Intel Corporation

The grade, in three tenses

Headline 4.3 out of ten, 9 of 9 metrics filed: past 5.0 out of ten, present 3.9 out of ten, future 4.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 3.5 out of ten. -1.3% a year over 10 filed years; profitable in 8 of 10. 35th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 4.0 out of ten. Share count grew 3.2% a year. 16% of cash flow returned. Insiders: 3 sales, 2 purchases. 40th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 3.1 out of ten. ROE 0%: lost 0¢ per shareholder dollar. Leverage 46%: owes 46¢ per asset dollar. 32nd percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 6.0 out of ten. top 40% of 97 in its family; net margin -0.5%. 60th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 2.5 out of ten. bottom 24% of 66 in its family for leadership; chief executive since 2025. 24th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 3.9 out of ten. bottom 39% of 94 in its family for room to expand. 39th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.1 out of ten. bottom 31% of 93 in its family for growth drivers. 31st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 6.2 out of ten. top 38% of 88 in its family for expectations against reality. 62nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-01-23 for the period ended 2025-12-27 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-24 for the period ended 2026-06-27 (on EDGAR). Newest results release: Form 8-K filed 2026-07-23 (on EDGAR). Newest filing: Form N-PX, 2026-08-28. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-01-23.

The people

Lip-Bu Tan has been chief executive since March 2025 and sits on the board. He ran Cadence Design Systems, which the filing calls a computational software company, as chief executive from 2009 to December 2021 and was its executive board chair until May 2023; he had been an Intel director from September 2022 until August 2024, and he chairs Walden International, the venture capital firm he founded in 1987. Frank D. Yeary chairs the board; on the record this site holds he has filed as an Intel insider since 2009. [1, 2, 3, 4]

Three other executive officers are named. David Zinsner has been chief financial officer since January 2022; he was finance chief of Micron Technology from 2018 to 2022, and before that of Analog Devices and Intersil. Naga Chandrasekaran joined in August 2024 from Micron, where he was most recently senior vice president of technology development, and since September 2025 has been chief technology and operations officer and general manager of Intel Foundry. April Miller Boise has been chief legal officer since July 2022, after holding the same post at Eaton, which the filing calls an intelligent power management company, from January 2020. [5, 6, 7, 8, 9, 10, 11]

On the record this site holds, the longest-standing insiders on the board are Stacy J. Smith, who has filed since 2007 under the title of group president for manufacturing, operations and sales, and Gregory D. Smith, who has filed as a director since 2017. The newest directors are Eric Meurice and Steve Sanghi, filing since December 2024, and Craig H. Barratt, since November 2025. The record counts 48 people who have filed as Intel insiders, 19 of them in the last fifteen months. [4]

At the end of 2025 Intel counted about 85,100 people, a figure that includes Mobileye and its other subsidiaries. The 2025 Restructuring Plan cut the core Intel workforce by about 15% between the end of the second quarter and the end of the year, and restructuring charges for 2025 came to 2.2 billion dollars. Undesired turnover, employees who chose to leave, rose to 7.9% from 5.9% in 2024. Employees are now generally expected on site at least four days a week. [12, 13, 14, 15, 16, 17]

How it operates

Intel designs and makes processors, above all the x86 central processors (CPUs) that remain the foundation of most PCs. It is an integrated design manufacturer, meaning it designs its chips and makes most of them in its own factories, many in the United States. It reports three segments: the Client Computing Group (CCG), processors for PCs and edge devices; Data Center and AI (DCAI), Xeon server processors, AI accelerators, network chips and custom chips; and Intel Foundry, its manufacturing arm, which works almost entirely for Intel's own products but also sells to outside chip companies. The rest sits in an all-other category, chiefly Mobileye, a driving assistance and self-driving company in which Intel held 80%, and IMS, a maker of mask writing tools, 68%. [18, 19, 20, 21, 22, 23, 24, 25, 26, 27]

It sells mainly to PC and server makers (OEMs), contract manufacturers that build for brands (ODMs) and cloud service providers, and through distributors to thousands of smaller system builders. Three customers, which the filing does not name, took 19%, 12% and 12% of 2025 revenue, 43% together, and substantially all of what they bought came from the product segments. Customers order on purchase orders they can typically cancel, change or delay with little notice and no penalty. [28, 29, 30, 31, 32]

By the company's own geographic tagging, the United States brought in 15.8 billion dollars, 29.8% of 2025 revenue, up 21.3%; China including Hong Kong 12.7 billion, 24.0%, down 18.3%; Singapore 9.5 billion, 18.0%; Taiwan 7.7 billion, 14.5%; and other countries 13.6%. The filing counts sales outside the United States at 70% of revenue. [33, 34]

It makes most of its own chips. Each new process is developed in Oregon; in 2025 its key wafer fabs were in Oregon (ramping Intel 18A), Arizona (Intel 7 and 18A), Ireland (Intel 4 and Intel 3) and Israel (Intel 7), and finished wafers went to assembly and test plants in China, New Mexico, Vietnam and Malaysia, with New Mexico its key advanced packaging site and a new packaging plant being built in Malaysia. It also buys tiles, the pieces of a chip, or whole products from TSMC, one of its foundry competitors. It relies on ASML as the sole source of the EUV lithography tools its leading-edge nodes need, and on China, the main source of certain rare earth minerals. [35, 36, 37, 38]

Building leading-edge plants is the strain on the model. From 2021 through 2024 Intel spent heavily to catch up with its leading manufacturing competitor and to build factory shells ahead of demand. In 2025 it pulled back: capital spending fell 38.8% to 14.6 billion dollars; it began folding its Costa Rica assembly and test work into Vietnam and Malaysia, slowed construction of its Ohio fab and dropped planned expansions in Germany and Poland. It has shared plant costs with investors: Brookfield in Arizona in 2022, and Apollo, which paid 11.0 billion dollars in 2024 for 49% of the venture behind Fab 34 in Ireland. [39, 40, 41, 42, 43]

The specifics

Its products rest on its process nodes. Intel 7, in high-volume production since 2017, still made the majority of its processors in 2025, and the company expects it to make almost half in 2026; Intel 4, its first node using EUV lithography, followed in 2023 and Intel 3 in 2024. Intel 18A, in volume since late 2025, brings two firsts in high-volume manufacturing, gate-all-around transistors (RibbonFET) and backside power delivery (PowerVia), and makes the first Core Ultra Series 3 processors. The filing says Intel is the only company doing both leading-edge logic research and high-volume manufacturing in the United States, and one of three, with TSMC and Samsung, investing in 2nm technology. [44, 45, 46, 47, 48, 49, 50, 51]

Its next node, Intel 14A, is the first it designed from the start for outside customers. The company has said that if it cannot secure a significant external foundry customer for 14A, it may pause or drop 14A and later leading-edge nodes and, over time, shift manufacturing of future products to outside foundries, particularly TSMC. It also says it has so far been unsuccessful in attracting significant customers to its external foundry business. [52, 53, 54]

It names its competitors plainly. In PCs: AMD, which also designs x86 processors, and makers of ARM-based chips, Apple with its M series, Qualcomm with Snapdragon and MediaTek with Kompanio. In data centers: AMD again; NVIDIA, whose GPU systems have seen the highest demand as AI became the dominant source of computing demand; hyperscalers designing their own silicon, including Amazon, Google, Meta and Microsoft; and Broadcom in custom chips. In foundry: TSMC first, then Samsung, and GlobalFoundries, UMC and SMIC in mature processes. [55, 56, 57, 58, 59]

2025 reshaped its ownership. Under an August agreement with the US Department of Commerce, Intel issued the Department 275 million shares and a warrant and received the remaining 5.7 billion dollars of its CHIPS Act grant, with the earlier milestone conditions removed; the government became one of its largest stockholders and agreed to vote as the board recommends. The SEC staff objected to part of Intel's accounting for that agreement, which Intel revised in the fourth quarter. SoftBank Group agreed to buy 87 million new shares and NVIDIA 215 million, alongside a partnership to co-develop x86 products with NVIDIA. In September Intel sold 51% of Altera to an affiliate of Silver Lake Partners for net consideration of 4.3 billion dollars, keeping 49% and recording a pre-tax gain of 5.6 billion. [60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71]

What drives growth, line by line

Revenue slipped for a fourth straight year, to 52.9 billion dollars in 2025, down 248 million dollars, against 79.0 billion in 2021. The net loss attributable to Intel narrowed to 267 million dollars from 18.8 billion in 2024; gross profit rose 5.9%, and research and development spending fell 16.8% to 13.8 billion as headcount came down. [43, 72, 14]

Client Computing Group (CCG). The largest segment: 32,228 million dollars in 2025 against 33,346 million in 2024. Client revenue, notebooks and desktops, fell 1.1 billion to 27.6 billion: volumes were lower after incentives given to some customers in the first half of 2024 and as customers cut inventory, and in the fourth quarter demand outran supply because Intel's own fabs ran short of wafers, mainly on the Intel 7 node. Average selling prices were roughly flat. Operating income fell to 9,317 million from 11,594 million, on lower revenue, costlier newer products and higher inventory reserves. [73, 74, 75, 76, 77, 78]

Data Center and AI (DCAI). 16,919 million dollars, up 794 million, on demand from hyperscale customers: server volume rose 9%, while server average selling prices fell 4% on pricing actions and a mix of lower core count chips, both driven by competition. Fourth-quarter server sales were capped by wafer shortages on Intel 7 and Intel 3. Operating income rose to 3,422 million from 1,414 million, mostly on lower operating expenses after job cuts, and on smaller Gaudi AI accelerator inventory charges. [73, 74, 79, 80, 81]

Intel Foundry. 17.8 billion dollars, up 509 million, nearly all of it, 17.5 billion, from Intel's own product groups; revenue from outside customers was 307 million, up 148 million. The operating loss narrowed to 10.3 billion from 13.3 billion, mostly because charges for impaired and faster-depreciated equipment fell to 950 million from 3.3 billion, offset in part by 849 million of inventory reserves on products from the early ramp of Intel 18A. [82, 83, 84]

All other. 3.6 billion dollars, down 38 million, as Altera's results left the books after the sale; Mobileye grew 240 million to 1.9 billion on healthier customer inventories and demand for its EyeQ chips. The category earned an operating income of 264 million after a 57 million loss in 2024. [85, 86]

What comes next, in the company's own words: it expects the wafer supply constraints to persist into 2026, most severe in the first quarter, and says industry-wide shortages of substrates, memory and other components may further limit its ability to meet demand; it expects Intel 18A to make an increasing share of its processors in 2026 and later years; and it plans to keep making the majority of its products in its own factories. [87, 88, 89, 90]

What the desk infers (inferred, not filed)

• The three unnamed customers that took 19%, 12% and 12% of 2025 revenue are most likely large PC makers, among them Dell, HP Inc. and Lenovo, rather than cloud providers buying servers. Because: Three customers took 19%, 12% and 12% of 2025 revenue. [30] Substantially all of what they bought came from the product segments. [31] The PC segment, whose direct customers are distributors and makers of PCs, is nearly twice the data center segment: 32,228 million dollars against 16,919 million. [21, 73] The filing's own legal notes name Dell, HP Inc. and Lenovo among the companies selling products built on Intel chips, and Intel is indemnifying Dell, HPI and Lenovo in a patent case over Intel CPUs. [91, 92] Confidence 60 of 100. Wrong if: A filing or disclosure that names a cloud provider, a distributor or a contract manufacturer as one of the three largest customers.
• Intel Foundry is for now a captive factory: its whole leading-edge program depends on outside customers it has not yet won, because Intel's own products cannot fill the newest nodes on their own. Because: Of 17.8 billion dollars of foundry revenue in 2025, 17.5 billion came from Intel's own product groups and 307 million from outside customers. [82] The segment lost 10.3 billion dollars in 2025. [83] The company says the cost structure of its leading-edge nodes requires volumes beyond what its own products supply. [93] It says it has been unsuccessful to date in attracting significant foundry customers, and may drop Intel 14A without one. [53, 54] Confidence 80 of 100. Wrong if: A year in which revenue from outside customers exceeds a tenth of Intel Foundry's revenue, or a filing naming a significant external customer committed to Intel 14A.
• In 2025 Intel was held back by its older workhorse node, not its newest one: most of what it sold still came off Intel 7, and Intel 7 is where its wafers ran short, after it had written down Intel 7 equipment as surplus a year earlier. Because: Intel 7 made the majority of its processors in 2025. [45] Intel 7 chips made up almost half of PC product sales and the majority of data center product sales. [94, 95] Fourth-quarter PC and server revenue were limited by wafer shortages mainly on Intel 7, and for servers also Intel 3. [76, 80] The 3.3 billion dollars of impairments and accelerated depreciation in 2024 related primarily to Intel 7 manufacturing assets. [83] Intel 18A only entered high-volume manufacturing in late 2025. [51] In 2024 and 2025 the company concluded its manufacturing assets exceeded its capacity needs. [96] Confidence 70 of 100. Wrong if: A filing showing that the 2025 wafer shortages came mainly from the ramp of Intel 18A rather than from Intel 7.

Sources

1. Intel Corporation, Form 10-K filed 2026-01-23: “Lip-Bu Tan has been our Chief Executive Officer since March 2025 and serves on the company’s Board of Directors. Mr. Tan previously served as Chief Executive Officer of Cadence Design Systems, a computational software company, from 2009 to December 2021, and as Executive Board Chair at Cadence from December 2021 to May 2023. Mr. Tan was previously a director of Intel from September 2022 until August 2024.”
2. Intel Corporation, Form 10-K filed 2026-01-23: “Mr. Tan is the chairman of Walden International, an international venture capital firm he founded in 1987”
3. Intel Corporation, Form 10-K filed 2026-01-23: “Frank D. Yeary Chair of the Board and Director”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. Intel Corporation, Form 10-K filed 2026-01-23: “David Zinsner has been our Executive Vice President and Chief Financial Officer (CFO) since January 2022.”
6. Intel Corporation, Form 10-K filed 2026-01-23: “Mr. Zinsner was previously executive vice president and CFO at Micron Technology, Inc., where he served on the executive leadership team and directed the global finance organization from 2018 to 2022.”
7. Intel Corporation, Form 10-K filed 2026-01-23: “His prior positions include president and chief operating officer of Affirmed Networks, senior vice president of finance and CFO at Analog Devices, and senior vice president and CFO at Intersil Corporation.”
8. Intel Corporation, Form 10-K filed 2026-01-23: “Naga Chandrasekaran has been our Executive Vice President, Chief Technology and Operations Officer, and General Manager of Intel Foundry since September 2025.”
9. Intel Corporation, Form 10-K filed 2026-01-23: “after originally joining Intel in August 2024 as the Executive Vice President of Foundry Manufacturing & Supply Chain. Prior to joining Intel, he worked at Micron Technology, Inc., a semiconductor manufacturing company, for 23 years, from October 2008 to August 2024, where he held several senior leadership positions, most recently as the Senior Vice President of Technology Development.”
10. Intel Corporation, Form 10-K filed 2026-01-23: “Ms. Miller Boise has been our Executive Vice President and Chief Legal Officer since July 2022 and Corporate Secretary since August 2022.”
11. Intel Corporation, Form 10-K filed 2026-01-23: “Prior to joining Intel, Ms. Miller Boise was Executive Vice President and Chief Legal Officer at Eaton Corp., an intelligent power management company, from January 2020 to July 2022.”
12. Intel Corporation, Form 10-K filed 2026-01-23: “We invest in our highly skilled workforce, which was comprised of 85,1001 people as of December 27, 2025”
13. Intel Corporation, Form 10-K filed 2026-01-23: “1 Employee headcount includes our core Intel workforce as well as employees at Mobileye and other subsidiaries.”
14. Intel Corporation, Form 10-K filed 2026-01-23: “These headcount reduction initiatives reduced our core Intel workforce by approximately 15% by the end of fiscal 2025, as compared to our Q2 2025 ending employee headcount. In 2025, we recognized restructuring charges of $2.2 billion”
15. Intel Corporation, Form 10-K filed 2026-01-23: “Our undesired turnover rate2 was 7.9% in 2025 and 5.9% in 2024.”
16. Intel Corporation, Form 10-K filed 2026-01-23: “2 Undesired turnover includes all regular Intel employees who voluntarily left Intel”
17. Intel Corporation, Form 10-K filed 2026-01-23: “with employees generally expected to be on-site at least four days per week.”
18. Intel Corporation, Form 10-K filed 2026-01-23: “We are a global designer and manufacturer of semiconductor products.”
19. Intel Corporation, Form 10-K filed 2026-01-23: “As a U.S.-based integrated design manufacturer, or IDM, in addition to designing CPUs and other semiconductor products, we develop leading-edge semiconductor manufacturing process technologies, or nodes, and advanced packaging technologies and predominantly manufacture our semiconductor products at our manufacturing and assembly and test facilities, many of which are in the U.S.”
20. Intel Corporation, Form 10-K filed 2026-01-23: “We report our business results in three reportable segments: CCG, DCAI and Intel Foundry.”
21. Intel Corporation, Form 10-K filed 2026-01-23: “CCG delivers platforms and processors that power PCs and edge devices, enabling enhanced performance, connectivity and user experiences for consumer and commercial markets, with capabilities that also support retail, industrial robotics and AI ecosystems at the edge. Our direct customers include distributors and OEMs that design and sell PCs and related devices.”
22. Intel Corporation, Form 10-K filed 2026-01-23: “DCAI delivers workload-optimized solutions based upon our x86 architecture for data centers, including CPUs, AI accelerators, NICs, IPUs, and custom ASICs, enabling performance and scalability for cloud, enterprise, telecommunication and HPC environments. Our direct customers include global CSP/hyperscalers and OEMs.”
23. Intel Corporation, Form 10-K filed 2026-01-23: “At present, nearly all of our Intel Foundry business supports internal manufacturing for Intel Products; however, we are offering our Intel Foundry services to external customers and aim to develop a more significant external foundry business in the future.”
24. Intel Corporation, Form 10-K filed 2026-01-23: “Mobileye, a publicly-traded company and a global leader in driving assistance and self-driving solutions”
25. Intel Corporation, Form 10-K filed 2026-01-23: “As of December 27, 2025, we continued to consolidate Mobileye and held equity interests representing an 80% ownership interest in Mobileye”
26. Intel Corporation, Form 10-K filed 2026-01-23: “IMS, which specializes in developing and manufacturing multi-beam mask writing tools. As of December 27, 2025, we continued to consolidate IMS and held equity interests representing a 68% ownership interest in IMS”
27. Intel Corporation, Form 10-K filed 2026-01-23: “Client CPUs utilizing the x86 architecture remain the foundational computing platform for the majority of PCs”
28. Intel Corporation, Form 10-K filed 2026-01-23: “We sell our products primarily to OEMs, ODMs and CSPs. ODMs provide design and manufacturing services to branded and unbranded private-label resellers.”
29. Intel Corporation, Form 10-K filed 2026-01-23: “Our worldwide reseller sales channel consists of thousands of indirect customers—systems builders that purchase Intel processors and other products from our distributors.”
30. Intel Corporation, Form 10-K filed 2026-01-23: “Customer A 19 % 19 % 19 % Customer B 12 % 14 % 11 % Customer C 12 % 12 % 10 % Total percentage of net revenue 43 % 45 % 40”
31. Intel Corporation, Form 10-K filed 2026-01-23: “In 2025, substantially all of the revenue from our three largest customers was generated from the sale of platforms and other components by our Intel Products operating segments.”
32. Intel Corporation, Form 10-K filed 2026-01-23: “Because our customers generally order from us on a purchase order basis, they can typically cancel, change or delay product purchase commitments with little or no notice to us and without penalty.”
33. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
34. Intel Corporation, Form 10-K filed 2026-01-23: “Sales outside the U.S. accounted for 70% of our revenue for 2025.”
35. Intel Corporation, Form 10-K filed 2026-01-23: “Our technology development group, with its R&D, fabs and other manufacturing facilities in Oregon, designs and develops each new process technology node from conception to high-volume production”
36. Intel Corporation, Form 10-K filed 2026-01-23: “In 2025, our key production fabs were in Oregon (ramping Intel 18A), Arizona (Intel 7 and ramping Intel 18A), Ireland (Intel 4 and Intel 3) and Israel (Intel 7). Finished wafers from our production fabs are then sent to our assembly and test facilities where the individual die are packaged and the finished semiconductor is tested. In 2025, our key assembly and test facilities were in China, New Mexico, Vietnam and Malaysia, with New Mexico being our key advanced packaging facility and a new advanced packaging facility being built in Malaysia.”
37. Intel Corporation, Form 10-K filed 2026-01-23: “In recent years, however, we have also strategically utilized third-party foundry manufacturing capacity, including at one of our key foundry competitors, TSMC, for various tiles or an entire product where advantageous for cost, performance, schedule or other considerations.”
38. Intel Corporation, Form 10-K filed 2026-01-23: “In some cases, however, we are reliant upon sole-source providers, such as with the EUV lithography tools manufactured by ASML that are required for leading-edge process technologies, or providers that are substantially concentrated in a single country, such as with certain rare earth minerals critical to the functioning of a range of technology products and processes where China is the primary source of global supply.”
39. Intel Corporation, Form 10-K filed 2026-01-23: “From 2021 through 2024, we made substantial investments across three categories: technology development, manufacturing facility shells and advanced production tools. These investments were made to accelerate the development of our most advanced process technologies as we aimed to catch up with our leading manufacturing competitor on process technology, establish “shell ahead” capacity for anticipated future market demand and adopt EUV lithography for our leading-edge nodes.”
40. Intel Corporation, Form 10-K filed 2026-01-23: “As part of this approach, in 2025 we initiated the consolidation of our Costa Rican assembly and test operations into larger existing sites in Vietnam and Malaysia, which we expect to be completed by the end of 2026, slowed the pace of construction for our new Ohio fab and discontinued planned expansions in Germany (fab) and Poland (assembly and test) to better align capital spending with market demand.”
41. Intel Corporation, Form 10-K filed 2026-01-23: “To support our capital investments, we have pursued alternative financing arrangements, such as our 2022 joint investment with Brookfield in the manufacturing expansion of our Arizona campus, and our 2024 joint investment with Apollo related to Fab 34 in Ireland, and may enter into similar arrangements in the future.”
42. Intel Corporation, Form 10-K filed 2026-01-23: “In the second quarter of 2024, we closed a transaction with Apollo involving the sale of 49% of our interest in an Irish limited liability company (Ireland SCIP) for net proceeds of $11.0 billion”
43. The record on this page: the filed annual figures (EDGAR's company facts)
44. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 7, which first went into high-volume manufacturing in 2017 and has undergone a number of enhancements over its lifespan, continues in production for our 13th and 14th Gen Intel Core processors.”
45. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 7 was utilized for the majority of our internal processor production and products by revenue in 2025 and is expected to continue to be utilized for almost half of our internal processor production and products by revenue in 2026.”
46. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 4, our first process node incorporating EUV lithography, first went into high-volume manufacturing in 2023”
47. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 3, a derivative node of Intel 4 that delivers enhanced performance over Intel 4, first went into high-volume manufacturing in 2024.”
48. Intel Corporation, Form 10-K filed 2026-01-23: “In 2025, we released our initial Intel Core Ultra Series 3 processors, the first products to be manufactured using our new Intel 18A process technology. Intel 18A introduces two industry firsts in high-volume semiconductor manufacturing: gate-all-around transistors (RibbonFET) and backside power delivery (PowerVia).”
49. Intel Corporation, Form 10-K filed 2026-01-23: “We are the only company undertaking research, design and development of leading-edge and next generation semiconductor manufacturing technologies and high-volume manufacturing of logic semiconductors utilizing leading-edge nodes in the U.S., making us a strategically important company from both a national economic and national security perspective.”
50. Intel Corporation, Form 10-K filed 2026-01-23: “We believe we are one of three companies (the others being TSMC and Samsung) investing in 2nm lithography and next-generation transistor architectures”
51. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 18A, currently our most advanced leading-edge node, first went into high-volume manufacturing in late 2025 and delivers significant improvements in performance per watt and density scaling over Intel 3.”
52. Intel Corporation, Form 10-K filed 2026-01-23: “We are actively seeking customers for our future Intel 14A node, which is our first node designed from inception as an offering to external customers.”
53. Intel Corporation, Form 10-K filed 2026-01-23: “We have been unsuccessful to date in attracting significant customers to our external foundry business.”
54. Intel Corporation, Form 10-K filed 2026-01-23: “Further, we announced that if we are unable to secure a significant external foundry customer for Intel 14A, we may pause or discontinue our pursuit of Intel 14A and successor leading-edge process technologies. In such event, we would expect, over time, to shift manufacturing to third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and its derivative node, Intel 18A-P.”
55. Intel Corporation, Form 10-K filed 2026-01-23: “CCG's primary competitor is AMD, which like us designs processors based on the x86 architecture.”
56. Intel Corporation, Form 10-K filed 2026-01-23: “We also face significant competition from companies that design processors based on the ARM architecture, such as Apple with its M series products, Qualcomm with its Snapdragon products and MediaTek with its Kompanio products.”
57. Intel Corporation, Form 10-K filed 2026-01-23: “DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems have experienced the highest demand in the market as AI workloads have become the dominant source of compute demand; companies developing their own custom silicon, including many hyperscalers such as Amazon, Google, Meta and Microsoft”
58. Intel Corporation, Form 10-K filed 2026-01-23: “We also compete with Broadcom in the custom ASICs development market.”
59. Intel Corporation, Form 10-K filed 2026-01-23: “Our primary competitor in leading-edge semiconductor process technology is TSMC, which holds a leading position in manufacturing at scale for the most advanced nodes. We also compete directly with Samsung in this market. Other Intel Foundry competitors include GlobalFoundries, UMC and SMIC, which primarily focus on mature process technologies.”
60. Intel Corporation, Form 10-K filed 2026-01-23: “On August 22, 2025, we entered into a Warrant and Common Stock Agreement (U.S. Government Agreement) with the U.S. Department of Commerce (DOC) to support the continued expansion of U.S. semiconductor technology and manufacturing leadership.”
61. Intel Corporation, Form 10-K filed 2026-01-23: “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”
62. Intel Corporation, Form 10-K filed 2026-01-23: “we received the full amount of the accelerated disbursements remaining under the commercial CHIPS Act agreement of $5.7 billion”
63. Intel Corporation, Form 10-K filed 2026-01-23: “we issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock”
64. Intel Corporation, Form 10-K filed 2026-01-23: “The transactions resulted in the U.S. government becoming one of our largest stockholders. The U.S. government’s interests in us may not be the same as those of other stockholders. The U.S. government has agreed to vote its shares of common stock as recommended by our board of directors, subject to applicable law and exceptions to protect the U.S. government’s interests.”
65. Intel Corporation, Form 10-K filed 2026-01-23: “In December 2025, the staff completed its review of our accounting position and informed us that they objected to a component of our accounting treatment. Specifically, the SEC objected to our position that receipts from the U.S. government under the Secure Enclave program received subsequent to the U.S. Government Agreement should be accounted for as a government grant. Accordingly, we have revised our accounting during the fourth quarter of 2025”
66. Intel Corporation, Form 10-K filed 2026-01-23: “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”
67. Intel Corporation, Form 10-K filed 2026-01-23: “on September 15, 2025, we entered into an agreement with NVIDIA to issue and sell to NVIDIA 215 million shares of our common stock”
68. Intel Corporation, Form 10-K filed 2026-01-23: “We also announced a strategic partnership with NVIDIA to co-develop custom client and data center products combining our x86 CPU technologies with NVIDIA's AI and accelerated computing capabilities.”
69. Intel Corporation, Form 10-K filed 2026-01-23: “On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of SLP, to sell 51% of all issued and outstanding common stock of Altera, our wholly owned subsidiary as of that date. On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion”
70. Intel Corporation, Form 10-K filed 2026-01-23: “SLP Silver Lake Partners SMIC Semiconductor Manufacturing International Corporation”
71. Intel Corporation, Form 10-K filed 2026-01-23: “Upon closing the transaction, we deconsolidated Altera from our Consolidated Financial Statements and retained a 49% minority investment in Altera which we accounted for under the equity method of accounting. The $3.2 billion value of our non-marketable equity method investment in Altera is classified within equity investments in the Consolidated Balance Sheets at December 27, 2025, and was recognized as a non-cash investing activity within the 2025 Consolidated Statements of Cash Flows. The Altera divestiture resulted in a pre-tax gain of $5.6 billion”
72. Intel Corporation, Form 10-K filed 2026-01-23: “Our 2025 revenue was $52.9 billion, down $248 million from 2024.”
73. Intel Corporation, Form 10-K filed 2026-01-23: “Dec 27, 2025 Year Ended ($ In Millions) CCG DCAI Total Revenue $ 32,228 $ 16,919 $ 49,147 Cost of sales and operating expenses 22,911 13,497 36,408 Operating income $ 9,317 $ 3,422 $ 12,739”
74. Intel Corporation, Form 10-K filed 2026-01-23: “Revenue $ 33,346 $ 16,125 $ 49,471 Cost of sales and operating expenses 21,752 14,711 36,463 Operating income $ 11,594 $ 1,414 $ 13,008”
75. Intel Corporation, Form 10-K filed 2026-01-23: “CCG revenue decreased $1.1 billion from 2024. Client revenue (collectively notebook and desktop) was $27.6 billion in 2025, down $1.1 billion from 2024, primarily due to lower 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and customer inventory level reductions in 2025.”
76. Intel Corporation, Form 10-K filed 2026-01-23: “however, client volume decreased in Q4 2025 as market demand exceeded our available supply of products due to Intel Foundry wafer fabrication supply constraints, primarily with respect to our Intel 7 process node.”
77. Intel Corporation, Form 10-K filed 2026-01-23: “Client ASPs in 2025 were roughly flat with 2024. Other CCG revenue was $4.6 billion, roughly flat with 2024.”
78. Intel Corporation, Form 10-K filed 2026-01-23: “CCG operating income decreased $2.3 billion from 2024, primarily due to $2.9 billion of unfavorable impacts attributable to $1.8 billion of lower 2025 product profit due to lower revenue and higher client unit costs resulting from an increased mix of newer generation products sold in 2025, as well as $1.1 billion of higher 2025 period charges related to higher inventory reserves”
79. Intel Corporation, Form 10-K filed 2026-01-23: “DCAI revenue increased $794 million from 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand, which contributed to an increase in server volume of 9%. Server ASPs decreased by 4% from 2024, primarily due to pricing actions taken primarily during the first half of 2025 and a higher mix of lower core count products, both driven by a competitive environment”
80. Intel Corporation, Form 10-K filed 2026-01-23: “Our 2025 server revenue was limited in Q4 2025 by our available supply of products due to Intel Foundry wafer fabrication supply constraints, primarily with respect to our Intel 7 and Intel 3 process nodes, impacting our ability to fully meet demand.”
81. Intel Corporation, Form 10-K filed 2026-01-23: “DCAI operating income increased $2.0 billion from 2024, primarily due to $1.5 billion of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. In addition, 2025 DCAI operating income was favorably impacted by lower 2025 Gaudi AI accelerator inventory-related charges relative to 2024.”
82. Intel Corporation, Form 10-K filed 2026-01-23: “Revenue was $17.8 billion in 2025, up $509 million from 2024. Intersegment revenue was $17.5 billion, up $361 million from 2024, primarily due to higher back-end services revenue and higher wafer volume from our Intel 3, Intel 4 and Intel 18A process nodes, partially offset by lower intersegment samples revenue. External revenue was $307 million, up $148 million from 2024.”
83. Intel Corporation, Form 10-K filed 2026-01-23: “Operating loss was $10.3 billion in 2025, compared to an operating loss of $13.3 billion in 2024, primarily due to a reduction in asset impairments and accelerated depreciation charges. In 2025, we incurred $950 million of asset impairments and accelerated depreciation charges related to certain manufacturing assets determined to have no remaining operational use, compared to $3.3 billion of non-cash impairments and accelerated depreciation charges recognized in 2024 that were primarily related to manufacturing assets for our Intel 7 process node.”
84. Intel Corporation, Form 10-K filed 2026-01-23: “These favorable 2025 impacts were partially offset by $849 million of higher 2025 intersegment inventory reserves related to lower of cost or net realizable value charges for products manufactured on the early ramp of our Intel 18A process node.”
85. Intel Corporation, Form 10-K filed 2026-01-23: “All other revenue was $3.6 billion, down $38 million from 2024, primarily driven by lower revenue from our other non-reportable segments due to the Q3 2025 divestiture of Altera. This 2025 decrease was substantially offset by higher 2025 Mobileye revenue, which totaled $1.9 billion, up $240 million from 2024 due to improved customer inventory levels and higher demand for Eye Q® products.”
86. Intel Corporation, Form 10-K filed 2026-01-23: “All other operating income was $264 million in 2025, compared to an operating loss of $57 million in 2024, primarily driven by higher Mobileye 2025 revenue and improved 2025 operating income contribution from Altera.”
87. Intel Corporation, Form 10-K filed 2026-01-23: “We expect these supply constraints to persist into 2026, with the most severe constraints impacting Q1 2026, limiting our ability to fully meet customer demand.”
88. Intel Corporation, Form 10-K filed 2026-01-23: “We expect these supply constraints to persist into 2026 and industry wide shortages of substrates, memory and other critical components may further limit our ability to meet CCG and DCAI customer demand in 2026.”
89. Intel Corporation, Form 10-K filed 2026-01-23: “Intel 18A is utilized for our first Intel Core Ultra Series 3 processor, the latest generation of our Intel Core Ultra processor family, and is expected to represent an increasing portion of our processor production and products by revenue in 2026 and subsequent years.”
90. Intel Corporation, Form 10-K filed 2026-01-23: “We intend to remain a leading developer of semiconductor process technology and a major manufacturer of semiconductors, and we plan to continue manufacturing the majority of our products in our own factories.”
91. Intel Corporation, Form 10-K filed 2026-01-23: “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 Technologies, Inc., HP Inc., Lenovo Group Ltd., and LG Electronics Inc.”
92. Intel Corporation, Form 10-K filed 2026-01-23: “Intel is indemnifying Acer, Amazon Web Services (AWS), Cisco, Dell, HPE, HPI, IBM, Lenovo, and Oracle in connection with Intel CPUs accused of infringing four patents.”
93. Intel Corporation, Form 10-K filed 2026-01-23: “These leading-edge process technologies are essential to deliver competitive products, but their cost structure requires manufacturing volumes beyond what we expect from our own products to achieve economic efficiency.”
94. Intel Corporation, Form 10-K filed 2026-01-23: “These products are manufactured on our Intel 7 process technology and represented almost half of our CCG product sales by revenue in 2025”
95. Intel Corporation, Form 10-K filed 2026-01-23: “3rd, 4th and 5th Gen Intel Xeon Scalable processors are manufactured using our Intel 7 process technology, represented a majority of DCAI product sales by revenue in 2025”
96. Intel Corporation, Form 10-K filed 2026-01-23: “In 2025 and 2024, we evaluated our current process technology node capacities relative to projected market demand for our products and services, and concluded that our manufacturing asset portfolio exceeded manufacturing capacity requirements”

Where the revenue comes from

By geography: United States 30%, China 24%, Singapore 18%, Taiwan 14%, Other regions 14%. As tagged in its annual report (Form 10-K, filed 2026-01-23).

Who runs it

Tan, Lip Bu (CEO); Smith, Stacy J (Group President, Mfg Ops Sales); Zinsner, David (EVP, CFO); Miller, Boise April (EVP and Chief Legal Officer); Gawel, Scott (CVP, Chief Accounting Officer); Chandrasekaran, Nagasubramaniyan (EVP, CT & Ops Off, GM Foundry); Bawa, Aparna (EVP, CLO & CPO); Katouzian, Aliyar (EVP, GM CC & Physical AI Grp); Barratt, Craig H (director); Goetz, James J (director); and 8 more. 18 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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