Intel Corporation (INTC) Q1 2026 Financial Results Summary

Intel Corporation released its financial results for the first quarter of 2026 on April 23, 2026. Below is a summary of the company's performance during the quarter.

Financial Highlights

• Revenue: $13.6 billion, up 7% compared to $12.7 billion in Q1 2025.
• Earnings (Loss) Per Share (EPS):
  • GAAP: $(0.73), compared to $(0.19) in Q1 2025 (not meaningful).
  • Non-GAAP: $0.29, up 123% from $0.13 in Q1 2025.
• Gross Margin:
  • GAAP: 39.4%, up 2.5 percentage points YoY.
  • Non-GAAP: 41.0%, up 1.8 percentage points YoY.
• Research and Development (R&D) and Marketing, General & Administrative (MG&A) expenses:
  • GAAP: $4.4 billion, down 8% YoY from $4.8 billion.
  • Non-GAAP: $3.9 billion, down 9% YoY from $4.3 billion.
• Operating Margin (Loss):
  • GAAP: (23.1%), down 20.7 percentage points YoY.
  • Non-GAAP: 12.3%, up 6.9 percentage points YoY.
• Net Income (Loss):
  • Attributable to Intel: $(3.7) billion, down from $(0.8) billion in Q1 2025 (not meaningful).
  • Non-GAAP net income: $1.5 billion, up 156% from $0.6 billion in Q1 2025.
• Cash Flow: Generated $1.1 billion in cash from operations.

Business Unit Performance

Intel Products Revenue

• Client Computing Group (CCG): $7.7 billion, up 1% YoY.
• Data Center and AI (DCAI): $5.1 billion, up 22% YoY.
• Total Intel Products Revenue: $12.8 billion, up 9% YoY.
• Intel Foundry: $5.4 billion, up 16% YoY.
• All Other: $0.6 billion, down 33% YoY.
• Total Net Revenue: $13.6 billion, up 7% YoY.

Business Highlights

• Launched several new products, including Intel Xeon 600 processors and Intel Core Ultra Series 3 processors.
• Announced a multiyear collaboration with Google for Xeon processors deployment.
• Selected Intel Xeon 6 as the host CPU for NVIDIA’s DGX Rubin NVL8 systems.
• Jointly developed a heterogeneous hardware solution with SambaNova to improve performance and efficiency.
• Joined the Terafab project alongside prominent partners like SpaceX and Tesla for next-gen silicon technology.
• Expanded assembly and test capacity in Penang, Malaysia, to improve semiconductor supply chain resilience.
• Share Repurchase: Intel repurchased the 49% minority equity interest in the joint investment entity related to Fab 34 in Ireland.

Business Outlook

Intel has provided the following guidance for the second quarter of 2026:

• Revenue: Expected in the range of $13.8 billion to $14.8 billion.
• Gross Margin:
  • GAAP: 37.5%.
  • Non-GAAP: 39.0%.
• Earnings Per Share (EPS):
  • GAAP: $0.08.
  • Non-GAAP: $0.20.
• Tax Rate:
  • GAAP: 4%.
  • Non-GAAP: 11%.

Conclusion

Intel's Q1 2026 financial results showcase significant growth in revenues and non-GAAP earnings, driven by robust demand in various segments, particularly in AI and data centers, and effective cost management. The company continues to strategically align with partners to enhance its product offerings and operational capabilities.

Note: All amounts are in millions.

Three Months Ended	Mar 28, 2026	Mar 29, 2025
Net revenue	$13,577	$12,667
Cost of sales	8,230	7,995
Gross profit	5,347	4,672
Research and development	3,375	3,640
Marketing, general, and administrative	1,038	1,177
Restructuring and other charges	4,070	156
Operating expenses	8,483	4,973
Operating income (loss)	-3,136	-301
Gains (losses) on equity investments, net	-72	-112
Interest and other, net	-738	-173
Income (loss) before taxes	-3,946	-586
Provision for (benefit from) taxes	335	301
Net income (loss)	-4,281	-887
Less: net income (loss) attributable to non-controlling interests	-553	-66
Net income (loss) attributable to Intel	-3,728	-821
Earnings (loss) per share attributable to Intel—basic	-0.73	-0.19
Earnings (loss) per share attributable to Intel—diluted	-0.73	-0.19
Weighted average shares of common stock outstanding: Basic	5,083	4,343
Diluted	5,083	4,343

Consolidated Condensed Balance Sheets (In Millions, Except Par Value; Unaudited)

	Mar 28, 2026	Dec 27, 2025
Assets
Current assets:
Cash and cash equivalents	$17,247	$14,265
Short-term investments	15,542	23,151
Accounts receivable, net	4,066	3,839
Inventories
Raw materials	918	993
Work in process	9,004	7,840
Finished goods	2,504	2,785
	12,426	11,618
Other current assets	12,876	10,815
Total current assets	62,157	63,688
Property, plant, and equipment, net	104,458	105,414
Equity investments	8,481	8,512
Goodwill	20,465	23,912
Identified intangible assets, net	2,722	2,772
Other long-term assets	7,049	7,131
Total assets	$205,332	$211,429
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	7,159	9,882
Accrued compensation and benefits	2,824	3,990
Short-term debt	2,004	2,499
Other accrued liabilities	14,898	15,204
Total current liabilities	26,885	31,575
Debt	43,027	44,086
Other long-term liabilities	10,431	9,408
Stockholders' equity
Common stock and capital in excess of par value, 5,023 shares issued and outstanding (4,994 issued and outstanding as of December 27, 2025)	66,259	65,185
Accumulated other comprehensive income (loss)	-44	113
Retained earnings	45,179	48,983
Total Intel stockholders' equity	111,394	114,281
Non-controlling interests	13,595	12,079
Total stockholders' equity	124,989	126,360
Total liabilities and stockholders' equity	$205,332	$211,429

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