cutoff 3 November 2026, 04:20 ET
The forecast for AMD: the next two quarters line by line, three years of sales and EPS, a low and a high case. Next report: Q3 2026 on 3 November after the close.
Sales and earnings outlook
Next quarter · Q3 2026
Sales$13.2B+43% on Q3 2025
Adjusted EPS$1.98+65% on Q3 2025
Investment and cash generation
Base case
Capital spending$850M
Free cash flow$2.25B
Free cash flow: operating cash flow less capital spending.
Cash capital spending of $850,000,000.00 in the analysts' middle mainly buys equipment AMD consigns to suppliers to make server processors, chiefly Venice; it adds capacity for 2027 more than this quarter. Free cash flow here is operating cash flow less capital spending, the same basis AMD uses. Operating cash flow of $3.1B leaves free cash flow of $2.2B, held down by inventory, receivables and supplier prepayments for the fourth-quarter rack ramp.3 of 7
- Analyst EThe primary increase of our CapEx is to build the capacity to support the server CPU ramp, especially Venice.
- Analyst FFourth-quarter non-GAAP gross margin set at 55 percent, below the third quarter's 56.2; capex rises to about 1 billion a quarter for consignment equipment.
- Analyst GMy assumed inventory and supply-prepayment build is large and uncertain; it is not a disclosed cash target.
The rest of this page is for subscribers
- Three years of sales and earnings per share, each with its low and high case, the seven analysts' own numbers and the story
- The forecast after the call, the same day
- One API and MCP key, for your own tools