INTEL CORP files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition.

The attached press release includes non-GAAP financial measures relating to our operations and forecasted outlook. Certain of these non-GAAP measures will be used in Intel’s earnings conference for the second quarter of 2026. In addition, the attached press release includes reconciliations of these non-GAAP measures to GAAP measures, as well as an explanation of how management uses these non-GAAP measures and the reasons why management views these measures as providing useful information for investors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to these results should be carefully evaluated.

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., July 23, 2026 – 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.”

Full reconciliations between GAAP and non-GAAP measures are provided below.

*Not meaningful In the second quarter, the company generated $7.0 billion in cash from operations.

Intel/Page 2 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 Unit Revenue and Trends Q2 2026 1 vs. Q2 2025

Intel Products:

Client Computing and Physical AI Group (CCPG) 2 $8.9 billion up 13%

Data Center and AI (DCAI) 6.3 billion up 59%

Total Intel Products revenue 15.1 billion up 28%

Intel Foundry 5.8 billion up 31%

All other 0.7 billion down 33%

Intersegment eliminations (5.5) billion

Total net revenue $16.1 billion up 25%

1 Operating segment revenues include intersegment transactions and are presented as actual and rounded; as a result, totals may not sum.

2 Client Computing and Physical AI Group operating segment, formerly the Client Computing Group (CCG) operating segment.

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.

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▪ 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:

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.

▪ 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;

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▪ 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;