AMD's Data Center earned $2,882 million on $8,546 million of revenue. Its inventory rose $2,995 million in the same quarter.

Every figure below was read from the companies' own filings on sec.gov and is cited with its accession: the third-quarter results that AMD, Arista Networks and Super Micro Computer furnished on Form 8-K on 3 November, and the earlier 10-Qs, 10-Ks and 8-Ks that set the lines we read them against. Outlook figures are the companies' own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings calls, which are not filings either. Sums, differences and shares are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

On 2 November we listed twelve filed lines to hold AMD $AMD to, and on 3 November thirteen for Arista and Supermicro. All three furnished their results that evening. This is the read-back: each line against the 8-K, and which lines wait for a 10-Q. EDGAR was checked on 4 November; none of the three third-quarter 10-Qs was on file.

AMD's release leads with Data Center revenue up 97%. The line beside it in the balance sheet is inventory, up $2,995 million in thirteen weeks.

AMD: the quarter against the twelve lines

(Ours: revenue was $77 million above the top of the $12.7–13.3 billion range and $377 million, or 2.9%, above its midpoint.) GAAP diluted earnings per share were $1.46; non-GAAP, $2.09.

1. Data Center: $8,546 million, 64% of revenue

The segment table of Exhibit 99.1 (0000002488-26-000188), $ million:

(Ours: Data Center was 63.9% of revenue, against 58.2% in Q2; its operating margin was 33.7%, against 31.3%. Of the $1,841 million rise in total revenue on the quarter, Data Center supplied $1,828 million.) The slides furnished as Exhibit 99.2 give the segment "Up 97%" on the year and "Up 27%" on the quarter.

The pre-print asked whether the release would attribute revenue to MI450 or Helios. It names both, without a dollar figure: the segment grew on EPYC demand "and the launch of AMD Instinct™ MI450 Series GPUs", and "Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure are running models and workloads on the first AMD Helios™ rackscale solutions". Neither sentence splits GPU from CPU revenue. Client and Gaming fell 8%, with Gaming down 40% to $773 million; Embedded rose 29%.

2. The fourth-quarter guide: about $17 billion, plus or minus 3%

From the release:

For the fourth quarter of 2026, AMD expects revenue to be approximately $17 billion, plus or minus 3%. The mid-point of the revenue range represents year-over-year growth of approximately 66% and a sequential increase of approximately 27%. Non-GAAP gross margin is expected to be approximately 55%.

(Ours: $16.49–17.51 billion.) The band is a percentage, not the $300 million of the Q3 guide, and the margin guide is one point below the third quarter's 56%. Slide 17 adds non-GAAP operating expenses of about $3.75 billion and about 1.67 billion diluted shares. Slide 24: "Q4'26 share count is not expected to be impacted by customer warrants"; it includes potential shares for Taalas and World Labs, "which are expected to close by the end of 2026".

3. Inventory and receivables: up $4.9 billion together

The pre-print's line 4 was inventory of $8,468 million, 62% of it work in process. The Q3 balance sheet (0000002488-26-000188), $ million:

(Ours: inventories rose $2,995 million, or 35.4%, in the quarter; receivables rose $1,928 million. Together, $4,923 million.) In the cash-flow statement, inventories used $2,995 million of cash, receivables $1,928 million and "Prepaid expenses and other assets" $1,070 million, while accounts payable supplied $2,313 million. The 8-K has no inventory breakdown and does not say how much of the prepaid line is supply prepayments (line 5); both wait for the 10-Q.

4. Cash flow: operating cash flow halved, capex fell

$ million, from the release (0000002488-26-000188):

(Ours: the four working-capital lines above net to $3,680 million of cash used, against $1,202 million of operating cash flow; capex was 53.9% of operating cash flow, against 34.2% in Q2.)

Line 8 read-back: capex fell on the quarter; operating cash flow fell more, and the release puts the difference in working capital, not in earnings.

5. Debt and cash: the notes are in, the 2026 notes are out

Line 9 asked for total debt at 30 September and whether the $875 million 2026 notes were repaid. The release answers both. Total debt was $7,079 million, against $3,226 million at 27 June; the balance sheet shows no current portion of long-term debt, against $874 million at year-end. The cash-flow statement shows $4,726 million of "Proceeds from debt and commercial paper issuance, net of issuance costs" and $875 million of "Repayment of debt and commercial paper". Slide 13: "total debt was $7.1B, including the $4.75B senior notes offering completed in August".

Cash, cash equivalents and short-term investments were $15,776 million, against $13,111 million. (Ours: $8,697 million more than total debt.) Interest expense was $62 million, against $37 million in Q2.

6. The warrants reach the income statement

Line 12 said no warrant tranche had vested at 27 June. The 8-K does not say whether any vested in Q3, but it shows a new line. The non-GAAP reconciliation adds back $1,097 million for "Change in fair value of warrant liability", with the footnote:

Change in fair value of warrant liability relating to the quarterly remeasurement of warrants issued to certain customers is driven by changes in AMD's stock price and other valuation assumptions.

The cash-flow statement carries $1,179 million of "Non-cash impact of warrants issued to customers, net", and other income (expense), net, was a $902 million expense, against $598 million of income in Q2. Neither line appeared in the Q2 release. Why the warrants became a liability that is remeasured each quarter is a 10-Q question.

Diluted shares were 1,661 million, against 1,659 million in Q2. AMD paid $1,495 million for "Stock repurchases for tax withholding on employee equity plans", against $371 million a year earlier.

Line 10 read-back: the release says AMD "announced an agreement to acquire World Labs" and adds a second deal, "an agreement to acquire Taalas"; neither has closed.

7. What waits for AMD's 10-Q

Six of the twelve lines are not in an 8-K: the $30.28 billion of unconditional purchase commitments (line 3), supply prepayments (line 5), the $222 million of remaining performance obligations (line 6), customer concentration (line 7), MI308 and MI325 export licences (line 11) and the warrant tranches (line 12). All six come from the notes to the 10-Q, which was not on EDGAR on 4 November.

Arista: six lines read back

Arista ANET furnished its results on Form 8-K on 3 November (accession 0001596532-26-000252). The release: "total revenues in Q3 2026 of approximately $3.66 billion, exceeding guidance of $3.3 billion".

(Ours: revenue was $357.6 million, or 10.8%, above the $3.3 billion guide; deferred revenue totals $6,839.5 million, $26.4 million below 30 June, after a $1,493.5 million rise in the first half; inventories rose $674.5 million, or 26.6%.) The release puts revenue up 20.5% on the second quarter and 58.5% on the year.

GAAP gross margin was 63.6%, against 62.9% in the second quarter. GAAP earnings per share exceed non-GAAP because the reconciliation removes $134.5 million of gains on strategic investments.

The fourth-quarter guide is revenue "of $3.9 - $4.0 billion", non-GAAP operating margin of 48–49% and non-GAAP diluted EPS of $1.26–1.30. (Ours: the midpoint is 8.0% above the third quarter.) Arista repurchased no stock in the nine months, against $983.0 million a year earlier.

What waits for the 10-Q: the $8.4 billion of remaining performance obligations (line 10), the $9.7 billion of purchase commitments (line 11), the $616.0 million of evaluation inventory (line 12) and the wording on the two end customers at 26% and 16% (line 13).

Supermicro: landed above its own preliminary range

On 20 October Supermicro $SMCI filed a preliminary first-quarter range of $18.5–19.5 billion. The results 8-K of 3 November (accession 0001375365-26-000026) reports net sales of $19,945.8 million.

(Ours: net sales were $445.8 million above the top of the preliminary range and $4,445.8 million above the top of the August guide; deferred revenue totals $5,665.7 million, up $3,053.7 million in the quarter, matching the cash-flow line; inventories rose $2,157.7 million.) Net income was $1,594.2 million and diluted earnings per share $1.75.

The release still calls the numbers provisional: "The unaudited financial information presented in this press release is preliminary", because "financial closing procedures for the quarter ended September 30, 2026 are not yet complete".

The new range is "net sales in the range of $72.0 billion to $82.0 billion" for fiscal 2027, and "$19.5 billion and $21.5 billion" for the December quarter. (Ours: less the first quarter, the year leaves $52.1–62.1 billion for three quarters, $17.4–20.7 billion a quarter on average.)

Receivables rose to $9,685.2 million from $6,125.4 million, and interest expense was $82.5 million, against $24.9 million a year earlier.

What waits for the 10-Q: the customer-concentration note (one customer at 28.1% of fiscal 2026), the $34.2 billion of purchase commitments, and the material weakness and certifications (line 7).

What the 8-Ks settled, and what they did not

Settled: all three reported revenue above their own guides, AMD and Arista set a fourth-quarter guide, Supermicro moved its year, and AMD's debt question is answered.

Not settled: every commitment line. AMD's $30.28 billion, Arista's $9.7 billion and Supermicro's $34.2 billion were each set in a 10-Q or 10-K note, and no 8-K restates them. Nor does any give a customer's share of revenue.

Run it yourself

/filings/AMD, /filings/ANET and /filings/SMCI list the 8-Ks and will list the 10-Qs. /valuation/AMD lets you run your own valuation on filed numbers. The pre-print posts: AMD, 2 November and Arista and Supermicro, 3 November.

Write down the lines you will hold each 10-Q to: AMD's commitments against $30.28 billion and its warrant note; Arista's purchase commitments against $9.7 billion; Supermicro's largest customer against 28.1%. Our Thesis Monitor reads each new filing against what you wrote and tells you which line moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

The revenue is on file. The commitments behind it come with the 10-Qs.

Sources. Advanced Micro Devices, Inc. Form 8-K of 3 November 2026, Exhibit 99.1 (Q3 2026 results and Q4 outlook) and Exhibit 99.2 (slides): accession 0000002488-26-000188 (sec.gov). Form 10-Q for the quarter ended 27 June 2026: 0000002488-26-000123. Arista Networks, Inc. Form 8-K of 3 November 2026, Exhibit 99.1: 0001596532-26-000252 (sec.gov). Form 10-Q for the quarter ended 30 June 2026: 0001596532-26-000175. Super Micro Computer, Inc. Form 8-K of 3 November 2026, Item 8.01 and Exhibit 99.1: 0001375365-26-000026 (sec.gov). Form 8-K of 20 October 2026 (preliminary update): 0001375365-26-000025. Form 10-K for the fiscal year ended 30 June 2026: 0001375365-26-000022. Pre-print values are those fact-checked in our posts of 2 and 3 November. EDGAR was checked on 4 November 2026. No analyst estimate, consensus figure, share price or call remark appears on this page; our arithmetic is labelled as ours. Research, not investment advice.