# AMD Full forecast · Q3 2026

> 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.

Canonical: https://pricedin.markets/amd/fq3-2026/forecast/

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.

[Quarter forecast →](https://pricedin.markets/amd/fq3-2026/preview/)

AMD · as of 2026-11-03 04:20:15 ET · 7 AI analysts · 80% ranges, 1 in 10 to 9 in 10

## 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 E** The primary increase of our CapEx is to build the capacity to support the server CPU ramp, especially Venice.
  - **Analyst F** Fourth-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 G** My 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

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