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 third 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

▪ Third-quarter revenue was $16.5 billion, up 21% year-over-year (YoY).

▪ Third-quarter earnings per share (EPS) attributable to Intel was $0.60; non-GAAP EPS attributable to Intel was $0.52.

▪ Forecasting fourth-quarter 2026 revenue of $15.0 billion to $16.0 billion; forecasting fourth-quarter EPS attributable to Intel of $0.10 and non-GAAP EPS attributable to Intel of $0.25.

SANTA CLARA, Calif., October 29, 2026 – Intel Corporation today reported third-quarter 2026 financial results.

“Our Q3 results demonstrate improving execution, meaningful progress expanding supply and continued advancement of our process technology,” said Lip-Bu Tan, Intel CEO. “Despite near-term headwinds across the PC industry, demand for our CPUs remains robust, reinforcing our confidence in the long-term growth opportunities for our business. Our immediate priority is to unlock additional supply to meet extraordinary demand for our Xeon family, while strengthening our product portfolio and roadmap. We are moving with urgency and focus to capitalize on these opportunities to deliver sustainable growth and long-term shareholder value.”

“We delivered another solid quarter. Revenue, gross margin and earnings per share exceeded guidance, including our strongest data center revenue growth in 15 years,” said David Zinsner, Intel CFO. “Looking ahead, we see the PC slowdown continuing at least through the first half of next year, but we remain optimistic about the opportunities across our broader portfolio, and we will continue making disciplined investments in capacity and working capital to increase supply and support future growth.”

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

In the third quarter, the company generated $5.1 billion in cash from operations.

Intel/Page 2 Business Unit Summary

Business Unit Revenue and Trends (In Billions) Q3 2026 1 vs. Q3 2025

Intel Products:

Client Computing and Physical AI Group (CCPG) 2 $8.1 down 5%

Data Center and AI (DCAI) 7.3 up 78%

Total Intel Products revenue 15.4 up 22%

Intersegment eliminations (6.3)

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

2 CCPG was referred to as the Client Computing Group (CCG) in Q1 2026 and earlier periods.

3 Altera, previously a wholly owned subsidiary, was deconsolidated following the sale of 51% of its common stock on September 12, 2025. Altera's results of operations were included in Intel's Consolidated Condensed Financial Statements through September 11, 2025.

Business Highlights Company Momentum

• Completed a $23 billion public equity offering to support future growth opportunities while maintaining a strong balance sheet and investment-grade rating.

• Announced plans to acquire Classiq, combining its quantum software synthesis platform with Intel’s spin-qubit manufacturing and software expertise to create a full-stack quantum computing platform.

Product Momentum

• Announced plans for a multiyear collaboration with Oracle intended to expand Intel ® Xeon ® -based computing on Oracle Cloud Infrastructure (OCI), which is expected to span current and future Intel Xeon platforms, including planned OCI X14 offerings powered by Intel’s next-generation server processor code-named Diamond Rapids.

• Shared new technical details on the Intel ® GPU D-series, formerly code-named Crescent Island, introduced new Intel Xeon-based rack designs and highlighted open software and ecosystem innovations at OCP Global Summit 2026. Intel also demonstrated day-0 support for Meta's Muse Spark Open, which has been tested and is running on the upcoming Intel GPU D-series and Intel Xeon platforms.

• Showcased three architectures for Agentic AI and Enterprise-scale workloads at Hot Chips 2026: next-generation Intel Xeon code-named Diamond Rapids for high-performance orchestration, Intel GPU D-series for efficient inference, and Intel ® Core™ Series 3 for intelligent client and edge computing.

• Announced the first Googlebook devices powered by Intel Core Ultra Series 3 processors with premium devices from Acer, ASUS and Lenovo, bringing together Google's next-generation computing and Intel's flagship client platform.

• Collaborated with AMD to bring x86 CPU optimizations for PyTorch together in oneDNN, simplifying AI development and deployment across Intel and AMD CPUs.

• Announced a collaboration with SAP to bridge business IT systems and the operational technology that controls physical equipment and processes through Physical AI.

Foundry Momentum

• Released Intel 14A 0.9 process design kit (PDK) in October.

• Announced a collaboration with Lens Technology, combining Intel's advanced packaging expertise with Lens Technology's precision glass processing capabilities to enable advanced semiconductor packaging for the AI era.

• Completed the RAMP-C program, enabling validated prototypes, ecosystem readiness and early customer engagement to accelerate momentum for Secure Enclave.

• Announced a collaboration with ASML to accelerate industry readiness for High-NA EUV manufacturing.

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• Collaborated with Lam Research and Applied Materials on new facilities to expand capacity and enable joint R&D in process technology and manufacturing equipment.

Culture & Leadership

• Appointed Dean Jarnac as executive vice president and chief sales officer, leading Intel's global sales organization and strengthening customer relationships and go-to-market execution across the company's product portfolio.

Business Outlook

Intel's guidance for the fourth 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 third 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;

▪ 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;

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▪ 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;

▪ 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;