10-Q · July 23, 2026
Intel reported Q2 2026 revenue of $16.128 billion and diluted EPS of $0.42, representing a substantial improvement from Q1 2026 revenue of $13.580 billion and EPS of negative $0.73, as well as Q2 2025 revenue of $12.860…
Earnings analysis · 10-Q
INTC earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Intel reported Q3 revenue of $16.513 billion, up 2.4% sequentially and 21.0% year over year, while gross margin expanded to 43.0% and GAAP diluted EPS was $0.60. DCAI was the principal disclosed growth engine, with…
Read full summary
Intel reported Q3 revenue of $16.513 billion, up 2.4% sequentially and 21.0% year over year, while gross margin expanded to 43.0% and GAAP diluted EPS was $0.60. DCAI was the principal disclosed growth engine, with revenue of $7.318 billion, up 78% year over year. However, adjusted free cash flow fell to $1.639 billion from $5.78 billion in Q2, and Q4 guidance of $15.0 billion-$16.0 billion in revenue and $0.10 GAAP EPS signals a weaker near-term outlook; therefore sentiment is neutral.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.6
- Gross margin
- 43.0%
- Segment
- Data Center and AI (DCAI): $7.318 billion, up 78% year over year
What stood out
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Revenue accelerated year over year
Revenue was $16.513 billion, up from $16.13 billion in Q2 2026, an increase of approximately 2.4%, and up from $13.65 billion in Q3 2025, an increase of approximately 21.0%.
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Gross margin expanded materially
Gross margin expanded to 43.0% from 40.4% in Q2 2026 and 38.2% in Q3 2025, increases of 260 basis points sequentially and 480 basis points year over year.
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GAAP EPS rebounded sequentially
GAAP diluted EPS was $0.60 versus a loss of $2.16 in Q2 2026 and EPS of $0.90 in Q3 2025. The quarter also exceeded the $0.37 consensus estimate by $0.23.
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DCAI delivered strong growth
DCAI revenue reached $7.318 billion, increasing 78% year over year, making it the clearest disclosed segment growth driver.
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Free cash flow remained positive
Adjusted free cash flow was $1.639 billion, compared with $5.78 billion in Q2 2026 and $121 million in Q3 2025, remaining positive but declining sequentially.
What to watch
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Q4 outlook points to sequential slowdown
Q4 2026 revenue guidance of $15.0 billion-$16.0 billion is below Q3 revenue of $16.513 billion at both the midpoint and high end, implying a sequential decline of approximately 6.1%-9.2%. GAAP EPS guidance is $0.10 versus reported Q3 GAAP EPS of $0.60.
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Growth concentration and demand risk
The disclosed growth mix is concentrated in DCAI, whose revenue was $7.318 billion, up 78% year over year; the filing's outlook indicates that consolidated Q4 revenue could fall to as low as $15.0 billion despite that growth.
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Cash generation weakened sequentially
Adjusted free cash flow declined to $1.639 billion from $5.78 billion in Q2 2026, a sequential reduction of approximately $4.14 billion, indicating materially lower cash generation entering the next quarter.
Management's outlook
The filing's quantitative outlook is not fully reproduced in the provided text. The accompanying earnings release provides Q4 2026 revenue guidance of $15.0 billion-$16.0 billion and GAAP EPS guidance of $0.10; no prior outlook is provided for comparison.
Earlier filings 4
10-Q · April 23, 2026
Intel reported Q1 2026 revenue of $13,577,000,000 (beat consensus $12,400,465,904 and up ~7% year-over-year) and non-GAAP diluted EPS of $0.29 (consensus -$0.01). Results were offset by a GAAP net loss and a…
10-K · January 23, 2026
The 2025 10-K shows a company in a transitional recovery: full-year revenue was essentially flat at $52.85 billion (2025 vs $53.09 billion in 2024) while operating results remain volatile. Gross margin improved in the…
10-Q · November 6, 2025
Intel posted revenue of $13,653,000,000 and GAAP EPS of $0.23 for the quarter ended September 27, 2025, beating revenue and EPS consensus. Gross margin expanded to 38.2% and operating margin recovered to 5.0%; free cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.