Aktieanalys – källarkiv Uppdaterad 2026-08-06T02:39:19Z

SEC EDGAR · 10-K

10-K – 2026-01-23 – intc-20251227.htm

575417 tecken · 4 HTML-del(ar)

Fulltext som ren TXT · Öppna originalkällan

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Omsättning
  • ▪ our business plans and strategy and anticipated benefits therefrom; | ▪ projections of our future financial performance, including future revenue, gross profits, capital expenditures and cash flows; | ▪ projected costs and yield trends;
  • ▪ strategic transactions and investments; | ▪ sales-related risks, including customer concentration and the use of distributors and other third parties; | ▪ our debt obligations and our ability to access sources of capital;
  • We are a global designer and manufacturer of semiconductor products. The CPUs and other semiconductor solutions that we design, manufacture, market, sell and service are incorporated in computing and related end products and services, and utilized globally by consumers, enterprises, governments and educational organizations. Our customers primarily include OEMs, ODMs, CSPs, and other manufacturers and service providers, such as industrial and communication equipment manufacturers. We market and | As a U.S.-based integrated design manufacturer, or IDM, in addition to designing CPUs and other semiconductor products, we develop leading-edge semiconductor manufacturing process technologies, or nodes, and advanced packaging technologies and predominantly manufacture our semiconductor products at our manufacturing and assembly and test facilities, many of which are in the U.S. We are the only company undertaking research, design and development of leading-edge and next generation semiconductor
  • Key Products | We derived most of our consolidated revenue in 2025, 2024 and 2023 from our CCG and DCAI product offerings. | CCG
  • ▪ Client CPUs. Our client CPUs are offered in a broad range of configurations to appeal to different consumer applications and price points. They are generally offered to customers in the form of a system-on-chip, or SoC, with the primary CPU compute chip combined with a controller and memory hub and GPU, NPU, IPU or other accelerator chips enabling additional capabilities. They are currently grouped broadly into two product families: | ▪ Intel Core. Our Intel Core brands have been staples of the PC industry for nearly two decades. These products are designed to serve a broad cross-section of the customer and computing needs in the client market, including laptops, desktops and edge devices, at entry-level to mid-level price points. These products are manufactured on our Intel 7 process technology and represented almost half of our CCG product sales by revenue in 2025, with their percentage contribution expected to decrease sig
  • The key product offerings of our DCAI operating segment are as follows: | ▪ Server CPUs. Intel’s data center business is anchored by the Intel ® Xeon ® series of processors, a family of x86-based server and network CPUs that for decades have provided foundational compute for data center, cloud, networking and intelligent edge deployments. The Intel Xeon installed base represents a significant portion of global server infrastructure, and this scale, combined with our broader portfolio of accelerators, networking solutions and software, positions Intel Xeon processors a | ▪ Intel Xeon Scalable Processors. 3rd, 4th and 5th Gen Intel Xeon Scalable processors are manufactured using our Intel 7 process technology, represented a majority of DCAI product sales by revenue in 2025 and are expected to be a somewhat smaller majority of our DCAI product sales by revenue in 2026.
  • ▪ Server CPUs. Intel’s data center business is anchored by the Intel ® Xeon ® series of processors, a family of x86-based server and network CPUs that for decades have provided foundational compute for data center, cloud, networking and intelligent edge deployments. The Intel Xeon installed base represents a significant portion of global server infrastructure, and this scale, combined with our broader portfolio of accelerators, networking solutions and software, positions Intel Xeon processors a | ▪ Intel Xeon Scalable Processors. 3rd, 4th and 5th Gen Intel Xeon Scalable processors are manufactured using our Intel 7 process technology, represented a majority of DCAI product sales by revenue in 2025 and are expected to be a somewhat smaller majority of our DCAI product sales by revenue in 2026. | ▪ 3rd Gen. The 3rd Gen Intel Xeon Scalable processors, introduced in 2021, incorporate enhanced security features such as Intel ® Software Guard Extensions (SGX) for confidential computing and Intel ® Crypto Acceleration for faster encryption.
  • Our leading-edge process technology, which we use to manufacture our CCG and DCAI product offerings and also offer to external customers, is an important tenet of our strategy. Our principal current and planned future nodes consist of the following: | ▪ Intel 7, which first went into high-volume manufacturing in 2017 and has undergone a number of enhancements over its lifespan, continues in production for our 13th and 14th Gen Intel Core processors. Intel 7 was utilized for the majority of our internal processor production and products by revenue in 2025 and is expected to continue to be utilized for almost half of our internal processor production and products by revenue in 2026.
Rörelseresultat
  • 22,911 13,497 36,408 | Operating income | $ 9,317 $ 3,422 $ 12,739
  • 21,752 14,711 36,463 | Operating income | $ 11,594 $ 1,414 $ 13,008
  • 22,177 15,035 37,212 | Operating income | $ 10,128 $ 945 $ 11,073
  • Segment Operating Income Summary
  • 2025 vs. 2024 | Total Intel Products operating income was $12.7 billion in 2025, down $269 million from 2024.
  • ▪ CCG operating income decreased $2.3 billion from 2024, primarily due to $2.9 billion of unfavorable impacts attributable to $1.8 billion of lower 2025 product profit due to lower revenue and higher client unit costs resulting from an increased mix of newer generation products sold in 2025, as well as $1.1 billion of higher 2025 period charges related to higher inventory reserves related to lower of cost or net realizable value charges and higher other costs. These unfavorable 2025 impacts were
  • ▪ DCAI operating income increased $2.0 billion from 2024, primarily due to $1.5 billion of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. In addition, 2025 DCAI operating income was favorably impacted by lower 2025 Gaudi AI accelerator inventory-related charges relative to 2024. The 2025 impa
  • 2024 vs. 2023 | Total Intel Products operating income was $13.0 billion in 2024, up $1.9 billion from 2023.
Periodens resultat
  • Non-Controlling Interests | Net income (loss) attributable to non-controlling interests is comprised of net income or loss attributable to the non-controlling interests in Mobileye, IMS Nanofabrication, Ireland SCIP and Arizona SCIP, all of which are our majority owned subsidiaries that we consolidate. Net income attributable to non-controlling interests was $293 million in 2025 and net loss attributable to non-controlling interests was $477 million and $14 million in 2024 and 2023, respectively. Net income attributable to | Manufacturing Expansion Projects and Future Node Development
  • Provision for (benefit from) taxes 1,531 2.9 % 8,023 15.1 % (913) (1.7) % | Net income (loss) 26 — % (19,233) (36.2) % 1,675 3.1 % | Less: net income (loss) attributable to non-controlling interests 293 0.6 % (477) (0.9) % (14) — %
  • Net income (loss) 26 — % (19,233) (36.2) % 1,675 3.1 % | Less: net income (loss) attributable to non-controlling interests 293 0.6 % (477) (0.9) % (14) — % | Net income (loss) attributable to Intel $ (267) (0.5) % $ (18,756) (35.3) % $ 1,689 3.1 %
  • Less: net income (loss) attributable to non-controlling interests 293 0.6 % (477) (0.9) % (14) — % | Net income (loss) attributable to Intel $ (267) (0.5) % $ (18,756) (35.3) % $ 1,689 3.1 % | Earnings (loss) per share attributable to Intel—diluted
  • 2025 vs. 2024 | Operating cash flows consist of net income (loss) adjusted for certain non-cash items and changes in certain assets and liabilities. | Cash provided by operations in 2025 was higher by $1.4 billion compared to 2024, primarily due to generating net income in 2025 compared to a net loss in 2024. Net income in 2025 was favorably impacted by lower 2025 payroll related expenses resulting from headcount reductions under the 2025 and 2024 Restructuring Plans and other cost-reduction measures. These 2025 cash-favorable impacts were partially offset by lower favorable operating cash flow adjustments for non-cash items and certain cash u
  • Operating cash flows consist of net income (loss) adjusted for certain non-cash items and changes in certain assets and liabilities. | Cash provided by operations in 2025 was higher by $1.4 billion compared to 2024, primarily due to generating net income in 2025 compared to a net loss in 2024. Net income in 2025 was favorably impacted by lower 2025 payroll related expenses resulting from headcount reductions under the 2025 and 2024 Restructuring Plans and other cost-reduction measures. These 2025 cash-favorable impacts were partially offset by lower favorable operating cash flow adjustments for non-cash items and certain cash u
  • Our alternative financing arrangements and pursuit of government grants involve risks and may not be successful. | To support our capital investments, we have pursued alternative financing arrangements, such as our 2022 joint investment with Brookfield in the manufacturing expansion of our Arizona campus, and our 2024 joint investment with Apollo related to Fab 34 in Ireland, and may enter into similar arrangements in the future. These transactions may fail to advance our business strategy, may include unfavorable pricing or other terms such as penalties should key metrics not be attained as prescribed by ou | In addition, we have applied for, received and expect to receive additional grants and incentives from domestic and foreign local, regional and national governments. Legislation in the U.S. and EU has been adopted to provide government funding for semiconductor manufacturing expansions in those regions. However, any amounts we may receive under any agreements enabled by such legislation may not be sufficient in amount or timeliness to support our capital investment plans and offset the higher co
  • We are exposed to adverse as well as beneficial movements in currency exchange rates. Although most of our sales occur in U.S. dollars, operating expenses and capital expenditures may be paid in local currencies. An increase in the value of the dollar can increase the real cost to our customers of our products in those markets outside the U.S. where we sell in dollars, and a weakened dollar can increase the cost of expenses such as payroll, utilities, tax and marketing expenses, as well as non-U | Change s in our effective tax rate may impact our net income. | A number of factors can impact our future effective tax rate or cash payments, which could cause significant variability in our financial results, including:
Resultat per aktie
  • Earnings Per Share | Basic earnings (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share includes the impact of potentially dilutive securities, such as stock options, RSUs, warrants and Escrowed Shares, when the effect of including these securities is not anti-dilutive. The treasury stock method is applied to equity incentive plans and contractual issuances, while the if-converted method is used for instruments with
  • Potentially dilutive shares of common stock from employee equity incentive plans and stock issuances are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan. | The dilutive impact from the assumed issuance of common stock associated with contractual transactions, including the release of Escrowed Shares under the Secure Enclave program (defined below), that settled during the year ended December 27, 2025 is determined from the date of the agreement or the beginning of the period (whichever is later) to the date the Escrowed Shares are released or to the date the transaction closes. We reflect these contractual transactions, including the Escrowed Share | For the years ended December 27, 2025 and December 28, 2024, the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, the assumed issuance of common stock under the stock purchase plan, and the assumed issuance of common stock associated with equity issuance agreements, including Escrowed Shares released, and a contractual conversion feature, as applicable, had an anti-dilutive effect on diluted loss per share and were excluded from the computation of diluted l
  • Based on an analysis of quantitative and qualitative factors in accordance with Accounting Standard Codification (ASC) Topic 250, "Accounting Changes and Error Corrections", including ASC Topic 250-10-S99-1 (SAB Topic 1.M), "Assessing Materiality", we concluded that these revisions would be immaterial, individually and in the aggregate, to the Consolidated Condensed Financial Statements as presented in the Quarterly Report on Form 10-Q as of and for the three and nine-months ended September 27, | During 2025, we recognized $ 1.8 billion related to the net change in fair value of both Escrowed Shares released and Escrowed Shares still held in escrow at December 27, 2025. The fair value of the Escrowed Shares derivative liability was $ 2.7 billion at December 27, 2025, which we have recognized within other accrued liabilities and other long-term liabilities . During 2025, we released 3 million Escrowed Shares, which we recognized as issuances of common stock upon our receipt of cash procee
  • As noted in the 2025 rate reconciliation above, we derive the effective tax rate benefit, or detriment, attributed to non-U.S. income taxed at different rates primarily from our operations in China, among others. We are subject to reduced tax rates in Israel and Malaysia as long as we conduct certain eligible activities and make certain capital investments. We have conditional reduced tax rates that expire at various dates through 2056 , and we expect to apply for renewals upon expiration, if av | Deferred and Current Income Taxes
  • EPS Earnings per share
Kassaflöde
  • We have defined certain terms and abbreviations used throughout our Form 10-K in "Key Terms" within the Financial Statements and Supplemental Details. | The preparation of our Consolidated Financial Statements is in conformity with U.S. GAAP. Our Form 10-K includes Adjusted Free Cash Flow, a non-GAAP financial measure we use to evaluate the cash flow trends of our business. See "Liquidity and Capital Resources" within MD&A for a description of this measure, including why management uses it and why we believe it provides investors with useful supplemental information.
  • Cash from Operating Activities and Adjusted Free Cash Flow $B
  • ■ Cash from Operating Activities | ■ Adjusted Free Cash Flow
  • Adjustments to Cash from Operating Activities | Adjusted Free Cash Flow is a non-GAAP financial measure and an additional means used by management to evaluate the cash flow trends of our business as it is viewed as helpful in understanding our capital requirements and sources of liquidity. The measure is calculated using cash flow from operations and adjusted for the following: | ▪ additions to property, plant and equipment, net of proceeds from capital-related government incentives and net SCIP partner contributions; and
  • Adjusted free cash flow $ (1,612) $ (2,228) $ (11,853)
  • In 2025, we settled in cash $3.7 billion of our senior notes that matured in March 2025 and July 2025. We expect to replace or amend the 364-day $5.0 billion credit facility agreement prior to its maturity at the end of January 2026. We have other potential sources of liquidity, including a $7.0 billion revolving credit facility, which remains available until February 2029, our commercial paper program and our automatic shelf registration statement on file with the SEC, pursuant to which we may | Our total cash and investments and related cash flows may be affected by certain discretionary actions we may take with customers and suppliers to accelerate or delay certain cash receipts or payments to manage liquidity, among other factors, for our strategic business requirements. In 2025, these actions included, among others, negotiating with suppliers to optimize our payment terms and conditions, adjusting the amounts and timing of cash flows associated with customer sales programs and colle | In August 2025, a major credit rating agency downgraded our corporate credit rating from BBB+ to BBB, citing execution risks tied to our technology roadmap and foundry strategy, delayed deleveraging and weaker than expected demand for our offerings. The downgrade may affect our future borrowing costs and access to capital markets.
  • Operating cash flows consist of net income (loss) adjusted for certain non-cash items and changes in certain assets and liabilities. | Cash provided by operations in 2025 was higher by $1.4 billion compared to 2024, primarily due to generating net income in 2025 compared to a net loss in 2024. Net income in 2025 was favorably impacted by lower 2025 payroll related expenses resulting from headcount reductions under the 2025 and 2024 Restructuring Plans and other cost-reduction measures. These 2025 cash-favorable impacts were partially offset by lower favorable operating cash flow adjustments for non-cash items and certain cash u
  • Our qualitative assessment considers industry and market considerations, overall financial performance and other relevant events and factors affecting our reporting units or Intel as a whole. More specifically, qualitative factors may include a sustained decrease in our consolidated market capitalization or one of our reporting units’ market capitalization relative to each’s respective net book value; significant company specific actions, including changes to the structure of our reporting units | Our quantitative impairment assessment considers both the income approach and the market approach to estimate a reporting unit's fair value. The income approach estimates fair value using discounted future cash flows for a reporting unit primarily using the following major assumptions and inputs: revenue, based on assumed market segment growth rates and our assumed market segment share; estimated costs; and appropriate discount rates based on a reporting unit's weighted average cost of capital. | The market approach estimates fair value using financial multiples and transaction prices of comparable companies.
Fritt kassaflöde
  • We have defined certain terms and abbreviations used throughout our Form 10-K in "Key Terms" within the Financial Statements and Supplemental Details. | The preparation of our Consolidated Financial Statements is in conformity with U.S. GAAP. Our Form 10-K includes Adjusted Free Cash Flow, a non-GAAP financial measure we use to evaluate the cash flow trends of our business. See "Liquidity and Capital Resources" within MD&A for a description of this measure, including why management uses it and why we believe it provides investors with useful supplemental information.
  • Cash from Operating Activities and Adjusted Free Cash Flow $B
  • ■ Cash from Operating Activities | ■ Adjusted Free Cash Flow
  • Adjustments to Cash from Operating Activities | Adjusted Free Cash Flow is a non-GAAP financial measure and an additional means used by management to evaluate the cash flow trends of our business as it is viewed as helpful in understanding our capital requirements and sources of liquidity. The measure is calculated using cash flow from operations and adjusted for the following: | ▪ additions to property, plant and equipment, net of proceeds from capital-related government incentives and net SCIP partner contributions; and
  • Adjusted free cash flow $ (1,612) $ (2,228) $ (11,853)
Likvida medel
  • (In Millions) Dec 27, 2025 Dec 28, 2024 | Cash and cash equivalents $ 14,265 $ 8,249 | Short-term investments 23,151 13,813
  • Net increase (decrease) in cash and cash equivalents $ 6,463 $ 1,170 $ (4,065)
  • Current assets: | Cash and cash equivalents $ 14,265 $ 8,249 | Short-term investments 23,151 13,813
  • Years Ended (In Millions) Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 | Cash and cash equivalents, beginning of period $ 8,249 $ 7,079 $ 11,144 | Cash flows provided by (used for) operating activities:
  • Net increase (decrease) in cash and cash equivalents 6,463 1,170 ( 4,065 ) | Cash, cash equivalents, and restricted cash, end of period $ 14,712 $ 8,249 $ 7,079
  • Debt Investments | Debt investments include investments in corporate debt, government debt and financial institution instruments. Unhedged debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents . Unhedged debt investments with original maturities at the date of purchase greater than approximately three months and all economically hedged debt investments are classified as short-term investments , as they represent the | For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on t
  • We are required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we will be required to pay delay-related liquidated damages to Apollo, the other investor, beginning in 2026, not to exceed $ 1.1 billion in total. As of December 27, 2025 and December 28, 2024, we expected certain construction milestones for Fab 34 would be delayed as we refined our near-term production capacity requirements and related capital outlays relative to those th | As of December 27, 2025 and December 28, 2024, other than cash and cash equivalents held by Ireland SCIP, substantially all of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Balance Sheets. | Arizona SCIP
  • Short-term Investments | Short-term investments include marketable debt investments in corporate debt, government debt and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-U.S. government bills and bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fix | The fair value of our economically hedged marketable debt investments was $ 21.8 billion as of December 27, 2025 ($ 13.5 billion as of December 28, 2024). For economically hedged investments still held at the reporting date, we recorded net gains of $ 341 million in 2025 (net losses of $ 464 million in 2024 and net gains of $ 534 million in 2023).
Nettoskuld
  • Years Ended (In Millions) Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 | Net cash provided by (used for) operating activities $ 9,697 $ 8,288 $ 11,471 | Net purchase of property, plant and equipment (net capital expenditures) (11,204) (10,515) (23,228)
  • Net cash provided by (used for) investing activities $ (14,821) $ (18,256) $ (24,041) | Net cash provided by (used for) financing activities $ 11,587 $ 11,138 $ 8,505
  • Years Ended (In Millions) Dec 27, 2025 Dec 28, 2024 Dec 30, 2023 | Net cash provided by (used for) operating activities $ 9,697 $ 8,288 $ 11,471 | Net cash provided by (used for) investing activities (14,821) (18,256) (24,041)
  • Net cash provided by (used for) operating activities $ 9,697 $ 8,288 $ 11,471 | Net cash provided by (used for) investing activities (14,821) (18,256) (24,041) | Net cash provided by (used for) financing activities 11,587 11,138 8,505
  • Net cash provided by (used for) investing activities (14,821) (18,256) (24,041) | Net cash provided by (used for) financing activities 11,587 11,138 8,505
  • Our property, plant and equipment are subject to periodic impairment reviews. Factors that we consider in deciding when to perform an impairment review include significant changes or planned changes in our use and fungibility of certain property, plant and equipment, significant under-performance of a business or product line in relation to expectations for which property, plant and equipment relate, and significant negative industry or economic trends. To perform an impairment review, our prope | Goodwill
  • Net income (loss) 26 ( 19,233 ) 1,675 | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Depreciation 10,757 9,951 7,847
  • Total adjustments 9,671 27,521 9,796 | Net cash provided by (used for) operating activities 9,697 8,288 11,471 | Cash flows provided by (used for) investing activities:
Eget kapital
  • ▪ we issued into escrow 159 million shares of our common stock, to be released to the U.S. government on a $20.00 per share basis as we receive the $3.2 billion of disbursements contemplated by our existing agreement and related performance obligations with the U.S. government under the CHIPS Act's Secure Enclave program. As of December 27, 2025, we had released 3 million Escrowed Shares upon our receipt of cash proceeds for our performance under Secure Enclave. | Our accounting conclusion for the U.S. Government Agreement as presented in our Consolidated Condensed Financial Statements that were included in our Q3 2025 Form 10-Q was subsequently adjusted based upon our consultation with the staff of the SEC on this matter, which concluded in our fourth quarter of fiscal 2025, subsequent to our Q3 2025 Form 10-Q filing date of November 6, 2025. Our results in this Annual Report on Form 10-K for the fiscal year ended December 27, 2025 are reflective of this | Private Placement Share Sale Agreements
  • 2025 vs. 2024 | In 2025, interest and other, net, increased primarily due to a gain recognized from the sale of 51% of Altera, which resulted in a $5.6 billion pre-tax gain. This was partially offset by a $1.8 billion net loss from the change in fair value of the derivative liability for the Escrowed Shares and $229 million in charges related to the sale of our NAND memory business. Refer to "Note 5: Earnings (Loss) Per Share and Stockholders' Equity" and "Note 10: Acquisitions and Divestitures" within Notes to
  • Consolidated Statements of Stockholders' Equity 64
  • Note 5: Earnings (Loss) Per Share and Stockholders' Equity 77
  • Opinion on the Financial Statements | We have audited the accompanying consolidated balance sheets of Intel Corporation (the Company) as of December 27, 2025 and December 28, 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows and stockholders' equity for each of the three years in the period ended December 27, 2025 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all mater | We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 27, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated January 22, 2026 expressed an unqualified opinion thereon.
  • Liabilities and stockholders' equity | Current liabilities:
  • Stockholders' equity: | Preferred stock, $0.001 par value, 50 shares authorized; none issued — —
  • Retained earnings 48,983 49,032 | Total Intel stockholders' equity 114,281 99,270 | Non-controlling interests 12,079 5,762
Antal aktier
  • We have an ongoing authorization, originally approved by our Board of Directors in 2005 and subsequently amended on October 24, 2019, to repurchase shares of our common stock in open market or negotiated transactions. Our last share repurchase under this authorization occurred in Q1 2021, and no shares were repurchased during the fiscal year ending December 27, 2025. As of December 27, 2025, we were authorized to repurchase up to $110.0 billion, of which $7.2 billion remained available. | We issue RSUs as part of our equity incentive plans. In our Consolidated Financial Statements, we treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase program.
  • Weighted average shares of common stock outstanding: | Basic 4,530 4,280 4,190
  • Earnings Per Share | Basic earnings (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share includes the impact of potentially dilutive securities, such as stock options, RSUs, warrants and Escrowed Shares, when the effect of including these securities is not anti-dilutive. The treasury stock method is applied to equity incentive plans and contractual issuances, while the if-converted method is used for instruments with
  • For the majority of awards granted, the number of shares of common stock issued on the date the awards vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest.
  • We computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable.
  • Net income (loss) attributable to Intel $ ( 267 ) $ ( 18,756 ) $ 1,689 | Weighted average shares of common stock outstanding—basic 1 | 4,530 4,280 4,190
  • — — 22 | Weighted average shares of common stock outstanding—diluted 4,530 4,280 4,212 | Earnings (loss) per share attributable to Intel—basic $ ( 0.06 ) $ ( 4.38 ) $ 0.40
  • 1 Most of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading-volume restrictions generally apply for as long as we own more than 1 % of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. | The components of gains (losses) on equity investments, net for each period were as follows:
Antal anställda
  • Our people are fundamental to our success. Delivering on our strategy and growth ambitions requires attracting, developing and retaining top talent across the world. We strive to create an inclusive workplace where the world's best engineers and technologists can fulfill their dreams and create technology that delights our customers, delivers value for our stockholders and improves the life of every person on the planet. We invest in our highly skilled workforce, which was comprised of 85,100 1 | Cultural Transformation
  • Cultural Transformation | In 2025, we initiated a company-wide cultural transformation designed to enhance agility, accountability and technical focus across our product and operational teams. As part of this effort, we streamlined organizational structures by reducing management layers and simplifying decision-making processes. These changes were implemented to accelerate execution, foster a more responsive workforce and improve alignment with strategic priorities. We placed increased emphasis on technical excellence, d | Talent Management
  • We continue to see significant competition for talent throughout the semiconductor industry. In 2025, we limited hiring in line with our financial performance and cost-reduction measures and implemented headcount reductions under our 2025 Restructuring Plan. However, our investments to advance both process technology and our product roadmap require focused efforts to attract and retain talent, particularly in technical roles. Our undesired turnover rate 2 was 7.9% in 2025 and 5.9% in 2024. | We invest resources to develop the talent needed to remain at the forefront of innovation and make us an employer of choice. We offer training programs and provide rotational assignment opportunities. Our job architecture is designed to help employees create custom learning curricula for building skills and owning their careers. To further support the growth and development of our people, we offer mentoring in our technical community and promote engagement and health and wellness resources with | Inclusion is a core element of our values and instrumental to driving innovation and positioning us for growth. We aim to create a workplace where individuals from all backgrounds are not only respected and valued but also challenged, acknowledged, rewarded and empowered to reach their highest potential.
  • 1 Employee headcount includes our core Intel workforce as well as employees at Mobileye and other subsidiaries. | 2 Undesired turnover includes all regular Intel employees who voluntarily left Intel, but does not include Intel contract employees, interns or employees who separated from Intel due to divestiture, retirement, voluntary separation packages, death, job elimination or redeployment, or Mobileye and other non-integrated subsidiaries employees.
  • Compensation and Benefits | We structure pay, benefits and services to meet the varying needs of our employees, helping support employee financial well-being with competitive compensation, investment opportunities and financial resources. Our total rewards package includes market-competitive pay, broad-based stock grants and bonuses, an employee stock purchase plan, healthcare and retirement benefits, paid time off and family leave, parent reintegration, family expansion assistance, flexible work schedules, sabbaticals and | Health, Safety and Wellness
  • Health, Safety and Wellness | We are committed to providing a safe and injury-free workplace. We regularly invest in programs designed to improve physical, mental and social well-being. We provide access to a variety of innovative, flexible and convenient health and wellness programs, including on-site health centers, and we aim to increase awareness of and support for mental and behavioral health. We offer various ergonomic programming, include return-to-office ergo to support wellness in the office. Employees are encourage
  • Our supply chain practices are designed to drive responsible and sustainable business practices through robust education and engagement initiatives for suppliers, supporting our global manufacturing operations. We collaborate with industry peers to improve transparency around climate and water impacts in the electronics supply chain, and lead efforts on responsible minerals sourcing. These collaborations help establish industry-wide standards, develop auditable processes and deliver training tha | Our commitment to integrity, accountability and responsible business practices applies to every employee. All employees are expected to uphold the Intel Code of Conduct and Intel's Global Human Rights Principles, which form the foundation of our policies, practices and ethical business culture. | Human Rights Commitment
  • We face significant and persistent cybersecurity risks due to: the breadth and complexity of our global operations and systems; the technical sophistication, value, and widespread use of our systems, products and processes and their attractiveness to threat actors (including state-sponsored organizations) seeking to inflict harm on us or our customers, and supply chain risk through our use of third-party products, services and components. We also face additional risk with our foundry business wh | We regularly face attempts by malicious attackers to, among other things: gain unauthorized access to our network or data centers or those of our suppliers, customers and partners; steal proprietary, personal or confidential information; sabotage or corrupt our systems or processes to design and manufacture hardware and associated software and services; interrupt operations; or demand ransom. Threats include malicious hackers, state-sponsored organizations, insider threats, including employees a
Bruttomarginal
  • Our consolidated gross profit in 2025 increased by $1.0 billion, or 6%, compared to 2024, primarily due to a reduction in asset impairments and accelerated depreciation charges. In 2025, we incurred $950 million of asset impairments and accelerated depreciation charges related to certain manufacturing assets determined to have no remaining operational use, compared to $3.3 billion of non-cash impairments and accelerated depreciation charges recognized in 2024, primarily related to manufacturing
  • We are making capital investments in furtherance of our strategy. As of December 27, 2025, our capital investments classified as construction in progress totaled $34.5 billion ($50.4 billion as of December 28, 2024) and decreased in 2025 as Arizona SCIP placed the first tranche of manufacturing assets into service in connection with the ramp of our 18A process node. Construction in progress assets have not yet been placed into service and have not yet begun depreciating. As these construction-in
  • We are in a highly competitive and rapidly changing industry. | The industry in which we operate is highly competitive and subject to rapid technological, geopolitical and market developments; changes in industry standards; changes in customer and end-user needs, expectations and preferences; and frequent product introductions and improvements. When we do not anticipate or respond to these developments, our competitive position can weaken and our products or technologies can become uncompetitive or obsolete. Our competitive environment has intensified in rec | We face intense competition across our product portfolio. Our competitors include companies offering platform products, such as AMD and Qualcomm; accelerator products such as GPUs, including those offered by NVIDIA and AMD; other accelerator products such as ASICs, application-specific standard products and FPGAs; memory and storage products; connectivity and networking products; and other semiconductor products. Some of these competitors have developed or utilize competing computing architectur
  • Changes in product demand and margins can adversely affect our financial results . | Our products are used in different market segments, and demand for our products varies within or among them. It is difficult to forecast these changes and their impact. For example, we expect the PC TAM to grow over time, driven by factors such as a larger installed base, demand for AI capabilities, new platforms, shorter replacement cycles, and adoption in new markets; however, the PC industry has been highly cyclical in the past, and these growth expectations may not materialize, or we may fai | Important factors that lead to variation in the demand for our products include:
  • ▪ industry disruptions affecting us and our customers, such as the industry substrate and component shortages that negatively impacted demand across several of our businesses in 2021, the delays in obtaining tools, components and other supplies as a result of COVID-19-related port shutdowns in China that negatively impacted demand for our business in 2022, and current industry supply constraints for memory chips, substrates and foundry capacity that may impact our customers’ abilities to assembl | Our pricing and margins vary across our products and market segments due in part to marketability of our products and differences in their features or manufacturing costs. For example, our core product offerings range from lower-priced and entry-level platforms to higher-end platforms. Our ancillary product offerings that extend beyond our core product lines typically have significantly lower margins than our higher-priced products, and at times are not profitable. Some of our higher-priced prod | Macroeconomic conditions and geopolitical tensions and conflicts, including changes to trade policies and regulations, present significant risks to us in many jurisdictions.
  • ▪ reputational harm. | These costs could be large and may increase expenses and lower gross margin, and/or result in delay or loss of revenue. Mitigation techniques designed to address product issues, including software and firmware updates, are not always available on a timely basis—or at all—and do not always operate as intended or effectively resolve such issues for all applications. We and third parties, such as hardware and software vendors, make prioritization decisions about which product issues to address, whi | Product issues can damage our reputation, negatively affect product demand, delay product releases or deployment, result in legal liability, or make our products less competitive, which could harm our business and financial results. Subsequent events or new information can develop that change our assessment of the impact of a product issue. In addition, our liability insurance coverage has certain exclusions or may not adequately cover liabilities incurred. Our insurance providers may be unable

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3 · Del 4

intc-20251227 0000050863 12-27 December 27, 2025 2025 FY false 0.001 0.001 50 50 — — 0.001 0.001 10,000 10,000 4,994 4,330 4,994 4,330 http://fasb.org/us-gaap/2025#AccountingStandardsUpdate202308Member three http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#RestructuringSettlementAndImpairmentProvisions http://fasb.org/us-gaap/2025#RestructuringSettlementAndImpairmentProvisions http://fasb.org/us-gaap/2025#RestructuringSettlementAndImpairmentProvisions 3.40 3.70 4.88 2.60 3.75 3.15 3.75 4.88 1.60 4.00 2.45 5.13 3.90 5.00 2.00 4.15 4.00 5.20 5.15 4.60 2.80 4.80 4.25 5.63 4.90 4.10 4.10 4.10 3.73 3.25 4.75 3.05 4.90 5.70 5.60 3.10 4.95 3.20 5.05 5.90 4.10 5.00 5.00 4.00 5.00 http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsCurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#NonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares intc:unit intc:segment intc:factory intc:instrument iso4217:EUR intc:patent intc:claim iso4217:CNY 0000050863 2024-12-29 2025-12-27 0000050863 2025-06-27 0000050863 2026-01-16 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2025-09-12 0000050863 2025-09-28 2025-12-27 0000050863 2023-12-31 2024-12-28 0000050863 2023-01-01 2023-12-30 0000050863 2025-12-27 0000050863 2024-12-28 0000050863 2023-12-30 0000050863 2022-12-31 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2022-12-31 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000050863 us-gaap:RetainedEarningsMember 2022-12-31 0000050863 us-gaap:NoncontrollingInterestMember 2022-12-31 0000050863 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-30 0000050863 us-gaap:NoncontrollingInterestMember 2023-01-01 2023-12-30 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-12-30 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-01-01 2023-12-30 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-30 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-30 0000050863 us-gaap:RetainedEarningsMember 2023-12-30 0000050863 us-gaap:NoncontrollingInterestMember 2023-12-30 0000050863 us-gaap:RetainedEarningsMember 2023-12-31 2024-12-28 0000050863 us-gaap:NoncontrollingInterestMember 2023-12-31 2024-12-28 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 2024-12-28 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 2024-12-28 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-28 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-28 0000050863 us-gaap:RetainedEarningsMember 2024-12-28 0000050863 us-gaap:NoncontrollingInterestMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember us-gaap:RetainedEarningsMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2024-12-28 0000050863 us-gaap:RetainedEarningsMember 2024-12-29 2025-12-27 0000050863 us-gaap:NoncontrollingInterestMember 2024-12-29 2025-12-27 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-29 2025-12-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-29 2025-12-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-12-27 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-27 0000050863 us-gaap:RetainedEarningsMember 2025-12-27 0000050863 us-gaap:NoncontrollingInterestMember 2025-12-27 0000050863 us-gaap:CapacityMember 2024-12-29 2025-12-27 0000050863 us-gaap:CapacityMember 2023-12-31 2024-12-28 0000050863 us-gaap:CapacityMember 2023-01-01 2023-12-30 0000050863 us-gaap:CreditConcentrationRiskMember 2024-12-29 2025-12-27 0000050863 intc:ThreeLargestCustomersMember us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2023-01-01 2023-12-30 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2024-12-29 2025-12-27 0000050863 us-gaap:IntersegmentEliminationMember 2024-12-29 2025-12-27 0000050863 us-gaap:CorporateNonSegmentMember 2024-12-29 2025-12-27 0000050863 intc:ClientComputingGroupMember 2024-12-29 2025-12-27 0000050863 intc:DatacenterAndAIMember 2024-12-29 2025-12-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2023-12-31 2024-12-28 0000050863 us-gaap:IntersegmentEliminationMember 2023-12-31 2024-12-28 0000050863 us-gaap:CorporateNonSegmentMember 2023-12-31 2024-12-28 0000050863 intc:ClientComputingGroupMember 2023-12-31 2024-12-28 0000050863 intc:DatacenterAndAIMember 2023-12-31 2024-12-28 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2023-01-01 2023-12-30 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2023-01-01 2023-12-30 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2023-01-01 2023-12-30 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2023-01-01 2023-12-30 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2023-01-01 2023-12-30 0000050863 us-gaap:IntersegmentEliminationMember 2023-01-01 2023-12-30 0000050863 us-gaap:CorporateNonSegmentMember 2023-01-01 2023-12-30 0000050863 intc:ClientComputingGroupMember 2023-01-01 2023-12-30 0000050863 intc:DatacenterAndAIMember 2023-01-01 2023-12-30 0000050863 intc:DellIncMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-29 2025-12-27 0000050863 intc:DellIncMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-12-31 2024-12-28 0000050863 intc:DellIncMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-30 0000050863 intc:LenovoGroupLimitedMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-29 2025-12-27 0000050863 intc:LenovoGroupLimitedMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-12-31 2024-12-28 0000050863 intc:LenovoGroupLimitedMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-30 0000050863 intc:HPInc.Member us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-29 2025-12-27 0000050863 intc:HPInc.Member us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-12-31 2024-12-28 0000050863 intc:HPInc.Member us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-30 0000050863 intc:ThreeLargestCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2024-12-29 2025-12-27 0000050863 intc:ThreeLargestCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-12-31 2024-12-28 0000050863 intc:ThreeLargestCustomersMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-30 0000050863 country:US 2024-12-29 2025-12-27 0000050863 country:US 2023-12-31 2024-12-28 0000050863 country:US 2023-01-01 2023-12-30 0000050863 intc:ChinaIncludingHongKongMember 2024-12-29 2025-12-27 0000050863 intc:ChinaIncludingHongKongMember 2023-12-31 2024-12-28 0000050863 intc:ChinaIncludingHongKongMember 2023-01-01 2023-12-30 0000050863 country:SG 2024-12-29 2025-12-27 0000050863 country:SG 2023-12-31 2024-12-28 0000050863 country:SG 2023-01-01 2023-12-30 0000050863 country:TW 2024-12-29 2025-12-27 0000050863 country:TW 2023-12-31 2024-12-28 0000050863 country:TW 2023-01-01 2023-12-30 0000050863 intc:OtherCountriesMember 2024-12-29 2025-12-27 0000050863 intc:OtherCountriesMember 2023-12-31 2024-12-28 0000050863 intc:OtherCountriesMember 2023-01-01 2023-12-30 0000050863 intc:IrelandSCIPMember 2025-12-27 0000050863 intc:IrelandSCIPMember 2024-12-28 0000050863 intc:ArizonaSCIPMember 2025-12-27 0000050863 intc:ArizonaSCIPMember 2024-12-28 0000050863 intc:MobileyeMember 2025-12-27 0000050863 intc:MobileyeMember 2024-12-28 0000050863 intc:IMSNanofabricationGmbHIMSMember 2025-12-27 0000050863 intc:IMSNanofabricationGmbHIMSMember 2024-12-28 0000050863 intc:SubsidiariesIrelandSCIPMember 2022-12-31 0000050863 intc:SubsidiariesArizonaSCIPMember 2022-12-31 0000050863 intc:SubsidiariesMobileyeMember 2022-12-31 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2022-12-31 0000050863 intc:SubsidiariesIrelandSCIPMember 2023-01-01 2023-12-30 0000050863 intc:SubsidiariesArizonaSCIPMember 2023-01-01 2023-12-30 0000050863 intc:SubsidiariesMobileyeMember 2023-01-01 2023-12-30 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2023-01-01 2023-12-30 0000050863 intc:SubsidiariesIrelandSCIPMember 2023-12-30 0000050863 intc:SubsidiariesArizonaSCIPMember 2023-12-30 0000050863 intc:SubsidiariesMobileyeMember 2023-12-30 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2023-12-30 0000050863 intc:SubsidiariesIrelandSCIPMember 2023-12-31 2024-12-28 0000050863 intc:SubsidiariesArizonaSCIPMember 2023-12-31 2024-12-28 0000050863 intc:SubsidiariesMobileyeMember 2023-12-31 2024-12-28 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2023-12-31 2024-12-28 0000050863 intc:SubsidiariesIrelandSCIPMember 2024-12-28 0000050863 intc:SubsidiariesArizonaSCIPMember 2024-12-28 0000050863 intc:SubsidiariesMobileyeMember 2024-12-28 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2024-12-28 0000050863 intc:SubsidiariesIrelandSCIPMember 2024-12-29 2025-12-27 0000050863 intc:SubsidiariesArizonaSCIPMember 2024-12-29 2025-12-27 0000050863 intc:SubsidiariesMobileyeMember 2024-12-29 2025-12-27 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2024-12-29 2025-12-27 0000050863 intc:SubsidiariesIrelandSCIPMember 2025-12-27 0000050863 intc:SubsidiariesArizonaSCIPMember 2025-12-27 0000050863 intc:SubsidiariesMobileyeMember 2025-12-27 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2025-12-27 0000050863 intc:IrelandSCIPMember 2024-03-31 2024-06-29 0000050863 intc:SubsidiariesIrelandSCIPMember 2024-03-31 2024-06-29 0000050863 intc:VariableInterestEntityPrimaryBeneficiaryIrelandSCIPMember 2024-12-29 2025-12-27 0000050863 intc:VariableInterestEntityPrimaryBeneficiaryIrelandSCIPMember 2025-12-27 0000050863 us-gaap:NondesignatedMember intc:Fab34Member 2023-12-31 2024-12-28 0000050863 intc:IrelandSCIPArrangementMember us-gaap:NondesignatedMember 2025-12-27 0000050863 intc:IrelandSCIPArrangementMember us-gaap:NondesignatedMember 2024-12-28 0000050863 intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2025-12-27 0000050863 us-gaap:AssetPledgedAsCollateralMember intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2025-12-27 0000050863 us-gaap:AssetPledgedAsCollateralMember intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2024-12-28 0000050863 intc:SubsidiariesMobileyeMember 2025-07-11 2025-07-11 0000050863 intc:SubsidiariesMobileyeMember 2025-07-11 0000050863 intc:MobileyeMember intc:SubsidiariesMobileyeMember 2025-07-11 2025-07-11 0000050863 intc:IMSNanofabricationGmbHIMSMember 2023-01-01 2023-12-30 0000050863 us-gaap:PrivatePlacementMember 2025-09-26 2025-09-26 0000050863 us-gaap:PrivatePlacementMember 2025-09-26 0000050863 intc:DepartmentOfCommerceMember 2025-08-27 2025-08-27 0000050863 2025-08-22 2025-08-22 0000050863 intc:DepartmentOfCommerceMember 2025-08-22 2025-08-22 0000050863 intc:DepartmentOfCommerceMember 2025-08-27 0000050863 intc:DepartmentOfCommerceMember 2025-08-22 0000050863 2025-08-22 0000050863 2025-08-27 0000050863 intc:SharesInEscrowMember 2025-12-27 0000050863 intc:ErrorCorrectionClassificationOfGovernmentReceiptsMember 2025-09-27 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2024-12-29 2025-12-27 0000050863 intc:DepartmentOfCommerceMember 2024-12-29 2025-12-27 0000050863 2025-08-21 0000050863 us-gaap:PrivatePlacementMember 2025-09-15 2025-09-15 0000050863 us-gaap:PrivatePlacementMember 2025-09-15 0000050863 us-gaap:LandAndBuildingMember 2025-12-27 0000050863 us-gaap:LandAndBuildingMember 2024-12-28 0000050863 us-gaap:MachineryAndEquipmentMember 2025-12-27 0000050863 us-gaap:MachineryAndEquipmentMember 2024-12-28 0000050863 us-gaap:ConstructionInProgressMember 2025-12-27 0000050863 us-gaap:ConstructionInProgressMember 2024-12-28 0000050863 srt:MinimumMember us-gaap:MachineryAndEquipmentMember 2025-12-27 0000050863 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2023-01-01 0000050863 srt:MinimumMember us-gaap:BuildingMember 2025-12-27 0000050863 srt:MaximumMember us-gaap:BuildingMember 2025-12-27 0000050863 intc:ValueOfManufacturingAssetPortfolioMember 2024-12-29 2025-12-27 0000050863 intc:ValueOfManufacturingAssetPortfolioMember 2023-12-31 2024-12-28 0000050863 intc:A2025RestructuringPlanMember 2024-12-29 2025-12-27 0000050863 intc:A2024RestructuringPlanMember 2023-12-31 2024-12-28 0000050863 srt:MinimumMember 2025-12-27 0000050863 country:US 2025-12-27 0000050863 country:US 2024-12-28 0000050863 country:IE 2025-12-27 0000050863 country:IE 2024-12-28 0000050863 country:IL 2025-12-27 0000050863 country:IL 2024-12-28 0000050863 intc:OtherCountriesMember 2025-12-27 0000050863 intc:OtherCountriesMember 2024-12-28 0000050863 srt:MaximumMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantMember 2023-12-31 2024-12-28 0000050863 intc:CapitalRelatedGrantFederalNonCashRefundableAdvancedManufacturingInvestmentTaxCreditMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantFederalNonCashRefundableAdvancedManufacturingInvestmentTaxCreditMember 2023-12-31 2024-12-28 0000050863 intc:CapitalRelatedGrantMember 2025-12-27 0000050863 intc:CapitalRelatedGrantMember 2024-12-28 0000050863 intc:CapitalRelatedGrantMember 2023-01-01 2023-12-30 0000050863 intc:CapitalRelatedGrantCHIPSActMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantCHIPSActMember 2023-12-31 2024-12-28 0000050863 intc:CapitalRelatedGrantStateMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantStateMember 2023-12-31 2024-12-28 0000050863 intc:CapitalRelatedGrantForeignMember 2024-12-29 2025-12-27 0000050863 intc:CapitalRelatedGrantForeignMember 2023-12-31 2024-12-28 0000050863 intc:OperatingGrantMember 2024-12-29 2025-12-27 0000050863 intc:OperatingGrantMember 2023-12-31 2024-12-28 0000050863 intc:OperatingGrantMember 2023-01-01 2023-12-30 0000050863 srt:MaximumMember 2024-09-30 0000050863 srt:MaximumMember 2025-06-28 0000050863 intc:OperatingGrantMember 2025-12-27 0000050863 intc:OperatingGrantMember 2024-12-28 0000050863 intc:CapitalRelatedRefundableTaxCreditsMember 2025-12-27 0000050863 intc:CapitalRelatedRefundableTaxCreditsMember 2024-12-28 0000050863 intc:SharesInEscrowMember 2024-12-29 2025-12-27 0000050863 intc:SharesInEscrowMember 2023-12-31 2024-12-28 0000050863 intc:SharesInEscrowMember 2023-01-01 2023-12-30 0000050863 intc:AlteraMember 2025-09-12 2025-09-12 0000050863 intc:NANDMemoryBusinessMember 2024-12-29 2025-12-27 0000050863 intc:A2025RestructuringPlanMember 2025-12-27 0000050863 intc:A2024RestructuringPlanMember 2025-12-27 0000050863 intc:A2022RestructuringProgramMember 2025-12-27 0000050863 intc:A2024RestructuringPlanAndOtherActionsMember 2024-12-29 2025-12-27 0000050863 intc:A2025RestructuringPlanMember 2022-12-31 0000050863 intc:A2024RestructuringPlanMember 2022-12-31 0000050863 intc:A2022RestructuringProgramMember 2022-12-31 0000050863 intc:A2025RestructuringPlanMember 2023-01-01 2023-12-30 0000050863 intc:A2024RestructuringPlanMember 2023-01-01 2023-12-30 0000050863 intc:A2022RestructuringProgramMember 2023-01-01 2023-12-30 0000050863 intc:A2025RestructuringPlanMember 2023-12-30 0000050863 intc:A2024RestructuringPlanMember 2023-12-30 0000050863 intc:A2022RestructuringProgramMember 2023-12-30 0000050863 intc:A2025RestructuringPlanMember 2023-12-31 2024-12-28 0000050863 intc:A2022RestructuringProgramMember 2023-12-31 2024-12-28 0000050863 intc:A2025RestructuringPlanMember 2024-12-28 0000050863 intc:A2024RestructuringPlanMember 2024-12-28 0000050863 intc:A2022RestructuringProgramMember 2024-12-28 0000050863 intc:A2024RestructuringPlanMember 2024-12-29 2025-12-27 0000050863 intc:A2022RestructuringProgramMember 2024-12-29 2025-12-27 0000050863 intc:EcFineMember 2024-12-29 2025-12-27 0000050863 intc:R2SemiconductorPatentLitigationMember 2023-12-31 2024-12-28 0000050863 intc:VSLILitigationMember 2023-01-01 2023-12-30 0000050863 intc:TowerSemiconductorLtdMember 2023-01-01 2023-12-30 0000050863 intc:EcFineMember 2023-01-01 2023-12-30 0000050863 intc:A2024RestructuringPlanMember us-gaap:OtherNoncurrentAssetsMember 2023-12-31 2024-12-28 0000050863 country:CN 2024-12-29 2025-12-27 0000050863 us-gaap:ForeignTaxJurisdictionOtherMember 2024-12-29 2025-12-27 0000050863 country:US 2024-12-29 2025-12-27 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-12-28 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-12-30 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2022-12-31 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2024-12-29 2025-12-27 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-12-31 2024-12-28 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2023-01-01 2023-12-30 0000050863 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2025-12-27 0000050863 us-gaap:DomesticCountryMember 2025-12-27 0000050863 us-gaap:ForeignCountryMember 2025-12-27 0000050863 country:IL 2024-12-29 2025-12-27 0000050863 us-gaap:AvailableforsaleSecuritiesMember 2025-12-27 0000050863 us-gaap:AvailableforsaleSecuritiesMember 2024-12-28 0000050863 intc:SingleInvesteeMember 2024-12-29 2025-12-27 0000050863 intc:AlteraMember 2025-09-27 0000050863 intc:AlteraMember 2025-12-27 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2025-09-12 2025-09-12 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2025-09-13 2025-09-27 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember srt:ScenarioForecastMember 2025-09-13 2027-12-31 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2025-12-27 0000050863 intc:SilverLakePartnersMember 2025-12-27 0000050863 intc:AlteraMember 2025-09-12 0000050863 intc:AlteraMember 2025-09-12 2025-09-12 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2024-12-29 2025-12-27 0000050863 intc:NANDMemoryBusinessMember 2025-03-27 2025-03-27 0000050863 intc:MenteeRoboticsMember us-gaap:SubsequentEventMember 2026-01-05 2026-01-05 0000050863 intc:ClientComputingGroupMember 2024-12-28 0000050863 intc:ClientComputingGroupMember 2025-12-27 0000050863 intc:DatacenterAndAIMember 2024-12-28 0000050863 intc:DatacenterAndAIMember 2025-12-27 0000050863 intc:NetworkAndEdgeMember 2024-12-28 0000050863 intc:NetworkAndEdgeMember 2024-12-29 2025-12-27 0000050863 intc:NetworkAndEdgeMember 2025-12-27 0000050863 intc:MobileyeMember 2024-12-28 0000050863 intc:MobileyeMember 2024-12-29 2025-12-27 0000050863 intc:MobileyeMember 2025-12-27 0000050863 intc:AlteraMember 2024-12-28 0000050863 intc:AlteraMember 2024-12-29 2025-12-27 0000050863 intc:AlteraMember 2025-12-27 0000050863 us-gaap:AllOtherSegmentsMember 2024-12-28 0000050863 us-gaap:AllOtherSegmentsMember 2024-12-29 2025-12-27 0000050863 us-gaap:AllOtherSegmentsMember 2025-12-27 0000050863 intc:ClientComputingGroupMember 2023-12-30 0000050863 intc:DatacenterAndAIMember 2023-12-30 0000050863 intc:NetworkAndEdgeMember 2023-12-30 0000050863 intc:NetworkAndEdgeMember 2023-12-31 2024-12-28 0000050863 intc:IntelFoundryMember 2023-12-30 0000050863 intc:IntelFoundryMember 2023-12-31 2024-12-28 0000050863 intc:IntelFoundryMember 2024-12-28 0000050863 intc:MobileyeMember 2023-12-30 0000050863 intc:MobileyeMember 2023-12-31 2024-12-28 0000050863 intc:AlteraMember 2023-12-30 0000050863 intc:AlteraMember 2023-12-31 2024-12-28 0000050863 us-gaap:AllOtherSegmentsMember 2023-12-30 0000050863 us-gaap:AllOtherSegmentsMember 2023-12-31 2024-12-28 0000050863 intc:NetworkAndEdgeMember 2024-12-29 2025-03-29 0000050863 intc:ClientComputingGroupMember 2024-12-29 2025-03-29 0000050863 intc:DatacenterAndAIMember 2024-12-29 2025-03-29 0000050863 2024-06-30 2024-09-28 0000050863 us-gaap:MeasurementInputDiscountRateMember 2024-06-30 2024-09-28 0000050863 2023-12-31 2024-03-30 0000050863 intc:MobileyeMember 2025-12-27 0000050863 intc:ClientComputingGroupMember 2025-12-27 0000050863 intc:DatacenterAndAIMember 2025-12-27 0000050863 us-gaap:DevelopedTechnologyRightsMember 2025-12-27 0000050863 us-gaap:DevelopedTechnologyRightsMember 2024-12-28 0000050863 us-gaap:CustomerRelationshipsMember 2025-12-27 0000050863 us-gaap:CustomerRelationshipsMember 2024-12-28 0000050863 intc:LicensedTechnologyAndPatentsMember 2025-12-27 0000050863 intc:LicensedTechnologyAndPatentsMember 2024-12-28 0000050863 intc:LicensedTechnologyAndPatentsMember 2024-12-29 2025-12-27 0000050863 intc:LicensedTechnologyAndPatentsMember 2023-12-31 2024-12-28 0000050863 us-gaap:DevelopedTechnologyRightsMember 2024-12-29 2025-12-27 0000050863 us-gaap:DevelopedTechnologyRightsMember 2023-12-31 2024-12-28 0000050863 us-gaap:DevelopedTechnologyRightsMember 2023-01-01 2023-12-30 0000050863 us-gaap:CustomerRelationshipsMember 2024-12-29 2025-12-27 0000050863 us-gaap:CustomerRelationshipsMember 2023-12-31 2024-12-28 0000050863 us-gaap:CustomerRelationshipsMember 2023-01-01 2023-12-30 0000050863 intc:LicensedTechnologyAndPatentsMember 2023-01-01 2023-12-30 0000050863 us-gaap:CommercialPaperMember 2025-12-27 0000050863 intc:FixedRateSeniorNotes340DueMarch2025Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes340DueMarch2025Member 2024-12-28 0000050863 intc:DebtInstrumentSixteenMember 2025-12-27 0000050863 intc:DebtInstrumentSixteenMember 2024-12-28 0000050863 intc:FixedRateSeniorNotes4Point88PercentDueFebruary2026Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes4Point88PercentDueFebruary2026Member 2024-12-28 0000050863 intc:DebtInstrumentThirtyTwoMember 2025-12-27 0000050863 intc:DebtInstrumentThirtyTwoMember 2024-12-28 0000050863 intc:FixedRateSeniorNotes375DueMarch2027Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes375DueMarch2027Member 2024-12-28 0000050863 intc:DebtInstrumentFortyTwoMember 2025-12-27 0000050863 intc:DebtInstrumentFortyTwoMember 2024-12-28 0000050863 intc:FixedRateSeniorNotes375DueAugust2027Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes375DueAugust2027Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes4Point88PercentDueFebruary2028Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes4Point88PercentDueFebruary2028Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes160DueAugust2028Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes160DueAugust2028Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes4.00PercentDueAugust2029Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes4.00PercentDueAugust2029Member 2024-12-28 0000050863 intc:A2019SeniorNotesDueNovember2029At245Member 2025-12-27 0000050863 intc:A2019SeniorNotesDueNovember2029At245Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5Point13PercentDueFebruary2030Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5Point13PercentDueFebruary2030Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes390DueMarch2030Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes390DueMarch2030Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5.00PercentDueFebruary2031Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5.00PercentDueFebruary2031Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes200DueAugust2031Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes200DueAugust2031Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes415DueAugust2032Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes415DueAugust2032Member 2024-12-28 0000050863 intc:DebtInstrumentElevenMember 2025-12-27 0000050863 intc:DebtInstrumentElevenMember 2024-12-28 0000050863 intc:FixedRateSeniorNotes5Point20PercentDueFebruary2033Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5Point20PercentDueFebruary2033Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5.15PercentDueFebruary2034Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5.15PercentDueFebruary2034Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes460DueMarch2040Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes460DueMarch2040Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes280DueAugust2041Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes280DueAugust2041Member 2024-12-28 0000050863 intc:DebtInstrumentEightMember 2025-12-27 0000050863 intc:DebtInstrumentEightMember 2024-12-28 0000050863 intc:DebtInstrumentTwelveMember 2025-12-27 0000050863 intc:DebtInstrumentTwelveMember 2024-12-28 0000050863 intc:FixedRateSeniorNotes5Point63PercentDueFebruary2043Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5Point63PercentDueFebruary2043Member 2024-12-28 0000050863 intc:DebtInstrumentSeventeenMember 2025-12-27 0000050863 intc:DebtInstrumentSeventeenMember 2024-12-28 0000050863 intc:DebtInstrumentThirtyThreeMember 2025-12-27 0000050863 intc:DebtInstrumentThirtyThreeMember 2024-12-28 0000050863 intc:DebtInstrumentFortyThreeMember 2025-12-27 0000050863 intc:DebtInstrumentFortyThreeMember 2024-12-28 0000050863 intc:A6404.10SeniorNotesdueAugust2047Member 2025-12-27 0000050863 intc:A6404.10SeniorNotesdueAugust2047Member 2024-12-28 0000050863 intc:A2017SeniornotesdueDecember2047at3.73Member 2025-12-27 0000050863 intc:A2017SeniornotesdueDecember2047at3.73Member 2024-12-28 0000050863 intc:A2019SeniorNotesdueDecember2049at3.25Member 2025-12-27 0000050863 intc:A2019SeniorNotesdueDecember2049at3.25Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes475DueMarch2050Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes475DueMarch2050Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes305DueAugust2051Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes305DueAugust2051Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes490DueAugust2052Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes490DueAugust2052Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5Point70PercentDueFebruary2053Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5Point70PercentDueFebruary2053Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5.60PercentDueFebruary2054Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5.60PercentDueFebruary2054Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes310DueFebruary2060Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes310DueFebruary2060Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes495DueMarch2060Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes495DueMarch2060Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes320DueAugust2061Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes320DueAugust2061Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes505DueAugust2062Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes505DueAugust2062Member 2024-12-28 0000050863 intc:FixedRateSeniorNotes5Point90PercentDueFebruary2063Member 2025-12-27 0000050863 intc:FixedRateSeniorNotes5Point90PercentDueFebruary2063Member 2024-12-28 0000050863 intc:OregonAndArizonaBondsDue2035To2040Member 2025-12-27 0000050863 intc:OregonAndArizonaBondsDue2035To2040Member 2024-12-28 0000050863 intc:A500OregonAndArizonaBondsDueSeptember2042Member 2025-12-27 0000050863 intc:A500OregonAndArizonaBondsDueSeptember2042Member 2024-12-28 0000050863 intc:A4.00PercentOregonAndArizonaBondsDueJune2049Member 2025-12-27 0000050863 intc:A4.00PercentOregonAndArizonaBondsDueJune2049Member 2024-12-28 0000050863 intc:IndustrialAuthorityoftheCityofChandlerArizonaMember 2024-12-28 0000050863 intc:A500OregonAndArizonaBondsDueSeptember2052Member 2025-12-27 0000050863 intc:A500OregonAndArizonaBondsDueSeptember2052Member 2024-12-28 0000050863 us-gaap:InterestRateSwapMember us-gaap:ShortTermDebtMember 2025-12-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:ShortTermDebtMember 2024-12-28 0000050863 us-gaap:SeniorNotesMember 2024-12-29 2025-12-27 0000050863 us-gaap:SeniorNotesMember 2024-12-28 0000050863 us-gaap:SeniorNotesMember 2023-12-31 2024-12-28 0000050863 us-gaap:RevolvingCreditFacilityMember intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2024-12-29 2025-12-27 0000050863 us-gaap:RevolvingCreditFacilityMember intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2024-12-28 0000050863 us-gaap:RevolvingCreditFacilityMember intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2025-12-27 0000050863 us-gaap:RevolvingCreditFacilityMember intc:RevolvingCreditFacility5YearMember us-gaap:LineOfCreditMember 2023-12-31 2024-12-28 0000050863 us-gaap:RevolvingCreditFacilityMember intc:RevolvingCreditFacility5YearMember us-gaap:LineOfCreditMember 2023-12-30 0000050863 us-gaap:RevolvingCreditFacilityMember intc:RevolvingCreditFacility5YearMember us-gaap:LineOfCreditMember 2024-12-28 0000050863 us-gaap:RevolvingCreditFacilityMember intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2023-12-31 2024-12-28 0000050863 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2025-12-27 0000050863 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2024-12-28 0000050863 intc:OregonAndArizonaBondsDue2035To2040Member srt:MaximumMember 2025-12-27 0000050863 intc:IndustrialAuthorityoftheCityofChandlerArizonaMember 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember 2024-12-28 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember 2025-12-27 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:RepurchaseAgreementsMember us-gaap:CashEquivalentsMember 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2025-12-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2025-12-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2024-12-28 0000050863 us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:EquitySecuritiesMember 2025-12-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember 2024-12-28 0000050863 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2025-12-27 0000050863 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-12-28 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-12-31 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-12-31 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-01 2023-12-30 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-01-01 2023-12-30 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-12-30 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-30 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-30 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-30 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 2024-12-28 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 2024-12-28 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 2024-12-28 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-28 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-28 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-28 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-29 2025-12-27 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-29 2025-12-27 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-29 2025-12-27 0000050863 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-12-27 0000050863 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-12-27 0000050863 us-gaap:AccumulatedTranslationAdjustmentMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember 2025-12-27 0000050863 us-gaap:InterestRateContractMember 2024-12-28 0000050863 us-gaap:OtherContractMember 2025-12-27 0000050863 us-gaap:OtherContractMember 2024-12-28 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2025-12-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-12-27 0000050863 us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:EquityContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:EquityContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:EquityContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:EquityContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 intc:SharesInEscrowMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 intc:SharesInEscrowMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 intc:SharesInEscrowMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 intc:SharesInEscrowMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:OtherContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:OtherContractMember us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-12-27 0000050863 us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherAssetsMember 2025-12-27 0000050863 us-gaap:OtherLiabilitiesMember 2025-12-27 0000050863 us-gaap:OtherAssetsMember 2024-12-28 0000050863 us-gaap:OtherLiabilitiesMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember 2024-12-29 2025-12-27 0000050863 us-gaap:ForeignExchangeContractMember 2023-12-31 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember 2023-01-01 2023-12-30 0000050863 us-gaap:InterestRateContractMember 2024-12-29 2025-12-27 0000050863 us-gaap:InterestRateContractMember 2023-12-31 2024-12-28 0000050863 us-gaap:InterestRateContractMember 2023-01-01 2023-12-30 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2023-01-01 2023-12-30 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2023-12-31 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-12-29 2025-12-27 0000050863 us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-29 2025-12-27 0000050863 us-gaap:DesignatedAsHedgingInstrumentMember 2023-12-31 2024-12-28 0000050863 us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-30 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember 2025-12-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember 2024-12-28 0000050863 us-gaap:InterestRateSwapMember 2025-12-27 0000050863 us-gaap:InterestRateSwapMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2023-01-01 2023-12-30 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2023-12-31 2024-12-28 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2024-12-29 2025-12-27 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2023-12-31 2024-12-28 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2023-01-01 2023-12-30 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2023-01-01 2023-12-30 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2024-12-29 2025-12-27 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2023-12-31 2024-12-28 0000050863 us-gaap:NondesignatedMember 2024-12-29 2025-12-27 0000050863 us-gaap:NondesignatedMember 2023-12-31 2024-12-28 0000050863 us-gaap:NondesignatedMember 2023-01-01 2023-12-30 0000050863 country:US 2024-12-29 2025-12-27 0000050863 country:US 2023-12-31 2024-12-28 0000050863 country:US 2023-01-01 2023-12-30 0000050863 country:US us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2025-12-27 0000050863 country:US us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2024-12-28 0000050863 country:US us-gaap:DefinedBenefitPostretirementHealthCoverageMember us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-27 0000050863 country:US us-gaap:DefinedBenefitPostretirementHealthCoverageMember us-gaap:FixedIncomeSecuritiesMember 2025-12-27 0000050863 us-gaap:DefinedBenefitPostretirementHealthCoverageMember 2024-12-29 2025-12-27 0000050863 country:US 2025-12-27 0000050863 us-gaap:ForeignPlanMember 2025-12-27 0000050863 country:US 2024-12-28 0000050863 us-gaap:ForeignPlanMember 2024-12-28 0000050863 country:US us-gaap:PensionPlansDefinedBenefitMember 2024-12-29 2025-12-27 0000050863 country:US us-gaap:PensionPlansDefinedBenefitMember 2023-12-31 2024-12-28 0000050863 country:US us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-12-30 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-27 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember 2025-12-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember 2024-12-28 0000050863 us-gaap:PensionPlansDefinedBenefitMember 2025-12-27 0000050863 us-gaap:PensionPlansDefinedBenefitMember 2024-12-28 0000050863 intc:AssetsmeasuredatnetassetvalueMember 2025-12-27 0000050863 intc:AssetsmeasuredatnetassetvalueMember 2024-12-28 0000050863 us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember 2025-12-27 0000050863 us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMember 2024-12-28 0000050863 country:US us-gaap:FixedIncomeSecuritiesMember 2025-12-27 0000050863 country:US us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-27 0000050863 us-gaap:ForeignPlanMember us-gaap:FixedIncomeSecuritiesMember 2025-12-27 0000050863 us-gaap:ForeignPlanMember us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-27 0000050863 us-gaap:ForeignPlanMember us-gaap:HedgeFundsMember 2025-12-27 0000050863 us-gaap:ForeignPlanMember us-gaap:FixedIncomeSecuritiesMember 2024-12-28 0000050863 us-gaap:ForeignPlanMember us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2024-12-28 0000050863 us-gaap:ForeignPlanMember us-gaap:HedgeFundsMember 2024-12-28 0000050863 us-gaap:PensionPlansDefinedBenefitMember 2024-12-29 2025-12-27 0000050863 intc:EquityIncentivePlanOneMember 2025-12-27 0000050863 srt:MinimumMember intc:MarketBasedRestrictedStockUnitsMember 2025-12-27 0000050863 srt:MaximumMember intc:MarketBasedRestrictedStockUnitsMember 2025-12-27 0000050863 intc:MarketBasedRestrictedStockUnitsMember 2025-12-27 0000050863 us-gaap:RestrictedStockUnitsRSUMember 2024-12-29 2025-12-27 0000050863 us-gaap:RestrictedStockUnitsRSUMember 2023-12-31 2024-12-28 0000050863 us-gaap:RestrictedStockUnitsRSUMember 2023-01-01 2023-12-30 0000050863 intc:MarketBasedRestrictedStockUnitsMember 2024-12-29 2025-12-27 0000050863 intc:MarketBasedRestrictedStockUnitsMember 2023-12-31 2024-12-28 0000050863 intc:MarketBasedRestrictedStockUnitsMember 2023-01-01 2023-12-30 0000050863 us-gaap:RestrictedStockUnitsRSUMember 2024-12-28 0000050863 us-gaap:RestrictedStockUnitsRSUMember 2025-12-27 0000050863 intc:StockPurchasePlanMember 2024-12-29 2025-12-27 0000050863 intc:StockPurchasePlanMember 2025-12-27 0000050863 intc:StockPurchasePlanRIghtsMember 2024-12-29 2025-12-27 0000050863 intc:StockPurchasePlanRIghtsMember 2023-12-31 2024-12-28 0000050863 intc:StockPurchasePlanRIghtsMember 2023-01-01 2023-12-30 0000050863 intc:StockPurchasePlanRIghtsMember 2025-12-27 0000050863 us-gaap:AccruedLiabilitiesMember 2025-12-27 0000050863 us-gaap:AccruedLiabilitiesMember 2024-12-28 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember 2025-12-27 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember 2024-12-28 0000050863 srt:MaximumMember 2025-12-27 0000050863 us-gaap:CapitalAdditionsMember 2025-12-27 0000050863 us-gaap:CapitalAdditionsMember 2024-12-28 0000050863 intc:SemiconductorCoInvestmentProgramConstructionCostsMember 2025-12-27 0000050863 intc:VLSITechnologyLLCV.IntelMember 2025-12-27 0000050863 intc:EcFineMember 2025-12-27 0000050863 intc:EcFineMember 2009-06-28 2009-09-26 0000050863 intc:EcFineMember 2023-09-01 2023-09-30 0000050863 intc:EcFineMember 2025-12-01 2025-12-27 0000050863 intc:VLSITechnologyLLCV.IntelMember 2017-10-01 2017-10-31 0000050863 intc:VLSITechnologyLLCV.IntelMember 2024-04-01 2024-04-30 0000050863 intc:VLSITechnologyLLCV.IntelMember 2019-04-01 2019-04-30 0000050863 intc:VLSITechnologyLLCV.IntelMember intc:LiteralPatentInfringementMember 2021-02-01 2021-02-28 0000050863 intc:VLSITechnologyLLCV.IntelMember intc:DoctrineOfEquivalentsPatentInfringementMember 2021-02-01 2021-02-28 0000050863 intc:VLSITechnologyLLCV.IntelMember 2022-04-01 2022-04-30 0000050863 intc:VLSITechnologyLLCV.IntelMember 2021-04-01 2021-04-30 0000050863 intc:VLSITechnologyLLCV.IntelMember 2022-11-01 2022-11-30 0000050863 intc:ShenzenMember intc:VLSITechnologyLLCV.IntelMember 2019-05-01 2019-05-31 0000050863 intc:ShanghaiMember intc:VLSITechnologyLLCV.IntelMember 2019-05-01 2019-05-31 0000050863 intc:EireOgInnovationsVIBMEt.Al.Member 2025-04-01 2025-09-27 0000050863 intc:MediaContentProtectionVIntelMember 2020-09-01 2020-09-30 0000050863 intc:MediaContentProtectionVIntelMember srt:MinimumMember 2024-12-29 2025-12-27 0000050863 intc:MediaContentProtectionVIntelMember srt:MaximumMember 2024-12-29 2025-12-27

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  10-K
(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 27, 2025.
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                      .

Commission File Number: 000-06217

INTEL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware 94-1672743
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

2200 Mission College Boulevard, Santa Clara, California 95054-1549
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: ( 408 )  765-8080
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of each exchange on which registered
Common stock, $0.001 par value INTC Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes   ☑   No  ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No   ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☑   No  ☐
Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☑   No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer Accelerated Filer   Non-Accelerated Filer   Smaller Reporting Company   Emerging Growth Company  
☑ ☐ ☐ ☐ ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☑
The aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant as of June 27, 2025, based upon the closing price of the common stock as reported by the Nasdaq Global Select Market on such date, was $ 99.3 billion. 4,995 million shares of common stock were outstanding as of January 16, 2026.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's proxy statement related to its 2026 Annual Stockholders' Meeting to be filed subsequently are incorporated by reference into Part III of this Form 10-K. Except as expressly incorporated by reference, the registrant's proxy statement shall not be deemed to be part of this report.

Table of Contents
Organization of Our Form 10-K
The order and presentation of content in our Form 10-K differ from the traditional SEC Form 10-K format. Our format is designed to improve readability and better present how we organize and manage our business. See "Form 10-K Cross-Reference Index" within the Financial Statements and Supplemental Details for a cross-reference index to the traditional SEC Form 10-K format.
We have defined certain terms and abbreviations used throughout our Form 10-K in "Key Terms" within the Financial Statements and Supplemental Details.
The preparation of our Consolidated Financial Statements is in conformity with U.S. GAAP. Our Form 10-K includes Adjusted Free Cash Flow, a non-GAAP financial measure we use to evaluate the cash flow trends of our business. See "Liquidity and Capital Resources" within MD&A for a description of this measure, including why management uses it and why we believe it provides investors with useful supplemental information.

Page
Forward-Looking Statements
1

Availability of Company Information
2

Overview 3

Our Strategy 3

Our Business 6

Management's Discussion and Analysis

Operating Segment Results 21

Consolidated Results of Operations 25

Liquidity and Capital Resources 29

Properties 32

Quantitative and Qualitative Disclosures About Market Risk 33

Critical Accounting Estimates 34

Risk Factors
37

Other Key Information

Information About Our Executive Officers 52

Market for Our Common Stock 53

Stock Performance Graph 53

Issuer Purchases of Equity Securities 53

Rule 10b5-1 Trading Arrangements 54

Cybersecurity 54

Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 54

Financial Statements and Supplemental Details
Auditor's Reports 57

Consolidated Financial Statements 60

Notes to Consolidated Financial Statements
65

Key Terms 106

Controls and Procedures 109

Exhibits 110

Form 10-K Cross-Reference Index 116

Table of Contents

Forward-Looking Statements
This Form 10-K contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would" and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:
▪ our business plans and strategy and anticipated benefits therefrom;
▪ projections of our future financial performance, including future revenue, gross profits, capital expenditures and cash flows;
▪ projected costs and yield trends;
▪ future cash requirements, the availability, uses, sufficiency and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, and credit ratings expectations;
▪ future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity and metrics, and expectations regarding product and process competitiveness;
▪ internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;
▪ future production capacity and product supply;
▪ supply expectations, including regarding constraints, limitations, pricing, and industry shortages;
▪ plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology and IP offerings;
▪ expected timing and impact of acquisitions, divestitures and other significant transactions;
▪ expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;
▪ social and environmental performance goals, measures, strategies and results;
▪ our anticipated growth, future market share, customer demand and trends in our businesses and operations;
▪ projected growth and trends in markets relevant to our businesses;
▪ anticipated trends and impacts related to industry component, substrate and foundry capacity utilization, shortages and constraints;
▪ expectations regarding government funding, incentives, policies and priorities;
▪ technology trends and developments, including with respect to AI;
▪ macro environmental and economic conditions;
▪ geopolitical tensions and conflicts, including with respect to international trade policies in areas such as tariffs and export controls, and their potential impact on our business;
▪ tax- and accounting-related expectations;
▪ expectations regarding our relationships with certain sanctioned parties; and
▪ other characterizations of future events or circumstances.
Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:
▪ the high level of competition and rapid technological change in our industry;
▪ the significant, long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
▪ the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
▪ a potential pause or discontinuation of our pursuit of Intel 14A and other next generation leading-edge process technologies if we are unable to secure a significant external customer for Intel 14A;
▪ alternative financing arrangements and pursuit of government grants;
▪ the U.S. government's acquisition of significant equity interests in us;
▪ changes in product demand and margins;
▪ macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, tensions and conflict affecting Israel and the Middle East, rising tensions between mainland China and Taiwan and the impacts of Russia's war on Ukraine;
▪ recently elevated geopolitical tensions, volatility and uncertainty with respect to international trade policies, including tariffs and export controls, impacting our business, the markets in which we compete and the world economy;
▪ the evolving market for products with AI capabilities;

1

Table of Contents

▪ our complex global supply chain supporting our manufacturing facilities and incorporating external foundries, including from disruptions, delays, trade tensions and conflicts, or shortages;
▪ product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
▪ potential security vulnerabilities in our products;
▪ increasing and evolving cybersecurity threats and privacy risks;
▪ IP risks including related litigation and regulatory proceedings;
▪ the need to attract, retain and motivate key talent;
▪ strategic transactions and investments;
▪ sales-related risks, including customer concentration and the use of distributors and other third parties;
▪ our debt obligations and our ability to access sources of capital;
▪ complex and evolving laws and regulations across many jurisdictions;
▪ catastrophic events;
▪ fluctuations in currency exchange rates;
▪ changes in our effective tax rate and applicable tax regimes;
▪ environmental, health, safety and product regulations; and
▪ other risks and uncertainties described in this Form 10-K and in other documents we file from time to time with the SEC.
Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-K and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.
Unless specifically indicated otherwise, the forward-looking statements in this Form 10-K do not reflect the potential impact of any divestitures, mergers, acquisitions or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-K are based on management's expectations as of the date of this filing, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.
Note Regarding Third-Party Information
This Form 10-K includes market data and certain other statistical information and estimates that are based on reports and other publications from industry analysts, market research firms and other independent sources, as well as management's own good faith estimates and analyses. We believe these third-party reports to be reputable, but have not independently verified the underlying data sources, methodologies or assumptions. The reports and other publications referenced are generally available to the public and were not commissioned by us. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances reflected in this information.
Intel, Arc, Intel Core, FlexRAN, Gaudi, the Intel logo, Thunderbolt and the Thunderbolt logo, Intel vPro and Xeon are trademarks of Intel Corporation or its subsidiaries.

*    Other names and brands may be claimed as the property of others.

Availability of Company Information
We use our Investor Relations website, www.intc.com , as a routine channel for distribution of important, and often material, information about us, including our quarterly and annual earnings results and presentations; press releases; announcements; information about upcoming webcasts, analyst presentations and investor days; archives of these events; financial information; corporate governance practices; and corporate responsibility information. We also post our filings on this website the same day they are electronically filed with, or furnished to, the SEC, including our annual and quarterly reports on Forms 10-K and 10-Q and current reports on Form 8-K, our proxy statements, and any amendments to those reports. All such information is available free of charge. Our Investor Relations website allows interested persons to sign up to automatically receive e-mail alerts when we post financial information and issue press releases, and to receive information about upcoming events. We encourage interested persons to follow our Investor Relations website in addition to our filings with the SEC to timely receive information about the company.

2

Overview

We are a global designer and manufacturer of semiconductor products. The CPUs and other semiconductor solutions that we design, manufacture, market, sell and service are incorporated in computing and related end products and services, and utilized globally by consumers, enterprises, governments and educational organizations. Our customers primarily include OEMs, ODMs, CSPs, and other manufacturers and service providers, such as industrial and communication equipment manufacturers. We market and sell our products through a combination of direct sales through our global sales organization and indirect channels, including distributors, resellers, retailers and OEM partners.
As a U.S.-based integrated design manufacturer, or IDM, in addition to designing CPUs and other semiconductor products, we develop leading-edge semiconductor manufacturing process technologies, or nodes, and advanced packaging technologies and predominantly manufacture our semiconductor products at our manufacturing and assembly and test facilities, many of which are in the U.S. We are the only company undertaking research, design and development of leading-edge and next generation semiconductor manufacturing technologies and high-volume manufacturing of logic semiconductors utilizing leading-edge nodes in the U.S., making us a strategically important company from both a national economic and national security perspective. In addition to manufacturing our own products, we offer third-party foundry services to external customers and aim to establish this business as a leading external foundry.

Our Strategy

For more than 50 years, we have contributed to the advancement of computing technology that powers the digital world. Building on our legacy of innovation, we are focused on transforming our business to meet the demands of a rapidly evolving technology landscape. The pace of technological change, dynamic customer needs and intensifying competition continue to shape the semiconductor industry. A secure, resilient and balanced semiconductor supply chain has become increasingly important to maintaining continuity of operations for global enterprises, governments and consumers, while meeting global demand in an uncertain and rapidly changing world.
We aim to build a new Intel for the future, undertaking an enterprise-wide transformation to strengthen execution, enhance innovation and better position our products and offerings in the complex, highly competitive and rapidly evolving technology landscape. In 2025 and recent years, the semiconductor industry has experienced momentum driven by the following:
▪ significantly increased compute demand, particularly for GPU systems, driven by generative AI workloads;
▪ an expansion in the types of AI workloads as AI technologies are adopted across industries and applications;
▪ a PC market driven by user refreshes that resulted from expanding AI capabilities, end-of-support for Windows 10 and aging devices from the COVID era; and
▪ increased demand for secure and geographically diversified supply chains in a period of increased geopolitical tensions.
We expect these trends to continue in 2026 and future years, with continuing rapid adoption of AI technologies across an increasing number of industries and applications driving demand across a full spectrum of AI workloads, including generative AI, AI inference, agentic AI and physical AI, from traditional and AI data centers to network and enterprise environments and client and edge. We believe AI represents a generational shift in computing requiring a range of compute silicon, including GPUs, ASICs, CPUs and xPUs. Our multi-year strategy is designed to enable us to participate in the expanding market and increase in compute demand through our products and our foundry capabilities, including wafer manufacturing and advanced packaging. Our strategy is centered on four core priorities:
▪ Transforming our culture t o become an engineering-focused, customer-centric organization that prioritizes decisive actions, disciplined execution and strong financial management;
▪ Revitalizing the x86 ecosystem that for decades has been our foundation of leadership, adapting and advancing our x86 product offerings to support current and next-generation AI workloads, supported by our U.S.-based leading-edge semiconductor process technology R&D and manufacturing and advanced packaging capabilities;
▪ Growing our external foundry business where we aim to leverage our U.S.-based capabilities in leading-edge semiconductor process technology R&D and manufacturing and advanced packaging to become a trusted foundry partner to third-party semiconductor customers and to financially support our continued investment in capital-intensive, U.S.-based, leading-edge R&D and manufacturing; and
▪ Expanding our market opportunities by leveraging our engineering and design expertise to develop purpose-built ASICs and GPUs for customers to address the increasing diversity of AI-driven compute workloads.

Overview and Our Strategy 3

Our Priorities

Transforming Our Culture

We are undertaking an enterprise-wide cultural transformation aimed at reestablishing engineering excellence, developing a customer-centric mindset, prioritizing decisive action and disciplined execution and restoring strong financial management. In 2025, we simplified our organizational structure, reduced management layers and empowered technical teams to accelerate decision-making and innovation. These changes are intended to increase transparency and accountability, improve operational efficiency, reduce barriers to collaboration and product development and lower expenses.
We also implemented a disciplined financial approach to support our strategic priorities. We are better aligning capital investments with business objectives and customer demand signals, and we continued to monetize non-core assets. These actions are designed to shift us toward a more agile and focused operating model, improve resource allocation and support long-term value creation for customers, partners and stockholders. While our cultural transformation is ongoing, we believe these changes represent foundational steps to position us for sustained performance and competitiveness.

Revitalizing the x86 Ecosystem

Our x86 architecture and related CPU offerings have served as a foundational computing platform for over four decades, supporting a broad range of client and data center applications and enabling a heterogeneous environment from which a deep and extensive software ecosystem has developed. The widespread adoption of our x86 architecture and related CPU offerings and established software ecosystem continues to provide interoperability and performance across diverse workloads. We remain focused on adapting and advancing our x86 product portfolio to meet evolving market needs, including those driven by inference AI, agentic AI and physical AI. In 2025, we introduced new x86 solutions tailored to client and data center platforms, including our next generation client CPU code named Panther Lake, which is designed to combine improved power efficiency and performance to support next-generation AI-enabled workloads at the edge. We also announced a strategic partnership with NVIDIA to co-develop custom client and data center products combining our x86 CPU technologies with NVIDIA's AI and accelerated computing capabilities. The collaboration is intended to jointly develop multiple generations of products for hyperscale, enterprise and consumer markets based on the x86 architecture.
We pair our x86 CPUs with GPUs, IPUs, NPUs and other accelerators designed to optimize performance across a range of workloads. This heterogeneous approach enables us to deliver compute platforms that match the specific requirements of inference, training and orchestration tasks. In our Client Computing Group (CCG) business, we are enabling AI capabilities across PCs, workstations and edge devices, supported by deep ecosystem partnerships. In our Data Center and AI (DCAI) business, our full-stack AI strategy integrates x86 CPUs with accelerators and custom silicon to support scalable, reliable and cost-efficient infrastructure.
The competitiveness of our product offerings depend on access to manufacturing capacity on leading-edge nodes and advanced packaging. Throughout the history of the company, we have invested significant capital resources to continually develop new generations of leading-edge nodes and build manufacturing capacity to produce semiconductor logic chips utilizing such nodes. Our relentless pursuit to improve the performance, power efficiency and cost-effectiveness of the semiconductor manufacturing process has enabled us to reduce the cost of a semiconductor logic chip by shrinking its size or increasing its functionality and performance while maintaining cost competitiveness through higher transistor density. Our continued pursuit of such improvements is essential to our ability to continue to manufacture products that meet evolving customer requirements across computing segments, and we have made substantial progress in the last few years towards reestablishing the competitiveness of our manufacturing process technologies. In 2025, we released our initial Intel Core Ultra Series 3 processors, the first products to be manufactured using our new Intel 18A process technology. Intel 18A introduces two industry firsts in high-volume semiconductor manufacturing: gate-all-around transistors (RibbonFET) and backside power delivery (PowerVia). We expect Intel 18A to serve as the manufacturing process for multiple generations of our future client and server CPU products. We are also continuing development of Intel 14A, our next-generation node, which has been designed from inception as an offering to external customers. Intel 14A builds upon the architectural innovations of Intel 18A to deliver further improvements in performance per watt and density scaling.
We remain committed to advancing leading-edge semiconductor process technology and manufacturing in the U.S., where we are the only company conducting both leading-edge semiconductor logic R&D and related high-volume manufacturing. We intend to remain a leading developer of semiconductor process technology and a major manufacturer of semiconductors, and we plan to continue manufacturing the majority of our products in our own factories. This integrated approach helps enable us to optimize product performance, accelerate time-to-market and scale efficiently to meet customer demand. It also provides strategic control over manufacturing operations, supports differentiation in process technology capabilities and advanced packaging, provides increased supply resilience and reinforces our role as a U.S.-based provider of leading-edge semiconductor manufacturing. However, the development and manufacturing of modern leading-edge process technologies, particularly those utilizing EUV lithography such as Intel 4, Intel 3, Intel 18A, Intel 14A and future nodes, require substantial capital investment. These leading-edge process technologies are essential to deliver competitive products, but their cost structure requires manufacturing volumes beyond what we expect from our own products to achieve economic efficiency. In light of these considerations, in 2025, we streamlined our footprint to improve operational efficiency and better align capacity with anticipated demand. We initiated the consolidation of our Costa Rican assembly and test operations into our other facilities, which we expect to be completed by the end of 2026, slowed the pace of construction for our new Ohio wafer fabrication facility, or fab, and discontinued planned expansions in Germany (fab) and Poland (assembly and test facility). Further, we announced that if we are unable to secure a significant external foundry customer for Intel 14A, we may pause or discontinue our pursuit of Intel 14A and successor leading-edge process technologies. In such event, we would expect, over time, to shift manufacturing to third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and its derivative node, Intel 18A-P.

Our Strategy
4

Growing Our External Foundry Business

In recent years, the cost of developing leading-edge semiconductor process technologies and of the manufacturing facilities utilizing such process technologies has increased significantly and outpaced the growth in our products business. As a result, to improve the financial viability of our continued development of leading-edge semiconductor process technologies and the utilization of our manufacturing assets, a few years ago we started transitioning our semiconductor manufacturing business from one that has historically been designed to serve our internal product groups into a customer-centric foundry business designed to also serve third-party external semiconductor customers. Our foundry strategy was also designed to enable us to participate in the increasing demand for U.S.-based foundry capacity and a more secure, resilient and balanced semiconductor supply chain. Since that decision, demand for leading-edge foundry capacity has increased significantly to support the demand for compute, particularly from AI workloads, and we expect continued increases in such demand in future years. While we have few external customers to date, developing an external foundry business is a key long-term strategy for our business and one that we aim to have more success with as we move to more advanced nodes.
An external foundry business is built on the principle of trust. We recognize that delivering high-quality, reliable and high-yield manufacturing services is essential to earning and retaining external foundry customers. Our foundry offerings include four components: wafer fabrication, advanced packaging, chiplet integration and design enablement services. In 2025, we ramped Intel 18A into high-volume production and are seeking to establish it as our first significant node for government and enterprise foundry customers. We enhanced operational processes and quality systems to meet the rigorous standards expected in the foundry industry, and continued investing in ecosystem enablement to make our manufacturing network accessible to third-party external customers, including support for industry-standard EDA tools, process design kits and a broad portfolio of foundation IP that customers can utilize as a part of their designs. We are actively seeking customers for our future Intel 14A node, which is our first node designed from inception as an offering to external customers.

Expanding Our Market Opportunities

We aim to leverage our engineering and design expertise to develop purpose-built ASICs and GPUs for customers to address the expanding variety of AI-driven compute workloads. In 2025, we unified our horizontal engineering functions into a central engineering group to drive efficiencies across foundational IP development, test chip design, EDA tools and design platforms to help us deliver the combination of infrastructure and software needed for agentic AI workloads, which require integration across multiple models and compute types. With this new internal consolidation of capabilities, we also aim to develop an ASICs and design services business to deliver purpose-built silicon for a broad range of external customers. The goal is to both extend the reach of our core x86 IP and leverage our design strengths to deliver an array of solutions from general purpose to workload-optimized computing.
Inference AI, agentic AI and physical AI workloads are rapidly emerging areas that we expect may ultimately represent larger market opportunities than the generative AI workloads that have been the core area of AI technology growth over the last few years. We aim to partner with an array of incumbent and developing companies defining these emerging areas and position our x86 platform to be their platform of choice. We also aim to participate in these emerging areas through our continued development of our Xeon, AI PCs, Arc GPUs and our open software stack, as well as by developing successive generations of inference-optimized GPUs on a targeted annual cadence that feature enhanced memory and bandwidth to meet enterprise needs.
Finally, our strategy includes combining our IP and SoC development capabilities with our leading-edge manufacturing know-how to provide differentiated and full-service semiconductor solutions.

Our Strategy
5

  Our Business

We are a global leader in the design and manufacturing of CPUs and other semiconductor products. Our products are designed and marketed by our Intel Products business, which includes our CCG and DCAI operating segments, and are manufactured by our Intel Foundry operating segment and third-party suppliers. Our Intel Foundry operating segment also offers semiconductor design and manufacturing services to external customers. We leverage our talent, IP, manufacturing assets and other resources to run our business and execute our strategic priorities.

We report our business results in three reportable segments: CCG, DCAI and Intel Foundry. In addition to these reportable segments, we present an "all other" category, which is not a reportable segment. On September 12, 2025, we completed the divestiture of 51% of Altera. As of that date, Altera's results of operations were no longer included in our consolidated or segment results. Altera's financial results were reported within our "all other" category for all periods presented through September 11, 2025. There are no changes to our Consolidated Financial Statements or segment results for any prior periods resulting from the Altera transaction, which is further described below.
Intel Products
Intel Products consists substantially of the design, development, marketing, sale, support and servicing of CPUs and related products. Intel Products is composed of two operating segments: CCG and DCAI.

CCG
Overview
CCG delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experiences for consumer and commercial markets, with capabilities that also support retail, industrial robotics and AI ecosystems at the edge. Our direct customers include distributors and OEMs that design and sell PCs and related devices. Our platforms and processors are included in products sold to consumers and to commercial enterprises across industries such as education, healthcare, finance and government. We address demand for desktops, notebooks and emerging AI PCs, while expanding into edge computing markets through partnerships with solution providers and independent software vendors.
Market Trends
The PC market in 2025 was driven by a hardware refresh cycle, increased demand for and adoption of AI PCs and expanding PC adoption outside the U.S. End-of-support for Windows 10 and aging devices from the COVID era drove PC refresh activity, while the introduction of AI PC capabilities also contributed to higher demand. Individual users sought powerful, energy-efficient systems for productivity and entertainment, while enterprises modernized fleets to improve employee productivity and security. Additionally, educational institutions increased PC adoption, particularly in international markets. We believe AI integration will remain a key differentiator, and we are aiming to address these trends through our latest and future generations of Intel Core Ultra processors designed to enable advanced AI capabilities and high performance.
Competition
CCG's primary competitor is AMD, which like us designs processors based on the x86 architecture. Client CPUs utilizing the x86 architecture remain the foundational computing platform for the majority of PCs, enabling a heterogeneous environment from which a deep and extensive software ecosystem has developed. We also face significant competition from companies that design processors based on the ARM architecture, such as Apple with its M series products, Qualcomm with its Snapdragon products and MediaTek with its Kompanio products. We operate in a highly competitive market and expect this environment to further intensify in 2026.

DCAI
Overview
DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs, and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. Our direct customers include global CSP/hyperscalers and OEMs. Our OEM customers, in turn, sell to multinational corporations, small- and medium-sized enterprises, independent hardware and software vendors, systems integrators, communications service providers and government entities. Our DCAI offerings are designed to support key workloads such as AI, analytics and networking and edge computing through a combination of hardware and software offerings.

 
Our Business 6

Table of Contents

Market Trends
The data center market in 2025, consistent with the last few years, was driven by rapid growth in data generation and widespread adoption of AI across industries. AI workloads, spanning enterprise data centers to edge environments, have driven increased demand for power-efficient infrastructure and low-latency performance as automation continues to expand within business operations. Organizations sought scalable, secure and energy-efficient solutions to manage rising complexity and performance needs, prioritizing GPU systems offered by certain of our competitors to handle compute-heavy generative AI workloads, often at the expense of CPU investment. In addition, competition in the data center CPU market in which we compete remained intense. We believe system-level integration of hardware and software will continue to be essential, and we intend to address these trends through product development investments in heterogeneous compute, networking, memory technologies and open standards to enable capabilities such as AI to be deployed at scale.
Competition
DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems have experienced the highest demand in the market as AI workloads have become the dominant source of compute demand; companies developing their own custom silicon, including many hyperscalers such as Amazon, Google, Meta and Microsoft; and both new entrants and incumbents developing ARM- and RISC-V-based products tailored to specific data center and AI workloads. We also compete with Broadcom in the custom ASICs development market. We expect this competitive landscape to continue to evolve and to become increasingly intense.

Intel Foundry
Overview
Intel Foundry, comprised of technology development, manufacturing and foundry services, develops new leading-edge semiconductor process technologies and advanced packaging technologies and provides manufacturing, assembly and test and advanced packaging capacity and design enablement solutions across multiple nodes and platforms. We continue to innovate and advance leading-edge semiconductor process technology and manufacturing in the U.S., where we are the only company conducting both leading-edge logic R&D and high-volume manufacturing. We believe our foundry offerings benefit from our systems-of-chips capabilities, U.S.-based manufacturing leadership and global operational scale, supported by a robust design ecosystem. At present, nearly all of our Intel Foundry business supports internal manufacturing for Intel Products; however, we are offering our Intel Foundry services to external customers and aim to develop a more significant external foundry business in the future.
Market Trends
In 2025, the semiconductor foundry market was shaped by rapid growth in AI and high-performance computing workloads. These applications drove demand for higher computational performance and greater power efficiency, accelerating a shift in semiconductor designs from traditional monolithic chips to disaggregated architectures built on interconnected chiplets optimized for specific workloads and integrated through advanced packaging technologies to support increasingly complex systems. At the same time, customers and manufacturers are reconfiguring supply chains to enhance resiliency.
The capital intensity of leading-edge semiconductor manufacturing has increased significantly in recent years, particularly with advanced nodes utilizing EUV lithography, limiting competition to only a few manufacturers with sufficient scale. Historically, improvements in performance, power efficiency and cost-effectiveness were achieved primarily through transistor scaling to increase density. While scaling continues at advanced nodes, manufacturers now complement it with innovations such as advanced packaging, chiplet architectures and new transistor designs to deliver additional performance and efficiency gains. We believe we are one of three companies (the others being TSMC and Samsung) investing in 2nm lithography and next-generation transistor architectures to deliver continued improvements in performance and efficiency for semiconductor logic chips. Leading-edge foundries seek to amortize these investments over extended periods, initially seeking to maximize volume and pricing on leading-edge designs that benefit from the most performant transistors and later prioritizing ease of design and cost optimization as technologies mature. We intend to address these trends through continued investment in our leading-edge process technologies, packaging innovation and ecosystem partnerships to enable next-generation compute solutions.
Competition
Intel Foundry competitors include semiconductor foundries that deliver wafers and packaging technologies from fabrication plants located primarily in Asia. Our primary competitor in leading-edge semiconductor process technology is TSMC, which holds a leading position in manufacturing at scale for the most advanced nodes. We also compete directly with Samsung in this market. Other Intel Foundry competitors include GlobalFoundries, UMC and SMIC, which primarily focus on mature process technologies.

 
Our Business 7

Table of Contents

All Other
Our "all other" category includes the results of operations from non-reportable segments, start-up businesses that support our initiatives, and historical results of operations from divested businesses. A summary of the largest businesses within this category for 2025, 2024 and 2023 includes:
▪ Mobileye, a publicly-traded company and a global leader in driving assistance and self-driving solutions with a product portfolio designed to encompass the entire stack required for assisted and autonomous driving, including compute platforms, computer vision and machine learning-based perception, mapping and localization, driving policy and active sensors in development. As of December 27, 2025, we continued to consolidate Mobileye and held equity interests representing an 80% ownership interest in Mobileye;
▪ IMS, which specializes in developing and manufacturing multi-beam mask writing tools. As of December 27, 2025, we continued to consolidate IMS and held equity interests representing a 68% ownership interest in IMS; and
▪ Altera, which was previously a wholly-owned subsidiary, was deconsolidated from our Consolidated Financial Statements effective September 12, 2025 following the closing of our sale of 51 % of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our "all other" category through September 11, 2025. As of and after September 12, 2025, our retained non-marketable equity interest in Altera is accounted for as an equity method investment. See "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information.

Products

Our CPUs and other semiconductor offerings utilize our x86 architecture and are designed, marketed, sold and supported by our CCG and DCAI operating segments. Our products are incorporated into various computing form factors and address a variety of computing workloads, scaling from PC to data center, network, edge computing and AI applications.
We are intensely focused on maintaining and enhancing the competitiveness of our products, which is key to the long-term success of our business. Our objective with each new generation of products is to deliver improved user experiences and value through advances in performance, power efficiency, cost, connectivity, security, form factor and other features. We also endeavor to reduce design complexity, reuse IP and increase ecosystem collaboration to improve efficiency and accelerate innovation.
x86 Architecture and Ecosystem
Our x86 architecture remains foundational to our CCG and DCAI product portfolios, and we continue to enhance it to deliver performance, energy efficiency, compatibility and scalability across our client and data center offerings including those for PCs, edge devices, data centers and AI workloads. Developers and others have utilized our x86 architecture for decades to build and optimize a vast ecosystem of compatible software, tools and related applications that are used by consumers, enterprises, governments and educational institutions globally. Investments in x86 innovation, such as advanced microarchitectures, power optimizations and security features, help maintain x86 CPUs as a core component of heterogeneous computing environments and provide a strong base for emerging workloads, including AI-driven applications.
xPU and AI Accelerators
We believe the future of computing lies in complex systems utilizing a diverse mix of scalar, vector, matrix and spatial architectures deployed in CPUs, GPUs, NPUs, IPUs and accelerators, which we refer to generally as xPUs, supported by a scalable software stack and integrated through advanced packaging technologies. This approach is designed to address AI, analytics and high-performance workloads. In support of this approach, we are developing processors that incorporate multiple computing architectures, moving toward heterogeneous computing where x86 CPUs operate alongside specialized AI engines to support performance for inference, training and emerging agentic AI models.
Key Products
We derived most of our consolidated revenue in 2025, 2024 and 2023 from our CCG and DCAI product offerings.
CCG
The key product offerings of our CCG operating segment are as follows:
▪ Client CPUs. Our client CPUs are offered in a broad range of configurations to appeal to different consumer applications and price points. They are generally offered to customers in the form of a system-on-chip, or SoC, with the primary CPU compute chip combined with a controller and memory hub and GPU, NPU, IPU or other accelerator chips enabling additional capabilities. They are currently grouped broadly into two product families:
▪ Intel Core. Our Intel Core brands have been staples of the PC industry for nearly two decades. These products are designed to serve a broad cross-section of the customer and computing needs in the client market, including laptops, desktops and edge devices, at entry-level to mid-level price points. These products are manufactured on our Intel 7 process technology and represented almost half of our CCG product sales by revenue in 2025, with their percentage contribution expected to decrease significantly in 2026 as sales of Intel Core Ultra processors increase.

MD&A
8

Table of Contents

▪ Intel Core Ultra. Our Intel Core Ultra family is designed for higher performance to serve a wide variety of both PC and edge applications across consumer and commercial segments at higher-level price points.
▪ Series 1. The Intel Core Ultra Series 1 products, manufactured using our Intel 4 process, introduced the first AI PCs to the market in 2023.
▪ Series 2. Our first Intel Core Ultra Series 2 products, the 200V Series, were brought to market in 2024. The Intel Core Ultra 200V Series leverages our X e 2 GPU architecture, bringing improved efficiency, second-generation ray tracing units and XMX AI acceleration to the premium market for thin and light notebooks. In 2025, we introduced a desktop version of the Intel Core Ultra Series 2 for a wide variety of applications, from gaming to enterprise. Intel Core Ultra Series 2 features the first implementation of an NPU and Foveros advanced packaging technologies in desktop microprocessors. Manufacturing of our Intel Core Ultra Series 2 products is performed by Intel Foundry using our Intel 3 process technology or by an external foundry, depending on the version.
▪ Series 3. We released our initial Intel Core Ultra Series 3 processors, the first products to be manufactured using our new Intel 18A process technology, in late 2025. These new mobile processors offer further improved CPU, AI and graphics performance while maintaining power efficiency.
▪ Commercial CPUs. We offer chipsets and versions of our client CPUs, including our Intel vPro ® Platform, to commercial customers with additional hardware features enabled, enhanced firmware controls and an enterprise-grade software stack. In 2025, we introduced Intel vPro Fleet Services, a new remote manageability capability that provides increased resilience and automation, helping minimize downtime and enhance proactive control over PC fleets. In the commercial area, we are working with partners to enable new AI software capabilities on PCs in the enterprise environment.
▪ Discrete Client GPUs. Our Intel ® Arc™ graphics family is primarily designed for consumer and gaming PCs, offering modern GPU features to power immersive games, creator applications and AI workloads. In 2024, we launched the Intel Arc B-Series based on the latest X e 2 GPU architecture, delivering significantly improved performance and power efficiency over our Intel Arc A-Series.
▪ Edge Computing. We offer versions of our client CPUs, including both Intel Core and Intel Core Ultra processors, to customers for various edge computing applications across a range of industries, including manufacturing, healthcare, retail and education. In 2025, we introduced an open software platform, Open Edge, designed to make it easier for businesses to run AI and other applications at the edge and accelerate AI deployments within the x86 edge ecosystem.
▪ Connectivity. We offer wireless (Wi-Fi, Bluetooth) and wired (Thunderbolt, Ethernet) products for PCs and edge systems. In 2025, we launched our third-generation Wi-Fi 7 and Bluetooth 6 solutions and updated our Thunderbolt 5 solution for our latest platforms and accessories.
Our software portfolio supports the functionality and optimization of our hardware platforms across workloads and architectures. We provide support for AI frameworks such as PyTorch, TensorFlow, Hugging Face, vLLM, and WebNN for execution on CPUs, GPUs and accelerators.
DCAI
The key product offerings of our DCAI operating segment are as follows:
▪ Server CPUs. Intel’s data center business is anchored by the Intel ® Xeon ® series of processors, a family of x86-based server and network CPUs that for decades have provided foundational compute for data center, cloud, networking and intelligent edge deployments. The Intel Xeon installed base represents a significant portion of global server infrastructure, and this scale, combined with our broader portfolio of accelerators, networking solutions and software, positions Intel Xeon processors as a central category to enable AI and other data-intensive workloads from cloud to edge. In 2025, sales were distributed across four generations of Intel Xeon processors:
▪ Intel Xeon Scalable Processors. 3rd, 4th and 5th Gen Intel Xeon Scalable processors are manufactured using our Intel 7 process technology, represented a majority of DCAI product sales by revenue in 2025 and are expected to be a somewhat smaller majority of our DCAI product sales by revenue in 2026.
▪ 3rd Gen. The 3rd Gen Intel Xeon Scalable processors, introduced in 2021, incorporate enhanced security features such as Intel ® Software Guard Extensions (SGX) for confidential computing and Intel ® Crypto Acceleration for faster encryption.
▪ 4th Gen . The 4th Gen Intel Xeon Scalable processors, introduced in early 2023, incorporate a multi-die design connected using Embedded Multi-die Interconnect Bridge (EMIB) technology. These processors include numerous integrated workload-specific accelerators, including Intel ® Advanced Matrix Extensions (Intel ® AMX), significantly boosting performance for AI versus the prior generation. Compute Express Link (CXL), an open, industry-standard interconnect designed to extend memory and enable cache-coherent communication, was introduced with this generation along with DDR5 memory and PCIe Gen 5 for higher memory and I/O bandwidth.
▪ 5th Gen . The 5th Gen Intel Xeon Scalable processors, introduced in late 2023, utilize the same platform as the 4th Gen processors but provide improved overall performance and performance per watt with faster DDR5 memory, larger last-level cache, and faster chip-to-chip communication. This generation further extended the confidential computing capabilities versus prior generations with Intel ® Trust Domain Extensions (Intel ® TDX) support for hardware-isolated virtual machines.

 
Our Business
9

Table of Contents

▪ Intel Xeon 6. Introduced in 2024 with higher core counts, these latest generation processors are designed to excel in both performance and efficiency to meet the evolving demands of modern data centers. In 2025, we expanded the family with additional processors and platforms optimized for AI, networking and general-purpose data center workloads, broadening performance, efficiency and deployment options across enterprise, telecommunications and cloud use cases. The Intel Xeon 6 family features two distinct microarchitectures:
▪ Performance-cores (P-cores) for compute-intensive, workloads such as AI and HPC; and
▪ Efficient-cores (E-cores) for high-density compute and scale-out workloads such as microservices and cloud-native applications.
With an innovative modular x86 architecture, the compute die for Intel Xeon 6 series processors are manufactured using our Intel 3 process technology while the I/O dies are manufactured on our Intel 7 process technology and connected in a single package utilizing EMIB technology. Intel Xeon 6 improves memory throughput with the fastest DDR5 memory available, including Multiplexed Rank DIMM (MRDIMM) support. To address key market requirements for AI compute and data protection, Intel Xeon 6 processors incorporate differentiated features such as Intel AMX for AI, Intel ® QuickAssist Technology (Intel ® QAT) for cryptography and compression offload, and Intel TDX for hardware-based security. Intel Xeon 6 is available in multiple series (6300, 6500, 6700, 6900) supporting a range of workloads designed to enable data center architects to optimize infrastructure for private, public and hybrid clouds.
▪ Discrete GPUs: In 2025, as part of our revised AI strategy to develop successive generations of inference-optimized GPUs on a targeted annual cadence featuring enhanced bandwidth and memory to meet enterprise needs, we announced our development of Crescent Island, our first GPU to be built on the advanced Xe3P architecture. Crescent Island is being engineered specifically for data center environments, with a strong emphasis on low power consumption, high throughput and optimized performance for AI inference workloads. Our aim is for it to be a significant step forward in delivering efficient, scalable AI solutions for modern data center needs.
We are also continuing to develop our next-generation GPU architecture, Jaguar Shores, which is designed to further enhance AI workload capabilities. With Jaguar Shores, we will aim to provide customers with greater flexibility and scalability for demanding AI applications.
▪ Networking: Our core networking portfolio centers on Ethernet controllers and network adapters that deliver connectivity for servers, storage, network appliances in cloud, enterprise IT and telecom data centers. An Ethernet controller’s primary function is to manage network connectivity. It handles sending and receiving data packets over wired networks, offloads network processing tasks from the CPU, and is responsible for efficient, low-latency communication between devices. Our Ethernet products complement our Intel Xeon processors - the processors run the workloads, and the Ethernet controller moves the data efficiently across networks. Our Ethernet product lines, including Intel Ethernet Controllers & Network Adapters of E800 series and E600 series, support advanced features like RDMA, precision timing, hardware-based security and programmable packet processing for Network Functions Virtualization, storage, HPC and AI workloads. Additionally, our infrastructure processing units (IPUs) provide programmable networking capabilities, reducing CPU overhead and improving overall system efficiency. The IPUs are manufactured at an external foundry, on process nodes that vary by product. Alongside hardware, we provide software frameworks that are designed to integrate tightly with our networking silicon to improve throughput, latency and scalability. We continue to drive the transformation from fixed-function networks onto Intel Xeon processors coupled with our FlexCore and FlexRAN™ software. Our software-based cloud RAN Platform is designed to allow operators to deploy the fastest cloud-native 5G infrastructure quickly and efficiently to meet the needs of their end customers.
Our software portfolio is a key differentiator for our DCAI business, enabling customers to unlock the full potential of our platforms across cloud, edge, and enterprise deployments. In 2025, we accelerated delivery of data center software and developer tools, focusing on AI, HPC, and platform optimization. In addition, we expanded support for leading AI frameworks—including PyTorch, TensorFlow, Hugging Face, and vLLM—optimized for our server CPUs, GPUs and accelerators.
Disaggregated Architecture and Supply Chain
We have adopted a disaggregated design architecture for most of our newer and higher-end products, including all of our current Intel Core Ultra products and server CPUs, as well as a number of our future products, in which a number of chips, or tiles, are integrated into a single product using advanced packaging technologies. This approach provides flexibility in design where each tile can be manufactured utilizing the most appropriate semiconductor manufacturing process technology based on performance, cost and other considerations. It also allows for the use of smaller tiles, which increases yield in the manufacturing process, and more flexibility in the mixing of tiles to provide a wider range of products tailored to customer needs. This approach, however, introduces new areas of complexity in design and manufacturability, particularly in the deployment of advanced packaging technologies, and increases costs as compared to the monolithic architectures using a single primary tile. In addition, a disaggregated approach often requires advanced substrates and other materials that can create additional manufacturing challenges when supply is constrained, as is the situation currently.
Our product offerings are predominantly manufactured in our own facilities, located in the U.S. and internationally, using our proprietary process technologies. In recent years, however, we have also strategically utilized third-party foundry manufacturing capacity, including at one of our key foundry competitors, TSMC, for various tiles or an entire product where advantageous for cost, performance, schedule or other considerations. This approach provides flexibility and scale, including in recent years the ability to offer products at the most performant end of the spectrum where comparable internal process technologies were not yet available. We expect to continue to use TSMC and other third-party foundry suppliers for various key tiles in a number of current and future products.

 
Our Business
10

Table of Contents

 
Foundry

We manufacture the majority of our CCG and DCAI semiconductor products internally and market semiconductor manufacturing offerings to external customers through our Intel Foundry business, which is comprised of our technology development, manufacturing and foundry services groups. We are one of only a few companies in the world with the process technology and manufacturing capabilities required to produce leading-edge semiconductor logic chips, and we are the only company that conducts both leading-edge logic semiconductor process technology R&D and manufacturing in the U.S.
The manufacture of semiconductor products has two primary steps:
▪ wafer fabrication, which takes place in the clean rooms of our fabs, whereby a semiconductor chip design is implemented in silicon wafers using the process technology node for which a chip has been designed and the fab has been equipped to implement. Intel Foundry’s process technologies are differentiated from one another and the process technologies of competing foundries based upon the characteristics of the node, including performance, power efficiency, and cost-effectiveness, and generally improve with each successive node. Each process technology node is developed, tested, ramped to high-volume production and continuously optimized; and
▪ packaging, assembly and test, which typically takes place in other dedicated facilities, whereby the individual semiconductor chips, or die, are separated from the silicon wafer, assembled with any other die needed to complete the product or system, and packaged into a product for customers, with testing at multiple steps in the process. With the increased industry use of disaggregated design architectures utilizing interconnected chiplets optimized for specific workloads, we have developed a variety of advanced packaging techniques that we implement in some of our facilities to enable increasingly complex systems.
Nearly all of our foundry manufacturing capacity is dedicated to manufacturing our CCG and DCAI semiconductor products. However, one of our core strategic priorities is to leverage our U.S.-based capabilities in leading-edge semiconductor process technology development and manufacturing and advanced packaging to become a trusted foundry partner to third-party semiconductor customers. Potential customers include traditional fabless semiconductor companies in the computing, smartphone, cloud services, automotive, communications, aerospace and defense markets, as well as hyperscalers and the U.S. government. Our foundry offerings provide these external organizations with the ability to design and manufacture their semiconductor products using our process technologies and related packaging, assembly and test services, and also enable customers to utilize our advanced packaging services for wafers produced by other foundries. In 2024, we announced a strategic collaboration with UMC to develop a 12 nm process platform that expands our mature‑node process portfolio and strengthens our U.S.-based manufacturing foundry capabilities, with production expected to begin in 2027.
Semiconductor manufacturing of leading-edge semiconductors is highly capital intensive, particularly the R&D for next generation nodes and the node development, testing and ramping to high-volume production, as well as building the manufacturing facilities needed for high-volume production, including both the facility shells and the advanced production tools. Investments are required years in advance of a return, and achieving favorable returns generally requires that a node be continually optimized over a long lifespan. Our external foundry strategy is driven by a need for additional volume for leading-edge node development and manufacturing capacity from customers seeking leading-edge capacity, beyond that of our products group, as well as a need for external customers for established node manufacturing capacity to extend the lifespan of such capacity as our product groups move to more advanced nodes.
Process Technology
Our technology development group, with its R&D, fabs and other manufacturing facilities in Oregon, designs and develops each new process technology node from conception to high-volume production and supports the gradual transition of high-volume production to one of our other high-volume manufacturing sites. The continued development of leading-edge nodes that are competitive with the offerings of other foundries requires significant ongoing capital investment as we pursue incremental improvements and refinements of existing transistor and layout designs and manufacturing technologies, such as EUV lithography, while also pursuing new transistor and layout designs, such as gate-all-around and backside power in our Intel 18A process node and new manufacturing technologies, such as high-NA EUV lithography for use in the development of our Intel 14A process node. Where we historically moved quickly from node to node and did not make significant changes to nodes once they were in high-volume production, with the significantly higher capital intensity of semiconductor manufacturing in recent years and intense competitive environment, we have shifted our approach and now aim to extend the lifespan of each node and continuously improve yields of products being manufactured on each node through continued development and optimization. Through such continuous improvements, finding additional uses of older nodes for our products (including through our disaggregated architecture approach), and seeking external customers for older nodes through our external foundry strategy, we aim to extend the utilization of our manufacturing asset base.
Our leading-edge process technology, which we use to manufacture our CCG and DCAI product offerings and also offer to external customers, is an important tenet of our strategy. Our principal current and planned future nodes consist of the following:
▪ Intel 7, which first went into high-volume manufacturing in 2017 and has undergone a number of enhancements over its lifespan, continues in production for our 13th and 14th Gen Intel Core processors. Intel 7 was utilized for the majority of our internal processor production and products by revenue in 2025 and is expected to continue to be utilized for almost half of our internal processor production and products by revenue in 2026.

 
Our Business
11

Table of Contents

▪ Intel 4 , our first process node incorporating EUV lithography, first went into high-volume manufacturing in 2023 and delivered significant scaling improvements over Intel 7. Intel 4 is utilized for our internal production of Intel Core Ultra Series 1 processors and represented a modest portion of our internal processor production and products by revenue in 2025, with its percentage contribution expected to decrease in 2026 as sales of processors using more advanced process technologies increase.
▪ Intel 3 , a derivative node of Intel 4 that delivers enhanced performance over Intel 4, first went into high-volume manufacturing in 2024. Intel Xeon 6 Scalable server processor offerings are manufactured using this node. This node represented a modest portion of our internal processor production and products by revenue in 2025, with its percentage contribution expected to increase in 2026.
▪ Intel 18A, currently our most advanced leading-edge node, first went into high-volume manufacturing in late 2025 and delivers significant improvements in performance per watt and density scaling over Intel 3. Intel 18A introduced two breakthrough technologies: RibbonFET and PowerVia. RibbonFET, our implementation of a gate-all-around transistor, is designed to deliver faster transistor switching speeds while achieving the same drive current as multiple fins of prior finFET transistor architectures, but in a smaller footprint. PowerVia is our unique industry-first implementation of backside power delivery that is designed to optimize signal transmission by eliminating the need for power routing on the front side of the wafer. Intel 18A is utilized for our first Intel Core Ultra Series 3 processor, the latest generation of our Intel Core Ultra processor family, and is expected to represent an increasing portion of our processor production and products by revenue in 2026 and subsequent years. We expect Intel 18A and its derivative nodes, notably Intel 18A-P, to be the key manufacturing process technology for multiple generations of our future client and server CPU products. We are seeking to establish Intel 18A as our first significant foundry node for government and commercial customers.
▪ Intel 14A , our next-generation leading-edge node, is being designed to potentially incorporate an industry-first use of high-NA EUV lithography in high-volume semiconductor logic manufacturing. The new node is in active development, builds on the architectural innovations of Intel 18A and is designed to deliver further improvements in performance-per-watt and density scaling improvements over Intel 18A. We are actively seeking customers for Intel 14A, which is our first node designed from inception for offering to external customers. However, the development and manufacturing of next-generation leading-edge nodes like Intel 14A is highly capital intensive and their cost structure requires wafer volumes beyond what we expect from our own products to achieve economic efficiency. As such, in 2025 we announced that if we are unable to secure a significant external foundry customer for Intel 14A, we may pause or discontinue our pursuit of next generation leading-edge process technologies. We continue to evaluate Intel 14A for use in future Intel products and our plan includes an initial product designed to utilize Intel 14A, though we are maintaining the option to utilize an external foundry for future Intel products requiring nodes with performance beyond Intel 18A and Intel 18A-P.
Packaging Technology
Our semiconductor packaging technologies represent another key to our strategy. Many of our internal products, as well as the most advanced products of potential external Intel Foundry customers, utilize disaggregated architectures that integrate multiple die, or tiles, into a single product through leading‑edge packaging. EMIB, which entered high‑volume manufacturing in 2017, supports high‑density 2.5D integration, and we introduced EMIB‑T in 2025, with adoption expected to scale beginning in 2026. EMIB‑T enhances the original EMIB technology by providing improved power delivery and bandwidth scalability to support larger package formats and next‑generation memory. We continued to invest in Foveros, our three‑dimensional die‑stacking technology first introduced in 2019, which has expanded to include Foveros‑B and Foveros‑R, both targeted for high‑volume manufacturing in 2027, as well as Foveros‑S for high‑speed I/O disaggregation. These Foveros variants aim to increase interconnect flexibility, cost efficiency, and integration density compared with earlier implementations. We also continued development of Foveros Direct, announced in 2025, with hybrid‑bonding support planned on our Intel 18A‑PT process in 2028, aimed at enabling higher interconnect density and lower energy usage.
Manufacturing
We operate a number of fabs and assembly and test facilities that support high-volume production of advanced logic chips. Once a new process technology is developed and achieves high-volume production at our Oregon R&D facilities and fabs, we generally add high-volume manufacturing at one or more of our other production fabs. Over time, we reallocate space and equipment in Oregon to our next generation process technologies. We are committed to initiating improvements in the utilization of our asset base. Recently, in addition to our Oregon location performing R&D on our latest and next generation process nodes, we are utilizing our Oregon fab assets to perform high volume manufacturing. Relatedly, fab locations that historically performed high-volume manufacturing exclusively are now also focused on an annual cadence of R&D-driven performance and cost improvements as we strive to meaningfully increase the useful life of existing nodes in production. In 2025, our key production fabs were in Oregon (ramping Intel 18A), Arizona (Intel 7 and ramping Intel 18A), Ireland (Intel 4 and Intel 3) and Israel (Intel 7). Finished wafers from our production fabs are then sent to our assembly and test facilities where the individual die are packaged and the finished semiconductor is tested. In 2025, our key assembly and test facilities were in China, New Mexico, Vietnam and Malaysia, with New Mexico being our key advanced packaging facility and a new advanced packaging facility being built in Malaysia. Maintaining reliable production capacity across these facilities is critical to meeting customer demand.

 
Our Business
12

Table of Contents

Semiconductor manufacturing is a capital-intensive industry. From 2021 through 2024, we made substantial investments across three categories: technology development, manufacturing facility shells and advanced production tools. These investments were made to accelerate the development of our most advanced process technologies as we aimed to catch up with our leading manufacturing competitor on process technology, establish “shell ahead” capacity for anticipated future market demand and adopt EUV lithography for our leading-edge nodes. In 2025, we transitioned to a more disciplined capital deployment strategy, better aligning new investments and key project milestones with market demand. This shift reflects our focus on balancing innovation and capacity growth with operational and financial efficiency. As part of this approach, in 2025 we initiated the consolidation of our Costa Rican assembly and test operations into larger existing sites in Vietnam and Malaysia, which we expect to be completed by the end of 2026, slowed the pace of construction for our new Ohio fab and discontinued planned expansions in Germany (fab) and Poland (assembly and test) to better align capital spending with market demand. These actions reflect our focus on deploying capital in coordination with tangible milestones and scaling capacity as needed.
Supply Chain
Our development of new process technologies and our manufacturing operations rely on a global supply chain encompassing thousands of suppliers worldwide. We source various critical semiconductor development and manufacturing tools and materials, including rare earth elements, minerals and metals, from multiple suppliers. In some cases, however, we are reliant upon sole-source providers, such as with the EUV lithography tools manufactured by ASML that are required for leading-edge process technologies, or providers that are substantially concentrated in a single country, such as with certain rare earth minerals critical to the functioning of a range of technology products and processes where China is the primary source of global supply. We seek to maintain close relationships with key suppliers to address capacity constraints, quality issues and potential supply chain risks, and actively monitor global supply conditions, diversify sourcing and reduce geographic dependencies where possible. Nevertheless, the semiconductor supply chain remains subject to volatility, including potential shortages of raw materials, extended lead times and price fluctuations. Additionally, trade disputes, geopolitical tensions, economic conditions and other events may further impact availability and cost. We continue to work with suppliers and governments to strengthen supply chain resilience and support a geographically balanced semiconductor ecosystem.

 
Sales and Marketing

Our sales and marketing efforts primarily focus on our CCG and DCAI CPU and related semiconductor solutions, which are incorporated into computing and related end products and services used globally by consumers, enterprises, governments and educational organizations. Accordingly, this discussion centers on this significant portion of our business.
Customers
We design, market, sell and service CPUs and other semiconductor solutions substantially through our Intel Products business that are manufactured by our Intel Foundry business and other suppliers and are incorporated in computing and related end products and services, and utilized globally by consumers, enterprises, governments and educational organizations. We sell our products primarily to OEMs, ODMs and CSPs. ODMs provide design and manufacturing services to branded and unbranded private-label resellers. In addition, our customers include other manufacturers and service providers, such as industrial and communication equipment manufacturers and CSPs who buy our products through distributor, reseller, retail and OEM channels throughout the world. For information on customers who accounted for greater than 10% of our consolidated net revenue, see "Note 3: Operating Segments" within Notes to Consolidated Financial Statements.
Our worldwide reseller sales channel consists of thousands of indirect customers—systems builders that purchase Intel processors and other products from our distributors. Certain of our microprocessors and other products are also available in direct retail outlets.
Sales Arrangements
Our products are sold through distribution channels throughout the world. Sales of our products are frequently made via purchase order acknowledgments that contain standard terms and conditions covering matters such as pricing, payment terms and warranties, as well as indemnities for issues specific to our products, such as patent and copyright indemnities. Because our customers generally order from us on a purchase order basis, they can typically cancel, change or delay product purchase commitments with little or no notice to us and without penalty. From time to time, we may enter into additional agreements with customers covering, for example, changes from our standard terms and conditions, new product development, long term supply arrangements and marketing and private-label branding. Our sales are routinely made using electronic and web-based processes that allow customers to review inventory availability and track the progress of specific goods ordered. Pricing on particular products may vary based on volumes ordered and other factors. We also offer discounts, rebates and other incentives to customers to increase acceptance of our products and technology.
In accordance with contract terms, the revenue for combined performance obligations and standalone product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed-upon shipping terms. Our standard terms and conditions of sale typically provide that payment is due at a later date, usually 30 days after shipment or delivery. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit or credit insurance. Credit losses may still be incurred due to bankruptcy, fraud or other failure of the customer to pay.

 
Our Business
13

Table of Contents

Distribution
Distributors typically handle a wide variety of products, including those that compete with our products, and fill orders for many customers. Customers may place orders directly with us or through distributors. We have several distribution warehouses that are located in proximity to key customers.
Seasonal Trends
Historically, our net revenue has typically been higher in the second half of the year than in the first half of the year, accelerating in the third quarter and peaking in the fourth quarter. In 2025, this trend was disrupted by our Q3 2025 divestiture of Altera (see "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information). Net revenue seasonality in 2024 and 2023 was directionally consistent with the historical trend.
Marketing
Our global marketing objectives are to strengthen our leadership as a trusted, innovative technology partner by building a bold, differentiated and well-known corporate brand that drives preferences across businesses and consumers. The Intel Core Ultra, Intel Core and Intel Xeon processor families remain our flagship CPU brands.
In 2025, we focused on accelerating brand awareness and demand generation through our own direct marketing and co-marketing programs with partners. Our direct marketing activities primarily include advertising through digital and social media, as well as consumer and trade events, industry and consumer communications and public relations. We market to consumer and commercial audiences. Our key messaging reinforces the Intel brand pillars of exceptionally engineered, collaboratively innovative and responsibly built.
Certain customers participate in cooperative advertising and marketing programs. These cooperative advertising and marketing programs broaden the reach of our brands beyond the scope of our own direct marketing. Certain customers are licensed to place Intel ® logos on computing devices containing our microprocessors and processor technologies and to use our brands in their marketing activities. The program partially reimburses customers for marketing activities for products featuring Intel brands, subject to customers meeting defined criteria. These marketing activities primarily include advertising through digital and social media and television, as well as press relations and at customer and trade events.

 
R&D and IP

Research and Development
R&D investment is essential to our strategic initiatives, including advancing our technology roadmap, delivering leadership products and developing next-generation process technologies. R&D expenses were $13.8 billion in 2025, $16.5 billion in 2024 and $16.0 billion in 2023. In 2025, our R&D investments focused on AI integration, heterogeneous computing architectures and next-generation process technologies, including Intel 18A and Intel 14A. We prioritized efficiency through IP reuse, advanced packaging and software-first co-design. Ecosystem partnerships and automation, including AI-driven design tools, supported innovation. We seek to protect our R&D efforts through IP rights and may, from time to time, augment these initiatives through acquisitions, strategic investments, R&D agreements and the direct purchase or licensing of technology.
Intellectual Property
We own and develop significant IP and related IP rights around the world that support our products, services, R&D and other activities and assets. Our IP portfolio includes patents, copyrights, trade secrets, trademarks, mask works and other rights. We actively seek to protect our global IP rights and deter unauthorized use of our IP and other assets.
We have obtained patents in the U.S. and other countries. Because of the fast pace of innovation and product development, our products are often obsolete before the patents related to them expire, and in some cases our products may be obsolete before the patents are granted. As we expand our product offerings, particularly around our foundry business, we also seek to extend our patent development efforts. In addition to developing patents based on our own R&D efforts, we may purchase or license patents from third parties.
The software that we distribute, including software embedded in our products, is entitled to copyright and other IP protection. To distinguish our products from our competitors' products, we have obtained trademarks and trade names for our products, and we maintain cooperative advertising programs with customers to promote our brands and to identify products containing genuine Intel components. We also protect details about our processes, products and strategies as trade secrets, keeping confidential the information that we believe provides us with a competitive advantage.
Efforts to protect our IP can be difficult, particularly in countries that provide less protection to IP rights and in the absence of harmonized international IP standards. Competitors and others may already have IP rights covering similar products. There is no assurance that we will be able to obtain IP rights covering our own products or that we will be able to obtain IP licenses from other companies on favorable terms or at all. For a discussion of IP-related risks, see "Risk Factors" within Risk Factors. While our IP rights are important to our success, our business as a whole is not significantly dependent on any single patent, copyright or other IP right.

 
Our Business
14

Table of Contents

 
People

Our people are fundamental to our success. Delivering on our strategy and growth ambitions requires attracting, developing and retaining top talent across the world. We strive to create an inclusive workplace where the world's best engineers and technologists can fulfill their dreams and create technology that delights our customers, delivers value for our stockholders and improves the life of every person on the planet. We invest in our highly skilled workforce, which was comprised of 85,100 1 people as of December 27, 2025, by creating practices, programs and benefits that support the rapidly changing world of work and our employees' needs.
Cultural Transformation
In 2025, we initiated a company-wide cultural transformation designed to enhance agility, accountability and technical focus across our product and operational teams. As part of this effort, we streamlined organizational structures by reducing management layers and simplifying decision-making processes. These changes were implemented to accelerate execution, foster a more responsive workforce and improve alignment with strategic priorities. We placed increased emphasis on technical excellence, disciplined execution and customer impact, reinforcing a culture that prioritizes speed, clarity and innovation. These initiatives are an important element of our strategy and are intended to support long-term competitiveness and operational efficiency as we advance our product and process technology roadmaps and deliver differentiated computing solutions. As part of this transformation, we also evolved our workplace model to strengthen collaboration and execution, with employees generally expected to be on-site at least four days per week. This change is intended to support business priorities and foster vibrant hubs of teamwork and innovation. We believe the benefits of in-person collaboration, including stronger teams, faster decision-making and greater innovation, are essential to our long-term success.
Talent Management
We continue to see significant competition for talent throughout the semiconductor industry. In 2025, we limited hiring in line with our financial performance and cost-reduction measures and implemented headcount reductions under our 2025 Restructuring Plan. However, our investments to advance both process technology and our product roadmap require focused efforts to attract and retain talent, particularly in technical roles. Our undesired turnover rate 2 was 7.9% in 2025 and 5.9% in 2024.
We invest resources to develop the talent needed to remain at the forefront of innovation and make us an employer of choice. We offer training programs and provide rotational assignment opportunities. Our job architecture is designed to help employees create custom learning curricula for building skills and owning their careers. To further support the growth and development of our people, we offer mentoring in our technical community and promote engagement and health and wellness resources with all our people. Through our periodic employee experience survey, pulse surveys and a manager pulse tool, employees can voice their perceptions of the company, their managers, their work experiences and their learning and development opportunities. Our employees' voices are important to enable our culture of continuous improvement, and as a result, we link a portion of our executive and employee performance bonus to metrics focused on activating and empowering our talent through improved morale, engagement and retention. Our business depends on how we engage, manage and reward our people. Our performance management system is designed to support our culture and to increase our focus on disciplined execution.
Inclusion is a core element of our values and instrumental to driving innovation and positioning us for growth. We aim to create a workplace where individuals from all backgrounds are not only respected and valued but also challenged, acknowledged, rewarded and empowered to reach their highest potential.

1 Employee headcount includes our core Intel workforce as well as employees at Mobileye and other subsidiaries.
2 Undesired turnover includes all regular Intel employees who voluntarily left Intel, but does not include Intel contract employees, interns or employees who separated from Intel due to divestiture, retirement, voluntary separation packages, death, job elimination or redeployment, or Mobileye and other non-integrated subsidiaries employees.

 
Our Business
15

Table of Contents

Compensation and Benefits
We structure pay, benefits and services to meet the varying needs of our employees, helping support employee financial well-being with competitive compensation, investment opportunities and financial resources. Our total rewards package includes market-competitive pay, broad-based stock grants and bonuses, an employee stock purchase plan, healthcare and retirement benefits, paid time off and family leave, parent reintegration, family expansion assistance, flexible work schedules, sabbaticals and on-site services. We believe that our holistic approach toward compensation, career development and creating an inclusive culture enables us to cultivate a workplace that helps employees develop and progress in their careers at all levels.
Health, Safety and Wellness
We are committed to providing a safe and injury-free workplace. We regularly invest in programs designed to improve physical, mental and social well-being. We provide access to a variety of innovative, flexible and convenient health and wellness programs, including on-site health centers, and we aim to increase awareness of and support for mental and behavioral health. We offer various ergonomic programming, include return-to-office ergo to support wellness in the office. Employees are encouraged to join employee resource groups for community and connection, use the employee assistance program for matters impacting personal and professional life, or the modern health program for mental well-being. We intend to continue our efforts to build our strong safety culture and drive the global expansion of our corporate wellness program through employee education and engagement activities.

 
Corporate Responsibility

We believe that responsible business practices strengthen our position as a global corporate citizen and create shared value for our company, our supply chain, and our stakeholders, including our customers and communities. Unlike many companies in the technology industry that outsource their production, we manufacture the majority of our products in our own wafer fabrication and back-end assembly and test facilities. This approach means our direct environmental footprint is more significant than those of our fabless competitors, whose impacts sit in their supply chains. However, it also gives us a unique advantage: direct control over manufacturing processes, enabling us to integrate sustainable practices at the core of production.
Managing our sustainable business practices helps us reduce cost, optimize efficiencies, strengthen supply chain resilience and meet stakeholder expectations. We invest in environmental projects and set company-wide ambitions to cut greenhouse gas emissions, energy and water use and waste to landfills. Our products are designed with energy efficiency in mind, to help customers lower their own emissions, energy usage and costs.
Our supply chain practices are designed to drive responsible and sustainable business practices through robust education and engagement initiatives for suppliers, supporting our global manufacturing operations. We collaborate with industry peers to improve transparency around climate and water impacts in the electronics supply chain, and lead efforts on responsible minerals sourcing. These collaborations help establish industry-wide standards, develop auditable processes and deliver training that drives meaningful change.
Our commitment to integrity, accountability and responsible business practices applies to every employee. All employees are expected to uphold the Intel Code of Conduct and Intel's Global Human Rights Principles, which form the foundation of our policies, practices and ethical business culture.
Human Rights Commitment
We are committed to maintaining and improving systems and processes to avoid causing or contributing to adverse impacts on human rights in our operations, products and supply chain. Our integrated approach includes senior management involvement and board-level oversight. We also engage throughout the year with external stakeholders and experts to inform and evolve our policies and oversight processes. While we do not always know nor can we control what products our customers create or the applications end users may develop, we do not support or tolerate our products being used to adversely impact human rights. Where we become aware of a concern that our products are being used by a business partner in connection with abuses of human rights, we intend to evaluate and restrict or cease business with the third party unless and until we have high confidence that our products are not being used to adversely impact human rights.
Over the past decade, we have directly engaged with suppliers to verify compliance and build operational capacity to address risks of forced and bonded labor and other human rights issues. We conduct periodic supplier audits and engage critical direct suppliers through capability-building programs aligned with the Responsible Business Alliance and the Intel Code of Conduct. Additionally, we extend these efforts to indirect suppliers through initiatives focused on forced and bonded labor, responsible minerals and supply chain resilience.

 
Our Business
16

Table of Contents

Energy
We focus on reducing our own environmental footprint, which helps deliver financial and customer value. Over the past two decades, we have reduced our direct and indirect greenhouse gas emissions associated with energy consumption, lowering operational costs and improving efficiency. Our investments include renewable electricity and on-site alternative energy projects. In 2025, we reinforced accountability by tying a portion of executive and employee performance bonuses to achieving our target of 95% global renewable electricity use as of December 31, 2025. We continue to pursue emissions abatement and invest in renewable electricity, process and equipment optimization and energy conservation. Beyond our operations, we focus on addressing climate impacts upstream and downstream in the value chain by improving the energy efficiency of our products and leveraging Intel technologies to help other sectors reduce their climate and energy footprints.
Water
Water is critical to semiconductor manufacturing. We use ultrapure water to remove impurities from our silicon wafers and fresh or reclaimed water for facility systems. Guided by our Global Water Policy, our strategy is designed to optimize resource use, reduce costs and mitigate operational risks associated with water scarcity. By managing water responsibly, we aim to meet our business needs while supporting the communities where we operate.
Waste
We have long been committed to waste management, recycling and circular economy strategies that enable the recovery and productive re-use of waste streams. We continue to focus on opportunities to upcycle waste by improving waste segregation practices and collaborating with our suppliers to evaluate new technologies for waste recovery.
Governance and Disclosure
We aim to provide transparency around our carbon footprint and climate risks using the TCFD framework to inform our disclosure on governance, strategy, risk management and metrics. Our integrated approach involves multiple teams, senior management and board-level oversight through the Corporate Governance and Nominating Committee. Climate-related risks and opportunities are detailed in our annual Corporate Responsibility Report, Global Climate Change Policy, Climate Transition Action Plan and "Risk Factors" within this Form 10-K. The Corporate Responsibility Report also maps our disclosure to TCFD, GRI and SASB frameworks and is published annually along with CDP Questionnaire on our website. 1 We continue to be subject to evolving climate-related disclosure requirements in multiple jurisdictions.

1 The contents of our website and our Corporate Responsibility Report, Global Climate Change Policy, Climate Transition Action Plan, and CDP Climate Change and Water Surveys are referenced for general information only and are not incorporated by reference in this Form 10-K.

 
Our Business
17

Table of Contents

Management's Discussion and Analysis

Overview
Our MD&A begins with an overview of significant events and key developments in 2025 that meaningfully impacted our financial results and/or business. We then provide a detailed discussion of our operating segment results, followed by our consolidated results of operations and other required disclosures for 2025, 2024 and 2023. We conclude with a discussion of our critical accounting estimates.
Significant Events and Trends Impacting Results
The following discussion highlights significant events, key developments, and trends that we believe meaningfully impacted our consolidated financial results and financial position during 2025 and that we believe may continue to influence our future operating results and financial position, as well as specific matters that occurred in 2024 that impact the comparability of our results.
U.S. Government Agreements
On August 22, 2025, we entered into a Warrant and Common Stock Agreement (U.S. Government Agreement) with the U.S. Department of Commerce (DOC) to support the continued expansion of U.S. semiconductor technology and manufacturing leadership. On August 27, 2025, pursuant to the terms of the U.S. Government Agreement:
▪ we entered into an amendment to our commercial CHIPS Act agreement with the DOC removing the prior project milestone         requirements and other conditions to disbursements under the agreement, as well as substantially all other requirements under the agreement other than those required by law, including those associated with the $2.3 billion previously received and recognized by us as government incentives pursuant to our government grant accounting policy;
▪ we received the full amount of the accelerated disbursements remaining under the commercial CHIPS Act agreement of $5.7 billion;
▪ we issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock at $20.00 per share if we were to cease to directly or indirectly own at least 51% of our Intel Foundry business; and
▪ we issued into escrow 159 million shares of our common stock, to be released to the U.S. government on a $20.00 per share basis as we receive the $3.2 billion of disbursements contemplated by our existing agreement and related performance obligations with the U.S. government under the CHIPS Act's Secure Enclave program. As of December 27, 2025, we had released 3 million Escrowed Shares upon our receipt of cash proceeds for our performance under Secure Enclave.
Our accounting conclusion for the U.S. Government Agreement as presented in our Consolidated Condensed Financial Statements that were included in our Q3 2025 Form 10-Q was subsequently adjusted based upon our consultation with the staff of the SEC on this matter, which concluded in our fourth quarter of fiscal 2025, subsequent to our Q3 2025 Form 10-Q filing date of November 6, 2025. Our results in this Annual Report on Form 10-K for the fiscal year ended December 27, 2025 are reflective of this consultation. We have concluded that such adjustments are immaterial to our Consolidated Condensed Financial Statements included in our Q3 2025 Form 10-Q. Refer to “Note 5: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Financial Statements and to our Risk Factors section for additional details.
Private Placement Share Sale Agreements
In Q3 2025, we entered into two agreements for the issuance and sale of shares of our common stock in private placements to support our strategic investments in advanced manufacturing, AI infrastructure and long-term growth initiatives:
▪ on August 18, 2025, we entered into an agreement with SoftBank Group to issue and sell to SoftBank Group 87 million shares of our common stock at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025; and
▪ on September 15, 2025, we entered into an agreement with NVIDIA to issue and sell to NVIDIA 215 million shares of our common stock at $23.28 per share for an aggregate cash purchase price of $5.0 billion. The issuance and sale of the shares was completed on December 26, 2025.
Altera Divestiture
On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of SLP, to sell 51% of all issued and outstanding common stock of Altera, our wholly owned subsidiary as of that date. On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion, consisting of $4.8 billion in cash proceeds received within the third quarter of 2025, $500 million in deferred cash proceeds payable to us no later than December 31, 2027, an offset of $400 million for cash transferred to Altera with the sale, an offset of approximately $469 million in separation and employee-related costs we have agreed to fund to the purchaser, and an offset for other direct and incremental costs incurred in connection with the sale. As of December 27, 2025, we recorded $463 million within other long-term assets for the present value of deferred consideration outstanding from SLP and $327 million and $97 million within o ther accrued liabilities and o ther long-term liabilities , respectively, for amounts payable to SLP for separation and employee-related costs that have not yet been paid.

MD&A
18

Table of Contents

Upon closing the transaction, we deconsolidated Altera from our Consolidated Financial Statements and retained a 49% minority investment in Altera which we accounted for under the equity method of accounting. The $3.2 billion value of our non-marketable equity method investment in Altera is classified within equity investments in the Consolidated Balance Sheets at December 27, 2025, and was recognized as a non-cash investing activity within the 2025 Consolidated Statements of Cash Flows . The Altera divestiture resulted in a pre-tax gain of $5.6 billion recognized within interest and other, net , which is net of certain costs we have agreed to fund to SLP, as well as direct and incremental costs we incurred to sell the business. Approximately $2.1 billion of the gain resulted from the remeasurement of our non-marketable equity investment in Altera to its fair value at the transaction close date. Refer to "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information.
Restructuring
2025
In Q2 2025, we commenced an enterprise-wide initiative to transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. These headcount reduction initiatives reduced our core Intel workforce by approximately 15% by the end of fiscal 2025, as compared to our Q2 2025 ending employee headcount. In 2025, we recognized restructuring charges of $2.2 billion, consisting primarily of charges from initiating and deploying the 2025 Restructuring Plan and incurring charges as we substantially completed the 2024 Restructuring Plan. Charges in 2025 were primarily composed of cash-based employee severance and related employee exit charges of $1.8 billion and non-cash asset impairment charges of $474 million resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.
Our 2025 consolidated results of operations were also affected by accelerated depreciation and impairment charges recognized for certain manufacturing assets that were determined to have no remaining operational use. This determination was based on an evaluation of our current process technology node capacities relative to projected market demand for our products and services. These non-cash charges of $950 million, net of certain items, were recorded to cost of sales in 2025, impacting the results for our Intel Foundry segment.
2024
In 2024, we announced and initiated the 2024 Restructuring Plan, which reduced headcount, consolidated and reduced our global real estate footprint, and reduced our overall operating expenses. As a result of initiating and deploying our 2024 Restructuring Plan, we recognized restructuring charges of $2.8 billion in 2024 and $348 million in 2025.
Our 2024 consolidated results of operations were also materially impacted by the following:
▪ $3.3 billion of charges, substantially all of which were recorded to cost of sales, related to non-cash impairments and the acceleration of depreciation for certain manufacturing assets, a substantial majority of which related to our Intel 7 process node;
▪ $3.1 billion of non-cash charges associated with the impairment of goodwill for certain of our reporting units as well as certain acquired intangible assets (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements); and
▪ $9.9 billion of non-cash charges recorded to provision for income taxes that substantially related to valuation allowances recorded to our net deferred tax assets (see "Provision for (Benefit from) Taxes" within this MD&A below).
Non-Controlling Interests
Net income (loss) attributable to non-controlling interests is comprised of net income or loss attributable to the non-controlling interests in Mobileye, IMS Nanofabrication, Ireland SCIP and Arizona SCIP, all of which are our majority owned subsidiaries that we consolidate. Net income attributable to non-controlling interests was $293 million in 2025 and net loss attributable to non-controlling interests was $477 million and $14 million in 2024 and 2023, respectively. Net income attributable to non-controlling interests in 2025 was primarily driven by the placement of the first tranche of Arizona SCIP’s manufacturing assets into service during 2025 and the ramp of factory output from Fab 34 resold to us from Ireland SCIP. In 2024, net loss applicable to non-controlling interests related to the Q3 2024 non-cash impairment of goodwill related to our Mobileye reporting unit. We anticipate that net income attributable to non-controlling interests will continue to increase in 2026 as additional tranches of Arizona SCIP’s manufacturing assets are placed into service, and to increase significantly in 2027 following our expected completion of construction of Fab 34 in Ireland. Refer to "Note 4: Non-Controlling Interests" within Notes to Consolidated Financial Statements.
Manufacturing Expansion Projects and Future Node Development
As part of the transformation of the company, in Q2 2025 we announced that we would take a more disciplined approach to the deployment of capital. The design, development and manufacturing of leading-edge semiconductor manufacturing process technologies, or nodes, is risky and capital-intensive, and it takes years for capital investments to yield a return. Under our more disciplined approach, we intend to invest capital in future node development and new or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital.

MD&A
19

Table of Contents

On the manufacturing side, we initiated the consolidation of our Costa Rican assembly and test operations into larger existing sites in Vietnam and Malaysia, slowed the pace of construction for our new Ohio fab and discontinued planned expansions in Germany (fab) and Poland (assembly and test) to better align capital spending with market demand. These actions reflect our focus on deploying capital in coordination with tangible milestones and scaling capacity as needed.
With respect to leading-edge process technology development, we recently released the Intel Core Ultra Series 3 processors, our first products manufactured on our new leading-edge node, Intel 18A, and we continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external Intel Foundry customers. We are also focused on the continued development of Intel 14A, the next generation node beyond Intel 18A and Intel 18A-P, and on securing a significant external customer for such node. However, if we are unable to secure a significant external customer and meet important customer milestones for Intel 14A, we face the prospect that it will not be economical to develop and manufacture Intel 14A and successor leading-edge nodes on a go-forward basis. In such event, we may pause or discontinue our pursuit of Intel 14A and successor nodes and various of our manufacturing expansion projects. While we continue to evaluate Intel 14A for use in future Intel products and our plan includes an initial product designed to utilize Intel 14A, at present we are maintaining the option to design future Intel products requiring nodes with performance beyond Intel 18A and Intel 18A-P to be produced internally or by an external foundry. If we were to discontinue development of Intel 14A and successor nodes, we expect that a majority of our products would continue to be manufactured in our own facilities utilizing our nodes up to Intel 18A-P through at least 2030. By focusing on our customers and delivering the best semiconductor products to the market, manufactured on the most appropriate internal or external node from a performance and cost perspective, and only deploying capital on new nodes and manufacturing facilities where we believe they will yield an attractive return, we believe we can improve the competitiveness of our products business, and the overall financial results for the company.

MD&A
20

Operating Segment Results

In Q1 2025, we made an organizational change to integrate NEX into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. All prior period segment data has been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance. There were no changes to our Consolidated Financial Statements for any prior periods. As a result of these organizational changes, in 2025 we managed our business through the operating segments presented below and have included the 2025, 2024 and 2023 segment financial results and related discussions of our segments' results of operations. Our discussion regarding our segments' results of operations presented below excludes restructuring and other charges for all periods presented and $9.9 billion of 2024 charges resulting from valuation allowances recorded against our net deferred tax assets, in addition to certain other items, as our CODM receives, views and uses information for decision-making purposes based upon segment results that exclude such items. "Note 3: Operating Segments" within Notes to Consolidated Financial Statements of this Form 10-K reconciles our segment and consolidated results for each of the periods presented.
Intel Products
Intel Products consists substantially of the design, development, marketing, sale, support and servicing of CPUs and related semiconductor products for third-party customers. Intel Products is comprised of two operating segments: CCG and DCAI. CCG delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experiences for consumer and commercial markets with capabilities that also support retail, industrial robotics and AI ecosystems at the edge. DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. The manufacturing of our Intel Products offerings is performed by Intel Foundry and, to a lesser extent, by certain third party manufacturers.
Intel Products Financial Performance 1

Dec 27, 2025
Year Ended ($ In Millions) CCG
DCAI
Total
Revenue $ 32,228   $ 16,919   $ 49,147  
Cost of sales and operating expenses
22,911  13,497  36,408 
Operating income
$ 9,317   $ 3,422   $ 12,739  

Operating margin % 29% 20% 26%

Dec 28, 2024
Year Ended ($ In Millions) CCG
DCAI
Total
Revenue $ 33,346   $ 16,125   $ 49,471  
Cost of sales and operating expenses
21,752  14,711  36,463 
Operating income
$ 11,594   $ 1,414   $ 13,008  

Operating margin % 35% 9% 26%

Dec 30, 2023
Year Ended ($ In Millions) CCG
DCAI
Total
Revenue $ 32,305   $ 15,980   $ 48,285  
Cost of sales and operating expenses
22,177  15,035  37,212 
Operating income
$ 10,128   $ 945   $ 11,073  

Operating margin % 31% 6% 23%

1 Operating segment results include intersegment financial activity; refer to "Note 3: Operating Segments" within Notes to Consolidated Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented.

MD&A
21

Operating Segment Revenue Summary

2025 vs. 2024
Total Intel Products revenue was $49.1 billion in 2025, down $324 million from 2024.

▪ CCG revenue decreased $1.1 billion from 2024. Client revenue (collectively notebook and desktop) was $27.6 billion in 2025, down $1.1 billion from 2024, primarily due to lower 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and customer inventory level reductions in 2025. Customers normalized inventory levels through Q3 2025 and continued to reduce inventory levels in Q4 2025, when supply constraints on our internally manufactured wafers limited product availability despite underlying demand. This decrease in 2025 revenue was partially offset by higher Q3 2025 client volumes driven by higher demand; however, client volume decreased in Q4 2025 as market demand exceeded our available supply of products due to Intel Foundry wafer fabrication supply constraints, primarily with respect to our Intel 7 process node. We expect these supply constraints to persist into 2026, with the most severe constraints impacting Q1 2026 , limiting our ability to fully meet customer demand. Client ASPs in 2025 were roughly flat with 2024. Other CCG revenue was $4.6 billion, roughly flat with 2024.

▪ DCAI revenue increased $794 million from 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand, which contributed to an increase in server volume of 9%. Server ASPs decreased by 4% from 2024, primarily due to pricing actions taken primarily during the first half of 2025 and a higher mix of lower core count products, both driven by a competitive environment, partially offset by higher ASPs in the second half of 2025 resulting from higher demand. Our 2025 server revenue was limited in Q4 2025 by our available supply of products due to Intel Foundry wafer fabrication supply constraints, primarily with respect to our Intel 7 and Intel 3 process nodes, impacting our ability to fully meet demand. We expect these supply constraints to persist into 2026, with the most severe constraints impacting Q1 2026 . Other DCAI product revenue also increased from 2024 driven by higher networking customer-related demand.

2024 vs. 2023
Total Intel Products revenue was $49.5 billion in 2024, up $1.2 billion from 2023.

▪ CCG revenue increased $1.0 billion from 2023. Client revenue (collectively notebook and desktop) was $28.7 billion in 2024, up $1.6 billion from 2023, primarily due to an increase in 2024 client volume of 7% as customer inventory levels improved compared to higher levels in 2023. Client ASPs in 2024 were roughly flat with 2023. Other CCG revenue was $4.6 billion, down $521 million from 2023, primarily driven by the exit of legacy businesses.

▪ DCAI revenue increased $145 million from 2023, primarily driven by an increase in server revenue. Server ASPs increased 11% from 2023, primarily due to a higher mix of high core count products. Server volume decreased 8% from 2023, due to lower demand in a competitive environment and a higher mix of high core count products. Other DCAI product revenue was $2.7 billion, down $196 million from 2023, primarily due to 5G customers tempering purchases to reduce existing inventories.

Segment Operating Income Summary

2025 vs. 2024
Total Intel Products operating income was $12.7 billion in 2025, down $269 million from 2024.

▪ CCG operating income decreased $2.3 billion from 2024, primarily due to $2.9 billion of unfavorable impacts attributable to $1.8 billion of lower 2025 product profit due to lower revenue and higher client unit costs resulting from an increased mix of newer generation products sold in 2025, as well as $1.1 billion of higher 2025 period charges related to higher inventory reserves related to lower of cost or net realizable value charges and higher other costs. These unfavorable 2025 impacts were partially offset by 2025 favorable impacts of lower operating expenses of $590 million, primarily due to lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures.

▪ DCAI operating income increased $2.0 billion from 2024, primarily due to $1.5 billion of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. In addition, 2025 DCAI operating income was favorably impacted by lower 2025 Gaudi AI accelerator inventory-related charges relative to 2024. The 2025 impacts of higher 2025 DCAI revenue was substantially offset by higher server unit costs from an increased mix of newer generation products sold in 2025.

MD&A
22

2024 vs. 2023
Total Intel Products operating income was $13.0 billion in 2024, up $1.9 billion from 2023.

▪ CCG operating income increased $1.5 billion from 2023, primarily due to $1.0 billion of favorable impacts attributable to higher product profit due to higher revenue in 2024 and lower period charges related to lower samples. Operating income also improved from 2023 due to favorable impacts from lower operating expenses of $423 million primarily driven by intersegment credits and various cost-reduction measures taken in 2024.

▪ DCAI operating income increased $469 million from 2023, primarily due to favorable impacts from lower period charges from the sell-through of previously reserved inventory and lower non-accelerator inventory reserves taken in 2024. These favorable impacts to operating income were partially offset by higher period charges due to $922 million in Gaudi AI accelerator inventory-related charges recognized in 2024 and higher operating expenses of $151 million primarily driven by increased product development costs in 2024.

Intel Foundry
Intel Foundry, comprised of technology development, manufacturing and foundry services, develops new leading-edge semiconductor process technologies and advanced packaging technologies and provides manufacturing, assembly and test and advanced packaging capacity and design enablement solutions across multiple nodes and platforms. We continue to innovate and advance leading-edge semiconductor process technology and manufacturing in the U.S., where we are the only company conducting both leading-edge logic R&D and high-volume manufacturing. At present, nearly all of our Intel Foundry business supports internal manufacturing for Intel Products; however, we are offering our Intel Foundry services to external customers and aim to develop a more significant external foundry business in the future.
Intel Foundry Financial Performance 1

Years Ended ($ In Millions) Dec 27, 2025 Dec 28, 2024 Dec 30, 2023
Revenue $ 17,826   $ 17,317   $ 18,504  
Cost of sales and operating expenses 28,144  30,608  25,587 
Operating loss $ (10,318) $ (13,291) $ (7,083)

Operating loss % (58)% (77)% (38)%

1 Operating segment results include intersegment financial activity; refer to "Note 3: Operating Segments" within Notes to Consolidated Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented.

Operating Segment Revenue Summary

2025 vs. 2024

Revenue was $17.8 billion in 2025 , up $509 million from 2024. Intersegment revenue was $17.5 billion, up $361 million from 2024, primarily due to higher back-end services revenue and higher wafer volume from our Intel 3, Intel 4 and Intel 18A process nodes, partially offset by lower intersegment samples revenue. External revenue was $307 million, up $148 million from 2024 .

2024 vs. 2023

Revenue was $17.3 billion in 2024 , down $1.2 billion from 2023. Intersegment revenue was $17.2 billion, down $799 million from 2023 , primarily due to lower intersegment ASPs, lower back-end services revenue, and higher intersegment credits, partially offset by higher intersegment revenue due to higher wafer volume primarily from Intel 3, Intel 4 and Intel 7 products. External revenue was $159 million, down $388 million from 2023, primarily due to lower traditional packaging services.

Segment Operating Loss Summary

2025 vs. 2024

Operating loss was $10.3 billion in 2025, compared to an operating loss of $13.3 billion in 2024, primarily due to a reduction in asset impairments and accelerated depreciation charges. In 2025, we incurred $950 million of asset impairments and accelerated depreciation charges related to certain manufacturing assets determined to have no remaining operational use, compared to $3.3 billion of non-cash impairments and accelerated depreciation charges recognized in 2024 that were primarily related to manufacturing assets for our Intel 7 process node. Additionally, 2025 benefited from $1.2 billion of lower operating expenses, primarily due to lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. These favorable 2025 impacts were partially offset by $849 million of higher 2025 intersegment inventory reserves related to lower of cost or net realizable value charges for products manufactured on the early ramp of our Intel 18A process node.

MD&A
23

2024 vs. 2023

Operating loss was $13.3 billion in 2024, compared to an operating loss of $7.1 billion in 2023, primarily driven by higher period charges related to non-cash impairments and accelerated depreciation of $3.3 billion for certain manufacturing assets, a substantial majority of which related to our Intel 7 process node; lower product profit of $2.5 billion primarily driven by higher costs from the ramp of advanced technologies and lower intersegment revenue; and higher operating expenses of $931 million primarily driven by increased investments in process technology.