AMD · Forward model · Client
What has to happen in Client
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Client
Basis quarter$3.06B
Final quarter$5.12B
Implied CAGR+11%
Final revenue mix15%
Ryzen CPUs for notebooks and desktops. $3.06B in the basis quarter, +23% year over year and +6% sequential. A PC-cycle line with share gains, disclosed every quarter inside Client and Gaming. Operating income is not split from Gaming, so the 16% margin is an assumption about mix.
Last four quarters
2025 Q3
$2.80B
Reported
2025 Q4
$3.10B
Estimated
2026 Q1
$2.88B
Reported
2026 Q2
$3.06B
Reported
Ryzen desktop and mobile processorsRyzen AI / Copilot+ PCsChipsets
Sequential growth
+6.0%/qtr
decaying toward +1.5%
6% QoQ, matching Q1-to-Q2. Holds that pace into a seasonally stronger PC half rather than extrapolating 23% YoY.
Client
Latest: $5.12B (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $2.29B |
| 2025Q2 | $2.50B |
| 2025Q3 | $2.80B |
| 2025Q4 | $3.10B |
| 2026Q1 | $2.88B |
| 2026Q2 | $3.06B |
| 2026Q3E | $3.25B |
| 2026Q4E | $3.41B |
| 2027Q1E | $3.56B |
| 2027Q2E | $3.70B |
| 2027Q3E | $3.82B |
| 2027Q4E | $3.93B |
| 2028Q1E | $4.04B |
| 2028Q2E | $4.14B |
| 2028Q3E | $4.23B |
| 2028Q4E | $4.32B |
| 2029Q1E | $4.41B |
| 2029Q2E | $4.49B |
| 2029Q3E | $4.57B |
| 2029Q4E | $4.65B |
| 2030Q1E | $4.73B |
| 2030Q2E | $4.81B |
| 2030Q3E | $4.89B |
| 2030Q4E | $4.96B |
| 2031Q1E | $5.04B |
| 2031Q2E | $5.12B |
Assumptions & reasoning
- Client and Gaming operating income is $582M, 15.2% of the combined $3,841M. Client is 80% of that revenue. 16% is the blend plus a point, an assumption, not a disclosure.
- Q4 2025 $3,097M is combined Client-and-Gaming $3,940M from the Q1 2026 slides less disclosed Gaming $843M. IR printed Client as a record $3.1 billion.
- Opening 6% is the trailing sequential rate, not the 23% year-over-year print. A reader who thinks AI PCs are a new cycle should take the slider up; a reader who thinks Q2 was a catch-up should take it down.