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INTC · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
The loss is one non-cash line — a $12.5B fair-value hit on the Escrowed Shares derivative from the US government equity deal (triggered by Intel's own share price rising); underneath it the turnaround finally showed up in numbers: revenue +25%, DCAI +59%, and operating income swung from a $3.2B loss to a $1.8B profit.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Client (CCPG) | $8,877 · +13% |
| Data Center & AI (DCAI) | $6,262 · +59% |
| Intel Foundry (external) ≈ | $288 |
| All Other | $701 |
| Total Revenue | $16,128 · +25.4% |
| Net Loss attributable (GAAP) | $11,033 · vs −$2,918 |
| Cost of Sales | $9,619 · +3.2% |
| R&D | $3,368 · -8.6% |
| Marketing, G&A | $1,175 · +2.7% |
| Restructuring & Other | $170 · vs $1,890 |
| Equity Investment Losses | $39 · vs +$502 |
| Escrowed Shares Derivative* + Interest | $12,576 · non-cash |
| Income Tax | $29 · ETR −0.3% |
| Noncontrolling Interests | $185 |
Verdict: the loss is one non-cash line — a $12.5B fair-value hit on the Escrowed Shares derivative from the US government equity deal (triggered by Intel's own share price rising); underneath it the turnaround finally showed up in numbers: revenue +25%, DCAI +59%, and operating income swung from a $3.2B loss to a $1.8B profit.
Loss quarter (mirror layout): left side shows where the money came from — revenue plus the net loss itself; right side shows what it covered. Demand exceeded supply in Q2; substrate/memory shortages expected to persist into 2027.
Source and notation
* marks non-cash / ≈ estimated. Foundry shown at external revenue (≈$288M) — most Foundry output is sold internally and eliminated. Source: Intel 10-Q (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/intc/q2-2026"><img src="https://whoreportstoday.com/t/intc/q2-2026/sankey.png" alt="INTC Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/intc/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/intc/q2-2026">INTC Q2 2026 earnings chart (Who Reports Today)</a>
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- The entire loss sits in 'Interest and other, net' −$12,576M: a $12.5B NON-CASH loss from the change in fair value of the derivative liability for the Escrowed Shares (the US government stake structure) — Intel's rising share price makes the escrowed-share obligation more expensive on paper.
- Operating income turned POSITIVE: +$1,796M vs −$3,176M a year ago — the first clean operating profit of the turnaround, helped by 25% revenue growth and $1.5B lower period charges.
- DCAI (data center & AI) revenue grew 59% y/y and client (CCPG) +13%, mostly on higher average selling prices from a premium product mix; demand exceeded available supply due to factory capacity and industry-wide substrate/memory shortages.
- Restructuring charges collapsed to $170M from $1,890M a year ago; Q2 2025 also carried $797M of asset impairments that did not repeat.
- R&D fell 8.6% y/y to $3,368M — the cost-cutting plan continues even as revenue recovers.
- Intel Foundry still lost $2,089M at the operating level (segment view); Intel Products earned $4,817M.
- Tax was a rounding error ($29M provision, ETR −0.3%); $185M of income attributable to non-controlling interests widens the attributable loss to $11,033M.
- 'All Other' revenue fell after Altera's deconsolidation in Q3 2025 turned it into an external customer.
What distorts the picture in this report and what to watch beyond the headlines.
INTC — Intel is a semiconductor company that designs and manufactures processors, chipsets, and other computing components.
It is headquartered in Santa Clara, California, and serves global markets in personal computing, data centers, and artificial intelligence.
Heads-up
- a net loss in Q2 2026 ($11,033 · vs −$2,918)
Net loss for Q2 2026: $11,033M. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: INTU · Q4 FY2026 · IT · Q2 2026 · JBL · Q4 FY2026 · KEYS · Q3 FY2026 · KLAC · Q4 FY2026 · LITE · Q4 FY2026 · LRCX · Q3 2026 · MCHP · Q1 FY2027 · MPWR · Q3 2026 · MRVL · Q2 FY2027 · all reports