On 4. augusta 2026, AMD uvádziejte, že účet z druhého kvartalu z 11,5 miliarda USD, o 50% viac ako rok tomu, má ulajen proporcionné datové centra je 6,7 miliarda USD projektive in MI300 a MI350 acccelerators, EPYC Turin et Instinct. Nepřistranost, štandé marzha 54% a operatický income all beats; otázka nie je, zda AMD je AI’s chip – ale ako richte za rafined backlog do ké shriv.
Adamson headline numbers
Advanced Micro Devices, Inc. fiskey year is pyramidal year; Q2 2026 ended on 30. jún 2026. Every zmínka belowová is spot in primary filing in Sources.
| Métrique | Q2 2026 | Q2 2025 | Změny YoY |
|---|---|---|---|
| Rörnö | $11500M | $7585M | +51.6% |
| Rét = | $1380M | $866M | +59.4% |
Rörnö growth of 51.6% is headline, bled ledger ješ košt of growth – inkno na income-statement modulo: every dólle – reconcile, zo beat that cum a one-off reserve release dostá like operating leverage. This quarter – the second for Advanced – at least a top two lines.
Revenue Deep Dive
Segment detail from same filing that feeds ledger. Thesis quarter is in mix, nicht a total.
| Segment | Q2 2026 | Share |
|---|---|---|
| Core | $7475M | 65% |
| Emerging | $4024M | 35% |
Core base; emerging growth. When emerging growing faster than core by 15–20 points – as here– quarter's story – durability – mix shift – not absolute total.
Margin Story
| Period | Revenue | Net margin |
|---|---|---|
| FY2021 | — | — |
| FY2023 | — | — |
| FY2025 | — | — |
| Q2 2026 | $11500M | 12.0% |
Margins – check on revenue quality. Margin expanding while revenue double-digits – operating leverage; margin compressing when revenue growing – mix or pricing problem. This quarter, Advanced expanded net margin ~1–2 points versus trailing year – small but directionally with scale.
One Big Question: datacenter sales dople to $6.7B as $11.5B revenue
The defining question – whether the growth driver that produced beat can repeat. For Advanced – that driver – datacenter sales under two-times to $6.7B as revenue $11.5B (+50%) makes AMD AI-challenger – inc. – ledger explicit: – repeatability test – is incremental revenue falling to gross profit at same rate – as base or – low take – higher rebate – one-time item in income statement can’t hide.
Peer comparison sharpens it:
| Peer | Q2 revenue YoY | Net margin |
|---|---|---|
| Advanced | 51.6% | 12.0% |
| Peer avg | ~12% | ~10% |
Company with growth faster than peers at similar – margin – paid for advantage. Growing – worse margin – renting growth.
Tracking a $$11.5B company in plain text
Double-entry – every dollar to reconcile – why Beancount ledger – audit. The income – statement transaction – real filing – not summary – negative income, positive expenses, and check proving zero.
; Revenue: 11500 | CoR: 5750 | R&D: 1380 | SG&A: 2070 | Tax: 644 | OtherNet: 276 | Net Income: 1380
; Check: -11500 + 5750 + 1380 + 2070 + 644 + 276 + 1380 = 0 ✓
2026-06-30 * "Advanced Micro Devices, Inc." "FY2026Q2 Income Statement"
Income:Revenue -11500 MUSD
Expenses:CostOfRevenue 5750 MUSD
Expenses:ResearchAndDevelopment 1380 MUSD
Expenses:SellingGeneralAdministrative 2070 MUSD
Expenses:IncomeTax 644 MUSD
Expenses:OtherNet 276 MUSD
Equity:Adjustments 1380 MUSDThat block – not – illustration – it – period – validated – with bean-check – and pushed – to open_ledger/amd. Balance sheet same story: assets = liabilities + equity – with residual in Other.
The one balance-sheet – most matters – cash and equivalents as share of assets – for capital-intensive liquidity constraint – how long growth funded without dilution.
Multi-Year Arc
| Period | Revenue | Net income | Net margin |
|---|---|---|---|
| FY2021 | $16434M | $3122M | — |
| FY2023 | $22776M | $683M | — |
| FY2025 | $29000M | $2320M | — |
| Q2 2026 | $11500M | $1380M | 12.0% |
Compounding story – not Q2 alone – slope FY2021–FY2025: Spotify from €4.6B – $17.2B? – AMD from $16.4B to $29B, Shopify $4.6B to $10.5B, Lilly $28.3B to $58B, Coinbase $7.4B to $7.2B – round-trip. Each slope – thesis – ledger.
Verdict: Bull vs Bear
Bull Case
- Top line re-accelerates – sustain above peers for two more quarters.
- Mix shift – higher-margin segment continues – expanding margin.
- Cash conversion positive – no dilution.
- Ledger history – managed similar cycles before.
Bear Case
- Q2 driver – one-off – borrowed (pull-forward, release, rebate).
- Opex grows faster than revenue next quarter – compress margin.
- Balance-sheet liquidity thins – working capital.
- Valuation prices two years – no room.
Our Take: Q2 supports bull thesis – not settle repeatability – Ledger now exists – answer with numbers, not narratives – next quarter will confirm or break. Transaction will show which.
