Intel Reports Second-Quarter 2026 Financial Results

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

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 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:

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.

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Investor Relations
investor.relations@intel.com

Abby Zhang
Media Relations
abby.zhang@intel.com