Intel swung to an operating profit in Q2 2026, yet booked a net loss of USD 11.0bn

Intel, the US chip maker, reported revenue of USD 16.1bn in Q2 2026, up 25.4% from USD 12.9bn a year earlier. The operating result turned from a loss of USD 3.2bn to a profit of USD 1.8bn, which lifts the operating margin to 11.1% from -24.7%. Below that line the picture reverses. Net loss widened to USD 11.0bn from USD 2.9bn, and the net margin stands at -68.4%. Equity fell by USD 10.3bn over the year.

The two results do not point the same way, and the accounts do not say what sits between them. A gap this size usually comes from items outside daily trading: write-downs, tax charges or losses on investments. Operations can cover their costs while the bottom line absorbs a large one-off. I would watch whether the operating profit repeats next quarter. The equity ratio of 43.2%, down from 50.8%, shows what the loss cost the balance sheet. Intel's operations earned money, and something below them cost more.