Intel Corporation (INTC) Q2 FY2026

Business

From the fiscal 2025 Form 10-K (fiscal year ended December 27, 2025), accession 0000050863-26-000011.

Intel designs and manufactures CPUs and related semiconductor products. It is one of only a handful of companies in the world able to produce leading-edge semiconductor logic chips, and the only one performing both leading-edge logic process-technology R&D and high-volume manufacturing in the United States. Products are designed and marketed by the Intel Products business and are built by the Intel Foundry segment and, to a lesser extent, by third-party foundries, principally TSMC. Revenue was $52.9 billion in fiscal 2025. Sales outside the U.S. accounted for 70% of revenue, with billings to China contributing 24% of total revenue. Intel employed 85,100 people as of December 27, 2025 (including Mobileye and other subsidiaries).

The company reports three segments, CCG, DCAI and Intel Foundry, plus an "all other" category that is not a reportable segment.

Intel Products ($49.1 billion of segment revenue in 2025, $12.7 billion of segment operating income) is the design-and-sell side of the business, and comprises two operating segments:

• CCG (Client Computing Group) delivers platforms and processors for PCs and edge devices. Direct customers are distributors and OEMs that build PCs and related devices. Client revenue (notebook plus desktop) was $27.6 billion in 2025; other CCG revenue was $4.6 billion. Key offerings are client CPUs in two families, Intel Core (built on Intel 7, almost half of CCG product sales by revenue in 2025) and the higher-priced Intel Core Ultra family (Series 1 on Intel 4, Series 2 on Intel 3 or an external foundry, and Series 3, released in late 2025 as the first products on Intel 18A), plus commercial CPUs including the Intel vPro platform, discrete Arc client GPUs, edge computing parts and Wi-Fi/Bluetooth/Thunderbolt/Ethernet connectivity products. CCG's primary competitor is AMD; it also competes with ARM-based designs from Apple, Qualcomm and MediaTek.
• DCAI (Data Center and Artificial Intelligence) delivers x86 workload-optimized data center solutions: CPUs, AI accelerators, NICs, IPUs and custom ASICs. Direct customers are global cloud service providers/hyperscalers and OEMs. The franchise is anchored by Intel Xeon; in 2025 sales spanned four generations, with 3rd/4th/5th Gen Xeon Scalable (Intel 7) representing a majority of DCAI product sales by revenue and Xeon 6 (compute die on Intel 3, I/O die on Intel 7, joined by EMIB) the newest. DCAI also sells Ethernet controllers and adapters (E800/E600 series) and IPUs, and announced Crescent Island, an inference-optimized data center GPU on the Xe3P architecture, and a follow-on architecture, Jaguar Shores. Competitors include AMD, NVIDIA (whose GPU systems absorb the bulk of AI compute demand), hyperscalers designing their own silicon (Amazon, Google, Meta, Microsoft) and Broadcom in custom ASICs.

Intel Foundry ($17.8 billion of revenue in 2025, of which only $307 million was external; a $10.3 billion operating loss) comprises technology development, manufacturing, and foundry services. Nearly all of its output supports internal Intel Products manufacturing; the strategic objective is to build a meaningful external customer base. Its node roadmap: Intel 7 (high-volume since 2017, majority of internal processor production by revenue in 2025), Intel 4 (first EUV node, 2023), Intel 3 (2024), Intel 18A (first high-volume production in late 2025, introducing RibbonFET gate-all-around transistors and PowerVia backside power delivery), and Intel 14A, the next-generation node designed from inception to be sold to external customers and intended to use high-NA EUV. Packaging technologies include EMIB (and EMIB-T, introduced in 2025), Foveros 3D die stacking and its variants, and Foveros Direct. In 2025 the key production fabs were Oregon (ramping Intel 18A), Arizona (Intel 7, ramping Intel 18A), Ireland (Intel 4 and Intel 3) and Israel (Intel 7); key assembly and test sites were China, New Mexico, Vietnam and Malaysia. Primary competitor is TSMC, followed by Samsung, with GlobalFoundries, UMC and SMIC in mature nodes.

All other ($3.6 billion of revenue in 2025) contains Mobileye (driver-assistance and autonomous-driving systems; $1.9 billion of 2025 revenue; Intel held an 80% interest as of December 27, 2025), IMS (multi-beam mask writing tools; 68% owned), start-up businesses, and the historical results of divested businesses. Altera, the FPGA business, sits here through September 11, 2025.

Structurally, most newer and higher-end Intel products use a disaggregated architecture: multiple chips, or tiles, each built on the most appropriate process, integrated into one package by advanced packaging. This improves yield and design flexibility but raises packaging complexity, increases cost versus monolithic designs, and creates dependence on third-party foundries, notably TSMC, for certain tiles. Capital intensity is the defining feature of the model: Intel carried over $100 billion of net property, plant and equipment at year-end 2025, the substantial majority of it attributable to the foundry business, with $34.5 billion of that still in construction in progress (down from $50.4 billion a year earlier). R&D expense was $13.8 billion in 2025, $16.5 billion in 2024 and $16.0 billion in 2023.

Sales are made primarily to OEMs, ODMs and CSPs, typically on purchase orders that customers can cancel, change or delay with little or no notice and without penalty; payment is usually due 30 days after shipment or delivery. Revenue has historically been higher in the second half of the year, accelerating in Q3 and peaking in Q4; that pattern was disrupted in 2025 by the Altera divestiture.

Stated strategy has four priorities: transforming the culture (flattening management layers, disciplined financial management), revitalizing the x86 ecosystem, growing the external foundry business, and expanding market opportunities into purpose-built ASICs and GPUs and into inference, agentic and physical AI workloads.

Risk factors

From the fiscal 2025 Form 10-K, accession 0000050863-26-000011.

Competition and lost share. Intel states plainly that it has lost market share in recent years in both client and data center markets, in x86 and in compute products generally. It "missed the significant shift in compute demand to GPUs optimized for AI workloads" and has "been unsuccessful to date in becoming a meaningful participant in that market." Its most recent accelerator effort failed: Gaudi AI accelerator inventory-related charges of $375 million in 2025 followed $922 million in 2024. Most competitors are fabless and rely on TSMC or Samsung, whose process improvements feed directly into competitors' products; as an integrated device manufacturer, Intel carries higher capital expenditure and R&D than fabless rivals. Hyperscaler customers increasingly design their own silicon, and Apple's shift to in-house ARM designs in 2020 is cited as an example of customers becoming competitors.

Intel 14A is a stated go/no-go. This is the company's most consequential disclosed risk. If Intel cannot secure a significant external foundry customer for Intel 14A, it may pause or discontinue development of 14A and all subsequent leading-edge nodes. The 10-K states it has been unsuccessful to date in securing any significant external foundry customer for any of its nodes and that prospects for 14A are uncertain. It enumerates the consequences of a discontinuation: the products business would become dependent on third-party foundries, particularly TSMC, with which Intel has no long-term contract; significant material impairments against foundry assets, out of over $100 billion of net PP&E; likely discontinuation of the Ohio fabs; loss of eligibility for government incentives, potentially including repayment of amounts already received; penalty payments under the SCIP arrangements with Brookfield (Arizona) and Apollo (Ireland); loss of scarce technical talent; and the effective foreclosure of the external foundry business. Intel states that such a decision "may be effectively irreversible."

Foundry inexperience and capital discipline. Intel has limited experience in the highly competitive, capital-intensive third-party foundry business, competes against TSMC, Samsung, GlobalFoundries, UMC and SMIC, and must overcome potential customers' concerns about entrusting confidential information and IP to a company whose products compete with theirs. Having reassessed demand and its "shell ahead" strategy, Intel has delayed or cancelled facility projects in Ohio, Germany, Poland, Malaysia and Israel and is consolidating its Costa Rica assembly and test operations. High fixed costs mean gross margin and operating income are disproportionately exposed to demand shortfalls; the company recorded $950 million (2025) and $3.3 billion (2024) of impairment and accelerated depreciation on manufacturing assets determined to have no remaining or reduced operational use.

U.S. government ownership. Intel's August 2025 transactions with the Department of Commerce carry several named risks: that a branch of the U.S. government could later determine the transactions were unauthorized, void or voidable; that no agency other than DOC is contractually bound; that enforcement against a government counterparty is inherently uncertain; that converting grant funding into equity eliminates Intel's contractual rights to future CHIPS Act and Secure Enclave grant funds and may make other governments unwilling to grant, or inclined to convert, incentives; that the share issuance at a discount to market is dilutive and the warrant could dilute further; that the U.S. government is now one of Intel's largest stockholders, reducing other holders' voting influence and potentially limiting future strategic transactions; and that having the U.S. government as a significant stockholder could expose the non-U.S. business (70% of 2025 revenue) to foreign subsidy laws or other restrictions.

Geopolitics and concentration. Intel names hostilities affecting Israel, where it operates a leading-edge fab and multiple product development centers, and notes it is not insured for business interruptions resulting from war or political violence and that its Israeli PP&E is self-insured; Mobileye is also headquartered there. It names elevated mainland China–Taiwan tensions, given that many products depend on Taiwanese suppliers for critical compute die and some products are made entirely in Taiwan. It describes escalating U.S. export controls from 2022 through 2024 and further tightening by the new U.S. administration in 2025, plus Chinese licensing requirements on critical minerals, as having reduced sales in some instances.

Supply chain. The supply chain spans thousands of suppliers, with sole-source and single-location dependencies, ASML is the sole supplier of the EUV lithography tools required for Intel 4, Intel 3, Intel 18A and planned future nodes, and China is the primary global source of certain rare earth minerals. The industry has experienced widespread shortages of substrates, components and foundry capacity. Long-term purchase commitments and large prepayments used to secure supply may go unutilized or unrecovered if demand falls short.

Alternative financing and government grants. The 2022 Brookfield joint investment in Arizona and the 2024 Apollo joint investment in Fab 34 in Ireland contain construction and wafer-demand commitments that may trigger additional payments; a $755 million charge was recognized in Q4 2024 for Ireland SCIP construction delays. Government grants may be insufficient, may carry compliance restrictions that limit strategic flexibility, and amounts received may have to be repaid.

Other named risks: product defects and errata (the 2024 instability issues on 13th and 14th Gen Intel Core desktop processors are cited, with possible future warranty costs); security vulnerabilities in processors, including the side-channel class known as Spectre and Meltdown; cybersecurity and privacy, with added exposure from foundry customers' highly sensitive data; IP litigation, with non-practicing entities, VLSI and R2 are named, having produced significant adverse judgments and settlements; attraction and retention of talent, made harder by headcount reductions in 2025, 2024 and 2022, by sustained stock-price declines eroding the retention value of RSUs, and by repeated senior leadership turnover including CEO transitions in 2025, 2024, 2021 and 2019; strategic transactions, including the $2.8 billion Mobileye goodwill charge taken in Q3 2024; debt obligations and access to capital; effective tax rate variability; catastrophic events; currency fluctuations; and environmental, health and safety regulation, including potential restrictions on PFAS chemicals for which there are limited feasible alternatives.

Management's discussion, fiscal 2025

From the fiscal 2025 Form 10-K, accession 0000050863-26-000011.

Fiscal 2025 revenue was $52.9 billion, down $248 million from 2024. Net loss attributable to Intel narrowed to $267 million, or $(0.06) per diluted share, from a $18,756 million loss, or $(4.38) per diluted share, in 2024. Cash from operating activities was $9.7 billion (2024: $8.3 billion); adjusted free cash flow, a non-GAAP measure the company defines as operating cash flow less net capital expenditure and finance-lease payments, was negative $1.6 billion (2024: negative $2.2 billion).

What drove the year. Consolidated gross profit rose $1.0 billion, or 6%, principally because impairment and accelerated depreciation charges fell to $950 million from $3.3 billion, and because Gaudi inventory charges shrank, offset by $878 million of higher inventory reserves, chiefly lower-of-cost-or-net-realizable-value charges on the early ramp of Intel 18A. Total R&D and MG&A fell 17% to $18.4 billion, 34.8% of revenue versus 41.5% in 2024. Restructuring charges were $2.2 billion, composed mainly of $1.8 billion of cash severance and exit costs and $474 million of non-cash asset impairments; headcount initiatives cut the core Intel workforce by approximately 15% from the Q2 2025 ending level.

Segments. Intel Products revenue of $49.1 billion was down $324 million. CCG fell $1.1 billion, with client revenue of $27.6 billion down $1.1 billion on lower volume, the 2024 comparison included incremental customer incentives in the first half, and customers reduced inventory through 2025; Q4 2025 client volume fell as demand exceeded available supply because of Intel Foundry wafer constraints, primarily on Intel 7. Client ASPs were roughly flat. DCAI revenue rose $794 million on higher hyperscaler demand, with server volume up 9% but server ASPs down 4% on competitive pricing actions and a mix shift to lower core-count products; Q4 2025 server revenue was also supply-limited on Intel 7 and Intel 3. Intel Products operating income of $12.7 billion was down $269 million: CCG operating income fell $2.3 billion (lower product profit and $1.1 billion of higher period charges), while DCAI rose $2.0 billion on $1.5 billion of lower operating expenses and lower Gaudi charges. Intel Foundry revenue of $17.8 billion rose $509 million, with intersegment revenue of $17.5 billion up $361 million on higher Intel 3, Intel 4 and Intel 18A wafer volume and external revenue of $307 million up $148 million. Foundry's operating loss narrowed to $10.3 billion from $13.3 billion, driven by lower impairment and accelerated depreciation and $1.2 billion of lower operating expenses, partly offset by $849 million of higher intersegment inventory reserves on the 18A ramp. All other revenue of $3.6 billion was down $38 million, with Mobileye up $240 million to $1.9 billion offsetting the loss of Altera; all other swung to $264 million of operating income from a $57 million loss.

Capital structure events of 2025. Under an August 22, 2025 Warrant and Common Stock Agreement with the Department of Commerce, Intel on August 27, 2025 amended its commercial CHIPS Act agreement to remove project milestone requirements and substantially all other conditions to disbursement, received the full $5.7 billion of remaining accelerated disbursements, issued 275 million shares to the DOC plus a warrant for up to 241 million shares at $20.00 exercisable if Intel ceases to own at least 51% of Intel Foundry, and issued 159 million shares into escrow releasable at $20.00 per share as the $3.2 billion of Secure Enclave disbursements are received (3 million released by December 27, 2025). Intel's original accounting for the agreement, as presented in the Q3 2025 Form 10-Q, was subsequently adjusted after consultation with the SEC staff that concluded in Q4 2025; the company concluded the adjustments were immaterial to the Q3 2025 statements. Separately, Intel sold 87 million shares to SoftBank Group at $23.00 ($2.0 billion, completed September 26, 2025) and 215 million shares to NVIDIA at $23.28 ($5.0 billion, completed December 26, 2025).

Altera. Intel completed the sale of 51% of Altera to SLP VII Gryphon Aggregator, L.P., an affiliate of Silver Lake Partners, on September 12, 2025 for net purchase consideration of $4.3 billion, $4.8 billion of cash received in Q3 2025, $500 million of deferred cash due no later than December 31, 2027, less a $400 million offset for cash transferred with the business, approximately $469 million of separation and employee-related costs Intel funds to the purchaser, and other direct and incremental sale costs. The transaction produced a $5.6 billion pre-tax gain in interest and other, net, roughly $2.1 billion of which came from remeasuring the retained 49% stake, carried at $3.2 billion as an equity method investment.

Liquidity. Total cash and short-term investments were $37.4 billion at year-end 2025 (up from $22.1 billion) against total debt of $46.6 billion (down from $50.0 billion); $3.7 billion of senior notes maturing in March and July 2025 were settled in cash. Interest and other, net also absorbed a $1.8 billion net loss on the change in fair value of the Escrowed Shares derivative liability and $229 million of charges on the NAND memory business sale. Intel received $921 million net from selling 57.5 million Mobileye Class A shares and $1.8 billion net on the second phase of the NAND divestiture. In August 2025 a major credit rating agency downgraded Intel's corporate credit rating from BBB+ to BBB, citing execution risk on the technology roadmap and foundry strategy, delayed deleveraging and weaker-than-expected demand. Capital expenditure commitments stood at $9.1 billion for 2026 with $3.7 billion committed long term.

Critical accounting estimates are inventory valuation, property, plant and equipment useful lives and impairment, goodwill, and loss contingencies. On PP&E, Intel shortened useful lives on certain placed-in-service equipment, recording accelerated depreciation of $456 million (2025) and $992 million (2024), and took non-cash impairments of $494 million (2025) and $2.3 billion (2024) on assets not yet placed in service. The Q4 2025 annual goodwill test required a quantitative analysis of the Mobileye reporting unit; no impairment was taken, but estimated fair value exceeded carrying value by less than 10%, and a 1% higher discount rate would have produced an approximately $871 million impairment. The Intel Foundry reporting unit, which holds a substantial majority of allocable assets, has no remaining allocated goodwill.

Current quarter, Q2 2026 (quarter ended June 27, 2026)

From the Q2 2026 Form 10-Q, accession 0000050863-26-000157, and the second-quarter results release furnished with the Form 8-K of July 23, 2026, accession 0000050863-26-000155.

The operating business inflected sharply while the reported bottom line did not. Net revenue was $16,128 million, up 25% from $12,859 million in Q2 2025, described by the CEO as the strongest revenue growth in more than fifteen years. Gross profit rose 84% to $6,509 million (40.4% of revenue versus 27.5%), and the company swung to $1,796 million of operating income from a $3,176 million operating loss. Yet net loss attributable to Intel widened to $11,033 million, or $(2.16) per diluted share, from $(2,918) million and $(0.67). The entire gap is a non-cash mark: interest and other, net absorbed a $12.5 billion net loss from the change in fair value of the derivative liability for the shares held in escrow for the U.S. government, driven by a rise in Intel's own stock price. The related derivative liability stood at $15.6 billion at quarter-end ($8.8 billion in other accrued liabilities and $6.8 billion in other long-term liabilities, against $1.1 billion and $1.6 billion respectively at December 27, 2025). On a non-GAAP basis the company reported $0.42 per share versus $(0.10). Operations generated $7.0 billion of cash in the quarter.

For the first six months of 2026, revenue was $29,705 million against $25,526 million, the operating loss was $1,340 million against $3,477 million, and net loss attributable to Intel was $14,761 million, or $(2.89) per diluted share, including a $13.6 billion year-to-date Escrowed Shares mark and $3.9 billion of non-cash goodwill impairment recognized in Q1 2026, substantially all of it against the Mobileye reporting unit. That impairment followed a sustained decline in Mobileye's market capitalization and a materially higher discount rate reflecting Middle East geopolitical risk and Mobileye's evolving competitive landscape; Mobileye goodwill fell to $4.3 billion from $8.2 billion, and a further 1% increase in the discount rate would have added roughly $682 million of impairment.

Pricing, not volume, drove the top line. Intel Products revenue was $15.1 billion, up $3.3 billion. The client segment was renamed CCPG (Client Computing and Physical AI Group, formerly CCG); its revenue rose $1.0 billion, with client revenue of $7.7 billion up $1.1 billion on a 27% ASP increase against an 8% volume decline, the majority of the ASP gain from a richer mix of premium products, with demand-based pricing actions contributing less, partly to offset higher input costs. DCAI revenue rose $2.3 billion, with server revenue up $2.0 billion on a 48% server ASP increase and 9% volume growth on hyperscaler demand; other DCAI revenue of $951 million rose $304 million on demand for purpose-built ASICs. Intel Foundry revenue was $5.8 billion, up $1.3 billion, on higher Intel 18A, Intel 3 and Intel 4 wafer volumes carrying higher ASPs; external foundry revenue of $293 million was up $271 million, primarily because Altera became an external customer after deconsolidation. Foundry's operating loss narrowed to $2.1 billion from $3.2 billion, helped by the absence of $797 million of Q2 2025 impairment and accelerated depreciation but hurt by $340 million of lower product profit from the higher-cost mix of Intel 18A wafers. All Other revenue was $701 million, down $352 million on the Altera deconsolidation; Mobileye revenue of $507 million was flat.

Supply, not demand, is the binding constraint. Management states that in both Q2 2026 and year to date, market demand exceeded available product supply because of capacity constraints at Intel's own factories and industry-wide shortages. It expects industry-wide shortages of substrates, memory and other critical components to persist into next year and is adding factory capacity and securing component supply through long-term supplier agreements. In Q1 2026 Intel entered long-term customer arrangements carrying $1.7 billion of deposits, with the cash received in Q2 2026, and made $934 million of supplier prepayments year to date.

Intel 14A moved from go/no-go to committed. At the start of 2026 Intel released its first products manufactured on Intel 18A in high-volume production; Intel 18A-P entered risk production in June 2026. During Q2 2026 the company committed to completing development of Intel 14A, with a number of future Intel products designed for the node and manufacturing expansion projects underway, and reported continued progress toward performance and design milestones that would let potential significant customers evaluate 14A. It intends to accelerate manufacturing expansion projects, though scale and pace will be dictated by committed 14A demand from the Intel product roadmap and design wins with potential significant external customers. The disciplined capital framework, investing only where there is a clear line of sight to an acceptable return, is reaffirmed.

Ireland SCIP bought back. In Q2 2026 Intel acquired Apollo's 49% minority interest in the majority-owned, consolidated Ireland SCIP variable interest entity for $14.2 billion in cash, inclusive of transaction costs; the equity transaction closed April 8, 2026. It was funded from existing cash, short-term investments and a $6.5 billion 364-day senior unsecured term loan drawn April 1, 2026 at 4.79% and repaid in full on April 30, 2026 with proceeds from a $6.5 billion senior note issue. Intel now owns 100% of Ireland SCIP; the related operating and ancillary agreements were substantially terminated, $142 million of non-controlling interest was eliminated and the $532 million derivative liability tied to delay-related liquidated damages was extinguished, with the residual $13.5 billion of consideration recorded as a reduction of capital in excess of par value. Net income attributable to non-controlling interests in Ireland SCIP ceased after closing.

Balance sheet and financing. Total cash and short-term investments were $29.7 billion at June 27, 2026, down from $37.4 billion at December 27, 2025, while total debt rose to $50.5 billion from $46.6 billion. Total assets were $202.4 billion and total stockholders' equity $103.1 billion (from $211.4 billion and $126.4 billion). In Q1 2026 Intel settled $1.5 billion of senior notes due February 2026 and replaced its 364-day $5.0 billion credit facility with a three-year $3.0 billion facility maturing January 2029, alongside a $7.0 billion revolver available until February 2029. In Q2 2026 it settled $1.0 billion of notes due May 2026 and issued $6.5 billion of senior notes: $1.0 billion at 4.65% due 2031, $1.0 billion at 5.00% due 2033, $2.2 billion at 5.30% due 2036, $1.8 billion at 6.13% due 2056 and $500 million at 6.20% due 2066. No commercial paper was outstanding and no revolver borrowings were drawn at quarter-end. No shares were repurchased in the quarter; $7.2 billion remained available under the existing authorization. Total R&D and MG&A of $4.5 billion fell 6% year over year and represented 28.2% of revenue versus 37.5%.

Mentee Robotics. On February 3, 2026 Mobileye closed its acquisition of Mentee Robotics, an AI-first humanoid robotics company, for a purchase price of $637 million, primarily $596 million of cash net of cash acquired, with the residual in Mobileye Class A shares not contingent on continuing employment. The purchase price was allocated principally to $128 million of intangible assets and $498 million of goodwill. (The fiscal 2025 Form 10-K had disclosed the January 2026 definitive agreement at an aggregate purchase price of approximately $900 million, subject to customary adjustments and closing conditions.)

Conflict with Iran. The 10-Q adds a risk discussion absent from the 10-K: on February 28, 2026 the U.S. and Israel initiated coordinated military strikes against Iran, followed by retaliatory missile and drone attacks across the region. The conflict has disrupted global supply chains and shipping routes and raised energy prices; Iranian strikes on two Qatari energy fields supplying a meaningful share of global helium have caused a global shortage of a gas essential to semiconductor manufacturing. In late March 2026 Iran published a list of U.S. companies with Middle East operations whose facilities it indicated it would target, with Intel near the top of that list. A significant portion of current and anticipated revenue comes from Intel 7 products made at the Israeli fab, which is not insured for business interruption from war or political violence.

Litigation. As of June 27, 2026 Intel had accrued $1.0 billion related to the VLSI litigation and $308 million related to the European Commission fine (the EC's €376 million fine was reduced by the General Court to €237 million, or $277 million, in December 2025; Intel appealed to the Court of Justice in February 2026). In April 2026 the Federal Circuit reversed and remanded the California VLSI case. In April 2026 the EireOg case against Cisco went to trial and the jury returned a verdict of no infringement plus the factual predicate for concluding Intel is licensed to the asserted patent, with the remaining cases stayed. A stockholder derivative suit filed in March 2026 in the Delaware Court of Chancery challenges the Warrant and Common Stock Agreement with the Department of Commerce as a breach of fiduciary duty and as unlawful, seeking invalidation of the agreement; it was removed to federal court in April 2026 and defendants moved to dismiss in May 2026.

Guidance. For Q3 2026 Intel forecasts revenue of $15.8 billion to $16.8 billion, GAAP gross margin of 41.0% (non-GAAP 42.0%), a GAAP tax rate of 1% (non-GAAP 11%), and GAAP diluted EPS attributable to Intel of $0.31 (non-GAAP $0.38), with margin and EPS outlooks based on the midpoint of the revenue range.

Subsequent events

From the Form 8-K filed August 12, 2026, accession 0001193125-26-346806.

$20 billion equity offering, upsized and priced. On August 10, 2026 Intel entered into an underwriting agreement with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. as representatives of the underwriters, agreeing to issue and sell 210,526,315 shares of common stock at $95.00 per share. The offering had been announced that same day as a proposed $15 billion offering and was upsized to $20 billion at pricing. Net proceeds were expected to be approximately $19.7 billion after underwriting discounts, commissions and estimated expenses, assuming no exercise of the underwriters' option. Intel granted the underwriters a 30-day option to purchase up to 31,578,947 additional shares, and on August 11, 2026 the underwriters exercised that option in full, bringing the total to 242,105,262 shares. The offering was expected to close on August 12, 2026 and was made under a Form S-3 shelf registration statement filed August 10, 2026 (File No. 333-298165).

Intel stated it intends to use the net proceeds for general corporate purposes, which may include capital expenditures and working capital, describing the raise as intended to let it pursue growth opportunities while maintaining a strong balance sheet and its commitment to an investment-grade rating. Management attributed the timing to customers signalling a strong and sustainable demand environment driven by investment in AI compute, and to opportunities in physical AI, purpose-built silicon, advanced packaging and external wafers.

No other material post-period transactions were disclosed. The Q2 2026 Form 10-Q contains no subsequent-events note; its notes conclude with contingencies.

Filings that contain financial statements

• 8-K, accession 0000050863-26-000155 (filed July 23, 2026), Exhibit 99.1 furnishes Intel's second-quarter 2026 results, including GAAP and non-GAAP income-statement summary data (revenue, gross margin, operating margin, net income, EPS) and segment revenue by business unit for the quarter ended June 27, 2026, plus third-quarter 2026 guidance.
• 8-K, accession 0000050863-26-000077 (filed April 23, 2026), Exhibit 99.1 furnishes first-quarter 2026 results (quarter ended March 28, 2026) on the same basis, plus second-quarter 2026 guidance.
• 8-K, accession 0000050863-26-000009 (filed January 22, 2026), Exhibit 99.1 furnishes fourth-quarter and full-year 2025 results (quarter ended December 27, 2025, full year 2025), plus first-quarter 2026 guidance.
• 8-K, accession 0000050863-25-000169 (filed October 23, 2025), Exhibit 99.1 furnishes third-quarter 2025 results (quarter ended September 27, 2025), plus fourth-quarter 2025 guidance.

Earnings and guidance

Second quarter 2026 (reported July 23, 2026). Revenue was $16.1 billion, up 25% year-over-year, which the company called its strongest revenue growth in more than fifteen years. GAAP EPS was $(2.16); non-GAAP EPS was $0.42. The company generated $7.0 billion in cash from operations in the quarter. Intel guided third-quarter 2026 revenue to $15.8-16.8 billion, with GAAP EPS of $0.31 and non-GAAP EPS of $0.38. (Accession 0000050863-26-000155.)

First quarter 2026 (reported April 23, 2026). Revenue was $13.6 billion, up 7% year-over-year, Intel's sixth consecutive quarter of revenue above its own expectations. GAAP EPS was $(0.73); non-GAAP EPS was $0.29. Cash from operations was $1.1 billion. Intel guided second-quarter 2026 revenue to $13.8-14.8 billion, with GAAP EPS of $0.08 and non-GAAP EPS of $0.20, a guidance raise realized in the July 23 report above, where actual Q2 revenue of $16.1 billion came in well above the top of that range. (Accession 0000050863-26-000077.)

Fourth quarter and full-year 2025 (reported January 22, 2026). Fourth-quarter revenue was $13.7 billion, down 4% year-over-year; full-year 2025 revenue was $52.9 billion, flat year-over-year (comparisons not adjusted for the Altera deconsolidation). Full-year GAAP EPS was $(0.06); non-GAAP EPS was $0.42. Full-year cash from operations was $9.7 billion. Intel guided first-quarter 2026 revenue to $11.7-12.7 billion, with GAAP EPS of $(0.21) and non-GAAP EPS of $0.00, guidance that first-quarter actual results (above) beat on revenue. (Accession 0000050863-26-000009.)

Third quarter 2025 (reported October 23, 2025). Revenue was $13.7 billion, up 3% year-over-year. GAAP EPS was $0.90 (aided by items tied to the U.S. Government and Altera/Mobileye transactions); non-GAAP EPS was $0.23. Intel disclosed that its Q3 2025 accounting treatment for its transactions with the U.S. Government was still under consultation with SEC staff, with the possibility that Q3 2025 results could later be revised, potentially materially, and that the consultation had not concluded because of a U.S. government shutdown. That consultation was later resolved: SEC staff completed its review in December 2025 and objected to Intel's treatment of post-agreement Secure Enclave receipts as a government grant, and Intel revised its accounting in the fourth quarter of 2025 to record such cash as proceeds from the issuance of equity, concluding the revisions were immaterial, individually and in the aggregate, to the Q3 2025 financial statements. (Accession 0000050863-25-000169; resolution disclosed in the fiscal 2025 Form 10-K, accession 0000050863-26-000011.)

Capital markets activity

$20 billion common stock offering (announced and priced August 10-12, 2026). Intel announced a proposed $15 billion underwritten public offering of common stock on August 10, 2026, which was upsized and priced the same day as a $20 billion offering: 210,526,315 shares at $95.00 per share, with underwriters granted a 30-day option for up to 31,578,947 additional shares, which the underwriters exercised in full on August 11, 2026. The offering was expected to close August 12, 2026, with expected net proceeds of approximately $19.7 billion (before the option), intended for general corporate purposes including capital expenditures and working capital. (Accession 0001193125-26-346806.)

$6.5 billion senior notes offering (April 30, 2026). Intel issued five tranches of senior notes totaling $6.5 billion aggregate principal: $1.0 billion of 4.650% notes due 2031, $1.0 billion of 5.000% notes due 2033, $2.25 billion of 5.300% notes due 2036, $1.75 billion of 6.125% notes due 2056, and $0.5 billion of 6.200% notes due 2066. Net proceeds were approximately $6.47 billion before expenses and were used the same day to repay in full the $6.5 billion bridge term loan described below under Corporate transactions, so the notes issuance replaced that borrowing rather than adding incremental debt. (Accession 0001193125-26-197845.)

NVIDIA equity investment closed (December 26, 2025). Intel completed the previously disclosed sale of 214,776,632 shares of common stock to NVIDIA Corporation for $5.0 billion in cash ($23.28 per share), under a securities purchase agreement dated September 15, 2025. (Accession 0000050863-25-000204.)

SoftBank equity investment closed (September 26, 2025). Intel completed the previously disclosed sale of 86,956,522 shares of common stock to SoftBank Group Corp. for $2.0 billion in cash ($23.00 per share), under a securities purchase agreement dated August 28, 2025. (Accession 0000050863-25-000159.)

Corporate transactions

Intel completed the repurchase of Apollo's 49% interest in the Fab 34 (Ireland) joint venture (April 1-8, 2026). Intel repurchased from Apollo-managed funds and affiliates their 49% equity interest in the Fab 34 joint venture, created in 2024, for $14.2 billion, financed with cash on hand and a $6.5 billion 364-day senior unsecured term loan drawn April 1, 2026 at 4.79% interest. That term loan was repaid in full on April 30, 2026 using the proceeds of the $6.5 billion senior notes issuance described above under Capital markets activity. Intel now owns 100% of the joint venture and expects to wind it up. (Accession 0000050863-26-000072; term loan draw and repayment disclosed in the Q2 2026 Form 10-Q, accession 0000050863-26-000157.)

Mobileye closed its acquisition of Mentee Robotics (February 3, 2026). Mobileye completed the acquisition of Mentee Robotics, an AI-first humanoid robotics company, for a purchase price of $637 million, consisting primarily of $596 million in cash net of cash acquired, with the residual in Mobileye Class A shares. The purchase price was allocated principally to $128 million of intangible assets and $498 million of goodwill. The fiscal 2025 Form 10-K had disclosed this deal as pending under a January 5, 2026 definitive agreement at an aggregate purchase price of approximately $900 million. (Closing disclosed in the Q2 2026 Form 10-Q, accession 0000050863-26-000157; signing disclosed in the fiscal 2025 Form 10-K, accession 0000050863-26-000011.)

Board and management changes

• Dr. Craig H. Barratt was appointed to Intel's board of directors, effective November 10, 2025, and was subsequently named the board's incoming Chair, effective at the conclusion of the 2026 Annual Meeting, succeeding Frank D. Yeary, who announced on February 27, 2026 that he would retire from the board and not stand for reelection. (Accessions 0000050863-25-000194 and 0000050863-26-000044.)
• April Miller Boise, Intel's Executive Vice President and Chief Legal Officer, will separate from the company effective June 1, 2026, with severance benefits under Intel's existing Executive Severance Plan. (Accession 0000050863-26-000069.)
• Scott Gawel, Corporate Vice President and Chief Accounting Officer, resigned as principal accounting officer effective April 24, 2026; CFO David Zinsner assumed that role in addition to his existing duties as principal financial officer. (Accession 0000050863-26-000083.)
• At Intel's May 13, 2026 Annual Meeting, stockholders elected all 11 director nominees, ratified the independent auditor, approved say-on-pay, and approved amendments to the equity incentive and employee stock purchase plans; three stockholder proposals (on China exposure risk, human rights due diligence, and separating the Chair and CEO roles) were not approved. (Accession 0000050863-26-000118.)

Other items

Intel's January 23, 2026 filing recorded a technical resale-registration transfer of previously issued warrant and common stock shares held by the U.S. Department of Commerce (under the August 22, 2025 Warrant and Common Stock Agreement) onto Intel's new shelf registration statement; no new securities were issued and Intel received no proceeds. This is an administrative continuation of the U.S. government's existing equity stake in Intel, not a new transaction. (Accession 0000050863-26-000031.)

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.

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 quarters, the six-month figures and the June 27, 2026 balance sheet come from the Form 10-Q for the quarter ended June 27, 2026 (accession 0000050863-26-000157).
• 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. Second-quarter 2026 ran March 29, 2026 to June 27, 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 six months only - there is no three-month column - so neither quarterly entry carries a cash flow block. The six-month cash flows are in the year_to_date block, with the comparable six months of 2025 inside it.
• The 10-Q prints a balance sheet at June 27, 2026 and at December 27, 2025 only, so the year-ago quarter (Q2 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 its financing arrangements with manufacturing partners); that amount is carried as financing_activity_property_purchases and is not deducted in free cash flow.
• 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 $50,537 million at June 27, 2026.
• The trailing-twelve-month block is derived, not printed: it is FY2025 plus the first six months of FY2026 less the first six months of FY2025, covering June 29, 2025 to June 27, 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 quarter 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' (which includes Mobileye and IMS) 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.
• FY2025 interest and other, net of $3,257 million includes a $5,553 million gain on the divestiture of Altera (Intel sold 51% of the business on September 12, 2025) and a $1,796 million mark-to-market loss on the Escrowed Shares derivative liability.
• Second-quarter 2026 revenue of $16,128 million was up from $12,859 million a year earlier and the company reported operating income of $1,796 million against an operating loss of $3,176 million in the year-ago quarter. The quarter's net loss attributable to Intel of $11,033 million arises below the operating line: interest and other, net of negative $12,576 million includes a $12.5 billion net loss from the change in fair value of the derivative liability for the shares held in escrow for the U.S. Department of Commerce under Intel's Secure Enclave agreement. The full six-month mark-to-market loss was $13,619 million, and it is a non-cash item, added back in arriving at operating cash flow.
• The first six months of 2026 include $4,240 million of restructuring and other charges, of which $3.9 billion is a non-cash goodwill impairment recognised in the first quarter of 2026, substantially all of it relating to the Mobileye reporting unit. Goodwill falls from $23,912 million at December 27, 2025 to $20,465 million at June 27, 2026.
• Financing cash flows for the six months to June 27, 2026 include $14,339 million of partner distributions, reflecting Intel's April 8, 2026 purchase of the outstanding minority interests in Ireland SCIP for $14.2 billion in cash, funded with existing cash and short-term investments and a $6.5 billion term loan that was repaid in the quarter from the proceeds of $6.5 billion of senior notes.
• Intel paid no dividends in FY2025 or in the first six months of FY2026; dividends paid were $1,599 million in FY2024 and $3,088 million in FY2023.
• The 10-Q's balance sheet combines income taxes payable into other accrued liabilities in both of its columns, while the 10-K prints the two lines separately. At December 27, 2025 the 10-Q shows a single other accrued liabilities figure of $15,204 million, and the FY2025 balance sheet here follows the 10-K's more detailed presentation of the same position: $14,600 million of other accrued liabilities and $604 million of income taxes payable. FY2024 is likewise presented from the 10-K, at $14,282 million and $1,756 million. The June 27, 2026 column combines them in the same way, so the Q2 2026 balance sheet here carries other accrued liabilities of $21,178 million and no separate income taxes payable line. other_accrued_liabilities is therefore not directly comparable between June 27, 2026 and the two fiscal year-ends. The two presentations tie at December 27, 2025, the only balance sheet date both filings print: total current liabilities and total liabilities and stockholders' equity are the same in each.

Uncertainties

• There are no discrete three-month cash flow figures for either quarter shown. The 10-Q presents cash flows for the six months only, and this record does not estimate a quarterly split from them.
• Q2 2025 has no balance sheet, and FY2023 has no balance sheet, because neither filing prints those positions.
• 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 in which Intel divested 51% of Altera (September 12, 2025) and recognised large non-cash charges. 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.

Company details

Fiscal period

Source filings