Intel Q3 Revenue Up 21% to $16.5B; Q4 Guidance Drops to $15-16B on PC Slowdown
INTC has more than doubled off its 52-week low of $32.89.
Summary
Intel reported Q3 2026 revenue of $16.5 billion, up 21% year-over-year, with non-GAAP EPS of $0.52, but guided Q4 revenue to $15.0-16.0 billion as the PC slowdown continues into next year.
Key Events · Earnings and Guidance · INTC
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Q3 Revenue Beats at $16.5B
Revenue rose 21% year-over-year from $13.7 billion, with GAAP gross margin of 43.0% (up 4.8 points) and non-GAAP EPS of $0.52 versus $0.23 a year ago.
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Q4 Guidance Steps Down
Fourth-quarter revenue is guided to $15.0-16.0 billion with GAAP EPS of $0.10 and non-GAAP EPS of $0.25; gross margin is guided to 37.1% GAAP, down from 43.0% in Q3.
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Data Center Up 78%, Client Down 5%
DCAI revenue reached $7.3 billion, up 78% year-over-year, while CCPG client revenue fell 5% to $8.1 billion. Intel Foundry revenue was $6.7 billion, up 58%, but posted a $1.853 billion operating loss.
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PC Slowdown Through First Half 2027
CFO David Zinsner said the PC slowdown will continue at least through the first half of next year, framing the lower Q4 outlook.
Analysis · INTC · Manufacturing
Intel beat its own guidance on revenue, gross margin and EPS, and data center revenue grew 78% year-over-year — the strongest in 15 years. But the fourth-quarter outlook of $15.0-16.0 billion is below the $16.5 billion just reported, and management said the PC slowdown will continue at least through the first half of next year. That gap between a strong quarter and a softer forward guide is what will drive the stock: the client business is already shrinking (down 5% year-over-year) while the foundry segment still loses money ($1.853 billion operating loss). Cash generation is improving — $5.1 billion from operations in the quarter — and the $23 billion equity offering completed in the period lifted cash and short-term investments to roughly $54 billion, so the balance sheet is not the issue. The question is whether data center and foundry growth can outrun the PC decline.
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At the time of this filing, INTC was trading at $73.44 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $486.7B. The 52-week trading range was $32.89 to $142.35. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.