Intel Corporation (INTC) FY2025 10-K and Q2 FY2026 10-Q Summary

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.