Intel Corp 10-Q for FY2026 Q1

Intel Corp (INTC)

10-Q 2026-04-24 For: 2026-03-28

Added on April 24, 2026

About this 10-Q

Intel Corp filed this 10-Q on April 24, 2026, covering the quarter ended March 28, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $13.58B; up 7.2% from $12.67B a year earlier
Net loss: $3.73B; compared with a net loss of $821M a year earlier
Diluted EPS: -$0.73; compared with -$0.19 a year earlier

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☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 28, 2026


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value	INTC	Nasdaq Global Select Market


		Page
Forward-Looking Statements		1
Availability of Company Information		2

Consolidated Condensed Financial Statements and Supplemental Details
	Consolidated Condensed Statements of Operations	3
	Consolidated Condensed Statements of Comprehensive Income (Loss)	4
	Consolidated Condensed Balance Sheets	5
	Consolidated Condensed Statements of Cash Flows	6
	Consolidated Condensed Statements of Stockholders' Equity	7
	Notes to Consolidated Condensed Financial Statements	8
	Key Terms	24

Management's Discussion and Analysis (MD&A)


	Operating Segments Trends and Results	28





	Consolidated Condensed Results of Operations	31
	Liquidity and Capital Resources	36





Risk Factors and Other Key Information

	Risk Factors	39


	Quantitative and Qualitative Disclosures About Market Risk	39

	Controls and Procedures	39

	Issuer Purchases of Equity Securities	39
	Rule 10b5-1 Trading Arrangements	39
	Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934	40

	Exhibits	41
	Form 10-Q Cross-Reference Index	42


	Three Months Ended
(In Millions, Except Per Share Amounts; Unaudited)	Mar 28, 2026		Mar 29, 2025
Net revenue	$	13,577	$	12,667
Cost of sales	8,230		7,995
Gross profit	5,347		4,672
Research and development	3,375		3,640
Marketing, general, and administrative	1,038		1,177
Restructuring and other charges	4,070		156
Operating expenses	8,483		4,973
Operating income (loss)	(3,136)		(301)
Gains (losses) on equity investments, net	(72)		(112)
Interest and other, net	(738)		(173)
Income (loss) before taxes	(3,946)		(586)
Provision for (benefit from) taxes	335		301
Net income (loss)	(4,281)		(887)
Less: net income (loss) attributable to non-controlling interests	(553)		(66)
Net income (loss) attributable to Intel	$	(3,728)	$	(821)
Earnings (loss) per share attributable to Intel—basic	$	(0.73)	$	(0.19)
Earnings (loss) per share attributable to Intel—diluted	$	(0.73)	$	(0.19)

Weighted average shares of common stock outstanding:
Basic	5,083		4,343
Diluted	5,083		4,343


	Three Months Ended
(In Millions; Unaudited)	Mar 28, 2026		Mar 29, 2025
Net income (loss)	$	(4,281)	$	(887)
Changes in other comprehensive income (loss), net of tax:


Net unrealized holding gains (losses) on derivatives	(155)		225
Actuarial valuation and other pension benefits (expenses), net	(1)		1
Translation adjustments and other	(1)		(1)
Other comprehensive income (loss)	(157)		225
Total comprehensive income (loss)	(4,438)		(662)
Less: comprehensive income (loss) attributable to non-controlling interests	(553)		(66)
Total comprehensive income (loss) attributable to Intel	$	(3,885)	$	(596)


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the transition period from to


			Financial Statements			Consolidated Condensed Statements of Operations			3


(In Millions; Unaudited)	Mar 28, 2026		Dec 27, 2025

Assets
Current assets:
Cash and cash equivalents	$	17,247	$	14,265
Short-term investments	15,542		23,151

Accounts receivable, net	4,066		3,839
Inventories	12,426		11,618

Other current assets	12,876		10,815
Total current assets	62,157		63,688

Property, plant, and equipment, net of accumulated depreciation of $107,896 ($106,464 as of December 27, 2025)	104,458		105,414
Equity investments	8,481		8,512

Goodwill	20,465		23,912
Identified intangible assets, net	2,722		2,772
Other long-term assets	7,049		7,131
Total assets	$	205,332	$	211,429

Liabilities and stockholders’ equity
Current liabilities:

Accounts payable	$	7,159	$	9,882
Accrued compensation and benefits	2,824		3,990


Short-term debt	2,004		2,499

Other accrued liabilities	14,898		15,204
Total current liabilities	26,885		31,575

Debt	43,027		44,086



Other long-term liabilities	10,431		9,408
Contingencies (Note 14)

Stockholders’ equity:

Common stock and capital in excess of par value, 5,023 issued and outstanding (4,994 issued and outstanding as of December 27, 2025)	66,259		65,185
Accumulated other comprehensive income (loss)	(44)		113
Retained earnings	45,179		48,983
Total Intel stockholders' equity	111,394		114,281
Non-controlling interests	13,595		12,079
Total stockholders' equity	124,989		126,360
Total liabilities and stockholders’ equity	$	205,332	$	211,429


	Three Months Ended
(In Millions)	Mar 28, 2026
	Intel Products
	CCG		DCAI		Total Intel Products		Intel Foundry		All Other		Corporate Unallocated		Intersegment Eliminations		Total Consolidated
Revenue	$	7,727	$	5,052	$	12,779	$	5,421	$	628	$	—	$	(5,251)	$	13,577
Cost of sales and operating expenses	5,211		3,510		8,721		7,858		526		5,080		(5,472)		16,713
Operating income (loss)	$	2,516	$	1,542	$	4,058	$	(2,437)	$	102	$	(5,080)	$	221	$	(3,136)


	Non-Controlling Ownership %
	Mar 28, 2026		Mar 29, 2025
Ireland SCIP	49	%	49	%
Arizona SCIP	49	%	49	%
Mobileye	23	%	12	%
IMS	32	%	32	%


	Three Months Ended
(In Millions, Except Per Share Amounts)	Mar 28, 2026		Mar 29, 2025
Net income (loss)	$	(4,281)	$	(887)
Less: net income (loss) attributable to non-controlling interests	(553)		(66)
Net income (loss) attributable to Intel	$	(3,728)	$	(821)
Weighted average shares of common stock outstanding—basic	5,083		4,343


Weighted average shares of common stock outstanding—diluted	5,083		4,343
Earnings (loss) per share attributable to Intel—basic	$	(0.73)	$	(0.19)
Earnings (loss) per share attributable to Intel—diluted	$	(0.73)	$	(0.19)


(In Millions)	2025 Restructuring Plan



Accrued balance as of December 27, 2025	$	417
Accruals and adjustments	25
Cash payments	(159)
Accrued restructuring balance as of March 28, 2026	$	283


	Three Months Ended
($ In Millions)	Mar 28, 2026			Mar 29, 2025
Income (loss) before taxes	$	(3,946)		$	(586)
Provision for (benefit from) taxes	$	335		$	301
Effective tax rate	(8.5)		%	(51.4)		%


(In Millions)	Fair Value
Due in 1 year or less	$	6,278
Due in 1–2 years	4,189
Due in 2–5 years	6,648
Due after 5 years	368
Instruments not due at a single maturity date1	11,010
Total	$	28,493


	Mar 28, 2026								Dec 27, 2025
	Fair Value Measured and Recorded at Reporting Date Using								Fair Value Measured and Recorded at Reporting Date Using
(In Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Corporate debt	$	—	$	289	$	—	$	289	$	—	$	150	$	—	$	150
Financial institution instruments¹	10,979		1,576		—		12,555		7,292		1,800		—		9,092
Government debt²	—		107		—		107		—		—		—		—
Reverse repurchase agreements	—		3,679		—		3,679		—		4,262		—		4,262
Short-term investments:
Corporate debt	—		7,088		—		7,088		—		7,248		—		7,248
Financial institution instruments¹	31		4,966		—		4,997		183		3,991		—		4,174
Government debt²	1,708		1,749		—		3,457		5,296		6,433		—		11,729
Other current assets:
Derivative assets	—		443		—		443		431		608		—		1,039

Marketable equity investments	317		—		—		317		484		—		—		484
Other long-term assets:
Derivative assets	—		1		—		1		—		2		—		2

Total assets measured and recorded at fair value	$	13,035	$	19,898	$	—	$	32,933	$	13,686	$	24,494	$	—	$	38,180
Liabilities
Other accrued liabilities:
Derivative liabilities³	$	157	$	2,163	$	490	$	2,810	$	6	$	1,524	$	304	$	1,834

Other long-term liabilities:
Derivative liabilities³	—		1,964		173		2,137		—		1,714		576		2,290
Total liabilities measured and recorded at fair value	$	157	$	4,127	$	663	$	4,947	$	6	$	3,238	$	880	$	4,124


	Three Months Ended
(In Millions; Unaudited)	Mar 28, 2026		Mar 29, 2025

Cash, cash equivalents, and restricted cash, beginning of period	$	14,712	$	8,249
Cash flows provided by (used for) operating activities:
Net income (loss)	(4,281)		(887)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	2,902		2,425
Share-based compensation	621		684

Restructuring and other charges	3,965		—
Amortization of intangibles	234		249
(Gains) losses on equity investments, net	72		112
Mark-to-market (gains) losses on Escrowed Shares	1,090		—


Deferred taxes	(9)		19

Changes in assets and liabilities:
Accounts receivable	(217)		414
Inventories	(808)		(83)
Accounts payable	(142)		(240)
Accrued compensation and benefits	(1,175)		(741)

Income taxes	169		67
Other assets and liabilities	(1,325)		(1,206)
Total adjustments	5,377		1,700
Net cash provided by (used for) operating activities	1,096		813
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment	(3,636)		(5,183)

Proceeds from capital-related government incentives	107		803
Acquisitions, net of cash acquired	(596)		—
Purchases of short-term investments	(7,190)		(3,386)
Sales of short-term investments	9,221		416


Note 1 :			Basis of Presentation


Note 3 :			Non-Controlling Interests


	Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Operations
	Three Months Ended
(In Millions)	Mar 28, 2026		Mar 29, 2025
Interest rate contracts	$	(59)	$	141
Hedged items	59		(141)
Total	$	—	$	—


Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included	Carrying Amount of the Hedged Item Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)	Mar 28, 2026		Dec 27, 2025		Mar 28, 2026		Dec 27, 2025
Short-term debt	$	(997)	$	(993)	$	3	$	7
Long-term debt	(8,425)		(8,488)		322		259
Total	$	(9,422)	$	(9,481)	$	325	$	266


		Three Months Ended
(In Millions)	Location of Gains (Losses) Recognized in Income on Derivatives	Mar 28, 2026		Mar 29, 2025
Foreign currency contracts	Interest and other, net	$	175	$	(85)
Interest rate contracts	Interest and other, net	108		(57)
Escrowed Shares	Interest and other, net	(1,090)		—
Other	Various	35		(157)
Total		$	(772)	$	(299)


			Gross Profit $B
			(Percentages in chart indicate gross profit as a percentage of total revenue)


			Research and Development $B						Marketing, General, and Administrative $B


Q1 2026 R&D expenses decreased by $265 million, or 7% from Q1 2025, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 Restructuring Plan and other related cost-reduction measures, as well as lower expenses in Q1 2026 due to the Q3 2025 deconsolidation of Altera.


Q1 2026 MG&A expenses decreased by $139 million, or 12%, from Q1 2025, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 Restructuring Plan and other related cost-reduction measures, as well as lower expenses in Q1 2026 due to the Q3 2025 deconsolidation of Altera.


Item Number	Item
Part I - Financial Information
Item 1.	Financial Statements	Pages 3 - 25
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	Results of operations	Pages 28 - 36
	Liquidity and capital resources	Pages 36 - 38



	Critical accounting estimates	Not applicable
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 39
Item 4.	Controls and Procedures	Page 39

Part II - Other Information
Item 1.	Legal Proceedings	Pages 20 - 23
Item 1A.	Risk Factors	Page 39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 39
Item 3.	Defaults Upon Senior Securities	Not applicable
Item 4.	Mine Safety Disclosures	Not applicable
Item 5.	Other Information


	Rule 10b5-1 Trading Arrangements	Page 39
	Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934	Page 40

Item 6.	Exhibits	Page 41

Signatures		Page 43