Four times a year, a large company tells the market how the last three months went, and within minutes the headlines split. One says the company beat, another says the stock is falling, and a third quotes a profit figure that matches neither of the others. For someone new to company results, it can look as if everyone read a different report.
In a sense they did. A quarterly report is several documents released over an evening, and each carries different numbers for different readers. The headline profit figure is often the least useful of them, because the market has usually priced in the quarter that just ended and cares more about the one ahead.
What a reader needs is an order: which document to open first, which few lines to read in it, and how to connect the profit figure in the headline to the one in the official filing. With that order, a results evening becomes a short checklist.
Advanced Micro Devices, the chip designer, is a good company to learn it on. Its most recent report, for the quarter ended June 27, 2026, shows every part of the checklist at work, including a stock that fell the day after record results.
How do you read an AMD earnings report?
Start with the results release, and read four lines in this order: Data Center revenue, adjusted (non-GAAP) gross margin, the outlook for next quarter and adjusted (non-GAAP) earnings per share. Then compare each with the quarter before and with what management said to expect. The stock can move more on the outlook than on the quarter itself.
Those four lines matter most because the value of AMD stock now rests on its data-center business, and the outlook holds the only revenue and margin figures AMD's results release gives for a coming quarter. Revenue and profit for the whole company still matter, but they follow from the four. GAAP stands for generally accepted accounting principles, the official US accounting rules, and a non-GAAP figure is the company's own adjusted version, which leaves out certain costs and gains that management says do not reflect how the business runs.
AMD line to read | AMD figure, quarter ended June 27, 2026 | Why the market reads it |
|---|---|---|
AMD Data Center revenue | $6.7 billion, up 107% from a year earlier (source: AMD second-quarter 2026 results, August 4, 2026) | the segment that sells server processors and AI accelerators, where most of AMD's growth comes from |
AMD non-GAAP gross margin | 56% (source: AMD second-quarter 2026 results) | the share of each sales dollar AMD keeps after making the product, a sign of pricing power |
AMD outlook for the next quarter | revenue of about $13 billion, plus or minus $300 million, and non-GAAP gross margin of about 56% (source: AMD second-quarter 2026 results) | AMD's own range for the quarter already under way |
AMD non-GAAP earnings per share | $1.66, against $1.38 on a GAAP basis | the profit figure analysts compare, once some costs are set aside |
AMD's release gives each of those figures, along with the full reconciliation from GAAP to non-GAAP results (source: AMD second-quarter 2026 results). Set the quarter beside the outlook AMD gave three months earlier. In May, AMD reported first-quarter Data Center revenue of $5.8 billion. It guided the second quarter to about $11.2 billion of revenue, plus or minus $300 million, with a non-GAAP gross margin of about 56% (source: AMD first-quarter 2026 results, May 5, 2026). In August it reported $11.54 billion, just above the top of that range, a 56% margin in line with that outlook, and Data Center revenue of $6.7 billion (source: AMD second-quarter 2026 results).
On a results evening, the routine fits into seven steps:
Open the results release, which AMD links from the quarter's event page on its investor relations calendar, when it appears shortly after the 4:00 p.m. New York close.
Read Data Center revenue, and compare it with the prior quarter and the same quarter a year earlier.
Read non-GAAP gross margin, and compare it with the margin AMD had guided to.
Read the outlook for the next quarter, and set it beside the quarter just reported.
Check non-GAAP earnings per share against GAAP, using the GAAP to non-GAAP reconciliation that follows the outlook in the release.
Open the slides to see the quarter's results beside the same quarter a year earlier and the quarter before, then listen to the call, or read AMD's transcript later, for what management says about the year ahead.
When a line in the release needs explaining, such as a large one-off gain, look it up in the 10-Q, the full quarterly report.
AMD's earnings release, slides, call and 10-Q
AMD publishes each quarter's results as four pieces: a results release, slides, the earnings call and a full report, the Form 10-Q, or the 10-K for the fourth quarter. The release and slides arrive together, the call follows within the hour, and the full report reaches the Securities and Exchange Commission (SEC), the US markets regulator, the same evening.
AMD earnings document | Where to find it | What to read in it |
|---|---|---|
AMD results release | AMD's investor relations site, and Exhibit 99.1 to a Form 8-K | the four lines, segment revenue, the outlook and the GAAP to non-GAAP tables |
AMD slide presentation | AMD's investor relations site, and Exhibit 99.2 to the same 8-K | the quarter's figures in charts beside the same quarter a year earlier, and tables that add the quarter before |
AMD earnings call | a live audio broadcast on AMD's investor relations site, with the replay and AMD's transcript later posted on the quarter's event page | management's explanation and the analysts' questions |
AMD Form 10-Q | the SEC's filing system | the full statements, the notes behind them and updated risk factors |
The results release is the document to open first, because it carries every figure the market reacts to that evening. The same release is also furnished to the SEC as an exhibit to a Form 8-K, a short report companies use to announce major events. For the second quarter of 2026, the 8-K attached the release as Exhibit 99.1 and a presentation of the quarter as Exhibit 99.2, and it said non-GAAP measures would be used on the call (source: AMD Form 8-K, August 4, 2026).
The slides are worth opening second, because they chart each headline figure beside the same quarter a year earlier, so the year's change is visible at a glance. The call then adds what no document carries: management explaining the quarter in its own words, and analysts asking about whatever the release left unclear.
The Form 10-Q is the full quarterly report. It holds the complete financial statements, the notes behind them and the updated list of risks, and it is where to go when a release figure needs explaining. For the second quarter of 2026, the 10-Q is where AMD explained a large investment gain that the release lists only as a single line.
AMD earnings date, time and the call
AMD reports after the US stock market closes, so the whole evening happens while regular trading is shut. For the second quarter of 2026, the release went out at 4:15 p.m. New York time on Tuesday, August 4, and the call began at 5:00 p.m. New York time (source: AMD second-quarter 2026 results).
AMD results evening, August 4, 2026 | Time (New York) | What happened |
|---|---|---|
US market close | 4:00 p.m. | AMD's last regular-session price before results |
AMD results release | 4:15 p.m. | headline figures, segments, outlook and reconciliation published on AMD's investor site |
AMD Form 8-K accepted by the SEC | 4:16 p.m. | the release and the slide presentation furnished as exhibits |
AMD earnings call | 5:00 p.m. | opening by investor relations, then remarks by the chief executive and the chief financial officer, then analysts' questions |
AMD Form 10-Q accepted by the SEC | 5:40 p.m. | the full quarterly report, dated August 5 as its official filing date |
next US market open | 9:30 a.m. on August 5 | the first regular session to trade on the results |
The call has a set running order. On the August 4 call, the head of investor relations opened by pointing listeners to the release and the slides. Chief executive Lisa Su then spoke about the business, chief financial officer Jean Hu went through the numbers and the outlook, and the operator then opened the line to analysts (source: AMD Q2 2026 earnings call transcript). The analysts' questions are often the most useful part, because they go straight to what the market is unsure about.
The SEC's filing system shows the 8-K accepted at 4:16 p.m. on August 4 (source: SEC filing index, AMD Form 8-K). It shows AMD's second-quarter 10-Q accepted at 5:40 p.m. the same day, with an official filing date of August 5 (source: SEC filing index, AMD Form 10-Q). Under the SEC's rules, most filings, a 10-Q among them, count as filed on the next business day when their submission begins after 5:30 p.m. Eastern time (source: 17 CFR 232.13). So in August 2026 the full report was available the same evening, before the next day's trading began.
AMD GAAP and non-GAAP earnings per share
AMD's second-quarter 2026 earnings per share were $1.38 under GAAP and $1.66 on AMD's non-GAAP basis. The gap comes from a short list of items that AMD adds back or takes out, and the release shows every one. Reading that list tells you which profit figure a headline is quoting, and why the two can differ by 28 cents.
AMD adjustment, quarter ended June 27, 2026 | Amount | Effect per share |
|---|---|---|
AMD GAAP net income | $2,297 million | $1.38 |
add back AMD stock-based compensation | $503 million | +$0.30 |
add back amortization of AMD's acquisition-related intangibles | $544 million | +$0.33 |
add back AMD acquisition-related and other costs | $41 million | +$0.02 |
add back AMD's loss contingency on legal matters | $17 million | +$0.01 |
take out AMD's net gains on long-term investments | $483 million | −$0.29 |
take out AMD's equity income in investee | $6 million | less than $0.01 |
adjust AMD's income tax provision to its non-GAAP tax rate | $161 million | −$0.10 |
add back AMD's loss from discontinued operations | $8 million | +$0.01 |
AMD non-GAAP net income | $2,760 million | $1.66 |
Most of the adjustments add costs back. Stock-based compensation is pay given in shares, which is a real cost but uses no cash. Amortization of acquisition-related intangibles is the cost of intangible assets AMD bought with past acquisitions, spread over several years. Both lower GAAP profit, and in the second quarter of 2026 they were the two largest adjustments.
The second quarter of 2026 also had an adjustment running the other way. AMD held stakes in companies that became publicly traded during the quarter, and once the stakes had market prices they were revalued. AMD's 10-Q says those unrealized gains were the main reason other income rose to $598 million in the quarter, from $98 million a year earlier (source: AMD Form 10-Q, Q2 2026). The gains raised GAAP profit without coming from selling chips, so the non-GAAP figure takes out the release's $483 million of net gains on long-term investments.
It also explains a result that surprises new readers. AMD's GAAP net income of $2.3 billion was higher than its operating income of $2.0 billion, which is unusual, because net income normally comes after interest and tax are taken off. In this quarter, that $598 million of other income sat between the two. Operating income is the better guide to how the chip business itself did, which matters when you turn to valuing AMD stock.
AMD's guidance and the August 2026 reaction
Guidance, or the outlook, is the range AMD gives for next quarter's revenue and margin. AMD gives it for one quarter at a time, which makes it the nearest view of where the business is heading. That is why a strong quarter with a disappointing outlook can send the stock down.
The August 2026 report shows how it works. For the third quarter, AMD guided to revenue of about $13 billion, plus or minus $300 million. At the middle of the range, AMD said, that would be about 41% more than a year earlier and about 13% more than the second quarter (source: AMD second-quarter 2026 results). By any ordinary measure, that is fast growth.
Say you had watched AMD that week. The stock rose 7.00% on August 4 to close at $518.58 before the release came out, then fell 7.04% on August 5 to $482.05, the first full session after the results (source: Stock Analysis, AMD price history). Yahoo Finance reported that AMD beat expectations, and quoted Futurum strategist Shay Boloor saying the stock had been priced for something much closer to a blowout. It pointed to a third-quarter outlook short of the highest analyst forecasts, which had reached up to $14 billion, and to quarterly capital spending that jumped to $808 million (source: Yahoo Finance, August 5, 2026). The lesson is that the price already held the market's hopes, so the outlook was judged against those hopes, and 41% growth still fell short of them.
So when you read an outlook, compare it with three things: the quarter just reported, the same quarter a year earlier, and how the stock moved into the release. A 7% rise on the day of results, before any numbers are out, is a sign that expectations were already high. The same outlook can then read as good news for the business and bad news for the stock, one of the forces that move AMD's price that has little to do with how the quarter went.
AMD's long-term targets as a yardstick
Between reports, AMD's long-term targets are the yardsticks each quarter is measured against. AMD set them at its Financial Analyst Day in November 2025: revenue growth above 35% a year and non-GAAP earnings per share above $20, over the next three to five years (source: AMD, November 11, 2025).
On the August 4 call, Lisa Su said AMD now expects to beat both within the same timeframe, with revenue growing substantially faster than the 35% target and earnings per share significantly above $20 (source: AMD Q2 2026 earnings call transcript). The $20 is a non-GAAP figure, so compare it with non-GAAP earnings per share, never with the GAAP line. AMD's non-GAAP earnings per share were $1.66 in the second quarter of 2026, about $6.64 a year at that pace, so each report shows how much of the distance to $20 has been covered.
A second yardstick came on the same call: Su said AMD now expects data center segment revenue to more than double in 2027 (source: AMD Q2 2026 earnings call transcript). Chief financial officer Jean Hu repeated the doubling expectation at Citi's technology conference on September 8, 2026 (source: Stock Analysis, AMD Citi conference transcript). Say you want to hold the reports against that goal. It is a full-year comparison: Data Center revenue for all of 2027 would need to be more than twice the 2026 total. Through the first half of 2026 the segment had brought in $12.5 billion (source: AMD Form 10-Q, Q2 2026). Each report shows how the 2026 base is building and, from 2027, how the new year is running against it. Holding each new quarter against that test is more useful than any single headline, because it asks whether the company is keeping its own promise. The AI and data-center story behind those targets is also the core of the bull case for AMD stock, so a quarter that falls behind them weakens that case directly.
AMD results and the BloFin perpetual
AMD reports after the close, outside the stock's regular session. BloFin lists the AMDUSDT Perpetual, which tracks AMD's share price and settles in USDT. Outside regular US hours it may limit stock futures to reduce-only orders, which close or shrink a position but cannot open or add to one (source: BloFin stock futures notice, April 21, 2026).
That has a practical effect on a results evening, because BloFin's regular hours for the AMD perpetual follow the US stock market's. In daylight saving time, BloFin's regular hours for stock futures end at 20:00 UTC (Coordinated Universal Time), which is 4:00 p.m. in New York, so AMD's 4:15 p.m. release lands after them. Because new positions may not be accepted after the close, a position meant to be held through the results is normally opened before it. Closing orders are still accepted under reduce-only, but a position held into the next session can open well away from the last price. The gap risk on the AMD perpetual is the main thing to size for.
AMDUSDT allows up to 20x leverage as of September 28, 2026. Say you hold a long position worth 1,000 USDT at 5x leverage through the August 2026 report, with 200 USDT of margin behind it. A 7% fall, the size of AMD's move on August 5, would cost about 70 USDT, or 35% of that margin, before fees and funding. At 15x, with about 67 USDT of margin, the same fall would take about 70 USDT, more than the whole margin, and the position would be liquidated before the move finished. Results evenings are when leverage matters most, and trading AMD around earnings is a procedure worth having before the date arrives.
Looking to trade the AMDUSDT Perpetual around AMD's next results? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the AMDUSDT Perpetual trading page.
Frequently asked questions
What time does AMD report earnings?
AMD reports after the US market closes. In 2026 all three of its reports followed that pattern. AMD announced its fourth-quarter 2025 report for Tuesday, February 3, 2026, after the market close, with a 5:00 p.m. Eastern call (source: AMD, January 6, 2026). Its calendar lists the first-quarter call on May 5 at 5:00 p.m. Eastern time and the second-quarter call on August 4 at 2:00 p.m. Pacific time, which is also 5:00 p.m. in New York (source: AMD investor relations calendar).
When is AMD's next earnings date?
AMD posts each report date on its investor relations calendar. On September 28, 2026, that calendar listed no upcoming events, so the date for the third-quarter 2026 report had not yet been published, although the quarter itself ended on Saturday, September 26. AMD's 2026 reports came on February 3, May 5 and August 4, each a Tuesday after the close, so a report in early November would fit that pattern. Check the calendar before planning around a date, because only AMD's own announcement fixes it.
Where can I read AMD's earnings call transcript?
AMD posts a written transcript of each earnings call on that quarter's event page on its investor relations calendar, beside the webcast replay, the slides, the financial tables and the 10-Q (source: AMD, second-quarter 2026 results event page). Outside publishers carry transcripts too: The Motley Fool published its transcript of the August 4, 2026 call on August 11, and Stock Analysis carries transcripts of AMD's conference appearances, such as its September 8, 2026 session at Citi. A transcript is the quickest way to find exactly what management said about a number.
How much did AMD's revenue grow last quarter?
AMD's revenue for the quarter ended June 27, 2026 was $11.5 billion, a 50% increase on the same quarter a year earlier, according to its results release. Most of that growth came from the Data Center segment, whose revenue more than doubled. The Embedded segment, which sells chips built into other companies' equipment, grew more slowly, with revenue of $977 million, up 19% (source: AMD second-quarter 2026 results).
How did AMD's Client and Gaming business do?
In the second quarter of 2026, AMD's Client business, which sells Ryzen processors for PCs, brought in $3.1 billion of revenue, up 23% from a year earlier. Gaming revenue was $779 million, down 31%, which AMD put down to lower semi-custom revenue, the chips it designs for game consoles (source: AMD second-quarter 2026 results). The two are reported together as the Client and Gaming segment, one of AMD's three business segments, so read them separately in the release to see which way each is moving.
Why does AMD stock move after hours on earnings?
AMD releases its results at about 4:15 p.m. New York time, after the regular session ends at 4:00 p.m. The first trades on the news therefore happen in after-hours trading, where fewer buyers and sellers are active and prices can swing further than in the regular session (source: Investor.gov, extended-hours trading bulletin). The regular session the next morning is where most investors react, so the after-hours price is only a first reading of the results.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include AMD's second-quarter 2026 results release of August 4, 2026, its Form 8-K of the same date and the SEC filing index for it, its Form 10-Q for the quarter ended June 27, 2026 and the SEC filing index for it, AMD's second-quarter 2026 results event page and the transcript of its earnings call. They also include AMD's first-quarter 2026 results release of May 5, 2026, its January 6, 2026 announcement of the fourth-quarter 2025 report date, AMD's Financial Analyst Day release of November 11, 2025, and AMD's investor relations calendar read on September 28, 2026. Other sources are the SEC's filing-date rule at 17 CFR 232.13, the Stock Analysis price record and its transcript of AMD's appearance at Citi's Global TMT Conference of September 8, 2026, Yahoo Finance reporting of August 5, 2026, Investor.gov's bulletin on extended-hours trading, and BloFin's own stock futures trading notice of April 21, 2026, current as of September 28, 2026.
Nothing in this article constitutes financial advice, and nothing in it is a recommendation to buy, sell or hold AMD in any form. AMD's results and guidance can land far from what the market expects, and the share price can gap on the first session after a report. A leveraged AMDUSDT Perpetual position held through a report can be liquidated if the results push the price the wrong way, and outside regular hours BloFin may accept only orders that reduce or close a position. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.