# INTEL CORP (INTC)

Informational only - not investment advice.

CIK: 0000050863
SIC: 3674 Semiconductors & Related Devices
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/)
Latest 10-K filed: 2026-01-23
SEC page: https://www.sec.gov/edgar/browse/?CIK=50863
Filing source: https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm

## At a glance

FY2025 · period end 2025-12-27 · filed 2026-01-23 · accession 0000050863-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000050863.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 52,853,000,000 USD | 2025 | verified |
| Net income | -267,000,000 USD | 2025 | verified |
| Assets | 211,429,000,000 USD | 2025 | verified |
| Free cash flow | -4,949,000,000 USD | 2025 | computed |
| Net margin | -0.51% | 2025 | computed |
| Operating margin | -4.19% | 2025 | computed |
| Revenue YoY | -0.47% | 2025 | computed |
| ROE | -0.23% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Semiconductors](/compare/semiconductors/) · SIC 3674 Semiconductors & Related Devices

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including INTC

- Semiconductors: [peer review](/compare/semiconductors/) · [market-risk page](/compare/semiconductors/risk/)

### Peer percentile fingerprint

| Ratio | INTC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -0.5% | 4.9% | 38 | 59 |
| Operating margin | -4.2% | 3.7% | 28 | 58 |
| Revenue growth | -0.5% | 15.5% | 18 | 61 |
| FCF margin | -9.4% | 8.9% | 14 | 60 |
| ROE | -0.2% | 3.8% | 37 | 58 |
| ROA | -0.1% | 1.6% | 40 | 61 |
| Liabilities / equity | 0.85 | 0.51 | 71 | 59 |
| Current ratio | 2.02 | 2.70 | 15 | 61 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3674 Semiconductors & Related Devices, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 52853000000 | USD | 2025 | 2026-01-23 |
| Net income | -267000000 | USD | 2025 | 2026-01-23 |
| Assets | 211429000000 | USD | 2025 | 2026-01-23 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000050863.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 59,387,000,000 | 62,761,000,000 | 70,848,000,000 | 71,965,000,000 | 77,867,000,000 | 79,024,000,000 | 63,054,000,000 | 54,228,000,000 | 53,101,000,000 | 52,853,000,000 |
| Net income |  |  |  |  |  | 10,316,000,000 | 9,601,000,000 | 21,053,000,000 | 21,048,000,000 | 20,899,000,000 | 19,868,000,000 | 8,014,000,000 | 1,689,000,000 | -18,756,000,000 | -267,000,000 |
| Operating income |  |  |  |  |  | 13,133,000,000 | 18,050,000,000 | 23,316,000,000 | 22,035,000,000 | 23,678,000,000 | 19,456,000,000 | 2,334,000,000 | 93,000,000 | -11,678,000,000 | -2,214,000,000 |
| Gross profit |  |  |  |  |  | 36,233,000,000 | 39,098,000,000 | 43,737,000,000 | 42,140,000,000 | 43,612,000,000 | 43,815,000,000 | 26,866,000,000 | 21,711,000,000 | 17,345,000,000 | 18,375,000,000 |
| Diluted EPS |  |  |  |  |  | 2.12 | 1.99 | 4.48 | 4.71 | 4.94 | 4.86 | 1.94 | 0.40 | -4.38 | -0.06 |
| Operating cash flow |  | 18,884,000,000 |  |  |  |  | 22,110,000,000 | 29,432,000,000 | 33,145,000,000 | 35,864,000,000 | 29,456,000,000 | 15,433,000,000 | 11,471,000,000 | 8,288,000,000 | 9,697,000,000 |
| Capital expenditures |  |  |  |  |  | 9,625,000,000 | 11,778,000,000 | 15,181,000,000 | 16,213,000,000 | 14,259,000,000 | 18,733,000,000 | 24,844,000,000 | 25,750,000,000 | 23,944,000,000 | 14,646,000,000 |
| Dividends paid |  |  |  |  |  | 4,925,000,000 | 5,072,000,000 | 5,541,000,000 | 5,576,000,000 | 5,568,000,000 | 5,644,000,000 | 5,997,000,000 | 3,088,000,000 | 1,599,000,000 | 0.00 |
| Assets |  |  |  |  |  | 113,327,000,000 | 123,249,000,000 | 127,963,000,000 | 136,524,000,000 | 153,091,000,000 | 168,406,000,000 | 182,103,000,000 | 191,572,000,000 | 196,485,000,000 | 211,429,000,000 |
| Stockholders' equity |  |  |  |  |  | 66,226,000,000 | 69,653,000,000 | 74,563,000,000 | 77,504,000,000 | 81,038,000,000 | 95,391,000,000 | 101,423,000,000 | 105,590,000,000 | 99,270,000,000 | 114,281,000,000 |
| Cash and cash equivalents | 5,065,000,000 | 8,478,000,000 | 5,674,000,000 | 2,561,000,000 | 15,308,000,000 | 5,560,000,000 | 3,433,000,000 | 3,019,000,000 |  |  |  |  |  | 8,249,000,000 | 14,265,000,000 |
| Free cash flow |  |  |  |  |  |  | 10,332,000,000 | 14,251,000,000 | 16,932,000,000 | 21,605,000,000 | 10,723,000,000 | -9,411,000,000 | -14,279,000,000 | -15,656,000,000 | -4,949,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 17.37% | 15.30% | 29.72% | 29.25% | 26.84% | 25.14% | 12.71% | 3.11% | -35.32% | -0.51% |
| Operating margin |  |  |  |  |  | 22.11% | 28.76% | 32.91% | 30.62% | 30.41% | 24.62% | 3.70% | 0.17% | -21.99% | -4.19% |
| Return on equity |  |  |  |  |  | 15.58% | 13.78% | 28.24% | 27.16% | 25.79% | 20.83% | 7.90% | 1.60% | -18.89% | -0.23% |
| Return on assets |  |  |  |  |  | 9.10% | 7.79% | 16.45% | 15.42% | 13.65% | 11.80% | 4.40% | 0.88% | -9.55% | -0.13% |
| Liabilities / equity |  |  |  |  |  | 0.71 | 0.77 | 0.72 | 0.76 | 0.89 | 0.77 | 0.80 | 0.81 | 0.98 | 0.85 |
| Current ratio |  |  |  |  |  | 1.75 | 1.69 | 1.73 | 1.40 | 1.91 | 2.13 | 1.57 | 1.54 | 1.33 | 2.02 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/INTC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000050863.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-10-01 |  |  | 0.25 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | -0.66 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 0.35 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 14,158,000,000 | 297,000,000 | 0.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-30 | 15,406,000,000 | 2,669,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 12,724,000,000 | -381,000,000 | -0.09 | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 12,833,000,000 | -1,610,000,000 | -0.38 | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 13,284,000,000 | -16,639,000,000 | -3.88 | reported discrete quarter |
| 2024-Q4 | 2024-12-28 | 14,260,000,000 | -126,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 12,667,000,000 | -821,000,000 | -0.19 | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 12,859,000,000 | -2,918,000,000 | -0.67 | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 13,653,000,000 | 4,063,000,000 | 0.90 | reported discrete quarter |
| 2025-Q4 | 2025-12-27 | 13,674,000,000 | -591,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-28 | 13,577,000,000 | -3,728,000,000 | -0.73 | reported discrete quarter |
| 2026-Q2 | 2026-06-27 | 16,128,000,000 | -11,033,000,000 | -2.16 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/50863/000005086326000157/intc-20260627.htm

Extracted from a later financial-section MD&A body after Item 2 boundaries were low-confidence.
Confidence: high
Filing date: 2026-07-24
Report date: 2026-06-27

Management's Discussion and Analysis
Overview

This report should be read in conjunction with our 2025 Form 10-K where we include additional information on our business, operating segments, risk factors, critical accounting estimates, policies, methods and assumptions used in our estimates, among other important information.

Significant Events and Trends Impacting Results

The following discussion highlights significant events, key developments and trends that we believe meaningfully impacted our consolidated financial results and financial position during Q2 2026 or that we believe may continue to influence our future operating results and financial position, as well as specific matters that occurred in 2025 that impact the comparability of our results.

Escrowed Shares Issued to the U.S. Government

In Q2 2026, in connection with our agreements with the U.S. government and shares of our common stock held in escrow for the benefit of the U.S. government under such agreements, we recognized a $12.5 billion loss related to the net change in the fair value of shares of our common stock released from escrow during the quarter and remaining in escrow at the end of Q2 2026, driven by an increase in our stock price. The fair value of the related derivative liability was $15.6 billion at the end of Q2 2026, which we recognized within other accrued liabilities and other long-term liabilities (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements for further information).

Repurchase of Non-Controlling Interests in Ireland SCIP

In Q2 2026, we acquired from Apollo its 49% minority ownership interest in our majority-owned and consolidated Ireland SCIP VIE for aggregate cash consideration of $14.2 billion, inclusive of transaction costs. We funded the repurchase of Apollo's non-controlling equity interest through a combination of existing cash and cash equivalents, short-term investments and a $6.5 billion term loan facility that we entered into in Q2 2026 and subsequently repaid in Q2 2026 using proceeds from the issuance of $6.5 billion aggregate principal amount of senior fixed-rate notes (refer to "Note 3: Non-Controlling Interests" and “Note 11: Borrowings” within Notes to Consolidated Condensed Financial Statements).

Ireland SCIP was established in 2024 in connection with the construction and operation of Fab 34, with Apollo acquiring a 49% minority ownership interest and the parties entering into related operating and ancillary agreements governing the construction, operation and utilization of the fab. Our Consolidated Condensed Financial Statements for Q2 2026 reflect our 100% ownership of Ireland SCIP, the substantial termination of the related operating and ancillary agreements between the parties, the elimination of $142 million of non‑controlling interest in Ireland SCIP and the extinguishment of the $532 million derivative liability associated with delay‑related liquidated damages provisions. The residual consideration of $13.5 billion was recognized as a reduction to our capital in excess of par value (refer to “Note 3: Non-Controlling Interests” within Notes to Consolidated Condensed Financial Statements).

Future Node Development and Manufacturing Expansion Projects

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. We continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external Intel Foundry customers, and entered into risk production of products on such node in June 2026. We are focused and have made substantial progress in recent periods on the continued development of Intel 14A, the next generation node beyond Intel 18A and Intel 18A-P. During Q2 2026, we committed to completing development of Intel 14A, with a number of future Intel products designed to utilize the node and manufacturing expansion projects underway for production of products on the node. We also made continued progress towards meeting performance and design milestones for potential significant customers to evaluate Intel 14A for their future products. We intend to accelerate various of our manufacturing expansion projects, though 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.

The design, development and manufacturing of leading-edge nodes is risky and capital-intensive, and it takes years for capital investments to yield a return. We remain committed to maintaining a disciplined approach of investing capital in future node development and new or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital.

[[GREPCENT_TABLE]]
[["","MD&A","28"]]
[[/GREPCENT_TABLE]]

Table of Contents

Risks from the Conflict with Iran

On February 28, 2026, the U.S. and Israel initiated coordinated military strikes against Iran, which were followed by retaliatory actions by Iran and Iran‑aligned groups, including missile and drone attacks directed at Israel and other countries in the region. Since that time, the conflict has remained volatile, with periods of military escalation, retaliatory actions and diplomatic efforts to reduce hostilities. Military actions by the U.S., Israel, Iran and Iran-aligned groups have impacted military, civilian and industrial targets throughout the region, including in Israel, Iran, Lebanon, Kuwait, Saudi Arabia, Yemen, Bahrain, Qatar, the United Arab Emirates, Oman, Iraq, Jordan, Syria, Cyprus and Azerbaijan. Among other things, the conflict has disrupted various global supply chains and shipping routes and resulted in increased global energy prices and energy shortages that may adversely impact the world economy. In addition, Iranian strikes on two energy fields in Qatar that supply a meaningful percentage of the global supply of helium have resulted in a global shortage of this gas that is essential to the semiconductor manufacturing process.

In late March 2026, Iran published a list of U.S. companies with operations in the Middle East whose facilities they indicated they would target in retaliation for continued strikes on Iran, with Intel being near the top of that list. A significant portion of our current and anticipated future revenues are generated from products on Intel 7 manufactured at our fabrication facility in Israel. As we are not insured for business interruptions resulting from war or political violence, a disruption of that facility could have a significant adverse impact on our business. We could also be adversely impacted by disruptions to our product development centers in Israel. As our property, plant and equipment assets in Israel are self‑insured for losses resulting from war or political violence, any significant impact from the conflict, especially to our fabrication facility, could have a material adverse effect on our consolidated financial results and position.

We continue to monitor the potential impact this conflict could have on our operations in Israel, on our global operations and business and on the semiconductor industry and global economy more broadly.

Altera Divestiture

The comparability of our Consolidated Condensed Financial Statements for Q2 2026 and YTD 2026 relative to Q2 2025 and YTD 2025, as discussed within this MD&A, was impacted by the deconsolidation of Altera. Altera, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications that was previously a wholly owned subsidiary, was deconsolidated from our Consolidated Condensed Financial Statements effective September 12, 2025, following the closing of the sale of 51% of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our Consolidated Condensed Financial Statements through September 11, 2025. Revenue from Altera as a customer was $181 million in Q2 2026 and $320 million in YTD 2026, compared to $428 million and $779 million of revenue, respectively, contributed by Altera in our consolidated financial results in Q2 2025 and YTD 2025. Refer to "Note 8: Investments" and "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements for additional information.

[[GREPCENT_TABLE]]
[["","MD&A","29"]]
[[/GREPCENT_TABLE]]

Table of Contents

Operating Segments Trends and Results
Intel Products

Intel Products consists substantially of the design, development, marketing, sale, support and servicing of CPUs and related semiconductor products for third-party customers. Intel Products is comprised of two operating segments: our Client Computing and Physical AI Group, or CCPG, and our Data Center and Artificial Intelligence, or DCAI. CCPG (formerly our Client Computing Group, or CCG) delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experiences for consumer and commercial markets, with capabilities that also support retail, industrial robotics and AI ecosystems at the edge. DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs and purpose-built silicon, or ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. The manufacturing of our Intel Products offerings is performed by Intel Foundry and, to a lesser extent, by certain third-party manufacturers.

Intel Products Financial Performance1

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","Six Months Ended"],["","","Jun 27, 2026","","Jun 27, 2026"],["($ In Millions)","","CCPG","","DCAI","","Total","","CCPG","","DCAI","","Total"],["Revenue","","$","8,877","","","$","6,262","","","$","15,139","","","$","16,604","","","$","11,314","","","$","27,918"],["Cost of sales and operating expenses","","6,534","","","3,788","","","10,322","","","11,745","","","7,298","","","19,043"],["Operating income","","$","2,343","","","$","2,474","","","$","4,817","","","$","4,859","","","$","4,016","","","$","8,875"],["Operating margin %","","26%","","40%","","32%","","29%","","35%","","32%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","Six Months Ended"],["","","Jun 28, 2025","","Jun 28, 2025"],["($ In Millions)","","CCPG","","DCAI","","Total","","CCPG","","DCAI","","Total"],["Revenue","","$","7,871","","","$","3,939","","","$","11,810","","","$","15,500","","","$","8,065","","","$","23,565"],["Cost of sales and operating expenses","","5,818","","","3,306","","","9,124","","","11,086","","","6,857","","","17,943"],["Operating income","","$","2,053","","","$","633","","","$","2,686","","","$","4,414","","","$","1,208","","","$","5,622"],["Operating margin %","","26%","","16%","","23%","","28%","","15%","","24%"]]
[[/GREPCENT_TABLE]]

1 Operating segment results include intersegment financial activity; refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented.

Operating Segment Revenue Summary

Q2 2026 vs. Q2 2025 and YTD 2026 vs. YTD 2025

Total Intel Products revenue was $15.1 billion in Q2 2026, up $3.3 billion from Q2 2025, and $27.9 billion in YTD 2026, up $4.4 billion from YTD 2025.

▪CCPG revenue increased $1.0 billion from Q2 2025 and $1.1 billion from YTD 2025. Client revenue (collectively notebook and desktop) was $7.7 billion in Q2 2026, up $1.1 billion from Q2 2025, and $14.3 billion in YTD 2026, up $1.2 billion from YTD 2025, primarily driven by ASP increases of 27% and 22%, respectively. The majority of the in

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm
Complete FY 2025 MD&A: /company/INTC/mda/fy2025/

Extracted from a later financial-section MD&A body after the formal Item 7 span was a short reference.
Confidence: high
Filing date: 2026-01-23
Report date: 2025-12-27

Management's Discussion and Analysis

Overview

Our MD&A begins with an overview of significant events and key developments in 2025 that meaningfully impacted our financial results and/or business. We then provide a detailed discussion of our operating segment results, followed by our consolidated results of operations and other required disclosures for 2025, 2024 and 2023. We conclude with a discussion of our critical accounting estimates.

Significant Events and Trends Impacting Results

The following discussion highlights significant events, key developments, and trends that we believe meaningfully impacted our consolidated financial results and financial position during 2025 and that we believe may continue to influence our future operating results and financial position, as well as specific matters that occurred in 2024 that impact the comparability of our results.

U.S. Government Agreements

On August 22, 2025, we entered into a Warrant and Common Stock Agreement (U.S. Government Agreement) with the U.S. Department of Commerce (DOC) to support the continued expansion of U.S. semiconductor technology and manufacturing leadership. On August 27, 2025, pursuant to the terms of the U.S. Government Agreement:

▪we entered into an amendment to our commercial CHIPS Act agreement with the DOC removing the prior project milestone         requirements and other conditions to disbursements under the agreement, as well as substantially all other requirements under the agreement other than those required by law, including those associated with the $2.3 billion previously received and recognized by us as government incentives pursuant to our government grant accounting policy;

▪we received the full amount of the accelerated disbursements remaining under the commercial CHIPS Act agreement of $5.7 billion;

▪we issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock at $20.00 per share if we were to cease to directly or indirectly own at least 51% of our Intel Foundry business; and

▪we issued into escrow 159 million shares of our common stock, to be released to the U.S. government on a $20.00 per share basis as we receive the $3.2 billion of disbursements contemplated by our existing agreement and related performance obligations with the U.S. government under the CHIPS Act's Secure Enclave program. As of December 27, 2025, we had released 3 million Escrowed Shares upon our receipt of cash proceeds for our performance under Secure Enclave.

Our accounting conclusion for the U.S. Government Agreement as presented in our Consolidated Condensed Financial Statements that were included in our Q3 2025 Form 10-Q was subsequently adjusted based upon our consultation with the staff of the SEC on this matter, which concluded in our fourth quarter of fiscal 2025, subsequent to our Q3 2025 Form 10-Q filing date of November 6, 2025. Our results in this Annual Report on Form 10-K for the fiscal year ended December 27, 2025 are reflective of this consultation. We have concluded that such adjustments are immaterial to our Consolidated Condensed Financial Statements included in our Q3 2025 Form 10-Q. Refer to “Note 5: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Financial Statements and to our Risk Factors section for additional details.

Private Placement Share Sale Agreements

In Q3 2025, we entered into two agreements for the issuance and sale of shares of our common stock in private placements to support our strategic investments in advanced manufacturing, AI infrastructure and long-term growth initiatives:

▪on August 18, 2025, we entered into an agreement with SoftBank Group to issue and sell to SoftBank Group 87 million shares of our common stock at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025; and

▪on September 15, 2025, we entered into an agreement with NVIDIA to issue and sell to NVIDIA 215 million shares of our common stock at $23.28 per share for an aggregate cash purchase price of $5.0 billion. The issuance and sale of the shares was completed on December 26, 2025.

Altera Divestiture

On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of SLP, to sell 51% of all issued and outstanding common stock of Altera, our wholly owned subsidiary as of that date. On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion, consisting of $4.8 billion in cash proceeds received within the third quarter of 2025, $500 million in deferred cash proceeds payable to us no later than December 31, 2027, an offset of $400 million for cash transferred to Altera with the sale, an offset of approximately $469 million in separation and employee-related costs we have agreed to fund to the purchaser, and an offset for other direct and incremental costs incurred in connection with the sale. As of December 27, 2025, we recorded $463 million within other long-term assets for the present value of deferred consideration outstanding from SLP and $327 million and $97 million within other accrued liabilities and other long-term liabilities, respectively, for amounts payable to SLP for separation and employee-related costs that have not yet been paid.

[[GREPCENT_TABLE]]
[["","MD&A","18"]]
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Table of Contents

Upon closing the transaction, we deconsolidated Altera from our Consolidated Financial Statements and retained a 49% minority investment in Altera which we accounted for under the equity method of accounting. The $3.2 billion value of our non-marketable equity method investment in Altera is classified within equity investments in the Consolidated Balance Sheets at December 27, 2025, and was recognized as a non-cash investing activity within the 2025 Consolidated Statements of Cash Flows. The Altera divestiture resulted in a pre-tax gain of $5.6 billion recognized within interest and other, net, which is net of certain costs we have agreed to fund to SLP, as well as direct and incremental costs we incurred to sell the business. Approximately $2.1 billion of the gain resulted from the remeasurement of our non-marketable equity investment in Altera to its fair value at the transaction close date. Refer to "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information.

Restructuring

2025

In Q2 2025, we commenced an enterprise-wide initiative to transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. These headcount reduction initiatives reduced our core Intel workforce by approximately 15% by the end of fiscal 2025, as compared to our Q2 2025 ending employee headcount. In 2025, we recognized restructuring charges of $2.2 billion, consisting primarily of charges from initiating and deploying the 2025 Restructuring Plan and incurring charges as we substantially completed the 2024 Restructuring Plan. Charges in 2025 were primarily composed of cash-based employee severance and related employee exit charges of $1.8 billion and non-cash asset impairment charges of $474 million resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.

Our 2025 consolidated results of operations were also affected by accelerated depreciation and impairment charges recognized for certain manufacturing assets that were determined to have no remaining operational use. This determination was based on an evaluation of our current process technology node capacities relative to projected market demand for our products and services. These non-cash charges of $950 million, net of certain items, were recorded to cost of sales in 2025, impacting the results for our Intel Foundry segment.

2024

In 2024, we announced and initiated the 2024 Restructuring Plan, which reduced headcount, consolidated and reduced our global real estate footprint, and reduced our overall operating expenses. As a result of initiating and deploying our 2024 Restructuring Plan, we recognized restructuring charges of $2.8 billion in 2024 and $348 million in 2025.

Our 2024 consolidated results of operations were also materially impacted by the following:

▪$3.3 billion of charges, substantially all of which were recorded to cost of sales, related to non-cash impairments and the acceleration of depreciation for certain manufacturing assets, a substantial majority of which related to our Intel 7 process node;

▪$3.1 billion of non-cash charges associated with the impairment of goodwill for certain of our reporting units as well as certain acquired intangible assets (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements); and

▪$9.9 billion of non-cash charges recorded to provision for income taxes that substantially related to valuation allowances recorded to our net deferred tax assets (see "Provision for (Benefit from) Taxes" within this MD&A below).

Non-Controlling Interests

Net income (loss) attributable to non-controlling interests is comprised of net income or loss attributable to the non-controlling interests in Mobileye, IMS Nanofabrication, Ireland SCIP and Arizona SCIP, all of which are our majority owned subsidiaries that we consolidate. Net income attributable to non-controlling interests was $293 million in 2025 and net loss attributable to non-controlling interests was $477 million and $14 million in 2024 and 2023, respectively. Net income attributable to non-controlling interests in 2025 was primarily driven by the placement of the first tranche of Arizona SCIP’s manufacturing assets into service during 2025 and the ramp of factory output from Fab 34 resold to us from Ireland SCIP. In 2024, net loss applicable to non-controlling interests related to the Q3 2024 non-cash impairment of goodwill related to our Mobileye reporting unit. We anticipate that net income attributable to non-controlling interests will continue to increase in 2026 as additional tranches of Arizona SCIP’s manufacturing assets are placed into service, and to increase significantly in 2027 following our expected completion of construction of Fab 34 in Ireland. Refer to "Note 4: Non-Controlling Interests" within Notes to Consolidated Financial Statements.

Manufacturing Expansion Projects and Future Node Development

As part of the transformation of the company, in Q2 2025 we announced that we would take a more disciplined approach to the deployment of capital. The design, development and manufacturing of leading-edge semiconductor manufacturing process technologies, or nodes, is risky and capital-intensive, and it takes years for capital investments to yield a return. Under our more disciplined approach, we intend to invest capital in future node development and new or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital.

[[GREPCENT_TABLE]]
[["","MD&A","19"]]
[[/GREPCENT_TABLE]]

Table of Contents

On the manufacturing side, we initiated the consolidation of our Costa Rican assembly and test operations into larger existing sites in Vietnam and Malaysia, slowed the pace of construction for our new Ohio fab and discontinued planned expansions in Germany (fab) and Poland (assembly and test) to better align capital spending with market demand. These actions reflect our focus on deploying capital in coordinati

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/INTC/mda/fy2025/
All MD&A years: /company/INTC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/INTC/mda/fy2024/): filed 2025-01-31; accession 0000050863-25-000009 (https://www.sec.gov/Archives/edgar/data/50863/000005086325000009/intc-20241228.htm)
- [FY 2023 MD&A](/company/INTC/mda/fy2023/): filed 2024-01-26; accession 0000050863-24-000010 (https://www.sec.gov/Archives/edgar/data/50863/000005086324000010/intc-20231230.htm)
- [FY 2022 MD&A](/company/INTC/mda/fy2022/): filed 2023-01-27; accession 0000050863-23-000006 (https://www.sec.gov/Archives/edgar/data/50863/000005086323000006/intc-20221231.htm)
- [FY 2021 MD&A](/company/INTC/mda/fy2021/): filed 2022-01-27; accession 0000050863-22-000007 (https://www.sec.gov/Archives/edgar/data/50863/000005086322000007/intc-20211225.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3674 Semiconductors & Related Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/INTC.md · JSON record: /company/INTC.json · verified financials: /company/INTC/financials.json / /company/INTC/financials.csv · machine TOC for the whole site: /llms.txt