Analysis
AMD reports $13.4 billion for the third quarter, data center up 97%, and guides to about $17 billion for the fourth, above Intel's own forecast
AMD posts $13.4 billion, up 45%, with data center up 97%, and guides to about $17 billion for Q4. Intel's own forecast is $15 to $16 billion.
AMD published its results for the third quarter, which ended September 26, 2026. Revenue reached $13.4 billion, up 45% over a year, and the company guides to about $17 billion for the fourth quarter, above the $15 to $16 billion Intel forecast on October 29. That comparison sets two forecasts side by side, not two results: in the third quarter, Intel, at $16.5 billion, was still larger. We read the releases and the call transcript through automatic summaries. This is not investment advice.
The essentials
- The results: revenue of $13.4 billion (+45%), data center at $8.5 billion (+97%), about 64% of the total, diluted earnings per share of $1.46 (GAAP) and $2.09 (non-GAAP).
- The forecast: about $17 billion for the fourth quarter, plus or minus 3%, and a non-GAAP gross margin of about 55%.
- Against Intel: forecasts only. Intel guides to $15.0 to $16.0 billion; its third-quarter revenue of $16.5 billion was above AMD's.
- Not established: the real fourth-quarter results of both companies, and so whether AMD will pass Intel.
What does AMD say for the third quarter?
Revenue was $13,377 million, up 16% from $11,536 million in the second quarter. Gross margin was 54% (GAAP) and 56% (non-GAAP). Operating income reached $2.8 billion GAAP (+123%) and $3.9 billion non-GAAP (+75%); net income, $2.4 billion GAAP (+95%) and $3.5 billion non-GAAP (+77%). According to Investing.com, the GAAP earnings per share include a non-cash charge of about $1.1 billion tied to warrants. The same outlet puts analyst expectations at about $13.06 billion in revenue and $1.94 in non-GAAP earnings per share, without naming the consensus. Lisa Su said revenue was above the top of the company's guidance range, as paraphrased in our summary.
Data Center brought in $8,546 million (+97%), about 27% more than in the second quarter (Origo calculation from $6,718 million) and about 64% of revenue (Investing.com). Client and Gaming brought in $3,722 million (−8%): Client $2.9 billion (+7%), Gaming $773 million (−40%). Embedded brought in $1,109 million (+29%).
Source: AMD release.
The release cites demand for EPYC processors and the launch of Instinct MI450 GPUs. It says Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure run models and workloads on AMD's first Helios rack-scale systems (MI450 with 6th-generation EPYC). According to Investing.com, MI455X/MI450 and Helios systems began shipping in volume, demand exceeds supply, inventories rose to $11.5 billion, and management expects the PC market to fall by double digits in 2027.
What does AMD forecast for the fourth quarter?
The release guides to revenue of about $17 billion, plus or minus 3% (about $16.5 to $17.5 billion, Origo calculation), and a non-GAAP gross margin of about 55%. According to the Investing.com transcript, Data Center should grow about 50% over the quarter, Client and Gaming fall by more than 20%, and Embedded grow by double digits. Management expects data center AI revenue to exceed server CPU revenue in dollars in the fourth quarter. For 2027, it says revenue growth above 80% and data center above 80% of the total: management statements, not verified. Analysts expected about $16.3 billion for the fourth quarter (Investing.com, relayed; primary source not read).
Does AMD pass Intel?
Not in the results. Intel reported $16,513 million for the third quarter (+21%), against $13.4 billion for AMD. For the fourth quarter, Intel forecasts $15.0 to $16.0 billion and a non-GAAP gross margin of 38.0%. AMD's range, about $16.5 to $17.5 billion, sits entirely above Intel's, so AMD would be larger if both land inside their ranges.
Yahoo Finance writes that AMD is on track to outsell Intel for the first time, provided both meet their forecasts, and attributes the projections to the companies. We did not check the word "first" against both companies' full history. Revenue is also not like for like: Intel has a foundry business. The fourth-quarter results will only come after the year ends.
Source: AMD and Intel releases.
What is not established?
The real fourth-quarter results of both companies, and whether AMD will pass Intel, which depends on forecasts. Whether "first" holds over the full history. Whether the 2027 outlook comes true. The weight of supply limits, memory and yields; Apple also flagged memory costs. The split between Instinct GPUs and EPYC inside data center. Like-for-like revenue between the two companies.
Comparison table
| Point | What the sources say | Source |
|---|---|---|
| Q3 revenue | $13.4 billion, +45%, +16% over the quarter | AMD release |
| Data Center | $8.5 billion, +97%, about 64% of revenue | AMD release; Investing.com |
| Client and Gaming | $3.7 billion, −8% | AMD release |
| Earnings per share | $1.46 GAAP, $2.09 non-GAAP | AMD release |
| Q4 forecast, AMD | About $17 billion, ±3%, margin about 55% | AMD release |
| Q3 revenue, Intel | $16.5 billion, +21% | Intel release |
| Q4 forecast, Intel | $15.0 to $16.0 billion | Intel release |
| Stock | About +7% after the close, a move that can vary | Investing.com |
Frequently asked questions
Has AMD passed Intel?
No. In the third quarter Intel was larger. Only the fourth-quarter forecasts put AMD ahead, and they are not results.
Where does the growth come from?
From data center, up 97%, which AMD ties to EPYC demand and the MI450 launch. Client and Gaming fell 8%.
Did the stock really gain 7%?
About 7% after the close, according to Investing.com, a move that can vary; another outlet we read reported about 3% overnight. Neither is a closing price.
Method and limits
We read AMD's release, Intel's release of October 29, 2026, the Investing.com transcript and Yahoo Finance through automatic summaries, not in full; the transcript was cut, and its last 6,000 characters went unread. A U.S. News and Reuters piece was not read, and other outlets seen in search are not cited. The analyst consensus comes from relays, and the management outlook for the fourth quarter and 2027 is unverified. We tested nothing. This is not investment advice.
Sources
- AMD, third quarter 2026 earnings release, read via an automatic summary
- Intel, third quarter 2026 financial results (October 29, 2026), read via an automatic summary
- Investing.com, AMD earnings call transcript, read via an automatic summary, truncated
- Yahoo Finance, AMD's AI boom puts it on track to outsell Intel for the first time, read via an automatic summary
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