Intel Q2 2026 Earnings Test AI Comeback
Intel Q2 2026 earnings on July 23 will test whether AI data center demand and foundry 18A progress can sustain the turnaround and spur big option moves.
KEY TAKEAWAYS
- Q2 results will test whether AI data-center demand and foundry 18A progress can sustain Intel's turnaround.
- Company guidance called for $13.8B-$14.8B revenue and about $0.20 non-GAAP EPS; Street centers near $14.4B.
- Earnings release scheduled after market close on July 23 with a 2:00 p.m. PDT webcast.
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Intel Corp. (INTC) will report Q2 2026 earnings after the market close on July 23, testing whether AI data center demand and progress in its foundry roadmap can sustain the company’s recent turnaround amid weak PC sales and bullish investor expectations.
Guidance and Street Consensus
Intel’s prior-quarter guidance called for Q2 revenue between $13.8 billion and $14.8 billion, non-GAAP earnings around $0.20 per share, and an adjusted gross margin near 39%. The midpoint implies roughly 11.0% year-over-year revenue growth, framing expectations for an AI-driven recovery despite sluggish PC demand.
Wall Street estimates cluster slightly above the midpoint, with revenue near $14.4 billion and adjusted EPS around $0.21–$0.22. Segment models project Data Center and AI revenue at about $5.5 billion, up roughly 40% year over year; Foundry near $5.5 billion; and the Client PC unit around $8.0 billion, reflecting about 1.6% growth. Options activity suggests an implied post-earnings move of 11%–15%, with some analysts anticipating a beat-and-raise quarter tied to AI demand and foundry validation.
Intel plans to release results shortly after the U.S. market close on July 23, followed by an earnings call and live webcast at 2:00 p.m. PDT (5:00 p.m. ET). Related materials and a replay will be available on Intel’s Investor Relations website.
AI Data Center Momentum and Foundry Progress
Intel enters Q2 on momentum from Q1, when it reported adjusted EPS of $0.29 on $13.6 billion in revenue, a 7.4% increase year over year. The Data Center and AI segment rose 22% to $5.1 billion, while Foundry revenue grew 16% to $5.4 billion, driving recent gains.
Manufacturing milestones have reinforced this narrative. On July 15, ASML confirmed Intel Foundry is using High-NA extreme ultraviolet (EUV) lithography tools in mass production of Panther Lake chips on the 18A node, validating Intel’s advanced process roadmap. Recent partnerships with Apple and Microsoft for the 18A process, along with the move of 18A-P into risk production, further support Intel’s foundry expansion.
Investors will focus on whether foundry operating losses are narrowing, how High-NA capital expenditures and depreciation affect margins, the scale of external wafer starts and prepayments, and whether factory utilization and product mix can boost non-GAAP gross margins. They will also watch Client PC trends, including early AI-PC adoption and enterprise refresh cycles.
Analysts highlight Intel’s scale in processors as a structural advantage. The company remains dominant in the server CPU market, and several previews suggest AI deployments are shifting the CPU-to-GPU balance in ways that could favor Intel’s server franchise if data-center demand holds.
