Intel Q1 revenue $13.6B, adjusted EPS $0.29 beats estimates

Intel reported $13.6 billion in revenue for the first quarter and non-GAAP diluted earnings per share of $0.29, topping analysts’ estimates of $12.42 billion in revenue and $0.01 in adjusted EPS. Shares rose about 15% in after-hours trading. On a GAAP basis, revenue was $13.6 billion, up 7% from $12.7 billion a year earlier.

On a non-GAAP basis, net income attributable to Intel was $1.5 billion, up from $0.6 billion a year earlier, and non-GAAP diluted EPS rose to $0.29 from $0.13. Non-GAAP gross margin increased to 41.0% from 39.2%. Non-GAAP R&D and MG&A expenses were $3.9 billion, down 9%, and non-GAAP operating margin rose to 12.3% from 5.4%. The company generated $1.1 billion in cash from operations.

GAAP results showed a different picture: gross margin rose to 39.4% from 36.9%, while GAAP operating margin was negative 23.1% versus negative 2.4% a year earlier. GAAP net loss attributable to Intel was $3.7 billion, compared with a $0.8 billion loss in the prior-year quarter. Intel noted some GAAP comparisons were not meaningful.

Data Center and AI revenue was $5.1 billion, up 22% year over year. Total Intel Products revenue was $12.8 billion, up 9%, and Intel Foundry revenue rose 16% to $5.4 billion. Other revenue fell about 33% to $0.6 billion, and intersegment eliminations reduced reported net revenue by roughly $5.3 billion. During the quarter Intel introduced new processors including Xeon 600 for workstations, Core Ultra 200S Plus and 200HX Plus, Core Series 2 for health and life sciences edge computing, Core Ultra Series 3 with Intel vPro, and Core Series 3 using Intel 18A technology.

Intel signed a multiyear agreement with Google to deploy Xeon processors across workload-optimized cloud instances, including Xeon 6 in certain C4 and N4 instances, and to collaborate on custom ASIC IPUs for AI workloads. Xeon 6 was selected as the host CPU for NVIDIA’s DGX Rubin NVL8 systems. Intel also joined the Terafab project with SpaceX, xAI and Tesla.

Intel expanded assembly and test capacity in Penang, Malaysia, and repurchased a 49% minority equity interest in a joint investment tied to Fab 34 in Ireland. CFO David Zinsner noted, “We remain focused on maximizing our factory network to improve available supply and meet our customers’ needs throughout the year.”

CEO Lip-Bu Tan commented, “With a solid foundation in place, we are addressing this opportunity by listening to our customers and driving their success with our technical expertise and differentiated IP. This deliberate reset to how we operate drove a sixth consecutive quarter of revenue above our expectations, as well as new and deepened relationships with strategic partners.”

For the second quarter of 2026, Intel guided revenue of $13.8 billion to $14.8 billion, a GAAP gross margin target of 37.5% and a non-GAAP gross margin target of 39.0%. The company forecast GAAP diluted EPS of $0.08 and non-GAAP diluted EPS of $0.20, with an expected GAAP tax rate of about 4% and a non-GAAP tax rate near 11%.