Intel (INTC) official guidance

We'll increase tooling in 2026 by 40% relative to 2025.

Due to strong customer demand signals, we're raising our outlook for 2026 and now expect our CapEx to be more than $20 billion, which is up significantly versus our expectations entering the year.

At the midpoint of $16.3 billion, we forecast gross margin of 42%, a tax rate of 11%, and EPS of $0.38, all on a non-GAAP basis.

At the midpoint of $16.3 billion, we forecast gross margin of 42%, a tax rate of 11%, and EPS of $0.38, all on a non-GAAP basis.

At the midpoint of $16.3 billion, we forecast gross margin of 42%, a tax rate of 11%, and EPS of $0.38, all on a non-GAAP basis.

We continue to tightly manage non-GAAP operating expenses to roughly $16.5 billion for the year, and we expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q3 and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

We continue to tightly manage non-GAAP operating expenses to roughly $16.5 billion for the year, and we expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q3 and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

We continue to tightly manage non-GAAP operating expenses to roughly $16.5 billion for the year, and we expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q3 and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

We continue to tightly manage non-GAAP operating expenses to roughly $16.5 billion for the year, and we expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q3 and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

We continue to tightly manage non-GAAP operating expenses to roughly $16.5 billion for the year, and we expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q3 and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

From an end-market perspective, we expect PC consumption to be sub-seasonal in the second half of the year and down low double-digits percent for all of 2026, impacted by rising memory prices and constraints.

Taken together, we're guiding Q3 revenue to a range of $15.8 billion-$16.8 billion.

I'd say as we look into next quarter, probably on a revenue basis, it's going to be kind of flattish for us. Overall, CCPG is likely to be up a bit, but I think it will be driven by good growth on the edge and client will be flattish.

I'd say as we look into next quarter, probably on a revenue basis, it's going to be kind of flattish for us. Overall, CCPG is likely to be up a bit, but I think it will be driven by good growth on the edge and client will be flattish.

Our outlook for server CPU demand has improved again since our last earnings report, and we're forecasting strong double-digit unit growth for the industry this year and next, with momentum extending into 2028.

| Tax Rate | 1% | 11% |

| Earnings (Loss) Per Share Attributable to Intel—Diluted | $0.31 | $0.38 |

| Gross margin | 41.0% | 42.0% |

| GAAP operating expenses | $ | 23.0 |

We actually will be bringing the space spend down pretty materially, even though the total is flat.

At the midpoint of $14.3 billion, we forecast a gross margin of 39%, a tax rate of 11%, and EPS of $0.20, all on a non-GAAP basis.

At the midpoint of $14.3 billion, we forecast a gross margin of 39%, a tax rate of 11%, and EPS of $0.20, all on a non-GAAP basis.

Lastly, excluding the buyout of the Fab 34 joint investment, we still expect positive adjusted free cash flow for the full year.

At the midpoint of $14.3 billion, we forecast a gross margin of 39%, a tax rate of 11%, and EPS of $0.20, all on a non-GAAP basis.

As a result, we now expect non-controlling interest, or NCI, to net to approximately $250 million in each of Q2, Q3, and Q4 of this year and be approximately $1.1 billion for 2027 and 2028 on a GAAP basis.

For OpEx in 2026, we have been directionally targeting $16 billion but are likely to be higher due to inflationary pressures, variable compensation, and targeted investments we are making to capture the opportunities ahead.

We expect Intel Foundry's operating loss to improve through the year as 18A continues to ramp into volume and yields improve further.

We're prudently planning for PC demand to weaken in the second half of the year and expect the full-year PC unit TAM to be down low double-digit % in line with industry peers and experts.

Combining all of these factors, we're guiding Q2 revenue to a range of $13.8 billion-$14.8 billion, up 2%-9% sequentially.

As we work hard to support the needs of all of our customers, we expect sequential revenue growth in both CCG and DCAI on improved supply and a full quarter of pricing actions, with DCAI up double digits.

As we work hard to support the needs of all of our customers, we expect sequential revenue growth in both CCG and DCAI on improved supply and a full quarter of pricing actions, with DCAI up double digits.

Our outlook for server CPU demand has improved over the last 90 days, and we expect a strong year of double-digit unit growth for the industry and for us, with momentum extending into 2027.

| Tax Rate | 4% | 11% |

| Earnings (Loss) Per Share Attributable to Intel—Diluted | $0.08 | $0.20 |

| Gross margin | 37.5% | 39.0% |

Our share count is forecast to be 5.1 billion shares in Q1 and grow in line with our stock-based compensation going forward.

At the midpoint of $12.2 billion, we forecast a gross margin of approximately 34.5% with a tax rate of 11% and break-even EPS, all on a non-GAAP basis.

At the midpoint of $12.2 billion, we forecast a gross margin of approximately 34.5% with a tax rate of 11% and break-even EPS, all on a non-GAAP basis.

At the midpoint of $12.2 billion, we forecast a gross margin of approximately 34.5% with a tax rate of 11% and break-even EPS, all on a non-GAAP basis.

For OpEx, we target 2026 operating expenses of $16 billion. We expect non-controlling interest, or NCI, to net to approximately $325 million in Q1 and be approximately $1.2 billion for the year on a GAAP basis.

We expect non-controlling interest, or NCI, to net to approximately $325 million in Q1 and be approximately $1.2 billion for the year on a GAAP basis.

As a result, and as we stated last quarter, our internal supply constraints are most acute in Q1. In light of these dynamics, we are forecasting a Q1 revenue range of $11.7 billion-$12.7 billion.

Within the server market, customer feedback and our own market intelligence points to the likelihood of a strong year of growth for DCAI.

We expect Intel Foundry revenue of double digits quarter-over-quarter, helped by continued mix shift to EUV wafers and Intel 18A pricing.

| Tax Rate | (79)% | 11% |

| Earnings (Loss) Per Share Attributable to Intel—Diluted | $(0.21) | $0.00 |

| Gross margin | 32.3% | 34.5% |

We talked about a number of about, you know, we would ship about 100 million units by the end of this year on AI PC, and we're going to be first order in that range.

Moving to CapEx, we continue to anticipate 2025 gross capital investment will be approximately $18 billion, and we expect to deploy more than $27 billion of CapEx in 2025 versus $17 billion deployed in 2024.

We expect non-controlled income to be approximately $350million-$400 million in Q4 on a GAAP basis, and we forecast an average fully diluted share count of roughly 5 billion shares for Q4.

We forecast a tax rate of 12% and EPS of $0.08, all on a non-GAAP basis.

We forecast a tax rate of 12% and EPS of $0.08, all on a non-GAAP basis.

At the midpoint of $13.3 billion, we forecast a gross margin of approximately 36.5% down sequentially due to product mix, the impact of the first shipments of Core Ultra three, which has the typically higher cost you see in the early stages of a new product ramp, and the de-consolidation of Altera.

We expect non-controlled income to be approximately $350million-$400 million in Q4 on a GAAP basis, and we forecast an average fully diluted share count of roughly 5 billion shares for Q4.

Yeah, I think 2026, we're looking at somewhere in the $1.2 billion to $1.4 billion range is probably a good estimate.

For Q4, we're forecasting a revenue range of $12.8 to $13.8 billion.

For All Other, which now excludes Altera, we expect revenue to decline consistent with Mobilize guidance, partially offset by sequential growth in IMS.

Within Intel products, we expect CCG to be down modestly and DCAI to be up strongly sequentially as we prioritize wafer capacity for server shipments over entry-level client parts.

Within Intel products, we expect CCG to be down modestly and DCAI to be up strongly sequentially as we prioritize wafer capacity for server shipments over entry-level client parts.

We expect Intel Foundry revenue up quarter over quarter on increased Intel 18A revenue and its external Foundry revenue up due to the de-consolidation of Altera.

For All Other, which now excludes Altera, we expect revenue to decline consistent with Mobilize guidance, partially offset by sequential growth in IMS.

We expect Intel Foundry revenue up quarter over quarter on increased Intel 18A revenue and its external Foundry revenue up due to the de-consolidation of Altera.

We expect Intel products up modestly sequentially, but below customer demand as we continue to navigate a tight supply environment.

| Tax Rate | 476% | 12% |

| Earnings (Loss) Per Share Attributable to Intel—Diluted | $(0.14) | $0.08 |

| Gross margin | 34.5% | 36.5% |