TLDR
- Intel reports Q2 earnings after the bell Thursday, with Wall Street expecting EPS of $0.22 on revenue of $14.42 billion
- Revenue is forecast to grow 12.3% year over year, up from flat growth in the same quarter last year
- In Q1, Intel beat estimates with EPS of $0.29 and revenue of $13.58 billion, up 7.2% year over year
- Data Center and AI revenue rose 22% YoY to $5.05 billion in Q1; Foundry revenue climbed 16% to $5.42 billion
- HSBC raised its price target to $200; current analyst average target sits at $107.15 vs. a share price of $106.08
Intel is set to report Q2 2026 results after markets close on Thursday. The chipmaker enters the print trading at $106.08, down 24.7% over the past month, against a semiconductor sector that has dropped 17.7% on average over the same period.
Wall Street is expecting EPS of $0.22 on revenue of $14.42 billion. That would represent year-over-year revenue growth of 12.3%, a clear improvement from the flat growth Intel posted in Q2 2025.
The company guided for Q2 revenue of $13.8 billion to $14.8 billion and adjusted EPS of around $0.20 per share when it reported Q1 results in April.
Intel rarely misses revenue estimates. Analysts have largely held their forecasts steady over the last 30 days, suggesting no major surprises are expected heading in.
Last quarter, Intel delivered revenue of $13.58 billion, up 7.2% year over year, beating both EPS and operating income estimates.
Key Business Segments to Watch
Data Center and AI was a standout in Q1, with revenue up 22% year over year to $5.05 billion. Investors will be watching closely to see whether that momentum held into Q2 as AI infrastructure spending continues.
Intel Foundry revenue rose 16% year over year to $5.42 billion in Q1. Foundry profitability and the overall progress of Intel’s turnaround strategy remain top of mind for analysts.
The company has been expanding its manufacturing footprint, including additional assembly and testing capacity in Malaysia. HSBC recently raised its price target on Intel to $200, reflecting a more positive view of the foundry business.
How Semiconductor Peers Have Fared
Peers in the semiconductor space have set a decent backdrop. Penguin Solutions posted 47.6% revenue growth in Q2, beating estimates by 17.5%, and the stock jumped 25.1% on the results.
Micron reported revenue up 346% year over year, topping estimates by 13.9%. Both results point to healthy demand across parts of the chip market.
Intel’s average analyst price target stands at $107.15, barely above the current price of $106.08, leaving little cushion if the company disappoints.
Beyond revenue and EPS, investors will be focused on gross margins, management’s outlook for the second half of 2026, and any updates on foundry strategy progress.
HSBC’s $200 price target stands well above the analyst consensus, but it signals that at least some on the Street see a longer-term case for the turnaround playing out.
Intel’s Q2 guidance midpoint came in at $14.3 billion in revenue. A print at or above that level, combined with strong Data Center and AI numbers, would likely be seen as a solid result.
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