Intel Corporation (INTC)

Business

Intel designs and manufactures CPUs and other semiconductor products, client processors for PCs and edge devices, and Xeon server processors, accelerators and networking silicon for data centers, and sells them mainly to PC and server makers (OEMs and ODMs) and cloud service providers, directly and through distributors. Almost all of its revenue comes from these processor businesses: the Intel Products segments reported $49.1 billion of revenue in 2025, against consolidated net revenue of $52.9 billion. Intel is also an integrated device manufacturer. It develops its own process technologies, makes most of its products in its own fabs, many of them in the U.S., and is trying to sell that manufacturing capacity to outside chip designers as a foundry. Revenue is concentrated: the three largest customers took 43% of 2025 net revenue (19%, 12% and 12%), sales outside the U.S. were 70%, and billings to China were 24%. (10-K, accession 0000050863-26-000011)

Intel reports three reportable segments plus an "all other" category. In 2025 they performed as follows:

• Client Computing Group (CCG), renamed the Client Computing and Physical AI Group (CCPG) in 2026, sells platforms and processors for notebooks, desktops and edge devices: Intel Core (on Intel 7, almost half of CCG product revenue in 2025) and Intel Core Ultra Series 1, 2 and 3, plus commercial vPro, Arc discrete GPUs, edge computing and Wi-Fi/Thunderbolt connectivity. 2025 revenue was $32.2 billion, including $27.6 billion from client CPUs, and operating income was $9.3 billion. The main x86 competitor is AMD. Apple, Qualcomm and MediaTek compete with ARM-based designs.
• Data Center and AI (DCAI) sells Xeon server CPUs, AI accelerators, NICs, IPUs and custom ASICs to hyperscalers and OEMs. Xeon Scalable processors made on Intel 7 were a majority of DCAI product revenue in 2025. Xeon 6 is made on Intel 3, and inference GPUs (Crescent Island, Jaguar Shores) are in development. 2025 revenue was $16.9 billion and operating income $3.4 billion. Competitors include AMD, NVIDIA, hyperscalers' in-house silicon (Amazon, Google, Meta, Microsoft), ARM- and RISC-V-based entrants and, in custom ASICs, Broadcom.
• Intel Foundry covers technology development, wafer manufacturing, advanced packaging and foundry services. Nearly all of its work is for Intel Products: 2025 revenue was $17.8 billion, of which $17.5 billion was intersegment and $307 million external, and the segment lost $10.3 billion. Its leading-edge competitor is TSMC, followed by Samsung, with GlobalFoundries, UMC and SMIC on mature nodes.
• All other holds Mobileye (driver-assistance and self-driving systems; 80% owned at December 27, 2025), IMS (multi-beam mask writing tools; 68% owned) and, through September 11, 2025, Altera. Intel sold 51% of Altera on September 12, 2025 and now accounts for its retained 49% under the equity method. All other revenue was $3.6 billion in 2025, of which Mobileye contributed $1.9 billion.

Manufacturing is the centre of the strategy and of the cost base. Intel 7 handled the majority of internal processor production in 2025 and is expected to handle almost half in 2026. Intel 4, Intel's first EUV node, makes Core Ultra Series 1, and its derivative Intel 3 makes Xeon 6. Intel 18A, with gate-all-around transistors (RibbonFET) and backside power delivery (PowerVia), entered high-volume manufacturing in late 2025 with Core Ultra Series 3. Intel expects 18A and its derivative 18A-P to carry several generations of client and server CPUs. Intel 14A, planned to use high-NA EUV, is the first node designed from the start for external customers. Key fabs are in Oregon (R&D and 18A ramp), Arizona, Ireland and Israel (Intel 7). Assembly and test is done in China, New Mexico (advanced packaging), Vietnam and Malaysia. Most newer products use a disaggregated "tile" design joined by EMIB and Foveros packaging, and some tiles, or whole products, are made by TSMC. ASML is the sole supplier of the EUV tools.

Intel's strategy has four priorities: a cultural turnaround toward engineering and financial discipline; revitalising the x86 ecosystem for AI workloads; building an external foundry business; and new markets through purpose-built ASICs and GPUs. In 2025 it also tightened capital spending. It began moving its Costa Rica assembly and test operations into Vietnam and Malaysia, slowed construction of the Ohio fab, and dropped planned expansions in Germany (fab) and Poland (assembly and test). It also said it might pause or discontinue Intel 14A if it could not win a significant external foundry customer. The 2025 capital transactions changed the shareholder base. The U.S. Department of Commerce received 275 million shares, a warrant for up to 241 million more at $20.00 that becomes exercisable only if Intel stops owning at least 51% of Intel Foundry, and 159 million escrowed shares released as $3.2 billion of Secure Enclave funding is received. SoftBank Group bought $2.0 billion of stock, and NVIDIA bought $5.0 billion alongside a partnership to co-develop x86-based client and data center products. Intel had 85,100 employees, including Mobileye and other subsidiaries, at December 27, 2025.

Risk factors

These are the substantive risks in the FY2025 10-K (accession 0000050863-26-000011), condensed:

• Competition and lost share. Intel has lost share in client and data center CPUs. It missed the shift of data center spending to GPUs for AI and has "been unsuccessful to date" in becoming a meaningful participant in that market. Its Gaudi accelerator effort failed and brought inventory charges of $375 million in 2025 and $922 million in 2024. Hyperscalers increasingly design their own chips, and Apple replaced Intel CPUs with its own ARM designs. Many competitors have more money.
• An unproven foundry business. Intel has limited third-party foundry experience. It competes with TSMC, Samsung and others, and must win fabless customers that compete with its own products. It has been unsuccessful so far in securing any significant external foundry customer for any node.
• The Intel 14A decision. Without a significant external 14A customer, Intel said it might pause or discontinue leading-edge node development. That would make the products business dependent on TSMC, with which Intel has no long-term contract. Intel would expect significant impairments of foundry assets, which make up the substantial majority of its more than $100 billion of net property, plant and equipment, and would likely discontinue the Ohio fab. Intel could lose government incentives and have to repay amounts received, owe penalty payments to its SCIP partners, and lose talent. Intel called such a decision potentially "effectively irreversible." (In Q2 2026 Intel committed to completing 14A; see the current-quarter section.)
• Heavy, fixed-cost investment. R&D was $13.8 billion in 2025, $16.5 billion in 2024 and $16.0 billion in 2023. Leading-edge fabs are expensive and their costs are hard to cut when demand falls. Intel recorded $950 million (2025) and $3.3 billion (2024) of impairments and accelerated depreciation on manufacturing assets with no remaining or reduced use. Earlier product and node delays let TSMC-built competitors move ahead.
• Disaggregated design and TSMC tiles. Tile-based products add complexity and cost. Any interruption in supply of TSMC-made tiles would stop assembly of the affected products until replacement tiles could be designed and sourced, which would likely be a long delay.
• Alternative financing and grants. The Brookfield (Arizona) and Apollo (Ireland Fab 34) co-investment arrangements carry construction and wafer-purchase commitments and penalties. Intel recognised a $755 million charge in Q4 2024 for expected Ireland penalties, and both arrangements were expected to weigh increasingly on net income attributable to Intel as wafer volumes rise. Government grants may come late, fall short or carry restrictions.
• The U.S. government as shareholder. Other parts of the government, the courts or third parties could challenge the August 2025 agreement. It converted future CHIPS Act and Secure Enclave grants into equity, issued shares at a discount, and could dilute further if the warrant becomes exercisable. The government agreed to vote its shares as the board recommends, subject to exceptions, which reduces other holders' influence. A government stake may also deter strategic partners and expose Intel to foreign-subsidy rules abroad.
• Demand and margin swings. PC demand is cyclical. Inventory corrections, order cancellations, competitor pricing and a mix shift toward lower-margin or externally manufactured products have cut gross margin before and could again. Industry shortages of memory, substrates and foundry capacity can limit customers' ability to build systems.
• Geopolitics and trade. U.S.–China export controls and tariffs have reduced sales, and China has responded with its own measures, including licensing of critical minerals. A significant portion of revenue comes from Intel 7 products made in Israel, and Intel is not insured against business interruption from war; Mobileye is also based mainly in Israel. Many products depend on suppliers in Taiwan that cannot easily be replaced, and some are made entirely there.
• The AI market. Investment in AI PCs, data center AI and GPUs may not pay off: demand may not materialise, developers may not write software for Intel's features, and competitors are spending far more on AI.
• Supply chain. Intel relies on sole or limited sources (ASML for EUV, TSMC for leading-edge products and tiles), and its long-term supply contracts and large prepayments could leave it with excess inventory or unrecoverable prepayments if demand falls.
• Product defects and security. Errata and defects can lead to recalls, write-offs and lost sales. Instability in 13th and 14th Gen Core desktop processors hurt 2024 volumes and may raise warranty costs. Side-channel vulnerabilities (Spectre, Meltdown and later variants) and increasingly sophisticated, AI-assisted cyberattacks add cost and legal risk, especially as the foundry business holds sensitive customer data.
• IP litigation. Well-funded non-practicing entities have obtained large adverse judgments and settlements, including in the VLSI and R2 cases. R2 obtained an injunction in Düsseldorf in February 2024.
• Talent and leadership. Intel cut headcount in 2025, 2024 and 2022, and a weak share price has reduced the retention value of its equity awards. CEOs changed in 2025, 2024, 2021 and 2019.
• Customer concentration, distributors and debt. The three largest customers supplied 43% of 2025 revenue, and hyperscalers' bargaining power is growing. Intel had $47.2 billion of senior notes and other borrowings at December 27, 2025, and several credit-rating downgrades in 2025 and earlier years raised its borrowing costs.
• Transactions, tax and regulation. Acquisitions and majority-owned businesses can lead to impairments, as with the $2.8 billion Q3 2024 Mobileye goodwill charge. The effective tax rate is exposed to valuation allowances, Pillar Two minimum tax and changes in profit mix. Environmental rules, including possible PFAS restrictions, could constrain manufacturing. Catastrophic events, including water scarcity at the Arizona and Israel fabs, and currency moves also bear on results.

Management's discussion, fiscal 2025

From the FY2025 10-K (accession 0000050863-26-000011). Fiscal 2025 ended December 27, 2025.

Results. Revenue was $52.9 billion, down $248 million from 2024. Intel Products was roughly flat: CCG fell 3% on lower client volumes in the first half and customer inventory reductions, and DCAI rose 5% on hyperscale server demand and networking. In Q4 2025, wafer supply constraints on Intel 7 and Intel 3 limited both client and server shipments below demand, and Intel expected the constraints, together with industry-wide shortages of substrates and memory, to persist into 2026. Gross profit rose $1.0 billion (6%) to $18.4 billion, a 34.8% gross margin against 32.7% in 2024. The increase came mainly from lower manufacturing-asset impairments and accelerated depreciation ($950 million against $3.3 billion) and smaller Gaudi charges, partly offset by $878 million of higher inventory reserves on products from the early Intel 18A ramp. R&D plus MG&A fell 17% to $18.4 billion (34.8% of revenue against 41.5%) after restructuring. The operating loss narrowed to $2.2 billion from $11.7 billion. The net loss attributable to Intel was $267 million ($0.06 per share), against $18.8 billion ($4.38) in 2024. The 2024 loss included a $9.9 billion deferred-tax valuation allowance, $3.1 billion of goodwill and intangible impairments and $3.3 billion of manufacturing-asset charges. Interest and other, net in 2025 included a $5.6 billion pre-tax gain on the Altera sale, partly offset by a $1.8 billion loss on the fair value of the escrowed-share derivative and $229 million of NAND-related charges.

Segments. CCG revenue fell $1.1 billion. Its operating income fell $2.3 billion to $9.3 billion, on lower revenue, higher unit costs from newer products and $1.1 billion of higher inventory-related period charges, partly offset by $590 million of lower operating expenses. DCAI revenue rose $794 million: server volume was up 9% and ASPs were down 4% after pricing actions in a competitive market. DCAI operating income rose $2.0 billion to $3.4 billion, helped by $1.5 billion of lower operating expenses and smaller Gaudi charges. Intel Foundry's operating loss narrowed to $10.3 billion from $13.3 billion on lower impairments and $1.2 billion of lower operating expenses, offset by $849 million of higher intersegment inventory reserves on early 18A output. All other swung to $264 million of operating income on higher Mobileye revenue.

Restructuring. The 2025 Restructuring Plan cut the core Intel workforce by about 15% from its Q2 2025 level by year-end. Restructuring charges were $2.2 billion, mostly $1.8 billion of cash severance and $474 million of non-cash asset impairments. Intel expected R&D and MG&A to fall again in 2026.

Balance-sheet transactions. On August 27, 2025, under the Department of Commerce agreement, Intel received the remaining $5.7 billion of commercial CHIPS Act funding and issued the shares, warrant and escrowed shares described above. Intel adjusted its accounting for the agreement after a consultation with the SEC staff that concluded in Q4 2025, and judged the adjustments immaterial to its Q3 2025 statements. SoftBank Group bought 87 million shares at $23.00 ($2.0 billion, completed September 26, 2025), and NVIDIA bought 215 million shares at $23.28 ($5.0 billion, completed December 26, 2025). Intel sold 51% of Altera to an affiliate of Silver Lake for net consideration of $4.3 billion, including $4.8 billion of cash at closing and $500 million deferred to no later than December 31, 2027. It kept a 49% stake valued at $3.2 billion. Intel also received $921 million from selling 57.5 million Mobileye Class A shares and $1.8 billion from the second closing of the NAND sale to SK hynix.

Liquidity. Operating cash flow was $9.7 billion and net capital expenditure $11.2 billion. Adjusted free cash flow, a non-GAAP measure, was negative $1.6 billion, against negative $2.2 billion in 2024. Cash and short-term investments rose to $37.4 billion from $22.1 billion, and total debt fell to $46.6 billion from $50.0 billion. In August 2025 one major rating agency cut Intel to BBB from BBB+. Construction in progress fell to $34.5 billion from $50.4 billion as Arizona SCIP placed its first tranche of 18A assets in service. Intel warned that depreciation would rise as such assets come online, and that net income attributable to non-controlling interests would keep rising in 2026 as more Arizona SCIP assets enter service. Capital commitments were $9.1 billion for 2026 and $3.7 billion beyond.

Mobileye goodwill. The Q4 2025 test left Mobileye's $8.2 billion of goodwill with less than 10% headroom. Intel said a 1% higher discount rate would have meant an impairment of about $871 million. Intel impaired that goodwill in Q1 2026 (see below).

Current quarter, Q3 2026 (quarter ended September 26, 2026)

From the Q3 2026 10-Q (accession 0000050863-26-000191) unless the earnings release (accession 0000050863-26-000188) is named.

Headline results. Revenue was $16.5 billion, up 21% from $13.7 billion, driven by Intel Products. GAAP gross margin was 43.0%, against 38.2% a year earlier. Gross profit rose $1.9 billion (36%), mainly from $1.6 billion of higher product profit on higher revenue, partly offset by higher unit costs from a larger mix of premium products sold. Lower period charges added $328 million: Intel 3 and Intel 4 costs fell, partly offset by higher client inventory charges. GAAP operating income was $2.5 billion (15.3% of revenue), against $683 million. Net income attributable to Intel was $3.3 billion, or $0.60 per diluted share, against $4.1 billion ($0.90). The prior-year quarter included the $5.5 billion pre-tax gain on the Altera sale recognised in Q3 2025. This quarter included a $1.0 billion gain on the escrowed-share derivative as Intel's stock price fell. The release gives non-GAAP EPS of $0.52, against $0.23, and cash from operations of $5.1 billion for the quarter. For the nine months, revenue was $46.2 billion (up $7.0 billion) but Intel lost $11.4 billion ($2.22 per share). That loss mainly reflects a $12.6 billion year-to-date loss on the escrowed-share derivative, recognised as the share price rose over the year, and $3.9 billion of Q1 2026 goodwill impairment, substantially all of it Mobileye.

Segments. The quarter's results by segment:

• DCAI revenue rose 78% ($3.2 billion) to $7.3 billion. Server revenue rose $2.5 billion on ASPs up 54%, mostly from premium mix and to a lesser extent from demand-based pricing, and on volume up 10% from hyperscalers. Other DCAI revenue rose $743 million to $1.4 billion on demand for purpose-built silicon. Operating income rose $2.1 billion to $3.0 billion. Industry-wide supply constraints still kept Intel from fully meeting demand.
• CCPG revenue fell 5% to $8.1 billion. Client revenue of $6.9 billion fell $424 million as volume dropped 14% on weaker demand and competition, partly offset by ASPs up 9% from pricing and premium mix. Operating income fell $409 million to $2.3 billion, mainly on $763 million of higher inventory-related charges as Intel realigned client product mix with demand.
• Intel Foundry revenue rose $2.5 billion to $6.7 billion, on higher-ASP wafers from Intel 18A, Intel 3 and Intel 4. External revenue was $411 million, mostly from a non-recurring foundry contract. The operating loss narrowed to $1.9 billion from $2.3 billion.
• All Other revenue fell to $692 million because Altera is now an external customer ($126 million of wafer revenue to Intel this quarter). Mobileye revenue was $493 million, roughly flat. At September 26, 2026, non-controlling holders owned 24% of Mobileye, against 20% a year earlier.

Demand and supply. Management expects data center demand to stay strong into Q4 2026 and beyond, driven by AI infrastructure spending. Client demand fell in Q3 from the first half because of high memory prices, constrained IT budgets and tighter inventory management. Intel expects those client trends to worsen in Q4 2026 and persist in 2027, and the CFO said the PC slowdown would continue at least through the first half of next year (release). Shortages of substrates, memory and other components are expected to last into next year. They limit data center CPU supply and depress price-sensitive client demand. Intel is adding capacity and signing long-term supply agreements, but says it can do very little about memory.

Technology roadmap. Intel 18A is in high-volume production, and 18A-P entered risk production in June 2026. In Q2 2026 Intel committed to completing Intel 14A, replacing the conditional stance described in the 10-K: future Intel products are designed for it and manufacturing expansion for it is under way. The scale and pace of that expansion will depend on committed demand, including design wins with potential significant external customers. Intel released the 14A 0.9 process design kit in October (release).

Middle East. U.S. and Israeli strikes on Iran began on February 28, 2026. In late March, Iran published a list of U.S. companies with Middle East operations it said it would target, with Intel near the top. Iranian strikes on Qatari energy fields caused a global shortage of helium, which semiconductor manufacturing needs. The Israel fab accident in October is described under Subsequent events.

Capital and balance sheet. On August 12, 2026 Intel sold about 242 million shares at $95.00 in an underwritten offering, including the underwriters' fully exercised option, for gross proceeds of $23.0 billion and net proceeds of $22.6 billion. On April 8, 2026 Intel bought back Apollo's 49% stake in Ireland SCIP (Fab 34) for $14.2 billion including costs. It paid with cash, short-term investments and a $6.5 billion 364-day term loan at 4.79%, which it repaid in Q2 with five new senior note tranches totalling $6.5 billion (2031–2066 maturities, 4.65%–6.20% coupons). It also repaid $1.5 billion of notes in February and $1.0 billion in May. In Q3 Intel enlarged and extended its revolving credit facilities to $4.8 billion maturing August 2029 and $9.7 billion maturing August 2031; neither was drawn. Cash and short-term investments were $54.0 billion at September 26, 2026, against $37.4 billion at year-end, and total debt was $50.1 billion against $46.6 billion. Nine-month operating cash flow was $13.2 billion, against $5.4 billion. Customers paid $1.7 billion of deposits under long-term arrangements in Q2, and Intel prepaid $1.2 billion to suppliers in the nine months to secure supply. Commitments for capital expenditure and other purchases rose to $19.6 billion and $9.8 billion, from $12.8 billion and $6.7 billion. The escrowed-share derivative liability was $13.7 billion, with 132 million escrowed shares still unreleased.

Other items in the period. Mobileye closed its acquisition of Mentee Robotics, an AI humanoid-robotics company, on February 3, 2026 for $637 million, mostly cash. The 10-K had described the January agreement at about $900 million. After the Q1 impairment, Mobileye goodwill stands at $4.3 billion with less than 10% headroom. Intel has accrued about $1.0 billion for the VLSI patent litigation and $312 million for the reduced EC fine, which it has appealed to the Court of Justice. In August 2026 China's Supreme People's Court affirmed a finding of non-infringement in one VLSI case. In September 2026 the "Downfall" vulnerability class action was dismissed in Intel's favour, and plaintiffs have appealed. A stockholder derivative suit filed in March 2026 challenges the Department of Commerce agreement.

Guidance (release). For Q4 2026 Intel forecasts revenue of $15.0–16.0 billion, GAAP gross margin of 37.1% (non-GAAP 38.0%), a GAAP tax rate of 31% (non-GAAP 11%) and diluted EPS of $0.10 GAAP and $0.25 non-GAAP. The margin and EPS figures assume the midpoint of the revenue range.

Subsequent events

The Q3 2026 10-Q (accession 0000050863-26-000191) has no standalone subsequent-events note. It discloses the following events after September 26, 2026 in its notes and MD&A:

• Agreement to acquire Classiq Technologies Ltd. In October 2026 Intel signed a definitive agreement to acquire 100% of Classiq for about $1.9 billion, subject to customary purchase-price adjustments, plus up to $350 million of contingent consideration tied to performance milestones. Closing is expected in the first half of 2027, subject to regulatory approvals and other customary conditions, and Intel may pay in cash or in its own shares (Note 9). The earnings release describes the aim as combining Classiq's quantum software synthesis platform with Intel's spin-qubit manufacturing and software expertise to build a full-stack quantum computing platform.
• Substrate supply agreements. Intel entered two agreements to secure future substrate supply, with total funding requirements currently estimated at about $5.3–6.1 billion. Some terms are not yet final. About $3.3 billion is expected to be paid by the end of 2027, pulling cash outflows forward (Note 14 and MD&A).
• Credit facilities. On October 1, 2026, capacity under the amended revolving credit facilities rose by $500 million to $15.0 billion: a $5.0 billion three-year facility and a $10.0 billion five-year facility (Note 11).
• Israel fab accident. In mid-October 2026, an accident at the Kiryat Gat, Israel fab caused employee casualties and injuries and halted manufacturing there. Operations had been suspended for about two weeks at filing and were expected to resume by the end of October 2026. Intel expects charges in Q4 2026 for scrapped inventory, remediation and cleanup, and excess-capacity costs. It expects lower output and inefficiencies to weigh on manufacturing costs, gross profit and operating results through the first half of 2027. It could not yet estimate the financial impact or the insurance recovery (MD&A).

Intel had 5,315 million shares of common stock outstanding as of October 23, 2026.

Filings that contain financial statements

Intel is a domestic filer, so its quarterly statements are in its 10-Q filings. Each earnings 8-K below also furnishes an Exhibit 99.1 press release with condensed statements of operations, and where noted, balance sheets and cash flows.

• 8-K filed October 29, 2026 (accession 0000050863-26-000188): third quarter ended September 26, 2026. Condensed statements of operations, balance sheets and statements of cash flows, plus non-GAAP reconciliations.
• 8-K filed July 23, 2026 (accession 0000050863-26-000155): second quarter ended June 27, 2026. Condensed statements of operations, balance sheets and cash flows, plus non-GAAP reconciliations.
• 8-K filed April 23, 2026 (accession 0000050863-26-000077): first quarter ended March 28, 2026. Condensed statements and non-GAAP reconciliations.
• 8-K filed January 22, 2026 (accession 0000050863-26-000009): fourth quarter and full year ended December 27, 2025. Condensed statements and non-GAAP reconciliations.

Earnings and guidance

• October 29, 2026, third quarter 2026 (0000050863-26-000188). Revenue was $16.5 billion, up 21% year over year. GAAP EPS was $0.60 and non-GAAP EPS $0.52. Gross margin was 43.0% GAAP and 44.1% non-GAAP. Data Center and AI revenue was $7.3 billion, up 78%; Client Computing and Physical AI was $8.1 billion, down 5%; Intel Foundry was $6.7 billion, up 58%. Operating cash flow was $5.1 billion. Management said it expects the PC slowdown to continue at least through the first half of 2027. Fourth-quarter guidance: revenue of $15.0 billion to $16.0 billion, GAAP gross margin 37.1% (non-GAAP 38.0%), GAAP EPS $0.10 and non-GAAP EPS $0.25. That is a sequential revenue decline from the third quarter.
• July 23, 2026, second quarter 2026 (0000050863-26-000155). Revenue was $16.1 billion, up 25%. Non-GAAP EPS was $0.42, but GAAP EPS was a loss of $2.16 (net loss attributable to Intel of $11.0 billion). The release shows interest and other, net, as a $12.6 billion expense and excludes a $13.6 billion mark-to-market charge on the Escrowed Shares from non-GAAP results. The Escrowed Shares arise from the Warrant and Common Stock Agreement with the U.S. government. Third-quarter guidance was revenue of $15.8 billion to $16.8 billion and non-GAAP EPS of $0.38; actual third-quarter revenue of $16.5 billion was in the upper half of that range (above its $16.3 billion midpoint), and non-GAAP EPS of $0.52 was above it.
• April 23, 2026, first quarter 2026 (0000050863-26-000077). Revenue was $13.6 billion, up 7%. GAAP EPS was a loss of $0.73 and non-GAAP EPS was $0.29. Second-quarter guidance was revenue of $13.8 billion to $14.8 billion and non-GAAP EPS of $0.20.
• January 22, 2026, fourth quarter and full year 2025 (0000050863-26-000009). Fourth-quarter revenue was $13.7 billion, down 4%; full-year revenue was $52.9 billion, flat. Fourth-quarter GAAP EPS was a loss of $0.12 and non-GAAP EPS was $0.15. First-quarter 2026 guidance was revenue of $11.7 billion to $12.7 billion and non-GAAP EPS of $0.00. The release also reported that the $5.0 billion NVIDIA share sale had been completed.

Capital actions and financing

• August 10-12, 2026: common stock offering (0001193125-26-346806). Intel agreed on August 10 to sell 210,526,315 shares at $95.00 per share, and the underwriters exercised in full on August 11 their option for 31,578,947 more shares. The offering closed on August 12, 2026. The 10-Q reports about 242 million shares issued, $23.0 billion gross and $22.6 billion net proceeds, intended for general corporate purposes including capital expenditures and working capital. The press release calls the offering upsized.
• April 30, 2026: senior notes (0001193125-26-197845). Intel issued $6.5 billion of senior notes under an April 27 underwriting agreement: $1.0 billion of 4.650% notes due 2031, $1.0 billion of 5.000% due 2033, $2.25 billion of 5.300% due 2036, $1.75 billion of 6.125% due 2056 and $0.5 billion of 6.200% due 2066. The 10-Q says the proceeds repaid the $6.5 billion term loan used for the Fab 34 transaction below.
• December 26-29, 2025: NVIDIA share sale (0000050863-25-000204). Intel completed the sale of 214,776,632 shares of common stock to NVIDIA for $5.0 billion in cash ($23.28 per share), under a September 15, 2025 purchase agreement.
• January 23, 2026: resale registration (0000050863-26-000031). Intel filed a new automatic shelf registration and a resale prospectus supplement covering securities held by the U.S. Department of Commerce under the August 2025 Warrant and Common Stock Agreement. Intel receives no proceeds from any resale by the Department.

M&A and strategic transactions

• April 8, 2026: Fab 34 joint venture buyback, closed (0000050863-26-000072). Intel repurchased Apollo-managed funds' 49% interest in the Ireland Fab 34 joint venture for $14.2 billion, funded with cash on hand and a $6.5 billion bridge loan that it said it intended to refinance. The repurchase was completed under an April 1, 2026 agreement. Intel owns 100% of the venture and expects to terminate the related ancillary agreements. The 10-Q describes the funding as a 364-day senior unsecured term loan repaid in the second quarter.
• October 2026: agreement to acquire Classiq Technologies, signed and not closed. The third-quarter release and the 10-Q (accession 0000050863-26-000191, filed October 30, 2026) say Intel entered a definitive agreement to buy 100% of Classiq for about $1.9 billion, with up to $350 million of contingent consideration. Closing is expected in the first half of 2027, subject to regulatory approvals. Intel may settle in cash or Intel shares. No standalone 8-K covers it.

Governance and management

• April 3, 2026 (0000050863-26-000069): Chief Legal Officer April Miller Boise to separate from Intel effective June 1, 2026. The second-quarter release lists Aparna Bawa as leader of the legal, ethics, compliance, people and culture organization.
• April 24, 2026 (0000050863-26-000083): Chief Accounting Officer Scott Gawel resigned effective immediately; CFO David Zinsner assumed the principal accounting officer role.
• March 3, 2026 (0000050863-26-000044): Board Chair Frank Yeary to retire at the 2026 annual meeting; Craig Barratt, who joined the board on November 10, 2025 (0000050863-25-000194), to become Chair. The board will shrink from twelve to eleven directors.
• May 15, 2026 (0000050863-26-000118): Annual meeting held May 13, 2026. All 11 directors were elected, auditor ratification, say-on-pay and the equity plan and ESPP amendments were approved, and all three stockholder proposals (China exposure report, human rights due diligence report, independent chair policy) failed.
• October 29, 2026 release: Dean Jarnac appointed executive vice president and chief sales officer.

About this file

INTC annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

INTC quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

INTC year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

INTC trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. FY2025 (10-K, accession 0000050863-26-000011) plus the first nine months of 2026 less the first nine months of 2025 (10-Q, accession 0000050863-26-000191)

Adjustments

Notes

• Schema: the standard industrial/technology template (revenue, cost of sales, gross profit, operating income, net income, per-share amounts; cash, debt, assets and equity; operating cash flow, capital expenditure and free cash flow). Intel designs and manufactures semiconductors, so this frame makes the business legible; segment revenue and segment operating income are carried alongside it because Intel manages itself as a products business and a foundry.
• Sources: the three fiscal years come from the FY2025 Form 10-K (accession 0000050863-26-000011, fiscal year ended December 27, 2025). The two third quarters, the nine-month figures and the September 26, 2026 balance sheet come from the Form 10-Q for the quarter ended September 26, 2026 (accession 0000050863-26-000191).
• Intel's fiscal year is a 52- or 53-week year ending on the last Saturday of December. FY2025 ran December 29, 2024 to December 27, 2025; FY2024 ran December 31, 2023 to December 28, 2024; FY2023 ran January 1, 2023 to December 30, 2023. Third-quarter 2026 ran June 28, 2026 to September 26, 2026, and third-quarter 2025 ran June 29, 2025 to September 27, 2025. The first nine months of 2026 ran December 28, 2025 to September 26, 2026.
• All amounts are stated in actual dollars. Every statement used is printed in millions (per-share amounts in dollars), and the figures here have been scaled up accordingly; share counts printed in millions are likewise stated as actual shares.
• The 10-K balance sheet presents only two year-ends, so FY2023 carries an income statement, a cash flow statement and segment results but no balance sheet. That year's balance sheet is not in these filings.
• The 10-Q's cash flow statement is presented for the nine months only - there is no three-month column - so neither quarterly entry carries a cash flow block. The nine-month cash flows are in the year_to_date block, with the comparable nine months of 2025 inside it.
• The 10-Q prints a balance sheet at September 26, 2026 and at December 27, 2025 only, so the year-ago quarter (Q3 2025) carries no balance sheet.
• capex is the 'Additions to property, plant and equipment' line within investing activities, stated as a positive magnitude; free cash flow is operating cash flow less that figure. Intel separately reports property, plant and equipment additions within financing activities (relating to financing payments for capital expenditures with extended payment terms); that amount is carried as financing_activity_property_purchases and is not deducted in free cash flow. partner_distributions is likewise stated as a positive magnitude of cash paid out.
• The balance sheets do not print a single 'total liabilities' caption, so total_liabilities is the sum of the printed subtotals: total current liabilities, long-term debt and other long-term liabilities. It reconciles exactly to total assets less total stockholders' equity in every period shown.
• total_debt is short-term debt plus long-term debt, and matches the total debt Intel states in its liquidity discussion: $46,585 million at December 27, 2025, $50,011 million at December 28, 2024 and $50,134 million at September 26, 2026.
• The 10-Q's balance sheet does not print income taxes payable as a separate line. Its December 27, 2025 column shows other accrued liabilities of $15,204 million, which equals the 10-K's other accrued liabilities of $14,600 million plus income taxes payable of $604 million; the FY2025 and FY2024 balance sheets here follow the 10-K's more detailed presentation. The Q3 2026 balance sheet therefore carries other accrued liabilities of $20,843 million and no separate income taxes payable line, and other_accrued_liabilities is not directly comparable between September 26, 2026 and the two fiscal year-ends. The two presentations tie at December 27, 2025: total current liabilities and total liabilities and stockholders' equity are the same in each.
• Diluted earnings per share for the third quarter of 2026 is struck on an adjusted numerator. The 10-Q states that diluted EPS for the three months ended September 26, 2026 was calculated by adjusting net income attributable to Intel for a $120 million gain, and for the three and nine months ended September 27, 2025 for a $2 million loss, related to the mark-to-market of the portion of the Escrowed Shares derivative liability attributable to contingent Escrowed Shares included in diluted shares. net_income_for_diluted_eps applies those stated adjustments: $3,200 million for Q3 2026 ($3,320 million less $120 million), $4,065 million for Q3 2025 and $326 million for the first nine months of 2025. That is why Q3 2026 diluted EPS of $0.60 is below net income attributable to Intel divided by diluted shares.
• The trailing-twelve-month block is derived, not printed: it is FY2025 plus the first nine months of FY2026 less the first nine months of FY2025, covering September 28, 2025 to September 26, 2026. It carries no per-share amounts or share counts, because weighted average share counts cannot be added across periods.
• Segment naming: the 10-K reports the Client Computing Group (CCG); effective in 2026 Intel renamed it the Client Computing and Physical AI Group (CCPG), and the 10-Q reports the prior-year periods on that basis. Both are carried here under the single name client_computing_and_physical_ai so the periods line up. Intel's reportable segments are that group, Data Center and AI, and Intel Foundry; 'All Other' is not a reportable segment. Segment revenue includes intersegment activity - Intel Foundry's revenue is substantially intersegment - so the segments do not sum to consolidated revenue without the intersegment eliminations column, which is carried here too.
• FY2025 net revenue of $52,853 million was close to FY2024's $53,101 million, but gross profit rose to $18,375 million from $17,345 million and the operating loss narrowed to $2,214 million from $11,678 million as restructuring and other charges fell to $2,191 million from $6,970 million. FY2024's net loss attributable to Intel of $18,756 million reflects, among other items, an $8,023 million tax provision recorded against a pre-tax loss.
• Third-quarter 2026 revenue of $16,513 million was up from $13,653 million a year earlier, and operating income rose to $2,522 million from $683 million. Data Center and AI revenue rose to $7,318 million from $4,117 million, while Client Computing and Physical AI revenue was $8,097 million against $8,535 million. Net income attributable to Intel was $3,320 million against $4,063 million a year earlier: Q3 2026 interest and other, net of $1,130 million includes a $1,005 million gain on the mark-to-market of the Escrowed Shares, while Q3 2025's $3,670 million included a $5,546 million gain on the divestiture of Altera and a $1,687 million mark-to-market loss on the Escrowed Shares.
• For the first nine months of 2026, interest and other, net of negative $12,184 million includes a $12,614 million loss on the mark-to-market of the Escrowed Shares, which turned operating income of $1,182 million into a net loss attributable to Intel of $11,441 million. The mark-to-market loss is non-cash and is added back in arriving at operating cash flow of $13,184 million.
• Restructuring and other charges of $4,294 million in the first nine months of 2026 include non-cash goodwill impairment charges of $3.9 billion recognised in the first quarter of 2026, substantially all of which related to the Mobileye reporting unit. Goodwill was $20,465 million at September 26, 2026 against $23,912 million at December 27, 2025.
• Financing cash flows for the nine months to September 26, 2026 include $22,617 million of net proceeds from Intel's public offering of common stock, completed August 12, 2026 (approximately 242 million shares at $95.00 per share), and $14,442 million of partner distributions, which include distributions made to Apollo in connection with Intel's repurchase of Apollo's 49% minority interest in Ireland SCIP, acquired in the second quarter of 2026 for aggregate cash consideration of $14.2 billion, inclusive of transaction costs. Cash and short-term investments totalled $54,005 million at September 26, 2026 against $37,416 million at December 27, 2025.
• The nine-month cash flow statement in the 10-Q prints no line for dividends paid, so the nine-month periods carry no dividends_paid figure. Intel paid no dividends in FY2025; dividends paid were $1,599 million in FY2024 and $3,088 million in FY2023.

Uncertainties

• There are no discrete three-month cash flow figures for either quarter shown. The 10-Q presents cash flows for the nine months only, and this record does not estimate a quarterly split from them.
• Q3 2025 has no balance sheet, and FY2023 has no balance sheet, because neither filing prints those positions.
• net_income_for_diluted_eps is derived by applying the adjustments the 10-Q states in its EPS footnote to net income attributable to Intel; the 10-Q does not print the adjusted numerator as a line of its own.
• The trailing-twelve-month block is arithmetic on the periods these two filings print rather than a figure Intel publishes, and it spans a period that includes large non-cash items (the Escrowed Shares mark-to-market and the first-quarter 2026 goodwill impairment). It should be read as a span of reported results, not as a run-rate.
• total_liabilities is a sum of the printed liability subtotals rather than a caption Intel prints; it reconciles to total assets less total stockholders' equity in every period shown.
• Segment figures for FY2023 and FY2024 are as recast in the FY2025 10-K. Intel states there that it recast prior-period segment operating results in the second quarter of 2025 to reflect the significant segment-level expenses its chief operating decision maker now reviews, so those segment figures will not match what earlier filings reported, even though the consolidated totals are unchanged.

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