Rich Duprey
4 min read
Quick Read
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AMD’s Data Center revenue more than doubled to $6.72 billion last quarter, while Wall Street expects 41% revenue growth and 61% EPS growth in Q3.
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Jean Hu said data center AI margins run slightly below the corporate average during the Helios ramp, and holding near 56% would ease pricing concerns against NVIDIA.
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AMD beat Q4 2025 EPS estimates by 16% but shares still fell 17%, making Helios volumes and Q4 guidance the real valuation test.
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AMD (NASDAQ:AMD) reports third-quarter results on Tuesday, Nov. 3, after the bell. The stock is up 165.22% this year, and its market cap stands near $926.5 billion. This report will show whether the AI story can hold a $1 trillion valuation.
Record Results Raised the Bar for Q3
Last quarter, revenue rose 50.1% to $11.54 billion, beating the $11.31 billion consensus. Non-GAAP EPS of $1.66 exceeded the $1.61 estimate. Data Center revenue more than doubled to $6.72 billion, or 58% of sales.
Management guided Q3 revenue to about $13 billion, plus or minus $300 million, with non-GAAP gross margin near 56%. CEO Lisa Su said on the August call that AMD starts the second half “with strong momentum as EPYC demand accelerates, Instinct deployments scale and Helios begins to ramp.”
The stock has cooled since then. Shares fell 9.93% over the past month, then rebounded 6.22% this week.
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Wall Street Expects 41% Revenue Growth
Helios Shipments and EPYC Supply Will Set the Tone
Helios is my first stop. Initial shipments were set to begin in the third quarter of 2026, ramping through Q4 and into 2027. Su said customer pull was “very strong and tracking ahead of our initial forecast.” I want to hear about customers beyond OpenAI, Meta and Anthropic, since management expects that list to grow through Q4 and early 2027.
