-year, according to the AMD Q3 2026 earnings press release
Non-GAAP EPS: $2.09 vs. $1.95 expected (beat); up 74% year-over-year; GAAP diluted EPS was $1.46
Data Center: $8.55 billion, up 97% year-over-year
Gross margin: Non-GAAP 56%, GAAP 54%, both up 2 percentage points year-over-year
Q4 guidance: about $17 billion, plus or minus 3%; Non-GAAP gross margin of about 55%

Market expectation figures are LSEG estimates, as reported by CNBC.

Key Takeaways

Based on segment figures, Data Center accounted for about 64% of third-quarter revenue.
The midpoint of Q4 guidance implies year-over-year growth of about 66% and quarter-over-quarter growth of about 27%.
Gaming revenue fell 40%, and combined Client and Gaming revenue fell 8%.
Inventory rose by about $3 billion during the quarter to $11.5 billion.
In the last 8 earnings releases, AMD fell at the next day's close 5 times.
In the hour the results were released, AMDSTOCK_USDT contract volume was 27.5 times the average hourly volume over the prior 24 hours.

What Are the Highlights of AMD's Q3 2026 Earnings?

Results beat expectations, but the bigger story is guidance. The roughly $17 billion Q4 guidance implies a sequential revenue increase of about $3.6 billion.

AMD said growth comes from demand for EPYC processors and the launch of the Instinct MI450 series GPUs. The company said Anthropic, Meta, Microsoft, OpenAI, and Oracle Cloud Infrastructure are already running workloads on the first AMD Helios rack-scale systems.

CEO Lisa Su said growth is expected to accelerate as AMD ramps production of Helios and "Venice."

The Q4 gross margin guidance of about 55% is 1 percentage point below the third quarter's 56%.

Data Center, Client, Gaming, and Embedded: Q3 2026 Segment Revenue

Data Center: $8.55 billion, up 97% year-over-year (record)
Client: $2.9 billion, up 7% year-over-year, driven mainly by Ryzen mobile processors
Gaming: $773 million, down 40% year-over-year, due to lower semi-custom and graphics revenue
Embedded: $1.1 billion, up 29% year-over-year

GAAP net income was $2.4 billion, including an $1.1 billion non-cash charge from the remeasurement of warrants issued to customers, which moves with AMD's stock price. Non-GAAP results exclude this charge.

What Is AMD's Q4 2026 Guidance?

Revenue of about $17 billion, plus or minus 3%
The midpoint implies year-over-year growth of about 66% and quarter-over-quarter growth of about 27%
Non-GAAP gross margin of about 55%

How Does This Compare With AMD's Stock Reaction After Past Earnings?

According to Nasdaq historical prices, the next-day closing moves after the last 4 earnings releases were:

August 2026: -7.0%
May 2026: +18.6%
February 2026: -17.3%
November 2025: +2.5%, after falling 2.7% at the open

In the last 8 earnings releases, the stock rose the next day 3 times and fell 5 times. By our calculation, the average move was 8.8%.

After-hours prices can reverse at the next day's open, as the November 2025 earnings showed.

How the AMD Contract Reacted on MEXC

The AMDSTOCK_USDT perpetual contract on MEXC keeps trading after U.S. after-hours trading ends, so post-earnings moves can be tracked into the Asian morning. The following data comes from MEXC's public futures API (hourly candles).

Price: The AMD contract closed the 15:00–16:00 ET hour at 484.57 USDT. In the hour the results were released, the price ranged from 475.00 (-2.0%) to 531.63 (+9.7%) and closed at 523.30 (+8.0%). At 20:00 it was 509.25 (+5.1%), and at 22:00 it was 501.24 (+3.4%).
Volume: About $7.12 million USDT in the hour the results were released and about $950,000 USDT in the hour of the earnings call, 27.5 times and 3.7 times the average hourly volume over the prior 24 hours, respectively. Total volume from 16:00 to 22:00 ET was about $11.46 million USDT.
Premium to index price: The deviation between hourly closing prices and the index price stayed within about 14 basis points.
Funding rate: The funding rate settles every 8 hours. The last 4 settlements were all 0%, including the first settlement after the results (November 4, 00:00 UTC).

According to Yahoo Finance 1-minute data, the AMD contract's high in the hour the results were released was slightly above the stock's after-hours high of $530.38. By 22:00 ET, the contract had given back more than half of that hour's gain.

Hourly closing prices and volume for MEXC AMDSTOCK_USDT from 08:00 to 22:00 ET on November 3, 2026. Source: MEXC public futures API.