Intel (INTC) official guidance

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.

We forecast capital expenditures in 2026 to be flat to last year versus our prior expectation of flat to down, reflecting increased capacity investments to support committed demand and a continued emphasis on improving fab productivity and output.

Previously, we said CapEx would be down, but are now planning for a range of flat to down slightly, and for expenditures to be more weighted to the first half.

We still think that $16 billion of CapEx investment for next year is the right amount.

| Tax Rate | 31% | 11% |

| Earnings (Loss) Per Share Attributable to Intel—Diluted | $0.10 | $0.25 |

| Gross margin | 37.1% | 38.0% |

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.

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.

NCI is expected to grow meaningfully again in fiscal 2027.

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.

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.

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.

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.

| Non-GAAP operating expenses | $ | 4.4 | $ | 16.3 |

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.

| Non-GAAP operating expenses | $ | 16.5 |

| Non-GAAP operating expenses | $ | 16.5 |

| Non-GAAP operating expenses | $ | 16.5 | $ | 16.0 |

| Non-GAAP operating expenses | $ | 4.4 | $ | 16.3 |

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.

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.