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Intel Reports Second-Quarter 2026 Financial Results

24 Luglio 2026

News Summary

Second-quarter revenue was $16.1 billion, up 25% year-over-year (YoY).
Second-quarter earnings (loss) per share (EPS) attributable to Intel was $(2.16); non-GAAP EPS attributable to Intel was $0.42.
Forecasting third-quarter 2026 revenue of $15.8 billion to $16.8 billion; expecting third-quarter EPS attributable to Intel of $0.31 and non-GAAP EPS attributable to Intel of $0.38.

SANTA CLARA, Calif.--(BUSINESS WIRE)--Intel Corporation today reported second-quarter 2026 financial results.

“AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network,” said Lip-Bu Tan, Intel CEO. “Our Q2 results represent our strongest revenue growth in more than fifteen years, enabled by greater speed, accountability, and customer focus.”

“We delivered a strong second quarter, exceeding our financial guidance on robust demand and improved execution, including volume upside driven by higher factory yields and improved cycle times,” said Dave Zinsner, Intel CFO. “AI-driven compute continues to strengthen, and to support expected growth this year and next across products and foundry, we are meaningfully increasing our investments in equipment, clean room space, and substrates.”

Q2 2026 Financial Results

	GAAP			Non-GAAP
	Q2 2026	Q2 2025	vs. Q2 2025	Q2 2026	Q2 2025	vs. Q2 2025
Revenue ($B)	$16.1	$12.9	up 25%
Gross margin	40.4%	27.5%	up 12.9 ppts	41.8%	29.7%	up 12.1 ppts
R&D and MG&A ($B)	$4.5	$4.8	down 6%	$4.0	$4.3	down 8%
Operating margin (loss)	11.1%	(24.7)%	up 35.8 ppts	17.2%	(3.9)%	up 21.1 ppts
Tax rate	(0.3)%	(9.2)%	up 8.9 ppts	11.0%	12.0%	down 1 ppt
Net income (loss) attributable to Intel ($B)	$(11.0)	$(2.9)	n/m*	$2.2	$(0.4)	n/m*
Earnings (loss) per share attributable to Intel—diluted	$(2.16)	$(0.67)	n/m*	$0.42	$(0.10)	n/m*

Full reconciliations between GAAP and non-GAAP measures are provided below.
*Not meaningful

In the second quarter, the company generated $7.0 billion in cash from operations.

Business Unit Summary

The comparability of our Consolidated Condensed Financial Statements YoY was impacted by the deconsolidation of Altera. Altera, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications that was previously a wholly owned subsidiary, was deconsolidated from our Consolidated Condensed Financial Statements effective September 12, 2025, following the closing of the sale of 51% of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our Consolidated Condensed Financial Statements through September 11, 2025.

Business Unit Revenue and Trends	Q2 2026¹	vs. Q2 2025
Intel Products:
Client Computing and Physical AI Group (CCPG)²	$8.9 billion	up	13%
Data Center and AI (DCAI)	6.3 billion	up	59%
Total Intel Products revenue	15.1 billion	up	28%
Intel Foundry	5.8 billion	up	31%
All other	0.7 billion	down	33%
Intersegment eliminations	(5.5) billion
Total net revenue	$16.1 billion	up	25%

¹		Operating segment revenues include intersegment transactions and are presented as actual and rounded; as a result, totals may not sum.
²		Client Computing and Physical AI Group operating segment, formerly the Client Computing Group (CCG) operating segment.

Business Highlights

Product Momentum

Intel advanced its agentic AI infrastructure strategy with new rack-scale AI infrastructure and disaggregated inference solutions built on Intel® Xeon® processors. Intel, SambaNova and Foxconn demonstrated production-ready rack-scale infrastructure for inference and agentic workloads, while Vector Core Compute (VC2) unveiled a disaggregated agentic cloud combining Intel® Xeon® processors, SambaNova RDUs and NVIDIA Blackwell GPUs.
Intel launched next-generation data center CPU, Xeon® 6+, Intel's first server class product on Intel 18A for sustained performance under real-world power constraints.
Intel expanded its physical AI and robotics momentum, with more than 130 customers adopting or testing Intel® Core™ Ultra Series 3 and Intel® Core™ Series 3 processors for edge AI and robotics applications. Intel also introduced OpenVINO™ Physical AI, an open-source framework designed to help developers deploy robotics models across vision, language, reasoning and motion-control workloads.
Intel introduced Intel® Arc™ G-Series processors, a new family of products designed for next-generation handheld gaming systems.
Intel announced strategic collaborations with Foxconn, Siemens, Hitachi, Echo Neurotechnologies and Greenstone Biosciences to co-develop industry-specific AI and compute solutions powered by Intel processors and purpose-built silicon.
Intel introduced Ethernet® E835 portfolio, scaling from 10GbE to 200GbE across cloud, AI, enterprise, edge and telco infrastructure, demonstrating its networking leadership.

Foundry Momentum

Intel Foundry advanced the Intel 18A family as Intel 18A-P entered risk production, meeting the timeline shared with customers and partners last year while extending the platform with enhanced performance, power, and thermal resistance.
Intel Foundry has entered high-volume manufacturing for a subset of Intel® Core™ Ultra Series 3 processors, code-named Panther Lake, using ASML’s EXE High NA EUV technology.
Intel expanded its purpose-built silicon business beyond networking and IPUs through a strategic collaboration with Fortinet to develop Fortinet Security Processor 6 using Intel's advanced design, packaging and manufacturing capabilities.
Intel announced a €5 billion investment to expand manufacturing capacity and increase production of Intel® Xeon® 6 and next-generation Intel® Xeon® processors built on Intel 3.
Intel expanded Bowers campus capacity, increasing Intel Mask Operations capability to support current and future leading-edge process technology development and manufacturing.

Culture & Leadership

Intel strengthened its leadership team with the appointments of Alex Katouzian to lead the Client Computing and Physical AI Group, Pushkar Ranade as chief technology officer, Seok-Hee Lee to lead advanced packaging, and Aparna Bawa to lead Intel’s global legal, ethics, compliance, people, and culture organization. These appointments further align Intel’s product, technology, manufacturing, and culture organizations with the company’s innovation and execution priorities.
Intel and Google Cloud expanded their multi-year strategic collaboration to scale AI capabilities across Intel’s workforce and strengthen existing workflows as part of Intel’s AI-powered transformation.

Business Outlook

Intel's guidance for the third quarter of 2026 includes both GAAP and non-GAAP estimates as follows:

Q3 2026	GAAP	Non-GAAP
Revenue	$15.8-16.8 billion
Gross margin	41.0%	42.0%
Tax Rate	1%	11%
Earnings (Loss) Per Share Attributable to Intel—Diluted	$0.31	$0.38

Reconciliations between GAAP and non-GAAP financial measures are included below. Actual results may differ materially from Intel’s business outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below. The gross margin and EPS outlooks are based on the midpoint of the revenue range.

Earnings Webcast

Intel will hold a public webcast at 2 p.m. PT today to discuss the results for its second quarter. The live public webcast can be accessed on Intel's Investor Relations website at www.intc.com. The corresponding earnings presentation and webcast replay will also be available on the site.

Forward-Looking Statements

This release contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next-generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would" and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:

our business plans and strategy and anticipated benefits therefrom;
projections of our future financial performance, including future revenue, gross profits, capital expenditures and cash flows;
projected costs and yield trends;
future cash requirements, the availability, uses, sufficiency and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, and credit ratings expectations;
future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technologies, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity and metrics, and expectations regarding product and process competitiveness;
internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
future production capacity and product supply;
supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology and IP offerings;
expected timing and impact of acquisitions, divestitures and other significant transactions;
expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;
social and environmental performance goals, measures, strategies and results;
our anticipated growth, future market share, customer demand and trends in our businesses and operations;
projected growth and trends in markets relevant to our businesses;
anticipated trends and impacts related to industry component, substrate and foundry capacity utilization, shortages and constraints;
expectations regarding government funding, incentives, policies and priorities;
technology trends and developments, including with respect to AI;
macroeconomic conditions;
geopolitical tensions and conflicts, including with respect to international trade policies in areas such as tariffs and export controls, and their potential impact on our business;
tax- and accounting-related expectations;
expectations regarding our relationships with certain sanctioned parties; and
other characterizations of future events or circumstances.

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

the high level of competition and rapid technological change in our industry;
the significant, long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
our pursuit of Intel 14A and other next-generation leading-edge process technologies, our investments in manufacturing expansion projects to manufacture products using such technologies and our efforts to secure product design wins with and demand commitments from potential significant external customers for the manufacture of products using such technologies;
alternative financing arrangements and pursuit of government grants;
the U.S. government's acquisition of significant equity interests in us;
changes in product demand and margins;
macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, tensions and conflict affecting Israel and the Middle East, rising tensions between mainland China and Taiwan and the impacts of Russia's war on Ukraine;
recently elevated geopolitical tensions, volatility and uncertainty with respect to international trade policies, including tariffs and export controls, impacting our business, the markets in which we compete and the world economy;
the evolving market for products with AI capabilities;
our complex global supply chain supporting our manufacturing facilities and incorporating external foundries, including from disruptions, delays, trade tensions and conflicts, or shortages, including current industry-wide substrate and memory shortages;
product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
potential security vulnerabilities in our products;
increasing and evolving cybersecurity threats and privacy risks;
IP risks including related litigation and regulatory proceedings;
the need to attract, retain and motivate key talent;
strategic transactions and investments;
sales-related risks, including customer concentration and the use of distributors and other third parties;
our debt obligations and our ability to access sources of capital;
complex and evolving laws and regulations across many jurisdictions;
catastrophic events;
fluctuations in currency exchange rates;
changes in our effective tax rate and applicable tax regimes;
environmental, health, safety and product regulations; and
other risks and uncertainties described in this report, our 2025 Form 10-K, our Q1 2026 Form 10-Q, our Q2 2026 Form 10-Q, and our other filings with the SEC.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) designs and manufactures advanced semiconductors that connect and power the modern world. Every day, our engineers create new technologies that enhance and shape the future of computing to enable new possibilities for every customer we serve. Learn more at www.intel.com.

Intel Corporation
Consolidated Condensed Statements of Operations and Other Information

	Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)	Jun 27, 2026			Jun 28, 2025
Net revenue	$	16,128		$	12,859
Cost of sales		9,619			9,317
Gross profit		6,509			3,542
Research and development		3,368			3,684
Marketing, general, and administrative		1,175			1,144
Restructuring and other charges		170			1,890
Operating expenses		4,713			6,718
Operating income (loss)		1,796			(3,176	)
Gains (losses) on equity investments, net		(39	)		502
Interest and other, net		(12,576	)		(95	)
Income (loss) before taxes		(10,819	)		(2,769	)
Provision for (benefit from) taxes		29			255
Net income (loss)		(10,848	)		(3,024	)
Less: net income (loss) attributable to non-controlling interests		185			(106	)
Net income (loss) attributable to Intel	$	(11,033	)	$	(2,918	)
Earnings (loss) per share attributable to Intel—basic	$	(2.16	)	$	(0.67	)
Earnings (loss) per share attributable to Intel—diluted	$	(2.16	)	$	(0.67	)
Weighted average shares of common stock outstanding:
Basic		5,104			4,369
Diluted		5,104			4,369

Other information:

(In Thousands; Unaudited)	Jun 27, 2026	Mar 28, 2026	Jun 28, 2025
Employees
Intel¹	77.6	78.5	96.4
Mobileye and other subsidiaries	4.7	4.7	5.0
Total Intel	82.3	83.2	101.4

¹		Altera, previously a wholly owned subsidiary, was deconsolidated following the sale of 51% of its common stock on September 12, 2025. As a result, approximately 3.0 thousand Altera employees were excluded from Intel’s total employee count following the closing.

Intel Corporation
Consolidated Condensed Balance Sheets

(In Millions, Except Par Value; Unaudited)	Jun 27, 2026			Dec 27, 2025
Assets
Current assets:
Cash and cash equivalents	$	12,874		$	14,265
Short-term investments		16,853			23,151
Accounts receivable, net		4,033			3,839
Inventories
Raw materials		1,046			993
Work in process		8,685			7,840
Finished goods		2,761			2,785
		12,492			11,618
Other current assets		10,961			10,815
Total current assets		57,213			63,688

Property, plant, and equipment, net		105,741			105,414
Equity investments		8,410			8,512
Goodwill		20,465			23,912
Identified intangible assets, net		2,545			2,772
Other long-term assets		8,065			7,131
Total assets	$	202,439		$	211,429

Liabilities and stockholders' equity
Current liabilities:
Accounts payable		8,756			9,882
Accrued compensation and benefits		3,748			3,990
Short-term debt		1,988			2,499
Other accrued liabilities		21,178			15,204
Total current liabilities		35,670			31,575

Debt		48,549			44,086
Other long-term liabilities		15,077			9,408
Stockholders' equity
Common stock and capital in excess of par value, 5,043 shares issued and outstanding (4,994 issued and outstanding as of December 27, 2025)		53,780			65,185
Accumulated other comprehensive income (loss)		(80	)		113
Retained earnings		33,842			48,983
Total Intel stockholders' equity		87,542			114,281
Non-controlling interests		15,601			12,079
Total stockholders' equity		103,143			126,360
Total liabilities and stockholders’ equity	$	202,439		$	211,429

Intel Corporation
Consolidated Condensed Statements of Cash Flows

	Six Months Ended
(In Millions; Unaudited)	Jun 27, 2026			Jun 28, 2025

Cash, cash equivalents, and restricted cash, beginning of period	$	14,712		$	8,249
Cash flows provided by (used for) operating activities:
Net income (loss)		(15,129	)		(3,911	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		5,891			5,213
Share-based compensation		1,307			1,348
Restructuring and other charges		3,967			382
Amortization of intangibles		469			474
(Gains) losses on equity investments, net		111			(390	)
Mark-to-market (gains) losses on Escrowed Shares¹		13,619			—
Deferred taxes		(27	)		106
Impairments and net (gain) loss on retirement of property, plant, and equipment		165			482
Changes in assets and liabilities:
Accounts receivable		(221	)		1,004
Inventories		(874	)		99
Accounts payable		310			114
Accrued compensation and benefits		(372	)		1,022
Income taxes		(477	)		(1,338	)
Other assets and liabilities		(637	)		(1,742	)
Total adjustments		23,231			6,774
Net cash provided by (used for) operating activities		8,102			2,863
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment		(6,192	)		(8,733	)
Proceeds from capital-related government incentives		167			964
Acquisitions, net of cash acquired		(596	)		—
Purchases of short-term investments		(12,737	)		(5,730	)
Sales of short-term investments		11,009			1,948
Maturities of short-term investments		7,724			6,627
Proceeds from divestitures, net		—			1,935
Other investing		(44	)		984
Net cash provided by (used for) investing activities		(669	)		(2,005	)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs		—			3,493
Repayment of commercial paper		—			(1,496	)
Payments on finance leases		(832	)		(9	)
Partner contributions		4,082			2,238
Partner distributions		(14,339	)		(91	)
Additions to property, plant, and equipment		(1,423	)		(1,962	)
Issuance of term debt, net of issuance costs		13,000			—
Repayment of term debt		(9,000	)		(1,500	)
Proceeds from sales of common stock through employee equity incentive plans		427			491
Restricted stock unit withholdings		(617	)		(181	)
Other financing		154			(397	)
Net cash provided by (used for) financing activities		(8,548	)		586
Net increase (decrease) in cash, cash equivalents, and restricted cash		(1,115	)		1,444
Cash, cash equivalents, and restricted cash, end of period	$	13,597		$	9,693

¹		Escrowed Shares refer to shares of Intel common stock held in escrow to be released to the U.S. Department of Commerce (DOC) as we perform and receive cash proceeds in connection with our CHIPS Act Secure Enclave agreement with the U.S. Government.

Intel Corporation
Supplemental Operating Segment Results

	Three Months Ended
(In Millions; Unaudited)	Jun 27, 2026
	Intel Products
	CCPG¹		DCAI		Total Intel Products		Intel Foundry			All Other²		Corporate Unallocated			Intersegment Eliminations			Total Consolidated
Revenue	$	8,877	$	6,262	$	15,139	$	5,765		$	701	$	—		$	(5,477	)	$	16,128
Cost of sales and operating expenses		6,534		3,788		10,322		7,854			471		1,416			(5,731	)		14,332
Operating income (loss)	$	2,343	$	2,474	$	4,817	$	(2,089	)	$	230	$	(1,416	)	$	254		$	1,796

	Three Months Ended
(In Millions; Unaudited)	Jun 28, 2025
	Intel Products
	CCPG¹		DCAI		Total Intel Products		Intel Foundry			All Other²		Corporate Unallocated			Intersegment Eliminations			Total Consolidated
Revenue	$	7,871	$	3,939	$	11,810	$	4,417		$	1,053	$	—		$	(4,421	)	$	12,859
Cost of sales and operating expenses		5,818		3,306		9,124		7,585			984		2,755			(4,413	)		16,035
Operating income (loss)	$	2,053	$	633	$	2,686	$	(3,168	)	$	69	$	(2,755	)	$	(8	)	$	(3,176	)

¹		Client Computing and Physical AI Group operating segment, formerly the Client Computing Group (CCG) operating segment
²		The "All Other" category includes the results of operations from other non-reportable segments, including our Mobileye business, our IMS business, startup businesses that support our initiatives, and historical results of operations from divested businesses, including Altera, which we divested on September 12, 2025. Altera's results were included within "All Other" for periods presented through September 11, 2025.