Intel Foundry booked $411 million from outside customers in Q3. The 10-Q, not the 8-K, says most of it was one non-recurring contract.

Every figure below was read from Intel's own filings on sec.gov and is cited with its accession: the third-quarter results release furnished on Form 8-K on 29 October, the third-quarter Form 10-Q filed on 30 October, and the second-quarter release of 23 July for the guide it set. Outlook figures are Intel's own and are labelled as company guidance. We show no analyst estimates, no consensus and no share prices, because none of them is filed, and nothing from the earnings call, which is not a filing either. Sums, differences and shares are our arithmetic on filed values and are marked (Ours.) Research, not investment advice.

Intel $INTC furnished its third-quarter results on Form 8-K on Thursday 29 October (accession 0000050863-26-000188). The release puts Intel Foundry's revenue at $6.7 billion, "up 58%", and stops there. The Form 10-Q, filed a day later (0000050863-26-000191), splits it: $6.3 billion of that revenue came from Intel's own product groups, and "External revenue was $411 million in Q3 2026, up $379 million from Q3 2025, primarily due to revenue recognized under a non-recurring foundry contract."

The 8-K carries the quarter and the guide. The 10-Q carries who paid the foundry, what the capex is committed to, the balance sheet after the August equity raise, and one event after the quarter that the release does not mention. Ten lines follow. EDGAR was checked at 04:31 UTC on 31 October.

1. The quarter against Intel's own July guide

(Ours: revenue is $213 million above the $16.3 billion midpoint of the range and inside it.)

One footnote on GAAP: net income attributable to Intel of $3,320 million includes a $1,005 million gain on the escrowed shares held for the US government (section 6). The non-GAAP reconciliation removes it, which is why non-GAAP net income is the smaller figure, $2,756 million.

2. Revenue by segment, and the 10-Q's volume and price split

In DCAI, server revenue "increased $2.5 billion in Q3 2026 due to ASP increases of 54%", and "Server volume increased 10% compared to Q3 2025, driven by higher hyperscaler demand." Other DCAI revenue was $1.4 billion, up $743 million, "driven by higher demand for purpose-built silicon". In client, revenue of $6.9 billion fell $424 million, "driven by a 14% decrease in volume due to lower demand and a competitive market environment", partly offset by "a 9% increase in ASPs, primarily resulting from pricing actions".

3. Intel Foundry: $411 million from outside, $6.3 billion from Intel

The 10-Q: "At present, substantially all of our Intel Foundry business supports internal manufacturing for Intel Products"

(Ours: external revenue was 6.1% of the segment's third-quarter revenue.) For nine months the 10-Q gives a different reason: "Altera's transition to an external customer" after Intel sold 51% of it in September 2025. Revenue from Altera as a customer was $126 million in the quarter. The 10-Q does not name the non-recurring contract or its customer.

The operating loss narrowed by $468 million (Ours), which the 10-Q attributes to "$793 million of lower period charges", partly offset by "$219 million of higher operating expenses".

4. 18A, 18A-P and 14A in the 10-Q's words

The 8-K's foundry section lists the Intel 14A 0.9 process design kit, released in October, the completed RAMP-C program and collaborations on packaging and equipment. It has no 18A sentence. The 10-Q has three:

• "At the start of 2026, we released our first products manufactured on Intel 18A, our most advanced leading-edge semiconductor manufacturing technology, or node, in high volume production."
• Intel 18A-P, "designed for future Intel products and external Intel Foundry customers", "entered into risk production of products on such node in June 2026."
• On cost: nine-month foundry results carried "$936 million of lower product profit in YTD 2026 primarily resulting from an increased mix of higher-cost wafers manufactured on our Intel 18A process node".

On 14A the 10-Q says Intel "committed to completing development" in the second quarter, and then sets the condition: "the scale and pace of our manufacturing expansion projects will ultimately be dictated by the amount of committed demand for Intel 14A that we are able to obtain from our Intel products roadmap and design wins with potential significant external customers."

In July the release said Intel Foundry "has entered high-volume manufacturing for a subset of Intel Core Ultra Series 3 processors, code-named Panther Lake" (0000050863-26-000155). Neither October filing repeats the code name. The 8-K names Intel Core Ultra Series 3 only in the Googlebook item; the 10-Q names no 18A product.

5. Capex: $4.2 billion in the quarter, no full-year figure, $19.6 billion committed

The release reconciles adjusted free cash flow. For the quarter (0000050863-26-000188):

(Ours: gross capex rose 43% from a year earlier.) For nine months, additions to property, plant and equipment were $10,216 million under investing and $1,618 million under financing (extended payment terms). (Ours: $11,834 million, against $13,651 million in 2025.)

Neither the 8-K nor the 10-Q gives a full-year 2026 capital-expenditure figure. The 10-Q gives the commitments instead: "Commitments for capital expenditures and other purchase obligations totaled $19.6 billion and $9.8 billion, respectively, as of September 26, 2026 ($12.8 billion and $6.7 billion as of December 27, 2025). The substantial majority of commitments for capital expenditures are due within the next 12 months". (Ours: capex commitments up $6.8 billion in nine months.)

After the quarter, two more: "we entered into two agreements to secure future substrate supply, under which our total funding requirements are currently estimated to be approximately $5.3 billion to $6.1 billion", of which "approximately $3.3 billion" is to be paid "by the end of 2027". Supply prepayments were $1.2 billion in the first nine months. Neither substrate agreement is in the 8-K.

6. Cash and debt after the $22.6 billion raise

The release's first company item is "a $23 billion public equity offering". The 10-Q gives the terms: on 12 August Intel issued "an aggregate of approximately 242 million shares of common stock in exchange for gross proceeds of $23.0 billion", with net proceeds of $22.6 billion after $383 million of costs, for "general corporate purposes, including capital expenditures and working capital".

In the second quarter Intel paid $14.2 billion for Apollo's 49% of its Ireland fab venture, partly with a $6.5 billion term loan it then refinanced with $6.5 billion of senior notes. Its credit facilities, $15.0 billion since 1 October, were undrawn at 26 September.

The earlier equity, as the 10-Q records it: SoftBank, 87 million shares for $2.0 billion, completed 26 September 2025; NVIDIA, 215 million shares for $5.0 billion, completed 26 December 2025. The US government's shares sit in escrow: 132 million not yet released at 26 September, about 11 million released in the quarter against Secure Enclave payments. The fair value of the escrowed-shares liability was $13.7 billion, against $2.7 billion at the end of 2025, and it moves with Intel's share price every quarter: a $1.0 billion gain in the third quarter, a $12.6 billion loss for nine months. The government also holds warrants for up to 241 million shares at $20.00 that "become exercisable if we cease to directly or indirectly own at least 51% of our foundry business."

Shares outstanding were 5,310 million at 26 September, against 4,994 million at 27 December (0000050863-26-000188).

7. Restructuring and headcount

Restructuring and other charges were $54 million in the quarter, against $175 million a year earlier. Severance was $290 million for nine months, against $1.8 billion a year earlier. The nine-month total of $4,294 million is mostly the first-quarter goodwill impairment of $3.9 billion, "substantially all of which related to our Mobileye reporting unit". The rest of the 2025 Restructuring Plan is "expected to be completed by Q4 2026."

The release counts employees in thousands: 81.1 at 26 September, 82.3 at 27 June and 88.4 a year earlier. (Ours: down 1.2 thousand in the quarter and 7.3 thousand in a year.)

8. Inventory and the supply constraint

Inventories were $13,068 million at 26 September, against $12,492 million at 27 June (0000050863-26-000155) and $11,618 million at the end of 2025. (Ours: up $576 million in the quarter.)

In client, CCPG's operating income fell on "$763 million of higher period charges primarily resulting from higher inventory-related charges". In data center, "demand for certain data center products continued to exceed available supply", and the 10-Q expects the shortages of substrates and memory "to persist into next year".

9. The fourth-quarter guide

From the release (0000050863-26-000188), company guidance, with margins and EPS "based on the midpoint of the revenue range":

(Ours: the $15.5 billion midpoint is $1.0 billion, or 6.1%, below third-quarter revenue, and the GAAP gross-margin guide is 5.9 points below the third quarter's 43.0%.) The CFO's quoted outlook in the release: "we see the PC slowdown continuing at least through the first half of next year". The 10-Q says client trends are expected "to worsen in Q4 2026 and persist in 2027."

10. What the 8-K leaves out: Kiryat Gat

The 10-Q has a section the release does not: "In mid-October 2026, an accident at our manufacturing facility in Kiryat Gat, Israel resulted in employee casualties and injuries and halted manufacturing operations at the facility." Operations "have remained suspended for approximately two weeks and are expected to resume by the end of October 2026." Intel expects charges for scrapped inventory, remediation and under-absorbed overhead in the fourth quarter, and lower volumes to "adversely affect manufacturing costs, gross profit and operating results in Q4 2026 and through the first half of 2027". It is "currently unable to reasonably estimate the financial impact from the incident or the amount of insurance recoveries".

The 10-Q also says "A significant portion of our current and anticipated future revenues are generated from products on Intel 7 manufactured at our fabrication facility in Israel." The 8-K does not name Kiryat Gat.

What the 10-Q added to the 8-K

1. Who paid the foundry: $411 million external, "primarily" one non-recurring contract.
2. 18A in high-volume production, 18A-P in risk production, 14A tied to "committed demand".
3. $19.6 billion of capex commitments and $5.3–6.1 billion of substrate agreements.
4. The Kiryat Gat stoppage, with no estimate of its cost.
5. The Classiq price: about $1.9 billion plus up to $350 million contingent, cash or shares, closing expected in the first half of 2027. The release says only "Announced plans to acquire Classiq".

Our July read-back followed the escrowed-shares line one quarter earlier.

Run it yourself

/filings/INTC lists the 8-K and the 10-Q. /financials/INTC holds the standardised statements with the cash-flow history, and /earnings/INTC carries the filed quarterly series. /valuation/INTC lets you run your own valuation on filed numbers.

Then write down the lines you will hold Intel to: $411 million of external foundry revenue, $15.0–16.0 billion for the fourth quarter, $19.6 billion of capex commitments. Our Thesis Monitor reads each new filing against what you wrote and tells you which of them moved. If you work inside an agent, the same filings are on the EvidInvest MCP server. It is free to start, credit packs from $10, and there is no subscription.

The release gave the foundry's revenue. The 10-Q gave who paid it.

Sources. Intel Corporation Form 8-K of 29 October 2026, Exhibit 99.1 (Q3 2026 results and Q4 outlook): accession 0000050863-26-000188 (sec.gov). Form 10-Q for the quarter ended 26 September 2026, filed 30 October 2026: 0000050863-26-000191 (sec.gov). Form 8-K of 23 July 2026, Exhibit 99.1 (Q2 2026 results and Q3 outlook): 0000050863-26-000155 (sec.gov). EDGAR was checked at 04:31 UTC on 31 October 2026. No analyst estimate, consensus figure, share price, price target or call remark appears on this page. Sums, differences and shares are arithmetic on those filed values, labelled as ours where they appear. Research, not investment advice.