Data Center segment revenue reached $6.7 billion in Q2 FY2026, up 107% year-over-year, driven by strong demand for AMD EPYC processors and AMD Instinct MI350 Series GPUs; segment operating income swung to $2.1 billion from a $155 million loss in the prior-year period, aided by the absence of the $440 million MI308 inventory charge taken in 2025 under U.S. export controls. Total company net revenue was $11.5 billion (+50% YoY) with a 54% gross margin versus 40% a year earlier.
In October 2025 and February 2026, AMD entered multi-year agreements with OpenAI and Meta under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs, with the first gigawatt of each deployment powered by AMD Instinct MI450-series products. AMD issued each company a warrant for up to 160 million shares at $0.01 per share, vesting in tranches tied to GPU purchase milestones and stock-price/performance conditions; as of June 27, 2026, no tranches had vested or become exercisable.
AMD's Helios rack-scale platforms, which AMD develops and licenses for implementation by customers and their manufacturing partners (AMD does not manufacture or sell completed rack systems), are expected to begin shipping in the second half of fiscal 2026. The filing flags that the increasing frequency of product transitions, including system-level architectures like Helios, heightens supply-and-demand management challenges and risks of quality or production issues.
The ZT Manufacturing Business divestiture to Sanmina (closed October 2025 for $2.4 billion in cash plus Sanmina stock) saw a $243 million post-closing net working capital payment made during Q2 2026. AMD recorded a $348 million earn-out receivable (up to $450 million possible through 2028) and entered a five-year Manufacturing Services Agreement with Sanmina. In parallel, subsequent to quarter-end, AMD entered long-term data center leases with aggregate future payments of $9.5 billion over terms up to 16 years (commencing 2027–2028) and investment commitments of up to $5.0 billion expected to be made through fiscal 2028.
In February 2026, the U.S. government granted AMD export licenses to ship AMD Instinct MI325 products to certain China-based customers; any MI325 shipped under the licenses must first undergo U.S. inspection, triggering a 25% tariff upon re-importation into the U.S. The filing notes that whether any MI325 imports will actually be allowed into China remains uncertain. Gaming segment revenue fell 31% YoY to $779 million on lower semi-custom SoC revenue, while Client revenue rose 23% to $3.1 billion on a 34% increase in client processor unit shipments (led by Ryzen mobile), partially offset by a 6% ASP decline.
In May 2026, AMD replaced its $3.0 billion revolving credit facility with a new five-year $5.0 billion unsecured facility (expiring 2031) and increased its commercial paper program cap from $3.0 billion to $5.5 billion; no amounts were outstanding under either as of quarter-end. R&D expense rose 33% to $2.5 billion for the quarter, attributed to higher headcount supporting AMD's AI strategy and long-term growth opportunities, and unconditional purchase commitments totaled $30.3 billion as of June 27, 2026, of which $17.4 billion were due in the remainder of fiscal 2026.
(Filed on May 6, 2026)
+37.8%
52.8%
$5.6B
In February 2026, AMD amended its master purchase agreement with Meta, under which Meta agreed to deploy up to 6 gigawatts of AMD GPUs; the first gigawatt will be powered by a custom AMD Instinct MI450-based GPU paired with 6th Gen AMD EPYC CPUs. Concurrently, AMD issued Meta a warrant to purchase up to 160 million shares at $0.01 per share, vesting in tranches tied to Instinct GPU purchase milestones (including via authorized third parties) and specified AMD stock-price targets, exercisable through February 23, 2031. As of March 28, 2026, no warrant shares had vested. A similar warrant for up to 160 million shares was issued to OpenAI OpCo in October 2025, also with no shares vested as of the quarter end.
Data Center segment net revenue rose 57% year-over-year to $5.8 billion for the quarter, driven by strong demand for 5th-generation AMD EPYC processors and AMD Instinct MI350 Series GPUs; Data Center operating income increased to $1.6 billion from $932 million a year earlier. Total company net revenue grew 38% to $10.3 billion, and gross margin expanded to 53% from 50% on favorable product mix skewed toward Data Center.
In February 2026, the U.S. government granted AMD export licenses authorizing shipment of AMD Instinct MI325 products to certain China-based customers. The licenses require that any MI325 shipped under them first undergo an inspection process in the United States, imposing a 25% tariff upon re-importation. AMD stated it did not yet know whether any MI325 imports into China would ultimately be permitted. This followed April 2025 licensing restrictions on the MI308 that led to approximately $440 million of net inventory and related charges in fiscal 2025.
As of March 28, 2026, AMD had $4.4 billion in aggregate future payments under data-center and other real estate leases that had not yet commenced, with lease terms of 7 to 10 years, expected to begin commencing in the second quarter of fiscal 2026. Total unconditional purchase and contractual commitments stood at $25.7 billion, of which $18.3 billion was due in the remainder of fiscal 2026, relating primarily to wafer, substrate, and component purchases and multi-year cloud service provider agreements.
Client segment net revenue increased 26% year-over-year to $2.9 billion, attributed to a 25% increase in unit shipments and a 1% increase in average selling price, primarily of AMD Ryzen mobile processors. Gaming segment revenue rose 11% to $720 million on higher Radeon GPU demand, partially offset by lower semi-custom revenue. Embedded segment revenue grew 6% to $873 million as demand strengthened across several end markets.
(Filed on February 4, 2026)
+34.1%
54.3%
$5.5B
In October 2025 (Q4), AMD entered a multiyear product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, with the first gigawatt powered by AMD Instinct MI450-series products. Concurrently, AMD issued OpenAI a warrant for up to 160 million shares at a $0.01 exercise price, vesting in tranches tied to Instinct GPU purchase milestones and stock-price targets, exercisable through October 2030; no shares had met vesting conditions as of December 27, 2025.
On October 27, 2025 (Q4), AMD completed the sale of the ZT Manufacturing Business (acquired from ZT Systems in March 2025 for $4.4 billion) to Sanmina Corporation for $2.4 billion in cash (subject to adjustments) plus 1.2 million Sanmina shares. AMD retained the ZT Design Business (select IP and employees) within its Data Center segment, entered a five-year Manufacturing Services Agreement designating Sanmina as its preferred partner for complex AI infrastructure, and recorded a $332 million earn-out receivable with up to $450 million in additional contingent consideration possible through 2028.
In Q4, AMD began shipping AMD Instinct MI308 GPUs to licensed China-based customers and reversed approximately $360 million of the roughly $800 million in inventory and related charges recorded in Q2 2025 due to April 2025 U.S. export restrictions. U.S. officials expressed an expectation in August 2025 that the government would receive 15% of revenue from licensed MI308 China sales, though no regulation establishing that requirement had been published as of the filing date.
In October 2025 (Q4), the U.S. government announced a one-year suspension of enforcement of a September 2025 BIS rule that would extend Entity List restrictions to entities at least 50% owned by listed companies; AMD's THATIC joint venture with Higon has been on the Entity List since 2019. In the same period, AMD disclosed that no shares were repurchased during the three months ended December 27, 2025, with $9.4 billion remaining under its $14 billion Repurchase Program (12.4 million shares / $1.3 billion repurchased for the full fiscal year 2025).
Subsequent to December 27, 2025, AMD entered an agreement to guarantee a commercial partner's data center lease obligations in the event of default, with maximum gross exposure of $4.1 billion that will be reduced over 15 years or upon the partner's sale of the data center capacity to a third party; AMD stated the fair value of the guarantee liability is not expected to be material.
(Filed on November 5, 2025)
+35.6%
51.7%
$4.8B
Q3 FY2025 net revenue was $9.25 billion, up 36% year-over-year, with gross margin of 52% (vs. 50% prior year). Data Center revenue rose 22% to $4.34B driven by 5th-gen EPYC and Instinct MI350 GPU demand; Client revenue grew 46% to $2.75B on a 38% ASP increase and 4% unit growth for Ryzen desktop/mobile processors; Gaming revenue surged 181% to $1.30B on higher semi-custom and Radeon GPU sales; Embedded declined 8% to $857M on mixed end-market demand. Operating income was $1.27B versus $724M a year earlier.
AMD completed the sale of the ZT Manufacturing Business (acquired with ZT Systems on March 31, 2025 for $4.4B total) to Sanmina Corporation on October 27, 2025, receiving 1,151,052 shares of Sanmina common stock and $2.4 billion in cash, with eligibility for up to $450 million in additional contingent cash consideration. AMD retained the ZT Design Business within its Data Center segment; the ZT Manufacturing Business results are presented as discontinued operations, generating $71 million of net income in Q3 FY2025. On October 30, 2025, AMD settled the $300 million contingent consideration liability to former ZT Systems stockholders and warrant holders in cash and 740,961 AMD shares.
On October 5, 2025, AMD issued a warrant to OpenAI OpCo LLC to purchase up to 160 million shares of AMD common stock at a $0.01 exercise price, exercisable through October 5, 2030. Warrant shares vest in tranches based on OpenAI's GPU purchase milestones (directly or through affiliates/third parties) and achievement of specified AMD stock price targets and stock performance, subject to additional technical and commercial conditions. AMD expects to account for the warrant as a liability-classified financial instrument and to recognize its grant-date fair value as a revenue reduction as related revenue is recognized.
New U.S. export restrictions implemented in April 2025 led to approximately $800 million in inventory and related charges on AMD Instinct MI308 Data Center GPU products, recorded in Q2 FY2025 cost of sales. AMD obtained some government licenses permitting MI308 shipments to certain China-based customers but did not record any MI308 China revenue in Q3 FY2025. In August 2025, U.S. government officials expressed an expectation of receiving 15% of revenue from licensed MI308 sales to China; no regulation establishing such a requirement had been published as of the filing date, and AMD noted the potential for litigation, increased costs, and competitive disadvantage if implemented.
Effective with fiscal year 2025, AMD combined its previously separate Client and Gaming reportable segments into a single Client and Gaming segment to align with internal management structure; all prior-period segment data were retrospectively adjusted. In the risk factors, AMD noted that in September 2025 NVIDIA announced a partnership and investment in Intel targeting new data center and client platform products, which AMD stated may result in increased competition and pricing pressure.
The 2024 Restructuring Plan (approximately 4% global headcount reduction) was substantially completed in Q1 FY2025 with total charges of $186 million; in Q3 FY2025 AMD recorded no new charges and made less than $1 million in severance payments, leaving $11 million in remaining plan liabilities. In May 2025 the board approved a new $6 billion share repurchase authorization, increasing total program authority to $14 billion; AMD repurchased 0.6 million shares for $89 million in Q3, with $9.4 billion remaining available as of September 27, 2025.
