Intel set for Q2 results as analysts look for a sharp earnings swing

Intel is preparing to post its fiscal second-quarter results after the market closes on Thursday, July 23, and analysts are positioning for a large earnings rebound. In a preview of what investors may see, Barchart reports that analysts expect Intel to deliver earnings per share of $0.10 for the quarter, compared with a loss of $0.26 per share in the year-ago period. The expected move would represent a 138.5% improvement in results year over year.

The preview also frames the lead-up to the report as a test of whether Intel can sustain the kind of outperformance it has delivered recently. Barchart says Intel has beaten Wall Street’s earnings expectations in three of the past four quarters while missing on one other occasion, suggesting investors have been willing to reset expectations but will still react quickly to any sign of stalling execution.

For the broader picture, analysts are forecasting a meaningful step-up for the full fiscal 2026 year. According to Barchart, Street estimates call for Intel to post fiscal 2026 EPS of $0.63, a sharp turnaround from a fiscal 2025 loss of $0.12 per share. The forecast implies that not only is the company expected to swing to profitability on the calendar, but that margins and earnings power are expected to improve from quarter to quarter.

Intel’s recent performance has been a key reason the market is looking for better numbers. In the same preview, Barchart points to Intel’s fiscal Q1 2026 results released on April 23, when the company significantly outperformed expectations. That quarter, Intel reported adjusted EPS of $0.29 and revenue of $13.58 billion. Barchart attributes the growth to stronger-than-expected results across key segments, including client and data-center related areas.

Segment results in the quarter underline where Intel’s momentum has been concentrated. Barchart reports Client Computing Group revenue of $7.73 billion, up 22% year over year, and Data Center and AI revenue of $5.05 billion, also up 22% year over year. Intel’s management highlighted accelerating demand tied to AI-driven use cases, including demand for Intel’s CPUs as well as its wafer and advanced packaging offerings.

The earnings preview comes as Intel’s stock has already rallied strongly over the past year, reflecting how much improvement investors have priced in. Barchart says Intel shares are up 455.9% over the past 52 weeks, outpacing the S&P 500’s gain of 20.7% and the State Street SPDR S&P Semiconductor ETF’s (XSD) rise of 132.6%. With the stock elevated, investors are likely to focus not only on whether Intel meets the expected EPS figure, but also on whether results continue to validate the company’s growth narrative.

Still, the preview does not provide details on any specific internal milestones that would determine whether Intel can hold its trajectory into the second half of the year. It also does not break out guidance for gross margin, capital spending, or foundry profitability into the segments that may matter most to investors. Those items, along with any updates to demand visibility, would typically be part of the earnings release and any accompanying commentary, but they were not detailed in the preview text.

Going into the report, the key question for shareholders is whether Intel can repeat the earnings turnaround pattern it showed in the April quarter. The July 23 results are expected to show whether the year-over-year EPS jump to $0.10 is sustained by continued revenue strength and whether the AI-related demand highlighted by management earlier in the year remains visible. After the announcement, investors will likely parse the company’s segment trends and any forward-looking remarks for signs that the recent momentum can extend.