Intel Corporation · Q2 2026

The quarter in short

Revenue $16.13B, up 25.4% year over year and 18.8% on the quarter. Non-GAAP EPS $0.42, up 44.8% on the quarter. GAAP EPS −$2.16. Free cash flow $4.45B. Non-GAAP EPS beat consensus by 100%. Rule of 40 score +53.

What we learned

1. An $11 billion GAAP loss that gets worse when the stock does. The $12.529B mark-to-market charge is on shares held in escrow for the Department of Commerce under the CHIPS Act Secure Enclave agreement — up to 433.3 million shares, 158.7 million escrowed.
2. The operating quarter underneath it was the strongest in fifteen years. Revenue $16.1B, +25% — the fastest growth since 2011 — non-GAAP EPS $0.42 against a $0.21 consensus , and $7.0B of operating cash flow.
3. Data Center & AI is genuinely reaccelerating. $6.3B, +59% , carrying $2.5B of operating profit inside Intel Products revenue of $15.1B. The server CPU line the market had written off is the one paying.
4. Foundry is still the unresolved half. Revenue +31% to $5.8B against a $2.1B segment operating loss . The revenue growth is real and so is the loss; nothing in the release moves that question either way.
5. The capex bill is what took the 13% pop back. More than $20B of 2026 capital expenditure , with 2027 guided "significantly above" it — landing on a stock that had already risen 257% in the first half and fallen 28% in July.

Read moreRead callRead preview