# Intel Corporation (INTC) — Current Events Brief (through FY26 Q2)

## Filings that contain financial statements

Each of the following domestic Form 8-Ks furnishes Exhibit 99.1 earnings-release tables with a full condensed consolidated statement of operations, balance sheet, and statement of cash flows for the period indicated:

| Period | Accession | Filed |
|---|---|---|
| Q4 & full-year 2024 | 0000050863-25-000004 | 2025-01-30 |
| Q1 2025 | 0000050863-25-000070 | 2025-04-24 |
| Q2 2025 | 0000050863-25-000107 | 2025-07-24 |
| Q3 2025 | 0000050863-25-000169 | 2025-10-23 |
| Q4 & full-year 2025 | 0000050863-26-000009 | 2026-01-22 |
| Q1 2026 | 0000050863-26-000077 | 2026-04-23 |
| Q2 2026 | 0000050863-26-000155 | 2026-07-23 |

## Leadership and governance

- **2025-03-10 (accession 0000050863-25-000036):** Board appointed Lip-Bu Tan as Chief Executive Officer and director, effective March 18, 2025, succeeding interim Co-CEOs Michelle Johnston Holthaus and David Zinsner (interim arrangement and their related compensation had been disclosed December 2024; the March 14, 2025 Form 8-K/A, accession 0000050863-25-000037, documents the $1.5 million cash payment each received for their interim service).
- **2025-04-30 (accession 0000050863-25-000079):** Christopher Schell, EVP and Chief Commercial Officer, resigned effective June 30, 2025.
- **2025-09-08 (accession 0000050863-25-000149):** Michelle Johnston Holthaus, CEO of Intel Products, notified Intel of her resignation for Good Reason; she agreed to remain in a non-executive role through March 1, 2026.
- **2025-11-12 (accession 0000050863-25-000194):** Dr. Craig H. Barratt appointed to the Board as an independent director.
- **2026-03-03 (accession 0000050863-26-000044):** Board Chair Frank Yeary announced his retirement effective at the 2026 annual meeting; Dr. Craig H. Barratt named incoming Board Chair effective at the same meeting. Board size to shrink from twelve to eleven directors.
- **2026-03-30 (accession 0000050863-26-000069):** April Miller Boise, EVP and Chief Legal Officer, to separate from Intel effective June 1, 2026.
- **2026-04-24 (accession 0000050863-26-000083):** Scott Gawel, Chief Accounting Officer, resigned that position effective immediately; CFO David Zinsner assumed the principal accounting officer role in addition to principal financial officer.
- Annual meeting voting results (2025-05-09, accession 0000050863-25-000084; 2026-05-15, accession 0000050863-26-000118) were routine — all director nominees elected, auditor ratified, say-on-pay approved; several shareholder proposals (China-exposure reporting, human-rights due diligence, mandatory chair/CEO separation) were not approved.

## Capital transactions

Intel financed a major balance-sheet rebuild across FY2025–FY2026 through a combination of a U.S. government equity/warrant package, two large strategic private placements, and continued asset monetization, while adding new debt for a manufacturing-JV buy-in.

- **2025-08-22/08-27 (accessions 0000050863-25-000129, 0000050863-25-000135):** Intel entered a Warrant and Common Stock Agreement with the U.S. Department of Commerce under which the federal government agreed to disburse a total of $8.8698 billion — $5.695 billion accelerating existing CHIPS Act Direct Funding Agreement payments and $3.1748 billion under the CHIPS Act Secure Enclave program — in exchange for up to 433,323,000 shares of common stock (274,583,000 issued at closing, 158,740,000 issued into escrow and released as Secure Enclave funds are disbursed) plus warrants for up to 240,516,150 shares at a $20.00 strike price. The warrants become exercisable only if Intel's ownership of its foundry business falls below 51% and expire five years after closing. The government must vote its shares with the Board's recommendations except in specified circumstances, and cannot transfer the securities for one year. A companion Direct Funding Agreement amendment (accession 0000050863-25-000135) removed prior project-milestone conditions on the accelerated disbursements but preserved the standing CHIPS Act restriction against using CHIPS funds for dividends or share repurchases.
- **2025-08-18/09-26 (accessions 0000050863-25-000126, 0000050863-25-000159):** SoftBank Group Corp. agreed to purchase, and on September 26, 2025 completed the purchase of, 86,956,522 shares of Intel common stock for $2.0 billion ($23.00/share) in a private placement.
- **2025-09-15/12-26 (accessions 0000050863-25-000155, 0000050863-25-000204):** NVIDIA Corporation agreed to purchase, and on December 26, 2025 completed the purchase of, 214,776,632 shares of Intel common stock for $5.0 billion ($23.28/share) in a private placement.
- **2026-04-08 (accession 0000050863-26-000072):** Intel repurchased Apollo-managed funds' 49% interest in the joint venture that owns Fab 34 in Ireland for $14.2 billion, funded with cash on hand and a $6.5 billion bridge loan; Intel now owns 100% of the fab. The JV had been formed in June 2024 when Apollo acquired its stake.
- **2026-04-30 (accession 0001193125-26-197845):** Intel issued $6.5 billion of senior notes across five tranches (4.650% due 2031, 5.000% due 2033, 5.300% due 2036, 6.125% due 2056, 6.200% due 2066), net proceeds approximately $6.47 billion — sized to refinance the Fab 34 bridge loan.
- No dividend reinstatement or common-stock buyback program has been disclosed in any filing reviewed; CHIPS Act funds remain restricted from being used for either.

## Divestitures

- **2025-03-27 (accession 0000050863-25-000060):** Second and final closing of the previously announced sale of Intel's NAND memory technology and manufacturing business to SK hynix, for consideration of approximately $1.9 billion, net of adjustments. (First closing — the Dalian, China fab and SSD business — had occurred in December 2021.)
- **2025-04-14 (accession 0001193125-25-079727) and 2025-04-17 (accession 0000050863-25-000063):** Intel signed a transaction agreement to sell a 51% controlling interest in its Altera (FPGA) business to an affiliate of Silver Lake.
- **2025-08-14 (accession 0000050863-25-000123):** The Altera transaction agreement was amended (Amendment No. 1), primarily technical changes to purchase-price calculation mechanics.
- **2025-09-12/09-15 (accession 0000050863-25-000153):** The Altera sale closed. Silver Lake's affiliate acquired 51% of Altera's equity for approximately $3.3 billion; Intel retained 49% and both parties contributed their interests to a newly formed limited partnership. Altera was deconsolidated from Intel's financial statements effective September 12, 2025 and is now accounted for under the equity method. Altera contributed 55% gross margin on $816 million of first-half-2025 revenue as a segment before deconsolidation. Intel revised its full-year 2025 non-GAAP operating-expense target to $16.8 billion (from $17 billion) to reflect the deconsolidation.

## Earnings and guidance trend

Quarterly revenue, GAAP/non-GAAP diluted EPS attributable to Intel, and the following quarter's guidance, drawn from the earnings-release exhibits above:

| Quarter | Revenue | GAAP EPS | Non-GAAP EPS | Next-Q revenue guide |
|---|---|---|---|---|
| Q4 2024 | $14.3B (-7% YoY) | $(0.03) | $0.13 | $11.7–12.7B |
| Q1 2025 | $12.7B (flat YoY) | $(0.19) | $0.13 | $11.2–12.4B |
| Q2 2025 | $12.9B (flat YoY) | $(0.67) | $(0.10) | $12.6–13.6B |
| Q3 2025 | $13.7B (+3% YoY) | $0.90 | $0.23 | $12.8–13.8B |
| Q4 2025 | $13.7B (-4% YoY) | $(0.12) | $0.15 | $11.7–12.7B |
| Q1 2026 | $13.6B (+7% YoY) | $(0.73) | $0.29 | $13.8–14.8B |
| Q2 2026 | $16.1B (+25% YoY) | $(2.16) | $0.42 | $15.8–16.8B (Q3'26) |

Full-year 2024 GAAP EPS was $(4.38) (non-GAAP $(0.13)) on $53.1 billion revenue; full-year 2025 GAAP EPS was $(0.06) (non-GAAP $0.42) on $52.9 billion revenue (roughly flat YoY, not adjusted for the Altera deconsolidation).

Notable drivers behind the GAAP/non-GAAP gaps:

- **Q1 2025:** Company announced an efficiency initiative targeting non-GAAP operating expenses of $17 billion in 2025 and $16 billion in 2026 (subsequently trimmed to $16.8 billion for 2025 after the Altera deconsolidation).
- **Q2 2025:** GAAP EPS included a $(0.45)-per-share hit from $1.9 billion of restructuring charges and a combined $(0.23)/$(0.20) GAAP/non-GAAP hit from $800 million of impairment charges and $200 million of one-time period costs.
- **Q3 2025:** The swing to a GAAP profit was driven by roughly $5.4 billion of gains on divestitures (Altera and the SK hynix NAND second closing) recognized in the quarter, alongside $3.67 billion of net interest/other income.
- **Q1 2026:** GAAP results included a goodwill impairment charge at the Mobileye reporting unit (goodwill fell from $23.9 billion to $20.5 billion in the quarter) and a $1.09 billion mark-to-market loss ($0.21/share) on the obligation to issue the government's escrowed shares.
- **Q2 2026:** GAAP net loss of $11.0 billion ($(2.16)/share) was overwhelmingly driven by a $12.5 billion non-cash mark-to-market loss ($2.45/share) on the same escrowed-shares derivative liability tied to the U.S. government agreement, reflecting the rise in Intel's share price during the quarter; operating income was positive ($1.8 billion GAAP) and cash from operations was $7.0 billion. Non-GAAP EPS of $0.42 excludes this item.

Segment detail from the Q2 2026 release: Intel Products revenue of $15.1 billion (+28% YoY, with Data Center and AI up 59%) and Intel Foundry revenue of $5.8 billion (+31% YoY).

## What is not reflected in filings to date

The warrants issued to the U.S. Department of Commerce remain unexercisable under their own terms unless and until Intel's ownership of its foundry business falls below 51%; nothing in the filings reviewed discloses any change to that ownership structure, notwithstanding broader public discussion of Intel Foundry's future. No filing reviewed discloses a dividend reinstatement, a share-repurchase authorization, or any additional strategic-investor transactions beyond the SoftBank and NVIDIA placements and the U.S. government agreement described above.