AMD's operating margin reached 17.3% in the quarter to June 2026, while shareholders pay 22.6 times sales for the stock versus 3.1 times for the S&P 500. The margin rose sharply from a 1.7% operating loss in the quarter to June 2025, which AMD linked to about $800 million of inventory and related charges from U.S. export limits on MI308 shipments to China, though the margin has not risen steadily and fell to 13.7% in the quarter to September 2025. Over the twelve months to June 2026, AMD's operating margin was 15.7% versus 18.5% for the S&P 500, even though its sales grew an average of 24.4% a year over its last three twelve-month periods compared with 5.9% for the index. The stock fell harder than the S&P 500 in each of five market shocks since 2022, yet it returned 163.8% over the twelve months to October 14, 2026, versus 17.3% for the index. The article says the operating margin is the number to watch in AMD's next report, expected around November 3, 2026, and notes that the pending Taalas and World Labs acquisitions are not yet reflected in the margin.
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