November 1, 2026·45 min read
Intel (INTC), Financial Analysis
Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.
Net revenue Q3 2026
$16.5bn
+20.9% year on year (Q3 2025 $13.7bn)
Cost of sales and operating expenses Q3 2026
$14.0bn
+7.9% year on year (Q3 2025 $13.0bn)
Operating margin Q3 2026
15.3%
+10.3 pts year on year (Q3 2025 5.0%)
Key findings
- Data center drives growth. Q3 2026 revenue $16.5bn, +20.9%; Data Center and AI (DCAI) $7.3bn, +77.8%, at a 41.5% operating margin against 23.4% a year earlier. Server prices rose 54% and units 10%; Intel expects substrate and memory shortages to persist into 2027 (10-Q).
- PCs shrink. Client Computing and Physical AI (CCPG) revenue $8.1bn, (5.1%), with client units (14%) and prices +9%. Management expects PC units down about 12% in 2026 and 10% in 2027 (stated on the call); HP Personal Systems units fell 16% in its Jul 2026 quarter.
- Foundry loss narrows, few outside customers. Intel Foundry revenue $6.7bn, +58.1%, mostly sales to Intel Products; operating loss ($1.85bn), a (27.7%) margin against (54.8%). External revenue $411m, mainly one non recurring contract; no external Intel 14A customer named.
- Margins up, net income moved by the Escrowed Shares. Gross margin 43.0% and operating margin 15.3% against 38.2% and 5.0%. Net income $3.3bn incl. a $1.0bn Escrowed Shares gain; TTM net loss ($12.0bn) after a ($12.6bn) 9M 2026 Escrowed Shares loss and the $3.9bn Mobileye impairment.
- Equity funds the build out. 9M 2026 gross capex $11.8bn, operating cash flow $13.2bn; $22.6bn net raised at $95 in Aug 2026 after the $14.2bn Fab 34 buyout. Shares 5.32bn against 4.33bn at Dec 2024, +22.7%; cash and short term investments $54.0bn, debt $50.1bn.
- Q4 guidance lower; shares (28.6%) on 30 Oct 2026 to $65.76. Q4 2026 revenue $15.0bn to $16.0bn and non GAAP gross margin 38.0%, incl. about 200 basis points from the Kiryat Gat fab stoppage (stated on the call). 47.7x TTM non GAAP EPS; three year scenarios: base $37, best $105, worst $2.
Figures are read from the Forms 10-K for FY2021 to FY2025, the Forms 10-Q for Q1 2025 to Q3 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99.1), the Apr 2026 notes underwriting agreement, supplemental indenture, forms of notes and legal opinion (Ex 1.1, 4.1 to 4.6, 5.1), the Aug 2026 equity offering underwriting agreement, legal opinion and releases (Ex 1.1, 5.1, 99.1, 99.2), the resale registration opinion (Ex 5.1) and board releases (Ex 99.1), the Form 8-K Item 5.07 vote results, Schedules 13G and Forms 4 on the record for central index key 50863, and the filings of 12 other companies used in chapters 2 to 5. Intel files no CFO commentary exhibit: CFO commentary comes from the CFO statements and outlook in the earnings releases and from the Q4 2025 to Q3 2026 earnings calls; Q3 2026 call figures are labelled as stated on the call. Accession numbers for every filing used appear in the Sources appendix. Market prices are the closing prices of 30 October 2026.
1 Revenue & Business Model
- Storyline: revenue moves from PCs to data center CPUs while the foundry loss narrows and equity funds the factories. Chapters 2 to 4 cover the three revenue drivers: Client PCs (CCPG), Data Center and AI (DCAI) and Intel Foundry.
- Two reporting groups. Intel Products designs and sells CPUs and related chips through CCPG (named CCG until Q1 2026) and DCAI; Intel Foundry makes the wafers and packages, mostly for Intel Products, so its revenue is largely eliminated in consolidation (FY2025: $17.5bn of $17.8bn intersegment). All Other holds Mobileye and IMS, and Altera until its deconsolidation on 12 Sep 2025.
- FY2025 segments: CCPG $32.2bn revenue with a 28.9% operating margin; DCAI $16.9bn, 20.2%; Intel Foundry $17.8bn with an operating loss of ($10.3bn); corporate unallocated expense ($5.5bn).
- Revenue FY2021 $79.0bn to FY2025 $52.9bn, a (9.6%) CAGR; TTM Q3 2026 $59.9bn; 9M 2026 $46.2bn, +18.0%.
- Regions FY2025 (billing location): United States $15.8bn (29.8%), China incl. Hong Kong $12.7bn (24.0%), Singapore $9.5bn, Taiwan $7.7bn, other $7.2bn. Three largest customers 43% of FY2025 revenue.
- Headcount 81.1k at Sep 2026 against 108.9k at Dec 2024, (25.5%).
Table 1.1 Segment revenue and operating income, FY2023 to FY2025 ($bn)
| Line | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| CCPG revenue ($bn) | 32.31 | 33.35 | 32.23 |
| DCAI revenue ($bn) | 15.98 | 16.13 | 16.92 |
| Intel Foundry revenue ($bn) | 18.50 | 17.32 | 17.83 |
| All Other revenue ($bn) | 5.46 | 3.60 | 3.56 |
| Intersegment eliminations revenue ($bn) | (18.02) | (17.29) | (17.68) |
| Total revenue ($bn) | 54.23 | 53.10 | 52.85 |
| CCPG operating income ($bn) | 10.13 | 11.59 | 9.32 |
| DCAI operating income ($bn) | 0.95 | 1.41 | 3.42 |
| Intel Foundry operating income ($bn) | (7.08) | (13.29) | (10.32) |
| All Other operating income ($bn) | 1.51 | (0.06) | 0.26 |
| Corporate unallocated operating income ($bn) | (5.20) | (11.18) | (5.52) |
| Intersegment eliminations operating income ($bn) | (0.21) | (0.16) | 0.62 |
| Operating income ($bn) | 0.09 | (11.68) | (2.21) |
FY2023 and FY2024 as recast in the FY2025 Form 10-K after Network and Edge moved into CCG and DCAI in Q1 2025; FY2022 and earlier were reported on the old structure and are not comparable.
Table 1.2 Segment revenue and operating income, last five quarters ($bn)
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| CCPG revenue ($bn) | 8.54 | 8.19 | 7.73 | 8.88 | 8.10 |
| DCAI revenue ($bn) | 4.12 | 4.74 | 5.05 | 6.26 | 7.32 |
| Intel Foundry revenue ($bn) | 4.24 | 4.51 | 5.42 | 5.77 | 6.70 |
| All Other revenue ($bn) | 0.99 | 0.57 | 0.63 | 0.70 | 0.69 |
| Intersegment eliminations revenue ($bn) | (4.23) | (4.34) | (5.25) | (5.48) | (6.29) |
| CCPG operating income ($bn) | 2.69 | 2.21 | 2.52 | 2.34 | 2.29 |
| DCAI operating income ($bn) | 0.96 | 1.25 | 1.54 | 2.47 | 3.04 |
| Intel Foundry operating income ($bn) | (2.32) | (2.51) | (2.44) | (2.09) | (1.85) |
| All Other operating income ($bn) | 0.10 | (0.01) | 0.10 | 0.23 | 0.18 |
| Corporate unallocated operating income ($bn) | (0.78) | (0.72) | (5.08) | (1.42) | (1.06) |
| Intersegment eliminations operating income ($bn) | 0.03 | 0.36 | 0.22 | 0.25 | (0.07) |
| CCPG operating margin (%) | 31.6 | 27.0 | 32.6 | 26.4 | 28.2 |
| DCAI operating margin (%) | 23.4 | 26.4 | 30.5 | 39.5 | 41.5 |
| Intel Foundry operating margin (%) | (54.8) | (55.7) | (45.0) | (36.2) | (27.7) |
Comparatives as presented in the later earnings release. Segment operating margins computed as operating income over segment revenue.
2 Client PCs: Higher Prices, Fewer Units
- CCPG revenue $8.10bn in Q3 2026, (5.1%), 49.0% of revenue against 62.5% a year earlier; operating income $2.29bn, 28.2% margin against 31.6%.
- Price against volume: notebook and desktop revenue $6.9bn, $424m lower; units (14%), average selling prices +9% from pricing actions, partly to offset higher input costs, and premium mix. 9M 2026 client revenue $21.3bn, $763m higher, with prices +17% and units (12%) (10-Q).
- Margin: $763m of higher period charges, mainly inventory, lowered CCPG operating income by $409m year on year (10-Q). Other CCPG revenue $1.2bn.
- Outlook: the 10-Q states client demand fell in Q3 2026 against H1 2026 on component prices, mainly memory, IT budgets and inventory control, and expects these trends to worsen in Q4 2026 and persist in 2027. On the call management put PC units at about (12%) in 2026 and (10%) in 2027.
- Products: Core Ultra Series 3 on Intel 18A in volume; first Googlebook devices from Acer, ASUS and Lenovo; over 130 customers adopting or testing Core Series 3 for edge AI and robotics (8-K Ex 99.1).
How the PC market is changing
- Prices up, units down: HP Personal Systems revenue rose 18.5% in its Jul 2026 quarter while units fell 16% (8-K Ex 99.1); Intel client units (14%) and prices +9% in Q3 2026. Dell Client Solutions revenue +20.2% and Apple Mac +28.7% in their latest quarters.
- Memory costs: Intel's 10-Q names higher component prices, mainly memory, as a cause of lower client demand in Q3 2026 against H1 2026.
- Arm based PCs: Arm reports NVIDIA RTX Spark, an agent PC on Arm Compute Subsystems, with systems from Acer, ASUS, Dell, HP and Lenovo expected later in 2026, and more Qualcomm Snapdragon Windows PCs; Arm royalty revenue +22.2% in its Jun 2026 quarter (6-K Ex 99.2).
- AMD client revenue +22.5% to $3.06bn in Q2 2026 (8-K Ex 99.1); AMD Q3 2026 results were not filed by 31 Oct 2026.
Table 2.1 Client and PC businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| Intel: CCPG revenue | Q3 2026 | $8.10bn | (5.1) | 28.2 | client volume (14%), ASP +9%; client revenue $6.9bn |
| AMD: Client business revenue | Q2 2026 | $3.06bn | 22.5 | 15.2 | Client and Gaming segment $3.84bn, +6%, operating income $582m (margin shown is for Client and Gaming); Ryzen demand cited |
| Apple: Mac net sales | Jun 2026 quarter | $10.35bn | 28.7 | not stated | Mac 9 month net sales $27.14bn, +8.6% |
| Qualcomm: QCT IoT revenue (includes PC chips) | Jun 2026 quarter | $1.83bn | 9.0 | 25.8 | QCT revenue $8.50bn (5%); margin shown is QCT EBT margin; PC revenue not reported separately |
| HP: Personal Systems net revenue | Jul 2026 quarter | $11.77bn | 18.5 | 4.6 | units (16%); commercial PS +22%, consumer PS +10% |
| Dell: Client Solutions Group net revenue | Jul 2026 quarter | $15.03bn | 20.2 | 7.6 | commercial client $13.19bn +22%, consumer $1.84bn +7% |
| Arm: Royalty revenue | Jun 2026 quarter | $715m | 22.2 | not stated | royalty growth from higher royalty rates per chip (Armv9, CSS) and data center; total revenue $1.29bn +22% |
AMD margin is for the Client and Gaming segment; Qualcomm margin is the QCT EBT margin and PC revenue is not reported separately; HP and Dell margins are segment operating margins. Apple does not report Mac profit.
3 Data Center and AI: Server CPUs in the AI Buildout
- DCAI revenue $7.32bn in Q3 2026, +77.8%, 44.3% of revenue against 30.2% a year earlier; operating income $3.04bn, 41.5% margin against 23.4%. 9M 2026 DCAI revenue $18.63bn, +52.9%.
- Price led growth: server revenue up $2.5bn on average selling prices +54%, mainly premium product mix and to a lesser extent demand based pricing, and units +10% from hyperscaler demand. Other DCAI revenue, incl. custom silicon, $1.4bn, $743m higher (10-Q).
- Supply: the 10-Q states data center demand exceeded supply and substrate shortages limit CPUs that use advanced packaging; Intel made $1.2bn of supply prepayments in 9M 2026 and signed two substrate agreements after quarter end.
- Customers and products: multiyear Oracle Cloud Infrastructure collaboration incl. planned Diamond Rapids instances; Xeon 6 host CPU in NVIDIA DGX Rubin NVL8; Google Xeon and custom IPU collaboration; Crescent Island inference GPU (8-K Ex 99.1 releases). The CEO cited AI inference and agent workloads raising CPU demand (Q1 2026 call).
How the data center CPU market is changing
- AI spending lifts accelerators first: NVIDIA data center revenue $89.0bn, +117%, in its Jul 2026 quarter; Broadcom AI semiconductor revenue $16.7bn, +221%; AMD data center $6.72bn, +107.3%, in Q2 2026 (Forms 8-K).
- CPU demand follows: Dell traditional servers and networking revenue $10.53bn, +122.4%, in its Jul 2026 quarter, with AI optimized server orders of $60.9bn (8-K Ex 99.1); Intel server units +10% with prices +54%.
- Arm in the server: Arm Neoverse shipments passed 1.5bn cores and its data center royalties more than doubled in the Jun 2026 quarter; Arm lists NVIDIA Vera, Google Axion, AWS Graviton5 and Microsoft Cobalt 200 as Arm based host CPUs (6-K Ex 99.2).
- Component limits: Intel expects shortages of substrates, memory and other components to persist into 2027 (10-Q).
Table 3.1 Data center businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| Intel: DCAI revenue | Q3 2026 | $7.32bn | 77.8 | 41.5 | server ASP +54%, volume +10% |
| NVIDIA: Data Center revenue | Jul 2026 quarter | $89.00bn | 117.0 | not stated | total revenue $96.2bn, +106%; Q3 FY2027 revenue outlook $108.0bn plus or minus 2% |
| AMD: Data Center segment revenue | Q2 2026 | $6.72bn | 107.3 | 31.3 | EPYC and Instinct demand; Data Center was 58% of AMD revenue |
| Broadcom: AI semiconductor revenue | Jul 2026 quarter (ended 2 Aug 2026) | $16.70bn | 221.0 | not stated | semiconductor solutions $20.84bn +127%; Q4 FY2026 AI semiconductor guidance $21.7bn |
| Arm: Total revenue | Jun 2026 quarter | $1.29bn | 22.4 | 41.2 | data center royalties more than doubled; margin shown is non GAAP operating margin (GAAP 7.1%) |
| Dell: Traditional servers and networking revenue | Jul 2026 quarter | $10.53bn | 122.4 | 15.0 | customer side indicator for server CPU demand; margin shown is ISG operating margin |
Arm margin is non GAAP operating margin (GAAP 7.1%); Dell margin is the Infrastructure Solutions Group operating margin. AMD Q3 2026 results were not filed by 31 Oct 2026.
4 Intel Foundry: 18A Ramp and the Search for 14A Customers
- Intel Foundry revenue $6.70bn in Q3 2026, +58.1%; operating loss ($1.85bn), (27.7%) margin against (54.8%). 9M 2026 operating loss $6.38bn; FY2025 loss ($10.32bn).
- Mostly an internal supplier: intersegment revenue $6.3bn in Q3 2026, $2.1bn higher on Intel 18A, Intel 3 and Intel 4 wafer volumes; external revenue $411m against $32m, mainly a non recurring contract; 9M 2026 external revenue $878m, mainly Altera.
- Process roadmap: Intel 18A in high volume production since the start of 2026; 18A P in risk production since Jun 2026; Intel 14A 0.9 PDK released in Oct 2026, with risk production for internal products planned for H2 2027 and high volume in 2028 (Q2 2026 call). No external 14A customer has been named.
- 10-K condition: Intel could pause or stop 14A without a large external customer; most products stay on internal nodes up to 18A P through at least 2030.
- Capacity and partners: gross capex $11.83bn in 9M 2026; Apollo's 49% of Ireland Fab 34 repurchased for $14.2bn; Brookfield holds 49% of the Arizona fabs; the Israel Intel 7 fab stopped for about two weeks in Oct 2026.
How the foundry market is changing
- Leading nodes concentrate at TSMC: TSMC Q3 2026 revenue $46.72bn, +41.2% in U.S. dollars, gross margin 66.4%, operating margin 58.7%; 2nm was 8% of wafer revenue, 3nm 33% and 5nm 28%; Q4 2026 guidance $52.3bn to $54.3bn (6-K Ex 99.1).
- Mature node foundries grow more slowly: UMC Q3 2026 revenue NT$74.24bn, +25.6%, operating margin 25.1%; GlobalFoundries Q2 2026 revenue $1.79bn, +5.8%, operating margin 9.7%, with a $300m Department of Commerce letter of intent for silicon photonics.
- Shareholders and suppliers tied to Intel Foundry: NVIDIA and SoftBank invested $7.0bn in 2025; Intel works with ASML on High NA EUV and with Lam Research and Applied Materials on new facilities (8-K Ex 99.1).
Table 4.1 Foundry businesses compared
| Company and line | Period | Revenue | Growth (%) | Operating margin (%) | Filed detail |
|---|---|---|---|---|---|
| Intel Foundry: segment revenue | Q3 2026 | $6.70bn | 58.1 | (27.7) | external revenue $411m; intersegment $6.3bn |
| TSMC: Revenue (US$) | Q3 2026 | $46.72bn | 41.2 | 58.7 | NT$1.49tn revenue, +50.9% in NT$; gross margin 66.4% |
| UMC: Operating revenues (NT$) | Q3 2026 | NT$74.2bn | 25.6 | 25.1 | operating income NT$18.64bn against NT$11.12bn |
| GlobalFoundries: Net revenue | Q2 2026 | $1.79bn | 5.8 | 9.7 | gross margin 28.3%; $300m Department of Commerce LOI for silicon photonics (Jul 2026); Q3 2026 not filed by 31 Oct 2026 |
TSMC growth is in U.S. dollars; UMC in New Taiwan dollars. Samsung Foundry does not file with the SEC and is not shown.
Table 4.2 Intel Foundry external revenue ($m)
| Period | External revenue | Basis |
|---|---|---|
| FY2024 | 159 | 10-K FY2025 |
| FY2025 | 307 | 10-K FY2025; intersegment revenue $17.5bn |
| 9M 2025 | 85 | 10-Q Q3 2026 |
| 9M 2026 | 878 | mainly Altera as an external customer after the Sep 2025 deconsolidation; intersegment $17.0bn |
| Q3 2025 | 32 | 10-Q Q3 2026 |
| Q3 2026 | 411 | mainly a non recurring foundry contract; Altera $126m; intersegment $6.3bn |
5 Financial Analysis & Ratios
- Operating margin 2.9% TTM against (4.2%) in FY2025 and 24.6% in FY2021; Q3 2026 15.3% against 5.0%. Gross margin 43.0% in Q3 2026, the highest of the seven quarters shown.
- Net loss TTM ($12.0bn) on operating income of $1.8bn: the gap is the Escrowed Shares mark to market (($12.6bn) in 9M 2026), tax expense of $1.5bn with no benefit recognized on U.S. losses, and income attributable to non controlling interests.
- Cash flow TTM: operating cash flow $17.5bn, gross capex $15.9bn (26.5% of revenue) against $25.1bn in FY2024; free cash flow $1.6bn; company adjusted free cash flow ($6.6bn), after the $14.2bn Apollo buyout in partner contributions.
- Balance sheet at 26 Sep 2026: cash and short term investments $54.0bn, debt $50.1bn, net cash $3.9bn; inventory $13.1bn; net property and equipment $105.3bn; non controlling interests $16.6bn, mainly Brookfield's 49% of the Arizona fab joint venture and Mobileye minority holders.
- Capital returns: no dividends since Q3 2024 and no buybacks; $7.2bn of buyback authorization unused. The $6.5bn of notes repaid the bridge loan used for the Fab 34 buyout; the $22.6bn of net offering proceeds are for general corporate purposes, which may include capex and working capital (8-K Ex 99.1, Aug 2026).
- Market value $349.5bn on 5.32bn shares (23 Oct 2026 cover count); enterprise value $345.6bn before non controlling interests.
Table 5.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Revenue | 79.0 | 63.1 | 54.2 | 53.1 | 52.9 | 59.9 |
| Gross profit | 43.8 | 26.9 | 21.7 | 17.3 | 18.4 | 23.9 |
| Research and development | 15.2 | 17.5 | 16.0 | 16.5 | 13.8 | 13.5 |
| Selling, general and administrative | 6.5 | 7.0 | 5.6 | 5.5 | 4.6 | 4.4 |
| Operating income | 19.5 | 2.3 | 0.1 | (11.7) | (2.2) | 1.8 |
| Net income | 19.9 | 8.0 | 1.7 | (18.8) | (0.3) | (12.0) |
| Diluted EPS ($) | 4.86 | 1.94 | 0.40 | (4.38) | (0.06) | (2.41) |
| Operating cash flow | 29.5 | 15.4 | 11.5 | 8.3 | 9.7 | 17.5 |
| Capital expenditure | (18.7) | (24.8) | (25.8) | (25.1) | (17.7) | (15.9) |
| Free cash flow | 10.7 | (9.4) | (14.3) | (16.8) | (8.0) | 1.6 |
| Stock based compensation | 2.0 | 3.1 | 3.2 | 3.4 | 2.4 | 2.4 |
| Cash and investments | 29.3 | 28.3 | 25.0 | 22.1 | 37.4 | 54.0 |
| Total debt | 38.1 | 42.1 | 49.3 | 50.0 | 46.6 | 50.1 |
| Total equity | 95.4 | 103.3 | 110.0 | 105.0 | 126.4 | 131.6 |
Capital expenditure is company gross capex: additions to property and equipment in investing plus additions on extended payment terms in financing (FY2024 $1.2bn, FY2025 $3.0bn). Net income is attributable to Intel. Cash and investments are cash plus short term investments. Total equity includes non controlling interests. TTM equals Q4 2025 plus Q1 to Q3 2026; balance sheet items at 26 Sep 2026.
Table 5.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 13.65 | 16.51 | 20.9% |
| Gross profit ($bn) | 5.22 | 7.10 | 36.0% |
| Operating income ($bn) | 0.68 | 2.52 | 269.3% |
| Net income ($bn) | 4.06 | 3.32 | (18.3%) |
| Diluted EPS ($) | 0.90 | 0.60 | (33.3%) |
| Operating cash flow ($bn) | 2.55 | 5.08 | 99.6% |
| Free cash flow ($bn) | (0.41) | 0.86 | n/a |
| Operating margin (%) | 5.0 | 15.3 | 10.3 pts |
| Net margin (%) | 29.8 | 20.1 | (9.7 pts) |
Table 5.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Growth and margins | ||||||
| Revenue growth (%) | n/a | (20.2) | (14.0) | (2.1) | (0.5) | n/a |
| Gross margin (%) | 55.4 | 42.6 | 40.0 | 32.7 | 34.8 | 39.9 |
| Operating margin (%) | 24.6 | 3.7 | 0.2 | (22.0) | (4.2) | 2.9 |
| Net margin (%) | 25.1 | 12.7 | 3.1 | (35.3) | (0.5) | (20.1) |
| FCF margin (%) | 13.6 | (14.9) | (26.3) | (31.7) | (15.1) | 2.7 |
| Cost and investment intensity | ||||||
| R&D (%) revenue | 19.2 | 27.8 | 29.6 | 31.2 | 26.1 | 22.5 |
| SBC (%) revenue | 2.6 | 5.0 | 6.0 | 6.4 | 4.6 | 4.1 |
| Capex (%) revenue | 23.7 | 39.4 | 47.5 | 47.3 | 33.4 | 26.5 |
| Effective tax rate (%) | 8.5 | (3.2) | (119.8) | n/a | 98.3 | n/a |
| Returns | ||||||
| ROE (%) | 20.8 | 8.1 | 1.6 | (17.4) | (0.2) | (9.1) |
| ROA (%) | 11.8 | 4.6 | 0.9 | (9.7) | (0.1) | (5.3) |
| ROIC (%) | 17.1 | 1.6 | 0.1 | (7.2) | (1.3) | 1.1 |
| Asset turnover (x) | 0.47 | 0.35 | 0.28 | 0.27 | 0.25 | 0.26 |
| Liquidity and leverage | ||||||
| Current ratio (x) | 2.13 | 1.57 | 1.54 | 1.33 | 2.02 | 2.21 |
| Debt to equity (x) | 0.40 | 0.41 | 0.45 | 0.48 | 0.37 | 0.38 |
| Net cash ($bn) | (8.8) | (13.7) | (24.2) | (27.9) | (9.2) | 3.9 |
| Efficiency and cash quality | ||||||
| Days sales outstanding | 44 | 24 | 23 | 24 | 27 | 25 |
| Inventory days | 112 | 133 | 125 | 125 | 123 | 133 |
| FCF to net income (x) | 0.54 | (1.17) | (8.45) | n/a | n/a | n/a |
ROE and ROA use average balances for FY2022 to FY2025 and period end balances for FY2021 and TTM. Effective tax rate is shown only for years with pretax income; FY2024 includes a $9.9bn valuation allowance.
Table 5.4 Valuation snapshot at $65.76 per share, 30 Oct 2026
| Measure | Value |
|---|---|
| Market cap ($bn) | 349.5 |
| Enterprise value ($bn) | 345.6 |
| P/E on TTM non GAAP EPS (x) | 47.7 |
| EV/Sales (TTM) (x) | 5.8 |
| EV/EBITDA (TTM) (x) | 24.0 |
| FCF yield (%) | 0.5 |
| Price/Book on Intel stockholders' equity (x) | 3.0 |
Cost structure and profitability
- Cost of sales 57.0% of Q3 2026 revenue against 61.8% a year earlier and 72.5% in Q2 2025; GAAP gross margin 43.0%, non GAAP 44.1%. The Q4 2026 guidance of 38.0% non GAAP includes about 200 basis points from the Kiryat Gat stoppage (stated on the call).
- R&D $3.49bn, 21.1% of revenue against 23.7%; marketing, general and administrative $1.03bn, 6.2% of revenue. FY2026 non GAAP operating expense guidance $16.3bn against $16.5bn in FY2025 and $20.6bn GAAP in FY2025.
- Restructuring and other: $6.97bn in FY2024, $2.19bn in FY2025 and $4.07bn in Q1 2026, mainly the Mobileye goodwill impairment; headcount fell from 108.9k to 81.1k.
- Operating margin 15.3% in Q3 2026 against 5.0% a year earlier; DCAI operating income rose $2.08bn and the Intel Foundry loss fell $0.47bn, while CCPG operating income fell $0.41bn.
- Capital spending: gross capex $11.83bn in 9M 2026 against $13.65bn in 9M 2025; net capex (company) $21.03bn, raised by the $14.2bn Fab 34 buyout booked in partner contributions.
- Interest and other explains the gap between operating income and net income: $3.89bn in Q3 2025 incl. the $5.5bn Altera sale gain; ($12.62bn) in Q2 2026 incl. the ($12.53bn) Escrowed Shares loss; $1.46bn in Q3 2026 incl. a $1.01bn gain.
Table 5.5 Costs as % of revenue, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Cost of sales (% of revenue) | 61.8 | 63.9 | 60.6 | 59.6 | 57.0 |
| Research and development (% of revenue) | 23.7 | 23.5 | 24.9 | 20.9 | 21.1 |
| Marketing, general and administrative (% of revenue) | 8.3 | 8.6 | 7.6 | 7.3 | 6.2 |
| Restructuring and other (% of revenue) | 1.3 | (0.2) | 30.0 | 1.1 | 0.3 |
| Operating income (% of revenue) | 5.0 | 4.2 | (23.1) | 11.1 | 15.3 |
| Gross capital expenditure (% of revenue) | 21.7 | 29.4 | 36.6 | 16.4 | 25.5 |
| Non GAAP gross margin (%) | 40.0 | 37.9 | 41.0 | 41.8 | 44.1 |
| Non GAAP operating margin (%) | 11.2 | 8.8 | 12.3 | 17.2 | 19.6 |
Table 5.6 Operating income to net income ($bn)
| Line | Q3 2025 | Q3 2026 | 9M 2026 |
|---|---|---|---|
| Operating income | 0.68 | 2.52 | 1.18 |
| Interest and other, net, incl. equity investments | 3.89 | 1.46 | (11.97) |
| of which Escrowed Shares mark to market | not stated | 1.01 | (12.61) |
| Income taxes | (0.30) | (0.46) | (0.83) |
| Net income attributable to non controlling interests | (0.21) | (0.20) | 0.17 |
| Net income attributable to Intel | 4.06 | 3.32 | (11.44) |
Interest and other is pretax income less operating income; income attributable to non controlling interests is pretax income less taxes less net income attributable to Intel. Q3 2025 Escrowed Shares amount is not stated in the data used.
Table 5.7 Capital expenditure and company free cash flow measures ($bn)
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | 9M 2026 |
|---|---|---|---|---|---|---|
| Gross capital expenditure | 2.96 | 4.02 | 4.96 | 2.65 | 4.22 | 11.83 |
| Government capital incentives received | 0.05 | 0.56 | 0.11 | 0.06 | 0.05 | 0.22 |
| Partner contributions, net | 1.35 | 1.40 | 1.96 | (12.22) | 0.85 | (9.41) |
| Net capital expenditure (company) | 1.56 | 2.06 | 2.90 | 14.81 | 3.32 | 21.03 |
| Operating cash flow | 2.55 | 4.29 | 1.10 | 7.01 | 5.08 | 13.18 |
| Adjusted free cash flow (company) | 0.90 | 2.22 | (2.02) | (8.42) | 1.64 | (8.80) |
Net capital expenditure and adjusted free cash flow are company measures from the earnings releases; Q2 2026 partner contributions include the $14.2bn Apollo payment. Adjusted free cash flow also deducts finance lease payments.
6 MD&A & Management Commentary
Q3 2026 results release, Form 10-Q and earnings call
- Q3 2026 (8-K Ex 99.1 and Form 10-Q, 29 Oct 2026): revenue $16.51bn, +20.9%, inside the $15.8bn to $16.8bn guidance; non GAAP gross margin 44.1% against 42.0% guided; EPS $0.60 GAAP and $0.52 non GAAP against $0.38 guided and $0.23 a year earlier.
- Segments: DCAI $7.32bn, +77.8%, operating income $3.04bn; CCPG $8.10bn, (5.1%), operating income $2.29bn after $763m higher period charges, mainly inventory; Intel Foundry $6.70bn, +58.1%, operating loss ($1.85bn); All Other $0.69bn, (30.3%), after the Altera deconsolidation.
- Costs: R&D $3.49bn, +8.0%; marketing, general and administrative $1.03bn, (8.8%); restructuring and other $54m. Inventory rose to $13.1bn from $11.6bn at end 2025 as the company builds supply.
- Cash: operating cash flow $5.08bn; gross capex $4.22bn; adjusted free cash flow $1.64bn; Escrowed Shares gain $1.01bn in interest and other.
- Stated on the call (29 Oct 2026): the Kiryat Gat accident stopped the Israel fab for about two weeks, with about $300m of lost revenue in each of Q4 2026 and Q1 2027 and about 200 basis points on Q4 gross margin; Intel 18A manufacturing cost about 40% lower than in Q1 2026; 2026 gross capex about $20bn and higher in 2027; positive 2026 adjusted free cash flow not expected.
- Q2 2026 call (23 Jul 2026): revenue $16.1bn, +25%, $1.8bn above the guidance midpoint; DCAI operating margin 40%; Intel 18A output about 25% above target; external foundry revenue $293m (10-Q Q2 2026); custom ASIC business approaching a $2bn annual rate; 2026 capex above $20bn.
- Q1 2026 call (23 Apr 2026): revenue $1.4bn above the guidance midpoint; businesses driven by AI about 60% of revenue; CEO cited the CPU to accelerator ratio moving from about 1:8 toward 1:4 in AI inference and agent workloads.
Table 6.1 Outlook as filed or stated on the calls, incl. every 2026 revision
| Item | Outlook | Source |
|---|---|---|
| Q4 2026 revenue | $15.0bn to $16.0bn; midpoint $15.5bn against Q3 2026 $16.5bn and Q4 2025 $13.7bn | 8-K 29 Oct 2026, Ex 99.1 |
| Q4 2026 gross margin | GAAP 37.1%, non GAAP 38.0%; about 200 basis points from the Kiryat Gat stoppage (stated on the call) | 8-K 29 Oct 2026, Ex 99.1; Q3 2026 call |
| Q4 2026 EPS and tax rate | GAAP $0.10, non GAAP $0.25; tax rate GAAP 31%, non GAAP 11% | 8-K 29 Oct 2026, Ex 99.1 |
| FY2026 operating expenses, GAAP and non GAAP | Jan: $18.2bn and $16.0bn; Apr: $22.7bn and $16.5bn; Jul: $23.0bn and $16.5bn; Oct: $22.6bn and $16.3bn (Q4 $4.9bn and $4.4bn) | 8-K Ex 99.1 of 22 Jan, 23 Apr, 23 Jul, 29 Oct 2026 |
| FY2026 gross capital expenditure | Jan: flat to slightly down on $17.7bn, weighted to H1; Apr: flat, tools up about 25%; Jul: above $20bn, tools up about 40%; Oct: about $20bn. 2027 expected above 2026 | Q4 2025 to Q3 2026 calls |
| FY2026 adjusted free cash flow | Jan: positive; Apr: positive excluding the Fab 34 buyout; Oct: positive 2026 adjusted free cash flow not expected. 9M 2026 actual ($8.80bn) | Q4 2025, Q1 2026 and Q3 2026 calls |
| Kiryat Gat (Israel) fab stoppage | about $300m of revenue in Q4 2026 and about $300m in Q1 2027 (stated on the call); the Form 10-Q states the amount is not yet estimable | Q3 2026 call; 10-Q Q3 2026 |
| PC market | units down about 12% in 2026 and about 10% in 2027 (stated on the call); CFO expects the slowdown at least through H1 2027 | Q3 2026 call; 8-K 29 Oct 2026, Ex 99.1 |
| Quarterly revenue guidance against results | Q1 2026: $11.7bn to $12.7bn, actual $13.6bn; Q2 2026: $13.8bn to $14.8bn, actual $16.1bn; Q3 2026: $15.8bn to $16.8bn, actual $16.5bn | 8-K Ex 99.1 releases |
| Quarterly non GAAP EPS guidance against results | Q1 2026: $0.00, actual $0.29; Q2 2026: $0.20, actual $0.42; Q3 2026: $0.38, actual $0.52 | 8-K Ex 99.1 releases |
| Non controlling interests | about $250m a quarter for Q2 to Q4 2026 and about $1.1bn in each of 2027 and 2028 after the Fab 34 repurchase, as reported from the calls and not in a filing; filed: $185m in Q2 2026 and $200m in Q3 2026, of which Arizona SCIP $197m | Q1 2026 and Q2 2026 calls; 10-Q Q3 2026 |
Management and CFO commentary
- CFO David Zinsner, 8-K Ex 99.1 of 29 Oct 2026: Q3 revenue, gross margin and EPS above guidance; data center revenue growth the highest in 15 years; PC slowdown expected at least through H1 2027; investment in capacity and working capital continues.
- CFO, Q3 2026 call: Kiryat Gat stoppage about $300m of revenue in each of Q4 2026 and Q1 2027 and about 200 basis points on Q4 gross margin; 2026 gross capex about $20bn, 2027 higher; positive 2026 adjusted free cash flow not expected.
- CFO, Q2 2026 call (23 Jul 2026): volume upside from factory yields and cycle times; businesses driven by AI about 70% of revenue, +70% year on year; 2026 gross capex above $20bn with tools up about 40%.
- CFO, Q1 2026 call (23 Apr 2026): non GAAP gross margin 41%, about 650 basis points above guidance, incl. about $0.06 of EPS from a one time gain; PC units expected down low double digits in 2026; positive adjusted free cash flow expected excluding the Fab 34 buyout.
- CFO, Q4 2025 call (22 Jan 2026): supply at its lowest in Q1 2026 after buffer inventory was used; called the 34.5% Q1 gross margin guidance not acceptable with 40% as the goal.
- CEO Lip‑Bu Tan, 8-K Ex 99.1 of 29 Oct 2026: improving execution, more supply and process progress; CPU demand holds despite PC industry headwinds; first priority is more Xeon supply; 14A 0.9 PDK released.
- CEO, Q2 2026 call: demand outpaces supply across wafers, memory and substrates; 18A P in risk production; 14A risk production for internal products in H2 2027 and high volume in 2028.
Table 6.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| Lip‑Bu Tan, CEO | 29 Oct 2026, 8-K Ex 99.1 | “Our immediate priority is to unlock additional supply” |
| David Zinsner, EVP and CFO | 29 Oct 2026, 8-K Ex 99.1 | “we see the PC slowdown continuing at least through the first half” |
| Lip‑Bu Tan, CEO | 23 Jul 2026, 8-K Ex 99.1 | “Our Q2 results represent our strongest revenue growth in more than fifteen years” |
| David Zinsner, EVP and CFO | 22 Jan 2026, 8-K Ex 99.1 | “We expect our available supply to be at its lowest level in Q1” |
Table 6.3 Key disclosures in the Forms 10-Q and 10-K
| Item | Disclosure |
|---|---|
| 10-Q Q3 2026, Escrowed Shares | Derivative liability $13.7bn at 26 Sep 2026; 9M 2026 loss ($12.61bn); 132m shares still in escrow, 66m of them in basic EPS. |
| 10-Q Q3 2026, supply | Industry shortages of substrates, memory and other components expected to persist into 2027; $1.2bn of supply prepayments in 9M 2026; two substrate agreements after quarter end with about $3.3bn payable by end 2027. |
| 10-Q Q3 2026, Israel | Mid Oct 2026 Kiryat Gat accident caused casualties and stopped production for about two weeks; scrap, remediation and under absorption charges expected from Q4 2026 to H1 2027; amount not yet estimable. |
| 10-Q Q3 2026, liquidity | Cash and short term investments $54.0bn; debt $50.1bn; $14.5bn of credit facilities undrawn at 26 Sep 2026, $15.0bn from 1 Oct 2026; $1.7bn of long term customer deposits received in Q2 2026. |
| 10-Q Q2 2026, Ireland SCIP | Apollo's 49% repurchased on 8 Apr 2026 for $14.2bn; $13.5bn charged to capital in excess of par; $532m liquidated damages liability extinguished. |
| 10-Q Q3 2026, acquisitions | Mobileye bought Mentee Robotics for $637m (Feb 2026); agreement in Oct 2026 to buy Classiq for about $1.9bn plus up to $350m contingent, in cash or shares, closing expected in H1 2027. |
| 10-K FY2025, capital | Ohio fab construction slowed; Germany fab and Poland assembly projects discontinued; Costa Rica assembly and test moved to Vietnam and Malaysia; capex commitments $12.8bn at Dec 2025 against $20.0bn a year earlier. |
| 10-K FY2025, government support | $5.7bn of CHIPS Act funding received in Aug 2025 for 275m shares, 241m warrants at $20 and 159m escrowed shares released at $20 per share of Secure Enclave funding; capital incentives recognized $6.7bn in 2025, incl. $5.4bn of investment tax credits. |
| 10-K FY2025, tax | FY2024 tax expense $8.0bn incl. a $9.9bn valuation allowance on U.S. deferred tax assets; Intel still records no benefit on U.S. losses in 2026. |
7 Peer Valuation & Sector Summary
- Sector: semiconductors, from PC and server CPUs to AI accelerators and contract manufacturing. Intel TTM revenue $59.9bn against NVIDIA $302.97bn (TTM Jul 2026), Qualcomm $44.1bn, AMD $41.3bn and Texas Instruments $20.8bn.
- Growth (latest quarter): NVDA 105.9%, AMD 50.1%, TXN 27.7%, INTC 20.9%, QCOM (4.0%).
- Operating margin TTM: NVDA 65.2%, TXN 40.8%, QCOM 23.2%, AMD 15.7%, INTC 2.9%; INTC non GAAP 14.8%.
- Valuation: INTC 5.8x EV/Sales and 47.7x TTM non GAAP EPS against NVDA 16.3x and 25.6x, AMD 19.8x and 129.0x, TXN 13.3x and 38.8x, QCOM 4.1x and 18.7x.
Table 7.1 Peer comparison, latest reported trailing twelve months
| Company | Revenue TTM ($bn) | Revenue growth (%) | Gross margin (%) | Operating margin (%) | Net margin (%) | Net cash ($bn) | Market value ($bn) | EV/Sales (x) | P/E TTM (x) |
|---|---|---|---|---|---|---|---|---|---|
| INTC | 59.9 | 20.9 | 39.9 | 2.9 | (20.1) | 3.9 | 350 | 5.8 | n/a |
| NVDA | 303.0 | 105.9 | 74.7 | 65.2 | 63.7 | 23.2 | 4,947 | 16.3 | 25.6 |
| AMD | 41.3 | 50.1 | 53.2 | 15.7 | 15.6 | 9.9 | 830 | 19.8 | 129.0 |
| QCOM | 44.1 | (4.0) | 54.2 | 23.2 | 21.0 | (7.0) | 174 | 4.1 | 18.7 |
| TXN | 20.8 | 27.7 | 60.2 | 40.8 | 34.3 | n/a | 276 | 13.3 | 38.8 |
INTC TTM to 26 Sep 2026, growth Q3 2026; NVDA TTM to Jul 2026, growth Jul 2026 quarter; AMD and QCOM TTM to Jun 2026, growth Jun 2026 quarter (both report again in early Nov 2026); TXN TTM to Sep 2026. INTC P/E not shown as TTM diluted EPS is negative at ($2.41); on TTM non GAAP EPS of $1.38 it is 47.7x. TXN net cash not read; TXN EV/Sales uses market value. INTC net margin is net income attributable to Intel. Prices are last trades of 30 Oct 2026.
8 Material Events & Contracts
- 14 Forms 8-K in twelve months: four earnings releases, the NVIDIA placement, the Apollo Fab 34 repurchase, the $6.5bn notes, the Aug 2026 share offering, the resale shelf for the U.S. government shares, four board and officer notices and the annual meeting results.
- Equity raised since Aug 2025: U.S. Department of Commerce 275m shares plus warrants for $5.7bn of CHIPS funding, with escrowed shares released at $20.00, SoftBank 87m at $23.00 ($2.0bn), NVIDIA 214.8m at $23.28 ($5.0bn) and the public offering of about 242m at $95.00 ($22.6bn net).
- Fab joint ventures: Intel bought back Apollo's 49% of the Ireland Fab 34 venture for $14.2bn in Apr 2026; Brookfield holds 49% of the Arizona venture and contributed $5.0bn in 9M 2026.
Table 8.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 12 Nov 2025 | 5.02, 7.01, 9.01 | Craig H. Barratt, former CEO of Atheros and Barefoot Networks, appointed independent director from 10 Nov 2025 (Ex 99.1). |
| 29 Dec 2025 | 3.02 | Private placement of 214,776,632 shares to NVIDIA at $23.28 for $5.0bn closed on 26 Dec 2025 (agreement of 15 Sep 2025). |
| 22 Jan 2026 | 2.02, 9.01 | Q4 2025 results (Ex 99.1): revenue $13.7bn, (4%); EPS ($0.12) GAAP, $0.15 non GAAP; FY2025 revenue $52.9bn. Q1 2026 guidance $11.7bn to $12.7bn, non GAAP EPS $0.00. |
| 23 Jan 2026 | 8.01, 9.01 | Resale registration of the U.S. Department of Commerce shares and warrant moved to a new automatic shelf; no new securities issued (Ex 5.1 legal opinion). |
| 3 Mar 2026 | 7.01, 8.01, 9.01 | Chair Frank Yeary to retire at the 2026 annual meeting; Craig H. Barratt named chair from that date; board to fall from 12 to 11 directors (Ex 99.1). |
| 3 Apr 2026 | 5.02, 9.01 | Chief Legal Officer April Miller Boise to leave on 1 Jun 2026 with severance under the Executive Severance Plan. |
| 8 Apr 2026 | 8.01 | Repurchase of Apollo's 49% interest in the Fab 34 Ireland joint venture for $14.2bn, funded with cash and a $6.5bn bridge loan; Intel owns 100%. |
| 23 Apr 2026 | 2.02, 9.01 | Q1 2026 results (Ex 99.1): revenue $13.6bn, +7%; EPS ($0.73) GAAP after the $3.9bn Mobileye goodwill impairment, $0.29 non GAAP. Q2 2026 guidance $13.8bn to $14.8bn. |
| 24 Apr 2026 | 5.02, 9.01 | Chief Accounting Officer Scott Gawel resigned; CFO David Zinsner became principal accounting officer. |
| 30 Apr 2026 | 8.01, 9.01 | $6.5bn senior notes in five tranches due 2031 to 2066, net proceeds about $6.47bn, used to repay the bridge loan (Ex 1.1, 4.1 to 4.6, 5.1). |
| 15 May 2026 | 5.07 | Annual meeting of 13 May 2026: 11 directors elected; say on pay, equity plan and ESPP amendments approved; three stockholder proposals rejected. |
| 23 Jul 2026 | 2.02, 9.01 | Q2 2026 results (Ex 99.1): revenue $16.1bn, +25%; EPS ($2.16) GAAP after a $12.5bn Escrowed Shares loss, $0.42 non GAAP. Q3 2026 guidance $15.8bn to $16.8bn. |
| 12 Aug 2026 | 7.01, 8.01, 9.01 | Public offering of about 242m shares at $95.00 incl. the full underwriter option; gross $23.0bn, net $22.6bn (Ex 1.1, 5.1, 99.1, 99.2). |
| 29 Oct 2026 | 2.02, 9.01 | Q3 2026 results (Ex 99.1): revenue $16.5bn, +21%; DCAI $7.3bn, +78%; EPS $0.60 GAAP, $0.52 non GAAP. Q4 2026 guidance $15.0bn to $16.0bn, non GAAP EPS $0.25. Plan to acquire Classiq; Oracle OCI Xeon collaboration. |
Table 8.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| Senior notes | Debt $50.1bn at 26 Sep 2026, incl. $3.8bn current. Apr 2026: $1.0bn 4.650% 2031, $1.0bn 5.000% 2033, $2.25bn 5.300% 2036, $1.75bn 6.125% 2056, $0.5bn 6.200% 2066; underwriters led by Citigroup, J.P. Morgan, Barclays, BofA and Deutsche Bank. |
| U.S. Department of Commerce agreement (22 Aug 2025) | 275m shares and warrants for $5.7bn of CHIPS funding, 159m escrowed shares released as Secure Enclave funds arrive (132m left at 26 Sep 2026) and 241m warrants at $20 exercisable only if Intel owns less than 51% of Intel Foundry. |
| NVIDIA and SoftBank placements | NVIDIA 214,776,632 shares at $23.28 ($5.0bn, closed 26 Dec 2025); SoftBank 87m shares at $23.00 ($2.0bn, closed 26 Sep 2025). |
| Public offering (Ex 1.1, 10 Aug 2026) | 242,105,262 shares at $95.00 via J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup; underwriters paid $93.4325 per share; net $22.6bn. |
| Ireland and Arizona fab joint ventures (SCIP) | Apollo's 49% of Ireland Fab 34 repurchased for $14.2bn on 8 Apr 2026; Brookfield 49% partner in Arizona Fab 52 and 62, partner contributions $5.0bn and income attributable to it $556m in 9M 2026. |
| Credit facilities and buyback | $14.5bn of credit facilities undrawn at 26 Sep 2026 ($15.0bn from 1 Oct 2026); $7.2bn buyback authorization unused. |
| Supply agreements | Two substrate supply agreements after quarter end with about $3.3bn payable by end 2027; capex commitments $12.8bn and other purchase obligations $6.7bn at Dec 2025. |
| Classiq acquisition | Agreement of Oct 2026, about $1.9bn plus up to $350m contingent, in cash or shares; closing expected in H1 2027. |
9 Ownership, Voting Power & Annual Meeting
- One class of common stock, one vote per share, no controlling holder. Vanguard Capital Management reported 6.52% (Schedule 13G, event date 31 Mar 2026). The U.S. Department of Commerce holds an estimated 302m shares, about 5.7%, with 132m more in escrow; NVIDIA received 214.8m shares and SoftBank 87m.
- 2026 annual meeting (13 May 2026): 3.97bn shares represented, 79.11% of 5.02bn outstanding at the record date; all 11 directors elected, the lowest support 91.3% for Steve Sanghi; say on pay 86.9% of votes for and against; three stockholder proposals rejected.
- Board: Frank Yeary retired as chair at the meeting after 17 years on the board; Craig H. Barratt, a director since Nov 2025, became independent chair; the board fell to 11 members.
- Insiders, 12 months: two open market purchases of about $10.25m (CEO Lip‑Bu Tan $10.0m in the Aug 2026 offering; CFO David Zinsner $0.25m) and three open market sales of about $7.48m by two officers.
Table 9.1 Annual meeting vote results, 13 May 2026
| Proposal | For (bn votes) | Against (bn votes) | Abstain (bn votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Craig H. Barratt | 3.174 | 0.048 | 0.008 | 98.5 | Elected |
| Elect Barbara G. Novick | 3.029 | 0.182 | 0.019 | 94.3 | Elected |
| Elect Steve Sanghi | 2.943 | 0.282 | 0.006 | 91.3 | Elected |
| Elect Stacy J. Smith | 3.025 | 0.200 | 0.005 | 93.8 | Elected |
| Ratify Ernst & Young LLP as independent auditor | 3.723 | 0.238 | 0.011 | 94.0 | Approved |
| Advisory vote on executive compensation | 2.795 | 0.422 | 0.013 | 86.9 | Approved |
| Amend and restate 2006 Equity Incentive Plan | 2.715 | 0.507 | 0.009 | 84.3 | Approved |
| Amend and restate 2006 Employee Stock Purchase Plan | 3.208 | 0.015 | 0.007 | 99.5 | Approved |
| Stockholder: report on risk of China exposure | 0.094 | 3.106 | 0.030 | 2.9 | Rejected |
| Stockholder: report on human rights due diligence | 0.319 | 2.884 | 0.028 | 10.0 | Rejected |
| Stockholder: policy separating Chair and CEO | 0.380 | 2.836 | 0.014 | 11.8 | Rejected |
Broker non votes 742.0m on each item except the auditor ratification.
2026 annual meeting
- Meeting of 13 May 2026; record date 16 Mar 2026; results in the Form 8-K Item 5.07 of 15 May 2026.
- Chair transition: announced on 3 Mar 2026 (Ex 99.1); Yeary cited a stronger balance sheet and progress on Intel 18A and 14A; Barratt said the board will focus on execution and on scaling U.S. based R&D and manufacturing.
- Stockholder proposals: separate chair and CEO 11.8% of votes for and against; human rights due diligence report 10.0%; China exposure risk report 2.9%.
Table 9.2 Large holders
| Holder | Shares (m) | % of shares | Source |
|---|---|---|---|
| Vanguard Capital Management | 327.5 | 6.52 | Schedule 13G, 30 Apr 2026 (event 31 Mar 2026) |
| U.S. Department of Commerce | about 302 issued; 132 in escrow | about 5.7 | Forms 10-K and 10-Q notes; no Schedule 13D or 13G located |
| NVIDIA | 214.8 | 4.0 | 8-K 29 Dec 2025; later holding not confirmed |
| SoftBank Group | 87.0 | 1.6 | Form 10-Q; later holding not confirmed |
Percentages for the U.S. Department of Commerce, NVIDIA and SoftBank use 5.32bn shares at 23 Oct 2026; the U.S. government figure assumes no sales since issue. The 2026 proxy ownership table and 13F holdings were not read.
Table 9.3 Open market insider transactions, last twelve months
| Date | Insider | Transaction | Value ($m) |
|---|---|---|---|
| 11 Aug 2026 | Lip‑Bu Tan, CEO | Bought 105,263 shares at $95.00 in the public offering, via family trust | 10.0 |
| 26 Jan 2026 | David Zinsner, CFO | Bought 5,882 shares at $42.50 | 0.25 |
| 2 Feb and 1 May 2026 | April Miller Boise, former Chief Legal Officer | Sold 20,000 shares at $49.05 and 40,256 at $99.53 | 5.0 |
| 29 May 2026 | Naga Chandrasekaran, EVP and GM Intel Foundry | Sold 21,024 shares at $118.28 | 2.5 |
Other Form 4 filings report vesting, tax withholding and director grants.
10 Risk Factors
- Q3 2026 Form 10-Q, risk factors as filed: the section refers to the risk factors in the 2025 Form 10-K and adds no new or updated factor text.
- FY2025 Form 10-K: the Item 1A text could not be extracted in this pass, so no factor count and no comparison with FY2024 is shown. The table below lists risks named in the 10-K and the Q3 2026 Form 10-Q with the filed figures.
Table 10.1 Risks named in the FY2025 Form 10-K and the Q3 2026 Form 10-Q, with filed figures
| Risk | Disclosure and change |
|---|---|
| Intel 14A and foundry assets | The FY2025 10-K names a possible pause or end of Intel 14A without a large external customer, citing over $100bn of net property and equipment mostly tied to foundry, possible loss of incentives and penalty payments under the SCIP agreements. Net property and equipment $105.3bn at 26 Sep 2026; 14A 0.9 PDK released Oct 2026; no external 14A customer named. |
| U.S. government agreement | The 10-K names a possible challenge to the Aug 2025 agreement, loss of future grant rights and the influence of a government shareholder. Escrowed Shares liability $13.7bn at 26 Sep 2026 with 132m shares in escrow; 241m warrants at $20 become exercisable if Intel owns less than 51% of Intel Foundry. |
| Escrowed Shares earnings volatility | Mark to market through interest and other: ($1.80bn) in FY2025, ($12.53bn) in Q2 2026 and $1.01bn in Q3 2026; 9M 2026 ($12.61bn). The liability moves with Intel's share price. |
| Component supply | Substrate, memory and other component shortages expected into 2027 (10-Q Q3 2026); $1.2bn of supply prepayments in 9M 2026; two substrate agreements after quarter end with about $3.3bn payable by end 2027. |
| Israel operations | Iran conflict since 28 Feb 2026, with Intel named among targets; the Israel Intel 7 fab produces a large share of revenue and has no insurance for war or political violence; mid Oct 2026 Kiryat Gat accident stopped output for about two weeks; helium shortage after strikes in Qatar (10-Q MD&A). |
| PC demand | Client volume (14%) in Q3 2026; the 10-Q expects higher memory prices, IT budgets and inventory control to weigh more in Q4 2026 and into 2027; CCPG revenue $8.10bn, (5.1%). |
| Customer concentration | Three largest customers 43% of FY2025 revenue (19%, 12% and 12%) against 45% in FY2024 (10-K Note 3). |
| Mobileye goodwill and legal accruals | Mobileye goodwill $4.3bn after the $3.9bn Q1 2026 impairment, with fair value less than 10% above carrying value; VLSI accrual $1.0bn; EC fine accrual $312m; Downfall class action dismissed in Sep 2026 and under appeal. |
| Dilution | Shares outstanding 5.32bn at 23 Oct 2026 against 4.33bn at Dec 2024, +22.7%, from the U.S. government, SoftBank and NVIDIA placements, the Aug 2026 offering and employee plans; Classiq may be paid in cash or shares. |
Risk factor update in the Q3 2026 Form 10-Q, as filed
Table 10.2 Risk factor statement and related disclosures in the Q3 2026 Form 10-Q
| Filing | Statement |
|---|---|
| 10-Q Q3 2026, filed 29 Oct 2026 | Part II Item 1A refers to the risk factors in the 2025 Form 10-K and adds no new or updated risk factor text. |
| 10-Q Q3 2026, MD&A | Discusses the Iran conflict (Intel named on an Iranian target list in late Mar 2026; Israel fab without insurance for war related business interruption), a helium shortage after strikes on Qatar energy fields and the mid Oct 2026 Kiryat Gat fab accident. |
11 Stock Price, Scenarios & Sensitivity
- INTC closed at $65.76 on 30 Oct 2026, (28.6%) on the 29 Oct close of $92.07, 53.8% below the 52 week high of $142.35 (Jul 2026) and +78.2% against $36.90 at end 2025.
- Valuation: 47.7x TTM non GAAP EPS of $1.38; TTM diluted EPS ($2.41); 5.77x EV/Sales; free cash flow yield 0.46%; no dividend.
- Reference prices of 2025 and 2026 share issues: U.S. government escrow release and warrant price $20.00 (the $5.7bn paid in Aug 2025 bought 275m shares plus warrants); SoftBank $23.00, NVIDIA $23.28, public offering $95.00.
- Scenario model: revenue grows from TTM Q3 2026 $59.9bn for three years; operating margin as stated; 11% tax rate (non GAAP rate); 5.4bn shares incl. remaining escrow shares; no Escrowed Shares gains or losses; income attributable to non controlling interests of $0.8bn a year (Q3 2026 filed amount of $200m times four, mainly Brookfield's share of Arizona SCIP) deducted, so net income and EPS are attributable to Intel; price equals TTM Q3 2029 EPS times exit P/E.
Critical factors and core assumptions
Table 11.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Data center CPU supply and pricing | DCAI Q3 2026 $7.3bn, +77.8%, 41.5% margin | DCAI above $35bn a year by FY2029 at about 40% margin | Server ASP +54%, volume +10%; substrate shortages into 2027 (10-Q) |
| External customer for Intel 14A | External foundry revenue $411m in Q3 2026; no 14A customer named | Signed external 14A customer by 2027; external revenue above $5bn by 2029 | 10-K FY2025 risk factor on pausing 14A; 14A 0.9 PDK Oct 2026 |
| Foundry losses | Intel Foundry operating loss ($1.85bn), (27.7%) margin | Breakeven by FY2029 | (54.8%) margin in Q3 2025; 18A cost about 40% below Q1 2026 (stated on the call) |
| PC demand and memory costs | CCPG (5.1%); client volume (14%) | PC market returns to growth in 2028 | PC units about (12%) in 2026 and (10%) in 2027 (stated on the call) |
| Capex and free cash flow | 2026 gross capex about $20bn; TTM operating cash flow $17.5bn | Positive adjusted free cash flow from 2028 while capex rises | Positive 2026 adjusted free cash flow not expected (stated on the call) |
| Share count | 5.32bn shares at Oct 2026 against 4.33bn at Dec 2024 | No further equity raise after Aug 2026 | Five share issues in 13 months (10-Q Q3 2026) |
- Revenue base TTM Q3 2026 $59.9bn; GAAP operating income $1.8bn (2.9% margin); non GAAP operating income $8.9bn (14.8%).
- Best case: 14% revenue CAGR, 25% operating margin, 30x P/E; DCAI keeps price and volume gains as substrate supply eases, 14A wins an external customer by 2027, foundry losses near breakeven by 2029, PC market recovers in 2028.
- Base case: 7% revenue CAGR, 15% margin, 22x P/E; data center growth offsets a PC decline of about 10% in 2027; foundry loss narrows gradually; capex above $20bn keeps free cash flow near zero through 2027.
- Worst case: (2%) revenue CAGR, 3% margin, 15x P/E; PC demand falls more than guided, AMD gains server share, no external 14A customer and a node pause, Israel output disrupted.
- Tax rate 11% (non GAAP planning rate); 5.40bn shares; no Escrowed Shares marks; non controlling interests deducted at $0.8bn a year (Q3 2026 run rate, 10-Q); net interest is not deducted.
Scenarios, three years forward
Table 11.2 Scenario analysis, TTM Q3 2026 to TTM Q3 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | (2.0) | 7.0 | 14.0 |
| Revenue, TTM Q3 2029 ($bn) | 56.4 | 73.4 | 88.7 |
| Operating margin, TTM Q3 2029 (%) | 3.0 | 15.0 | 25.0 |
| Net income, TTM Q3 2029 ($bn) | 0.7 | 9.0 | 18.9 |
| EPS, TTM Q3 2029 ($) | 0.13 | 1.67 | 3.51 |
| Exit P/E (x) | 15.0 | 22.0 | 30.0 |
| Implied price ($) | 2 | 37 | 105 |
| Change against $65.76 (%) | (97) | (44) | 60 |
| Implied annual return (%) | (69.0) | (17.7) | 17.0 |
Intel pays no dividend. Net income and EPS are attributable to Intel: income attributable to non controlling interests of $0.8bn a year (Q3 2026 filed amount times four) is deducted after tax. Sensitivity tables use the same basis.
Sensitivity analysis
Table 11.3 Sensitivity of implied price to revenue CAGR and operating margin at 22x P/E
| Revenue CAGR \ Operating margin | 3% | 9% | 15% | 20% | 25% |
|---|---|---|---|---|---|
| (2%) | $3 | $15 | $27 | $38 | $48 |
| 3% | $4 | $18 | $32 | $44 | $56 |
| 7% | $5 | $21 | $37 | $50 | $63 |
| 11% | $6 | $23 | $41 | $56 | $71 |
| 14% | $6 | $26 | $45 | $61 | $77 |
Cells show implied share price in year 3. Current price $65.76. Blue cells sit above it, red cells below.
Table 11.4 Sensitivity of implied price to exit P/E and operating margin at 7% revenue CAGR
| Exit P/E \ Operating margin | 3% | 9% | 15% | 20% | 25% |
|---|---|---|---|---|---|
| 15x | $3 | $14 | $25 | $34 | $43 |
| 18x | $4 | $17 | $30 | $41 | $52 |
| 22x | $5 | $21 | $37 | $50 | $63 |
| 26x | $6 | $24 | $43 | $59 | $75 |
| 30x | $6 | $28 | $50 | $68 | $86 |
Cells show implied share price in year 3. Current price $65.76. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 30 October 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server. CFO and CEO statements are taken from the earnings releases and from the Q4 2025, Q1 2026, Q2 2026 and Q3 2026 earnings calls held by the company; figures marked as stated on the call are not in a filing.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 10-Q | Q3 2026 | 29 Oct 2026 | 0000050863-26-000191 |
| 8-K (2.02) Ex 99.1 | Q3 2026 | 29 Oct 2026 | 0000050863-26-000188 |
| 10-Q | Q2 2026 | 23 Jul 2026 | 0000050863-26-000157 |
| 8-K Ex 99.1 | Q2 2026 | 23 Jul 2026 | 0000050863-26-000155 |
| 10-Q | Q1 2026 | 23 Apr 2026 | 0000050863-26-000079 |
| 8-K Ex 99.1 | Q1 2026 | 23 Apr 2026 | 0000050863-26-000077 |
| 10-K | FY2025 | 22 Jan 2026 | 0000050863-26-000011 |
| 8-K Ex 99.1 | Q4 2025 | 22 Jan 2026 | 0000050863-26-000009 |
| 10-Q | Q3 2025 | 6 Nov 2025 | 0000050863-25-000179 |
| 10-Q | Q2 2025 | 24 Jul 2025 | 0000050863-25-000109 |
| 10-Q | Q1 2025 | 24 Apr 2025 | 0000050863-25-000074 |
| 10-K | FY2024 | 31 Jan 2025 | 0000050863-25-000009 |
| 10-K | FY2023 | 25 Jan 2024 | 0000050863-24-000010 |
| 10-K | FY2022 | 26 Jan 2023 | 0000050863-23-000006 |
| 8-K (5.07) | 2026 annual meeting | 15 May 2026 | 0000050863-26-000118 |
| 8-K (8.01) | Apollo repurchase | 8 Apr 2026 | 0000050863-26-000072 |
| 8-K (8.01) | Equity offering | 12 Aug 2026 | 0001193125-26-346806 |
| 8-K (3.02) | NVIDIA placement | 29 Dec 2025 | 0000050863-25-000204 |
| Schedule 13G | Vanguard Capital Management | 30 Apr 2026 | 0002100119-26-000597 |
Table A.2 Further filings used: Intel Forms 8-K, peers and competitors
| Company | Form | Filed | Accession number |
|---|---|---|---|
| Intel | Form 8-K Ex 99.1, Q1 2025 results | 24 Apr 2025 | 0000050863-25-000070 |
| Intel | Form 8-K Ex 99.1, Q2 2025 results | 24 Jul 2025 | 0000050863-25-000107 |
| Intel | Form 8-K Ex 99.1, Q3 2025 results | 23 Oct 2025 | 0000050863-25-000169 |
| Intel | Form 8-K, Item 5.02, 7.01, 9.01 | 12 Nov 2025 | 0000050863-25-000194 |
| Intel | Form 8-K, Item 8.01, 9.01 | 23 Jan 2026 | 0000050863-26-000031 |
| Intel | Form 8-K, Item 7.01, 8.01, 9.01 | 3 Mar 2026 | 0000050863-26-000044 |
| Intel | Form 8-K, Item 5.02, 9.01 | 3 Apr 2026 | 0000050863-26-000069 |
| Intel | Form 8-K, Item 5.02, 9.01 | 24 Apr 2026 | 0000050863-26-000083 |
| Intel | Form 8-K, Item 8.01, 9.01 | 30 Apr 2026 | 0001193125-26-197845 |
| AMD | Form 10-K FY2025; Form 10-Q Q2 2026 | 2026 | 0000002488-26-000018; 0000002488-26-000123 |
| AMD | Form 8-K Ex 99.1 | 4 Aug 2026 | 0000002488-26-000121 |
| Apple | Form 8-K Ex 99.1 | 30 Jul 2026 | 0000320193-26-000018 |
| Arm | Form 6-K Ex 99.2 | 29 Jul 2026 | 0001973239-26-000113 |
| Broadcom | Form 8-K Ex 99.1 | 2 Sep 2026 | 0001730168-26-000076 |
| Dell | Form 8-K Ex 99.1 | 1 Sep 2026 | 0001571996-26-000039 |
| GlobalFoundries | Form 6-K Ex 99.1 | 5 Aug 2026 | 0001709048-26-000218 |
| HP | Form 8-K Ex 99.1 | 26 Aug 2026 | 0000047217-26-000048 |
| NVIDIA | Form 8-K Ex 99.1 | 26 Aug 2026 | 0001045810-26-000073 |
| Qualcomm | Form 10-K FY2025; Form 10-Q Jun 2026 quarter | 2025 and 2026 | 0000804328-25-000085; 0000804328-26-000086 |
| Qualcomm | Form 8-K Ex 99.1 | 29 Jul 2026 | 0000804328-26-000085 |
| TSMC | Form 6-K Ex 99.1 | 15 Oct 2026 | 0001046179-26-000726 |
| Texas Instruments | Form 10-K FY2025; Form 10-Q Q3 2026 | 2026 | 0000097476-26-000059; 0000097476-26-000169 |
| UMC | Form 6-K Ex 99.1 | 28 Oct 2026 | 0001193125-26-435003 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 12 Nov 2025 | Ex 99.1 | Intel appoints Dr. Craig H. Barratt to board of directors | Craig H. Barratt, 63, appointed independent director effective 10 Nov 2025 (Item 5.02); Former CEO of Atheros Communications, acquired by Qualcomm for $3.1bn; former CEO of Barefoot Networks and Intel SVP for ethernet, photonics and networking until 2020 |
| 29 Dec 2025 | Form 8-K body | Item 3.02: completion of $5.0bn share sale to NVIDIA | On 26 Dec 2025 Intel issued 214,776,632 common shares to NVIDIA for $5.0bn cash, or $23.28 per share; Private placement under the Securities Act private placement exemption, per a Securities Purchase Agreement dated 15 Sep 2025 |
| 22 Jan 2026 | Ex 99.1 | Q4 2025 and FY2025 earnings release | Q4 2025 revenue $13.7bn ($13.67bn), down 4% year on year; FY2025 revenue $52.9bn, flat; comparisons not adjusted for Altera deconsolidation (12 Sep 2025); Q4 2025 GAAP gross margin 36.1% (non GAAP 37.9%); GAAP EPS ($0.12), non GAAP EPS $0.15; FY2025 GAAP EPS ($0.06), non GAAP $0.42 |
| 23 Jan 2026 | Ex 5.1 | Skadden legal opinion on US Department of Commerce resale securities | Covers resale by the U.S. Department of Commerce of up to 673,839,150 shares: 433,323,000 new shares plus 240,516,150 warrant shares; Securities were issued under the Warrant and Common Stock Agreement dated 22 Aug 2025 |
| 3 Mar 2026 | Ex 99.1 | Board chair Frank D. Yeary to retire; Craig H. Barratt elected chair | Frank Yeary, director since 2009 and chair since 2023, will not stand for reelection at the 13 May 2026 annual meeting; Craig H. Barratt elected independent chair effective after the annual meeting |
| 3 Apr 2026 | Form 8-K body | Item 5.02: Chief Legal Officer April Miller Boise to separate | EVP and Chief Legal Officer April Miller Boise to separate from Intel effective 1 Jun 2026, as determined on 30 Mar 2026; Entitled to severance under the Intel Executive Severance Plan in exchange for a release of claims |
| 8 Apr 2026 | Form 8-K body | Item 8.01: Intel repurchases Apollo 49% stake in Ireland Fab 34 joint venture | On 8 Apr 2026 Intel repurchased the 49% equity interest held by Apollo managed funds in the Fab 34 (Ireland) joint venture for $14.2bn; Financed with cash on hand and a $6.5bn bridge loan that Intel intends to refinance |
| 23 Apr 2026 | Ex 99.1 | Q1 2026 earnings release | Q1 2026 revenue $13.6bn ($13.58bn), up 7% year on year; GAAP gross margin 39.4% (non GAAP 41.0%); GAAP EPS ($0.73) and net loss attributable to Intel $3.7bn, driven by $4.1bn restructuring and other charges (mainly Mobileye goodwill impairment) and a $1.1bn mark to market loss on Escrowed Shares; non GAAP EPS $0.29 vs $0.13 |
| 24 Apr 2026 | Form 8-K body | Item 5.02: Chief Accounting Officer Scott Gawel resigns | Scott Gawel, CVP and Chief Accounting Officer, resigned effective 24 Apr 2026 to pursue another opportunity; CFO David Zinsner assumed the role of principal accounting officer in addition to principal financial officer |
| 30 Apr 2026 | Ex 1.1 | Underwriting agreement for $6.5bn senior notes offering | Underwriting agreement dated 27 Apr 2026 with Citigroup, J.P. Morgan, Barclays, BofA and Deutsche Bank as representatives; Five tranches: $1.0bn 4.650% 2031, $1.0bn 5.000% 2033, $2.25bn 5.300% 2036, $1.75bn 6.125% 2056, $500m 6.200% 2066 |
| 30 Apr 2026 | Ex 4.1 | Twenty first supplemental indenture for April 2026 notes | Supplements the 29 Mar 2006 base indenture with Computershare Trust Company as trustee; Make whole redemption at Treasury plus 15 basis points (2031, 2033, 2036 notes) or plus 20 basis points (2056, 2066 notes) before par call dates |
| 30 Apr 2026 | Ex 4.2 to Ex 4.6 | Forms of global notes for the five April 2026 tranches | Maturities: 1 Jun 2031, 15 Aug 2033, 15 May 2036, 15 May 2056, 15 May 2066; semiannual interest from 30 Apr 2026; Holders of 25% of a series may accelerate after an event of default; New York law governs |
| 30 Apr 2026 | Ex 5.1 | Gibson, Dunn and Crutcher legal opinion on the notes | Opines that the $6.5bn of notes, once authenticated and paid for, are valid and binding obligations of Intel; Notes registered under; final prospectus supplement filed 29 Apr 2026 |
| 15 May 2026 | Form 8-K body | Item 5.07: 2026 annual meeting voting results | Annual meeting held 13 May 2026; 3,972,192,463 shares represented, 79.11% of 5,021,010,228 shares outstanding at the 16 Mar 2026 record date; All 11 director nominees elected; Lip‑Bu Tan received 3,202,606,177 votes for and 22,599,038 against; Steve Sanghi had the most votes against at 281,740,022 |
| 23 Jul 2026 | Ex 99.1 | Q2 2026 earnings release | Q2 2026 revenue $16.1bn ($16.13bn), up 25% year on year; GAAP gross margin 40.4% (non GAAP 41.8%) vs 27.5% a year earlier; GAAP operating margin 11.1%; GAAP EPS ($2.16) and net loss attributable to Intel $11.0bn, driven by a $12.5bn mark to market loss on Escrowed Shares held for the US Department of Commerce; non GAAP EPS $0.42 vs ($0.10) |
| 12 Aug 2026 | Ex 1.1 | Underwriting agreement for common stock offering | Dated 10 Aug 2026 with J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup as representatives; 210,526,315 firm shares plus a 30 day option on 31,578,947 shares, exercised in full on 11 Aug 2026 (Item 8.01) |
| 12 Aug 2026 | Ex 5.1 | Gibson, Dunn and Crutcher validity opinion on offered shares | Covers up to 242,105,262 common shares under filed 10 Aug 2026; Shares, once issued against payment, are validly issued, fully paid and non assessable |
| 12 Aug 2026 | Ex 99.1 | Press release: proposed $15bn common stock offering | Announced 10 Aug 2026 a $15bn underwritten public offering of common stock, with a planned underwriter option for $2.25bn more; Proceeds for general corporate purposes, which may include capital expenditures and working capital |
| 12 Aug 2026 | Ex 99.2 | Press release: upsized $20bn offering priced at $95 per share | Offering upsized to $20bn from $15bn; 210,526,315 shares priced at $95 per share; Expected net proceeds about $19.7bn before the option; closing expected 12 Aug 2026 |
| 29 Oct 2026 | Ex 99.1 | Q3 2026 earnings release | Q3 2026 revenue $16.5bn ($16.51bn), up 21% year on year; GAAP gross margin 43.0% (non GAAP 44.1%); GAAP operating margin 15.3% (non GAAP 19.6%); GAAP EPS $0.60 (net income attributable to Intel $3.3bn, including a $1.0bn mark to market gain on Escrowed Shares); non GAAP EPS $0.52 vs $0.23 |
