Intel Q1 2026 print — the foundry pivot is finally showing margin

Foundry revenue grew 28% YoY with positive operating margin for the first time. Client computing recovered alongside the consumer PC refresh cycle.

Intel Q1 2026 print: revenue $14.2B, up 8% YoY, with the foundry segment finally posting positive operating margin for the first time since the strategic reset. Foundry revenue grew 28% YoY on the back of the new Microsoft, Qualcomm and Apollo customer wins.

Client computing recovered alongside the consumer PC refresh cycle, and the new Core Ultra 285K3D launch in Q3 2026 is positioned to defend the gaming CPU share that AMD X3D took in 2024-2025. The longer-term read is that the Pat Gelsinger turnaround is finally visible in the income statement.