Update: AMD has reported — read the full recap →

AMD reports third-quarter 2026 results after the market close on Tuesday, November 3, a day after Apple and in the thick of this week’s mega-cap earnings stretch. See the full lineup on FactSheets’ Corporate Earnings This Week tracker.

What to Watch

Wall Street expects adjusted EPS of $1.95, more than 60% above the $1.20 AMD posted a year ago, on revenue of $13.10 billion — growth of roughly 41.6% year over year. The data center and AI GPU business remains the central story: AMD’s Helios systems are already shipping to customers, and the ramp of the MI455 accelerator is a key swing factor analysts are modeling into both the September quarter and the guide for the next one. Cloud service provider (CSP) server demand has been a consistent bright spot in recent quarters. The flip side is margin: Q4 gross margin is guided near 55.7%, down about 130 basis points year over year, as the Helios and MI455 ramp weighs on near-term profitability before an expected recovery over the following 12 to 18 months. Shares enter the print up roughly 126% year-to-date, consolidating near the $505 level after a sharp run, which raises the bar for what the market will consider a genuinely strong quarter.

Analyst Estimates and Price Targets

Wall Street’s roughly 36-analyst coverage universe carries a “Strong Buy” consensus (30 Buy, 6 Hold ratings) with an average price target of $665.86, implying about 32% upside from current levels — one of the widest bull-bear spreads of this earnings season. Morgan Stanley’s Joseph Moore kept a Hold rating but raised his target from $465 to $510 (roughly 1% upside), citing caution on AMD’s GPU business given competition from Nvidia and hyperscalers’ custom silicon, even as he models 88% server revenue growth for fiscal 2026 and 79% for fiscal 2027. BMO Capital’s Harsh Kumar, by contrast, reiterated a Buy rating at $550 (about 9% upside), modeling 2026 revenue of $51 billion and EPS of $7.68, rising to $88 billion and $15.48 in 2027, and pointing to Helios and CSP server strength as reasons for confidence. Options traders are pricing an earnings-day move of roughly 8.95% in either direction — one of the largest implied moves among this week’s reporters.

Why It Matters

AMD’s report lands a day after Apple’s fiscal Q4 results and a day before Qualcomm, in a week that also includes Pfizer, Amgen, McDonald’s, CVS Health, Uber and ConocoPhillips — see FactSheets’ Earnings coverage and the Corporate Earnings This Week tracker for the full calendar. As one of the Street’s most direct proxies for AI-chip demand outside of Nvidia, AMD’s data-center trajectory is a read-through for the broader AI capital-spending cycle that’s been powering names like Broadcom; a confident Helios/MI455 ramp would support that narrative, while any sign of CSP demand softening could reignite questions about whether AI infrastructure spending is outrunning near-term returns.

For more, see the NVDA Stock Fact Sheet, FactSheets’ Nvidia coverage, and the Stock Fact Sheets hub.

This article is for informational purposes only and does not constitute investment advice. Analyst estimates and price targets are subject to change; consult a financial advisor before making investment decisions.

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