Key Takeaways:
- AMD will report Q2 2026 earnings on Aug. 4, the company confirmed Wednesday.
- Q2 revenue guided at $11.2 billion, up 46% year over year.
- The report will be the first to include 2nm EPYC Venice CPU contributions.
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AMD sets Aug. 4 for Q2 earnings as AI CPU demand surges
AMD will report second-quarter earnings on Aug. 4, the chipmaker said Wednesday, as AI-driven CPU demand accelerates.
"Customer engagement around MI450 Series and Helios is strengthening, with leading customer forecasts exceeding our initial expectations," AMD Chair and CEO Dr. Lisa Su said in the company's first-quarter earnings release.
The Santa Clara, California-based company guided for Q2 revenue of approximately $11.2 billion, up roughly 46% year over year, with a non-GAAP gross margin of about 56%. In Q1, AMD posted revenue of $10.3 billion, up 38% year over year, and data center segment revenue of $5.8 billion, up 57%. Non-GAAP EPS came in at $1.37, with record quarterly free cash flow. The company raised its total addressable market estimate for server CPUs to $120 billion by 2030.
AMD shares closed at $552.05 on July 6, up 157.77% year to date, giving the company a market capitalization of roughly $900 billion. Goldman Sachs analyst James Schneider raised the firm's price target on AMD to $640 from $450 on July 5, maintaining a Buy rating and citing surging demand for high-performance CPUs driven by agentic AI workloads. The $640 target implies roughly 16% upside from the July 6 close and ranks among the highest on Wall Street, behind only Cantor Fitzgerald's $700 target. Schneider ranks 289th out of 12,355 analysts on TipRanks with a 64% success rate.
The Aug. 4 report will be the first to include meaningful contributions from the 2nm EPYC Venice CPU, which began production ramp in late May. AMD has said more customers are validating Venice than any prior EPYC generation. Meta, AWS, Google Cloud, Microsoft Azure, and Tencent have all expanded EPYC-powered cloud instances, while AMD and TCS are co-developing Helios-based rack-scale AI infrastructure for enterprise and sovereign AI in India. The follow-on Verano platform targets 2027, focusing on AI performance per dollar per watt.
The broader semiconductor industry enters earnings season with strong momentum. FactSet data shows the Semiconductors & Semiconductor Equipment industry is projected to deliver 131% year-over-year earnings growth in Q2, the biggest driver of the Information Technology sector's expected 63.3% earnings growth. The sector also has one of the highest numbers of companies issuing positive EPS guidance ahead of earnings.
The Q2 print will test whether AMD's CPU-driven growth story can sustain its valuation after a 158% year-to-date rally. Investors will watch for updated data center segment margins and EPYC Venice revenue contributions on the Aug. 4 call.
This article is for informational purposes only and does not constitute investment advice.
