INTEL CORP Earnings Summary — Q3 FY2026

• Revenue grew 25% YoY to $16.1 billion, representing the company's strongest growth in more than fifteen years, driven by substantial AI and compute demand.
• GAAP net loss of $11.0 billion was primarily caused by a $12.5 billion non-cash charge related to the mark-to-market revaluation of Escrowed Shares (warrants) held for the U.S. Government.
• The Data Center and AI (DCAI) segment showed explosive growth, with revenue up 59% YoY to $6.3 billion, while the Client Computing and Physical AI Group (CCPG) rose 13% to $8.9 billion.
• Intel Foundry revenue increased 31% YoY to $5.8 billion, though the segment continues to operate at a loss ($2.1 billion) as it scales infrastructure and nodes.
• The company successfully advanced its Intel 18A node, with 18A-P entering risk production and high-volume manufacturing starting for Panther Lake using High NA EUV technology.
• Management reported a significant reduction in operating expenses, with GAAP R&D and MG&A down 6% YoY as part of ongoing efficiency initiatives.
• The deconsolidation of Altera (effective September 2025) impacted YoY comparability across segment reporting and total employee headcounts.

Forecasting Q3 2026 revenue of $15.8 billion to $16.8 billion, with an expected GAAP EPS of $0.31 and non-GAAP EPS of $0.38 at the midpoint.

Improving

Operational performance is showing strong recovery with double-digit revenue growth across core segments, though GAAP figures are currently distorted by CHIPS Act-related derivative liabilities.

Intel is transitioning to a high-volume manufacturing phase for its next-generation process nodes while scaling its foundry business to serve external customers. Growth is heavily indexed to AI infrastructure and the successful ramp of the 18A platform.