Intel 8-K
PositiveEarningsNew guidanceImpairment / charge
Data Center and AI strength and higher factory yields drive growth; an escrowed-share mark-to-market charge deepens the GAAP net loss
Filed 2026-07-23 16:09 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 2026 and FY2026 operating-expense outlook. Revenue rose 25% on robust demand and improved execution, including higher factory yields and faster cycle times. GAAP net loss attributable to Intel included a $12.5B mark-to-market charge on escrowed shares; non-GAAP net income was positive.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $16.1B | $12.9B | +25% |
| Gross margin (GAAP) | 40.4% | 27.5% | +1,290 bp |
| Gross margin (non-GAAP) | 41.8% | 29.7% | +1,210 bp |
| Operating income (loss), GAAP | $1.80B | $(3.18)B | n/m |
| Net income (loss) attributable to Intel, GAAP | $(11.0)B | $(2.92)B | n/m |
| Net income (loss) attributable to Intel, non-GAAP | $2.20B | $(0.441)B | n/m |
| Diluted EPS attributable to Intel, GAAP | $(2.16) | $(0.67) | n/m |
| Diluted EPS attributable to Intel, non-GAAP | $0.42 | $(0.10) | n/m |
| Operating cash flow | $7.01B | $2.05B | +242% |
| Adjusted free cash flow (non-GAAP) | $(8.42)B | $(1.05)B | n/m |
- Revenue growth reflected strength in Data Center and AI, up 59% to $6.3B; Client Computing and Physical AI rose 13% to $8.9B, and Intel Foundry rose 31% to $5.8B.
- Adjusted free cash flow included a $(12.2)B net partner-contributions adjustment. At 6/27/2026, cash and cash equivalents were $12.9B and total balance-sheet debt carrying value was $50.5B, vs $46.6B at 12/27/2025.
- GAAP results included a $12.5B escrowed-shares mark-to-market charge; the charge was excluded from non-GAAP results.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q3 2026 | $15.8B-$16.8B | — | — |
| Gross margin (GAAP) | Q3 2026 | 41.0% | — | — |
| Gross margin (non-GAAP) | Q3 2026 | 42.0% | — | — |
| Tax rate (GAAP) | Q3 2026 | 1% | — | — |
| Tax rate (non-GAAP) | Q3 2026 | 11% | — | — |
| Diluted EPS attributable to Intel (GAAP) | Q3 2026 | $0.31 | — | — |
| Diluted EPS attributable to Intel (non-GAAP) | Q3 2026 | $0.38 | — | — |
| Operating expenses (GAAP) | FY2026 | ≈$23.0B | — | — |
| Operating expenses (non-GAAP) | FY2026 | ≈$16.5B | — | — |
Q3 gross margin and EPS outlooks are based on the midpoint of the revenue range.
Investor Takeaways
- Watch Q3 revenue, gross margin and diluted EPS against the ranges and estimates above to assess whether demand and execution remain strong.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3