INTEL CORP
For the period ended Sep 26, 2026. Filed Oct 30, 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.
Sep 26, 2026 · Filed Oct 30, 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 2026-06-27; filed 2026-07-24.
0000050863-26-000157
Item 2. Management's Discussion and Analysis (MD&A)Current report: 10-Q
Period ended 2026-09-26; filed 2026-10-30.
0000050863-26-000191
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 350 previous paragraphs and 389 current paragraphs.
237 unchanged; 100 reworded; 49 added; 10 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 95 previous and 100 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 (49)
Current report
1 For the three months ended September 26, 2026 and three and nine months ended September 27, 2025, earnings per share attributable to Intel-diluted has been calculated by adjusting net income attributable to Intel for the gain of $120 million and loss of $2 million, respectively, related to the mark-to-market of that portion of the derivative liability that is attributable to 5 million and 342 thousand, respectively, contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period.
Current report
2 Includes$110 million of allocated proceeds to warrants from the Warrant and Common Stock Agreement with the U.S. government.
Current report
In thethird quarter of 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 26, 2026, 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 continue to consolidate the results of Mobileye, the impact of the share repurchase was eliminated in our Consolidated Condensed Balance Sheets.
Current report
1 For the three months ended September 26, 2026 and three and nine months ended September 27, 2025, earnings per share attributable to Intel-diluted has been calculated by adjusting net income attributable to Intel for the gain of $120 million and loss of $2 million, respectively, related to the mark-to-market of that portion of the derivative liability that is attributable to 5 million and 342 thousand, respectively, contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period.
Current report
Due to our net loss in the nine months ended September 26, 2026, potentially dilutive shares of common stock from employee equity incentive plans, the stock purchase plan, and other contractual share issuance arrangements were anti-dilutive and excluded from the computation of diluted earnings (loss) per share attributable to Intel.
Current report
Sales of Common Stock
Current report
Common Stock Issuance
Current report
On August 12, 2026, we completed an underwritten public offering of approximately 211 million shares of our common stock at a price of $95.00 per share. In connection with this offering, the underwriters exercised their option to purchase an additional approximately 32 million shares of common stock at $95.00 per share, less underwriting discounts and commissions. As a result, we issued an aggregate of approximately 242 million shares of common stock in exchange for gross proceeds of $23.0 billion. We received net proceeds of $22.6 billion after deducting $383 million of underwriting discounts, commissions, and other offering expenses, which were recorded as a reduction to capital in excess of par value.
Current report
Private Placement Share Sale to SoftBank Group
Current 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 issuance and sale of the shares were completed on September 26, 2025.
Current report
Private Placement Share Sale to NVIDIA
Current 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 issuance and sale of the shares were completed the following quarter on December 26, 2025.
Current report
Gain on divestiture of Altera is related to the sale of 51% of the business for which we recorded a pre-tax gain of $5.5 billion. Refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements.
Current report
During thethree and nine months ended September 26, 2026, we recognized upward observable price adjustments for our non-marketable equity investments of$370 million and$531 million, respectively, within gains (losses) on equity investments, net. During thethree months ended September 26, 2026, $351 million of the adjustments related totwo investees, which was partially offset by equity method investment losses.
Current report
We recognized a pre-tax gain of $5.5 billion within interest and other, net in the third quarter of 2025. Our pre-tax gain was calculated as follows:
Current report
Approximately $2.1 billion of the gain resulted from the remeasurement of our non-marketable equity investment in Altera to its fair value at the transaction close date. Cash proceeds received within the third quarter of 2025 of $4.3 billion, net of the cash sold and the costs incurred to sell the business, are presented innet cash provided by (used for) investing activities, in the Consolidated Condensed Statements of Cash Flows for the nine months ended September 27, 2025.
Current report
Agreement to Acquire Classiq Technologies Ltd.
Current report
In October 2026, we entered into a definitive agreement to acquire 100% of Classiq Technologies Ltd. for approximately $1.9 billion, subject to customary purchase price adjustments. The agreement also provides for up to $350 million of contingent consideration based on the achievement of specified performance milestones. The transaction is expected to close in the first half of 2027, subject to regulatory approvals and other customary closing conditions. We may elect to settle the purchase price in cash or shares of Intel common stock. We have not yet completed our assessment of the accounting for the transaction.
Current report
In the third quarter of 2026, we amended ourthree-year $3.0 billion credit facility maturing in January 2029 to increase total borrowing capacity to $4.8 billion and extend the maturity date to August 2029. We also amended ourfive-year $7.0 billion credit facility maturing in February 2029 to increase total borrowing capacity to $9.7 billion and extend the maturity date to August 2031. Neither of our revolving credit facilities had borrowings outstanding as of September 26, 2026 or December 27, 2025.
Current report
On October 1, 2026, total borrowing capacity under the amended credit facilities increased by $500 million, bringing the total to $15.0 billion, consisting of a $5.0 billion three-year credit facility and a $10.0 billion five-year credit facility.
Current report
Our non-recurring fair value measurements include the valuation of our non-marketable equity investment in Altera which, as of the transaction close date of September 12, 2025, was classified as Level 3. See "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements for further information.
Current report
Commitments primarily include payments due under various types of licenses and supply agreements to purchase goods or services. Contractual obligations for purchases of goods or services relate to agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities, fixed, minimum or variable price provisions, and the approximate timing of the transaction. Other purchase obligations reflect the non-cancelable portion or the minimum cancellation fee under the agreement.
Current report
In the third quarter of 2026, we signed supply agreements for capital expenditures and the purchase of other goods and services. Commitments for capital expenditures and other purchase obligations totaled $19.6 billion and $9.8 billion, respectively, as of September 26, 2026 ($12.8 billion and $6.7 billion as of December 27, 2025). The substantial majority of commitments for capital expenditures are due within the next 12 months, whereas the majority of commitments for other purchase obligations are due beyond 12 months.
Current report
Subsequent to the third quarter of 2026, we entered intotwo agreements to secure future substrate supply, under which our total funding requirements are currently estimated to be approximately $5.3 billion to $6.1 billion. Certain terms of these agreements have not yet been finalized. We estimate that approximately $3.3 billion of the associated commitments will be paid by the end of 2027.
Current report
Common Stock Issuance
Current report
On August 12, 2026, we issued approximately 242 million shares of our common stock through a public offering. We intend to use the net proceeds of $22.6 billion for general corporate purposes, including capital expenditures and working capital. Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within the Notes to Consolidated Condensed Financial Statements for additional information.
Current report
In Q3 2026 and YTD 2026, demand for our data center products remained strong amid continued investments in AI infrastructure. We expect strong demand to continue into Q4 2026 and beyond. In the client market, demand for our products declined in Q3 2026 as compared to the first half of 2026 due to industry-wide impacts from higher component prices, particularly memory, constrained IT budgets and tighter inventory management. We expect these trends to worsen in Q4 2026 and persist in 2027.
Current report
Industry Supply Constraints
Current report
In Q3 2026 and YTD 2026, our results of operations were impacted by industry-wide supply constraints of substrates, memory and other critical components. Among other things, these constraints impacted our availability of product to meet demand, particularly for our data center CPUs that rely upon substrates for the advanced packaging utilized in their manufacture. Other parts of the market, especially those that are more price-sensitive such as the client markets, have seen demand impacted adversely by high memory prices as a result of memory supply constraints. During Q3 2026, customer demand for certain client products eased as compared to the first half of the year, while demand for certain data center products continued to exceed available supply. We expect the industry-wide shortages of substrates, memory and other critical components to persist into next year, which may limit our ability to fully meet demand in some areas and adversely impact demand in other areas. We continue to take actions to mitigate these constraints where possible, including by adding capacity in our manufacturing facilities and securing supplies through long-term agreements, though our ability to mitigate the impact of other constraints, such as those with respect to memory, is very limited.
Current report
Israel Fab Business Disruption
Current report
In mid-October 2026, an accident at our manufacturing facility in Kiryat Gat, Israel resulted in employee casualties and injuries and halted manufacturing operations at the facility. Operations have remained suspended for approximately two weeks and are expected to resume by the end of October 2026. We expect to incur charges associated with scrapped inventory, facility remediation and cleanup activities and excess capacity charges resulting from the under-absorption of overhead costs in Q4 2026. In addition, we expect the reduced production volumes and operating inefficiencies during the stoppage and restoration period to adversely affect manufacturing costs, gross profit and operating results in Q4 2026 and through the first half of 2027. Our assessment and remediation efforts are ongoing and we are currently unable to reasonably estimate the financial impact from the incident or the amount of insurance recoveries we may receive. The ultimate financial impact of the incident will depend on the duration of operational disruptions, the extent of property damage, the timing and cost of remediation efforts, insurance recoveries, and our ability to mitigate production shortfalls through our global manufacturing network. We maintain insurance coverage applicable to certain losses arising from the incident and are evaluating potential recoveries under the policy. The amount and timing of any insurance recoveries remain subject to the terms of the applicable policy, including deductibles, coverage limits and claims resolution processes.
Current report
Total Intel Products revenue was $15.4 billion in Q3 2026, up $2.8 billion from Q3 2025.
Current report
▪CCPG revenue decreased $438 million from Q3 2025. Client revenue (collectively notebook and desktop) was $6.9 billion in Q3 2026, down $424 million from Q3 2025, driven by a 14% decrease in volume due to lower demand and a competitive market environment. The decrease in client revenue was partially offset by a 9% increase in ASPs, primarily resulting from pricing actions, in part to offset higher input costs, as well as a higher mix of premium products sold in Q3 2026. Other CCPG revenue was $1.2 billion in Q3 2026, down $14 million from Q3 2025.
Current report
▪DCAI revenue increased $3.2 billion from Q3 2025, driven by higher server revenue, which increased $2.5 billion in Q3 2026 due to ASP increases of 54%. The majority of the increase in server ASPs resulted from a higher mix of premium products sold in Q3 2026, with demand-based pricing actions contributing to a lesser extent, in part to offset higher input costs. Server volume increased 10% compared to Q3 2025, driven by higher hyperscaler demand. Industry-wide supply constraints impacted our ability to fully meet demand for certain products in Q3 2026, a trend which we expect will extend into next year. Other DCAI revenue was $1.4 billion in Q3 2026, up $743 million from Q3 2025, driven by higher demand for purpose-built silicon.
Current report
Total Intel Products revenue was $43.3 billion in YTD 2026, up $7.1 billion from YTD 2025.
Current report
▪CCPG operating income decreased $409 million from Q3 2025, driven by $763 million of higher period charges primarily resulting from higher inventory-related charges recognized in Q3 2026 as we aligned product mix with customer demand. The decrease in operating income was partially offset by $228 million of lower operating expenses primarily resulting from the effects of various cost-reduction measures.
Current report
Total Intel Products operating income was $14.2 billion in YTD 2026, up $4.9 billion from YTD 2025.
Current report
Operating loss was $1.9 billion in Q3 2026 compared to an operating loss of $2.3 billion in Q3 2025, driven by $793 million of lower period charges in Q3 2026, including lower costs associated with our Intel 3 and Intel 4 process nodes and the sell-through of inventory with lower of cost or net realizable value intersegment reserves during the early ramp of our Intel 18A process node. These benefits were partially offset by $219 million of higher operating expenses primarily related to investments in our process technology.
Showing the first 40 of 49 passages. Open the source sections for the rest.
Removed paragraphs (10)
Previous report
1 Includes $50 million cash recorded within other current assets on the Consolidated Condensed Balance Sheets relating to Altera cash held for sale at June 28, 2025
Previous 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 and six months ended June 27, 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.
Previous report
Repurchase of Non-Controlling Interests in Ireland SCIP
Previous report
Ireland SCIP was established in 2024 in connection with the construction and operation of Fab 34, with Apollo acquiring a 49% minority ownership interest and the parties entering into related operating and ancillary agreements governing the construction, operation and utilization of the fab. Our Consolidated Condensed Financial Statements for Q2 2026 reflect our 100% ownership of Ireland SCIP, the substantial termination of the related operating and ancillary agreements between the parties, the elimination of $142 million of non‑controlling interest in Ireland SCIP and the extinguishment of the $532 million derivative liability associated with delay‑related liquidated damages provisions. The residual consideration of $13.5 billion was recognized as a reduction to our capital in excess of par value (refer to “Note 3: Non-Controlling Interests” within Notes to Consolidated Condensed Financial Statements).
Previous report
Total Intel Products revenue was $15.1 billion in Q2 2026, up $3.3 billion from Q2 2025, and $27.9 billion in YTD 2026, up $4.4 billion from YTD 2025.
Previous report
▪CCPG operating income increased $290 million from Q2 2025, primarily driven by $701 million of higher product profit in Q2 2026 primarily related to higher client revenue, partially offset by higher client unit costs resulting from an increased mix of premium products sold in Q2 2026. Operating income also benefited from $258 million of lower operating expenses, primarily related to lower payroll-related expenditures resulting from headcount reductions taken under the 2025 Restructuring Plan and the effects of various cost-reduction measures. These benefits were partially offset by $669 million of higher period charges, primarily due to an inventory-related charge recognized in Q2 2026 to align product mix with customer demand.
Previous report
Total Intel Products operating income was $8.9 billion in YTD 2026, up $3.3 billion from YTD 2025.
Previous report
Operating loss was $2.1 billion in Q2 2026, compared to an operating loss of $3.2 billion in Q2 2025, primarily driven by $1.4 billion of lower period charges, including the absence of $797 million of non-cash asset impairment and accelerated depreciation charges recognized in Q2 2025 related to certain manufacturing assets that were determined to have no remaining operational use. This benefit was partially offset by $340 million of lower product profit in Q2 2026, driven by an increased mix of higher-cost wafers manufactured on our Intel 18A process node, which substantially offset higher revenue and lower wafer costs on Intel 3 and Intel 4 process nodes.
Previous report
In Q2 2026 and YTD 2026, market demand exceeded our available product supply due to capacity constraints at our factories and industry-wide supply constraints. We expect these industry-wide shortages of substrates, memory and other critical components to persist into next year, which may limit our ability to fully meet customer demand. We continue to take actions to increase supply and mitigate these constraints, including adding capacity in our factories and securing component supply through long-term agreements with suppliers.
Previous report
In YTD 2025 interest and other, net included$94 million of charges related to the sale of our NAND memory business (refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements), unfavorable foreign currency movements, and a decrease in interest income.
Reworded paragraphs (100)
Previous wording
Intel Core, Gaudi and the Intel logo are trademarks of Intel Corporation or its subsidiaries.
Current wording
Intel Core and the Intel logo are trademarks of Intel Corporation or its subsidiaries.
Previous wording
2 Includes $626 million with extended payment terms of greater than 90 days in the six months ended June 27, 2026 ($960 million in the six months ended June 28, 2025).
Current wording
1 Includes $854 million with extended payment terms of greater than 90 days in the nine months ended September 26, 2026 ($1.3 billion in the nine months ended September 27, 2025).
Previous wording
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 wording
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), cash flows or stockholders' equity.
Previous wording
CCPG, 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.
Current wording
CCPG, DCAI and Intel Foundry are ourreportable 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, the contracts are aligned to the sponsoring operating segment.
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 $293 million in the three months ended June 27, 2026 and $467 million in the first six months of 2026 ($22 million in the three months ended June 28, 2025 and $53 million in the first six months of 2025).
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. Back-end 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 $411 million in the three months ended September 26, 2026 and $878 million in the first nine months of 2026 ($32 million in the three months ended September 27, 2025 and $85 million in the first nine months of 2025).
Previous wording
▪Segment expenses: consists of direct expenses for technology development, product manufacturing and services provided by Intel Foundry to internal and external customers, allocated expenses as described below and direct operating expenses. Direct expenses for product manufacturing include excess capacity charges, if any.
Current wording
▪Segment expenses: consist of direct expenses for technology development, product manufacturing and services provided by Intel Foundry to internal and external customers, allocated expenses as described below and direct operating expenses. Direct expenses for product manufacturing include excess capacity charges, if any.
Previous wording
We estimate that the substantial majority of our consolidated depreciation expense in the three and six months ended June 27, 2026 and June 28, 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).
Current wording
We estimate that the substantial majority of our consolidated depreciation expense in the three and nine months ended September 26, 2026 and September 27, 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
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.
Current wording
Corporate unallocated expenses include certain operating expenses not allocated to specific operating segments. The nature of these expenses may vary, but primarily consists of restructuring and other charges, share-based compensation and certain acquisition-related costs.
Previous wording
As of December 27, 2025, we had a non-designated derivative, based on liquidated damage provisions related to Fab 34 construction delays, recognized for $755 million within other accrued liabilities andother long-term liabilities. 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 from a reduction in the fair value of the delay-related liquidated damages liability.
Current wording
As of December 27, 2025, we had a non-designated derivative, based on liquidated damages provisions related to Fab 34 construction delays, recognized at $755 million within other accrued liabilities and other long-term liabilities. 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 from a reduction in the fair value of the delay-related liquidated damages liability.
Previous wording
On April 8, 2026, we reacquired Apollo's 49% minority ownership interest in Ireland SCIP for aggregate cash consideration of $14.2 billion, inclusive of transaction costs. As of June 27, 2026, we own 100% of Ireland SCIP and the related operating and other ancillary agreements between Ireland SCIP, ourselves and Apollo have been substantially terminated. As a result of this equity transaction, we eliminated the $142 million non-controlling interest balance related to Ireland SCIP, extinguished the $532 million derivative liability associated with the delay-related liquidated damage provisions (refer to "Note 13: Derivative Financial Instruments” within Notes to Consolidated Condensed Financial Statements) and recognized the residual consideration of $13.5 billion as a reduction to our capital in excess of par value. Cash consideration paid to Apollo has been included within partner distributions in the Consolidated Condensed Statements of Cash Flows for the six months ended June 27, 2026.
Current wording
On April 8, 2026, we reacquired Apollo's 49% minority ownership interest in Ireland SCIP for aggregate cash consideration of $14.2 billion, inclusive of transaction costs. As of September 26, 2026, we continue to own 100% of Ireland SCIP and the related operating and other ancillary agreements between Ireland SCIP, ourselves and Apollo have been substantially terminated. As a result of this equity transaction, in thesecond quarter of 2026 we eliminated the $142 million non-controlling interest balance related to Ireland SCIP, extinguished the $532 million derivative liability associated with the delay-related liquidated damages provisions and recognized the residual consideration of $13.5 billion as a reduction to our capital in excess of par value. Refer to "Note 13: Derivative Financial Instruments" within Notes to Consolidated Condensed Financial Statements. Cash consideration paid to Apollo has been included within partner distributions in the Consolidated Condensed Statements of Cash Flows for the nine months ended September 26, 2026.
Previous wording
The property, plant, and equipment assets owned by Arizona SCIP and included in our Consolidated Condensed Balance Sheets as of June 27, 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 $6.0 billion ($5.6 billion as of December 27, 2025) and assets that have been placed into service of $13.8 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.
Current wording
The property, plant, and equipment assets owned by Arizona SCIP and included in our Consolidated Condensed Balance Sheets as of September 26, 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 $5.9 billion ($5.6 billion as of December 27, 2025) and assets that have been placed into service of $14.7 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
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.
Current wording
Potentially dilutive shares of common stock from employee equity incentive plans, the stock purchase plan, and other contractual share issuance arrangements are determined by applying the treasury stock method. These potential shares include outstanding stock options, outstanding RSUs, shares issuable under the stock purchase plan, and Escrowed Shares under Secure Enclave. The dilutive impact of Escrowed Shares is determined from the beginning of the period through the date the shares are released.
Previous wording
Due to our net losses in the three and six months ended June 27, 2026 and June 28, 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, as applicable, had an anti-dilutive effect on and were excluded from the computation of diluted earnings (loss) per share attributable to Intel. In the three and six months ended June 27, 2026,70 million and 67 million anti-dilutive shares were excluded from the computation of earnings (loss) per share, respectively. In the three months ended June 28, 2025, securities that would have been anti-dilutive were insignificant and in the six months ended June 28, 2025,158 million anti-dilutive shares were excluded from the computation of earnings (loss) per share.
Current wording
For the three and nine months ended September 26, 2026 and September 27, 2025, securities that would have been anti-dilutive were insignificant.
Previous wording
Per the terms of our previously-disclosed U.S. Government Agreement that we entered into with the DOC on August 22, 2025, upon receipt of cash proceeds for our performance under Secure Enclave, we released 7 million and 13 million Escrowed Shares during the three and six months ended June 27, 2026, respectively.
Current wording
Per the terms of our previously-disclosed U.S. Government Agreement that we entered into with the DOC on August 22, 2025, upon receipt of cash proceeds for our performance under Secure Enclave, we released approximately 11 million and 24 million Escrowed Shares during the three and nine months ended September 26, 2026, respectively (684 thousand Escrowed Shares during the three and nine months ended September 27, 2025).
Previous wording
During the three and six months ended June 27, 2026, we recognized $12.5 billion and $13.6 billion, respectively, of losses related to the net change in fair value of both Escrowed Shares released and Escrowed Shares still held in escrow at June 27, 2026. The fair value of the Escrowed Shares derivative liability was $15.6 billion at June 27, 2026 and $2.7 billion at December 27, 2025, which we have recognized within other accrued liabilities andother long-term liabilities.
Current wording
During the three and nine months ended September 26, 2026, we recognized a gain of $1.0 billion and a loss of $12.6 billion, respectively, related to the net change in fair value of both Escrowed Shares released and Escrowed Shares still held in escrow at September 26, 2026 (loss of $1.7 billion during the three and nine months ended September 27, 2025). The fair value of the Escrowed Shares derivative liability was $13.7 billion at September 26, 2026 and $2.7 billion at December 27, 2025, which we have recognized within other accrued liabilities andother long-term liabilities.
Previous wording
Of the 143 million Escrowed Shares not yet released as of June 27, 2026,71 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 and six months ended June 27, 2026. The remaining 71 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.
Current wording
Of the 132 million Escrowed Shares not yet released as of September 26, 2026,66 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 and nine months ended September 26, 2026. The remaining 66 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. Of the 158 million Escrowed Shares that remained outstanding as of September 27, 2025,79 million were considered not contingently issuable and 79 million were considered contingently issuable.
Previous 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 and six months ended June 27, 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.
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 and nine months ended September 26, 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 have $723 million of restricted cash, of which $170 million is included inother current assets and $553 million is included inother long-term assets within the Consolidated Condensed Balance Sheets as of June 27, 2026 ($447 million as of December 27, 2025 is included inother long-term assets). Such restricted cash is also included within cash, cash equivalents, and restricted cash in the Consolidated Condensed Statements of Cash Flows for the six months ended June 27, 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 wording
We have $552 million of restricted cash included inother long-term assets within the Consolidated Condensed Balance Sheets as of September 26, 2026 ($447 million as of December 27, 2025). 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.
Previous 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 didnot sell any accounts receivable under non-recourse factoring arrangements during the first six months of 2026 ($1.6 billion were sold during the first six months of 2025).
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 didnot sell any accounts receivable under non-recourse factoring arrangements during the first nine months of 2026 ($2.4 billion were sold during the first nine months of 2025).
Previous wording
Other accrued liabilities as of June 27, 2026 include deferred compensation of $3.0 billion ($3.2 billion as of December 27, 2025) and $8.8 billion related to the fair value of the Escrowed Shares derivative liability ($1.1 billion as of December 27, 2025). Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity"within Notes to Consolidated Condensed Financial Statements.
Current wording
Other accrued liabilities as of September 26, 2026 include deferred compensation of $3.1 billion ($3.2 billion as of December 27, 2025) and $8.6 billion related to the fair value of the Escrowed Shares derivative liability ($1.1 billion as of December 27, 2025). Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity"within Notes to Consolidated Condensed Financial Statements.
Previous wording
Other long-term liabilitiesas of June 27, 2026 include $1.2 billion related to customer deposits received to secure product supply in future periods and $6.8 billion related to the fair value of the Escrowed Shares derivative liability ($1.6 billion as of December 27, 2025). Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity"within Notes to Consolidated Condensed Financial Statements.
Current wording
Other long-term liabilitiesas of September 26, 2026 include $1.2 billion related to customer deposits received to secure product supply in future periods and $5.1 billion related to the fair value of the Escrowed Shares derivative liability ($1.6 billion as of December 27, 2025). Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity"within Notes to Consolidated Condensed Financial Statements.
Previous wording
Interest expense is net of $276 million of interest capitalized in the second quarter of 2026 and $542 million in the first six months of 2026 ($368 million in the second quarter of 2025 and $680 million in the first six months of 2025).
Current wording
Interest expense is net of $264 million of interest capitalized in the third quarter of 2026 and $806 million in the first nine months of 2026 ($284 million in the third quarter of 2025 and $964 million in the first nine months of 2025).
Previous wording
Other, net in the first six 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 six 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 wording
Other, net in the first nine months of 2026 included income of $223 million resulting from the change in fair value of liquidated damages provisions related to our Ireland SCIP arrangement. Refer to "Note 3: Non-Controlling Interests" within Notes to Consolidated Condensed Financial Statements. In the first nine months of 2025, other, net included charges of $191 million ($97 million in the third quarter of 2025) related to the sale of our NAND memory business. Refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements.
Previous wording
In the first six months of 2026, incentives attributable to AMIC were $678 million ($759 million in the first six months of 2025), which may be refunded to us in cash to the extent the credits exceed our outstanding income tax liabilities (refer to "Note 7: Income Taxes" within Notes to Consolidated Condensed Financial Statements).
Current wording
In the first nine months of 2026, incentives attributable to AMIC were $1.9 billion ($5.1 billion in the first nine months of 2025), which may be refunded to us in cash to the extent the credits exceed our outstanding income tax liabilities. Refer to "Note 7: Income Taxes" 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 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 June 27, 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.
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 the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. The total expected and cumulative cost of the 2025 Restructuring Plan as of September 26, 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 by the fourth quarter of 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 $3.2 billion under the 2024 Restructuring Plan, which is expected to be completed in 2026.
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, with the remainder expected to be completed in the fourth quarter of 2026.
Previous wording
Employee severance and benefit arrangements included charges of $161 million and $235 million during the three and six months ended June 27, 2026, respectively, primarily resulting from charges related to the 2025 Restructuring Plan. Other charges incurred during the three and six months ended June 27, 2026 related to the 2024 Restructuring Plan. During the three months ended June 28, 2025, charges of $1.4 billion related to the 2025 Restructuring Plan, while the remaining charges incurred during the three and six months ended June 28, 2025 primarily related to the 2024 Restructuring Plan.
Current wording
Employee severance and benefit arrangements included charges of $55 million and $290 million during the three and nine months ended September 26, 2026, respectively, primarily resulting from charges related to the 2025 Restructuring Plan. Other charges incurred during the three and nine months ended September 26, 2026 related to the 2024 Restructuring Plan. During the three and nine months ended September 27, 2025, charges of $106 million and $1.5 billion, respectively, related to the 2025 Restructuring Plan, while the remaining charges primarily related to the 2024 Restructuring Plan.
Previous wording
Asset impairment charges incurred in the first six months of 2026 were related to non-cash goodwill impairment charges of $3.9 billion (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements). In the first six months of 2025, we incurred non-cash charges associated with the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.
Current wording
Asset impairment charges incurred in the first nine months of 2026 were related to non-cash goodwill impairment charges of $3.9 billion. See "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements. In the first nine months of 2025, we incurred non-cash asset impairment charges associated with the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.
Previous wording
In the three and six months ended June 27, 2026 and June 28, 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 all 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 decreased in the three and six months ended June 27, 2026 compared to the three and six months ended June 28, 2025 primarily due to increased share-based compensation deductions. Additionally, our Consolidated Condensed Balance Sheets as of June 27, 2026 and December 27, 2025 contain certain tax receivables of $7.5 billion and $7.6 billion, respectively, within other current assets, and $1.3 billion and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.
Current wording
In the three and nine months ended September 26, 2026 and 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. In all 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 September 26, 2026 compared to the three months ended September 27, 2025 primarily due to increased profitability in the U.S. Our provision for taxes decreased in the nine months ended September 26, 2026 compared to the nine months ended September 27, 2025 primarily due to increased share-based compensation deductions. Additionally, our Consolidated Condensed Balance Sheets as of September 26, 2026 and December 27, 2025 contain certain tax receivables of $7.4 billion and $7.6 billion, respectively, within other current assets, and $2.5 billion and $182 million, respectively, within other long-term assets, primarily associated with AMIC claims.
Previous wording
The fair value of our economically hedged marketable debt investments was $13.2 billion as of June 27, 2026 ($21.8 billion as of December 27, 2025). For economically hedged investments still held at the reporting date, we recorded net losses of $95 million in the second quarter of 2026 and net losses of $249 million in the first six months of 2026 (net gains of $329 million in the second quarter of 2025 and net gains of $491 million in the first six months of 2025).
Current wording
The fair value of our economically hedged marketable debt investments was $27.7 billion as of September 26, 2026 ($21.8 billion as of December 27, 2025). For economically hedged investments still held at the reporting date, we recorded net losses of $267 million in the third quarter of 2026 and net losses of $480 million in the first nine months of 2026 (net losses of $47 million in the third quarter of 2025 and net gains of $416 million in the first nine months of 2025).
Previous wording
Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded inaccumulated other comprehensive income (loss). The adjusted cost of our unhedged investments was $8.9 billion as of June 27, 2026 ($10.6 billion as of December 27, 2025), which approximated the fair value at each date.
Current wording
Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded inaccumulated other comprehensive income (loss). The amortized cost basis of our unhedged investments was $11.9 billion as of September 26, 2026 ($10.6 billion as of December 27, 2025), which approximated the fair value at each date.
Previous wording
1 Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.
Current wording
1 Instruments not due at a single maturity date are composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.
Previous wording
The components of gains (losses) on equity investments, net for each period were as follows:
Current wording
The components ofgains (losses) on equity investments, net for each period were as follows:
Previous wording
1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.
Current wording
1 Unrealized gains (losses) on non-marketable investments include observable price adjustments and our share of equity method investee gains (losses) and certain distributions.
Previous wording
In thesecond quarter of 2025, we recognized upward observable price adjustments of$469 million withing ains (losses) on equity investments, net, of which $396 million related to a single investee.
Current wording
In thefirst nine months of 2025, we recognized upward observable price adjustments for our non-marketable equity investments of$486 million within gains (losses) on equity investments, net, of which$396 million related to a single investee.
Previous wording
In the third quarter of 2025, we closed the sale of Altera and retained a 49% interest in the business (refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements). The carrying value of our non-marketable equity investment in Altera is classified within equity investmentsin the Consolidated Condensed Balance Sheets and was $3.2 billion as of June 27, 2026 and December 27, 2025.
Current wording
In the third quarter of 2025, we closed the sale of Altera and retained a 49% interest in the business. Refer to "Note 9: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements. The carrying value of our non-marketable equity investment in Altera is classified within equity investmentsin the Consolidated Condensed Balance Sheets and was $3.1 billion as of September 26, 2026 ($3.2 billion as of December 27, 2025).
Previous wording
We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement, for which we recognized revenue of $181 million in the second quarter of 2026 and $320 million in the first six months of 2026. Additionally, and in connection with the divestiture, we have been and will be reimbursed for costs that we incur on behalf of Altera for certain corporate services delivered under a transition services agreement, which may include information technology, finance, supply chain, and other services provided on an interim basis. The majority of such corporate transition services ceased as of March 28, 2026.
Current wording
We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement, for which we recognized revenue of $126 million in the third quarter of 2026 and $446 million in the first nine months of 2026. Additionally, and in connection with the divestiture, we have been and will be reimbursed for costs that we incur on behalf of Altera for certain corporate services delivered under a transition services agreement, which may include information technology, finance, supply chain, and other services provided on an interim basis. The majority of such corporate transition services ceased as of March 28, 2026.
Previous wording
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 synergies and other benefits that are expected to 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 tax purposes. The operating results of Mentee Robotics, which were not material for the three and six months ended June 27, 2026, are included in Mobileye's financial results within 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 during the measurement period.
Current wording
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 toidentified intangible assets, net of $128 million andgoodwill of $498 million. The goodwill arising from the acquisition is attributed to the synergies and other benefits that are expected to 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 tax purposes. The operating results of Mentee Robotics, which were not significant for the three and nine months ended September 26, 2026, are included in Mobileye's financial results within 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 during the measurement period.
Previous wording
As of June 27, 2026, the outstanding receivable from SLP was $473 million ($463 million as of December 27, 2025) recorded within other long-term assets for the present value of deferred consideration, which is not subject to any contingencies. As of June 27, 2026, $206 million and $53 million are recorded within other accrued liabilities andother long-term liabilities($327 million and $97 million as of December 27, 2025), respectively, for amounts payable to SLP for separation and employee-related costs that have not yet been paid and that relate to the transaction.
Current wording
As of September 26, 2026, the outstanding receivable from SLP was $478 million ($463 million as of December 27, 2025) recorded within other long-term assets for the present value of deferred consideration, which is not subject to any contingencies. As of September 26, 2026, $169 million and $46 million are recorded within other accrued liabilities andother long-term liabilities($327 million and $97 million as of December 27, 2025), respectively, for amounts payable to SLP for separation and employee-related costs that have not yet been paid and that relate to the transaction.
Previous wording
We sold our NAND memory technology and manufacturing business to SK hynix, which we deconsolidated upon closing the first phase of the transaction on December 29, 2021. On March 27, 2025, we closed the second phase of the transaction, collected the outstanding receivable and entered into a final release and settlement agreement with SK hynix primarily related to certain penalties and contingencies associated with the manufacturing and sale agreement between us and SK hynix. For the six months ended June 28, 2025, we recognized net charges of $94 million within interest and other, net for the amounts incurred pursuant to this agreement and recorded net proceeds of $1.9 billion within cash and cash equivalents.
Current wording
We sold our NAND memory technology and manufacturing business to SK hynix, which we deconsolidated upon closing the first phase of the transaction on December 29, 2021. On March 27, 2025, we closed the second phase of the transaction, collected the outstanding receivable and entered into a final release and settlement agreement with SK hynix primarily related to certain penalties and contingencies associated with the manufacturing and sale agreement between us and SK hynix. For the nine months ended September 27, 2025, we recognized net charges of $191 million within interest and other, net for the amounts incurred pursuant to this agreement and recorded net proceeds of $1.9 billion within cash and cash equivalents.
Showing the first 40 of 100 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
As of September 26, 2026, our Mobileye reporting unit had $4.3 billion in recorded goodwill ($8.2 billion as of December 27, 2025) and our estimated fair value exceeded the assigned carrying value by less than 10%. We continue to closely monitor the Mobileye reporting unit’s financial performance, business forecasts and market capitalization. Our quarterly qualitative impairment assessment for thethird quarter of 2026 did not indicate that a more detailed quantitative analysis was necessary for the Mobileye reporting unit. 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, a 1% higher discount rate would have resulted in an additional goodwill impairment of approximately $682 million for the Mobileye reporting unit in the first quarter of 2026.
Current report — wording carried from elsewhere
Total Intel Products operating income was $5.3 billion in Q3 2026, up $1.7 billion from Q3 2025.
Current report — wording carried from elsewhere
Revenue was $6.7 billion in Q3 2026, up $2.5 billion from Q3 2025. Intersegment revenue was $6.3 billion in Q3 2026, up $2.1 billion from Q3 2025, driven by higher wafer volumes from Intel 18A, Intel 3 and Intel 4 process nodes, which carry higher ASPs relative to predecessor process nodes and higher intersegment back-end services revenue. External revenue was $411 million in Q3 2026, up $379 million from Q3 2025, primarily due to revenue recognized under a non-recurring foundry contract.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
In Q2 2026, we acquired from Apollo its 49% minority ownership interest in our majority-owned and consolidated Ireland SCIP VIE for aggregate cash consideration of $14.2 billion, inclusive of transaction costs. We funded the repurchase of Apollo's non-controlling equity interest through a combination of existing cash and cash equivalents, short-term investments and a $6.5 billion term loan facility that we entered into in Q2 2026 and subsequently repaid in Q2 2026 using proceeds from the issuance of$6.5 billion aggregate principal amount of senior fixed-rate notes (refer to "Note 3: Non-Controlling Interests" and “Note 11: Borrowings” within Notes to Consolidated Condensed Financial Statements).
Previous report — wording carried elsewhere
Total Intel Products operating income was $4.8 billion in Q2 2026, up $2.1 billion from Q2 2025.
Previous report — wording carried elsewhere
(Percentages in chart indicate operating expenses as a percentage of total revenue)