Intel Corporation Q2 FY2026 Earnings Call

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Intel Corporation Q2 2026 Earnings Summary

Executive Overview

  • Q2 2026 marked the 7th consecutive quarter exceeding financial guidance, with revenue, gross margin, and EPS all above expectations amid strong AI-driven demand outpacing supply.
  • Key themes: Cultural transformation driving efficiency; Intel Foundry progress on 18A/14A nodes; record server growth; raised 2026 CapEx to >$20B due to demand signals.
  • AI-driven businesses grew >70% YoY and contributed ~70% of revenue.

Financial Highlights (Q2 2026 vs. Guidance & Prior Periods)

  • Revenue: $16.1B (+$1.8B above guidance midpoint); strongest revenue growth in >15 years.
  • Non-GAAP Gross Margin: 41.8% (+280 bps vs. guidance; driven by higher revenue, yields, ASPs/mix).
  • Non-GAAP EPS: $0.42 (vs. guidance $0.20; vs. implied prior sequential improvement from operational leverage).
  • Operating Cash Flow: $7B; ended quarter with ~$30B cash & short-term investments.
  • Non-GAAP OpEx tightly managed toward ~$16.5B full-year target.

Segment Results

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Operator : Thank you for standing by, and welcome to Intel Corporation's Second Quarter 2026 Earnings Conference Call. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Mr. John Pitzer, Vice President, Investor Relations. Please go ahead, sir. John Pitzer : Thank you, Jonathan, and good afternoon to everyone joining us today. By now, you should have received a copy of the Q2 earnings release and presentation. Both are available on our Investor Relations website, intc.com. For those joining us online today, this presentation is also available on our webcast window. I am joined today by our CEO, Lip-Bu Tan; and our CFO, David Zinsner. Lip-Bu will open up with comments on second quarter results and update the progress we're making on strategic priorities. Dave will then discuss our overall financial results, including third quarter guidance before we transition to answer your questions. Before we begin, please note that today's presentation does contain forward-looking statements based on the environment as we currently see it. As such, they are subject to various risks and uncertainties. It also contains reference to non-GAAP financial measures that we believe provide useful information to our investors. Our earnings release, most recent annual report on Form 10-K and other filings with the SEC provide more information on specific risk factors that could cause the actual results to differ materially from our expectat

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