Intel Q2 2026 earnings: summary, key numbers & outlook

In brief

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.

Intel's second-quarter revenue was $16.1 billion, up 25% from a year ago, which management called its strongest revenue growth in more than fifteen years. Data Center and AI revenue rose 59% to $6.3 billion, and Client Computing and Physical AI revenue rose 13%. Non-GAAP earnings per share were $0.42. The GAAP loss per share of $(2.16) was driven mainly by a non-cash charge tied to shares held in escrow for the U.S. government.

Intel forecasts third-quarter revenue of $15.8 billion to $16.8 billion, with non-GAAP EPS of $0.38. Management says AI-driven demand is strong and is raising spending on equipment, clean room space and substrates. The tension is cash: adjusted free cash flow was $(8.4) billion in the quarter, and Intel Foundry still lost money at the operating level, with an operating loss of $2,089 million. Industry-wide substrate and memory shortages are also a risk.

Slides & documents

Open the slide deck (PDF, 16 pages) ↗

Showing the first 6 of 16 pages.

From Intel investor relations

• Prepared RemarksCFO commentary ↗

SEC filing

• Press releaseEX-99.1 ↗
• Form 8-K filing indexSEC ↗

Key numbers

Revenue · GAAP

$16.1 billion

up 25% year-over-year

Net income (loss) attributable to Intel · GAAP

-$11.0B

Diluted EPS attributable to Intel · GAAP

$(2.16)

vs. $(0.67) a year ago

Non-GAAP diluted EPS attributable to Intel · non-GAAP

$0.42

vs. $(0.10) a year ago

Gross margin · GAAP

40.4%

up 12.9 ppts

Non-GAAP gross margin · non-GAAP

41.8%

up 12.1 ppts

Operating income · GAAP

$1.8B

Operating margin · GAAP

11.1%

up 35.8 ppts

Calculated by code from XBRL, not by the model.

Outlook

Key takeaways

1. Revenue grew 25%, fastest in fifteen-plus years

   Second-quarter revenue was $16.1 billion, up 25% year-over-year. CEO Lip-Bu Tan called it Intel's strongest revenue growth in more than fifteen years.

2. Data center revenue jumped 59% on AI demand

   Data Center and AI revenue was 6.3 billion, up 59%, while Client Computing and Physical AI was $8.9 billion, up 13%. DCAI operating income was $2,474 million versus $633 million a year ago.

3. GAAP loss reflects escrowed-share mark-to-market charge

   GAAP EPS was $(2.16) while non-GAAP EPS was $0.42. The reconciliation shows a $2.45 per-share adjustment for (gains) losses on mark-to-market of Escrowed Shares.

4. Foundry still loses money despite 31% growth

   Intel Foundry revenue was 5.8 billion, up 31%, but it posted an operating loss of $(2,089) million. Intel 18A-P entered risk production.

5. Heavy investment drives negative adjusted free cash flow

   Adjusted free cash flow was $(8,419) million on $7.0 billion of operating cash flow. The CFO said Intel is meaningfully increasing investments in equipment, clean room space, and substrates.

Charts

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