INTC US S&P 500NASDAQ-100Russell 1000 Earnings call
Intel (INTC) · Q2 2026 results
Share price: $62.50 · 2026-11-11
Intel designs, manufactures, and sells computer components, including central processing units (CPUs), for business and consumer markets. The company operates as a multinational technology corporation. Source: Wikipedia
Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026
Net loss widened on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -11.03B vs -3.73B
Revenue +18.8%
Net income -11.03B vs -2.92B in Q2 2025 and -3.73B last quarter.
2 · How management spoke
Upbeat
More upbeat than 78% of company calls
Answers to analysts: typical, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Intel's AI-driven businesses grew more than 70% year-over-year and contributed approximately 70% of revenue, driven by record data center growth.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$62.50
close of 2026-11-11
Revenue growth, 3 years
−5.7% a year
compound annual rate (CAGR)
Free cash flow 2023
−$14.3B
Free cash flow 2024
−$15.7B
Free cash flow 2025
−$4.9B
Read between the lines
-
Guidance
Q2 non-GAAP gross margin was 41.8%, which was approximately 280 basis points better than guidance.
-
Guidance
Intel forecasts a gross margin of 42%, a tax rate of 11%, and non-GAAP EPS of $0.38 at the midpoint of $16.3 billion.
-
Guidance
Factories across Intel 7, Intel 3, and Intel 18A exceeded internal volume targets in Q2 due to improving yields, better cycle times, and increasing wafer starts.
-
Guidance
Intel raised its 2026 outlook and now expects CapEx to be more than $20 billion due to strong customer demand signals.
-
Figure
Intel reported the strongest revenue growth in more than 15 years for the period.
Source quote
“Today, we are seeing the strongest revenue growth in more than 15 years.”
4 more
-
Figure
AI-driven businesses grew greater than 70% year-over-year and contributed approximately 70% of revenue, driven by record data center growth.
Source quote
“And collectively, our AI-driven businesses grew greater than 70% year-over-year, including record data center growth and contributed approximately 70% of revenue.”
-
Guidance
Intel reported that revenue, gross margin, and earnings per share were above its guidance for the quarter.
-
Figure
Intel remains on track for 14A risk production for internal products in the second half of 2027 and committed to a high-volume ramp in 2028 due to increased demand.
Source quote
“With encouraging external customer progress and increased demand for our internal products, we remain on track for 14A risk production for our internal products in second half of 2027, and we make the decision in Q2 to fully committed to high-volume ramp in 2028.”
-
Guidance
Intel projects strong double-digit unit growth for the server CPU industry this year and next, with momentum extending into 2028, following an improved outlook since the last report.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 83% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Our outlook for server CPU demand has improved again since our last earnings report and we're forecasting strong double-digit unit growth for the industry this year and next, with momentum...”
“Q2 year-over-year server growth was the strongest on record, and Xeon 6 continue to be one of the fastest ramping products in Intel history, reflecting improving execution and strong customer...”
“And collectively, our AI-driven businesses grew greater than 70% year-over-year, including record data center growth and contributed approximately 70% of revenue.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-27)
| Metric | Q2 2026period end 2026-06-27 | Q1 2026period end 2026-03-28 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 16.13B | 13.58B | +18.8% | 12.86B | +25.4% |
| Gross profit | 6.51B | 5.35B | +21.7% | 3.54B | +83.8% |
| Operating income | 1.80B | -3.14B | Turned profit | -3.18B | Turned profit |
| Net income | -11.03B | -3.73B | Loss widened | -2.92B | Loss widened |
| EPS | -2.16 | -0.73 | Loss widened | -0.67 | Loss widened |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Intel is well positioned to benefit from this strong sustained demand with 3 strategically important assets: Intel's x86 CPU franchise,...
- Q2 operating cash flow was $7 billion, and Intel exited the quarter in a strong liquidity position, including approximately $30...
Faded since Q1 2026
- Dropped This quarter, Intel's teams worked directly and diligently with customers to reach mutually beneficial outcomes in weeks, not months.
- Fading Intel 3-based Xeon 6 and Intel 18A based Core Series 3 products are now in full volume production ramp and...
- Fading With a stronger balance sheet, a new leadership team, a rejuvenated and motivated workforce and a renewed focus on engineering...
- Fading Intel also benefited from improved product mix and pricing actions, in part to offset higher costs.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
Intel Corporation entered into an underwriting agreement to issue and sell 210,526,315 shares of common stock at $95.00 per share, with an additional option for 31,578,947 shares.
- Results of operations · SEC 8-K
Intel Corporation issued a press release on July 23, 2026, announcing financial results for the second quarter ended June 27, 2026, including non-GAAP measures and forward-looking statements.
- Shareholder vote results · SEC 8-K · routine
- Other events · SEC 8-K
On April 30, 2026, Intel Corporation issued senior notes with total principal amounts of $1,000,000,000, $1,000,000,000, $2,250,000,000, $1,750,000,000, and $500,000,000.
- Director or officer change · SEC 8-K
Scott Gawel resigned as principal accounting officer on April 24, 2026, and David A. Zinsner assumed the role in addition to his position as chief financial officer.
- Results of operations · SEC 8-K
Intel Corporation issued a press release on April 23, 2026, announcing financial results for the first quarter ended March 28, 2026, including non-GAAP measures and forward-looking statements.
- Other events · SEC 8-K
Intel repurchased a 49% equity interest in its Fab 34 joint venture from Apollo-managed funds for $14.2 billion, resulting in Intel owning 100% of the venture.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.
Cash & runway
Cash & equivalents
$12.87B
2026-06-27
Short-term investments
$16.85B
total $29.73B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +16.8% YoY, +0.4% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 4.29B |
| Q1 2025 | 4.34B |
| Q2 2025 | 4.37B |
| Q3 2025 | 4.51B |
| Q1 2026 | 5.08B |
| Q2 2026 | 5.10B |
Shares outstanding: 5.04B (2026-07-17)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. 41 filings parsed.
Sold by insiders
81.3K shares
$7.5M · 3 transactions
Bought by insiders
111.1K shares
$10.2M · 2 transactions
Net direction
net buying
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
-
October
PDK 0.9 is on track
Source quote
“PDK 0.5 is now complete, and PDK 0.9 is on track for October.”
-
second half of 2027
14A risk production for our internal products
Source quote
“With encouraging external customer progress and increased demand for our internal products, we remain on track for 14A risk production for our internal products in second half of 2027, and we make the decision in Q2 to fully committed to high-volume ramp in 2028.”
-
2027
support customer ramps for EMIB-T
Source quote
“We continue to have a growing EMIB-T backlog, yield and reliability are hitting targets, and we focused on ramping the technology into high volume and high quality to support customer ramps in 2027.”
-
second half of the year
consumption to be subseasonal
Source quote
“consumption to be subseasonal in the second half of the year and down low double digits percent for all of 2026, impacted by rising memory prices and constraints.”
-
this year and next
forecasting strong double-digit unit growth for the industry
Source quote
“Our outlook for server CPU demand has improved again since our last earnings report and we're forecasting strong double-digit unit growth for the industry this year and next, with momentum extending into 2028.”