Technology · NASDAQ: INTC
Intel: how the business works
Intel designs and makes the processor chips inside PCs and servers, with net revenue of $52.9 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Intel Corporation · Santa Clara, California · Founded 1968
Last updated
- Net revenue, FY2025
- $52.9B
- Operating loss, FY2025
- −$2.2B
- Net loss to Intel's shareholders, FY2025 (incl. Altera gain)
- −$267M
- Employees, Sep 26, 2026
- 81,100
- US Government's stake, Mar 20, 2026 (proxy, incl. escrowed shares)
- 8.4%
The short version
Intel in 5 points
1 · What it sells
Intel designs and makes CPUs, the main processor chips in PCs and servers, with net revenue of $52.9 billion in FY2025.
2 · Who pays it
In FY2025 Intel's three largest customers, which it does not name, paid 19%, 12% and 12% of net revenue, and all other customers paid 57%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Intel's shareholders lost $0.5 even with a one-off $5.6 billion Altera gain, and the operating loss was $4.2 per $100 of revenue.
4 · Where the operating profit comes from
In FY2025 Intel Products earned $12.7 billion of operating income, while Intel Foundry lost $10.3 billion and unallocated corporate costs took $5.5 billion.
5 · The one thing to watch
In Q3 FY2026 Intel Foundry lost $1.9 billion on $6.7 billion of revenue, of which $411 million came from outside customers.
Sources: From Intel's FY2025 10-K and Q3 2026 10-Q · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Intel's money go?
Intel · FY2025
Receipt for every $100
| Making and buying chips (cost of sales) | $60.9 |
|---|---|
| Research and development | $24.3 |
| Marketing, general and admin | $8.2 |
| Restructuring and other charges | $3.9 |
| Income tax | $2.7 |
| Owed to noncontrolling holders | $0.5 |
| Net loss for Intel's shareholders | −$0.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (net revenue plus $3.8 billion of investment gains, interest and other): each line = line ÷ $56.6 billion × 100. The money in includes a one-off $5.6 billion gain on selling 51% of Altera. Noncontrolling holders are outside owners of parts of Intel's units.
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02The business in one line
What does Intel do?
PC makers, cloud companies and distributors pay Intel for processor chips; most of the money goes on factories and research, and the chip business earns the profit that the factory business loses.
- In FY2025 Intel's PC and edge chip segment (CCPG) brought in 61.0% of net revenue and its data center chip segment (DCAI) 32.0%.
- Intel Products earned $12.7 billion of operating income in FY2025, while Intel Foundry lost $10.3 billion.
03Who pays it
Who pays Intel?
Largest customer
19%
of revenue
Unnamed in the filing (Customer A). Substantially all revenue from the top three comes from Intel Products.
Second-largest customer
12%
of revenue
Unnamed in the filing (Customer B).
Third-largest customer
12%
of revenue
Unnamed in the filing (Customer C).
All other customers
57%
of revenue
Other PC makers, distributors, cloud companies and equipment makers. Intel does not report revenue by type of customer.
- Largest customer19%
- Second-largest customer12%
- Third-largest customer12%
- All other customers57%
Customer concentration
Intel's three largest customers were 43% of net revenue in FY2025, 45% in FY2024 and 40% in FY2023. Filings through FY2023 named Dell, Lenovo and HP as the three largest; later filings use letters only, so the letters cannot be matched to names.
- Largest customer
- 19%
04Why it makes money
Why does Intel make money?
Chip sales earn the profit; the factories carry the cost and the losses.
Intel Products earned $12.7 billion of operating income in FY2025, and Intel Foundry lost $10.3 billion. Intel's CFO describes a fixed-cost base, so profit moves with volume: operating income per $100 of revenue was $15.3 in Q3 FY2026.
Operating income per $100 of revenue
$24.6−$4.2
FY2021 to FY2025
- PC makers and cloud companies buy Intel's chips
- Intel Products pays Intel Foundry to make most of them
- Foundry spends on factories and new manufacturing technology
- More output and better yields lower the cost of each silicon wafer
- Lower cost and higher-priced chips lift the profit per chip
- That profit, partners' money and new shares fund more factories
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Intel?
Client Computing and Physical AI (CCPG)
61%Chips for PCs and edge devices. Called CCG until 2026; its FY2025 share of net revenue is 61.0%.
Revenue $32.2B · Operating profit $9.3B
Data Center and AI (DCAI)
32%Xeon server CPUs, accelerators and custom chips; 32.0% of FY2025 net revenue.
Revenue $16.9B · Operating profit $3.4B
Intel Foundry
1%The factories. The share shown counts only the $307 million paid by outside customers, 0.6% of net revenue. Internal sales are removed from Intel's total, so Foundry is left out of the mix table to avoid counting them twice.
Revenue $17.8B · Operating profit −$10.3B
All other (Mobileye, IMS and others)
7%Mobileye, IMS and, until Sep 12, 2025, Altera. Corporate costs of $5.5 billion, including stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more and restructuring, sit outside the segments.
Revenue $3.6B · Operating profit $264M
How the mix changed
- Client Computing and Physical AI (CCPG)
- Data Center and AI (DCAI)
- Intel Foundry
- All other (Mobileye, IMS and others)
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Intel done?
Revenue
$52.9BFY2025
Net revenue fell from $79.0 billion in FY2021 to $52.9 billion in FY2025; Q3 FY2026 revenue of $16.5 billion rose 21% from a quarter that still included Altera until Sep 11, 2025.
US$
See the numbers
Net profit
−$267MFY2025
Net income of $4.1 billion in Q3 FY2025 and the $267 million FY2025 loss include an Altera gain of $5.5 billion in Q3 FY2025 ($5.6 billion for FY2025); Q3 FY2026's $3.3 billion includes a $1.0 billion gain on escrowed shares.
US$
See the numbers
Profit kept per $100 of revenue
−$0.5FY2025
Operating income per $100 of revenue was $24.6 in FY2021, −$4.2 in FY2025 and $15.3 in Q3 FY2026; stock-based pay was $2.4 billion in FY2025.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$4.9BFY2025
Free cash flow here subtracts only investing-section property additions (−$4.9 billion in FY2025); also subtracting $3.0 billion of financing-section additions gives −$8.0 billion.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on the last Saturday of December (FY2022 had 53 weeks)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: In FY2025 total net income was $26 million; $293 million belonged to noncontrolling holders such as partners in Intel's factories, leaving a $267 million loss for Intel's shareholders.
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Intel, and did they deliver?
Lip-Bu Tan
Chief Executive Officer · since 2025
Took over on Mar 18, 2025. Previously CEO of Cadence Design Systems, and founder and chairman of the venture firm Walden International.
David Zinsner
Chief Financial Officer · since 2022
Also became principal accounting officer in April 2026 after the chief accounting officer resigned.
Frank D. Yeary
Chair of the Board
Named as chair in the 2026 proxy.
What they said, and what happened
2 delivered · 3 partly delivered · 1 too early to tell
Said on Jul 23, 2026
Intel guided Q3 FY2026 revenue of $15.8–16.8 billion, non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more EPS of $0.38 and GAAP EPS of $0.31.
DeliveredWhat happened
Revenue was $16.5 billion, inside the range and above the midpoint. Non-GAAP EPS was $0.52. GAAP EPS was $0.60, including the Escrowed Shares gain.
Said on Apr 23, 2026
Intel guided Q2 FY2026 revenue of $13.8–14.8 billion, non-GAAP EPS of $0.20 and GAAP EPS of $0.08.
Partly deliveredWhat happened
Revenue of $16.1 billion and non-GAAP EPS of $0.42 were above guidance. GAAP EPS was −$2.16, mainly because of a $12.5 billion Escrowed Shares loss.
Said on Apr 24, 2025
Intel guided Q2 FY2025 revenue of $11.2–12.4 billion, GAAP gross margin of 34.3% (non-GAAP 36.5%) and GAAP EPS of −$0.32 (non-GAAP $0.00).
Partly deliveredWhat happened
Revenue of $12.9 billion was above the range. GAAP gross margin was 27.5% (non-GAAP 29.7%) and GAAP EPS −$0.67 (non-GAAP −$0.10). Intel said $1.9 billion of restructuring charges and about $800 million of impairments were not in its guidance.
Said on Apr 24, 2025
Intel set a gross capital spending target of $18 billion for 2025.
DeliveredWhat happened
Gross capital spending was $17.7 billion in FY2025.
Said on Apr 24, 2025
Intel set a non-GAAP operating expense target of about $17 billion for 2025 and $16 billion for 2026.
Partly deliveredWhat happened
FY2025 GAAP R&D and MG&A costs were $18.4 billion (non-GAAP $16.5 billion). For 2026, the CFO said on Oct 29, 2026 that he expects non-GAAP operating expenses of about $16.3 billion.
Said on Jul 23, 2026
Intel's CFO said on Jul 23, 2026 that 2026 capital spending would be more than $20 billion.
Too early to tellWhat happened
Gross capital spending was $11.8 billion in the first nine months of 2026. On Oct 29, 2026 the CFO said 2026 was on track to be $20 billion.
08What could go wrong
What could go wrong for Intel?
- Execution
A costly factory business with few outside customers
Intel Foundry lost $10.3 billion in FY2025 and $1.9 billion in Q3 FY2026. Intel's 10-K says it has limited experience in third-party manufacturing. In Q2 2026 Intel committed to finishing its next technology, Intel 14A.
Watch Foundry operating loss, and outside revenue beyond the $411 million of Q3 FY2026.
- Other
Net income moves with Intel's own share price
Shares in escrow for the US Government are a liability that is revalued each quarter. A rising share price brings a non-cash loss and a falling price a gain: −$12.5 billion in Q2 FY2026, +$1.0 billion in Q3 FY2026.
Watch The Escrowed Shares line in interest and other, and the 132 million shares left in escrow at Sep 26, 2026.
- Competition
Strong rivals in every business
The 10-K names AMD, NVIDIA, Arm-based chips and customers' own custom chips as competitors. TSMC competes with Intel Foundry and also makes some Intel chip parts.
Watch Intel's comments on market share, and DCAI and CCPG revenue.
- Concentration
Three customers bring in 43% of revenue
Intel's three largest customers were 43% of FY2025 net revenue. Its 10-K says a small number of customers will likely keep accounting for a large share of revenue.
Watch The customer concentration note in the next 10-K.
- Demand
Memory prices and PC demand
The 10-Q says high memory prices cut demand for PC chips, and it expects those trends to worsen in Q4 2026 and persist in 2027. Intel's CFO said on Oct 29, 2026 that it plans for PC units to fall about 10% in 2027.
Watch CCPG revenue. On Oct 29, 2026 Intel's CFO said he expects a fall of more than 20% from Q3 to Q4 FY2026.
- Execution
Component shortages limit server chip supply
The 10-Q says substrate and memory shortages limited Intel's data center CPU supply and should persist into next year. After Q3 Intel signed two substrate agreements with funding of about $5.3–6.1 billion.
Watch DCAI revenue against supply, and commitments in the 10-K.
- Other
Israel factory and regional conflict
A mid-October 2026 accident at Intel's Kiryat Gat factory caused casualties and halted output for about two weeks. The 10-Q says a significant part of revenue comes from Intel 7 chips made there, and Intel is not insured for war-related interruption. It also describes the conflict with Iran as a risk to that factory.
Watch Charges in Q4 FY2026; the 10-Q expects effects through the first half of 2027.
- Legal
Debt, patent cases and a Mobileye writedown
Debt was $50.1 billion at Sep 26, 2026. Intel accrued about $1.0 billion for VLSI patent cases, where one Texas jury awarded about $949 million with no final judgment yet. After a $3.9 billion charge in Q1 FY2026, Mobileye's goodwill (the premium paid for an acquisition) is $4.3 billion, with fair value less than 10% above carrying value.
Watch VLSI rulings, further goodwill charges and any change in credit rating.
09Both sides
What do supporters and critics point to?
What supporters point to
- DCAI revenue rose 78% to $7.3 billion in Q3 FY2026, and its operating income rose from $964 million to $3.0 billion.
- Gross margin, the share of revenue left after the cost of sales, rose from 38.2% in Q3 FY2025 to 43.0% in Q3 FY2026.
- Intel Foundry's operating loss narrowed from $2.3 billion in Q3 FY2025 to $1.9 billion in Q3 FY2026.
- Cash and short-term investments of $54.0 billion exceeded debt of $50.1 billion at Sep 26, 2026.
What critics point to
- Outside customers paid $411 million of Intel Foundry's $6.7 billion revenue in Q3 FY2026, and the rise came mainly from a non-recurring contract.
- Net loss was $12.0 billion in the 12 months to Sep 26, 2026, against operating income of $1.8 billion.
- Shares outstanding rose from 4,330 million at Dec 28, 2024 to 5,310 million at Sep 26, 2026.
- Intel's Q4 FY2026 guidance, given Oct 29, 2026, has revenue of $15.0–16.0 billion and gross margin of 37.1% (non-GAAP 38.0%), below Q3's $16.5 billion and 43.0% (non-GAAP 44.1%).
- Three customers were 43% of FY2025 net revenue.
10What to watch next
What should you watch next at Intel?
Next event
Q4 FY2026 results
Date not announced yet.
The Escrowed Shares line in Q4 FY2026
Intel's 10-Q says it expects further gains or losses as its share price moves. Nasdaq closes were $123.00 on Sep 25, 2026 and $65.76 on Oct 30, 2026. Intel has not stated a Q4 amount.
The PC and edge chip segment against the data center segment
On Oct 29, 2026 Intel's CFO said he expects Q4 DCAI revenue up mid-teens percent from Q3 and CCPG revenue down more than 20%.
Foundry customers and capital spending
Intel Foundry had $411 million of outside revenue in Q3 FY2026. On Oct 29, 2026 Intel's CFO said he expects 2027 gross capital spending to rise from about $20 billion in 2026.
11Key facts
Key facts about Intel
- What does Intel do?
- Intel designs CPUs, the main processor chips in PCs and servers, and makes most of them in its own factories. Intel's net revenue was $52.9 billion in FY2025, the year ended Dec 27, 2025.
- How does Intel make money, and what is its business model?
- Intel makes money by selling chips to PC makers, distributors and cloud companies. In FY2025 Intel's PC and edge chip segment (CCPG) was 61.0% of net revenue and its data center chip segment (DCAI) 32.0%. Intel's own businesses pay its factory business for manufacturing, so most foundry revenue is internal.
- Is Intel profitable?
- Intel had a $2.2 billion operating loss and a $267 million net loss for shareholders in FY2025, even with a $5.6 billion Altera gain. In the 12 months to Sep 26, 2026, Intel's operating income was $1.8 billion and its net loss was $12.0 billion. The main cause was a $12.6 billion non-cash loss in the first nine months of 2026 on shares held in escrow for the US Government.
- What is Intel's revenue by segment?
- In FY2025 Intel reported revenue of $32.2 billion from CCPG (then called CCG), $16.9 billion from DCAI, $17.8 billion from Intel Foundry and $3.6 billion from all other. Removing $17.7 billion of internal sales gives Intel's total of $52.9 billion.
- How much does Intel earn from its PC and edge chip segment (CCPG)?
- Intel's Client Computing and Physical AI Group (CCPG, formerly CCG) had FY2025 revenue of $32.2 billion and operating income of $9.3 billion. In Q3 FY2026 CCPG revenue was $8.1 billion, down 5% from a year earlier.
- How much does Intel earn from data center chips?
- Intel's Data Center and AI segment (DCAI), which sells Xeon server CPUs and custom chips, had FY2025 revenue of $16.9 billion and operating income of $3.4 billion. In Q3 FY2026 DCAI revenue was $7.3 billion, up 78% from a year earlier.
- How much revenue does Intel Foundry get from outside customers?
- Intel Foundry had $17.8 billion of FY2025 revenue, but only $307 million came from outside customers; the rest came from Intel's own businesses. Intel Foundry's FY2025 operating loss was $10.3 billion.
- Who are Intel's customers?
- Intel sells to PC makers, distributors and cloud companies. Intel's three largest customers were 43% of FY2025 net revenue (19%, 12% and 12%), and Intel has not named them in its filings since its FY2023 10-K.
- How big is Intel?
- Intel had $52.9 billion of net revenue in FY2025 and $16.5 billion in Q3 FY2026. Intel had 81,100 employees and $228.6 billion of total assets at Sep 26, 2026.
- Who owns Intel?
- Intel has one class of common stock. Its 2026 proxy lists the US Government as the largest holder at 8.4% (Mar 20, 2026, counting escrowed shares), then The Vanguard Group at 8.1% and BlackRock at 6.8%. Those percentages predate the August 2026 offering of about 242 million shares.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Intel sell?
PC and edge chips (CCPG)
Core processors for notebooks and desktops, plus chips for edge devices such as industrial robots. Sold to PC makers and distributors. Q3 FY2026 revenue: $8.1 billion.
Data center chips (DCAI)
Xeon server CPUs, AI accelerators, network chips and custom chips for large cloud companies. Q3 FY2026 revenue: $7.3 billion.
Chip manufacturing (Intel Foundry)
Develops manufacturing technology and runs the factories. Outside customers paid $411 million of its $6.7 billion Q3 FY2026 revenue; Intel's own businesses paid $6.3 billion.
Other businesses
Mobileye, a listed maker of driver-assistance systems that Intel controlled with 76% at Sep 26, 2026, and IMS, which makes tools for chip production. Mobileye's Q3 FY2026 revenue was $493 million.
Think of it like this
Think of an author who also owns a printing press, and has started printing books for other authors.
What it does
- Does: Designs its own chips and makes most of them in its own factories
- Does: Buys some chip parts from outside factories, including its rival TSMC
- Does: Sells manufacturing services to outside customers on a small scale
What it does not do
- Does not: Does not name its foundry customers; its CEO said in October 2026 that it will not disclose them
- Does not: Does not own 100% of every factory: Brookfield holds 49% of the venture behind two Arizona factories
- Does not: Has not declared a quarterly dividend since suspending it starting in Q4 2024
13How the money flows
13How the money flows · FY2025
How does money flow through Intel?
Money in
- Net revenue$52.9B
- Investment gains, interest and other (mainly the Altera gain)$3.8B
The company
Intel
$56.6B came in
Money out
- Making and buying chips (cost of sales)$34.5B
- Research and development$13.8B
- Marketing, general and admin$4.6B
- Restructuring and other charges$2.2B
- Income tax$1.5B
- Share of income owed to noncontrolling holders$293M
- Net loss for Intel's shareholders−$267M
- Customers paid Intel $52.9 billion in FY2025.
- Making and buying chips cost $34.5 billion, and research, running costs and restructuring took another $20.6 billion.
- That left an operating loss of $2.2 billion before investment gains, interest and tax.
- Other items added $3.8 billion, including a $5.6 billion gain on selling 51% of Altera and a $1.8 billion loss on shares in escrow for the US Government.
- After $1.5 billion of tax and $293 million owed to noncontrolling holders, Intel's shareholders had a $267 million net loss.
14What it needs to run
14What it needs to run
What does Intel need to run?
Chip factories
Property, plant and equipment was $105.3 billion at Sep 26, 2026. Intel plans to keep making most of its products in its own factories.
Scarce components
Intel's 10-Q says shortages of substrates (the base a chip is mounted on) and memory limited supply in 2026, and expects them to persist into next year.
Partners' money
Brookfield holds 49% of the Arizona factory venture. Partners contributed $5.0 billion in the first nine months of 2026.
Engineers
Research and development cost $13.8 billion in FY2025. Staff fell from 124,100 at Sep 28, 2024 to 81,100 at Sep 26, 2026.
15Where it sells
15Where it sells · FY2025
Where does Intel sell?
- United States (where billed)30%
- China (where billed)24%
- Singapore (where billed)18%
- Taiwan (where billed)15%
- Other countries (where billed)14%
16Competitors and what protects it
16Competitors and what protects it
Who does Intel compete with?
AMD
Named as CCG's primary competitor. It also uses the x86 chip design and competes in server CPUs, GPUs and accelerators.
NVIDIA
Sells GPU systems (graphics chips used for AI), which the 10-K says have seen the highest demand as AI work became the main source of computing demand. NVIDIA also bought $5.0 billion of Intel shares in December 2025.
TSMC
Named as Intel Foundry's primary competitor in advanced manufacturing, and also a supplier that makes some Intel chip parts.
Apple and Qualcomm
Named among companies selling PC processors built on the ARM design rather than x86.
Amazon, Google, Meta and Microsoft
Named as large cloud companies developing their own custom chips for data centers.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Own factories4 of 5
Property, plant and equipment was $105.3 billion at Sep 26, 2026, and Intel makes most of its products in its own factories.
- x86 software base4 of 5
The 10-K says x86, Intel's chip design, remains the base for most PCs, with a deep software ecosystem. AMD also uses x86.
- Manufacturing technology2 of 5
The 10-K says Intel invested from 2021 to 2024 to catch up with its main manufacturing rival on process technology.
- Outside foundry customers1 of 5
Outside customers paid $307 million of Intel Foundry's $17.8 billion FY2025 revenue.
- US manufacturing position3 of 5
Intel's 10-K says it is the only company doing both advanced logic chip research and high-volume manufacturing in the US. This is the company's own statement.
Weak spot
Foundry losses
Intel Foundry lost $10.3 billion in FY2025. Intel's 10-K says it has limited experience in the third-party foundry business.
17Where growth could come from
17Where growth could come from
Where could Intel's growth come from?
Intel said in its Q3 2026 earnings release (Oct 29, 2026) that it expects Q4 FY2026 revenue of $15.0 billion to $16.0 billion and EPS of $0.10 (non-GAAP $0.25). Its CFO said that includes about $300 million less revenue from the incident at Fab 28 in Israel.
Server CPUs
WorkingDCAI $7.3B in Q3 FY2026, up 78%
Server average selling prices rose 54% and volume rose 10% from a year earlier. Intel's CEO said on Oct 29, 2026 that Intel estimates the server CPU market could grow from $40 billion to more than $200 billion over 5 years. That is the company's estimate.
Status: Working, on track against what the company said.
Custom chips for cloud companies
WorkingOther DCAI $1.4B in Q3 FY2026, up $743M
The 10-Q says higher demand for purpose-built silicon (chips designed for one customer's use) drove the rise.
Status: Working, on track against what the company said.
New manufacturing technology (Intel 18A)
MixedNearly a third of client CPU revenue
Intel released its first Intel 18A products at the start of 2026. Its CFO said on Oct 29, 2026 that those chips grew from less than 5% of client CPU revenue in Q1. He also said a sustainably profitable foundry still needs considerable work.
Status: Mixed, partly on track.
Outside foundry customers
Early$411M in Q3 FY2026; $307M in all of FY2025
The 10-Q says the rise from a year earlier came mainly from a non-recurring foundry contract. Intel does not name customers.
Status: Early, too early to judge.
PC and edge chip segment (CCPG)
BehindCCPG $8.1B in Q3 FY2026, down 5%
Client volume fell 14% and average prices rose 9%. Intel's CFO said on Oct 29, 2026 that CCPG revenue was below Intel's expectations, as memory shortages weighed on PC purchases.
Status: Behind, behind the company's own plan.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 and Q3 FY2026
What do Intel's own measures show?
Official (GAAP): GAAP diluted EPS, Q3 FY2026
$0.60
Company's own measure: Non-GAAP earnings per share, Q3 FY2026
$0.52
The GAAP figure is higher because it includes the $1.0 billion Escrowed Shares gain, which Intel leaves out. Intel also leaves out stock-based pay, restructuring and acquisition-related costs.
Official (GAAP): Net income attributable to Intel, Q3 FY2026
$3.3B
Company's own measure: Non-GAAP net income, Q3 FY2026
$2.8B
Intel adds back $586 million of stock-based pay and $72 million of acquisition costs, and removes the $1,005 million Escrowed Shares gain and $330 million of equity investment gains, among other items.
Official (GAAP): GAAP diluted EPS, FY2025
−$0.06
Company's own measure: Non-GAAP earnings per share, FY2025
$0.42
Same definition. The GAAP figure includes restructuring, stock-based pay and the Altera gain.
Official (GAAP): GAAP gross margin, Q3 FY2026
43.0%
Company's own measure: Non-GAAP gross margin, Q3 FY2026
44.1%
Intel leaves out acquisition-related costs and stock-based pay from cost of sales.
Official (GAAP): Cash from operations, Q3 FY2026
$5.1B
Company's own measure: Adjusted free cash flow, Q3 FY2026 (Intel's definition)
$1.6B
Intel's measure: cash from operations minus gross capital spending ($4.2 billion), plus government incentives ($48 million) and net partner money ($847 million), minus finance lease payments.
Official (GAAP): Cash from operations, Q2 FY2026
$7.0B
Company's own measure: Adjusted free cash flow, Q2 FY2026 (Intel's definition)
−$8.4B
Same definition. Net partner money was −$12.2 billion because of the Ireland buyback, and gross capital spending was $2.7 billion.
Official (GAAP): Cash from operations, FY2025
$9.7B
Company's own measure: Adjusted free cash flow, FY2025 (Intel's definition)
−$1.6B
Same definition. Gross capital spending was $17.7 billion, and partner money and government incentives offset part of it.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Earnings release, Q3 2026 (8-K Ex. 99.1); Earnings release, Q4 and full-year 2025 (8-K Ex. 99.1); Earnings release, Q2 2026 (8-K Ex. 99.1) and 2 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
19Financial strength and debt
19Financial strength · Sep 26, 2026
How much debt does Intel have?
- Total debt$50.1B
- Cash and investments$54.0B
- Net cash (cash minus debt)$3.9B
- Net worth (shareholders' money)$114.9B
- Debt to equity
- 0.44×
- $ of debt for every $1 of shareholders' money
- Between those dates Intel raised $22.6 billion after costs in the August 2026 share offering. Net figures are a Cityfort calculation from FY2025 10-K and Q3 FY2026 10-Q.
- Intel paid $14.2 billion in April 2026 to buy back Apollo's 49% of its Ireland factory venture, using cash and a $6.5 billion loan that it repaid with new notes.
- Equity shown is Intel shareholders' only. Noncontrolling holders' equity was a further $16.6 billion, mostly Brookfield's stake in the Arizona venture ($14.4 billion).
- The Escrowed Shares liability was $13.7 billion at Sep 26, 2026. It is not counted as debt here.
- Credit lines total $15.0 billion from Oct 1, 2026, with nothing drawn at Sep 26, 2026. Commitments for capital spending were $19.6 billion.
20Who owns it
20Who owns it · ownership as of Mar 20, 2026
Who owns Intel?
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, Q3 2026 (ended Sep 26, 2026); Proxy statement (DEF 14A), 2026 annual meeting; Form 8-K, US Government Warrant and Common Stock Agreement and 4 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Intel do with its profit?
Dividend per share
$0.00FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Money raised · Aug 22, 2025
US Government agreement: about $5.7 billion of accelerated CHIPS Act money for 274.6 million shares, and up to $3.2 billion of further money for 158.7 million escrowed shares.
$5.7B
Money raised · Sep 26, 2025
Sold 87 million shares to SoftBank at $23.00 each.
$2.0B
Money raised · Dec 26, 2025
Sold 215 million shares to NVIDIA at $23.28 each.
$5.0B
Money raised · Aug 12, 2026
Public offering of about 242 million shares at $95.00 each; $22.6 billion after costs.
$23.0B
22Governance signals
22Governance signals
What do Intel's governance filings show?
- Auditor
- Ernst & Young LLP, since 1968
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy reports investments by Intel Capital in private companies where funds tied to CEO Lip-Bu Tan also invest. In one company in March 2026, Intel Capital put in $5 million and Tan's Walden International $8 million. It says the Audit Committee reviewed and approved each one.
- Credit rating
- No public credit rating found
Flags to know about
disclosure
Credit rating cut, agency not named
Intel's FY2025 10-K says a major credit rating agency cut its rating from BBB+ to BBB in August 2025. The 10-K does not name the agency, and no agency report was collected for this page.
disclosure
Accounting for the US Government deal
Intel's FY2025 10-K says its accounting conclusion in the Q3 2025 10-Q "was subsequently adjusted" after consulting SEC staff. Intel concluded the adjustments were immaterial to that 10-Q.
disclosure
Customers not named
Intel stopped naming its largest customers after its FY2023 10-K and does not name its foundry customers.
other
Senior departures
CEO Patrick Gelsinger resigned on Dec 1, 2024. Michelle Johnston Holthaus, CEO of Intel Products, gave notice in September 2025 and agreed to stay in a non-executive role through Mar 1, 2026. The chief accounting officer resigned on Apr 24, 2026. An April 2026 8-K set the chief legal officer's departure for Jun 1, 2026.
other
CEO pay
The 2026 proxy reports CEO Lip-Bu Tan's 2025 pay at $92,990,900, mostly stock and options. On its annualized figure of $93,244,700, the ratio to the median employee ($114,900) was 812 to 1.
regulatory
European Commission fine under appeal
In 2023 the European Commission fined Intel €376 million, based on its 2009 finding that Intel made payments to prevent sales of specific rival products. In December 2025 a court cut the fine to €237 million. Intel appealed in February 2026 and had accrued $312 million at Sep 26, 2026.
other
Shareholder lawsuits
A securities class action filed in May 2024 alleged false or misleading statements about the foundry business. The court dismissed it in July 2025 and plaintiffs have appealed. A derivative suit filed in March 2026 claims directors breached their duties by approving the US Government agreement; defendants moved to dismiss in May 2026.
other
Directors' and executives' shares
The 2026 proxy says executives and directors do not hedge Intel stock or use it as collateral for loans.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Intel on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Intel closed at $65.76 on Nasdaq, 28.6% below the $92.07 close on Oct 29, 2026. Times 5,315 million shares (Oct 23, 2026) that is a market value of about $349.5 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover), not counting 132 million shares in escrow at Sep 26, 2026. P/E is price ÷ earnings per share; it is not shown because Intel had a net loss over the 12 months to Sep 26, 2026.
- Share price
- $65.76
- Market value (market cap)
- $349.5B
Source: INTC historical prices (closing price Oct 30, 2026: $65.76); Form 10-Q, Q3 2026 (ended Sep 26, 2026)
24How it got here
24How it got here
How did Intel get here?
1968
Milestone
Intel is incorporated
Ernst & Young has audited Intel since that year.
2021
Milestone
Revenue reaches $79.0 billion
FY2021 net income was $19.9 billion, the highest in this page's five years. Intel then invested heavily to catch up on manufacturing technology.
2024
Business-model change
Factories reported as their own segment
In Q1 2024 Intel changed its segment reporting to fit an internal foundry model, so Intel Foundry now reports its own revenue and losses.
2024
Crisis
An $18.8 billion net loss
FY2024 included $9.9 billion of non-cash tax charges, $3.3 billion of factory asset charges and $3.1 billion of goodwill and intangibles charges. Intel suspended its dividend starting in Q4.
2024
Crisis
CEO Patrick Gelsinger resigns
He resigned on Dec 1, 2024, days after Intel signed CHIPS Act direct funding of up to $7.8 billion.
2025
Business-model change
Lip-Bu Tan becomes CEO
He started on Mar 18, 2025. Employees fell from 108,900 at Dec 28, 2024 to 85,100 at Dec 27, 2025.
2025
Business-model change
The US Government becomes a shareholder
The Aug 22, 2025 agreement gave the Department of Commerce up to 433 million shares. SoftBank and NVIDIA also bought shares, for $2.0 billion and $5.0 billion.
2025
Business-model change
Altera sold down
Intel sold 51% of its programmable chip unit to a Silver Lake affiliate on Sep 12, 2025, with a pre-tax gain of $5.6 billion for FY2025. Intel keeps 49%.
2026
Business-model change
Ireland factory stake bought back
Intel paid $14.2 billion on Apr 8, 2026 for the 49% that Apollo bought for $11.0 billion in 2024. It recorded $13.5 billion of the cost as a reduction in equity, not on the income statement.
2026
Milestone
A $23.0 billion share offering
In August 2026 Intel sold about 242 million shares at $95.00 each. Its cash and short-term investments then exceeded its debt.
25Sources and changes
Where every number on this page comes from
Sources (31 documents)
- S1Form 10-K, fiscal 2025 (ended Dec 27, 2025) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 23, 2026
- S2Form 10-K, fiscal 2024 (ended Dec 28, 2024) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2025
- S3Form 10-K, fiscal 2023 (ended Dec 30, 2023) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 26, 2024
- S6Form 10-Q, Q3 2026 (ended Sep 26, 2026) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S7Form 10-Q, Q2 2026 (ended Jun 27, 2026) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
- S14Earnings release, Q3 2026 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S15Earnings release, Q2 2026 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2026
- S16Earnings release, Q1 2026 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
- S17Earnings release, Q4 and full-year 2025 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2026
- S18Earnings release, Q3 2025 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2025
- S19Earnings release, Q2 2025 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2025
- S20Earnings release, Q1 2025 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2025
- S21Earnings release, Q4 and full-year 2024 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S22Earnings release, Q3 2024 (8-K Ex. 99.1) · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2024
- S24Proxy statement (DEF 14A), 2026 annual meeting · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
- S26Schedule 13G, Vanguard Capital Management · SEC EDGAR · Tier 1: company or exchange filing · Apr 30, 2026
- S27Schedule 13G/A, The Vanguard Group (realignment, zero shares) · SEC EDGAR · Tier 1: company or exchange filing · Mar 27, 2026
- S28Schedule 13G/A, The Vanguard Group (Dec 31, 2025) · SEC EDGAR · Tier 1: company or exchange filing · Jan 30, 2026
- S29Form 8-K, US Government Warrant and Common Stock Agreement · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 25, 2025
- S32Form 8-K, completion of Altera sale · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 15, 2025
- S33Form 8-K, repurchase of Apollo stake in Ireland joint venture · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 8, 2026
- S34Form 8-K, common stock offering · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S35Form 8-K, appointment of Lip-Bu Tan as CEO · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 14, 2025
- S36Form 8-K, resignation of Patrick Gelsinger · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2024
- S37Form 8-K, CHIPS Act direct funding agreement · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 27, 2024
- S38Form 8-K, departure of Chief Legal Officer · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 3, 2026
- S39Form 8-K, resignation of Chief Accounting Officer · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
- S40Form 8-K, resignation of Michelle Johnston Holthaus · Intel Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Sep 8, 2025
- S41Q3 2026 earnings call, CEO and CFO prepared remarks (no Q&A) · Intel Corporation (investor relations) · Tier 1: company or exchange filing · Oct 29, 2026
- S43Q2 2026 earnings call, CEO and CFO prepared remarks (no Q&A) · Intel Corporation (investor relations) · Tier 1: company or exchange filing · Jul 23, 2026
- S45INTC historical prices (closing price Oct 30, 2026: $65.76) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version, through Q3 FY2026 (quarter ended Sep 26, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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