Intel 8-K
PositiveEarningsNew guidance
Xeon supply expansion takes priority as Data Center and AI revenue rises 78% Y/Y, offsetting client weakness
Filed 2026-10-29 16:08 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 results with Q4 guidance. Revenue rose 21% Y/Y, and Intel said revenue, gross margin and EPS exceeded its guidance. Intel cited robust CPU demand despite near-term PC industry headwinds; its immediate focus is increasing supply, especially for Xeon, while investing in capacity and working capital. Management expects the PC slowdown to continue at least through H1 2027.
Key Figures
| Metric | Q3 2026 |
|---|---|
| Revenue | $16.5B, +21% Y/Y |
| GAAP gross margin | 43.0%, vs 38.2% |
| Non-GAAP gross margin | 44.1%, vs 40.0% |
| GAAP operating income | $2.52B, +269% Y/Y |
| Non-GAAP operating income | $3.23B, +112% Y/Y |
| GAAP net income attributable to Intel | $3.32B, -18% Y/Y |
| Non-GAAP net income attributable to Intel | $2.76B, +169% Y/Y |
| GAAP diluted EPS attributable to Intel | $0.60, -33% Y/Y |
| Non-GAAP diluted EPS attributable to Intel | $0.52, +126% Y/Y |
| GAAP operating cash flow | $5.08B, +100% Y/Y |
- Data Center and AI revenue rose 78% to $7.3B, while Client Computing and Physical AI revenue fell 5% to $8.1B; Intel Foundry revenue increased 58% to $6.7B. These trends show data-center growth offsetting weakness in client computing.
- Adjusted FCF was $1.64B, vs $896M Y/Y, with $4.22B of gross capital expenditures. Intel completed a $23B public equity offering, receiving $22.6B net; shares issued and outstanding increased to 5.31B from 4.99B at 12/27/2025. Cash and short-term investments totaled $54.0B at quarter-end.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Revenue | Q3 2026 | $15.8B-$16.8B | $16.5B | in line |
| Gross margin (GAAP) | Q3 2026 | 41.0% | 43.0% | beat |
| Gross margin (non-GAAP) | Q3 2026 | 42.0% | 44.1% | beat |
| Diluted EPS attributable to Intel (GAAP) | Q3 2026 | $0.31 | $0.60 | beat |
| Diluted EPS attributable to Intel (non-GAAP) | Q3 2026 | $0.38 | $0.52 | beat |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q4 2026 | $15.0B-$16.0B | — | — |
| GAAP gross margin | Q4 2026 | 37.1% | — | — |
| Non-GAAP gross margin | Q4 2026 | 38.0% | — | — |
| GAAP tax rate | Q4 2026 | 31% | — | — |
| Non-GAAP tax rate | Q4 2026 | 11% | — | — |
| GAAP diluted EPS attributable to Intel | Q4 2026 | $0.10 | — | — |
| Non-GAAP diluted EPS attributable to Intel | Q4 2026 | $0.25 | — | — |
| GAAP operating expenses | Q4 2026 | ≈$4.9B | — | — |
| Non-GAAP operating expenses | Q4 2026 | ≈$4.4B | — | — |
| GAAP operating expenses | FY2026 | ≈$22.6B | — | — |
| Non-GAAP operating expenses | FY2026 | ≈$16.3B | — | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| GAAP operating expenses | FY2026 | ≈$23.0B | ≈$22.6B | lowered |
| Non-GAAP operating expenses | FY2026 | ≈$16.5B | ≈$16.3B | lowered |
Investor Takeaways
- Q4 revenue, gross margin and EPS versus the outlook will indicate whether improved execution is continuing.
- Watch Client Computing and Physical AI revenue through the expected PC slowdown, and Data Center and AI revenue as Intel works to expand Xeon supply.
The summary is written by an AI model reading the filing.
Model 005 · prompt v111 · 2026-10-29 22:43:44Z