2026 Q2 10-Q: the loss buys no tax relief. The company writes in its income tax note that it could not benefit from its current-year domestic loss
Intel (INTC) reported pre-tax income of $(10,819)m for the second quarter of 2026. Income tax for the same quarter was not a benefit but a charge of $29m. The effective rate was −0.3%.
When a company loses a great deal of money, it normally pays less tax, and that makes the loss look smaller. Intel did not. The company writes that losses made in the United States cannot be used to reduce its tax. So in a quarter it lost money, it paid more tax rather than less.
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The company sets out the reason in its income tax note. The sentence and the amounts are in the subscriber section.
What falls away between operating and pre-tax income is tabled in the subscriber section.
The prior-year effective rate and the amounts are set beside this quarter's in the subscriber section.
Equity and retained earnings at the prior year end and at this quarter end are compared in the subscriber section.
On SEC EDGAR, open Intel Corporation's 2026 second-quarter 10-Q (accession 0000050863-26-000157) and read note 7, income taxes.
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
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