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 first 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

▪ First-quarter revenue was $13.6 billion, up 7% year-over-year (YoY).

▪ First-quarter earnings (loss) per share (EPS) attributable to Intel was $(0.73); non-GAAP EPS attributable to Intel was $0.29.

▪ Forecasting second-quarter 2026 revenue of $13.8 billion to $14.8 billion; expecting second-quarter EPS attributable to Intel o f $0.08 and non-GAAP EPS attributable to Intel of $0.20.

SANTA CLARA, Calif., April 23, 2026 – Intel Corporation today reported first-quarter 2026 financial results.

“The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings,” said Lip-Bu Tan, Intel CEO. “With a solid foundation in place, we are addressing this opportunity by listening to our customers and driving their success with our technical expertise and differentiated IP. This deliberate reset to how we operate drove a sixth consecutive quarter of revenue above our expectations, as well as new and deepened relationships with strategic partners.”

“We delivered robust Q1 results, reflecting the growing and essential role of the CPU in the AI era and unprecedented demand for silicon, as well as our disciplined execution to expand available supply,” said David Zinsner, Intel CFO. “We remain focused on maximizing our factory network to improve available supply and meet our customers’ needs throughout the year.”

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

*Not meaningful In the first quarter, the company generated $1.1 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, which 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, within the "all other" business unit category, through September 11, 2025.

Business Unit Revenue and Trends Q1 2026 1 vs. Q1 2025

Intel Products:

Client Computing Group (CCG) $7.7 billion up 1%

Data Center and AI (DCAI) 5.1 billion up 22%

Total Intel Products revenue 12.8 billion up 9%

Intel Foundry 5.4 billion up 16%

All other 0.6 billion down 33%

Intersegment eliminations (5.3) billion

Total net revenue $13.6 billion up 7%

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

Business Highlights

▪ Intel expanded its client portfolio, launching Intel ® Xeon ® 600 processors for workstation, Intel ® Core ® Ultra 200S Plus and Intel ® Core ® Ultra 200HX Plus processors for desktop and mobile, Intel ® Core ™ Series 2 processors for health and life sciences edge computing, and Intel ® Core ™ Ultra Series 3 processors with Intel vPro ® . Intel also launched Intel ® Core™ Series 3 processors, bringing Intel 18A and the latest IP, modern features, and all-day battery life to the mainstream for the first time.

▪ Intel and Google announced a multiyear collaboration for continued deployment of Intel ® Xeon ® processors across Google’s workload-optimized instances, including the latest Intel ® Xeon ® 6 processors powering C4 and N4 instances. The collaboration also includes co-development of custom ASIC infrastructure processing units (IPUs) designed to improve utilization, reduce complexity, and scale AI workloads more efficiently.

▪ Intel Xeon 6 was selected as the host CPU for NVIDIA’s DGX Rubin NVL8 systems, reinforcing Intel’s continued role at the center of leading AI infrastructure deployments.

▪ Intel and SambaNova announced the blueprint for a heterogeneous hardware solution, addressing performance, efficiency, and software compatibility challenges facing enterprises and cloud providers. The design will combine GPUs, SambaNova RDUs, and Intel ® Xeon ® 6 processors as the host and action CPUs.

▪ Intel joined the Terafab project as a strategic partner alongside SpaceX, xAI, and Tesla. Intel’s ability to design, fabricate, and package ultra-high-performance chips at scale will help accelerate efforts to refactor silicon fab technology.

▪ Intel Foundry expanded assembly and test capacity in Penang, Malaysia to support customer products amid rising global demand for packaging solutions while increasing global semiconductor supply chain resilience.

▪ Intel repurchased the 49% minority equity interest in the joint investment entity related to Fab 34 in Ireland. The agreement reflects Intel’s continued business momentum underpinned by the growing and essential role CPUs play in the era of AI and a significantly strengthened balance sheet.

Intel/Page 3 Business Outlook

Intel's guidance for the second 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 first 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 technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity and metrics, and expectations regarding product and process competitiveness;

▪ 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;

▪ expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;

▪ social and environmental performance goals, measures, strategies and results;

▪ our anticipated growth, future market share, customer demand and trends in our businesses and operations;

▪ projected growth and trends in markets relevant to our businesses;

Intel/Page 4

▪ anticipated trends and impacts related to industry component, substrate and foundry capacity utilization, shortages and constraints;

▪ expectations regarding government funding, incentives, policies and priorities;

▪ technology trends and developments, including with respect to AI;

▪ macro economic conditions;

▪ geopolitical tensions and conflicts, including with respect to international trade policies in areas such as tariffs and export controls, and their potential impact on our business;

▪ tax- and accounting-related expectations;

▪ expectations regarding our relationships with certain sanctioned parties; and

▪ other characterizations of future events or circumstances.

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with: