INTEL CORP
For the period ended Mar 28, 2026. Filed Apr 24, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 28, 2026 · Filed Apr 24, 2026
INTC$56.28+7.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-27; filed 2025-11-06.
0000050863-25-000179
Item 2. Management's Discussion and Analysis (MD&A)Current report: 10-Q
Period ended 2026-03-28; filed 2026-04-24.
0000050863-26-000079
Item 2. Management's Discussion and Analysis (MD&A)The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 392 previous paragraphs and 345 current paragraphs.
173 unchanged; 92 reworded; 74 added; 125 removed; 2 previous and 6 current paragraphs rearranged.
Tables are not compared: 99 previous and 90 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (74)
Current report
▪macro economic conditions;
Current report
▪alternative financing arrangements and pursuit of government grants;
Current report
▪changes in product demand and margins;
Current report
1 We made a cumulative-effect adjustment to the opening balance of retained earnings upon adopting ASU 2023-08 in 2025.
Current report
We made certain reclassifications within our Consolidated Condensed Financial Statements, and, in certain cases, adjusted prior periods to conform to the current period presentation. These reclassifications had no impact on previously reported net income (loss) or stockholders' equity.
Current report
▪share-based compensation; and
Current report
▪interest and other, net; and
Current report
As of March 28, 2026 we were required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we would be required to pay delay-related liquidated damages to Apollo, the other investor, beginning in the second half of 2026, not to exceed $1.1 billion in total. Since December 28, 2024, we expected certain construction milestones for Fab 34 would be delayed as we refined our near-term production capacity requirements and related capital outlays relative to those that are required per the Ireland SCIP agreement. The liquidated damage provisions qualified as a non-designated derivative, which we recognized within other accrued liabilities for $359 million andother long-term liabilities for $173 million as of March 28, 2026 ($179 million inother accrued liabilities and $576 million inother long-term liabilities as of December 27, 2025). Though we continue to expect certain construction delays in the near term, we intend to complete construction of Fab 34 and, in the first quarter of 2026, our expectations regarding the achievement of certain construction milestones evolved favorably and, as a result, we recognized a benefit of $223 million within interest and other, net related to a reduction in the fair value of the liquidated damages liability we expected to pay pursuant to this contractual arrangement. Prior to April 2026, we were required to purchase minimum quantities of the related factory output from Ireland SCIP, or we would 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.
Current report
In April 2026, we reacquired Apollo's 49% minority ownership interest in Ireland SCIP for aggregate cash consideration of approximately $14.2 billion, inclusive of estimated transaction costs. The equity transaction will be recognized in our Consolidated Condensed Financial Statements in the second quarter of 2026 and will reflect that we own 100% of Ireland SCIP; the substantial termination of existing related operating and other ancillary agreements between Ireland SCIP, ourselves and Apollo; the elimination of the non-controlling interest balance related to Ireland SCIP; and the extinguishment of our derivative liability associated with the delay-related liquidated damage provisions(refer to the discussion above and “Note 13: Derivative Financial Instruments” within Notes to Consolidated Condensed Financial Statements). Any residual consideration will be recorded as a decrease to our capital in excess of par value.
Current report
The dilutive impact from the assumed issuance of common stock associated with contractual transactions, including the release of Escrowed Shares under Secure Enclave, that settled during the three months ended March 28, 2026 is determined from the date of the beginning of the period to the date the Escrowed Shares are released. We reflect these contractual transactions in the calculation of diluted EPS, as applicable, using the treasury stock method.
Current report
Escrowed Shares Issued to the U.S. Government
Current report
Per the terms of our previously-disclosed U.S. Government Agreement that we entered into with the DOC on August 22, 2025, during the three months ended March 28, 2026, we released 6 million Escrowed Shares upon receipt of cash proceeds for our performance under Secure Enclave.
Current report
During the three months ended March 28, 2026, we recognized $1.1 billion of losses related to the net change in fair value of both Escrowed Shares released and Escrowed Shares still held in escrow at March 28, 2026. The fair value of the Escrowed Shares derivative liability was $3.6 billion at March 28, 2026 and $2.7 billion at December 27, 2025, which we have recognized within other accrued liabilities andother long-term liabilities.
Current report
We have $448 million of restricted cash included inother long-term assets within the Consolidated Condensed Balance Sheets as of March 28, 2026 ($447 million as of December 27, 2025) and included within cash, cash equivalents, and restricted cash in the Consolidated Condensed Statements of Cash Flows for the three months ended March 28, 2026. The restricted cash serves as collateral for third-party arrangements we entered into and is considered legally restricted due to limitations on usage and withdrawal.
Current report
Other, net in the first three months of 2026 included income of $223 million resulting from the change in fair value of liquidated damage provisions related to our Ireland SCIP arrangement (refer to "Note 3: Non-Controlling Interests" within Notes to Consolidated Condensed Financial Statements). In the first three months of 2025, other, net included charges of $94 million related to the sale of our NAND memory business (refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements).
Current report
In the first three months of 2026, we recognized capital-related incentives attributable to AMIC of $629 million ($298 million in the first three months of 2025), which may be refunded to us in cash to the extent the credits exceed our outstanding income tax liabilities. We also recognized other capital and operating grants of $176 million in the first three months of 2026 ($833 million in the first three months of 2025).
Current report
Asset impairment charges includes non-cash goodwill impairment charges of $3.9 billion during the three months ended March 28, 2026 (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements).
Current report
Mobileye's Acquisition of Mentee Robotics
Current report
On February 3, 2026, Mobileye closed the acquisition of Mentee Robotics, an AI-first humanoid robotics company, for a purchase price of $637 million. Acquisition consideration consisted primarily of $596 million in cash, net of cash acquired, with the residual in Mobileye's Class A shares that are not contingent on continuing employment. The purchase price, net of cash acquired, was primarily allocated tointangible assets of $128 million andgoodwill of $498 million. The goodwill arising from the acquisition is attributed to the expected synergies and other benefits that will be generated from the combination of Mobileye and Mentee Robotics, and the acquisition-related intangible assets are related to developed technology. We expect the goodwill to be deductible for U.S. tax purposes. The operating results of Mentee Robotics are included in Mobileye's financial results, which were not material for the three months ended March 28, 2026 and are included in our "all other" category of non-reportable segments. Our accounting for the transaction is based on our preliminary valuations and estimates and may be subject to change if additional information becomes available.
Current report
In thefirst quarter of 2026, we recognized non-cash goodwill impairment charges of$3.9 billion within restructuring and other charges in our Consolidated Condensed Statements of Operations, substantially all of which related to our Mobileye reporting unit.
Current report
Our quarterly qualitative impairment assessment for thefirst quarter of 2026 indicated that a more detailed quantitative analysis was necessary for our Mobileye reporting unit. This conclusion was driven by the presence of impairment indicators, including the sustained decline in Mobileye’s market capitalization since our most recent assessment date in the fourth quarter of 2025, as well as increased uncertainty in the broader macroeconomic and geopolitical environment in which Mobileye operates.
Current report
Our quantitative assessment for thefirst quarter of 2026 was performed by measuring the Mobileye reporting unit's fair value using the income approach. When using the income approach, we tested the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. As part of this first quarter of 2026 quantitative assessment, we determined that a significant increase in the discount rate was required relative to the discount rate used in our quantitative assessment in the fourth quarter of 2025, which resulted from higher market‑based and Mobileye-specific risk premiums arising from changes in global macroeconomic conditions, including heightened geopolitical risks associated with operations in the Middle East, including the current conflict, and increased uncertainty related to Mobileye's evolving competitive landscape. Collectively, these factors increased market‑participant uncertainty regarding Mobileye's ability to execute and optimize revenue from its business pipeline and the long-term competitive positioning of certain Mobileye technologies, particularly with regard to increasingly advanced autonomous driving solutions. As a result, for the forecasted cash flows utilized in ourfirst quarter of 2026 quantitative assessment, greater risk was attributed to the forecasted cash flows in later projection periods, which contributed to the higher discount rate applied in the income‑based valuation.
Current report
The increase in the discount rate utilized in ourfirst quarter of 2026 quantitative assessment had a significant adverse effect on the estimated fair value of the Mobileye reporting unit and, as a result of our impairment test, we recognized a non-cash goodwill impairment charge in thefirst quarter of 2026 as the estimated fair value of the Mobileye reporting unit was lower than the assigned carrying value. To corroborate our estimated fair value of the Mobileye reporting unit, we performed a reconciliation to Mobileye's market capitalization as of March 28, 2026, concluding that the implied control premium was reasonable as compared to relevant market transactions in similar industries. As of March 28, 2026, our Mobileye reporting unit had$4.3 billion in recorded goodwill ($8.2 billionas of December 27, 2025).
Current report
Should our estimates change based on Mobileye's operating results, market conditions, long-term growth projections, or other assumptions underlying our forecast, including changes in the discount rate, the Mobileye reporting unit may become subject to further impairment in future periods. For example, an additional 1% increase in the discount rate would have resulted in a further impairment of our Mobileye reporting unit's goodwill of approximately $682 million in thefirst quarter of 2026. Notwithstanding our Mobileye reporting unit, our quarterly qualitative impairment assessment did not indicate that a more detailed quantitative analysis was necessary for our other reporting units as the most recently calculated fair value substantially exceeded the assigned carrying value for each reporting unit as of March 28, 2026.
Current report
In April 2026, in connection with our repurchase of the 49% minority ownership interest in Ireland SCIP (refer to “Note 3: Non-Controlling Interests” within Notes to Consolidated Condensed Financial Statements), we executed and drew on a $6.5 billion 364-day senior unsecured term loan facility with an interest rate of 4.79%. The repurchase and term loan will be reflected in our Consolidated Condensed Financial Statements in the second quarter of 2026.
Current report
Gross derivative assets and liabilities subject to master netting agreements were $369 million and $784 million, respectively, as of March 28, 2026 and $937 million and $654 million, respectively, as of December 27, 2025. Gross amounts recognized for reverse repurchase agreements are fully offset by cash collateral pledged.
Current report
Securities Class Action and Derivative Lawsuits
Current report
Litigation Related to Warrant and Common Stock Agreement between Intel and the U.S. Department of Commerce
Current report
A stockholder filed a derivative lawsuit in the Delaware Court of Chancery in March 2026 against our directors, the Department of Commerce and Secretary of the U.S. Department of Commerce, Howard W. Lutnick, claiming our directors breached their fiduciary duties and engaged in waste by approving the Warrant and Common Stock Agreement, dated as of August 22, 2025, between us and the U.S. Department of Commerce, and that the agreement was unlawful. Plaintiff seeks invalidation of the agreement, as well as damages on our behalf. In April 2026, the U.S. Department of Commerce removed the case to the U.S. District Court for the District of Delaware.
Current report
Significant Events and Trends Impacting Results
Current report
The following discussion highlights significant events, key developments and trends that we believe meaningfully impacted our consolidated financial results and financial position during Q1 2026 or that we believe may continue to influence our future operating results and financial position, as well as specific matters that occurred in 2025 that impact the comparability of our results.
Current report
Risks from the Conflict with Iran
Current report
On February 28, 2026, the U.S. and Israel initiated coordinated military strikes against Iran, which were followed by retaliatory actions by Iran and Iran‑aligned groups, including missile and drone attacks directed at Israel and other countries in the region. Since that time, the conflict has continued to escalate, with strikes by the U.S. and Israel against targets in Iran, strikes by Israel against targets in Lebanon and strikes by Iran and Iran-aligned groups against military, civilian and industrial targets in Israel and other countries in the region, including Kuwait, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, Oman, Iraq, Jordan, Syria, Lebanon, Cyprus and Azerbaijan. Iran's strikes against industrial targets, including oil and natural gas fields, and closing of the Strait of Hormuz, have significantly disrupted various global supply chains. Among other things, the conflict has resulted in increased global energy prices and energy shortages that may adversely impact the world economy. In addition, Iranian strikes on two energy fields in Qatar that supply a meaningful percentage of the world supply of helium have resulted in a global shortage of this gas that is essential to the semiconductor manufacturing process.
Current report
We continue to monitor the potential impact this conflict could have on our operations in Israel, on our global operations and business and on the semiconductor industry and global economy more broadly.
Current report
Goodwill Impairment
Current report
Our Q1 2026 operating results were significantly impacted by the recognition of$3.9 billion ofnon-cash goodwill impairment charges within restructuring and other charges in our Consolidated Condensed Statements of Operations, substantially all of which related to impairing the goodwill of our Mobileye reporting unit.
Current report
Our quarterly qualitative impairment assessment for Q1 2026 indicated that a more detailed quantitative analysis was necessary for our Mobileye reporting unit. This conclusion was driven by the presence of impairment indicators, including the sustained decline in Mobileye’s market capitalization since our most recent assessment date in Q4 2025, as well as increased uncertainty in the broader macroeconomic and geopolitical environment in which Mobileye operates. Our quantitative assessment was performed by measuring the Mobileye reporting unit's fair value using the income approach. As part of this Q1 2026 assessment, we determined that a significant increase in the discount rate was required relative to the discount rate used in our Q4 2025 assessment, which resulted from higher market-based and Mobileye-specific risk premiums arising from changes in global macroeconomic conditions, including heightened geopolitical risks associated with operations in the Middle East, including the current conflict, and increased uncertainty related to Mobileye's evolving competitive landscape. As a result of our impairment test, we recognized a non-cash goodwill impairment charge in Q1 2026, as the estimated fair value of the Mobileye reporting unit was lower than the assigned carrying value.
Current report
The valuation of goodwill is a critical accounting estimate that requires significant judgment and is subject to a high degree of uncertainty as it requires the application of significant estimates and the use of unobservable inputs, including market segment share, projected financial information, and discount rates. These estimates and inputs change over time based on operating results, market conditions and other factors and could materially affect the determination of the fair value and potential goodwill impairment for our reporting units. As of March 28, 2026, our Mobileye reporting unit had$4.3 billion in remaining goodwill. Refer to "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements for further information.
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Removed paragraphs (125)
Previous report
▪investment plans and impacts of investment plans, including in the U.S. and abroad;
Previous report
▪future macro environmental and economic conditions;
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▪our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;
Previous report
▪implementing new business strategies and investing in new businesses and technologies;
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▪changes in demand for our products;
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▪our significantly reduced return of capital in recent years;
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▪our initiatives and new legal requirements with respect to corporate responsibility matters; and
Previous report
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.
Previous report
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.
Previous report
2 Includes $110 million of allocated proceeds to warrants from the Warrant and Common Stock Agreement with the U.S. government.
Previous report
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.
Previous report
▪share-based compensation;
Previous report
▪certain impairment charges; and
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▪interest and other income; and
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
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.
Previous report
Sales of Common Stock
Previous report
Private Placement Share Sale to SoftBank Group
Previous report
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.
Previous report
U.S. Government Agreements
Previous report
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.
Previous report
On August 27, 2025, the closing of the transactions contemplated by the U.S. Government Agreement occurred. On such date:
Previous report
▪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;
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▪we received from the DOC the $5.7 billion of remaining potential disbursements under the DFA;
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▪we issued to the DOC the 275 million share Common Stock Issuance;
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▪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
Previous report
▪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.
Previous report
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.
Previous report
We accounted for the $5.7 billion of accelerated disbursements under the amended DFA as being attributable to our issuance ofthree 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 andother long-term liabilities.
Previous report
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.
Previous report
Private Placement Share Sale to NVIDIA
Previous report
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.
Previous report
Property, Plant, and Equipment
Previous report
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 thesecond quarter of 2025, net of certain items. All charges were recognized incost 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 incost of sales within our Intel Foundry operating segment.
Previous report
Additionally, we incurred other non-cash asset impairment and accelerated depreciation charges of $416 million in thesecond 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 therestructuring and other charges category for each applicable period, as presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.
Previous report
Gain on divestiture of Alterais 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).
Previous report
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 incost 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.
Previous report
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.
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Reworded paragraphs (92)
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▪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;
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▪future cash requirements, the availability, uses, sufficiency and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, and credit ratings expectations;
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▪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;
Current wording
▪future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity and metrics, and expectations regarding product and process competitiveness;
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▪future social and environmental performance goals, measures, strategies, and results;
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▪social and environmental performance goals, measures, strategies and results;
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▪future technology trends and developments, such as AI;
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▪technology trends and developments, including with respect to AI;
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▪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;
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▪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 sufficient committed demand for Intel 14A through product design wins with potential significant external customers and our Intel products roadmap;
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▪U.S. government ownership of significant equity interests in the company;
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▪the U.S. government's acquisition of significant equity interests in us;
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▪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;
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▪macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, tensions and conflict affecting Israel and the Middle East, rising tensions between mainland China and Taiwan and the impacts of Russia's war on Ukraine;
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▪environmental, health, safety, and product regulations;
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▪environmental, health, safety and product regulations; and
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▪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.
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▪other risks and uncertainties described in this report, our 2025 Form 10-K and our other filings with the SEC.
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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.
Current wording
We use our Investor Relations website, www.intc.com, as a routine channel for distribution of important, and often material, information about us, including our quarterly and annual earnings results and presentations, press releases, announcements, information about upcoming webcasts, analyst presentations and investor days, archives of these events, financial information, corporate governance practices and corporate responsibility information. We also post our filings on this website the same day they are electronically filed with, or furnished to, the SEC, including our annual and quarterly reports on Forms 10-K and 10-Q and current reports on Form 8-K, our proxy statements and any amendments to those reports. All such information is available free of charge. Our Investor Relations website allows interested persons to sign up to automatically receive e-mail alerts when we post financial information and issue press releases and to receive information about upcoming events. We encourage interested persons to follow our Investor Relations website in addition to our filings with the SEC to timely receive information about the company.
Previous wording
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.
Current wording
Intel Core, Gaudi and the Intel logo are trademarks of Intel Corporation or its subsidiaries.
Previous wording
1 Includes $1,301 million with extended payment terms of greater than 90 days in the nine months ended September 27, 2025.
Current wording
1 Includes $204 million with extended payment terms of greater than 90 days in the three months ended March 28, 2026 ($451 million in the three months ended March 29, 2025).
Previous wording
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.
Current wording
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 2025 Form 10-K where we include additional information on our accounting policies and the methods and assumptions used in our estimates.
Previous wording
CCG, DCAI, and Intel Foundry qualify as reportable operating segments. When we enter into federal contracts, they are aligned to the sponsoring operating segment.
Current wording
CCG, DCAI and Intel Foundry are our reportable operating segments. In addition to these reportable segments, we present an "all other" category, which is not a reportable segment. When we enter into federal contracts, they are aligned to the sponsoring operating segment.
Previous wording
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:
Current wording
The accounting policies applied to our segments follow those used by Intel as a whole. A summary of the basis for which we report our operating segment revenues and operating margin is as follows:
Previous wording
▪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.
Current wording
▪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 $174 million in the first three months of 2026 and $31 million in the first three months of 2025.
Previous wording
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.
Current wording
Our "all other" category includes the results of operations from non-reportable segments, including our Mobileye business, our IMS business, start-up businesses that support our initiatives and historical results of operations from divested businesses, including Altera. Altera, which was previously a wholly owned subsidiary, was deconsolidated from our Consolidated Condensed Financial Statements effective September 12, 2025, 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. 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 during the periods in which we consolidated Altera.
Previous wording
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).
Current wording
We estimate that the substantial majority of our consolidated depreciation expense in the first three months of 2026 and 2025 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).
Previous wording
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.
Current wording
Our CEO 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. 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.
Previous wording
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.
Current wording
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 that 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.
Previous wording
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.
Current wording
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 and certain acquisition-related costs.
Previous wording
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.
Current wording
As of March 28, 2026 and December 27, 2025, we consolidated the results of a limited liability company (Ireland SCIP), a VIE that related to our Intel-owned, Ireland-based wafer fabrication plant (Fab 34), into our Consolidated Condensed Financial Statements because we were the primary beneficiary. Generally, distributions were received from Ireland SCIP based on each investor's respective ownership of Ireland SCIP, of which Intel's was 51% as of March 28, 2026. Ireland SCIP has rights to factory output of 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.
Previous wording
We are the primary beneficiary oftwo 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.
Current wording
We are the primary beneficiary oftwo 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 year ended December 27, 2025, Arizona SCIP began placing manufacturing assets into service, making the assets available for our use. The production contract commenced in thefirst quarter of 2026 and we are required to both operate Arizona SCIP at minimum production levels and limit excess inventory held on site or we will be subject to certain volume-related damages payable to Arizona SCIP.
Previous wording
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.
Current wording
The property, plant, and equipment assets owned by Arizona SCIP and included in our Consolidated Condensed Balance Sheets as of March 28, 2026, 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 $5.8 billion ($5.6 billion as of December 27, 2025) and assets that have been placed into service of $13.0 billion ($12.2 billion as of December 27, 2025). The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Condensed Balance Sheets.
Previous wording
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).
Current wording
We consolidate our majority owned subsidiary Mobileye pursuant to the voting interest model. In the first quarter of 2026, the non-cash impairment of goodwill related to our Mobileye reporting unit was attributed to Intel and to non-controlling interest holders based on our proportional ownership (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements).
Previous wording
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.
Current wording
We computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock that, during the period, are outstanding or are considered not contingently issuable based on the terms of the Warrant and Common Stock Agreement (U.S. Government Agreement). 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.
Previous wording
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.
Current wording
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.
Previous wording
In the three and nine months ended September 27, 2025 and September 28, 2024, securities that would have been anti-dilutive were insignificant.
Current wording
Due to our net losses in the three months ended March 28, 2026 and March 29, 2025, the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, the assumed issuance of common stock under the stock purchase plan, and the assumed issuance of common stock associated with equity issuance agreements, including Escrowed Shares released, and a contractual conversion feature, as applicable, had an anti-dilutive effect on and were excluded from the computation of diluted loss per share attributable to Intel. For the three months ended March 28, 2026 and March 29, 2025, securities that would have been anti-dilutive were insignificant.
Previous wording
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.
Current wording
Of the 149 million Escrowed Shares not yet released,75 million are considered not contingently issuable based on the terms of the U.S. Government Agreement and, as such, have been included in our computation of basic earnings (loss) per share for the three months ended March 28, 2026. The remaining 75 million Escrowed Shares not yet released are considered contingently issuable based on the DOC's disbursements under Secure Enclave and, therefore, are excluded from basic and diluted earnings (loss) per share until the contingencies are met.
Previous wording
▪we issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock at $20.00 per share if we were to cease to directly or indirectly own at least 51% of our foundry business; and
Current wording
We also issued warrants to the DOC to purchase up to 241 million shares of our common stock at $20.00 per share (Warrants) that become exercisable if we cease to directly or indirectly own at least 51% of our foundry business. Potentially dilutive shares issuable under the Warrants have been excluded from all basic and diluted earnings (loss) per share calculations for the three months ended March 28, 2026 as the Warrants are neither currently nor expected to become exercisable. If exercised, we can elect to settle the Warrants in net cash or net shares.
Previous wording
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 ascash 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.
Current wording
We may 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 ascash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. We did not sell any accounts receivable under non-recourse factoring arrangements during the first three months of 2026 ($800 million were sold during the first three months of 2025). After the sale of our accounts receivable, we expect to collect payment from the customers and remit it to the third-party financial institution.
Previous wording
Other accrued liabilities include deferred compensation of $3.2 billion as of September 27, 2025 ($3.3 billion as of December 28, 2024).
Current wording
Other accrued liabilities include deferred compensation of $2.7 billion as of March 28, 2026 ($3.2 billion as of December 27, 2025).
Previous wording
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).
Current wording
Interest expense is net of $266 million of interest capitalized in the first three months of 2026 ($312 million in the first three months 2025).
Previous wording
Gain (loss) on mark-to-market of Escrowed Shares 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).
Current wording
Gain (loss) on mark-to-market of Escrowed Shares is related to changes in fair value of the derivative liability for the Escrowed Shares (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity"within Notes to Consolidated Condensed Financial Statements).
Previous wording
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 therestructuring 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.
Current wording
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 excluded from our operating segments' results and included as "corporate unallocated expenses" within therestructuring 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 March 28, 2026 was $2.2 billion. Any changes to our estimates or timing will be reflected in our results of operations in future periods. The substantial majority of actions pursuant to the 2025 Restructuring Plan were completed in 2025 with the remainder expected to be completed in 2026.
Previous wording
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 wassubstantially complete in the second quarter of 2025.
Current wording
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 $3.2 billion under the 2024 Restructuring Plan, which is expected to be completed in 2026.
Previous wording
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.
Current wording
Employee severance and benefit arrangements included net charges of $74 million during the three months ended March 28, 2026, primarily resulting from charges related to the 2025 Restructuring Plan. Other charges incurred during the three months ended March 28, 2026, as well as charges incurred during the three months ended March 29, 2025, related to the 2024 Restructuring Plan.
Previous wording
Restructuring activities related to employee severance and benefit arrangements under the 2025 and 2024 Restructuring Plans were as follows:
Current wording
Restructuring activities related to employee severance and benefit arrangements under the 2025 Restructuring Plan were as follows:
Previous wording
In thethree 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.
Current wording
In the three months ended March 28, 2026 and March 29, 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. In both periods presented, we were not able to benefit from our current year domestic loss before taxes due to the domestic valuation allowance. Our provision for taxes increased in the three months ended March 28, 2026 compared to March 29, 2025 primarily due to an increase in foreign profitability after exclusion of non-deductible goodwill impairment charges recognized for our Mobileye reporting unit (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements). Additionally, our Consolidated Condensed Balance Sheets as of March 28, 2026 and December 27, 2025 contain certain tax receivables of $7.7 billion and $7.6 billion, respectively, within other current assets, and $824 million and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.
Previous wording
Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalentsand 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.
Current wording
Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalentsand 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 March 28, 2026 and December 27, 2025, a substantial majority of time deposits were issued by institutions outside the U.S.
Showing the first 40 of 92 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
As of March 28, 2026 and December 27, 2025, other than cash and cash equivalents held by Ireland SCIP, substantially all of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Condensed Balance Sheets.
Current report — wording carried from elsewhere
Future Node Development and Manufacturing Expansion Projects
Current report — wording carried from elsewhere
As part of the transformation of the company, in Q2 2025 we announced that we would take a more disciplined approach to the deployment of capital. The design, development and manufacturing of leading-edge semiconductor manufacturing process technologies, or nodes, is risky and capital-intensive, and it takes years for capital investments to yield a return. Under our more disciplined approach, we intend to invest capital in future node development and new or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital.
Current report — wording carried from elsewhere
We recently released our first products manufactured on our new leading-edge node, Intel 18A, and we continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external Intel Foundry customers. We are focused and have made substantial progress in recent periods on the continued development of Intel 14A, the next generation node beyond Intel 18A and Intel 18A-P, and on meeting design milestones towards securing potential significant customers for future products utilizing the node. In addition, our Intel products roadmap now includes a number of future products that are being designed to utilize Intel 14A.
Current report — wording carried from elsewhere
1 Totals may not sum due to rounding.
Current report — wording carried from elsewhere
We believe we have sufficient sources of funding to meet our business requirements for the next 12 months and in the longer term. Our primary sources of liquidity are cash generated by operations and ourtotal cash and short-term investments, as shown in the following table. These sources are further supplemented by our drawn and undrawn committed credit facilities and other borrowing capacity; recent equity securities agreements and issuances; possible future debt and equity issuances pursuant to our shelf registration statement; monetization of non-core assets and contributions from our Arizona SCIP partner.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.