FULLTEXT DEL 1 AV 2
10-Q – 2025-11-06 – intc-20250927.htm
intc-20250927 0000050863 December 28 2025 Q3 FALSE xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure intc:factory intc:instrument iso4217:EUR intc:patent intc:claim iso4217:CNY 0000050863 2024-12-29 2025-09-27 0000050863 2025-10-17 0000050863 2025-06-29 2025-09-27 0000050863 2024-06-30 2024-09-28 0000050863 2023-12-31 2024-09-28 0000050863 intc:EscrowedSharesReleasedMember 2025-06-29 2025-09-27 0000050863 intc:EscrowedSharesReleasedMember 2024-12-29 2025-09-27 0000050863 2025-09-27 0000050863 2024-12-28 0000050863 2023-12-30 0000050863 2024-09-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-06-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:RetainedEarningsMember 2025-06-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:NoncontrollingInterestMember 2025-06-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2025-06-28 0000050863 us-gaap:RetainedEarningsMember 2025-06-29 2025-09-27 0000050863 us-gaap:NoncontrollingInterestMember 2025-06-29 2025-09-27 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-29 2025-09-27 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-06-29 2025-09-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-06-29 2025-09-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-09-27 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-27 0000050863 us-gaap:RetainedEarningsMember 2025-09-27 0000050863 us-gaap:NoncontrollingInterestMember 2025-09-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-29 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-29 0000050863 us-gaap:RetainedEarningsMember 2024-06-29 0000050863 us-gaap:NoncontrollingInterestMember 2024-06-29 0000050863 2024-06-29 0000050863 us-gaap:RetainedEarningsMember 2024-06-30 2024-09-28 0000050863 us-gaap:NoncontrollingInterestMember 2024-06-30 2024-09-28 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 2024-09-28 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 2024-09-28 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-09-28 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-28 0000050863 us-gaap:RetainedEarningsMember 2024-09-28 0000050863 us-gaap:NoncontrollingInterestMember 2024-09-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:RetainedEarningsMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:NoncontrollingInterestMember 2024-12-28 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember 2024-12-28 0000050863 us-gaap:RetainedEarningsMember 2024-12-29 2025-09-27 0000050863 us-gaap:NoncontrollingInterestMember 2024-12-29 2025-09-27 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-29 2025-09-27 0000050863 srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-29 2025-09-27 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-29 2025-09-27 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 2024-09-28 0000050863 us-gaap:NoncontrollingInterestMember 2023-12-31 2024-09-28 0000050863 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 2024-09-28 0000050863 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 2024-09-28 0000050863 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember intc:AlteraMember 2025-09-12 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:AssemblyAndTestMember intc:IntelFoundryMember 2023-12-31 2024-09-28 0000050863 2023-12-31 2024-03-30 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2025-06-29 2025-09-27 0000050863 us-gaap:IntersegmentEliminationMember 2025-06-29 2025-09-27 0000050863 us-gaap:CorporateNonSegmentMember 2025-06-29 2025-09-27 0000050863 intc:ClientComputingGroupMember 2025-06-29 2025-09-27 0000050863 intc:DatacenterAndAIMember 2025-06-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2024-06-30 2024-09-28 0000050863 us-gaap:IntersegmentEliminationMember 2024-06-30 2024-09-28 0000050863 us-gaap:CorporateNonSegmentMember 2024-06-30 2024-09-28 0000050863 intc:ClientComputingGroupMember 2024-06-30 2024-09-28 0000050863 intc:DatacenterAndAIMember 2024-06-30 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2024-12-29 2025-09-27 0000050863 us-gaap:IntersegmentEliminationMember 2024-12-29 2025-09-27 0000050863 us-gaap:CorporateNonSegmentMember 2024-12-29 2025-09-27 0000050863 intc:ClientComputingGroupMember 2024-12-29 2025-09-27 0000050863 intc:DatacenterAndAIMember 2024-12-29 2025-09-27 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupMember 2023-12-31 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:DatacenterAndAIMember 2023-12-31 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:ClientComputingGroupDatacenterAndAIAndNetworkAndEdgeMember 2023-12-31 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember intc:IntelFoundryMember 2023-12-31 2024-09-28 0000050863 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2023-12-31 2024-09-28 0000050863 us-gaap:IntersegmentEliminationMember 2023-12-31 2024-09-28 0000050863 us-gaap:CorporateNonSegmentMember 2023-12-31 2024-09-28 0000050863 intc:ClientComputingGroupMember 2023-12-31 2024-09-28 0000050863 intc:DatacenterAndAIMember 2023-12-31 2024-09-28 0000050863 intc:IrelandSCIPMember 2025-09-27 0000050863 intc:IrelandSCIPMember 2024-09-28 0000050863 intc:ArizonaSCIPMember 2025-09-27 0000050863 intc:ArizonaSCIPMember 2024-09-28 0000050863 intc:MobileyeMember 2025-09-27 0000050863 intc:MobileyeMember 2024-09-28 0000050863 intc:IMSNanofabricationGmbHIMSMember 2025-09-27 0000050863 intc:IMSNanofabricationGmbHIMSMember 2024-09-28 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 2025-09-27 0000050863 intc:SubsidiariesArizonaSCIPMember 2024-12-29 2025-09-27 0000050863 intc:SubsidiariesMobileyeMember 2024-12-29 2025-09-27 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2024-12-29 2025-09-27 0000050863 intc:SubsidiariesIrelandSCIPMember 2025-09-27 0000050863 intc:SubsidiariesArizonaSCIPMember 2025-09-27 0000050863 intc:SubsidiariesMobileyeMember 2025-09-27 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2025-09-27 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 2024-09-28 0000050863 intc:SubsidiariesArizonaSCIPMember 2023-12-31 2024-09-28 0000050863 intc:SubsidiariesMobileyeMember 2023-12-31 2024-09-28 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2023-12-31 2024-09-28 0000050863 intc:SubsidiariesIrelandSCIPMember 2024-09-28 0000050863 intc:SubsidiariesArizonaSCIPMember 2024-09-28 0000050863 intc:SubsidiariesMobileyeMember 2024-09-28 0000050863 intc:SubsidiariesIMSNanofabricationGmbHIMSMember 2024-09-28 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:VariableInterestEntityPrimaryBeneficiaryIrelandSCIPMember 2024-12-29 2025-09-27 0000050863 intc:VariableInterestEntityPrimaryBeneficiaryIrelandSCIPMember 2025-09-27 0000050863 intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2025-09-27 0000050863 us-gaap:AssetPledgedAsCollateralMember intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2025-09-27 0000050863 us-gaap:AssetPledgedAsCollateralMember intc:VariableInterestEntityPrimaryBeneficiaryArizonaSCIPMember 2024-12-28 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 intc:DepartmentOfCommerceMember 2025-06-29 2025-09-27 0000050863 2025-08-27 0000050863 2025-08-27 2025-08-27 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2024-12-29 2025-09-27 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2025-06-29 2025-09-27 0000050863 intc:SharesInEscrowMember 2025-09-27 0000050863 2025-08-21 0000050863 us-gaap:PrivatePlacementMember 2025-09-15 2025-09-15 0000050863 us-gaap:PrivatePlacementMember 2025-09-15 0000050863 2025-03-30 2025-06-28 0000050863 intc:ValueOfManufacturingAssetPortfolioMember 2025-03-30 2025-06-28 0000050863 intc:ValueOfManufacturingAssetPortfolioMember 2024-06-30 2024-09-28 0000050863 intc:A2025RestructuringPlanMember 2025-03-30 2025-06-28 0000050863 intc:A2024RestructuringPlanMember 2024-06-30 2024-09-28 0000050863 intc:SharesInEscrowMember 2025-06-29 2025-09-27 0000050863 intc:SharesInEscrowMember 2024-06-30 2024-09-28 0000050863 intc:SharesInEscrowMember 2024-12-29 2025-09-27 0000050863 intc:SharesInEscrowMember 2023-12-31 2024-09-28 0000050863 intc:AlteraMember 2025-06-29 2025-09-27 0000050863 intc:NANDMemoryBusinessMember 2025-06-29 2025-09-27 0000050863 intc:NANDMemoryBusinessMember 2024-12-29 2025-09-27 0000050863 intc:CapitalRelatedGrantAndOperatingGrantFederalMember 2024-12-29 2025-09-27 0000050863 intc:CapitalRelatedGrantFederalMember 2024-12-29 2025-09-27 0000050863 intc:OperatingGrantFederalMember 2024-12-29 2025-09-27 0000050863 intc:OperatingGrantFederalMember 2025-06-29 2025-09-27 0000050863 intc:RefundableAdvancedManufacturingInvestmentTaxCreditMember 2024-12-29 2025-09-27 0000050863 intc:RefundableAdvancedManufacturingInvestmentTaxCreditMember 2023-12-31 2024-09-28 0000050863 intc:A2025RestructuringPlanMember 2025-09-27 0000050863 intc:A2024RestructuringPlanMember 2025-09-27 0000050863 intc:A2025RestructuringPlanMember 2025-06-29 2025-09-27 0000050863 intc:A2025RestructuringPlanMember 2024-12-29 2025-09-27 0000050863 intc:A2024RestructuringPlanMember 2023-12-31 2024-09-28 0000050863 intc:StreamlineOperationsMember 2023-12-31 2024-09-28 0000050863 intc:A2025RestructuringPlanMember 2024-12-28 0000050863 intc:A2024RestructuringPlanMember 2024-12-28 0000050863 intc:A2024RestructuringPlanMember 2024-12-29 2025-09-27 0000050863 intc:SemiconductorPatentLitigationMember 2024-06-30 2024-09-28 0000050863 country:US 2025-06-29 2025-09-27 0000050863 country:US 2024-12-29 2025-09-27 0000050863 us-gaap:AvailableforsaleSecuritiesMember 2025-09-27 0000050863 us-gaap:AvailableforsaleSecuritiesMember 2024-12-28 0000050863 intc:SingleInvesteeMember 2024-12-29 2025-09-27 0000050863 intc:AlteraMember 2025-09-27 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 2025-09-27 0000050863 intc:SilverLakePartnersMember 2025-09-27 0000050863 intc:AlteraMember 2025-09-12 2025-09-12 0000050863 intc:NANDMemoryBusinessMember 2025-03-27 2025-03-27 0000050863 intc:NANDMemoryBusinessMember 2024-12-29 2025-03-29 0000050863 us-gaap:SeniorNotesMember 2024-12-29 2025-03-29 0000050863 us-gaap:SeniorNotesMember 2025-06-29 2025-09-27 0000050863 intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2024-12-29 2025-09-27 0000050863 intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2024-12-28 0000050863 intc:CreditFacility364DayMember us-gaap:LineOfCreditMember 2025-09-27 0000050863 us-gaap:CommercialPaperMember 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:CashEquivalentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FixedIncomeSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 intc:GovernmentDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:OtherCurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:EquitySecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentAssetsMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:OtherCurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2025-09-27 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2025-09-27 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel3Member 2024-12-28 0000050863 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:FairValueMeasurementsRecurringMember 2024-12-28 0000050863 us-gaap:FairValueMeasurementsNonrecurringMember 2025-09-27 0000050863 us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-28 0000050863 us-gaap:FairValueInputsLevel2Member 2025-09-27 0000050863 us-gaap:FairValueInputsLevel2Member 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember 2024-12-28 0000050863 us-gaap:InterestRateContractMember 2025-09-27 0000050863 us-gaap:InterestRateContractMember 2024-12-28 0000050863 us-gaap:OtherContractMember 2025-09-27 0000050863 us-gaap:OtherContractMember 2024-12-28 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2025-09-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember us-gaap:FairValueHedgingMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:InterestRateContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:EquityContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 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 2025-09-27 0000050863 intc:SharesInEscrowMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:OtherContractMember us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 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 2025-09-27 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2025-09-27 0000050863 us-gaap:OtherAssetsMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherLiabilitiesMember us-gaap:NondesignatedMember 2024-12-28 0000050863 us-gaap:OtherAssetsMember 2025-09-27 0000050863 us-gaap:OtherLiabilitiesMember 2025-09-27 0000050863 us-gaap:OtherAssetsMember 2024-12-28 0000050863 us-gaap:OtherLiabilitiesMember 2024-12-28 0000050863 us-gaap:ForeignExchangeContractMember 2025-06-29 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember 2024-12-29 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember 2024-06-30 2024-09-28 0000050863 us-gaap:ForeignExchangeContractMember 2023-12-31 2024-09-28 0000050863 us-gaap:FairValueHedgingMember us-gaap:OtherNonoperatingIncomeExpenseMember 2024-12-29 2025-09-27 0000050863 us-gaap:InterestRateContractMember 2025-06-29 2025-09-27 0000050863 us-gaap:InterestRateContractMember 2024-06-30 2024-09-28 0000050863 us-gaap:InterestRateContractMember 2024-12-29 2025-09-27 0000050863 us-gaap:InterestRateContractMember 2023-12-31 2024-09-28 0000050863 us-gaap:InterestRateSwapMember us-gaap:ShortTermDebtMember 2025-09-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:ShortTermDebtMember 2024-12-28 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember 2025-09-27 0000050863 us-gaap:InterestRateSwapMember us-gaap:LongTermDebtMember 2024-12-28 0000050863 us-gaap:InterestRateSwapMember 2025-09-27 0000050863 us-gaap:InterestRateSwapMember 2024-12-28 0000050863 us-gaap:NondesignatedMember 2024-12-29 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-06-29 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-06-30 2024-09-28 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-12-29 2025-09-27 0000050863 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2023-12-31 2024-09-28 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2025-06-29 2025-09-27 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2024-06-30 2024-09-28 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2024-12-29 2025-09-27 0000050863 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2023-12-31 2024-09-28 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2024-06-30 2024-09-28 0000050863 intc:SharesInEscrowMember us-gaap:NondesignatedMember 2023-12-31 2024-09-28 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2025-06-29 2025-09-27 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2024-06-30 2024-09-28 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2024-12-29 2025-09-27 0000050863 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2023-12-31 2024-09-28 0000050863 us-gaap:NondesignatedMember 2025-06-29 2025-09-27 0000050863 us-gaap:NondesignatedMember 2024-06-30 2024-09-28 0000050863 us-gaap:NondesignatedMember 2023-12-31 2024-09-28 0000050863 intc:VLSITechnologyLLCV.IntelMember 2025-09-27 0000050863 intc:EcFineMember 2025-09-27 0000050863 intc:EcFineMember 2009-06-28 2009-09-26 0000050863 intc:EcFineMember 2023-09-01 2023-09-30 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 srt:MinimumMember 2024-12-29 2025-09-27 0000050863 intc:MediaContentProtectionVIntelMember srt:MaximumMember 2024-12-29 2025-09-27 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 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) (408) 765-8080 (Registrant’s telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common stock, $0.001 par value INTC Nasdaq Global Select Market 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ As of October 31, 2025, the registrant had outstanding 4,770 million shares of common stock. Table of Contents Organization of Our Form 10-Q The order and presentation of content in our Form 10-Q differs from the traditional SEC Form 10-Q format. Our format is designed to improve readability and better present how we organize and manage our business. See "Form 10-Q Cross-Reference Index" within Risk Factors and Other Key Information for a cross-reference index to the traditional SEC Form 10-Q format. We have defined certain terms and abbreviations used throughout our Form 10-Q in "Key Terms" within the Consolidated Condensed Financial Statements and Supplemental Details. Page Forward-Looking Statements 1 Availability of Company Information 2 Consolidated Condensed Financial Statements and Supplemental Details Consolidated Condensed Statements of Operations 3 Consolidated Condensed Statements of Comprehensive Income (Loss) 4 Consolidated Condensed Balance Sheets 5 Consolidated Condensed Statements of Cash Flows 6 Consolidated Condensed Statements of Stockholders' Equity 7 Notes to Consolidated Condensed Financial Statements 8 Key Terms 28 Management's Discussion and Analysis (MD&A) Operating Segments Trends and Results 32 Consolidated Condensed Results of Operations 36 Liquidity and Capital Resources 42 Risk Factors and Other Key Information Risk Factors 44 Quantitative and Qualitative Disclosures About Market Risk 45 Controls and Procedures 45 Issuer Purchases of Equity Securities 46 Rule 10b5-1 Trading Arrangements 46 Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 46 Exhibits 47 Form 10-Q Cross-Reference Index 48 Table of Contents Forward-Looking Statements This Form 10-Q 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, such as stock repurchases and dividends, 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 leadership; ▪ investment plans and impacts of investment plans, including in the U.S. and abroad; ▪ 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; ▪ future 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; ▪ future technology trends and developments, such as AI; ▪ future 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; ▪ our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants; ▪ 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; ▪ implementing new business strategies and investing in new businesses and technologies; ▪ changes in demand for our products; ▪ macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan; 1 Table of Contents ▪ the evolving market for products with AI capabilities; ▪ our complex global supply chain supporting our manufacturing facilities and incorporating external foundries, including from disruptions, delays, trade tensions and conflicts, or shortages; ▪ 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; ▪ 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 significantly reduced return of capital in recent years; ▪ U.S. government ownership of significant equity interests in the company; ▪ our debt obligations and our ability to access sources of capital; ▪ complex and evolving laws and regulations across many jurisdictions; ▪ fluctuations in currency exchange rates; ▪ changes in our effective tax rate and applicable tax regimes; ▪ catastrophic events; ▪ environmental, health, safety, and product regulations; ▪ our initiatives and new legal requirements with respect to corporate responsibility matters; and ▪ other risks and uncertainties described in this report, our 2024 Form 10-K, our Q1 2025 Form 10-Q, our Q2 2025 Form 10-Q and our other filings 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-Q 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-Q 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-Q 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. 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 receive timely information about the company. Intel, the Intel logo, Intel Core, Gaudi, and Altera are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries. * Other names and brands may be claimed as the property of others. 2 Table of Contents Consolidated Condensed Statements of Operations Three Months Ended Nine Months Ended (In Millions, Except Per Share Amounts; Unaudited) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Net revenue $ 13,653 $ 13,284 $ 39,179 $ 38,841 Cost of sales 8,435 11,287 25,747 27,080 Gross profit 5,218 1,997 13,432 11,761 Research and development 3,231 4,049 10,555 12,670 Marketing, general, and administrative 1,129 1,383 3,450 4,268 Restructuring and other charges 175 5,622 2,221 6,913 Operating expenses 4,535 11,054 16,226 23,851 Operating income (loss) 683 ( 9,057 ) ( 2,794 ) ( 12,090 ) Gains (losses) on equity investments, net 221 ( 159 ) 611 ( 74 ) Interest and other, net 3,670 130 3,402 355 Income (loss) before taxes 4,574 ( 9,086 ) 1,219 ( 11,809 ) Provision for (benefit from) taxes 304 7,903 860 7,271 Net income (loss) 4,270 ( 16,989 ) 359 ( 19,080 ) Less: net income (loss) attributable to non-controlling interests 207 ( 350 ) 35 ( 450 ) Net income (loss) attributable to Intel $ 4,063 $ ( 16,639 ) $ 324 $ ( 18,630 ) Earnings (loss) per share attributable to Intel—basic $ 0.90 $ ( 3.88 ) $ 0.07 $ ( 4.37 ) Earnings (loss) per share attributable to Intel—diluted ¹ $ 0.90 $ ( 3.88 ) $ 0.07 $ ( 4.37 ) Weighted average shares of common stock outstanding: Basic 4,514 4,292 4,424 4,267 Diluted 4,531 4,292 4,434 4,267 1 For the three and nine months ended September 27, 2025, earnings (loss) per share attributable to Intel-diluted has been calculated by adjusting net income (loss) attributable to Intel for the loss of $ 2 million related to the mark-to-market of that portion of the derivative liability that is attributable to 342 thousand contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period. See accompanying notes. Financial Statements Consolidated Condensed Statements of Operations 3 Table of Contents Consolidated Condensed Statements of Comprehensive Income (Loss) Three Months Ended Nine Months Ended (In Millions; Unaudited) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Net income (loss) $ 4,270 $ ( 16,989 ) $ 359 $ ( 19,080 ) Changes in other comprehensive income (loss), net of tax: Net unrealized holding gains (losses) on derivatives ( 48 ) 512 727 32 Actuarial valuation and other pension benefits (expenses), net 1 — 2 — Translation adjustments and other 1 ( 1 ) 1 ( 2 ) Other comprehensive income (loss) ( 46 ) 511 730 30 Total comprehensive income (loss) 4,224 ( 16,478 ) 1,089 ( 19,050 ) Less: comprehensive income (loss) attributable to non-controlling interests 207 ( 350 ) 35 ( 450 ) Total comprehensive income (loss) attributable to Intel $ 4,017 $ ( 16,128 ) $ 1,054 $ ( 18,600 ) See accompanying notes. Financial Statements Consolidated Condensed Statements of Comprehensive Income (Loss) 4 Table of Contents Consolidated Condensed Balance Sheets (In Millions; Unaudited) Sep 27, 2025 Dec 28, 2024 Assets Current assets: Cash and cash equivalents $ 11,141 $ 8,249 Short-term investments 19,794 13,813 Accounts receivable, net 3,202 3,478 Inventories 11,489 12,198 Other current assets 6,105 9,586 Total current assets 51,731 47,324 Property, plant, and equipment, net of accumulated depreciation of $ 105,063 ($ 102,193 as of December 28, 2024) 105,047 107,919 Equity investments 8,667 5,383 Goodwill 23,912 24,693 Identified intangible assets, net 2,877 3,691 Other long-term assets 12,280 7,475 Total assets $ 204,514 $ 196,485 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 10,268 $ 12,556 Accrued compensation and benefits 3,756 3,343 Short-term debt 2,496 3,729 Income taxes payable 825 1,756 Other accrued liabilities 14,952 14,282 Total current liabilities 32,297 35,666 Debt 44,057 46,282 Other long-term liabilities 11,430 9,505 Contingencies (Note 13) Stockholders’ equity: Common stock and capital in excess of par value, 4,766 issued and outstanding ( 4,330 issued and outstanding as of December 28, 2024) 56,755 50,949 Accumulated other comprehensive income (loss) 19 ( 711 ) Retained earnings 49,602 49,032 Total Intel stockholders' equity 106,376 99,270 Non-controlling interests 10,354 5,762 Total stockholders' equity 116,730 105,032 Total liabilities and stockholders’ equity $ 204,514 $ 196,485 See accompanying notes. Financial Statements Consolidated Condensed Balance Sheets 5 Table of Contents Consolidated Condensed Statements of Cash Flows Nine Months Ended (In Millions; Unaudited) Sep 27, 2025 Sep 28, 2024 Cash and cash equivalents, beginning of period $ 8,249 $ 7,079 Cash flows provided by (used for) operating activities: Net income (loss) 359 ( 19,080 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 7,971 7,651 Share-based compensation 1,896 2,759 Restructuring and other charges 372 3,626 Amortization of intangibles 708 1,081 (Gains) losses on equity investments, net ( 611 ) 75 Mark-to-market (gains) losses on obligation to issue Escrowed Shares 1,687 — (Gains) losses on divestitures ( 5,355 ) — Deferred taxes 123 6,368 Impairments and net (gain) loss on retirement of property, plant, and equipment 465 2,290 Changes in assets and liabilities: Accounts receivable 162 282 Inventories ( 9 ) ( 969 ) Accounts payable ( 281 ) 566 Accrued compensation and benefits 541 1,384 Income taxes ( 1,196 ) ( 930 ) Other assets and liabilities ( 1,423 ) 20 Total adjustments 5,050 24,203 Net cash provided by (used for) operating activities 5,409 5,123 Cash flows provided by (used for) investing activities: Additions to property, plant, and equipment ( 11,158 ) ( 18,110 ) Proceeds from capital-related government incentives 1,018 725 Purchases of short-term investments ( 16,401 ) ( 31,519 ) Maturities and sales of short-term investments 10,964 34,268 Sales of equity investments 642 503 Proceeds from divestitures, net 6,186 — Other investing 494 ( 359 ) Net cash provided by (used for) investing activities ( 8,255 ) ( 14,492 ) Cash flows provided by (used for) financing activities: Issuance of commercial paper, net of issuance costs 3,493 7,349 Repayment of commercial paper ( 3,493 ) ( 7,349 ) Partner contributions 3,652 12,278 Net proceeds from sales of subsidiary shares 922 — Additions to property, plant, and equipment ( 2,493 ) ( 741 ) Issuance of long-term debt, net of issuance costs — 2,975 Repayment of debt ( 3,750 ) ( 2,288 ) Proceeds from sales of common stock through employee equity incentive plans 777 986 Net proceeds attributed to common stock and warrants issued 3,737 — Net proceeds attributed to obligation to issue Escrowed Shares 3,945 — Payment of dividends to stockholders — ( 1,599 ) Other financing ( 1,052 ) ( 536 ) Net cash provided by (used for) financing activities 5,738 11,075 Net increase (decrease) in cash and cash equivalents 2,892 1,706 Cash and cash equivalents, end of period $ 11,141 $ 8,785 Non-cash supplemental disclosures: Acquisition of property, plant, and equipment 1 $ 5,068 $ 6,595 Recognition of capital-related government incentives $ 6,094 $ 2,211 Cash paid during the period for: Interest, net of capitalized interest $ 1,156 $ 1,099 Income taxes, net of refunds $ 1,939 $ 1,880 1 Includes $ 1,301 million with extended payment terms of greater than 90 days in the nine months ended September 27, 2025. See accompanying notes. Financial Statements Consolidated Condensed Statements of Cash Flows 6 Table of Contents Consolidated Condensed Statements of Stockholders' Equity (In Millions, Except Per Share Amounts; Unaudited) Common Stock and Capital in Excess of Par Value Accumulated Other Comprehensive Income (Loss) Retained Earnings 1 Non-Controlling Interests Total Shares Amount Three Months Ended Balance as of June 28, 2025 4,377 $ 52,334 $ 65 $ 45,484 $ 7,868 $ 105,751 Net income (loss) — — — 4,063 207 4,270 Other comprehensive income (loss) — — ( 46 ) — — ( 46 ) Net proceeds from stock issuances and warrants 2 362 3,758 — — — 3,758 Net proceeds from sales of subsidiary shares and partner contributions — 60 — — 2,276 2,336 Partner distributions — — — — ( 68 ) ( 68 ) Employee equity incentive plans and other 32 286 — — — 286 Share-based compensation — 477 — — 71 548 Restricted stock unit withholdings ( 5 ) ( 160 ) — 55 — ( 105 ) Balance as of September 27, 2025 4,766 $ 56,755 $ 19 $ 49,602 $ 10,354 $ 116,730 Balance as of June 29, 2024 4,276 $ 49,763 $ ( 696 ) $ 66,162 $ 5,205 $ 120,434 Net income (loss) — — — ( 16,639 ) ( 350 ) ( 16,989 ) Other comprehensive income (loss) — — 511 — — 511 Net proceeds from partner contributions — — — — 417 417 Employee equity incentive plans and other 38 355 — — — 355 Share-based compensation — 740 — — 60 800 Restricted stock unit withholdings ( 5 ) ( 193 ) — 65 — ( 128 ) Cash dividends declared ($ 0.13 per share of common stock) — — — ( 536 ) — ( 536 ) Balance as of September 28, 2024 4,309 $ 50,665 $ ( 185 ) $ 49,052 $ 5,332 $ 104,864 Nine Months Ended Balance as of December 28, 2024 4,330 $ 50,949 $ ( 711 ) $ 49,081 $ 5,762 $ 105,081 Net income (loss) — — — 324 35 359 Other comprehensive income (loss) — — 730 — — 730 Net proceeds from stock issuances and warrants 2 362 3,758 — — — 3,758 Net proceeds from sales of subsidiary shares and partner contributions — 58 — — 4,516 4,574 Partner distributions — — — — ( 159 ) ( 159 ) Employee equity incentive plans and other 88 777 — — — 777 Share-based compensation — 1,696 — — 200 1,896 Restricted stock unit withholdings ( 14 ) ( 483 ) — 197 — ( 286 ) Balance as of September 27, 2025 4,766 $ 56,755 $ 19 $ 49,602 $ 10,354 $ 116,730 Balance as of December 30, 2023 4,228 $ 36,649 $ ( 215 ) $ 69,156 $ 4,375 $ 109,965 Net income (loss) — — — ( 18,630 ) ( 450 ) ( 19,080 ) Other comprehensive income (loss) — — 30 — — 30 Net proceeds from partner contributions — 11,012 — — 1,266 12,278 Employee equity incentive plans and other 96 986 — — — 986 Share-based compensation — 2,618 — — 141 2,759 Restricted stock unit withholdings ( 15 ) ( 600 ) — 125 — ( 475 ) Cash dividends declared ($ 0.38 per share of common stock) — — — ( 1,599 ) — ( 1,599 ) Balance as of September 28, 2024 4,309 $ 50,665 $ ( 185 ) $ 49,052 $ 5,332 $ 104,864 1 The retained earnings balance as of December 28, 2024 includes an opening balance adjustment made as a result of the adoption of a new accounting standard in 2025. 2 Includes $ 110 million of allocated proceeds to warrants from the Warrant and Common Stock Agreement with the U.S. government. See accompanying notes. Financial Statements Consolidated Condensed Statements of Stockholders' Equity 7 Table of Contents Notes to Consolidated Condensed Financial Statements Note 1 : Basis of Presentation We prepared our interim Consolidated Condensed Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2024 Form 10-K. We have made estimates and judgments affecting the amounts reported in our Consolidated Condensed Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2024 Form 10-K, which includes additional information on our significant accounting policies, as well as the methods and assumptions used in our estimates, and our Q2 2025 Form 10-Q, which discusses the critical accounting estimates that supplement the significant accounting policies outlined in "Note 2: Accounting Policies" within Notes to Consolidated Financial Statements within our 2024 Form 10-K. Note 2 : Operating Segments In the first quarter of 2025, we made an organizational change to integrate our Networking and Edge (NEX) business into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. All prior period segment data have been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance starting in fiscal year 2025. Additionally, effective September 12, 2025, we completed the divestiture of 51 % of Altera. As of that date, Altera's results of operations are no longer included in our consolidated or segment results. Altera's financial results were included within our "all other" category for all periods presented through September 11, 2025. There are no changes to our Consolidated Condensed Financial Statements for any prior periods resulting from our organizational change in the first quarter of 2025 or the Altera transaction, which is further described below. We organize and manage our business as follows: ▪ Intel Products: ▪ C lient Computing Group (CCG) ▪ Data Center and AI (DCAI) ▪ Intel Foundry ▪ All Other ▪ M obileye ▪ Other CCG, DCAI, and Intel Foundry qualify as reportable operating segments. When we enter into federal contracts, they are aligned to the sponsoring operating segment. The accounting policies applied to our segments follow those applied to Intel as a whole. A summary of the basis for which we report our operating segment revenues and operating margin is as follows: Intel Products: CCG and DCAI ▪ Segment revenue: consists of revenues from external customers. Our Intel Products operating segments represent most of Intel consolidated revenue and are derived from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, which are based on Intel architecture. ▪ Segment expenses: consists of intersegment charges for product manufacturing and related services from Intel Foundry, external foundry and other manufacturing expenses, product development costs, allocated expenses as described below, and direct operating expenses. Intel Foundry ▪ Segment revenue : consists substantially of intersegment product and services revenue for wafer fabrication, substrates and other related products, and services sold to Intel Products and certain other Intel internal businesses. We recognize intersegment revenue based on the completion of performance obligations. Product revenue is recognized upon transfer of ownership, which is generally at the completion of wafer sorting. Backend service revenue is recognized upon the completion of assembly and test milestones, which approximates the recognition of revenue over the service period. Intersegment sales are recorded at prices that are intended to approximate market pricing. Intel Foundry also includes certain third-party foundry and assembly and test revenues from external customers that totaled $ 32 million in the three months ended September 27, 2025 and $ 85 million in the first nine months of 2025, compared to $ 55 million in the three months ended September 28, 2024, and $ 107 million in the first nine months of 2024. Financial Statements Notes to Financial Statements 8 Table of Contents ▪ Segment expenses: consists of direct expenses for technology development, product manufacturing and services provided by Intel Foundry to internal and external customers, allocated expenses as described below, and direct operating expenses. Direct expenses for product manufacturing include excess capacity charges, if any. All Other Our "all other" category includes the results of operations from other non-reportable segments not otherwise presented, including our Mobileye business, our IMS business, start-up businesses that support our initiatives, and historical results of operations from divested businesses, including Altera. Effective September 12, 2025, Altera, previously a wholly-owned subsidiary, was deconsolidated from our consolidated financial statements following the closing of the 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 September 12, 2025, our retained interest in Altera is accounted for as an equity method investment. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information. The financial results of our "all other" category include intersegment product and services revenue and intersegment expenses primarily between Altera and our Intel Foundry segment. We allocate operating expenses from our sales and marketing group to the Intel Products operating segments and allocate substantially all our operating expenses from our general and administration groups to our reportable operating segments. We estimate that the substantial majority of our consolidated depreciation expense in the first nine months of 2025 and 2024 was incurred by Intel Foundry. Intel Foundry depreciation expense is substantially included in overhead cost pools and then combined with other costs, and subsequently absorbed into inventory as each product passes through the manufacturing process and is sold to Intel Products or other customers. As a result, it is impracticable to determine the total depreciation expense included as a component of each Intel Products operating segment's operating income (loss). We do not allocate the following corporate operating expenses to our operating segments: ▪ restructuring and other charges; ▪ share-based compensation; ▪ certain impairment charges; and ▪ certain acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. We do not allocate the following non-operating items to our operating segments: ▪ gains and losses from equity investments; ▪ interest and other income; and ▪ income taxes. Our Chief Executive Officer is our CODM. The CODM uses segment revenue and segment operating income (loss) to evaluate each segment's performance and allocate resources. These financial measures are utilized during our budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, capital investments, and personnel across all operating segments. Segment operating results regularly reviewed by our CODM also include total cost of sales and operating expenses directly attributable to each segment. Prior to the second quarter of 2025, our CODM regularly reviewed cost of sales and operating expenses, on a discrete basis, attributable to each segment. We have recast prior period segment operating results to reflect the significant segment-level expenses as currently reviewed by our CODM. We centrally manage all procurement, treasury, and asset management functions across the enterprise and do not maintain separate balance sheets by segment within our systems of record, nor does our CODM receive total asset information by segment for purposes of assessing segment performance and allocating resources. Intersegment eliminations: Intersegment sales and related gross profit on inventory recorded at the end of the period or sold through to third-party customers is eliminated for consolidation purposes. The Intel Products operating segments and Intel Foundry are meant to reflect separate fabless semiconductor and foundry companies, respectively. Thus, certain intersegment activity is captured within the intersegment eliminations upon consolidation and presented at the Intel consolidated level. This activity primarily relates to inventory reserves, which are determined and recorded based on our accounting policies for Intel as a whole but are only recorded by the Intel Products operating segments upon transfer of inventory from Intel Foundry. If a reserve is identified which relates to neither Intel Products operating segments nor Intel Foundry, the reserve is recognized as activity within the intersegment eliminations for Intel on a consolidated basis. Reporting units and goodwill reallocation: As a result of modifying our segment reporting in the first quarter of 2025, we reallocated goodwill among our affected reporting units, which generally align to our operating segment structure, on a relative fair value basis. We performed a goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired. As a result of modifying our segment reporting in the first quarter of 2024, we reallocated goodwill among our affected reporting units on a relative fair value basis. We performed a quantitative goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization. We concluded based on our pre-reorganization impairment test that goodwill was not impaired. As a result of our post-reorganization impairment test, we recognized a non-cash goodwill impairment loss of $ 222 million in the first quarter of 2024 related to our new Intel Foundry reporting unit as the estimated fair value of the new reporting unit was lower than the assigned carrying value. Intel Foundry had no remaining allocated goodwill as of March 30, 2024, or for any subsequent reporting period. Financial Statements Notes to Financial Statements 9 Table of Contents Net revenue, cost of sales and operating expenses, and operating income (loss) for each period were as follows: Three Months Ended (In Millions) Sep 27, 2025 Intel Products CCG DCAI Total Intel Products Intel Foundry All Other Corporate Unallocated Intersegment Eliminations Total Consolidated Revenue $ 8,535 $ 4,117 $ 12,652 $ 4,235 $ 993 $ — $ ( 4,227 ) $ 13,653 Cost of sales and operating expenses 5,841 3,153 8,994 6,556 893 782 ( 4,255 ) 12,970 Operating income (loss) $ 2,694 $ 964 $ 3,658 $ ( 2,321 ) $ 100 $ ( 782 ) $ 28 $ 683 Three Months Ended (In Millions) Sep 28, 2024 Intel Products CCG DCAI Total Intel Products Intel Foundry All Other Corporate Unallocated Intersegment Eliminations Total Consolidated Revenue $ 8,161 $ 4,141 $ 12,302 $ 4,339 $ 964 $ — $ ( 4,321 ) $ 13,284 Cost of sales and operating expenses 5,224 3,760 8,984 10,138 959 6,502 ( 4,242 ) 22,341 Operating income (loss) $ 2,937 $ 381 $ 3,318 $ ( 5,799 ) $ 5 $ ( 6,502 ) $ ( 79 ) $ ( 9,057 ) Nine Months Ended (In Millions) Sep 27, 2025 Intel Products CCG DCAI Total Intel Products Intel Foundry All Other Corporate Unallocated Intersegment Eliminations Total Consolidated Revenue $ 24,035 $ 12,182 $ 36,217 $ 13,319 $ 2,989 $ — $ ( 13,346 ) $ 39,179 Cost of sales and operating expenses 16,927 10,010 26,937 21,128 2,717 4,797 ( 13,606 ) 41,973 Operating income (loss) $ 7,108 $ 2,172 $ 9,280 $ ( 7,809 ) $ 272 $ ( 4,797 ) $ 260 $ ( 2,794 ) Nine Months Ended (In Millions) Sep 28, 2024 Intel Products CCG DCAI Total Intel Products Intel Foundry All Other Corporate Unallocated Intersegment Eliminations Total Consolidated Revenue $ 24,577 $ 11,774 $ 36,351 $ 12,977 $ 2,488 $ — $ ( 12,975 ) $ 38,841 Cost of sales and operating expenses 16,177 10,734 26,911 24,019 2,699 10,397 ( 13,095 ) 50,931 Operating income (loss) $ 8,400 $ 1,040 $ 9,440 $ ( 11,042 ) $ ( 211 ) $ ( 10,397 ) $ 120 $ ( 12,090 ) Financial Statements Notes to Financial Statements 10 Table of Contents Corporate Unallocated Expenses Corporate unallocated expenses include certain operating expenses not allocated to specific operating segments. The nature of these expenses may vary, but primarily consist of restructuring and other charges, share-based compensation, certain impairment charges, and certain acquisition-related costs. Three Months Ended Nine Months Ended (In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Acquisition-related costs $ 118 $ 266 $ 388 $ 796 Share-based compensation 548 800 1,896 2,759 Restructuring and other charges 1 175 5,622 2,221 6,913 Other ( 59 ) ( 186 ) 292 ( 71 ) Total corporate unallocated expenses $ 782 $ 6,502 $ 4,797 $ 10,397 1 See "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements for further information. Note 3 : Non-Controlling Interests Non-Controlling Ownership % Sep 27, 2025 Sep 28, 2024 Ireland SCIP 49 % 49 % Arizona SCIP 49 % 49 % Mobileye 20 % 12 % IMS 32 % 32 % (In Millions) Ireland SCIP Arizona SCIP Mobileye IMS Total Non-controlling interests as of Dec 28, 2024 $ 61 $ 3,888 $ 1,672 $ 141 $ 5,762 Partner contributions — 3,653 — — 3,653 Partner distributions ( 159 ) — — — ( 159 ) Changes in equity of non-controlling interest holders — — 1,063 — 1,063 Net income (loss) attributable to non-controlling interests 167 ( 74 ) ( 33 ) ( 25 ) 35 Non-controlling interests as of Sep 27, 2025 $ 69 $ 7,467 $ 2,702 $ 116 $ 10,354 (In Millions) Ireland SCIP Arizona SCIP Mobileye IMS Total Non-controlling interests as of Dec 30, 2023 $ — $ 2,359 $ 1,838 $ 178 $ 4,375 Partner contributions — 1,266 — — 1,266 Changes in equity of non-controlling interest holders — — 141 — 141 Net income (loss) attributable to non-controlling interests 51 ( 107 ) ( 362 ) ( 32 ) ( 450 ) Non-controlling interests as of Sep 28, 2024 $ 51 $ 3,518 $ 1,617 $ 146 $ 5,332 Financial Statements Notes to Financial Statements 11 Table of Contents Mobileye On July 11, 2025, we converted 113.7 million of our Mobileye Class B shares into Class A shares. We subsequently sold 57.5 million of the Class A shares in a secondary offering, representing 7 % of Mobileye's outstanding capital stock, for $ 16.50 per share and received net proceeds of $ 922 million. Concurrently, Mobileye repurchased from us 6.2 million of the Class A Shares for $ 16.50 . As of September 27, 2025, we continue to hold the remaining 50.0 million Mobileye Class A shares from the conversion, in addition to our remaining Mobileye Class B shares. As we will continue to consolidate the results of Mobileye, the impact of their share repurchase was eliminated in our Consolidated Condensed Financial Statements. In the third quarter of 2024, we recognized a non-cash goodwill impairment charge of $ 2.8 billion, substantially all of which related to our Mobileye reporting unit. The non-cash impairment charge related to our Mobileye reporting unit was attributed to Intel and to non-controlling interest holders based on our proportional ownership (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements as included in our 2024 Form 10-K for further information). Semiconductor Co-Investment Program Ireland SCIP We consolidate the results of an Irish limited liability company (Ireland SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. Generally, distributions will be received from Ireland SCIP based on each investor's respective ownership of Ireland SCIP, of which Intel's is 51 %. Ireland SCIP has rights to factory output of an Intel owned wafer fabrication plant in Ireland (Fab 34) and rights to resell the factory output to us. We retain sole ownership of Fab 34 and we are engaged as the Fab 34 operator in exchange for variable payments from Ireland SCIP based on the related factory output. 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. Though we expect certain construction delays in the near term, we intend to complete construction of Fab 34. We will be required to purchase minimum quantities of the related factory output from Ireland SCIP, or we will be subject to certain volume-related damages payable to Ireland SCIP, beginning at the earlier of when construction is complete or the third quarter of 2027. As of September 27, 2025, other than cash and cash equivalents held by Ireland SCIP, most of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Condensed Balance Sheets. Arizona SCIP We consolidate the results of an Arizona limited liability company (Arizona SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. Contributions and distributions made between Arizona SCIP and investors are generally made based on our and Brookfield's proportional ownership interest in Arizona SCIP. We are the primary beneficiary of two new chip factories still partially under construction by Arizona SCIP; we have the right to direct how and for what purpose the underlying assets will be used and to purchase 100 % of the wafer output. During the three months ended September 27, 2025, Arizona SCIP placed the first tranche of manufacturing assets into service, making the assets available for our use. When production commences in 2026, as the sole operator we will be required to operate Arizona SCIP at minimum production levels and will be required to limit excess inventory held on site or we will be subject to certain volume-related damages payable to Arizona SCIP. The property, plant, and equipment assets owned by Arizona SCIP and included in our Consolidated Condensed Balance Sheets as of September 27, 2025, which are not available to us as they can be used only to settle obligations of the VIE, consisted of construction in progress assets of $ 5.2 billion ($ 11.5 billion as of December 28, 2024) and assets that have been placed into service of $ 10.9 billion. The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Condensed Balance Sheets. Financial Statements Notes to Financial Statements 12 Table of Contents Note 4 : Earnings (Loss) Per Share and Stockholders' Equity 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. Three Months Ended Nine Months Ended (In Millions, Except Per Share Amounts) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Net income (loss) $ 4,270 $ ( 16,989 ) $ 359 $ ( 19,080 ) Less: net income (loss) attributable to non-controlling interests 207 ( 350 ) 35 ( 450 ) Net income (loss) attributable to Intel $ 4,063 $ ( 16,639 ) $ 324 $ ( 18,630 ) Weighted average shares of common stock outstanding—basic 1 4,514 4,292 4,424 4,267 Dilutive effect of employee equity incentive plans and stock issuances 17 — 10 — Weighted average shares of common stock outstanding—diluted 4,531 4,292 4,434 4,267 Earnings (loss) per share attributable to Intel—basic $ 0.90 $ ( 3.88 ) $ 0.07 $ ( 4.37 ) Earnings (loss) per share attributable to Intel—diluted 2 $ 0.90 $ ( 3.88 ) $ 0.07 $ ( 4.37 ) 1 For the three and nine months ended September 27, 2025, we have included the weighted average impacts of Escrowed Shares that are not contingently issuable. Refer to additional discussion under the Warrant and Common Stock Agreement with the U.S. government section below. 2 For the three and nine months ended September 27, 2025, earnings (loss) per share attributable to Intel-diluted has been calculated by adjusting net income (loss) attributable to Intel for the loss of $ 2 million related to the mark-to-market of that portion of the derivative liability that is attributable to 342 thousand contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period. 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 a contractual transaction to issue shares of common stock that settled in the three and nine months ended September 27, 2025 is determined from the date of the agreement or the beginning of the period (whichever is later) to the date the transaction closes by applying the treasury stock method firstly by calculating the weighted average shares for that period and secondly by reducing weighted average shares by the hypothetical buyback of shares calculated by dividing the total proceeds received by the average market price of Intel stock for the period. The potentially dilutive impact from the assumed issuance of the Escrowed Shares is determined by applying the if-converted method to the weighted average shares from the equity agreement date or the beginning of the period (whichever is later) to the date we received proceeds from Secure Enclave (defined below), as applicable to each period in which Secure Enclave proceeds are received. The potentially dilutive impact from the assumed issuance of common stock associated with a contractual conversion feature is determined by applying the if-converted method to the assumed exercise of the outstanding conversion feature. In the three and nine months ended September 27, 2025 and September 28, 2024, securities that would have been anti-dilutive were insignificant. Sales of Common Stock Private Placement Share Sale to SoftBank Group On August 18, 2025, we entered into an agreement to issue and sell 87 million shares of our common stock to SoftBank Group at $ 23.00 per share, representing an aggregate cash purchase price of $ 2.0 billion. The transaction closed on September 26, 2025. Financial Statements Notes to Financial Statements 13 Table of Contents 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). Pursuant to the terms of the U.S. Government Agreement, the Federal Government of the United States of America (U.S. government) agreed to make disbursements to us consisting of (1) the acceleration of certain disbursements under an amendment to our November 2024 Direct Funding Agreement (DFA) under the CHIPs and Science Act of 2022 (CHIPs Act) with the DOC in the amount of $ 5.7 billion and (2) $ 3.2 billion of disbursements in respect of our existing agreement with the U.S. government under the CHIPs Act Secure Enclave program (Secure Enclave) to be made as we perform on our commitments pursuant to the terms and conditions of Secure Enclave. As compensation to the U.S. government for, and as a condition to the DOC's willingness to permit, the disbursements, the company agreed to issue to the DOC: (i) up to 433 million shares of our common stock, of which 275 million would be issued on the closing date (Common Stock Issuance) and 159 million would be issued into escrow to be released as disbursements are received by us under Secure Enclave (Escrowed Shares); and (ii) warrants exercisable to purchase up to 241 million shares of our common stock at $ 20.00 per share (Warrants) if we were to cease to directly or indirectly own at least 51 % of our foundry business (Warrant Condition). The DOC also agreed that to the maximum extent permissible under applicable law, our obligations pursuant to the DFA would be considered discharged, other than with respect to Secure Enclave. The U.S. government agreed to make the disbursements in respect of, and on the terms and conditions of, Secure Enclave and agreed to work with us to make appropriate amendments and modifications to the DFA to release us from certain of its obligations. On August 27, 2025, the closing of the transactions contemplated by the U.S. Government Agreement occurred. On such date: ▪ we and the DOC entered into an amendment to the DFA that, among other things, removed the prior project milestone requirements and certain other conditions to disbursements under the DFA; ▪ we received from the DOC the $ 5.7 billion of remaining potential disbursements under the DFA; ▪ we issued to the DOC the 275 million share Common Stock Issuance; ▪ we issued to the DOC the Warrants to purchase up to 241 million shares of our common stock, subject to anti-dilution adjustments for dividends, distributions, subdivisions, combinations or reclassifications; and ▪ we issued into escrow the 159 million Escrowed Shares for the benefit of the DOC to be released as the company performs, invoices and receives disbursements from the U.S. government under Secure Enclave. The Escrowed Shares will be released from escrow as and when Secure Enclave disbursements are received by us for our performance under Secure Enclave, with the number of Escrowed Shares to be issued with respect to each Secure Enclave disbursement being determined based on $ 20.00 per share. To the extent any Escrowed Shares have not been released from escrow at the end of the period during which we are eligible for Secure Enclave disbursements, half of any remaining Escrowed Shares will be released from escrow to the DOC at such time with no additional consideration payable to us, with the other half of the remaining Escrowed Shares automatically forfeited and cancelled. During the three months ended September 27, 2025, we released 684 thousand Escrowed Shares pertaining to disbursement received under Secure Enclave. We accounted for the $ 5.7 billion of accelerated disbursements under the amended DFA as being attributable to our issuance of three freestanding instruments: the 275 million share Common Stock Issuance, the 159 million Escrowed Shares, and the Warrants to purchase 241 million shares. We have concluded that the Common Stock Issuance and the issuance of the Warrants should be classified within permanent equity. We classified the Escrowed Shares as a derivative liability, which was recorded at fair value at inception with subsequent changes in fair value recorded through interest and other, net within our Consolidated Condensed Statements of Operations until settlement. Accordingly, we have allocated the $ 5.7 billion in cash proceeds received at the closing date to the Escrowed Shares at fair value of $ 3.9 billion, with the remaining proceeds allocated to the Common Stock Issuance and Warrants of $ 1.6 billion and $ 110 million, respectively, based on their relative fair values. During the three months ended September 27, 2025, we recognized $ 1.7 billion related to the net change in fair value of the Escrowed Shares as of the settlement date for Escrowed Shares that were released during the period and as of the reporting date for Escrowed Shares that were not released. At September 27, 2025, the fair value of the Escrowed Shares was $ 5.6 billion, which we have recognized within other accrued liabilities and other long-term liabilities . The $ 2.3 billion previously received under the DFA and Secure Enclave programs prior to the August 22, 2025 U.S. Government Agreement date remained subject to our government grant accounting policy. See “Note 5: Other Financial Statement Details” within Notes to Consolidated Condensed Financial Statements for further discussion. In the three and nine months ended September 27, 2025, we released 684 thousand Escrowed Shares upon our receipt of certain of the cash proceeds for our performance under Secure Enclave. The remaining 79 million Escrowed Shares that were not contingently issuable based on the terms of the U.S. Government Agreement have been included in our computation of basic earnings per share for the three and nine months ended September 27, 2025. The remaining 79 million Escrowed Shares are considered contingently issuable based on the DOC's disbursements under Secure Enclave and therefore will be excluded from basic and diluted earnings per share until the contingencies are met. Potentially dilutive shares issuable under the Warrant have been excluded from all basic and diluted earnings per share calculations for the three and nine months ended September 27, 2025 as the Warrants are neither currently nor expected to become exercisable. Financial Statements Notes to Financial Statements 14 Table of Contents Private Placement Share Sale to NVIDIA On September 15, 2025, we entered into an agreement to issue and sell 215 million shares of our common stock to NVIDIA at a price of $ 23.28 per share, representing an aggregate cash purchase price of $ 5.0 billion. The closing of the issuance and sale, which represents a standalone transaction , remains subject to customary closing conditions. Note 5 : Other Financial Statement Details Accounts Receivable We sell certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $ 2.4 billion during the first nine months of 2025 ($ 1.5 billion during the first nine months of 2024). After the sale of our accounts receivable, we collect payment from the customers and remit to the third-party financial institution. Inventories (In Millions) Sep 27, 2025 Dec 28, 2024 Raw materials $ 1,135 $ 1,344 Work in process 6,751 7,432 Finished goods 3,603 3,422 Total inventories $ 11,489 $ 12,198 Property, Plant, and Equipment We invest in and deploy manufacturing assets in response to manufacturing capacity requirements based upon short- and long-term demand forecasts and economic returns relative to capital outlays. We regularly monitor, evaluate, and adjust our manufacturing capacity footprint in response to a number of volatile factors that impact our business, including demand for our products and services and the state of the semiconductor industry as a whole. In connection with the preparation of our Consolidated Condensed Financial Statements for the second quarter of 2025, we evaluated our current process technology node capacities relative to projected market demand for our products and services, concluding that our manufacturing asset portfolio exceeded manufacturing capacity requirements. Upon performing a re-use assessment, we impaired and accelerated depreciation for certain manufacturing assets. In total, we recorded non-cash impairments and accelerated depreciation charges of $ 460 million and $ 337 million, respectively, in the second quarter of 2025, net of certain items. All charges were recognized in cost of sales within our Intel Foundry operating segment. In the third quarter of 2024, we performed a similar exercise and recorded non-cash impairments and accelerated depreciation charges of $ 2.1 billion and $ 945 million, respectively, substantially all of which were recognized in cost of sales within our Intel Foundry operating segment. Additionally, we incurred other non-cash asset impairment and accelerated depreciation charges of $ 416 million in the second quarter of 2025 and $ 442 million in the third quarter of 2024, as a direct result of the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other charges category for each applicable period, as presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. Other Accrued Liabilities Other accrued liabilities include deferred compensation of $ 3.2 billion as of September 27, 2025 ($ 3.3 billion as of December 28, 2024). Interest and Other, Net Three Months Ended Nine Months Ended (In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Interest income $ 228 $ 340 $ 682 $ 983 Interest expense ( 282 ) ( 248 ) ( 808 ) ( 800 ) Gain (loss) on mark-to-market of Escrowed Shares ( 1,687 ) — ( 1,687 ) — Gain on divestiture of Altera 5,546 — 5,546 — Other, net ( 135 ) 38 ( 331 ) 172 Total interest and other, net $ 3,670 $ 130 $ 3,402 $ 355 Interest expense is net of $ 284 million of interest capitalized in the third quarter of 2025 and $ 964 million in the first nine months of 2025 ($ 392 million in the third quarter of 2024 and $ 1.1 billion in the first nine months of 2024). Financial Statements Notes to Financial Statements 15 Table of Contents Gain (loss) on mark-to-market of Escrowed Shares r elated to changes in fair value of the Escrowed Shares released during the periods ended and held as of September 27, 2025 (refer to " Note 4: Earnings (Loss) Per Share and Stockholders' Equity " within Notes to Consolidated Condensed Financial Statements). Gain on divestiture of Altera is related to the sale of 51 % of the business for which we recorded a pretax gain of $ 5.5 billion (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements). Other, net included charges of $ 97 million in the third quarter of 2025 and $ 191 million in the first nine months of 2025 related to the sale of our NAND memory business (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements). Government Incentives In the first nine months of 2025, we recognized $ 1.0 billion in grants under the CHIPs Act, of which capital-related incentives reduced gross property, plant and equipment by $ 769 million, and operating-related incentives benefited operating income by $ 236 million, substantially all of which was recorded in cost of sales. Of the $ 236 million operating grants recognized in the first nine months of 2025, $ 88 million was recognized in the third quarter of 2025 . In the third quarter of 2025, our CHIPs Act grant was modified with grant amounts earned as of the modification date remaining subject to our government grant accounting policy (refer to " Note 4: Earnings (Loss) Per Share and Stockholders' Equity " within Notes to Consolidated Condensed Financial Statements). Additionally, in the first nine months of 2025 we recognized AMIC claims of $ 5.1 billion ($ 1.7 billion in the first nine months of 2024), which may be refunded to us in cash to the extent it exceeds our outstanding income tax liabilities. Note 6 : Restructuring and Other Charges Three Months Ended Nine Months Ended (In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Employee severance and benefit arrangements $ 146 $ 2,193 $ 1,754 $ 2,487 Litigation charges and other 33 36 52 814 Asset impairment charges ( 4 ) 3,393 415 3,612 Total restructuring and other charges $ 175 $ 5,622 $ 2,221 $ 6,913 In the second quarter of 2025, we announced and commenced the 2025 Restructuring Plan, which was subsequently approved and committed to by our management. This initiative is intended 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 lower-priority programs and initiatives. Restructuring charges are primarily comprised of employee severance and benefit arrangements, non-cash asset impairment and accelerated depreciation charges resulting from exit activities, as well as impairment charges relating to real estate exits and consolidations. These charges were included as "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. The total expected and cumulative cost of the 2025 Restructuring Plan as of September 27, 2025 was $ 1.9 billion. Any changes to our estimates or timing will be reflected in our results of operations in future periods. We expect a substantial majority of the actions pursuant to the 2025 Restructuring Plan to be complete by the fourth quarter of 2025, which is subject to change. In the third quarter of 2024, the 2024 Restructuring Plan was announced and a series of cost and capital reduction initiatives were implemented. We have incurred total charges of approximately $ 3.1 billion under the 2024 Restructuring Plan, which was substantially complete in the second quarter of 2025. Employee severance and benefit arrangements included net charges of $ 106 million and $ 1.5 billion during the three and nine months ended September 27, 2025 resulting from the 2025 Restructuring Plan. The remaining charges incurred during the three and nine months ended September 27, 2025 primarily related to the 2024 Restructuring Plan. Additionally, we incurred charges of $ 2.2 billion in the third quarter and first nine months of 2024 related to the 2024 Restructuring Plan. Charges relating to other actions taken to streamline operations and reduce costs were $ 294 million in the nine months ended September 28, 2024. Financial Statements Notes to Financial Statements 16 Table of Contents Restructuring activities related to employee severance and benefit arrangements under the 2025 and 2024 Restructuring Plans were as follows: (In Millions) 2025 Restructuring Plan 2024 Restructuring Plan Accrued restructuring balance as of December 28, 2024 $ — $ 302 Accruals and adjustments 1,486 196 Cash payments ( 881 ) ( 462 ) Accrued restructuring balance as of September 27, 2025 $ 605 $ 36 The accrued restructuring balance as of September 27, 2025 and December 28, 2024 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets. Litigation charges and other included a charge of $ 780 million in the second quarter of 2024 arising out of the R2 litigation. Refer to "Note 19: Commitments and Contingencies" within Notes to Consolidated Financial Statements as included in our 2024 Form 10-K for further information. Asset impairment charges in the first nine months of 2025 primarily included $ 416 million of non-cash charges associated with the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties. During the three and nine months ended September 28, 2024, we incurred cash and non-cash charges associated with the 2024 Restructuring Plan, including $ 442 million of non-cash impairments of construction in progress assets associated with our decision to exit and outsource manufacturing capabilities for certain internal test hardware; and $ 86 million of non-cash impairments of operating leased assets and related leasehold improvements resulting from real estate consolidations and exits. In addition, we recorded non-cash goodwill impairment charges of $ 2.8 billion and $ 3.0 billion in the three and nine months ended September 28, 2024, respectively (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements as included in our 2024 Form 10-K for further information). Further, in the third quarter of 2024, as a result of a decline in the actual and projected undiscounted cash flows for certain acquired intangible assets, we concluded the assets were not recoverable and recognized a non-cash impairment charge of $ 108 million. Goodwill and intangible asset impairment charges were included as "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. Note 7 : Income Taxes Three Months Ended Nine Months Ended ($ In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Income (loss) before taxes $ 4,574 $ ( 9,086 ) $ 1,219 $ ( 11,809 ) Provision for (benefit from) taxes $ 304 $ 7,903 $ 860 $ 7,271 Effective tax rate 6.6 % ( 87.0 ) % 70.5 % ( 61.6 ) % In the three and nine months ended September 27, 2025, our provision for income taxes was determined using our estimated annual effective tax rate applied to our year-to-date ordinary income (loss) before taxes, adjusted for discrete items. We were not able to benefit from our current year domestic loss before taxes due to the domestic valuation allowance first established in the third quarter of 2024 . Additionally, our financial statements as of September 27, 2025 and September 28, 2024 contain certain tax receivables of $ 2.7 billion and $ 845 million , respectively, within other current assets , and $ 5.3 billion and $ 1.7 billion , respectively, within other long-term assets associated with income tax overpayments and AMIC claims. In the three and nine months ended September 28, 2024, due to our inability to reliably forecast our annual income, our provision for income taxes was determined using a three and nine month actual annual effective tax rate, respectively, adjusted for discrete items. In addition, we established a valuation allowance of $ 9.9 billion as a discrete non-cash tax expense against our U.S. deferred tax assets. We assess the recoverability of our deferred tax assets quarterly, weighing available positive and negative evidence. As a result of our assessment in the third quarter of 2024 , we determined it was not more likely than not that the deferred tax assets will not be recoverable based upon our three-year cumulative historical loss position as of September 28, 2024, largely resulting from the asset impairment and restructuring and other charges incurred during that quarter. On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing, increases the AMIC credit rate to 35 percent from 25 percent for qualifying assets, and makes modifications to the international tax framework. The Act includes multiple effective dates, with certain provisions effective in 2025 and others phased in through 2027 . We continue to evaluate the impact of the Act's provisions that take effect in future years. Financial Statements Notes to Financial Statements 17 Table of Contents Note 8 : Investments 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 Condensed 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 fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of September 27, 2025 and December 28, 2024, substantially all time deposits were issued by institutions outside the US. 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 with gains or losses from the investments and the related derivative instruments recorded in interest and other, net . The fair value of our economically hedged marketable debt investments was $ 19.1 billion as of September 27, 2025 ($ 13.5 billion as of December 28, 2024). For hedged investments still held at the reporting date, we recorded net losses of $ 47 million in the third quarter of 2025 and net gains of $ 416 million in the first nine months of 2025 (net gains of $ 406 million in the third quarter of 2024 and net gains of $ 195 million in the first nine months of 2024). Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) and realized gains or losses recorded in interest and other, net . The adjusted cost of our unhedged investments was $ 6.8 billion as of September 27, 2025 ($ 5.2 billion as of December 28, 2024), which approximated the fair value at these dates. The fair values of marketable debt investments, by contractual maturity, as of September 27, 2025, were as follows: (In Millions) Fair Value Due in 1 year or less $ 7,452 Due in 1 – 2 years 7,233 Due in 2 – 5 years 6,926 Due after 5 years 188 Instruments not due at a single maturity date 1 4,099 Total $ 25,898 1 "Instruments not due at a single maturity date" is comprised of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents. Equity Investments (In Millions) Sep 27, 2025 Dec 28, 2024 Marketable equity investments 1 $ 572 $ 848 Non-marketable equity investments 8,095 4,535 Total $ 8,667 $ 5,383 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: Three Months Ended Nine Months Ended (In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Unrealized gains (losses) on marketable equity investments $ 116 $ ( 198 ) $ ( 234 ) $ ( 168 ) Unrealized gains (losses) on non-marketable equity investments 1 17 — 490 48 Impairment charges on non-marketable equity investments ( 76 ) ( 110 ) ( 232 ) ( 269 ) Unrealized gains (losses) on equity investments, net 57 ( 308 ) 24 ( 389 ) Realized gains (losses) on sales of equity investments, net 164 149 587 315 Gains (losses) on equity investments, net $ 221 $ ( 159 ) $ 611 $ ( 74 ) 1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions. In the first nine months of 2025, we recognized upward observable price adjustments for our non-marketable equity investments of $ 486 million within gains (losses) on equity investments, net , of which $ 396 million related to a single investee. Financial Statements Notes to Financial Statements 18 Table of Contents Altera In the third quarter of 2025 , we closed the sale of Altera and retained a 49 % interest in the business (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements). The carrying value of our non-marketable equity investment in Altera is classified within equity investments in the Consolidated Condensed Balance Sheets and was $ 3.2 billion as of September 27, 2025. We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement. Additionally, and in connection with the divestiture, we will be reimbursed for costs that we incur on behalf of Altera for certain corporate services delivered under a transition services agreement, which may include information technology, finance, supply chain, and other services provided on an interim basis. Note 9 : Divestitures Altera Divestiture On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of Silver Lake Partners (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: $ 4.3 billion in cash proceeds received at the closing, subject to working capital adjustments and other adjustments under the terms of the transaction agreement, separation agreement, and certain ancillary agreements attached to the transaction; $ 500 million in deferred cash proceeds also 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 SLP; and an offset for other direct and incremental costs incurred in connection with the sale. At September 27, 2025, we recognized a receivable of $ 457 million within other long-term assets for the present value of deferred consideration, which is not subject to any contingencies, and recognized $ 322 million and $ 132 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 and that relate to the transaction. We are in the process of finalizing the working capital adjustments and other customary closing adjustments with SLP which may result in adjustments to the final net cash proceeds received related to, and our gain on sale for, the transaction. Upon closing the transaction, we retained a 49 % minority investment in Altera, which is accounted for under the equity method of accounting. We established the fair value of our non-marketable equity investment in reference to Altera's equity value per the terms of the transaction agreement as the transaction negotiated with SLP represented an orderly transaction between market participants. The $ 3.2 billion value of our non-marketable equity investment in Altera is classified within equity investments in the Consolidated Condensed Balance Sheet at September 27, 2025 and recognized as a non-cash investing activity in the first nine months of 2025. We classify non-marketable equity investments, including equity method investments, as a Level 3 measurement. Based on the terms of the transaction agreement with SLP, we have concluded that Altera is a VIE for which we are not the primary beneficiary because the governance structure of the entity does not allow us to direct the activities that most significantly impact Altera's economic performance. In line with this conclusion, we deconsolidated Altera from our consolidated financial statements at the September 12, 2025 transaction close date. The carrying amounts of the major classes of Altera's net assets that we sold as of the September 12, 2025 transaction close date included the following: (In Millions) Assets Cash and cash equivalents $ 400 Inventories 673 Property, plant and equipment, net 198 Identified intangible assets, net 394 Goodwill 781 Other assets 316 Total assets $ 2,762 Liabilities Accrued compensation and benefits $ 182 Other liabilities 218 Total liabilities $ 400 Financial Statements Notes to Financial Statements 19 Table of Contents Our sale of a 51 % controlling stake in Altera, which is partially offset by the cash sold with Altera, separation and employee-related costs we agreed to fund to SLP, as well as direct and incremental costs we incurred to sell the business, resulted in a pre-tax gain of $ 5.5 billion recognized within interest and other, net . Our pre-tax gain was calculated as follows: (In Millions) Proceeds from divestiture, net of cash sold and direct selling costs $ 4,266 Deferred consideration 1 457 Fair value of retained interest in Altera 1 3,246 Less: net assets of Altera, net of cash sold ( 1,962 ) Less: separation and employee-related costs and other 1 ( 461 ) Gain on divestiture of Altera $ 5,546 1 Certain aspects of the net purchase consideration have yet to result in cash inflows and outflows and therefore reflect non-cash investing and financing activities within our Consolidated Condensed Statements of Cash Flows for the three and nine months ended September 27, 2025. 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. Cash proceeds received within the third quarter of 2025 of $ 4.3 billion, net of the cash sold and the costs incurred to sell the business, are presented in net cash provided by (used for) investing activities , in the Consolidated Condensed Statements of Cash Flows for the nine months ended September 27, 2025. NAND Memory Business We sold our NAND memory technology and manufacturing business to SK hynix Inc. (SK hynix) which we deconsolidated upon closing the f irst phase of the tra nsaction on December 29, 2021. On March 27, 2025, we closed the second phase of the transaction, collected the outstanding receivable, and recorded proceeds of $ 1.9 billion within cash and cash equivalents, net of certain adjustments. In connection with the second closing, we entered into a final release and settlement agreement with SK hynix primarily related to certain penalties associated with the manufacturing and sale agreement between us and SK hynix, recognizing a net charge of $ 94 million within interest and other, net for the amount paid to SK hynix during the first quarter of 2025 . In addition, in the third quarter of 2025 , we recognized an incremental charge of $ 97 million within interest and other, net as a result of a contingency for which we have indemnified SK hynix. Note 10 : Borrowings In the first quarter of 2025, we settled $ 1.5 billion of our senior notes due March 2025. In the third quarter of 2025, we settled $ 2.3 billion of our senior notes due July 2025. In the first quarter of 2025, we amended our 364-day $ 8.0 billion credit facility agreement to $ 5.0 billion, and the maturity date was extended by one year to January 2026. Neither of our revolving credit facilities had borrowings outstanding as of September 27, 2025 or December 28, 2024. We have an ongoing authorization from our Board of Directors to borrow up to $ 10.0 billion under our commercial paper program. In the first nine months of 2025, we borrowed $ 3.5 billion and settled $ 3.5 billion of our commercial paper and had no commercial paper outstanding as of September 27, 2025 or as of December 28, 2024. Borrowings under the commercial paper program are unsecured general obligations. Financial Statements Notes to Financial Statements 20 Table of Contents Note 11 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis Sep 27, 2025 Dec 28, 2024 Fair Value Measured and Recorded at Reporting Date Using Fair Value Measured and Recorded at Reporting Date Using (In Millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Cash equivalents: Corporate debt $ — $ 944 $ — $ 944 $ — $ — $ — $ — Financial institution instruments¹ 3,813 1,347 — 5,160 4,121 743 — 4,864 Reverse repurchase agreements — 4,369 — 4,369 — 2,654 — 2,654 Short-term investments: Corporate debt — 6,066 — 6,066 — 5,365 — 5,365 Financial institution instruments¹ 286 3,400 — 3,686 195 3,356 — 3,551 Government debt² 5,280 4,762 — 10,042 33 4,864 — 4,897 Other current assets: Derivative assets 342 480 — 822 348 733 — 1,081 Marketable equity investments 572 — — 572 848 — — 848 Other long-term assets: Derivative assets — 1 — 1 — 1 — 1 Total assets measured and recorded at fair value $ 10,293 $ 21,369 $ — $ 31,662 $ 5,545 $ 17,716 $ — $ 23,261 Liabilities Other accrued liabilities: Derivative liabilities³ $ 2,058 $ 422 $ 119 $ 2,599 $ — $ 562 $ 134 $ 696 Other long-term liabilities: Derivative liabilities³ 3,555 169 755 4,479 — 416 755 1,171 Total liabilities measured and recorded at fair value $ 5,613 $ 591 $ 874 $ 7,078 $ — $ 978 $ 889 $ 1,867 1 Level 1 investments consist of money market funds. Level 2 investments consist primarily of time deposits, notes, and bonds issued by financial institutions. 2 Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of non-U.S. government debt. 3 Level 1 derivative liabilities relate to Escrowed Shares held and equity contracts for our deferred compensation program. Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Our non-marketable equity investments and certain non-financial assets—such as intangible assets, goodwill, and property, plant, and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity investments during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets, and property, plant, and equipment are categorized as Level 3 within the fair value hierarchy as we utilize unobservable inputs such as prospective financial information, market segment growth rates, and discount rates in the fair value measurement process. Our non-recurring fair value measurements include the valuation of our non-marketable equity investment in Altera on the September 12, 2025 transaction close date, which was classified as Level 3. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments that have not been remeasured or impaired in the current period, grants receivable, certain long-term receivables, and issued debt. We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of September 27, 2025 was $ 1.0 billion (the aggregate carrying value of grants receivable as of December 28, 2024 was $ 1.7 billion). Financial Statements Notes to Financial Statements 21 Table of Contents We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of these instruments was $ 42.3 billion as of September 27, 2025 ($ 43.5 billion as of December 28, 2024). Note 12 : Derivative Financial Instruments Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions) Sep 27, 2025 Dec 28, 2024 Foreign currency contracts $ 20,967 $ 25,472 Interest rate contracts 21,130 17,899 Equity contracts 1 2,507 2,593 Total $ 44,604 $ 45,964 1 Relates to our deferred compensation program. The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $ 9.7 billion as of September 27, 2025 and $ 12.0 billion as of December 28, 2024. Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets Sep 27, 2025 Dec 28, 2024 (In Millions) Assets 1 Liabilities 2 Assets 1 Liabilities 2 Derivatives designated as hedging instruments: Foreign currency contracts 3 $ 177 $ 35 $ 40 $ 405 Interest rate contracts — 299 — 582 Total derivatives designated as hedging instruments $ 177 $ 334 $ 40 $ 987 Derivatives not designated as hedging instruments: Foreign currency contracts 3 $ 193 $ 261 $ 510 $ 100 Interest rate contracts 111 115 184 25 Equity contracts 4 342 2 348 — Escrowed Shares — 5,611 — — Ireland SCIP arrangement — 755 — 755 Total derivatives not designated as hedging instruments $ 646 $ 6,744 $ 1,042 $ 880 Total derivatives $ 823 $ 7,078 $ 1,082 $ 1,867 1 Derivative assets are recorded as other assets, current and long-term. 2 Derivative liabilities are recorded as other liabilities, current and long-term. 3 A substantial majority of these instruments mature within 12 months. 4 Relates to our deferred compensation program. Financial Statements Notes to Financial Statements 22 Table of Contents Amounts Offset in the Consolidated Condensed Balance Sheets Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows: Sep 27, 2025 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 710 $ — $ 710 $ ( 339 ) $ ( 371 ) $ — Reverse repurchase agreements 4,369 — 4,369 — ( 4,369 ) — Total assets $ 5,079 $ — $ 5,079 $ ( 339 ) $ ( 4,740 ) $ — Liabilities: Derivative liabilities subject to master netting arrangements $ 643 $ — $ 643 $ ( 339 ) $ ( 325 ) $ ( 21 ) Total liabilities $ 643 $ — $ 643 $ ( 339 ) $ ( 325 ) $ ( 21 ) Dec 28, 2024 Gross Amounts Not Offset in the Balance Sheet (In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount Assets: Derivative assets subject to master netting arrangements $ 948 $ — $ 948 $ ( 269 ) $ ( 679 ) $ — Reverse repurchase agreements 2,654 — 2,654 — ( 2,654 ) — Total assets $ 3,602 $ — $ 3,602 $ ( 269 ) $ ( 3,333 ) $ — Liabilities: Derivative liabilities subject to master netting arrangements $ 1,084 $ — $ 1,084 $ ( 269 ) $ ( 745 ) $ 70 Total liabilities $ 1,084 $ — $ 1,084 $ ( 269 ) $ ( 745 ) $ 70 We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $ 7 million net losses in the third quarter of 2025 and $ 706 million net gains in the first nine months of 2025 ($ 609 million net gains in the third quarter of 2024 and $ 49 million net losses in the first nine months of 2024). Financial Statements Notes to Financial Statements 23 Table of Contents Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows: Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Operations Three Months Ended Nine Months Ended (In Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Interest rate contracts $ 36 $ 345 $ 283 $ 225 Hedged items ( 36 ) ( 345 ) ( 283 ) ( 225 ) Total $ — $ — $ — $ — The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows: Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) (In Millions) Sep 27, 2025 Dec 28, 2024 Sep 27, 2025 Dec 28, 2024 Short-term debt $ ( 988 ) $ ( 2,214 ) $ 12 $ 36 Long-term debt ( 8,460 ) ( 9,201 ) 287 546 Total $ ( 9,448 ) $ ( 11,415 ) $ 299 $ 582 Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Operations for each period were as follows: Three Months Ended Nine Months Ended (In Millions) Location of Gains (Losses) Recognized in Income on Derivatives Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Foreign currency contracts Interest and other, net $ 108 $ ( 344 ) $ 4 $ 192 Interest rate contracts Interest and other, net 23 ( 127 ) ( 62 ) 24 Escrowed Shares Interest and other, net ( 1,687 ) — ( 1,687 ) — Other Various 167 97 209 290 Total $ ( 1,389 ) $ ( 374 ) $ ( 1,536 ) $ 506 $ 1.7 billion of losses for the three and nine months ended September 27, 2025 related to changes in fair value of the Escrowed Shares released during the periods ended and held as of September 27, 2025 (refer to " Note 4: Earnings (Loss) Per Share and Stockholders' Equity " within Notes to Consolidated Condensed Financial Statements). Financial Statements Notes to Financial Statements 24 Table of Contents Note 13 : Contingencies Legal Proceedings We are regularly party to various ongoing claims, litigation, and other proceedings, including those noted in this section. As of September 27, 2025, we have accrued a charge of $ 1.0 billion related to litigation involving VLSI and a charge of $ 401 million related to an EC-imposed fine, both as described below. Excluding the VLSI claims described below, management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends; however, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings, excessive verdicts, or other events could occur. Unfavorable resolutions could include substantial monetary damages, fines, or penalties. Certain of these outstanding matters include speculative, substantial, or indeterminate monetary awards. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Unless specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time. European Commission Competition Matter In 2009, the EC found that we had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a € 1.1 billion fine, which we paid in the third quarter of 2009. We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC's 2009 findings against us regarding rebates, as well as the € 1.1 billion fine imposed on Intel, which was returned to us in February 2022. The General Court's January 2022 decision did not annul the EC's 2009 finding that we made payments to prevent sales of specific rival products. In April 2022, the EC appealed the General Court's findings regarding rebates to the Court of Justice. In October 2024, the Court of Justice dismissed the EC's appeal, upholding the judgment of the General Court. In September 2023, the EC imposed a € 376 million ($ 401 million) fine against us based on its 2009 finding that we made payments to prevent sales of specific rival products. We have appealed the EC's decision. We have accrued a charge for the fine and are unable to make a reasonable estimate of the potential loss or range of losses in excess of this amount given the procedural posture and the nature of these proceedings. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified Intel and other companies that it had identified security vulnerabilities, the first variants of which are now commonly referred to as “Spectre” and “Meltdown,” that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. In January 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available. Consumer class action lawsuits are pending against us in the U.S. and Canada. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by our actions and/or omissions in connection with Spectre, Meltdown, and other variants of this class of security vulnerabilities that have been identified since 2018, and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the U.S., class action suits filed in various jurisdictions between 2018 and 2021 were consolidated for all pretrial proceedings in the U.S. District Court for the District of Oregon, which entered final judgment in favor of Intel in July 2022 based on plaintiffs' failure to plead a viable claim. The Ninth Circuit Court of Appeals affirmed the district court's judgment in November 2023, ending the litigation. In November 2023, new plaintiffs filed a consumer class action complaint in the U.S. District Court for the Northern District of California with respect to a further vulnerability variant disclosed in August 2023 and commonly referred to as “Downfall.” In August 2024, the district court dismissed plaintiffs' entire complaint for failure to plead a viable claim, with leave to amend. In August 2025, the district court dismissed with prejudice the nationwide class claims under California law in plaintiffs' amended complaint, and denied Intel's motion to dismiss subclass claims pleaded in the alternative under the laws of certain other states. In October 2025 plaintiffs filed a second amended complaint. In Canada, an initial status conference has not yet been scheduled in one case relating to Spectre and Meltdown pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. Financial Statements Notes to Financial Statements 25 Table of Contents Litigation Related to Segment Reporting and Internal Foundry Model A securities class action lawsuit was filed in the U.S. District Court for the Northern District of California in May 2024 against us and certain officers following the modification of our segment reporting in the first quarter of 2024 to align to our new internal foundry operating model. In August 2024, the court ordered the case consolidated with a second, similar lawsuit, and in October 2024 plaintiffs filed an amended consolidated complaint generally alleging that defendants violated the federal securities laws by making false or misleading statements about the growth and prospects of the foundry business and seeking monetary damages on behalf of all persons and entities that purchased or otherwise acquired our common stock or purchased call options or sold put options on our common stock from January 25, 2024 through August 1, 2024. In March 2025, the court dismissed plaintiffs' amended consolidated complaint, finding that plaintiffs failed to plead any false or misleading statements by defendants. The court granted plaintiffs leave to amend, but in July 2025 dismissed plaintiffs' second amended complaint and entered judgment in defendants' favor, again finding that plaintiffs failed to plead any false or misleading statements. Plaintiffs have appealed. Given the procedural posture of the case, including that the plaintiffs have appealed the district court's decision, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from the matter. Stockholder derivative lawsuits have been filed in Delaware state and federal courts alleging that our directors and certain officers breached their fiduciary duties and violated the federal securities laws by making or allowing the statements that are challenged in the securities class action lawsuit. The plaintiffs in the derivative lawsuits seek to recover damages from the defendants on behalf of Intel. The cases are stayed pending developments in the securities class action lawsuit. Litigation Related to Patent and IP Claims We have had IP infringement lawsuits filed against us, including but not limited to those discussed below. Most involve claims that certain of our products, services, and technologies infringe others' IP rights. Adverse results in these lawsuits may include awards of substantial fines and penalties, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices, and develop non-infringing products or technologies, which could result in a loss of revenue for us and otherwise harm our business. In addition, certain agreements with our customers require us to indemnify them against certain IP infringement claims, which can increase our costs as a result of defending such claims, and may require that we pay significant damages, accept product returns, or supply our customers with non-infringing products if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenue and adversely affect our business. VLSI Technology LLC v. Intel In October 2017, VLSI Technology LLC (VLSI) filed a complaint against us in the U.S. District Court for the Northern District of California alleging that various Intel FPGA and processor products infringe eight patents VLSI acquired from NXP Semiconductors, N.V. (NXP). VLSI sought damages, attorneys' fees, costs, and interest. Intel prevailed on all eight patents and the court entered final judgment in April 2024. VLSI appealed the Court's judgment of non-infringement as to one of the eight patents. In April 2019, VLSI filed three infringement suits against us in the U.S. District Court for the Western District of Texas accusing various of our processors of infringement of eight additional patents it had acquired from NXP: ▪ The first Texas case went to trial in February 2021, and the jury awarded VLSI $ 1.5 billion for literal infringement of one patent and $ 675 million for infringement of another patent under the doctrine of equivalents. In April 2022, the court entered final judgment, awarding VLSI $ 2.2 billion in damages and approximately $ 162 million in pre-judgment and post-judgment interest. We appealed the judgment to the Federal Circuit Court of Appeals, including the court's rejection of Intel's claim to have a license from Fortress Investment Group's acquisition of Finjan. The Federal Circuit Court heard oral argument in October 2023. In December 2023, the Federal Circuit reversed the finding of infringement as to the patent for which VLSI was awarded $ 675 million. The Federal Circuit affirmed the finding of infringement as to the patent for which VLSI had been awarded $ 1.5 billion, but vacated the damages award and sent the case back to the trial court for further damages proceedings on that patent. The Federal Circuit also ruled that Intel can advance the defense that it is licensed to VLSI's patents. In December 2021 and January 2022 the Patent Trial and Appeal Board (PTAB) instituted Inter Partes Reviews (IPR) on the claims found to have been infringed in the first Texas case, and in May and June 2023 found all of those claims unpatentable; VLSI has appealed the PTAB's decisions. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents. The motion remains pending. ▪ The second Texas case went to trial in April 2021, and the jury found that we do not infringe the asserted patents. VLSI had sought approximately $ 3.0 billion for alleged infringement, plus enhanced damages for willful infringement. In September 2024, the court denied VLSI's motion for a new trial. Other post-trial motions remain pending, and the court has not yet entered final judgment. Financial Statements Notes to Financial Statements 26 Table of Contents ▪ The third Texas case went to trial in November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI approximately $ 949 million in damages, plus interest and a running royalty. The court has not yet entered final judgment. In February 2023, we filed motions for a new trial and for judgment as a matter of law notwithstanding the verdict on various grounds. Further appeals are possible. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents, and the court granted Intel's motion that same month. In May 2025, the court held a trial on an underlying factual question relating to Intel’s license defense. The jury returned a verdict in Intel's favor. Post-trial briefing is complete, and the court will address the ultimate legal issue of whether Intel obtained a license to the asserted VLSI patent through Intel’s license agreement with Finjan when Fortress Investments acquired Finjan. In May 2019, VLSI filed a case in Shenzhen Intermediate People's Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserted one patent against certain Intel Core processors. Defendants filed an invalidation petition in October 2019 with the China National Intellectual Property Administration (CNIPA) which held a hearing in September 2021. The Shenzhen court held trial proceedings in July 2021 and September 2023. VLSI sought an injunction as well as RMB 1.3 million in costs and expenses, but no damages. In September 2023, the CNIPA invalidated every claim of the asserted patent. In November 2023, the trial court dismissed VLSI's case. In May 2019, VLSI filed a case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. asserting one patent against certain Intel Core processors. The Shanghai court held trial hearings in December 2020 and in May 2022, where VLSI requested expenses (RMB 300 thousand) and an injunction. In October 2023, the Shanghai court issued a decision finding no infringement and dismissing all claims. In November 2023, VLSI appealed the finding of non-infringement to the Supreme People's Court. The Supreme People's Court held an evidentiary hearing in October 2024, and a trial in November 2024. In parallel in December 2022, we had filed a petition to invalidate the patent at issue in the Shanghai proceeding. In February 2024, the patent was found not invalid, and Intel appealed the decision in May 2024. After the Beijing Intellectual Property Court upheld the validity of the patent in May 2025, we filed a further appeal to the Supreme People’s Court in June 2025. Both VLSI’s appeal of the noninfringement decision and our appeal of the validity decision before the Supreme People’s Court remain pending. In July 2024, Intel filed suit against VLSI in U.S. District Court for the District of Delaware requesting the court find Intel is licensed to VLSI's patents. In September 2024, VLSI filed motions requesting that Intel's complaint be dismissed, transferred, or stayed. In December 2024, the Delaware court stayed the case and deferred the pending motions until May 31, 2025. The Delaware court has not taken further action and continues to receive status reports from the parties regarding the Texas court's consideration of Intel's license defense. As of September 27, 2025, we have accrued a charge of approximately $ 1.0 billion related to the VLSI litigation. We are unable to make a reasonable estimate of losses in excess of recorded amounts. Eire Og Innovations v IBM et. al. Since April 2024, EireOg Innovations Ltd. has filed eleven separate complaints in the Eastern and Western Districts of Texas against Intel and AMD customers alleging that various products with Intel and AMD CPUs infringe numerous patents. EireOg seeks compensatory damages, future royalties, attorneys’ fees, costs, and interest. Intel is indemnifying Acer, Amazon Web Services (AWS), Cisco Systems, Inc. (Cisco), Dell Technologies, Inc. (Dell), Hewlett Packard Enterprise (HPE), HP, Inc. (HPI), International Business Machines Corporation (IBM), Lenovo Group Ltd. (Lenovo), and Oracle Corporation (Oracle) in connection with Intel CPUs accused of infringing four patents. Cisco and IBM filed their answers in June 2024. In these cases, a Markman hearing was scheduled for August 2025, and trial is scheduled for February 2026. Dell and Oracle filed their answers in June and September 2024, respectively. The Markman hearing in those matters was held in May 2025, and trial is scheduled for June 2026. Lenovo filed a motion to dismiss for lack of jurisdiction in July 2024, which was denied, and it subsequently filed an answer in October 2024. HPE filed its answer in July 2024. Trial in the Lenovo and HPE matters is scheduled for March 2026. AWS moved to dismiss the complaint in June 2025, and EireOg responded with an amended complaint. AWS filed a motion to dismiss the amended complaint in July 2025, which was denied, and it subsequently filed an answer in October 2025. The Markman hearing in the AWS matter is scheduled for December 2025, and trial is scheduled for December 2026. In September 2025, EireOg filed joint motions to dismiss the claims against Acer and HPI without prejudice. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. Media Content Protection v Intel I n September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, Philips) filed against Intel and customers in the U.S. District Court for the District of Delaware and the International Trade Commission (ITC). Philips alleged that certain Intel digital video-capable integrated circuits and associated firmware infringed two of its patents, including integrated circuits and associated firmware incorporated into products sold by Dell., HPI, Lenovo, and LG Electronics Inc. In March 2022, the ITC issued a final determination concluding that Philips had not proven a violation. Philips did not appeal the ITC’s decision, and a stay of the Delaware cases was lifted. Philips then sold the asserted patents to Media Content Protection (MCP) in July 2024, and MCP substituted in as the plaintiff. Trial is set for January 2026. MCP seeks $ 66 million to $ 398 million in damages for royalties between the 2020 case filing and the 2023 patent expiration date. Given the procedural posture and the nature of this case, including that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from this matter. Financial Statements Notes to Financial Statements 27 Table of Contents Key Terms We use terms throughout our document that are specific to Intel or that are abbreviations that may not be commonly known or used. Below is a list of these terms used in our document. Term Definition 2024 Restructuring Plan Cost and capital reduction initiatives approved by management, the board of directors or the Audit & Finance Committee of the board of directors designed to adjust spending to current business trends and achieve objectives announced in Q3 2024 with respect to reducing operating expenses, reducing capital expenditures and reducing cost of sales while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy 2025 Restructuring Plan Transformational initiative announced and subsequently approved in Q2 2025 by our management 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 AI Artificial intelligence Altera Altera Corporation, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications. AMIC Advanced Manufacturing Investment Credit Apollo Apollo Global Management, Inc. ASP Average selling price Brookfield Brookfield Asset Management CCG Client Computing Group operating segment CHIPs Act Creating Helpful Incentives to Produce Semiconductors for America Act CODM Chief operating decision maker CPU Processor or central processing unit DCAI Data Center and Artificial Intelligence operating segment DOC U.S. Department of Commerce EC European Commission EPS Earnings per share Escrowed Shares Shares of Intel common stock held in escrow to be released to the DOC as we perform and receive cash proceeds in connection with Secure Enclave 2024 Form 10-K Annual Report on Form 10-K for the year ended December 28, 2024 FPGA Field-programmable gate array IDM Integrated device manufacturer, a semiconductor company that both designs and builds chips IMS IMS Nanofabrication GmbH, a business within Intel Foundry that develops and produces electron-beam systems for the semiconductor industry IP Intellectual property MD&A Management's Discussion and Analysis MG&A Marketing, general, and administrative NAND NAND flash memory NEX Networking and Edge operating segment Q1 2025 Form 10-Q Quarterly Report on Form 10-Q for the quarter ended March 29, 2025 Q2 2025 Form 10-Q Quarterly Report on Form 10-Q for the quarter ended June 28, 2025 R&D Research and development RSU Restricted stock unit SCIP Semiconductor Co-Investment Program SEC US Securities and Exchange Commission Secure Enclave Secure Enclave program under the CHIPs Act SoC System on a chip, which integrates most of the components of a computer or other electronic system into a single silicon chip. We offer a range of SoC products across many market segments for a variety of applications. SoftBank Group SoftBank Group Corp U.S. United States U.S. GAAP U.S. Generally Accepted Accounting Principles VIE Variable interest entity Financial Statements Notes to Financial Statements 28 Table of Contents Management's Discussion and Analysis This report should be read in conjunction with our 2024 Form 10-K where we include additional information on our business, operating segments, risk factors, critical accounting estimates, policies, and the methods and assumptions used in our estimates, among other important information. The Critical Accounting Estimates discussed in our Q2 2025 Form 10-Q , supplement the significant accounting policies outlined in "Note 2: Accounting Policies" within Notes to Consolidated Financial Statements within our 2024 Form 10-K . In addition, as described under U.S. Government Agreements below in this MD&A and further supplemented within Risk Factors and Other Key Information included elsewhere in this document, we entered into transactions with the U.S. government in Q3 2025 for which the accounting is complex and for which we voluntarily initiated an accounting consultation with the staff of the SEC. Due to the current U.S. government shutdown, we have been unable to conclude our consultation with the staff of the SEC as of the date of this Q3 2025 Form 10-Q filing. Altera Divestiture On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion, consisting of: $4.3 billion in cash proceeds received at the closing, subject to working capital adjustments and other adjustments under the terms of the transaction agreement, separation agreement, and certain ancillary agreements attached to the transaction; $500 million in deferred cash proceeds also 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. Upon closing the transaction, we deconsolidated Altera from our consolidated financial statements and retained a 49% minority investment in Altera which is 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 Condensed Balance Sheets at September 27, 2025. The Altera divestiture resulted in a pre-tax gain of $5.5 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. Refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information. 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's (DOC) to support the continued expansion of American 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 receive d the full amount of the accelerated disbursements remaining under the commercial CHIPs Act agreement of $5.7 billion; ▪ we issu ed 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 foundry business; and ▪ we issue d 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 (684 thousand shares were subsequently released upon receipt of disbursements during Q3 2025). Refer to “Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements and " Risk Factors " within Risk Factors and Other Key Information 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 closing of the issuance and sale, which represents a standalone transaction , remains subject to customary closing conditions. MD&A 29 Table of Contents Restructuring Actions and Other Charges 2025 In Q2 2025 , we initiated an enterprise-wide initiative to fundamentally 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. We expect these headcount reduction initiatives will reduce our core Intel workforce by approximately 15% by the end of fiscal 2025 , as compared to our Q2 2025 ending employee headcount. In YTD 2025 , we recognized restructuring charges of $2.2 billion , consisting primarily of charges from our initiating and deploying the 2025 Restructuring Plan and including some remaining charges as we substantially completed the 2024 Restructuring Plan. Charges in YTD 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 $416 million resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties. Our YTD 2025 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 $797 million , net of certain items, were recorded to cost of sales in Q2 2025 , impacting the results for our Intel Foundry segment. 2024 The quarter-over-quarter and year-over-year comparisons in this discussion and analysis are, in many instances, materially impacted by the restructuring actions and other charges that occurred in Q3 2024 . In Q3 2024 , we announced, initiated and deployed our 2024 Restructuring Plan, and we recognized $2.8 billion of restructuring charges in Q3 2024 , comprised primarily of cash-based employee severance and related employee exit charges of $2.2 billion , non-cash charges directly resulting from our decision to exit manufacturing capabilities for internal-use test hardware, resulting in the impairment of certain construction in progress assets of $442 million , and non-cash charges associated with real estate consolidation and exits that resulted in the impairment of certain operating leased assets and related leasehold improvements of $86 million . In Q3 2024 , our consolidated results of operations were also materially impacted by the following: ▪ $3.1 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 and also impacted the results of our Intel Foundry segment; ▪ $2.9 billion of non-cash charges, all of which were recorded as other charges in the restructuring and other line as presented in our Consolidated Condensed Statements of Operations, which were associated with the impairment of goodwill for certain of our reporting units as well as certain acquired intangible assets; and ▪ $9.9 billion of non-cash charges recorded to provision for (benefit from) income taxes that substantially related to valuation allowances recorded to our net deferred tax assets. 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 additional or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital. We expect to release the first SKU of our first products manufactured on our new leading-edge node, Intel 18A, by the end of 2025, and continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external customers. We are 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 30 Table of Contents Risks to Operations from Hostilities in Israel During YTD 2025, hostilities in Israel and the surrounding region escalated significantly, including direct military actions between Israel and Iran and military strikes by the United States against Iran. While a truce was recently reached among parties to the conflict in Israel, there can be no assurance that any existing or future ceasefire agreements will be respected or remain in force, and additional hostilities and escalations remain possible at any time. We continue to monitor the impact this geopolitical conflict could have on our operations in Israel, including potential disruption of our wafer fabrication facility and our product development centers. To date, we have not had a material interruption in either our manufacturing operations or our product development centers. As a significant portion of our revenues are generated from products on Intel 7 manufactured at our fabrication facility in Israel and we are not insured for business interruptions resulting from war or political violence, a disruption of that facility could have a significant adverse impact on our business. Additionally, our property, plant, and equipment assets in Israel are self-insured for losses resulting from war or political violence which could be impacted by the conflict. Reorganization of our Business 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. Our discussion regarding our segments' results of operations presented below excludes restructuring and other charges for all periods presented, as our CODM receives, views and uses information for decision making purposes based upon segment results that exclude such items. "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements of this Form 10-Q provides additional information about our operating segments, including the nature of segment revenues and expenses, and reconciles our segment revenues presented below to our total consolidated net revenues and our segment operating income (loss) presented below to our total consolidated operating income (loss) for each of the periods presented. MD&A 31 Table of Contents Operating Segments Trends and Results Intel Products Intel Products consists substantially of the design, development, marketing, sale, support, and servicing of CPUs and related solutions for third-party customers. The manufacturing of our Intel Products offerings is performed by Intel Foundry and, to a lesser extent, certain third party manufacturers. Intel Products is comprised of two operating segments: CCG and DCAI. CCG delivers platforms and processors that power personal computers, enabling enhanced performance, connectivity and user experiences. DCAI provides high-performance computing, AI acceleration, and infrastructure solutions, supporting data centers, cloud providers, and enterprises in meeting the growing demand for data processing and AI workloads. Intel Products Financial Performance 1 Three Months Ended Nine Months Ended Sep 27, 2025 Sep 27, 2025 ($ in Millions) CCG DCAI Total CCG DCAI Total Revenue $ 8,535 $ 4,117 $ 12,652 $ 24,035 $ 12,182 $ 36,217 Cost of sales and operating expenses 5,841 3,153 8,994 16,927 10,010 26,937 Operating income $ 2,694 $ 964 $ 3,658 $ 7,108 $ 2,172 $ 9,280 Operating margin % 32% 23% 29% 30% 18% 26% Three Months Ended Nine Months Ended Sep 28, 2024 Sep 28, 2024 ($ in Millions) CCG DCAI Total CCG DCAI Total Revenue $ 8,161 $ 4,141 $ 12,302 $ 24,577 $ 11,774 $ 36,351 Cost of sales and operating expenses 5,224 3,760 8,984 16,177 10,734 26,911 Operating income $ 2,937 $ 381 $ 3,318 $ 8,400 $ 1,040 $ 9,440 Operating margin % 36% 9% 27% 34% 9% 26% 1 Operating segment results include intersegment financial activity; refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented. Operating Segment Revenue Summary Q3 2025 vs. Q3 2024 Total Intel Products revenue was $12.7 billion in Q3 2025, up $350 million from Q3 2024. ■ CCG revenue increased $374 million from Q3 2024. Client revenue (collectively notebook and desktop) was $7.3 billion in Q3 2025, up $383 million from Q3 2024, primarily due to higher Q3 2025 client volume driven by higher demand. Client ASPs in Q3 2025 increased 2% from Q3 2024. Other CCG revenue was $1.2 billion, roughly flat with Q3 2024. ■ DCAI revenue decreased $24 million from Q3 2024, primarily due to lower other DCAI product revenue in Q3 2025, while server revenue, volumes and ASPs were roughly flat. YTD 2025 vs. YTD 2024 Total Intel Products revenue was $36.2 billion in YTD 2025, down $134 million from YTD 2024. ■ CCG revenue decreased $542 million from YTD 2024. Client revenue (collectively notebook and desktop) was $20.5 billion in YTD 2025, down $605 million from YTD 2024, primarily due to lower YTD 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and lower YTD 2025 customer inventory levels. This decrease was partially offset by higher Q3 2025 client volume driven by higher demand. Client ASPs in YTD 2025 were roughly flat with YTD 2024. Other CCG revenue was $3.5 billion, up $63 million from YTD 2024. ■ DCAI revenue increased $408 million from YTD 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand which contributed to an increase in server volume of 10%. Server ASPs decreased by 6% from YTD 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. Other DCAI product revenue also increased from YTD 2024 driven by higher networking customer-related demand. MD&A 32 Table of Contents Segment Operating Income Summary Q3 2025 vs. Q3 2024 Total Intel Products operating income was $3.7 billion in Q3 2025, up $340 million from Q3 2024. ■ CCG operating income decreased $243 million from Q3 2024, primarily due to $378 million of unfavorable impacts attributable to lower product profit driven by higher client unit costs resulting from an increased mix of newer generation products sold in Q3 2025, and higher period charges including unfavorable inventory reserves impacts. These decreases were partially offset by $135 million of favorable impacts from lower operating expenses, primarily due to lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. ■ DCAI operating income increased $583 million from Q3 2024, primarily due to $354 million of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. Additionally, Q3 2025 benefited from the absence of $313 million in period charges that were incurred in Q3 2024, which primarily resulted from higher Gaudi AI Accelerator inventory-related charges. YTD 2025 vs. YTD 2024 Total Intel Products operating income was $9.3 billion in YTD 2025, down $160 million from YTD 2024. ■ CCG operating income decreased $1.3 billion from YTD 2024, primarily due to $1.8 billion of unfavorable impacts attributable to $919 million of lower YTD 2025 product profit due to lower revenue and higher client unit costs resulting from an increased mix of newer generation products sold in YTD 2025, as well as higher YTD 2025 period charges related to higher inventory reserves and higher other costs. These unfavorable YTD 2025 impacts were partially offset by YTD 2025 favorable impacts of lower operating expenses of $542 million 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 $1.1 billion from YTD 2024, primarily due to $1.4 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. These favorable YTD 2025 impacts were partially offset by unfavorable impacts to operating income, primarily due to $455 million of higher server unit costs from an increased mix of newer generation products sold in YTD 2025. Intel Foundry Intel Foundry, comprising technology development, manufacturing and foundry services, seeks to deliver the best systems foundry capabilities to support Intel Products and external customers. We are working to innovate and advance world-class silicon process and advanced packaging technologies and to strengthen the resilience of the global semiconductor supply chain by investing in geographically balanced and more sustainable manufacturing capacity. Intel Foundry Financial Performance 1 Three Months Ended Nine Months Ended ($ in Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Revenue $ 4,235 $ 4,339 $ 13,319 $ 12,977 Cost of sales and operating expenses 6,556 10,138 21,128 24,019 Operating loss $ (2,321) $ (5,799) $ (7,809) $ (11,042) Operating loss % (55)% (134)% (59)% (85)% 1 Operating segment results include intersegment financial activity; refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented. Operating Segment Revenue Summary Q3 2025 vs. Q3 2024 Revenue was $4.2 billion in Q3 2025 , down $104 million from Q3 2024 . Intersegment revenue was $4.2 billion, down $81 million from Q3 2024, primarily due to lower front-end services revenue and lower sample revenue, partially offset by higher intersegment back-end services revenue. External revenue was $32 million , down $23 million from Q3 2024. MD&A 33 Table of Contents YTD 2025 vs. YTD 2024 Revenue was $13.3 billion in YTD 2025, up $342 million from YTD 2024. Intersegment revenue was $13.2 billion, up $364 million from YTD 2024, primarily due to higher back-end services revenue, and higher wafer volume from our Intel 3 and Intel 4 process nodes, partially offset by lower intersegment sample revenue. External revenue was $85 million, down $22 million from YTD 2024. Segment Operating Loss Summary Q3 2025 vs. Q3 2024 Operating loss was $2.3 billion in Q3 2025, compared to an operating loss of $5.8 billion in Q3 2024, primarily driven by the absence of $3.1 billion of non-cash asset impairment and accelerated depreciation charges recognized in Q3 2024, which were related to manufacturing assets, a substantial majority of which related to our Intel 7 process node. Additionally, Q3 2025 benefited from $421 million of lower operating expenses in Q3 2025, 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 cost-reduction measures. YTD 2025 vs. YTD 2024 Operating loss was $7.8 billion in YTD 2025, compared to an operating loss of $11.0 billion in YTD 2024. The YTD 2025 change was primarily driven by the reduced impacts of $797 million in charges recognized in Q2 2025 related to certain manufacturing assets that were determined to have no remaining operational use based on an evaluation of our current process technology node capacities and projected market demand for our products and services in comparison to $3.1 billion of non-cash asset impairment and accelerated depreciation charges recognized in Q3 2024, as described above. Additionally, YTD 2025 benefited from $743 million of lower operating expenses, primarily due to lower payroll-related expenditures, resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans, and the effects of various other cost-reduction measures, and higher intersegment revenue. All Other Our "all other" category includes the results of operations from other non-reportable segments not otherwise presented, including our Mobileye business, our IMS business, start-up businesses that support our initiatives, and historical results of operations from divested businesses, including Altera. Effective September 12, 2025, Altera, previously a wholly-owned subsidiary, was deconsolidated from our consolidated financial statements following the closing of the sale of 51% of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our "all other" category through September 11, 2025. As of September 12, 2025, our retained non-marketable equity interest in Altera is accounted for as an equity method investment. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information. Mobileye is a global leader in driving assistance and self-driving solutions, with a product portfolio designed to encompass the entire stack required for assisted and autonomous driving, including compute platforms, computer vision, and machine learning-based perception, mapping and localization, driving policy, and active sensors in development. IMS specializes in developing and manufacturing multi-beam mask writing tools. All Other Financial Performance 1 Three Months Ended Nine Months Ended ($ in Millions) Sep 27, 2025 Sep 28, 2024 Sep 27, 2025 Sep 28, 2024 Revenue $ 993 $ 964 $ 2,989 $ 2,488 Cost of sales and operating expenses 893 959 2,717 2,699 Operating income (loss) $ 100 $ 5 $ 272 $ (211) Operating margin (loss) % 10% 1% 9% (8)% 1 Operating segment results include intersegment financial activity; refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented. MD&A 34 Table of Contents Operating Segment Revenue Summary Q3 2025 vs. Q3 2024 All other revenue was $993 million, up $29 million from Q3 2024. Mobileye revenue was $504 million, up $18 million from Q3 2024, primarily driven by higher demand for EyeQ® products. YTD 2025 vs. YTD 2024 All other revenue was $3.0 billion, up $501 million from YTD 2024. Mobileye revenue was $1.4 billion, up $285 million from YTD 2024 as customer inventory levels improved compared to higher levels in YTD 2024 and higher demand for Eye Q® products. Revenue from our other non-reportable segments increased $216 million from YTD 2024. Segment Operating Income (Loss) Summary Q3 2025 vs. Q3 2024 and YTD 2025 vs. YTD 2024 Total all other operating income was $100 million in Q3 2025, up $95 million from Q3 2024, and $272 million in YTD 2025, up $483 million from YTD 2024, primarily driven by higher revenue and product profit from our other non-reportable segments in Q3 2025 and YTD 2025. MD&A 35 Table of Contents Consolidated Condensed Results of Operations