Intel Corporation (INTC) Earnings
Intel Corporation is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.21. INTC has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +443.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.02 | $0.29 | +1428.7% | $13.6B | +9.3% |
| Jan 22, 2026 | $0.08 | $0.15 | +84.4% | $13.7B | +1.8% |
| Oct 23, 2025 | $0.02 | $0.23 | +1191.4% | $13.7B | +3.5% |
| Jul 24, 2025 | $0.01 | $-0.10 | -929.2% | $12.9B | +7.3% |
| Apr 24, 2025 | $0.01 | $0.13 | +1811.8% | $12.7B | +3.0% |
| Jan 30, 2025 | $0.12 | $0.13 | +9.3% | $14.3B | +3.1% |
| Oct 31, 2024 | $-0.02 | $-0.46 | -2090.5% | $13.3B | +2.0% |
| Aug 1, 2024 | $0.10 | $0.02 | -80.2% | $12.8B | -0.7% |
| Apr 25, 2024 | $0.14 | $0.18 | +31.1% | $12.7B | -0.6% |
| Jan 25, 2024 | $0.45 | $0.54 | +20.0% | $15.4B | +1.7% |
| Oct 26, 2023 | $0.21 | $0.41 | +95.2% | $14.2B | +4.9% |
| Jul 27, 2023 | $0.02 | $0.13 | +482.4% | $12.9B | +18.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
In the first quarter, Intel achieved continued and steady progress with strong product demand. Revenue, gross margin, and earnings per share all surpassed the upper end of the guidance. The collective AI - driven businesses now constitute 60% of revenue and grew by 40% year - on - year. Intel 3 - base Xeon 6 and Intel 18A - base Core Series 3 products have entered full - volume production. Intel is making headway in Intel Foundry technology development, with Intel 4, 3, and 18A showing steady progress, and the advanced packaging backlog increasing in the quarter. There are partnerships such as with SpaceX, XAI, and Tesla for the TeraFab project. The teams are working directly with customers to reach mutually beneficial outcomes within weeks. In CCG, the Core Ultra Series 3 was launched and offerings were expanded across consumer, commercial, and edge. DCAI signed multiple long - term agreements, including with Google, and Xeon was selected as the host CPU for NVIDIA's DGX Rubin NVL8 systems, along with a collaboration with Samba Nova. Intel Foundry delivered output beyond expectations, met key 14A milestones, and expanded back - end facilities in Malaysia
Guidance
Intel is guiding Q2 revenue to a range of $13.8 to $14.8 billion, representing a sequential growth of 2% to 9%. It is anticipated that there will be sequential revenue growth in both CCG and DCAI, with DCAI experiencing double - digit growth. At the midpoint of $14.3 billion, a non - GAAP gross margin of 39%, a tax rate of 11%, and an EPS of 20 cents are forecasted. The factory network is expected to increase available supply in the third and fourth quarters, although at a more measured pace than previously anticipated. In 2026, revenue is expected to follow seasonal trends, with servers performing above average and PCs below. OpEx is likely to be higher in 2026 due to inflationary pressures, variable compensation, and targeted investments. Capital expenditures in 2026 are expected to be flat compared to the previous year, with equipment spending on the rise. Non - controlling interest is expected to be approximately $250 million in each of Q2, Q3, and Q4 of 2026, and around $1.1 billion for 2027 and 2028 on a GAAP basis
Segment performance
CCG generated revenue of $7.7 billion, which was a 6% sequential decline yet better than expectations. AIPC revenue saw an 8% sequential rise and now accounts for over 60% of the client CPU mix. The operating profit for CCG stood at $2.5 billion, making up 33% of revenue and marking an approximately $300 million quarter - over - quarter increase due to improved mix, product margins, sales of reserved inventory, better 18A yields, and reduced operating expenses. DCAI reported revenue of $5.1 billion, registering a 7% sequential growth and a 22% year - over - year growth, far exceeding expectations. Its operating profit was $1.5 billion, 31% of revenue, with about a $292 million quarter - over - quarter increase from improved product margins, better cycle times and yields (especially on Intel 3), and lower operating expenses. Intel Foundry's revenue was $5.4 billion, a 20% sequential increase, driven by an increased EUV wafer mix from Intel 3 and significant growth in 18A. The operating loss for Intel Foundry in Q1 was $2.4 billion, which improved by $72 million quarter - over - quarter due to better yields across Intel 4, 3, and 18A, but was mostly offset by increased operating expenses related to Intel 14A investments. All other revenue totaled $628 million, a 9% sequential rise, with an operating profit of $102 million
Risks & headwinds
The macroeconomic and geopolitical environments are dynamic, which can influence customer behavior and investment decisions. Constraints and rising prices of key components like memory, wafers, and substrates may have an impact on product demand. The improvement in Intel Foundry's operating loss is dependent on Intel 18A ramping up to volume and yields improving further. There is reliance on key customers and partners, and the long - term process of building manufacturing capacity and scaling supply is fraught with uncertainties
Analyst Q&A
Q: Regarding LTAs, discuss the Google deal and other LTAs, including their structure and long - term visibility.
A: Google has a multi - long - term contract, which is significant for Intel's CPU and ASIC demand. Most agreements are structured with volume and pricing terms, typically spanning 3 to 5 years. Some agreements are kept confidential by the customers.
Q: Concerning CapEx, specifically investing in foundry customers and when more details will be available.
A: CapEx is flat year - over - year, with tool spending increasing. Customer signals are expected to become more concrete in the back half of 2026 and early 2027.
Q: On CPU competitiveness, the position of server CPUs and competition with AMD and ARM.
A: CPUs are crucial in inference for orchestration. Intel is refining its roadmap, and advanced packaging and foundry capabilities are advantages. It is competing with AMD through product roadmap refinement and talent acquisition, and with ARM by leveraging its product portfolio and partnerships.
Q: About driving increased output in the second half and the advanced packaging backlog.
A: Wafer starts are being increased in EUV nodes, and efforts are being made to improve yields and throughput. Advanced packaging demand is in the billions of dollars per year, and it is a differentiated offering.
Q: On 18A yields, their impact on gross margin, and the ASIC business.
A: 18A yields are better than expected and are on track to meet the year - end target. The ASIC business involves purpose - built silicon, which is fast - growing and depends on understanding customer workloads.
Q: On CPU demand from agentic workloads and capacity tightness and share gains.
A: The ratio of CPUs to GPUs is changing, and there are opportunities in agentic AI and physical AI. Captive capacity is important for winning business in the long term.
Q: Regarding the supply side, constraints, and improvement in the second half.
A: Supply is expected to increase each quarter, with the first quarter being the lowest point. The second quarter relies on increasing supply.
Q: On the server CPU roadmap, the progression from Xeon to future generations.
A: Intel has a roadmap with Diamond Rapids, Coral Rapids, and is focusing on execution. It is also using the ASIC business to meet customer requirements