AMD Q1 2026 Earnings

Call Details

• Call Title: Advanced Micro Devices Q1 2026 Earnings Call
• Date: May 5, 2026 at 9:00 PM UTC
• Management Team:
  • Lisa Su (Chair and Chief Executive Officer)
  • Jean Hu (Executive Vice President, Chief Financial Officer, and Treasurer)

Call Summary

Financial Performance

• First quarter revenue was $10.3B, up 38% year-over-year and flat sequentially.
• Data center revenue was a record $5.8B, up 57% year-over-year and up 7% sequentially.
• Non-GAAP gross margin was 55%, up 170 basis points year-over-year.
• Operating expenses were $3.1B, up 42% year-over-year, driven by increased R&D and go-to-market investments.
• Operating income was $2.5B, representing a 25% operating margin on a non-GAAP basis.
• Diluted earnings per share was $1.37, up 43% year-over-year on a non-GAAP basis.
• Cash from operations was $3.0B and free cash flow was a record $2.6B, representing 25% of revenue.
• Cash, cash equivalents, and short-term investments totaled $12.3B and inventory was roughly flat at $8.0B.

Guidance

• Second quarter revenue is expected to be approximately $11.2B, plus or minus $300M, with the midpoint up 46% year-over-year.
• Second quarter non-GAAP gross margin is expected to be approximately 56%.
• Second quarter non-GAAP operating expenses are expected to be approximately $3.3B.
• Second quarter non-GAAP other income (expense) is expected to be approximately $60M, and the non-GAAP effective tax rate is expected to be 13%.
• Diluted share count for the second quarter is expected to be approximately 1.66B shares.
• Server CPU revenue is expected to grow by more than 70% year-over-year in the second quarter, and data center AI is expected to deliver double-digit sequential growth in Q2.