AMD Posts Its Biggest Quarter Ever as Data Center Revenue Jumps 97%

AMD just posted the biggest quarter in its history, guided the next one to about $17 billion, and told the Street to expect revenue growth above 80% next year. That is the print this whole sheet hangs on. Uber and McDonald's reported this morning too — one guided soft, one got paid for an earnings beat its sales line did not earn — but both are footnotes next to a data-center business that nearly doubled in a year.

The big print: AMD's data center nearly doubles

Start with the headline numbers. Revenue hit a record $13.38 billion, up 45% year over year, above the roughly $13.10 billion expected, and adjusted EPS came in at $2.09 vs $1.95 expected, up 74%. GAAP EPS was $1.46 — that gap is mostly a $1.1 billion non-cash warrant revaluation charge, not operations — and GAAP net income rose 95% to $2.43 billion. Gross margin printed 54% on a GAAP basis, 56% adjusted.

The engine is one segment. Data Center revenue nearly doubled to $8.55 billion, up 97%, above the roughly $8.27 billion the Street had penciled in, and it now makes up 64% of everything AMD sells, up from 47% a year ago. EPYC server chips and Instinct accelerators did the work. The rest of the company was quieter: Client revenue rose 7% to $2.95 billion, which is fine — it is just no longer the story.

Then came the part the market actually paid for. Fourth-quarter revenue guidance landed at about $17 billion, plus or minus 3% — roughly 66% growth, and well above the roughly $16.3 billion consensus — with adjusted gross margin guided near 55%. On the call, CEO Lisa Su went further: based on the orders the company can see, revenue in 2027 is expected to grow more than 80%, more than double the pace in the long-term model AMD laid out last November. The one soft line was cash: free cash flow fell to $554 million, from $1.53 billion a year ago, as inventory built by roughly $3 billion to feed that growth — worth watching, not a reason to dismiss the quarter.

The stock had already risen 3.65% in Tuesday's session to $483.90 before the print. It climbed about 5% after hours to $508.20, traded near $519 overnight — up about 7% — and was holding a smaller gain in Wednesday's session as analysts split between raising estimates and trimming price targets on valuation. In plain terms: the numbers cleared the bar, and the argument from here is about what the shares should cost, not whether the demand is real. Official earnings release

AMD daily closes, last ~90 days — down 5.9% over the window; the last bar is today's partial session after the print. Data: Yahoo Finance, checked November 4, 2026.

The quick hits

• Uber (UBER) — BOOKINGS STRONG, GUIDE SOFT. Gross bookings rose 20% to $59.82 billion, right at the roughly $59.7 billion expected and a fifth straight quarter at 20% or better, on 4.1 billion trips. Revenue rose 10% to $14.77 billion vs $14.69 billion expected — its slowest growth since early 2021, with business-model changes cutting the reported pace by 8 points and Mobility revenue actually falling 2% even as its bookings rose 18%. Non-GAAP EPS was $0.88 vs $0.86 expected, adjusted EBITDA rose 31% to $2.96 billion, and GAAP net income of $512 million looks awful only against a year-ago quarter flattered by a $4.9 billion tax benefit. The guide is what traders sold: fourth-quarter adjusted EPS of $0.95–$0.99 vs $1.06 expected (LSEG), with driver shortages, fuel costs, and a Middle East conflict drag management expects to widen from 75 to 100 basis points on Mobility bookings. Shares fell nearly 2% premarket. Official earnings page
• McDonald's (MCD) — EPS BEAT, SALES MISS, STOCK UP ANYWAY. Adjusted EPS was $3.57 vs $3.38 expected (LSEG) and revenue rose just 1% to $7.16 billion vs $7.29 billion expected. Global comparable sales rose 1.5%, ahead of the 1.3% expected, but U.S. comparable sales fell 0.2% — the first decline in five quarters — as fewer guests came through the door and bigger checks covered for them. Net income rose 9% to $2.49 billion, systemwide sales grew 4% to more than $38 billion, and the quarterly dividend went up 4% to $1.93 a share. Management said U.S. trends improved as the quarter went on after its push on value, and the market chose to believe that line over the traffic line: shares rose about 5% in morning trading. Official earnings page

McDonald's daily closes, last ~90 days — up 3.5% over the window; the jump at the right edge is today's reaction to the print. Data: Yahoo Finance, checked November 4, 2026.

On deck

Qualcomm (QCOM) — Wednesday, November 4, after the close

Consensus: EPS $2.16, revenue $10.12B (estimates, TipRanks/Zacks) — down about 28% and 10% year over year, and inside the company's own guide of $9.7–$10.5 billion in revenue and $2.05–$2.25 in EPS. A down quarter is already the expectation here, so the print will be judged on what comes next: handset revenue (guided near $5.2 billion, down roughly 25%), how fast the Apple modem business fades, whether automotive keeps growing, and the December-quarter guide, where consensus sits near $10.5 billion. Options are pricing a move of roughly 9% either way. Official earnings page

Qualcomm daily closes, last ~90 days — up 3.9% over the window ahead of tonight's print; the last bar is today's partial session. Data: Yahoo Finance, checked November 4, 2026.

AppLovin (APP) — Wednesday, November 4, after the close

Consensus: EPS $4.03, revenue $2.07B (estimates, MarketBeat), up about 65% and 48% year over year, and right on top of the company's own revenue guide of $2.055–$2.085 billion with adjusted EBITDA of $1.71–$1.74 billion. The print will be judged on whether the advertising engine still grows at that pace after second-quarter revenue came in light, and on the fourth-quarter guide — several firms cut price targets into this print, so the bar on sentiment is lower than the bar on numbers. Official earnings page

ConocoPhillips (COP) — Thursday, November 5, before the open

Consensus: EPS $3.05, revenue $18.57B (estimates, MarketBeat), up roughly 89% and 24% year over year on stronger oil prices. The print will be judged on production and realized prices, and on what new CEO Andy O'Brien — on his first earnings call in the job — says about capital returns; the current dividend is $0.84 a share per quarter. Official earnings page

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Sources: company earnings releases and investor-relations pages linked above (AMD via GlobeNewswire/investor relations, Uber, McDonald's via PR Newswire, Qualcomm, AppLovin, ConocoPhillips); consensus estimates per MarketBeat, LSEG via Reuters and CNBC, TipRanks, and Zacks as reported November 3–4, 2026; stock reactions per Reuters, CNBC, Invezz, TipRanks, and Yahoo Finance as reported November 4, 2026. Consensus figures are estimates. Checked November 4, 2026. Not financial advice.