Earnings Call Intelligence Subscribe
Home › Call Sheets › INTC › Q1'26
Call sheet · Q1'26

Intel (INTC)

Q1'26 earnings call · held April 23, 2026 · compared with the Q4'25 call · management-credibility review
9/12
Disclosure score
4 medium, 4 low flags
Financial quality
Bottom line
The sleeper story is the structural shift in CPU-to-GPU deployment ratios from 1:8 to 1:4 heading toward parity - this quietly expands Intel's addressable market while everyone obsesses over AI accelerators. Yes, they beat on revenue and margins, but the real constraint isn't demand (which 'starts with a b' in unmet revenue), it's 18A yields still below corporate average despite 6-month acceleration in improvement. Tan's most revealing quote: 'A year ago, the conversation about Intel Corporation was about whether we could survive. Today, it is about how quickly we can add manufacturing capacity.' My view changes if external foundry revenue doesn't inflect higher by Q4 2026 or if 18A margins don't reach corporate average by Q1 2027.

The 30-second version

  • The real story: CPU-to-GPU ratios quietly shifting from 1:8 to 1:4, heading toward parity
  • Supply constraints are masking massive demand beat - they're missing billions in revenue
  • 18A yields improving faster than expected but still a major gross margin drag

What changed this quarter

MetricQ4'25Q1'26Change
Revenue$13.7B (Q4 2025, +3% YoY)$13.6B (Q1 2026, +8% YoY)Slight sequential decline but strong YoY growth
Non-GAAP EPS$0.15 (Q4 2025)$0.29 (Q1 2026)93% sequential jump, +$0.29 vs $0.00 guidance
Non-GAAP Gross Margin37.9% (Q4 2025)41.0% (Q1 2026)+310 bps sequential expansion, 650 bps above guidance
CCG Revenue$8.2B (Q4 2025)$7.7B (Q1 2026)6% sequential decline despite strong 18A ramp
CCG Operating MarginNot disclosed Q433% (Q1 2026)+$300M QoQ operating profit improvement
DCAI Revenue$4.7B (Q4 2025, +15% seq)$5.1B (Q1 2026, +22% YoY)7% sequential growth accelerating
DCAI Operating MarginNot disclosed Q431% (Q1 2026)+$292M QoQ operating profit improvement
Intel Foundry Revenue$4.5B (Q4 2025)$5.4B (Q1 2026)20% sequential jump on EUV mix
Intel Foundry Operating Loss$2.5B (Q4 2025)$2.4B (Q1 2026)$72M improvement despite 18A ramp costs
External Foundry Revenue$222M (Q4 2025)$174M (Q1 2026)22% sequential decline

Accountability tracked

8 new promises made5 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full INTC Q1'26 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.