Intel Corp.
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 performance beat expectations; margins/EPS strong (good)
- Revenue: $16.5B (beat guidance); driven by record DCAI growth.
- Non-GAAP gross margin: 44.1% (~+200 bps vs Q2), helped by improved costs on Intel 3 / Intel 18A and favorable mix.
- Non-GAAP EPS: $0.52 vs guidance $0.38 (upside from higher revenue + stronger gross margin + disciplined spending).
- Cash flow/finances: $5.1B operating cash flow; ~$54B cash & short-term investments; $15B revolver capacity; $23B equity offering completed in August (helping fund the ramp/CapEx).
- Surprising/important: They said this is the 8th consecutive quarter of exceeding guidance.
Demand mix: AI server CPU demand strong, PC/client weak due to memory crunch (good + bad)
- DCAI (data center + AI): $7.3B revenue (+17% sequential, ~+80% YoY)—strongest segment growth.
- Upside: factory network + external supply drove better output than expected.
- Constraint: demand still materially exceeds supply despite added capacity.
- Longer-run view: DCAI strength supports AI infrastructure expansion and agentic AI trends increasing CPU relevance.
- CCPG (client computing group): $8.1B revenue (-9% sequential), below expectations.
- Blame: industry-wide higher memory prices + limited IT budgets and customers aggressively managing inventory.
- AI PC still grew (+35% YoY) even as total CCPG declined.
- Purpose-built silicon (fast-growing): revenue more than doubled YoY and grew >50% sequentially (tripling over ~3 years; aiming to grow further).
Q4 outlook: revenue down, margins pressured; Israel incident adds a known headwind (bad but bounded)
- Q4 revenue guidance: $15B–$16B (midpoint $15.5B).
- Q4 non-GAAP gross margin: ~38% at midpoint; EPS $0.25 (non-GAAP).
- Key negative/known hit: guidance includes about $300M revenue impact and ~200 bps gross margin impact from an early assessment of an incident at Fab 28 / Israel.
- Segment expectations for Q4:
- DCAI: revenue up mid-teens % sequentially (purpose-built silicon growing faster than DCAI overall).
- CCPG: revenue down >20% sequentially, tied to inventory reduction and lower client wafer starts.
- Management indicated Israel shutdown is being worked on and they expect production restart imminently; they also suggested the impact is likely to be similar into Q1 (not escalating dramatically after Q4, based on current assessment).
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$-4.32
107.4% downside
Current Fair Value
107.4% downsideOvervalued by 107.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $305.57 Billion |
|---|---|
| Enterprise Value | $343.23 Billion |
| Earnings per Share | $-0.06 |
| Beta | 2.23 |
| Outstanding Shares | 5,244,000,000 |
Return
| Return on Equity | -12.90% |
|---|---|
| Return on Assets | -5.58% |
| Return on Invested Capital | 0.30% |
Valuation & Multiples
| P/E Ratio | -27.63 |
|---|---|
| PEG | -9.94 |
| Price to Sales | 5.83 |
| Price to Book Ratio | 3.07 |
| Enterprise Value to Revenue | 6.02 |
| Enterprise Value to EBIT | 696.21 |
| Enterprise Value to Net Income | -31 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.58 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$0.41
Consensus analyst estimateRevenue Estimate
$16.56 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$0.26
Consensus analyst estimateRevenue Estimate
$15.65 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.63, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.6323▲ 50.71% |
|---|---|
| Total Calls | 989,700▼ 99.42% |
| Total Puts | 1,615,533▼ 99.16% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.00%▼ 66.64% |
|---|---|
| Total Invested | $18.34B▼ 96.27% |
| Investors Holding | 1,588▼ 2200.00% |
About Intel Corp.
110,600 employees
CEO: Robert Swan
Intel , is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore's Law, it continuously work to advance the design and manufacturing of semiconductors to help address ou...