Analyst Consensus ?
ConsensusHold83 ratings
Bullish3137.4%
Neutral4554.2%
Bearish78.4%
1 unmapped firm rating excluded from the percentages.
Intel Corp. · INTC · FY2026 Q2 · Calendar Q3 2026
Intel Beats on AI Strength, but Foundry Losses and Rising Capex Drag Shares
Intel delivered its seventh consecutive quarterly beat with Q2 revenue of $16.1B, up from $13.6B in Q1, driven by AI-related demand that now accounts for 70% of revenue. EPS of $0.42 doubled consensus. Yet shares fell roughly 8% on an abnormal basis, as investors digested a widening foundry operating loss of $2.1B against just $293M of external foundry revenue, a capex increase to over $20B for 2026, and a flattening PC outlook for the second half amid memory price inflation. The foundry roadmap is advancing with 18A volume running 25% above target and 18A-P risk production underway, but the investment-to-revenue gap remains the central tension for investors.
Reported After market closeNASDAQTechnology
$460.73B market cap
100quality score
Company context
Snapshot as of publicationIntel Corporation designs, develops, manufactures, markets, sells, and services computing and related end products and services in the United States, Ireland, Israel, and internationally. It operates through three segments: CCG, DCAI, and Intel Foundry. The company offers client computing group products, including client and commercial CPUs, discrete client GPUs, edge computing, and connectivity products; data center and AI products, such as server CPUs, discrete GPUs, and networking products; and semiconductors comprising wafer fabrication, substrates, and other related products and services.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.42
Consensus $0
EPS surprise
+100.0%
Reported versus consensus
Reported revenue
$16.13B
Consensus $14.43B
Revenue surprise
+11.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$91.67Previous close
$18Low
$72.24Average
$200High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 24, 2026 |
| Stifel | Hold | Hold | Maintain | Jul 24, 2026 |
| Roth Capital | Buy | Buy | Maintain | Jul 24, 2026 |
| Rosenblatt | Sell | Sell | Maintain | Jul 24, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 24, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 24, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Jul 24, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 24, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 14, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 13, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jul 13, 2026 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jun 25, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 1, 2026 |
| Citigroup | Buy | Buy | Maintain | May 18, 2026 |
| Benchmark | Buy | Buy | Maintain | May 18, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | May 4, 2026 |
| Tigress Financial | Buy | Buy | Maintain | Apr 30, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Apr 28, 2026 |
| Needham | Hold | Hold | Maintain | Apr 24, 2026 |
| Jefferies | Hold | Hold | Maintain | Apr 24, 2026 |
| HSBC | Buy | Hold | Upgrade | Apr 21, 2026 |
| KGI Securities | Neutral | Outperform | Downgrade | Apr 20, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Apr 16, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jan 23, 2026 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 20, 2026 |
| Melius Research | Buy | Hold | Upgrade | Jan 5, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Sep 29, 2025 |
| Roth MKM | Neutral | Neutral | Maintain | Jan 31, 2025 |
| Baird | Neutral | Neutral | Maintain | Jan 31, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Nov 1, 2024 |
| Raymond James | Market Perform | Outperform | Downgrade | Aug 2, 2024 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | May 16, 2024 |
| Summit Insights Group | Hold | Buy | Downgrade | Jan 26, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 28, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 27, 2023 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jan 27, 2023 |
| DZ Bank | Sell | Hold | Downgrade | Aug 2, 2022 |
| Atlantic Equities | Underweight | Neutral | Downgrade | May 10, 2021 |
| Loop Capital | Sell | Sell | Maintain | Mar 24, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Apr 24, 2020 |
| Argus Research | Buy | Hold | Upgrade | Mar 25, 2020 |
| Northland Securities | Market Perform | Outperform | Downgrade | Jan 27, 2020 |
| Nomura | Buy | Buy | Maintain | Jan 24, 2020 |
| Bank of America | Buy | Buy | Maintain | Dec 2, 2019 |
| Northland | Outperform | Market Perform | Upgrade | Oct 25, 2019 |
| Argus | Hold | Buy | Downgrade | Apr 29, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 27, 2018 |
| B. Riley FBR | Buy | Buy | Maintain | May 5, 2018 |
| B. Riley Securities | Buy | Buy | Maintain | Apr 27, 2018 |
| B. Riley | Buy | Buy | Maintain | Apr 27, 2018 |
| Canaccord Genuity | Hold | Hold | Maintain | Nov 17, 2017 |
| Hilliard Lyons | Buy | Long Term Buy | Maintain | Jul 12, 2017 |
| Macquarie | Outperform | Outperform | Maintain | Mar 31, 2017 |
| Charter Equity | Buy | Market Perform | Upgrade | Oct 19, 2016 |
| Brean Capital | Buy | Buy | Maintain | Oct 18, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | Oct 3, 2016 |
| CLSA | Underperform | Underperform | Maintain | Sep 19, 2016 |
| Oppenheimer | Perform | Perform | Maintain | Jul 21, 2016 |
| MKM Partners | Buy | Buy | Maintain | Jul 21, 2016 |
| Summit Research Partners | Buy | Buy | Maintain | Apr 18, 2016 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Apr 4, 2016 |
| JMP Securities | Market Outperform | Market Perform | Upgrade | Nov 20, 2015 |
| Drexel Hamilton | Hold | Buy | Downgrade | Aug 7, 2015 |
| Ascendiant Capital | Hold | Sell | Upgrade | Jul 16, 2015 |
| Hamburger Sparkasse | Neutral | Sell | Upgrade | Feb 9, 2015 |
| Imperial Capital | Outperform | Outperform | Maintain | Nov 21, 2014 |
| Topeka | Buy | Buy | Maintain | Apr 16, 2014 |
| Topeka Capital | Buy | Buy | Maintain | Apr 15, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Apr 15, 2014 |
| ISI Group | Neutral | Neutral | Maintain | Apr 10, 2014 |
| PiperJaffray | Neutral | Underweight | Upgrade | Aug 19, 2013 |
| Piper Sandler | Neutral | Underweight | Upgrade | Aug 19, 2013 |
| Evercore Partners | Underweight | Equal Weight | Downgrade | Jul 8, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | May 1, 2013 |
| Argus Capital | Hold | Buy | Downgrade | Apr 11, 2013 |
| Lazard | Buy | Neutral | Upgrade | Jan 7, 2013 |
| Miller Tabak | Neutral | Neutral | Maintain | Dec 10, 2012 |
| Caris & Co. | Buy | Downgrade | Sep 26, 2012 | |
| Sterne Agee | Neutral | Neutral | Maintain | Sep 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $91.67. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Stacy Rasgon | $110 | $89.38 | +20.0% | Jul 27, 2026 |
| D.A. Davidson | Gil Luria | $100 | $97.2 | +9.1% | Jul 24, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $125 | $96.89 | +36.4% | Jul 24, 2026 |
| Wedbush | Matt Bryson | $98 | $100.23 | +6.9% | Jul 24, 2026 |
| Robert W. Baird | Tristan Gerra | $125 | $100.23 | +36.4% | Jul 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $110 | $100.23 | +20.0% | Jul 24, 2026 |
| Rosenblatt Securities | Hans Mosesmann | $80 | $100.23 | -12.7% | Jul 24, 2026 |
| Morgan Stanley | Joseph Moore | $84 | $100.23 | -8.4% | Jul 24, 2026 |
| KeyBanc | Analyst unavailable | $125 | $100.23 | +36.4% | Jul 24, 2026 |
| Wells Fargo | Aaron Rakers | $120 | $100.23 | +30.9% | Jul 24, 2026 |
| Mizuho Securities | Siti Panigrahi | $109 | $100.23 | +18.9% | Jul 24, 2026 |
| Seaport Global | Jay Goldberg | $125 | $100.23 | +36.4% | Jul 24, 2026 |
| Roth Capital | Suji Desilva | $120 | $100.23 | +30.9% | Jul 24, 2026 |
| Morgan Stanley | Analyst unavailable | $75 | $97.93 | -18.2% | Jul 20, 2026 |
| UBS | Analyst unavailable | $115 | $102.99 | +25.4% | Jul 16, 2026 |
| KeyBanc | Analyst unavailable | $155 | $103.12 | +69.1% | Jul 14, 2026 |
| UBS | Analyst unavailable | $121 | $103.95 | +32.0% | Jul 13, 2026 |
| Stifel Nicolaus | Ruben Roy | $120 | $112.54 | +30.9% | Jul 10, 2026 |
| HSBC | Frank Lee | $200 | $123.84 | +118.2% | Jul 2, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $128.32 | +63.6% | Jun 29, 2026 |
| Goldman Sachs | James Schneider | $150 | $131.65 | +63.6% | Jun 25, 2026 |
| Mizuho Securities | Vijay Rakesh | $135 | $133.99 | +47.3% | Jun 21, 2026 |
| Bernstein | Stacy Rasgon | $100 | $117.05 | +9.1% | Jun 17, 2026 |
| Mizuho Securities | Analyst unavailable | $128 | $114.68 | +39.6% | Jun 1, 2026 |
| Wells Fargo | Analyst unavailable | $110 | $114.68 | +20.0% | Jun 1, 2026 |
| Barclays | Tom O'Malley | $100 | $114.68 | +9.1% | Jun 1, 2026 |
| Melius Research | Benjamin Reitzes | $150 | $106.95 | +63.6% | May 18, 2026 |
| Mizuho Securities | Analyst unavailable | $124 | $129.44 | +35.3% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $100 | $129.44 | +9.1% | May 12, 2026 |
| Mizuho Securities | Analyst unavailable | $100 | $108.15 | +9.1% | May 6, 2026 |
| Tigress Financial | Ivan Feinseth | $118 | $94.48 | +28.7% | Apr 30, 2026 |
| Barclays | Tom O'Malley | $65 | $82.57 | -29.1% | Apr 27, 2026 |
| Truist Financial | Analyst unavailable | $81 | $82.62 | -11.6% | Apr 24, 2026 |
| UBS | Timothy Arcuri | $83 | $82.64 | -9.5% | Apr 24, 2026 |
| Morgan Stanley | Analyst unavailable | $73 | $82.04 | -20.4% | Apr 24, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $90 | $82.42 | -1.8% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $80 | $66.78 | -12.7% | Apr 24, 2026 |
| Roth Capital | Analyst unavailable | $100 | $66.78 | +9.1% | Apr 24, 2026 |
| Stifel Nicolaus | Analyst unavailable | $75 | $66.78 | -18.2% | Apr 24, 2026 |
| KeyBanc | Analyst unavailable | $110 | $66.78 | +20.0% | Apr 24, 2026 |
| Robert W. Baird | Analyst unavailable | $75 | $66.78 | -18.2% | Apr 24, 2026 |
| Evercore ISI | Analyst unavailable | $95 | $66.78 | +3.6% | Apr 24, 2026 |
| Jefferies | Analyst unavailable | $80 | $66.78 | -12.7% | Apr 24, 2026 |
| Evercore ISI | Mark Lipacis | $111 | $66.78 | +21.1% | Apr 24, 2026 |
| HSBC | Frank Lee | $95 | $65.7 | +3.6% | Apr 21, 2026 |
| BNP Paribas | Analyst unavailable | $60 | $65.7 | -34.5% | Apr 21, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $65 | $68.5 | -29.1% | Apr 20, 2026 |
| Stifel Nicolaus | Ruben Roy | $65 | $68.5 | -29.1% | Apr 20, 2026 |
| KGI Securities | Analyst unavailable | $71 | $68.5 | -22.5% | Apr 20, 2026 |
| Bernstein | Analyst unavailable | $60 | $64.94 | -34.5% | Apr 16, 2026 |
| Melius Research | Benjamin Reitzes | $75 | $62.58 | -18.2% | Apr 10, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $60 | $61.72 | -34.5% | Apr 9, 2026 |
| D.A. Davidson | Analyst unavailable | $45 | $46.48 | -50.9% | Feb 12, 2026 |
| UBS | Analyst unavailable | $51 | $47.58 | -44.4% | Feb 2, 2026 |
| Tigress Financial | Analyst unavailable | $66 | $48.28 | -28.0% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $41 | $45.08 | -55.3% | Jan 25, 2026 |
| RBC Capital | Srini Pajjuri | $48 | $45.07 | -47.6% | Jan 23, 2026 |
| Northland Securities | Analyst unavailable | $54 | $45.77 | -41.1% | Jan 23, 2026 |
| Evercore ISI | Analyst unavailable | $45 | $45.93 | -50.9% | Jan 23, 2026 |
| UBS | Analyst unavailable | $52 | $54.32 | -43.3% | Jan 23, 2026 |
| Mizuho Securities | Analyst unavailable | $48 | $54.32 | -47.6% | Jan 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $42 | $54.32 | -54.2% | Jan 23, 2026 |
| KeyBanc | Analyst unavailable | $65 | $54.32 | -29.1% | Jan 23, 2026 |
| Roth Capital | Analyst unavailable | $50 | $54.32 | -45.5% | Jan 23, 2026 |
| Bernstein | Stacy Rasgon | $36 | $52.98 | -60.7% | Jan 21, 2026 |
| Seaport Global | Jay Goldberg | $65 | $49.27 | -29.1% | Jan 20, 2026 |
| HSBC | Analyst unavailable | $50 | $46.99 | -45.5% | Jan 20, 2026 |
| Jefferies | Analyst unavailable | $45 | $48.32 | -50.9% | Jan 16, 2026 |
| Barclays | Tom O'Malley | $45 | $48.72 | -50.9% | Jan 15, 2026 |
| RBC Capital | Srini Pajjuri | $50 | $48.72 | -45.5% | Jan 14, 2026 |
| UBS | Timothy Arcuri | $49 | $48.12 | -46.5% | Jan 14, 2026 |
| KeyBanc | Analyst unavailable | $60 | $44.06 | -34.5% | Jan 13, 2026 |
| Melius Research | Analyst unavailable | $50 | $39.38 | -45.5% | Jan 5, 2026 |
| KGI Securities | Analyst unavailable | $52 | $40.3 | -43.3% | Dec 9, 2025 |
| Tigress Financial | Analyst unavailable | $52 | $37.66 | -43.3% | Nov 4, 2025 |
| Truist Financial | William Stein | $39 | $38.16 | -57.5% | Oct 24, 2025 |
| Wedbush | Matt Bryson | $20 | $38.12 | -78.2% | Oct 22, 2025 |
| Mizuho Securities | Analyst unavailable | $39 | $36.33 | -57.5% | Oct 13, 2025 |
| HSBC | Analyst unavailable | $24 | $37.17 | -73.8% | Oct 7, 2025 |
| UBS | Analyst unavailable | $40 | $37.48 | -56.4% | Oct 6, 2025 |
| Deutsche Bank | Analyst unavailable | $30 | $35.5 | -67.3% | Sep 29, 2025 |
| Benchmark Co. | Analyst unavailable | $43 | $29.52 | -53.1% | Sep 19, 2025 |
| Roth Capital | Analyst unavailable | $30 | $30.57 | -67.3% | Sep 18, 2025 |
| Bernstein | Analyst unavailable | $21 | $19.51 | -77.1% | Apr 22, 2025 |
| Barclays | Tom O'Malley | $19 | $19.51 | -79.3% | Apr 22, 2025 |
| Susquehanna | Christopher Rolland | $22 | $19.23 | -76.0% | Apr 16, 2025 |
| UBS | Timothy Arcuri | $22 | $20.31 | -76.0% | Apr 14, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $29 | $27.39 | -68.4% | Feb 18, 2025 |
| Truist Financial | William Stein | $22 | $20.83 | -76.0% | Dec 16, 2024 |
| Bernstein | Stacy Rasgon | $25 | $23.18 | -72.7% | Dec 2, 2024 |
| Deutsche Bank | Ross Seymore | $25 | $23.2 | -72.7% | Nov 1, 2024 |
| Barclays | Blayne Curtis | $25 | $23.2 | -72.7% | Nov 1, 2024 |
| Goldman Sachs | Toshiya Hari | $21 | $22.52 | -77.1% | Oct 17, 2024 |
| Robert W. Baird | Tristan Gerra | $20 | $22.32 | -78.2% | Sep 23, 2024 |
| Bank of America Securities | Vivek Arya | $21 | $21.48 | -77.1% | Sep 17, 2024 |
| BNP Paribas | Jerome Ramel | $18 | $21.5 | -80.4% | Sep 17, 2024 |
| Citigroup | Christopher Danely | $25 | $20.91 | -72.7% | Sep 17, 2024 |
| Northland Securities | Gus Richard | $21 | $10.28 | -77.1% | Sep 3, 2024 |
| Mizuho Securities | Vijay Rakesh | $22 | $18.99 | -76.0% | Aug 7, 2024 |
| Truist Financial | William Stein | $25 | $21.48 | -72.7% | Aug 2, 2024 |
| Morgan Stanley | Joseph Moore | $25 | $29.05 | -72.7% | Aug 2, 2024 |
| Stifel Nicolaus | Ruben Roy | $28 | $29.05 | -69.5% | Aug 2, 2024 |
| Goldman Sachs | Toshiya Hari | $22 | $29.05 | -76.0% | Aug 2, 2024 |
| Deutsche Bank | Ross Seymore | $38 | $30.58 | -58.5% | May 13, 2024 |
| Stifel Nicolaus | Ruben Roy | $34 | $30 | -62.9% | May 8, 2024 |
| Barclays | Tom O'Malley | $40 | $35.11 | -56.4% | Apr 26, 2024 |
| HSBC | Frank Lee | $37 | $34.41 | -59.6% | Apr 23, 2024 |
| Susquehanna | Christopher Rolland | $40 | $36.26 | -56.4% | Apr 17, 2024 |
| Susquehanna | Christopher Rolland | $42 | $40.04 | -54.2% | Apr 4, 2024 |
| Wedbush | Matt Bryson | $40 | $40.6 | -56.4% | Apr 3, 2024 |
| Roth Capital | Suji Desilva | $45 | $43.94 | -50.9% | Apr 3, 2024 |
| Stifel Nicolaus | Ruben Roy | $45 | $43.94 | -50.9% | Apr 3, 2024 |
| Wolfe Research | Chris Caso | $31 | $43.94 | -66.2% | Apr 3, 2024 |
| UBS | Timothy Arcuri | $50 | $44.17 | -45.5% | Apr 1, 2024 |
| CFRA | Angelo Zino | $45 | $42.2 | -50.9% | Mar 20, 2024 |
| KGI Securities | Derek Chang | $50 | $41.86 | -45.5% | Dec 6, 2023 |
| Mizuho Securities | Vijay Rakesh | $50 | $41.34 | -45.5% | Nov 15, 2023 |
| Goldman Sachs | Toshiya Hari | $28 | $36.54 | -69.5% | Oct 16, 2023 |
| KeyBanc | John Vinh | $35 | $35.93 | -61.8% | Oct 4, 2023 |
| Rosenblatt Securities | Hans Mosesmann | $17 | $36.88 | -81.5% | Jul 28, 2023 |
| Needham | Quinn Bolton | $36 | $36.83 | -60.7% | Jul 27, 2023 |
| Bernstein | Stacy Rasgon | $20 | $32.28 | -78.2% | Mar 30, 2023 |
| Morgan Stanley | Joseph Moore | $28 | $25.56 | -69.5% | Feb 23, 2023 |
| Mizuho Securities | Vijay Rakesh | $32 | $29.47 | -65.1% | Nov 22, 2022 |
| Credit Suisse | Analyst unavailable | $28 | $30.71 | -69.5% | Nov 16, 2022 |
| J.P. Morgan | Analyst unavailable | $32 | $30.43 | -65.1% | Nov 11, 2022 |
| KeyBanc | John Vinh | $30 | $28.3 | -67.3% | Nov 1, 2022 |
| Rosenblatt Securities | Hans Mosesmann | $20 | $29.11 | -78.2% | Oct 28, 2022 |
| KGI Securities | Christine Wang | $28 | $26.27 | -69.5% | Oct 28, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $29.5 | $29.07 | -67.8% | Oct 28, 2022 |
| Evercore ISI | C J Muse | $30 | $29.07 | -67.3% | Oct 28, 2022 |
| Citigroup | Christopher Danely | $27 | $29.07 | -70.5% | Oct 28, 2022 |
| Robert W. Baird | Tristan Gerra | $34 | $29.07 | -62.9% | Oct 28, 2022 |
| BMO Capital | Ambrish Srivastava | $28 | $26.27 | -69.5% | Oct 28, 2022 |
| Credit Suisse | Randy Abrams | $37 | $29.07 | -59.6% | Oct 28, 2022 |
| Citigroup | Christopher Danely | $27 | $29.07 | -70.5% | Oct 28, 2022 |
| Citigroup | Christopher Danely | $27 | $29.07 | -70.5% | Oct 28, 2022 |
| Barclays | Blayne Curtis | $30 | $25.36 | -67.3% | Oct 12, 2022 |
| Needham | Quinn Bolton | $32 | $25.07 | -65.1% | Oct 11, 2022 |
| Northland Securities | Gus Richard | $26 | $12.87 | -71.6% | Oct 10, 2022 |
| Deutsche Bank | Analyst unavailable | $35 | $30.22 | -61.8% | Sep 8, 2022 |
| Deutsche Bank | Ross Seymore | $45 | $36.31 | -50.9% | Jul 30, 2022 |
| Needham | Quinn Bolton | $40 | $35.5 | -56.4% | Jul 29, 2022 |
| UBS | Analyst unavailable | $41 | $36.45 | -55.3% | Jul 29, 2022 |
| Truist Financial | Analyst unavailable | $40 | $36.34 | -56.4% | Jul 29, 2022 |
| Deutsche Bank | Analyst unavailable | $38 | $35.7 | -58.5% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $36 | $35.52 | -60.7% | Jul 29, 2022 |
| Roth Capital | Analyst unavailable | $40 | $39.71 | -56.4% | Jul 29, 2022 |
| Barclays | Analyst unavailable | $35 | $39.71 | -61.8% | Jul 29, 2022 |
| Rosenblatt Securities | Analyst unavailable | $30 | $39.71 | -67.3% | Jul 29, 2022 |
| Robert W. Baird | Tristan Gerra | $40 | $39.71 | -56.4% | Jul 29, 2022 |
| Susquehanna | Analyst unavailable | $40 | $40.24 | -56.4% | Jul 19, 2022 |
| Susquehanna | Analyst unavailable | $45 | $37.33 | -50.9% | Jul 13, 2022 |
| Barclays | Analyst unavailable | $40 | $37.21 | -56.4% | Jul 11, 2022 |
| Citigroup | Analyst unavailable | $45 | $43.39 | -50.9% | Jun 6, 2022 |
| Needham | Quinn Bolton | $55 | $43.59 | -40.0% | May 1, 2022 |
| Credit Suisse | Randy Abrams | $60 | $43.59 | -34.5% | Apr 29, 2022 |
| Rosenblatt Securities | Hans Mosesmann | $40 | $43.94 | -56.4% | Apr 29, 2022 |
| Citigroup | Christopher Danely | $55 | $45.67 | -40.0% | Apr 17, 2022 |
| Truist Financial | William Stein | $49 | $46.57 | -46.5% | Apr 11, 2022 |
| Morgan Stanley | Joseph Moore | $47 | $47.93 | -48.7% | Mar 3, 2022 |
| Northland Securities | Gus Richard | $62 | $44.69 | -32.4% | Feb 22, 2022 |
| Roth Capital | Sujeeva De Silva | $48 | $44.69 | -47.6% | Feb 22, 2022 |
| Needham | Quinn Bolton | $60 | $44.69 | -34.5% | Feb 21, 2022 |
| Jefferies | Mark Lipacis | $48 | $44.69 | -47.6% | Feb 21, 2022 |
| Bank of America Securities | Vivek Arya | $52 | $45.04 | -43.3% | Feb 20, 2022 |
| Susquehanna | Christopher Rolland | $52 | $45.04 | -43.3% | Feb 18, 2022 |
| SMBC Nikko | Srini Pajjuri | $62 | $45.04 | -32.4% | Feb 18, 2022 |
| BMO Capital | Ambrish Srivastava | $50 | $45.04 | -45.5% | Feb 18, 2022 |
| Mizuho Securities | Vijay Rakesh | $53 | $45.04 | -42.2% | Feb 18, 2022 |
| Deutsche Bank | Ross Seymore | $55 | $45.04 | -40.0% | Feb 18, 2022 |
| UBS | Timothy Arcuri | $53 | $45.04 | -42.2% | Feb 18, 2022 |
| Wells Fargo | Aaron Rakers | $60 | $47.57 | -34.5% | Feb 17, 2022 |
| Credit Suisse | John Pitzer | $70 | $48.44 | -23.6% | Feb 15, 2022 |
| Bernstein | Stacy Rasgon | $40 | $48.44 | -56.4% | Feb 15, 2022 |
| J.P. Morgan | Harlan Sur | $64 | $47.69 | -30.2% | Jan 27, 2022 |
| Citigroup | Christopher Danely | $58 | $52.04 | -36.7% | Jan 23, 2022 |
| Barclays | Blayne Curtis | $50 | $55.7 | -45.5% | Jan 16, 2022 |
| Tigress Financial | Ivan Feinseth | $72 | $52.74 | -21.5% | Jan 4, 2022 |
| Piper Sandler | Weston Twigg | $70 | $54.79 | -23.6% | May 20, 2021 |
| Atlantic Equities | Ianjit Bhatti | $45 | $54.81 | -50.9% | May 10, 2021 |
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What changed
Revenue accelerated from $13.6B in Q1 to $16.1B in Q2, the seventh consecutive quarter of outperformance. AI's contribution to revenue reached 70%. Capex outlook shifted from stable to increasing, with 2026 guidance raised above $20B. Intel Foundry external revenue reached $293M but the operating loss widened to $2.1B. The ASIC design-services business scaled from a $1B+ run rate to approaching $2B with a $4B target. Guidance sentiment moved from raised in Q1 to maintained in Q2. Management flagged a flat PC outlook for the second half due to memory price pressures, a new concern not raised in Q1.
Guidance delta
Intel maintained its overall revenue and EPS outlook, a shift from the raised guidance in Q1. However, capex guidance was raised to more than $20B for 2026, up from a previously stable outlook, driven by tooling investments, EMIB-T advanced packaging capacity, and U.S. fab build-outs. The second-half PC outlook was flagged as flat versus the strong 15% sequential growth seen in Q2.
Key takeaways
- Q2 revenue of $16.1B beat consensus of $14.4B by 11.7%, marking the seventh consecutive quarter of outperformance.
- AI-related demand now drives 70% of revenue, with record Xeon 6 server CPU growth and data-center unit demand expected to remain double-digit.
- Intel Foundry generated $293M in external revenue but posted a $2.1B operating loss, underscoring the early stage of external customer development.
- Capex for 2026 was raised to over $20B, reflecting heavy investment in tooling, advanced packaging, and U.S. manufacturing capacity.
- Client PC revenue rose 15% sequentially, but management indicated a flat second-half outlook due to memory price inflation.
- Foundry roadmap advanced: 18A volume up ~25% above target, 18A-P risk production underway, and 14A risk production targeted for H2 2027 with high-volume ramp in 2028.
Management priorities
- Ramp 18A-P risk production within the year and prepare 14A risk production for H2 2027 with high-volume ramp in 2028.
- Expand EMIB-T advanced packaging into high-volume production for AI workloads.
- Grow ASIC design-services business toward a $4B run-rate target from the current ~$2B.
- Increase tooling investments across Intel 3, 18A, and future nodes to address supply constraints.
- Deepen collaborations with Google Cloud, SambaNova, Fortinet, and Foxconn.
Related earnings events
TechnologyMU · FY2026 Q3 · Calendar Q2 2026Micron Crushes Q3 on AI Memory Demand, Guides to $50B Q4 With 86% MarginsORCL · FY2026 Q4 · Calendar Q2 2026Oracle Q4 FY26: Revenue Up 21%, RPO Hits $638B, but $70B CapEx Plan Pressures SharesAVGO · FY2026 Q2 · Calendar Q2 2026Broadcom Q2 FY26: AI Chip Revenue Hits $10.8B but Stock Sinks 13%
Sources
- Earnings call transcript and parsed analysis · 2026-07-24T16:04:44.572398+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T07:11:09.430553+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T07:11:09.427669+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.