Intel Corporation Overview
Intel is the largest U.S.-headquartered designer and manufacturer of logic semiconductors. It is also the only company that both designs leading-edge x86 processors and runs leading-edge wafer fabrication and advanced packaging at scale on U.S. soil. The company is three years into a capital-intensive restructuring. It has reorganised into Intel Products (client, edge and physical-AI processors through the Client Computing and Physical AI Group, and server, networking and AI silicon through Data Center and AI) and Intel Foundry, an internal and external contract manufacturer whose technologies include Intel 18A, 18A-P, 14A and the EMIB/Foveros 2.5D/3D packaging families. CEO Lip-Bu Tan took over in March 2025 and has cut costs, sold non-core assets and recapitalised the company through the U.S. government, SoftBank, Nvidia and a roughly USD 23 billion public equity offering. Demand for CPUs in AI inference and agentic workloads drove data-center revenue up 78% year on year in Q3 2026. The client PC market, by contrast, is in a memory-driven downturn.
Company description. Intel describes itself as a company that designs and manufactures advanced semiconductors that connect and power the modern world. Its portfolio, as described in its filings, covers microprocessors, systems-on-chip (SoCs), chipsets, AI accelerators and GPUs, networking silicon, Ethernet controllers, infrastructure processing units, software, and wafer fabrication and advanced packaging services. Its largest business remains x86 CPUs for PCs and servers. Since 2021 it has also offered foundry services to third parties.
Independent characterisation. Intel is a vertically integrated device manufacturer (IDM) that is turning itself into two businesses under one roof. One is a fabless-style product company that buys wafers from Intel Foundry, TSMC and others. The other is a foundry that sells wafers, packaging and mask services to Intel Products and, increasingly, to outside customers. The product side is profitable. Intel Products earned USD 12.7 billion of operating income in FY2025, and USD 5.3 billion in Q3 2026 alone. The foundry side runs large losses (USD 10.3 billion operating loss in FY2025) because it carries the depreciation and start-up costs of new process nodes with little external revenue so far: USD 174 million in Q1 2026 and about USD 293 million in Q2 2026. Whether the turnaround works depends on two things. First, the CPU franchise has to hold share and capture AI-driven server demand. Second, Intel Foundry has to win enough external volume on 18A-P and 14A to fill its fabs and cover the cost of staying at the leading edge.
Business model and revenue model.
- Product sales (CPUs, SoCs, chipsets, GPUs, NICs, IPUs, ASICs) — Description: Sold mainly to OEMs/ODMs (PCs, servers), hyperscale cloud providers, distributors and enterprise customers; Approximate weight: The large majority of consolidated revenue (Intel Products segment revenue of USD 49.1 billion in FY2025 against USD 52.9 billion consolidated)
Foundry wafer and packaging services: Description: Wafer fabrication, advanced packaging (EMIB, Foveros), mask making (IMS Nanofabrication) and assembly/test, sold to Intel Products and to external customers; Approximate weight: Intel Foundry segment revenue of USD 17.8 billion in FY2025, mostly intersegment; external revenue a few hundred million dollars per quarter in 2026
Mobileye (ADAS/autonomy): Description: EyeQ SoCs and the SuperVision/Chauffeur/Drive systems, via a roughly 77%-owned listed subsidiary; Approximate weight: Included in All Other (USD 3.6 billion in FY2025, including Altera up to September 11, 2025)
Software, services and licensing: Description: OpenVINO, oneAPI and other software are largely free or bundled; licensing and royalty income is small; Approximate weight: Not separately disclosed
Government contracts: Description: Secure Enclave (DoD), RAMP-C and other federal programmes, assigned to the sponsoring segment; Approximate weight: Not separately disclosed
Customers. Intel sells to PC OEMs (Dell, Lenovo and HP have historically been its three largest customers; in FY2024 its three largest customers accounted for 19%, 14% and 12% of net revenue), hyperscale cloud providers (AWS, Microsoft, Google, Oracle, Meta), enterprise and government buyers, telecoms equipment makers, automotive Tier-1s and OEMs (through Mobileye), and, increasingly, fabless chip designers and AI system builders that buy foundry and packaging services.
End markets. Client PCs (notebooks, desktops, commercial vPro fleets), data center and cloud (general-purpose servers, AI head-node CPUs, inference, networking), edge and industrial computing, physical AI and robotics, automotive (Mobileye), and contract semiconductor manufacturing and advanced packaging. Advanced packaging is the part of the business behind Intel's inclusion in third-party research on the global 3D semiconductor packaging market.
Value-chain position. Intel covers more of the semiconductor value chain than any other Western company: process R&D, mask making, front-end wafer fabrication, 2.5D/3D packaging, assembly and test, chip design, platform software and go-to-market. It depends on outside suppliers for lithography (ASML), deposition and etch tools (Applied Materials, Lam Research, Tokyo Electron), substrates, memory and some leading-edge wafers (TSMC fabricates several Intel compute tiles).
Strategy
Stated strategic themes. The 2026 proxy statement and recent earnings materials describe a multi-year effort to "build a new Intel." Management lists five themes:
-
Restore execution excellence and an engineering-centred, customer-focused culture.
-
Strengthen the financial foundation through cost discipline and returns-based capital allocation.
-
Re-establish product leadership in CPUs for the AI era, from AI PCs to inference and agentic data-center workloads.
-
Build a "world-class" wafer foundry and advanced-packaging business anchored in trust and consistency.
-
Capture AI demand across CPUs, ASICs/purpose-built silicon, advanced packaging and external wafers.
Tan's public priorities are to sharpen execution, reinvigorate engineering excellence and fully capitalise on AI across all businesses.
Strategic initiatives, last 24 months.
2024 and 2025 Restructuring Plans: Timing: August 2024 onwards; July 2025 onwards; Description and targets: Workforce cuts (headcount from 108,900 to 85,100 in FY2025), manufacturing consolidation, real-estate exits. Total charges of about USD 3.1 billion (2024 Plan) and about USD 2.2 billion expected (2025 Plan). FY2026 restructuring and other charges guided at about USD 4.3 billion, including the Mobileye impairment.
Operating expense discipline: Timing: 2025–2026; Description and targets: Non-GAAP operating expenses cut from USD 19.4 billion (FY2024) to USD 16.5 billion (FY2025); about USD 16.3 billion guided for FY2026
Disciplined foundry capex: Timing: July 2025 onwards; Description and targets: Capacity tied to committed customer demand. 14A development continues on the basis of external customer commitments. Ohio slowed; Europe cancelled.
Balance-sheet recapitalisation: Timing: August 2025 – August 2026; Description and targets: U.S. government, SoftBank, Nvidia and public equity of about USD 39 billion combined; asset monetisation (Altera, Mobileye shares); Apollo Fab 34 buyback to simplify the capital structure and lift EPS from 2027
AI data-center strategy: Timing: 2025–2026; Description and targets: Xeon as host and orchestration CPU (Nvidia DGX Rubin, NVLink Fusion custom Xeon), GPU D-series for inference, rack-scale and disaggregated inference systems with SambaNova and Foxconn, Oracle OCI X14 on Diamond Rapids. Intel estimates the server CPU market could grow fivefold to more than USD 200 billion over five years.
Custom silicon (Central Engineering Group): Timing: 2025 onwards; Description and targets: ASIC and purpose-built silicon for hyperscalers and security and networking vendors (Fortinet); run-rate above USD 1 billion in Q1 2026
Physical AI: Timing: 2026; Description and targets: CCG renamed CCPG; edge and robotics portfolio; OpenVINO Physical AI; collaborations with Foxconn, Siemens, Hitachi, SAP, Echo Neurotechnologies, Greenstone Biosciences
Terafab participation: Timing: April 2026; Description and targets: Intel joins SpaceX, Tesla and xAI to help design and build megafabs in Austin targeting 1 TW per year of compute; Tesla commits to Intel 14A
Advanced packaging as a standalone business: Timing: 2025–2026; Description and targets: EMIB/Foveros for third-party accelerators; packaging led by Seok-Hee Lee; glass-substrate collaboration with Lens Technology
Quantum computing: Timing: October 2026; Description and targets: Agreement to acquire Classiq to create a full-stack quantum business combining silicon spin qubits with algorithm-synthesis software
AI-powered internal transformation: Timing: 2026; Description and targets: Multi-year collaboration with Google Cloud expanded to scale AI across Intel's workforce
Sustainability commitments: Timing: Ongoing; Description and targets: Net-zero Scope 1 and 2 by 2040; upstream Scope 3 net-zero by 2050; 2030 goals of 100% renewable electricity, net-positive water and zero waste to landfill
Medium-term financial targets and guidance.
Q4 2026 guidance: Revenue USD 15.0–16.0 billion. Gross margin 37.1% GAAP and 38.0% non-GAAP. Tax rate 31% GAAP and 11% non-GAAP. EPS USD 0.10 GAAP and USD 0.25 non-GAAP. Operating expenses about USD 4.9 billion GAAP and about USD 4.4 billion non-GAAP.
FY2026: Capex about USD 20 billion. Non-GAAP operating expenses about USD 16.3 billion.
FY2027 qualitative outlook: Management expects revenue and gross margin to increase. Free cash flow is expected to be negative, and capex is expected to rise meaningfully. The PC market is expected to fall about 10% in units after an expected decline of about 12% in 2026. Server CPU supply tightness could last through 2027 and into 2028.
Intel Foundry: Intel has previously said it aims for foundry operating breakeven around the end of 2027. Moody's expects foundry breakeven by 2027 provided costs fall on the new nodes.
Dividends: No dividend reinstatement or buyback target has been set. Dividends have been suspended since Q4 2024, and Intel has committed to maintaining an investment-grade rating.
Products & Services
Client Computing and Physical AI Group
| Product / brand | Description and key specifications | Target customer | Launch / latest version | Pricing model |
|---|---|---|---|---|
| Intel Core Ultra Series 3 (Panther Lake) | First client SoC on Intel 18A (RibbonFET gate-all-around transistors and PowerVia backside power). Up to 16 CPU cores (performance, efficient and low-power efficient), Xe3 integrated graphics with up to 12 Xe cores, NPU 5; platform AI throughput marketed at up to about 180 TOPS. Expected in more than 200 designs, from premium to mainstream laptops, handhelds, robotics and industrial edge devices. A subset is made with ASML High-NA EUV in high-volume manufacturing. | Premium and mainstream notebook OEMs, commercial fleets (vPro), edge/robotics integrators | Unveiled October 2025; launched at CES, January 2026 | Per-unit OEM pricing; tray list prices published per SKU |
| Intel Core Series 3 (Wildcat Lake) | Mainstream 18A SoC that brings Intel 18A and current IP, with all-day battery life, to lower price points. Management says demand is running ahead of supply. | Mainstream and value laptops, education, edge | Q1 2026 | Per-unit OEM pricing |
| Intel Core Ultra 200S / 200HX (Arrow Lake) | Desktop and high-performance mobile processors (compute tile made externally on TSMC N3B); NPU-enabled | Enthusiast, gaming, workstation desktops and laptops | Late 2024 / early 2025; refreshes in 2025–2026 | Per-unit list pricing |
| Intel Core Ultra 200V (Lunar Lake) | Low-power thin-and-light SoC with on-package memory; Copilot+ PC class NPU | Premium ultraportables | September 2024 | Per-unit OEM pricing |
| Intel Arc G-Series | Processors for next-generation handheld gaming systems | Handheld gaming OEMs | Q2 2026 | Per-unit OEM pricing |
| Intel Arc discrete GPUs (B-series, Arc Pro B-series) | Xe2 "Battlemage" consumer and workstation graphics cards | Gamers, creators, workstation/AI inference developers | Consumer December 2024; Pro 2025 | Retail MSRP via board partners |
| Intel vPro platform | Manageability and security platform for commercial PCs | Enterprise IT | Refreshed with each generation | Bundled with qualifying SKUs |
| Wi-Fi 7 / Bluetooth modules, Thunderbolt 5 controllers | Client connectivity silicon | PC OEMs | 2024–2025 | Per-unit |
| Edge and robotics platforms; OpenVINO Physical AI | Core Ultra/Core Series 3 for edge AI and robotics (more than 130 customers adopting or testing as of Q2 2026). OpenVINO Physical AI is an open-source framework for deploying robotics models across vision, language, reasoning and motion control. | Industrial, robotics, retail and healthcare integrators | 2,026 | Hardware per unit; software open source |
| Googlebook devices (with Acer, ASUS, Lenovo) | First Googlebook devices powered by Core Ultra Series 3 | Consumer and education | Announced Q3 2026 | OEM device pricing |
| Future client roadmap | Nova Lake (next desktop/mobile family). Jointly developed Intel x86 SoCs with integrated Nvidia RTX GPU chiplets connected over NVLink (in development). | Gaming and premium PC OEMs | Expected 2026–2027 onward | — |
Data Center and AI
| Product / brand | Description and key specifications | Target customer | Launch / latest version | Pricing model |
|---|---|---|---|---|
| Intel Xeon 6 (Granite Rapids P-core; Sierra Forest E-core) | Server CPUs on Intel 3. P-core 6900P parts with up to 128 cores; E-core parts with up to 288 cores for scale-out cloud. Selected as host CPU for Nvidia DGX Rubin NVL8 systems. | Hyperscalers, enterprises, AI system builders | 2024–2025; demand exceeds supply in 2026 | Per-unit list and contract pricing; price increases taken in 2026 |
| Intel Xeon 6+ (Clearwater Forest) | Intel's first server-class product on Intel 18A, built for sustained performance under real-world power limits; high core-count E-core design using Foveros Direct 3D stacking | Cloud scale-out, telco | Launched Q2 2026 | Per-unit |
| Diamond Rapids (next-generation Xeon) | First server product on 18A-P, positioned for AI "orchestration"; sampling and on track to ramp in 2027. Oracle plans OCI X14 offerings based on it. | Hyperscale and enterprise | Sampling 2026; ramp 2027 | — |
| Intel Xeon 6 SoC (Granite Rapids-D) | Integrated SoC for edge, networking and vRAN. Powers Cisco Unified Edge. | Telecom, network edge, enterprise edge | 2,025 | Per-unit |
| Custom Xeon for Nvidia (NVLink Fusion) | Nvidia-custom x86 CPUs that Nvidia integrates into its AI platforms | Nvidia | In development (announced September 2025) | Contract |
| Intel Gaudi 3 | AI accelerator with 128 GB HBM2e, Ethernet scale-out | Enterprise AI training/inference | 2,024 | System/OEM pricing |
| Intel GPU D-series (formerly Crescent Island) | Data-center inference GPU on the Xe3P architecture with 160 GB of LPDDR5X; day-0 support shown for Meta's Muse Spark Open model | Inference-focused cloud and enterprise | Customer sampling H2 2026 | — |
| Rack-scale and disaggregated inference | Xeon-based rack designs (OCP 2026); joint SambaNova/Foxconn rack-scale systems; VC2 disaggregated agentic cloud (Xeon + SambaNova RDUs + Nvidia Blackwell) | Neoclouds, enterprise | 2,026 | Solution pricing |
| Ethernet E835 / E830 portfolio | 10GbE–200GbE controllers for cloud, AI, enterprise, edge and telco | OEMs, hyperscalers | Q2 2026 | Per-unit |
| Infrastructure Processing Units (IPU E2100 family) | Programmable offload for cloud networking and storage | Hyperscalers | 2023–2025 | Contract |
| Custom ASICs / purpose-built silicon | Design, packaging and manufacturing services for customer-specific chips (e.g., Fortinet Security Processor 6). Run-rate above USD 1 billion in Q1 2026. | Hyperscalers, networking and security vendors | Ongoing | Contract (NRE plus per-unit) |
| Software: oneAPI, OpenVINO, AI frameworks | Developer toolchains; x86 CPU optimisations for PyTorch in oneDNN co-developed with AMD | Developers | Continuous | Mostly free/open source |
Intel Foundry
| Offering | Description | Target customer | Status | Pricing model |
|---|---|---|---|---|
| Intel 7 / Intel 10nm | FinFET node for client and server products (Kiryat Gat Fab 28 makes mainly 10nm server products) | Internal | Mature, high volume | Internal transfer pricing |
| Intel 4 / Intel 3 | EUV FinFET nodes made in Ireland (Fab 34) and Oregon; Intel 3 builds Xeon 6 and is offered externally. A EUR 5 billion investment (Q2 2026) expands Intel 3 capacity for Xeon. | Internal; external (e.g., AWS custom Xeon 6) | High volume | Wafer pricing |
| Intel 18A | RibbonFET + PowerVia; high-volume manufacturing in Arizona (Fab 52) and Oregon. Management says 18A costs fell about 40% between Q1 and Q3 2026. | Internal (Panther Lake, Clearwater Forest); selected external | HVM since late 2025 | Wafer pricing |
| Intel 18A-P / 18A-PT | Performance-enhanced 18A (risk production Q2 2026) and a 3D-stacking-optimised variant for Foveros Direct | External foundry customers; Diamond Rapids | Risk production 2026 | Wafer pricing |
| Intel 14A | Next node, using High-NA EUV. PDK 0.9 released October 2026. Tesla has committed to 14A for Terafab chips; further external design commitments expected 2026–2027. Production readiness targeted for 2027–2028. | External and internal | Development | — |
| Intel 16 and UMC 12nm collaboration | Mature-node offering for RF, IoT and analog; 12nm process co-developed with UMC for manufacturing in Arizona | External mature-node customers | Available / in development | Wafer pricing |
| Advanced packaging: EMIB, EMIB-T, Foveros, Foveros Direct, glass-core substrates | 2.5D embedded bridges and 3D die stacking; sold standalone even for wafers made at other foundries. Management describes demand in the billions of dollars per year. Collaboration with Lens Technology on precision glass processing (Q3 2026). | AI accelerator and ASIC designers, hyperscalers | Available; capacity expanding | Per-unit and NRE |
| Intel Mask Operations / IMS Nanofabrication | Photomask production (capability at the Bowers campus expanded in 2026) and multi-beam mask writers (IMS, majority-owned) | Internal; external tool customers | Ongoing | Equipment sales / internal |
| Secure Enclave and RAMP-C | Trusted leading-edge manufacturing for the U.S. Department of Defense; RAMP-C prototyping programme completed Q3 2026 | U.S. government | Ongoing | Government contract |
All Other
| Product / brand | Description | Target customer | Status |
|---|---|---|---|
| Mobileye EyeQ6 and EyeQ family | ADAS vision SoCs | Automotive OEMs and Tier-1s | High volume; EyeQ volumes up 28% YoY in Q1 2026 |
| Mobileye SuperVision / Surround ADAS / Chauffeur | Hands-off and eyes-off driver assistance systems (design wins include Mahindra in India) | Automotive OEMs | Production and development |
| Mobileye Drive | Robotaxi self-driving system (VW ID. Buzz with MOIA; pre-series production started March 2026) | Mobility operators | Pilot/pre-series |
| Mentee Robotics (acquired by Mobileye, Q1 2026) | Humanoid robotics | Industrial | Development |
| Altera Agilex / Stratix FPGAs | Programmable logic; 49% equity-accounted since September 12, 2025, and now an external foundry customer | Communications, industrial, defence | Deconsolidated |
Financial Narrative
All figures are in USD million unless stated, on a GAAP basis, from Intel's Form 10-K filings for FY2021–FY2025. FY2025 ended December 27, 2025.
Margins and Growth
Revenue fell at a compound annual rate of about 9.6% from FY2021 to FY2025 (USD 79.0 billion to USD 52.9 billion). On a non-GAAP basis, FY2025 gross margin was 36.7% (36.0% in FY2024), operating margin 5.5% (-0.5%) and EPS USD 0.42 (USD -0.13).
Balance Sheet
Identified intangible assets, net, were USD 3,691 million at the end of FY2024 and USD 2,772 million at the end of FY2025.
Cash Flow
Intel's own adjusted free cash flow measure nets out partner contributions (from the Brookfield Arizona and Apollo Ireland co-investment structures) and government incentives. On that measure, FY2025 was USD -1.6 billion and FY2024 was USD -2.2 billion.
Ratios
The FY2024 net debt/EBITDA figure is distorted by slightly negative EBITDA and should be read as not meaningful. Interest coverage (operating income over interest expense) was about 33x in FY2021 and about 5x in FY2022. It fell to roughly zero in FY2023 and turned negative in FY2024–FY2025 as operating income fell to breakeven and then to losses.
FY2026 Year-to-Date (Quarterly Earnings Releases and Forms 10-Q)
Year-to-date 2026 revenue was USD 46.2 billion, up USD 7.0 billion from the same period of 2025. Year-to-date operating cash flow was USD 13.2 billion, and additions to PP&E were USD 10.2 billion.
The GAAP figures are dominated by two non-operating items:
Mobileye goodwill impairment (Q1 2026): Restructuring and other charges of USD 4.07 billion in Q1 2026 were driven by the goodwill impairment at the Mobileye reporting unit. Mobileye recorded USD 3,788 million of impairment on its own balance sheet.
Escrowed Shares derivative (from 2025): Shares held in escrow for the U.S. Department of Commerce under the Secure Enclave and CHIPS-related equity agreements are carried as a derivative liability marked to market each quarter. Because the liability rises with Intel's share price, the stock's rally produced a USD 12.5 billion loss in Q2 2026. A USD 1.0 billion gain followed in Q3 when the price fell, leaving a net year-to-date loss of USD 12.6 billion.
Balance sheet at September 26, 2026 (Q3 2026 Form 10-Q).
-
Cash and cash equivalents: USD 21,846 million; short-term investments: USD 32,159 million (total liquidity USD 54.0 billion).
-
Short-term debt: USD 3,817 million; long-term debt: USD 46,317 million (total USD 50.1 billion), giving a net cash position of about USD 3.9 billion.
-
Total assets: USD 228,574 million; Intel stockholders' equity: USD 114,914 million; non-controlling interests: USD 16,642 million.
Commentary on Trends, Inflections and Drivers
Revenue. Revenue fell 20% in FY2022 and 14% in FY2023 as the post-pandemic PC correction hit, AMD gained share in servers and clients, and Intel lost share among hyperscalers. Revenue then flattened at about USD 53 billion in FY2024–FY2025. FY2026 is the first growth year since 2021. Year-to-date revenue is up 18%, and the Q4 guidance midpoint implies full-year revenue of about USD 61.7 billion (+17%). The drivers are server CPU demand from AI inference and agentic workloads, higher ASPs for both client and server parts, and supply gains from better factory yields and cycle times.
Margins. Gross margin fell from 55.4% (FY2021) to 32.7% (FY2024). Under-utilised fabs, ramp costs for Intel 4/3 and 18A, higher reliance on TSMC for client tiles, and inventory and impairment charges all contributed. The trough has passed. Non-GAAP gross margin rose from 36.7% (FY2025) to 44.1% in Q3 2026 on mix, pricing, yields and lower unit costs. However, Q4 2026 guidance falls back to a 38.0% non-GAAP gross margin. About 200 basis points of that drop comes from the Kiryat Gat stoppage; the rest reflects weaker client mix and substrate and memory constraints. Operating expenses are a structural improvement: non-GAAP R&D plus MG&A fell from USD 19.4 billion (FY2024) to USD 16.5 billion (FY2025), with FY2026 guided at about USD 16.3 billion.
Cash flow. Free cash flow has been deeply negative since FY2022. That reflects the IDM 2.0 investment cycle, with gross capex of USD 24–26 billion a year in FY2022–FY2024. Capex was cut sharply to USD 14.6 billion in FY2025. It was then raised in 2026 to about USD 20 billion (increased by USD 2 billion in August 2026), with tool spending up about 25% while spending on new facility space declines. Management has said FY2027 will not be a positive free-cash-flow year. Outside estimates put 2027 capex at USD 28–30 billion.
Balance sheet. Net debt fell from USD 27.9 billion (FY2024) to USD 9.2 billion (FY2025) and to a net cash position of about USD 3.9 billion at Q3 2026. This came from roughly USD 39 billion of new equity between August 2025 and August 2026 (U.S. government USD 8.9 billion, SoftBank USD 2 billion, Nvidia USD 5 billion, public offering of about USD 23 billion) and from asset sales (Altera, Mobileye shares). It was partly offset by the USD 14.2 billion Apollo buyback, which was funded with cash and about USD 6.5 billion of new debt. Shareholders bore the cost through dilution: weighted basic shares rose from 4.28 billion (FY2024) to about 5.24 billion in Q3 2026, and 5.31 billion shares were outstanding at September 26, 2026.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Principal products/services |
|---|---|---|
Intel Products — Client Computing and Physical AI Group (CCPG, formerly CCG) | Notebook and desktop platforms, client connectivity, edge and physical-AI (robotics, industrial) products, client-side former NEX activities | Core Ultra Series 3 (Panther Lake), Core Series 3 (Wildcat Lake), Core Ultra 200S/200HX/200V, Arc G-Series, Wi-Fi and Thunderbolt controllers, vPro |
Intel Products — Data Center and AI (DCAI) | Server CPUs, AI accelerators and GPUs, networking/Ethernet, IPUs, custom ASICs, infrastructure-side former NEX activities | Xeon 6, Xeon 6+, Diamond Rapids (sampling), Xeon 6 SoC, Gaudi 3, GPU D-series, Ethernet E835/E830, IPU E2100, custom silicon |
Intel Foundry | Process technology development, wafer manufacturing, advanced packaging, assembly and test, mask operations; sells to Intel Products, Altera and external customers | Intel 7, Intel 4, Intel 3, Intel 18A, 18A-P, 14A (in development), Intel 16, EMIB/EMIB-T, Foveros, Foveros Direct |
All Other (not a reportable segment) | Mobileye; Altera until September 11, 2025 (now a 49%-owned equity investment); start-up businesses; IMS Nanofabrication's external sales | EyeQ SoCs, SuperVision, Chauffeur, Drive; Agilex FPGAs (until deconsolidation) |
Corporate unallocated | Share-based compensation, restructuring and other charges, acquisition-related costs, other | — |
Revenue by Segment
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CCG revenue (USD Mn) | 32,305 | 33,346 | 32,228 |
DCAI revenue (USD Mn) | 15,980 | 16,125 | 16,919 |
Total Intel Products revenue (USD Mn) | 48,285 | 49,471 | 49,147 |
Intel Foundry revenue (USD Mn) | 18,504 | 17,317 | 17,826 |
All Other revenue (USD Mn) | 5,463 | 3,601 | 3,563 |
Intersegment eliminations (USD Mn) | -18,024 | -17,288 | -17,683 |
Total net revenue (USD Mn) | 54,228 | 53,101 | 52,853 |
CCG operating income (USD Mn) | 10,128 | 11,594 | 9,317 |
DCAI operating income (USD Mn) | 945 | 1,414 | 3,422 |
Intel Foundry operating income (USD Mn) | -7,083 | -13,291 | -10,318 |
All Other operating income (USD Mn) | 1,507 | -57 | 264 |
Corporate unallocated expenses (USD Mn) | -5,199 | -11,177 | -5,518 |
Intersegment eliminations, operating (USD Mn) | -205 | -161 | 619 |
Total operating income (USD Mn) | 93 | -11,678 | -2,214 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansSegment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
CCG operating margin (%) | 31.4 | 34.8 | 28.9 |
DCAI operating margin (%) | 5.9 | 8.8 | 20.2 |
Intel Foundry operating margin (%) | -38.3 | -76.7 | -57.9 |
All Other operating margin (%) | 27.6 | -1.6 | 7.4 |
CCG revenue growth YoY (%) | 0 | 3.2 | -3.4 |
DCAI revenue growth YoY (%) | 0 | 0.9 | 4.9 |
Intel Foundry revenue growth YoY (%) | 0 | -6.4 | 2.9 |
CCG share of consolidated revenue (%) | 59.6 | 62.8 | 61.0 |
DCAI share of consolidated revenue (%) | 29.5 | 30.4 | 32.0 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
CCPG revenue (USD Bn) | 7.7 | 8.9 | 8.1 |
DCAI revenue (USD Bn) | 5.1 | 6.3 | 7.3 |
Total Intel Products revenue (USD Bn) | 12.8 | 15.1 | 15.4 |
Intel Foundry revenue (USD Bn) | 5.4 | 5.8 | 6.7 |
All Other revenue (USD Bn) | 0.6 | 0.7 | 0.7 |
Intersegment eliminations (USD Bn) | -5.3 | -5.5 | -6.3 |
Total net revenue (USD Bn) | 13.6 | 16.1 | 16.5 |
CCPG revenue growth YoY (%) | 1 | 13 | -5 |
DCAI revenue growth YoY (%) | 22 | 59 | 78 |
Intel Foundry revenue growth YoY (%) | 16 | 31 | 58 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 79,024 | 63,054 | 54,228 | 53,101 | 52,853 |
Cost of sales (USD Mn) | 35,209 | 36,188 | 32,517 | 35,756 | 34,478 |
Gross profit (USD Mn) | 43,815 | 26,866 | 21,711 | 17,345 | 18,375 |
R&D expense (USD Mn) | 15,190 | 17,528 | 16,046 | 16,546 | 13,774 |
MG&A expense (USD Mn) | 6,543 | 7,002 | 5,634 | 5,507 | 4,624 |
Restructuring and other charges (USD Mn) | 2,626 | 2 | -62 | 6,970 | 2,191 |
Operating income (USD Mn) | 19,456 | 2,334 | 93 | -11,678 | -2,214 |
Depreciation and amortisation (USD Mn) | 11,747 | 12,989 | 9,602 | 11,379 | 11,706 |
EBITDA, operating income plus D&A (USD Mn) | 31,203 | 15,323 | 9,695 | -299 | 9,492 |
Pre-tax income (USD Mn) | 21,703 | 7,768 | 762 | -11,210 | 1,557 |
Income tax provision (USD Mn) | 1,835 | -249 | -913 | 8,023 | 1,531 |
Net income attributable to Intel (USD Mn) | 19,868 | 8,014 | 1,689 | -18,756 | -267 |
EPS basic (USD) | 4.89 | 1.95 | 0.40 | -4.38 | -0.06 |
EPS diluted (USD) | 4.86 | 1.94 | 0.40 | -4.38 | -0.06 |
Dividends declared per share (USD) | 1.39 | 1.46 | 0.74 | 0.375 | 0 |
Weighted average basic shares (M) | 4,059 | 4,108 | 4,190 | 4,280 | 4,530 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 55.4 | 42.6 | 40.0 | 32.7 | 34.8 |
Operating margin (%) | 24.6 | 3.7 | 0.2 | -22.0 | -4.2 |
EBITDA margin (%) | 39.5 | 24.3 | 17.9 | -0.6 | 18.0 |
Net margin (%) | 25.1 | 12.7 | 3.1 | -35.3 | -0.5 |
Revenue growth YoY (%) | 1.5 | -20.2 | -14.0 | -2.1 | -0.5 |
R&D intensity (% of revenue) | 19.2 | 27.8 | 29.6 | 31.2 | 26.1 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 168,406 | 182,103 | 191,572 | 196,485 | 211,429 |
Cash and cash equivalents (USD Mn) | 4,827 | 11,144 | 7,079 | 8,249 | 14,265 |
Short-term investments and trading assets (USD Mn) | 20,518 | 17,194 | 17,955 | 13,813 | 23,151 |
Short-term debt (USD Mn) | 4,591 | 4,367 | 2,288 | 3,729 | 2,499 |
Long-term debt (USD Mn) | 33,510 | 37,684 | 46,978 | 46,282 | 44,086 |
Total debt (USD Mn) | 38,101 | 42,051 | 49,266 | 50,011 | 46,585 |
Net debt (USD Mn) | 12,756 | 13,713 | 24,232 | 27,949 | 9,169 |
Intel stockholders' equity (USD Mn) | 95,391 | 101,423 | 105,590 | 99,270 | 114,281 |
Non-controlling interests (USD Mn) | 0 | 1,800 | 4,420 | 5,762 | 12,079 |
Goodwill (USD Mn) | 26,963 | 27,591 | 24,693 | 24,693 | 23,912 |
Inventories (USD Mn) | 10,776 | 13,224 | 11,127 | 12,198 | 11,618 |
Accounts receivable (USD Mn) | 9,457 | 6,780 | 3,402 | 3,478 | 3,839 |
Total current assets (USD Mn) | 57,718 | 50,407 | 43,269 | 47,324 | 63,688 |
Total current liabilities (USD Mn) | 27,462 | 32,155 | 28,053 | 35,666 | 31,575 |
Working capital (USD Mn) | 30,256 | 18,252 | 15,216 | 11,658 | 32,113 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 29,991 | 15,433 | 11,471 | 8,288 | 9,697 |
Gross capital expenditure, additions to PP&E (USD Mn) | 18,733 | 24,844 | 25,750 | 23,944 | 14,646 |
Free cash flow, OCF minus gross capex (USD Mn) | 11,258 | -9,411 | -14,279 | -15,656 | -4,949 |
Partner contributions, cash flow statement (USD Mn) | 0 | 0 | 0 | 12,714 | 5,108 |
Dividends paid (USD Mn) | 5,644 | 6,016 | 3,088 | 1,599 | 0 |
Share buybacks (USD Mn) | 2,415 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, net income over year-end Intel equity (%) | 20.8 | 7.9 | 1.6 | -18.9 | -0.2 |
ROA, net income over year-end total assets (%) | 11.8 | 4.4 | 0.9 | -9.5 | -0.1 |
ROIC, operating income × 0.85 over (total equity incl. NCI + total debt) (%) | 12.4 | 1.4 | 0.0 | -6.4 | -1.1 |
Current ratio (x) | 2.10 | 1.57 | 1.54 | 1.33 | 2.02 |
Debt to Intel equity (x) | 0.40 | 0.41 | 0.47 | 0.50 | 0.41 |
Net debt to EBITDA (x) | 0.41 | 0.89 | 2.50 | -93.5 | 0.97 |
Asset turnover, revenue over year-end total assets (x) | 0.47 | 0.35 | 0.28 | 0.27 | 0.25 |
Days inventory outstanding (days) | 112 | 133 | 125 | 125 | 123 |
Days sales outstanding (days) | 44 | 39 | 23 | 24 | 27 |
Income Statement and Margin Analysis (%)
| Metric | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|
Revenue (USD Bn) | 13.6 | 16.1 | 16.5 |
GAAP gross margin (%) | 39.4 | 40.4 | 43.0 |
Non-GAAP gross margin (%) | 41.0 | 41.8 | 44.1 |
GAAP operating margin (%) | -23.1 | 11.1 | 15.3 |
Non-GAAP operating margin (%) | 12.3 | 17.2 | 19.6 |
GAAP net income attributable to Intel (USD Bn) | -3.7 | -11.0 | 3.3 |
Non-GAAP net income attributable to Intel (USD Bn) | 1.5 | 2.2 | 2.8 |
GAAP diluted EPS (USD) | -0.73 | -2.16 | 0.60 |
Non-GAAP diluted EPS (USD) | 0.29 | 0.42 | 0.52 |
Operating cash flow (USD Bn) | 1.1 | 7.0 | 5.1 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansRevenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States (USD Mn) | 13,958 | 12,994 | 15,757 |
China (USD Mn) | 14,854 | 15,532 | 12,694 |
Singapore (USD Mn) | 8,602 | 10,187 | 9,535 |
Taiwan (USD Mn) | 6,867 | 7,804 | 7,672 |
Other regions (USD Mn) | 9,947 | 6,584 | 7,195 |
Total (USD Mn) | 54,228 | 53,101 | 52,853 |
Geographic Revenue
| Region | FY2023 share (%) | FY2024 share (%) | FY2025 share (%) | FY2024 growth (%) | FY2025 growth (%) |
|---|---|---|---|---|---|
United States | 25.7 | 24.5 | 29.8 | -6.9 | 21.3 |
China | 27.4 | 29.2 | 24.0 | 4.6 | -18.3 |
Singapore | 15.9 | 19.2 | 18.0 | 18.4 | -6.4 |
Taiwan | 12.7 | 14.7 | 14.5 | 13.6 | -1.7 |
Other regions | 18.3 | 12.4 | 13.6 | -33.8 | 9.3 |
Share Price and Margin Analysis (%)
| Metric | YTD 2026 | 1-year | 3-year | 5-year |
|---|---|---|---|---|
Starting reference price (USD) | 36.90 | 39.99 | 36.50 | 49.00 |
Price return (%) | 78 | 64 | 80 | 34 |
Share Price and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end share price (USD) | 51.50 | 26.43 | 50.25 | 20.05 | 36.90 |
Year-end market capitalisation (USD Bn) | 210 | 109 | 212 | 87 | 176 |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Market capitalisation | About USD 349 billion | USD 65.76 × 5,310 million shares |
Enterprise value | About USD 362 billion | Market cap + total debt (USD 50.1 billion) − cash and short-term investments (USD 54.0 billion) + non-controlling interests (USD 16.6 billion) |
EV / Sales (trailing four quarters) | About 6.0x | Trailing revenue USD 59.9 billion (Q4 2025 – Q3 2026) |
P/E (trailing non-GAAP EPS) | About 48x | Trailing non-GAAP EPS USD 1.38 |
EV / EBITDA (trailing GAAP) | About 27x | Trailing GAAP operating income about USD 1.8 billion + D&A about USD 11.7 billion |
P/B | About 3.0x | Intel stockholders' equity USD 114.9 billion (September 26, 2026) |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 1.39 | 1.46 | 0.74 | 0.375 | 0 |
Dividends paid (USD Mn) | 5,644 | 6,016 | 3,088 | 1,599 | 0 |
Share buybacks (USD Mn) | 2,415 | 0 | 0 | 0 | 0 |
Credit Ratings
| Agency | Long-term rating | Outlook | Recent action |
|---|---|---|---|
Moody's | Baa2 | Stable | Downgraded from A3 to Baa1 (August 2024) and later to Baa2 |
S&P Global | BBB | Stable | Downgraded from BBB+ to BBB (December 2024) |
Fitch | BBB | Negative | Downgraded from BBB+ to BBB (August 2025); F2 short-term rating affirmed |
Analyst Conclusions
Management guidance.
Q4 2026: Revenue USD 15.0–16.0 billion, a 3–9% sequential decline from Q3 and about 13% year-on-year growth at the midpoint. Non-GAAP gross margin 38.0% (about 200 basis points of headwind from Kiryat Gat). Non-GAAP EPS USD 0.25.
Segment outlook for Q4: Data-center revenue is expected to grow mid-teens percent; client revenue is expected to fall more than 20%.
FY2026: Implied revenue of about USD 61.7 billion (+17%), capex about USD 20 billion, non-GAAP operating expenses about USD 16.3 billion.
FY2027: Revenue and gross margin to rise, negative free cash flow, higher capex, a PC unit decline of about 10%, and server supply tight into 2028. Kiryat Gat will cost about USD 300 million of Q1 2027 revenue.
Consensus growth expectations. Before the Q3 report, the Street expected FY2027 EPS of about USD 2.13. Post-results revisions (for example Melius at USD 1.65) point to a lower bar. The market now assumes a weaker H1 2027 for client and a supply-limited ramp in data center.
Bull case.
-
Data-center growth with operating leverage. DCAI grew from USD 4.1 billion (Q3 2025) to USD 7.3 billion (Q3 2026) at a 42% operating margin. If the server CPU market expands as Intel expects and supply loosens in 2027, DCAI alone could exceed USD 30 billion a year at high margins.
-
Foundry turning point. Intel Foundry's losses narrowed in each quarter of 2026 (USD 2.4 billion, 2.1 billion, 1.9 billion), 18A costs fell about 40% in two quarters, and 14A has a committed external customer (Tesla) plus reported evaluations by others. Each additional external customer improves utilisation and supports the breakeven target.
-
Funding risk resolved. Net cash of about USD 3.9 billion and USD 54 billion of liquidity remove the solvency question that weighed on the shares in 2024–2025. With the Apollo stake repurchased, more of the fab economics flows to Intel shareholders from 2027.
Bear case.
-
Deeper PC downturn. CCPG still generates about half of Intel Products revenue. A 12% unit decline in 2026, a 10% decline in 2027 and more than 20% lower Q4 client revenue could offset data-center gains and compress gross margin, as Q4 guidance already shows.
-
Capex and dilution. With negative free cash flow in 2027 and capex potentially rising to USD 28–30 billion, Intel may need further equity or debt. A 22% increase in share count since FY2024 already dilutes per-share returns.
-
Execution and concentration. Revenue depends on a few fabs and on scarce substrates and memory. The Kiryat Gat stoppage showed how one incident can remove about USD 600 million of revenue. External foundry wins remain small in revenue terms, and AMD share gains in 2027 will depend on whether Intel can supply.
Key catalysts and monitorables for the next 12 months.
Late January 2027: Catalyst / monitorable: Q4 2026 results and FY2027 framework (capex, gross margin, free cash flow); confirmation that Fab 28 is back to normal output
H1 2027: Catalyst / monitorable: Classiq closing; GPU D-series customer adoption; Diamond Rapids qualification ahead of the 2027 ramp
2026–2027: Catalyst / monitorable: Named 14A and 18A-P external design commitments beyond Tesla; any confirmation of Apple or Google engagements
Quarterly: Catalyst / monitorable: Intel Foundry operating loss trajectory and external revenue line; substrate and memory supply
Quarterly: Catalyst / monitorable: Escrowed-share mark-to-market volatility; release of escrowed shares as Secure Enclave payments arrive
Ongoing: Catalyst / monitorable: Credit rating actions (Fitch negative outlook); debt repayment for 2026–2027 maturities
Ongoing: Catalyst / monitorable: PC market data (IDC/Gartner), DRAM pricing, AMD and Arm share commentary
Ongoing: Catalyst / monitorable: Governance: related-party oversight of CEO-linked investments; board refreshment under Chair Barratt
Analyst verdict. Intel ends 2026 in a very different position from two years earlier. In late 2024 it had a fired CEO, negative cash flow, net debt of almost USD 28 billion, a suspended dividend and foundry losses running above USD 13 billion a year. It now has a CEO with a clear operating mandate, net cash, a lower cost base, its strongest growth in more than 15 years, and a data-center business earning more than 40% operating margins on demand that management expects to exceed supply into 2028. Intel 18A is in volume production, and 14A has an external commitment and a near-final design kit. Few turnarounds in the industry have moved this far this fast.
The October 2026 sell-off is a reminder of how much of that progress depends on conditions outside management's control and on near-perfect execution. Client computing is Intel's largest single business and is entering a memory-driven downturn expected to last at least into mid-2027. Manufacturing remains concentrated and fragile, as the Kiryat Gat accident showed. The foundry still loses about USD 2 billion a quarter. Shareholders paid for the rescue with heavy dilution, and further capital needs in 2027 cannot be ruled out. GAAP earnings will stay noisy while the escrowed-share derivative remains in place.
At about USD 66 per share, roughly 48x trailing non-GAAP earnings and 6x sales, the market is still paying for data-center growth and foundry success that have not yet shown up in cash flow. The evidence for the operating turnaround is now strong. Whether the investment works financially depends on whether Intel Foundry can turn its process progress into sustained external volume before the next capex step-up. Three measures will show the trajectory over the next four quarters: the foundry loss line, external customer announcements and free cash flow. The balance of evidence supports a cautiously constructive long-term view, but one that comes with high volatility and execution risk.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure in role | Prior roles | Education | Age |
|---|---|---|---|---|---|
Lip-Bu Tan | Chief Executive Officer and Director | Since March 18, 2025 | CEO of Cadence Design Systems (2009–2021) and executive chair; founder of Walden International; Intel director 2022–2024; chairman of SambaNova Systems | BS Physics, Nanyang University; MS Nuclear Engineering, MIT; MBA, University of San Francisco | 66 |
David A. Zinsner | EVP and Chief Financial Officer | CFO since January 2022 (interim co-CEO December 2024 – March 2025) | CFO of Micron Technology; CFO of Analog Devices; President and COO of Affirmed Networks | BS Industrial Management, Carnegie Mellon; MBA, Vanderbilt | — |
Dr. Naga Chandrasekaran | EVP, Chief Technology and Operations Officer, Intel Foundry (including Foundry Services) | Joined 2024; role expanded September 2025 | Senior technology development and manufacturing leadership at Micron | PhD Mechanical Engineering, Oklahoma State University | — |
Kevork Kechichian | EVP and GM, Data Center Group (DCAI centralised under him in Q4 2025) | Since September 2025 | EVP Engineering, Arm; senior roles at NXP and Qualcomm | — | — |
Alex Katouzian | EVP and GM, Client Computing and Physical AI Group | Since May 2026 | EVP and Group GM Mobile, Compute and XR at Qualcomm (joined Qualcomm 2002) | — | — |
Dr. Pushkar Ranade | Chief Technology Officer (also chief of staff to the CEO) | Interim CTO from late 2025; permanent from May 2026 | More than ten years at Intel in technology strategy roles | PhD Electrical Engineering, UC Berkeley | — |
Dr. Seok-Hee Lee | Head of Advanced Packaging | Appointed 2026 | Former CEO of SK hynix | PhD, Stanford University | — |
Aparna Bawa | Head of global legal, ethics, compliance, people and culture | Appointed 2026 | COO and chief legal officer, Zoom Video Communications | JD, Harvard Law School | — |
Dean Jarnac | EVP and Chief Sales Officer | Appointed Q3 2026 | Senior sales leadership roles | — | — |
Srinivasan (Srini) Iyengar | SVP and Fellow, Central Engineering Group (custom silicon) | Joined June 2025 | Cadence Design Systems | — | — |
Kevin O'Buckley | SVP and GM, Foundry Services | Reports to Chandrasekaran | IBM, GlobalFoundries, Avera Semi, Marvell | — | — |
Cindy Stoddard | SVP and Chief Information Officer | Appointed Q4 2025 | CIO of Adobe | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Name | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|---|
Lip-Bu Tan, CEO | 746,200 | 0 | 49,639,500 | 39,523,200 | 2,374,000 | 708,000 | 92,990,900 |
David A. Zinsner, EVP and CFO | 850,000 | 1,500,000 | 13,955,900 | 0 | 1,795,700 | 72,500 | 18,174,100 |
Board of Directors
| Director | Role | Independence | Background highlights |
|---|---|---|---|
Dr. Craig H. Barratt | Independent Chair (from May 13, 2026); director since November 2025 | Independent | Former CEO of Atheros Communications and President of Qualcomm Atheros; former CEO of Barefoot Networks; former Intel SVP; board member of Intuitive Surgical and Astera Labs |
Lip-Bu Tan | CEO and Director | Not independent | See above |
James J. Goetz | Director | Independent | Partner, Sequoia Capital |
Dr. Andrea J. Goldsmith | Director | Independent | President of Stony Brook University; wireless communications engineer |
Alyssa H. Henry | Director | Independent | Former CEO of Square (Block) |
Eric Meurice | Director | Independent | Former CEO of ASML |
Barbara G. Novick | Director | Independent | Co-founder and former vice chair of BlackRock |
Steve Sanghi | Director | Independent | Chair and CEO of Microchip Technology |
Gregory D. Smith | Director | Independent | Former CFO and EVP of The Boeing Company |
Stacy J. Smith | Director | Independent | Former Intel CFO; executive chair of Kioxia |
Dion J. Weisler | Director | Independent | Former CEO of HP Inc. |
Major Shareholders
| Holder | Shares | % outstanding | Basis |
|---|---|---|---|
U.S. government (Department of Commerce) | 433,323,000 | 8.4 | Company stock registry; assumes full release of 149,438,785 escrowed shares |
The Vanguard Group, Inc. | 404,520,480 | 8.1 | Schedule 13G/A filed January 30, 2026 |
BlackRock, Inc. | 341,067,967 | 6.8 | Schedule 13G/A filed January 25, 2024 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Positioning against Intel |
|---|---|---|
Client CPUs | AMD (Ryzen) | Has taken notebook and desktop share since 2019; record client revenue of USD 10.6 billion in FY2025 (+51%) |
Client CPUs | Qualcomm (Snapdragon X) | Arm-based Windows PCs; competes in premium thin-and-light |
Client CPUs | Apple (M-series) | Moved Macs off Intel in 2020–2023; sets the efficiency benchmark |
Client CPUs | MediaTek (Arm PC SoCs, with Nvidia) | Emerging Arm Windows and Chromebook competitor |
Server CPUs | AMD (EPYC) | Main x86 rival; AMD data-center segment revenue USD 16.6 billion in FY2025 (+32%, including Instinct GPUs) |
Server CPUs | Arm-based hyperscaler CPUs (AWS Graviton, Google Axion, Microsoft Cobalt, Nvidia Grace/Vera) | Hyperscaler in-house silicon reduces the x86 addressable market |
AI accelerators | Nvidia | Dominant AI GPU and system vendor; generated USD 57 billion of revenue in Q3 FY2026 alone |
AI accelerators and ASICs | AMD (Instinct), Broadcom, Marvell | Merchant GPUs and custom ASICs for hyperscalers |
Foundry (leading edge) | TSMC | Process and scale leader: FY2025 revenue USD 122.4 billion, gross margin 59.9%, capex USD 40.9 billion |
Foundry | Samsung Foundry | 2nm-class competitor with a U.S. fab in Taylor, Texas, and aggressive pricing; won a large Tesla contract in 2025 |
Foundry (mature and specialty) | GlobalFoundries, UMC, SMIC | Mature-node competitors (UMC is also a partner) |
Advanced packaging | TSMC (CoWoS, SoIC), ASE, Amkor | Main suppliers of AI accelerator packaging |
Networking and Ethernet | Broadcom, Nvidia (Mellanox), Marvell | Data-center networking silicon |
Automotive ADAS (Mobileye) | Nvidia Drive, Qualcomm Snapdragon Ride, Horizon Robotics, in-house OEM silicon | ADAS and autonomy SoCs |
Peer Comparison FY2025
| Metric | Intel | AMD | TSMC |
|---|---|---|---|
Revenue (USD Bn) | 52.9 | 34.6 | 122.4 |
Revenue growth YoY (%) | -0.5 | 34 | 35.9 |
GAAP gross margin (%) | 34.8 | 50 | 59.9 |
GAAP operating margin (%) | -4.2 | 11 | 50.8 |
Non-GAAP operating margin (%) | 5.5 | 22 | 50.8 |
R&D intensity (% of revenue) | 26.1 | 26.4 | 7.3 |
