Intel (INTC) Q2 adjusted gross margin (non-GAAP)?

$31.6K Vol.Closes Jul 23, 2026

40%-42%$8.4K Vol.32%

42%-44%$4.4K Vol.32%

38%-40%$10.5K Vol.24%

44%+$3K Vol.6%

<38%$5.1K Vol.5%

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At a glance

What

Intel is set to report its official second fiscal quarter 2026 adjusted gross margin (non-GAAP), which is currently guided by the company at 39.0%.

Who

The outcome depends on Intel Corporation's official earnings release for Q2 FY26, expected before the market close on July 23, 2026.

Context

The company previously guided to 39% in April, a decrease from Q1's 41% beat, citing costs related to the Intel 18A process ramp and inventory, though Q1 margins surprised to the upside.

Stakes

Confirming a margin near the 39% guided level validates the company's turnaround on manufacturing efficiency, while a deviation could signal persistent pressure from foundry losses or competitive pricing.

Note: The official Q2 2026 earnings report has not yet been released as of July 19, 2026; the market resolves strictly on the margin figure reported in that official document, superseding the April guidance of 39.0%.

Apr 23

Intel updated its Q2 2026 guidance forecasting a non-GAAP gross margin of 39.0% at the revenue midpoint, down from Q1 due to inventory costs and early 18A ramp expenses.

stocktitan.net alpha-sense.com

Apr 24

Intel reported a Q1 2026 Non-GAAP gross margin of 41.0%, significantly beating the consensus estimate of 34.8% driven by improved product mix and pricing actions.

distilla.ai

Jul 19

Market traders view the Q2 adjusted gross margin outcome as balanced across the 38%-44% range amid uncertainty over the mix between high-margin data center/AI CPUs and lower-margin foundry services.

polymarket.com

Now

AI-generated briefing. AI can make mistakes. This is not financial advice.

Bull case

Intel's Q1 2026 Non-GAAP gross margin of 41.0% was a "real beat" driven by strong Data Center and AI segment performance and better-than-anticipated execution, suggesting potential upside resilience if Q2 product mix improves faster than guided.
distilla.ai
The company's Q2 revenue guidance of $13.8–$14.8 billion significantly exceeded consensus estimates of $13.0 billion, indicating robust demand for server processors that could support margin expansion beyond the 39% midpoint.
Reuters
Analysts attribute previous margin beats to "favorable pricing actions" and an "improved product mix," factors that could persist if AI-driven CPU demand remains strong in Q2.
distilla.ai

AI-generated briefing. AI can make mistakes. This is not financial advice.

Bear case

Intel explicitly guided its Q2 2026 non-GAAP gross margin to 39.0% at the revenue midpoint, a forecast slightly down from Q1 due to inventory costs and the early ramp of the Intel 18A process.
arthneeti.com stocktitan.net
Forecasts indicate Q2 gross margin will be 39%, reflecting the impact of the early 18A ramp and inventory issues, which aligns with the <40% outcomes rather than the 40%-42% target.
arthneeti.com alpha-sense.com

At a glance

What

Intel is set to report its official second fiscal quarter 2026 adjusted gross margin (non-GAAP), which is currently guided by the company at 39.0%.

Who

The outcome depends on Intel Corporation's official earnings release for Q2 FY26, expected before the market close on July 23, 2026.

Context

The company previously guided to 39% in April, a decrease from Q1's 41% beat, citing costs related to the Intel 18A process ramp and inventory, though Q1 margins surprised to the upside.

Stakes

Apr 23

Intel updated its Q2 2026 guidance forecasting a non-GAAP gross margin of 39.0% at the revenue midpoint, down from Q1 due to inventory costs and early 18A ramp expenses.

stocktitan.net alpha-sense.com

Apr 24

Intel reported a Q1 2026 Non-GAAP gross margin of 41.0%, significantly beating the consensus estimate of 34.8% driven by improved product mix and pricing actions.

distilla.ai

Jul 19

Market traders view the Q2 adjusted gross margin outcome as balanced across the 38%-44% range amid uncertainty over the mix between high-margin data center/AI CPUs and lower-margin foundry services.

polymarket.com

Now

AI-generated briefing. AI can make mistakes. This is not financial advice.

Bull case

Intel's Q1 2026 Non-GAAP gross margin of 41.0% was a "real beat" driven by strong Data Center and AI segment performance and better-than-anticipated execution, suggesting potential upside resilience if Q2 product mix improves faster than guided.
distilla.ai
The company's Q2 revenue guidance of $13.8–$14.8 billion significantly exceeded consensus estimates of $13.0 billion, indicating robust demand for server processors that could support margin expansion beyond the 39% midpoint.
Reuters
Analysts attribute previous margin beats to "favorable pricing actions" and an "improved product mix," factors that could persist if AI-driven CPU demand remains strong in Q2.
distilla.ai

AI-generated briefing. AI can make mistakes. This is not financial advice.

Bear case

Intel explicitly guided its Q2 2026 non-GAAP gross margin to 39.0% at the revenue midpoint, a forecast slightly down from Q1 due to inventory costs and the early ramp of the Intel 18A process.
arthneeti.com stocktitan.net
Forecasts indicate Q2 gross margin will be 39%, reflecting the impact of the early 18A ramp and inventory issues, which aligns with the <40% outcomes rather than the 40%-42% target.
arthneeti.com alpha-sense.com

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