UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

			☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the quarterly period ended			~~June~~September 2827, 2025


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
						For the transition period from to

Commission File Number: 000-06217

INTEL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

94-1672743

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2200 Mission College Boulevard,

Santa Clara,

California

95054-1549

(Address of principal executive offices)

(Zip Code)

(408) 765-8080

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value	INTC	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☑

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of ~~July~~October 1831, 2025, the registrant had outstanding 4,~~377~~770 million shares of common stock.

Table of Contents

Organization of Our Form 10-Q

The order and presentation of content in our Form 10-Q differs from the traditional SEC Form 10-Q format. Our format is designed to improve readability and better present how we organize and manage our business. See "Form 10-Q Cross-Reference Index" within Risk Factors and Other Key Information for a cross-reference index to the traditional SEC Form 10-Q format.

We have defined certain terms and abbreviations used throughout our Form 10-Q in "Key Terms" within the Consolidated Condensed Financial Statements and Supplemental Details.

		Page
Forward-Looking Statements		1
Availability of Company Information		2
Consolidated Condensed Financial Statements and Supplemental Details
	Consolidated Condensed Statements of Operations	3
	Consolidated Condensed Statements of Comprehensive Income (Loss)	4
	Consolidated Condensed Balance Sheets	5
	Consolidated Condensed Statements of Cash Flows	6
	Consolidated Condensed Statements of Stockholders' Equity	7
	Notes to Consolidated Condensed Financial Statements	8
	Key Terms	2528
Management's Discussion and Analysis (MD&A)
	Operating Segments Trends and Results	2732
	Consolidated Condensed Results of Operations	3136
	Liquidity and Capital Resources	3742
	Critical Accounting Estimates	38
Risk Factors and Other Key Information
	Risk Factors	4144
	Quantitative and Qualitative Disclosures About Market Risk	4245
	Controls and Procedures	4245
	Issuer Purchases of Equity Securities	4346
	Rule 10b5-1 Trading Arrangements	4346
	Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934	4346
	Amendment and Restatement of the 2006 Equity Incentive Plan	43
	Exhibits	47
	Exhibits	44
	Form 10-Q Cross-Reference Index	48
	Form 10-Q Cross-Reference Index	45

Table of Contents

Forward-Looking Statements

This Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as "accelerate", "achieve", "aim", "ambitions", "anticipate", "believe", "committed", "continue", "could", "designed", "estimate", "expect", "forecast", "future", "goals", "grow", "guidance", "intend", "likely", "may", "might", "milestones", "next generation", "objective", "on track", "opportunity", "outlook", "pending", "plan", "position", "possible", "potential", "predict", "progress", "ramp", "roadmap", "seek", "should", "strive", "targets", "to be", "upcoming", "will", "would", and variations of such words and similar expressions are intended to identify such forward-looking statements, which may include statements regarding:

▪our business plans and strategy and anticipated benefits therefrom, including with respect to our intentions and expectations for Intel 14A, our IDM strategy, our Smart Capital strategy, our partnerships with Apollo and Brookfield, our internal foundry model, our updated reporting structure, and our AI strategy;

▪projections of our future financial performance, including future revenue, gross profits, capital expenditures, and cash flows;

▪projected costs and yield trends;

▪future cash requirements, the availability, uses, sufficiency, and cost of capital resources, and sources of funding, including for future capital and R&D investments and for returns to stockholders, such as stock repurchases and dividends, and credit ratings expectations;

▪future products, services, and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation, and benefits of such products, services, and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics, and expectations regarding product and process leadership;

▪investment plans and impacts of investment plans, including in the USU.S. and abroad;

▪internal and external manufacturing plans, including future internal manufacturing volumes, manufacturing expansion plans and the financing therefor, and external foundry usage;

▪future production capacity and product supply;

▪supply expectations, including regarding constraints, limitations, pricing, and industry shortages;

▪plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology, and IP offerings;

▪expected timing and impact of acquisitions, divestitures, and other significant transactions~~, including the agreed-upon sale of a controlling interest of Altera~~;

▪expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives;

▪future social and environmental performance goals, measures, strategies, and results;

▪our anticipated growth, future market share, customer demand, and trends in our businesses and operations;

▪projected growth and trends in markets relevant to our businesses;

▪anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages, and constraints;

▪expectations regarding government funding, incentives, policies, and priorities;

▪future technology trends and developments, such as AI;

▪future macro environmental and economic conditions;

▪geopolitical tensions and conflicts, including with respect to international trade policies in areas such as tariffs and export controls, and their potential impact on our business;

▪tax- and accounting-related expectations;

▪expectations regarding our relationships with certain sanctioned parties; and

▪other characterizations of future events or circumstances.

Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

▪the high level of competition and rapid technological change in our industry;

▪the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;

▪the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;

▪our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;

▪a potential pause or discontinuation of our pursuit of Intel 14A and other next generation leading-edge process technologies if we are unable to secure a significant external customer for Intel 14A;

▪implementing new business strategies and investing in new businesses and technologies;

▪changes in demand for our products;

▪macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S. and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;


						1

Table of Contents

▪macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel and the Middle East, and rising tensions between mainland China and Taiwan;

▪the evolving market for products with AI capabilities;

▪our complex global supply chain supporting our manufacturing facilities and incorporating external foundries, including from disruptions, delays, trade tensions and conflicts, or shortages;

▪recently elevated geopolitical tensions, volatility and uncertainty with respect to international trade policies, including tariffs and export controls, impacting our business, the markets in which we compete and the world economy;

▪product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;

▪potential security vulnerabilities in our products;

▪increasing and evolving cybersecurity threats and privacy risks;

▪IP risks including related litigation and regulatory proceedings;

▪the need to attract, retain, and motivate key talent;

▪strategic transactions and investments;

▪sales-related risks, including customer concentration and the use of distributors and other third parties;

▪our significantly reduced return of capital in recent years;

▪U.S. government ownership of significant equity interests in the company;

▪our debt obligations and our ability to access sources of capital;

▪complex and evolving laws and regulations across many jurisdictions;

▪fluctuations in currency exchange rates;

▪changes in our effective tax rate and applicable tax regimes;

▪catastrophic events;

▪environmental, health, safety, and product regulations;

▪our initiatives and new legal requirements with respect to corporate responsibility matters; and

▪other risks and uncertainties described in this report, our 2024 Form 10-K, our Q1 2025 Form 10-Q, our Q2 2025 Form 10-Q and our other filings with the SEC.

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-Q are based on management's expectations as of the date of this filing, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

Availability of Company Information

We use our Investor Relations website, www.intc.com, as a routine channel for distribution of important, and often material, information about us, including our quarterly and annual earnings results and presentations, press releases, announcements, information about upcoming webcasts, analyst presentations, and investor days, archives of these events, financial information, corporate governance practices, and corporate responsibility information. We also post our filings on this website the same day they are electronically filed with, or furnished to, the SEC, including our annual and quarterly reports on Forms 10-K and 10-Q and current reports on Form 8-K, our proxy statements, and any amendments to those reports. All such information is available free of charge. Our Investor Relations website allows interested persons to sign up to automatically receive e-mail alerts when we post financial information and issue press releases, and to receive information about upcoming events. We encourage interested persons to follow our Investor Relations website in addition to our filings with the SEC to ~~timely~~ receive timely information about the company.

Intel, the Intel logo, Intel Core, Gaudi, and Altera are trademarks of Intel Corporation or its subsidiaries in the USU.S. and/or other countries.

* Other names and brands may be claimed as the property of others.


						2

Table of Contents


Consolidated Condensed Statements of Operations

Three Months Ended

~~Six~~Nine Months Ended

(In Millions, Except Per Share Amounts; Unaudited)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Net revenue

1213,~~859~~653

1213,~~833~~284

2539,~~526~~179

2538,~~557~~841

Cost of sales

98,~~317~~435

811,~~286~~287

1725,~~312~~747

1527,~~793~~080

Gross profit

35,~~542~~218

41,~~547~~997

813,~~214~~432

911,~~764~~761

Research and development

3,~~684~~231

4,~~239~~049

710,~~324~~555

812,~~621~~670

Marketing, general, and administrative

1,~~144~~129

1,~~329~~383

23,~~321~~450

24,~~885~~268

Restructuring and other charges

~~1,890~~175

~~943~~5,622

2,~~046~~221

16,~~291~~913

Operating expenses

64,~~718~~535

611,~~511~~054

1116,~~691~~226

1223,~~797~~851

Operating income (loss)

~~(3,176)~~683

(19,~~964~~057)

(32,~~477~~794)

(312,~~033~~090)

Gains (losses) on equity investments, net

~~502~~221

(~~120~~159)

~~390~~611

85(74)

Interest and other, net

~~(95)~~3,670

80130

~~(268)~~3,402

~~225~~355

Income (loss) before taxes

(24,~~769)~~574

(29,~~004~~086)

(31,~~355)~~219

(211,~~723~~809)

Provision for (benefit from) taxes

~~255~~304

~~(350)~~7,903

~~556~~860

~~(632)~~7,271

Net income (loss)

(34,~~024)~~270

(116,~~654~~989)

~~(3,911)~~359

(219,~~091~~080)

Less: net income (loss) attributable to non-controlling interests

~~(106)~~207

(44350)

~~(172)~~35

(~~100~~450)

Net income (loss) attributable to Intel

(24,~~918)~~063

(116,~~610~~639)

~~(3,739)~~324

(118,~~991~~630)

Earnings (loss) per share attributable to Intel—basic

(0.~~67)~~90

(03.3888)

(0.~~86)~~07

(04.4737)

Earnings (loss) per share attributable to Intel—diluted

(0.67)

(0.38)

(0.86)

(0.47)

Earnings (loss) per share attributable to Intel—diluted¹

0.90

(3.88)

0.07

(4.37)

Weighted average shares of common stock outstanding:

Basic

4,~~369~~514

4,~~267~~292

4,~~356~~424

4,~~254~~267

Diluted

4,~~369~~531

4,~~267~~292

4,~~356~~434

4,~~254~~267

1 For the three and nine months ended September 27, 2025, earnings (loss) per share attributable to Intel-diluted has been calculated by adjusting net income (loss) attributable to Intel for the loss of $2 million related to the mark-to-market of that portion of the derivative liability that is attributable to 342 thousand contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period.

See accompanying notes.

Financial Statements Consolidated Condensed Statements of ~~Income~~Operations 3

Table of Contents


Consolidated Condensed Statements of Comprehensive Income (Loss)

Three Months Ended

~~Six~~Nine Months Ended

(In Millions; Unaudited)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Net income (loss)

(34,~~024)~~270

(116,~~654~~989)

~~(3,911)~~359

(219,~~091~~080)

Changes in other comprehensive income (loss), net of tax:

Net unrealized holding gains (losses) on derivatives

~~550~~(48)

~~(153)~~512

~~775~~727

~~(481)~~32

Actuarial valuation and other pension benefits (expenses), net

—1

—

Translation adjustments and other

(1)

—1

—(2)

Other comprehensive income (loss)

~~551~~(46)

~~(154)~~511

~~776~~730

~~(481)~~30

Total comprehensive income (loss)

(24,~~473)~~224

(116,~~808~~478)

(31,~~135)~~089

(219,~~572~~050)

Less: comprehensive income (loss) attributable to non-controlling interests

~~(106)~~207

(44350)

~~(172)~~35

(~~100~~450)

Total comprehensive income (loss) attributable to Intel

(24,~~367)~~017

(116,~~764~~128)

(21,~~963)~~054

(218,~~472~~600)

See accompanying notes.

Financial Statements Consolidated Condensed Statements of Comprehensive Income (Loss) 4

Table of Contents


Consolidated Condensed Balance Sheets

(In Millions; Unaudited)	~~Jun~~Sep 2827, 2025		Dec 28, 2024
Assets
Current assets:
Cash and cash equivalents	$	911,~~643~~141	$	8,249
Short-term investments	1119,~~563~~794		13,813
Accounts receivable, net	23,~~360~~202		3,478
Inventories	11,~~377~~489		12,198
Other current assets	86,~~432~~105		9,586
Total current assets	4351,~~375~~731		47,324
Property, plant, and equipment, net of accumulated depreciation of $103,572 ($102,193 as of December 28, 2024)	109,510		107,919
Property, plant, and equipment, net of accumulated depreciation of $105,063 ($102,193 as of December 28, 2024)	105,047		107,919
Equity investments	58,~~383~~667		5,383
Goodwill	23,912		24,693
Identified intangible assets, net	32,~~057~~877		3,691
Other long-term assets	712,~~283~~280		7,475
Total assets	$	~~192~~204,~~520~~514	$	196,485
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	10,~~666~~268	$	12,556
Accrued compensation and benefits	43,~~249~~756		3,343
Short-term debt	62,~~731~~496		3,729
Income taxes payable	~~887~~825		1,756
Other accrued liabilities	1214,~~433~~952		14,282
Total current liabilities	3432,~~966~~297		35,666
Debt	44,~~026~~057		46,282
Other long-term liabilities	711,~~777~~430		9,505
Contingencies (Note 13)
Stockholders’ equity:
Common stock and capital in excess of par value, 4,377 issued and outstanding (4,330 issued and outstanding as of December 28, 2024)	52,334		50,949
Common stock and capital in excess of par value, 4,766 issued and outstanding (4,330 issued and outstanding as of December 28, 2024)	56,755		50,949
Accumulated other comprehensive income (loss)	6519		(711)
Retained earnings	4549,~~484~~602		49,032
Total Intel stockholders' equity	97106,~~883~~376		99,270
Non-controlling interests	710,~~868~~354		5,762
Total stockholders' equity	~~105~~116,~~751~~730		105,032
Total liabilities and stockholders’ equity	$	~~192~~204,~~520~~514	$	196,485

See accompanying notes.


			Financial Statements			Consolidated Condensed Balance Sheets			5

Table of Contents


Consolidated Condensed Statements of Cash Flows

	Six Months Ended
	Nine Months Ended
(In Millions; Unaudited)	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Cash and cash equivalents, beginning of period	$	8,249	$	7,079
Cash flows provided by (used for) operating activities:
Net income (loss)	~~(3,911)~~359		(219,~~091~~080)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	57,~~213~~971		47,~~403~~651
Share-based compensation	1,~~348~~896		12,~~959~~759
Restructuring and other charges	~~382~~372		~~219~~3,626
Amortization of intangibles	~~474~~708		~~717~~1,081
(Gains) losses on equity investments, net	(~~390~~611)		~~(84)~~75
Deferred taxes	106		(1,339)
Mark-to-market (gains) losses on obligation to issue Escrowed Shares	1,687		—
Impairments and net (gain) loss on retirement of property, plant, and equipment	482		126
(Gains) losses on divestitures	(5,355)		—
Deferred taxes	123		6,368
Impairments and net (gain) loss on retirement of property, plant, and equipment	465		2,290
Changes in assets and liabilities:
Accounts receivable	~~1,004~~162		~~272~~282
Inventories	99(9)		(~~116~~969)
Accounts payable	~~114~~(281)		~~181~~566
Accrued compensation and benefits	~~1,022~~541		(1,~~015)~~384
Income taxes	(1,~~338~~196)		(~~835~~930)
Other assets and liabilities	(1,~~742~~423)		~~(1,328)~~20
Total adjustments	65,~~774~~050		324,~~160~~203
Net cash provided by (used for) operating activities	25,~~863~~409		15,~~069~~123
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment	(811,~~733~~158)		(1118,~~652~~110)
Proceeds from capital-related government incentives	~~964~~1,018		~~699~~725
Purchases of short-term investments	(516,~~730~~401)		(1731,~~634~~519)
Maturities and sales of short-term investments	810,~~575~~964		1734,~~214~~268
Proceeds from divestitures	1,935		—
Sales of equity investments	642		503
Other investing	984		(355)
Proceeds from divestitures, net	6,186		—
Net cash provided by (used for) investing activities	(2,005)		(11,728)
Other investing	494		(359)
Net cash provided by (used for) investing activities	(8,255)		(14,492)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs	3,493		57,~~804~~349
Repayment of commercial paper	(13,~~496~~493)		(27,~~609~~349)
Partner contributions	23,~~238~~652		1112,~~861~~278
Additions to property, plant, and equipment	(1,962)		—
Net proceeds from sales of subsidiary shares	922		—
Additions to property, plant, and equipment	(2,493)		(741)
Issuance of long-term debt, net of issuance costs	—		2,975
Repayment of debt	(13,~~500~~750)		(2,288)
Proceeds from sales of common stock through employee equity incentive plans	~~491~~777		~~631~~986
Payment of dividends to stockholders	—		(1,063)
Net proceeds attributed to common stock and warrants issued	3,737		—
Other financing	(678)		(444)
Net proceeds attributed to obligation to issue Escrowed Shares	3,945		—
Net cash provided by (used for) financing activities	586		14,867
Payment of dividends to stockholders	—		(1,599)
Net increase (decrease) in cash and cash equivalents	1,444		4,208
Other financing	(1,052)		(536)
Cash and cash equivalents, end of period1	$	9,693	$	11,287
Net cash provided by (used for) financing activities	5,738		11,075
Net increase (decrease) in cash and cash equivalents	2,892		1,706
Cash and cash equivalents, end of period	$	11,141	$	8,785
Non-cash supplemental disclosures:
Acquisition of property, plant, and equipment2	$	5,155	$	5,544
Acquisition of property, plant, and equipment1	$	5,068	$	6,595
Recognition of capital-related government incentives	$	16,~~452~~094	$	12,~~281~~211
Cash paid during the period for:
Interest, net of capitalized interest	$	~~514~~1,156	$	~~488~~1,099
Income taxes, net of refunds	$	1,~~793~~939	$	1,~~555~~880

1. Includes ~~cash~~$1,301 ~~recorded~~million ~~within~~with ~~other~~extended ~~current~~payment ~~assets~~terms onof ~~the~~greater ~~Consolidated~~than ~~Condensed~~90 ~~Balance~~days ~~Sheets~~in ~~relating~~the tonine ~~Altera~~months ~~cash~~ended ~~held~~September 27, ~~for sale~~2025. ~~Refer to "Note 9: Divestitures" for additional information.~~

2.Includes $960 million with extended payment terms of greater than 90 days in the six months ended June 28, 2025.

See accompanying notes.


			Financial Statements			Consolidated Condensed Statements of Cash Flows			6

Table of Contents


Consolidated Condensed Statements of Stockholders' Equity

(In Millions, Except Per Share Amounts; Unaudited)	Common Stock and Capital in Excess of Par Value				Accumulated Other Comprehensive Income (Loss)		Retained Earnings1		Non-Controlling Interests		Total
	Shares		Amount
Three Months Ended
Balance as of March 29, 2025	$	4,362	$	51,920	$	(486)	$	48,322	$	6,657	$	106,413
Balance as of June 28, 2025	4,377		$	52,334	$	65	$	45,484	$	7,868	$	105,751
Net income (loss)	—		—		—		(24,~~918)~~063		~~(106)~~207		(34,~~024)~~270
Other comprehensive income (loss)	—		—		~~551~~(46)		—		—		~~551~~(46)
Net proceeds from partner contributions	—		—		—		—		1,283		1,283
Net proceeds from stock issuances and warrants2	362		3,758		—		—		—		3,758
Partner distributions	—		—		—		—		(33)		(33)
Net proceeds from sales of subsidiary shares and partner contributions	—		60		—		—		2,276		2,336
Employee equity incentive plans and other	20		—		—		—		—		—
Partner distributions	—		—		—		—		(68)		(68)
Share-based compensation	—		597		—		—		67		664
Employee equity incentive plans and other	32		286		—		—		—		286
Restricted stock unit withholdings	(5)		(183)		—		80		—		(103)
Share-based compensation	—		477		—		—		71		548
Balance as of June 28, 2025	$	4,377	$	52,334	$	65	$	45,484	$	7,868	$	105,751
Restricted stock unit withholdings	(5)		(160)		—		55		—		(105)
Balance as of March 30, 2024	$	4,257	$	38,291	$	(542)	$	68,224	$	4,783	$	110,756
Balance as of September 27, 2025	4,766		$	56,755	$	19	$	49,602	$	10,354	$	116,730
Net income (loss)	—		—		—		(1,610)		(44)		(1,654)
Balance as of June 29, 2024	4,276		$	49,763	$	(696)	$	66,162	$	5,205	$	120,434
Other comprehensive income (loss)	—		—		(154)		—		—		(154)
Net income (loss)	—		—		—		(16,639)		(350)		(16,989)
Net proceeds from partner contributions	—		11,012		—		—		426		11,438
Other comprehensive income (loss)	—		—		511		—		—		511
Employee equity incentive plans and other	26		5		—		—		—		5
Net proceeds from partner contributions	—		—		—		—		417		417
Share-based compensation	—		740		—		—		40		780
Employee equity incentive plans and other	38		355		—		—		—		355
Restricted stock unit withholdings	(7)		(285)		—		82		—		(203)
Share-based compensation	—		740		—		—		60		800
Cash dividends declared ($0.13 per share of common stock)	—		—		—		(534)		—		(534)
Restricted stock unit withholdings	(5)		(193)		—		65		—		(128)
Balance as of June 29, 2024	$	4,276	$	49,763	$	(696)	$	66,162	$	5,205	$	120,434
Cash dividends declared ($0.13 per share of common stock)	—		—		—		(536)		—		(536)
Six Months Ended
Balance as of September 28, 2024	4,309		$	50,665	$	(185)	$	49,052	$	5,332	$	104,864
Balance as of December 28, 2024	$	4,330	$	50,949	$	(711)	$	49,081	$	5,762	$	105,081
Nine Months Ended
Net income (loss)	—		—		—		(3,739)		(172)		(3,911)
Balance as of December 28, 2024	4,330		$	50,949	$	(711)	$	49,081	$	5,762	$	105,081
Other comprehensive income (loss)	—		—		776		—		—		776
Net income (loss)	—		—		—		324		35		359
Net proceeds from partner contributions	—		(2)		—		—		2,240		2,238
Other comprehensive income (loss)	—		—		730		—		—		730
Partner distributions	—		—		—		—		(91)		(91)
Net proceeds from stock issuances and warrants2	362		3,758		—		—		—		3,758
Employee equity incentive plans and other	56		491		—		—		—		491
Net proceeds from sales of subsidiary shares and partner contributions	—		58		—		—		4,516		4,574
Share-based compensation	—		1,219		—		—		129		1,348
Partner distributions	—		—		—		—		(159)		(159)
Restricted stock unit withholdings	(9)		(323)		—		142		—		(181)
Employee equity incentive plans and other	88		777		—		—		—		777
Balance as of June 28, 2025	$	4,377	$	52,334	$	65	$	45,484	$	7,868	$	105,751
Share-based compensation	—		1,696		—		—		200		1,896
Balance as of December 30, 2023	$	4,228	$	36,649	$	(215)	$	69,156	$	4,375	$	109,965
Restricted stock unit withholdings	(14)		(483)		—		197		—		(286)
Net income (loss)	—		—		—		(1,991)		(100)		(2,091)
Balance as of September 27, 2025	4,766		$	56,755	$	19	$	49,602	$	10,354	$	116,730
Other comprehensive income (loss)	—		—		(481)		—		—		(481)
Balance as of December 30, 2023	4,228		$	36,649	$	(215)	$	69,156	$	4,375	$	109,965
Net proceeds from partner contributions	—		11,012		—		—		849		11,861
Net income (loss)	—		—		—		(18,630)		(450)		(19,080)
Employee equity incentive plans and other	58		631		—		—		—		631
Other comprehensive income (loss)	—		—		30		—		—		30
Share-based compensation	—		1,878		—		—		81		1,959
Net proceeds from partner contributions	—		11,012		—		—		1,266		12,278
Restricted stock unit withholdings	(10)		(407)		—		60		—		(347)
Employee equity incentive plans and other	96		986		—		—		—		986
Cash dividends declared ($0.25 per share of common stock)	—		—		—		(1,063)		—		(1,063)
Share-based compensation	—		2,618		—		—		141		2,759
Balance as of June 29, 2024	$	4,276	$	49,763	$	(696)	$	66,162	$	5,205	$	120,434
Restricted stock unit withholdings	(15)		(600)		—		125		—		(475)
Cash dividends declared ($0.38 per share of common stock)	—		—		—		(1,599)		—		(1,599)
Balance as of September 28, 2024	4,309		$	50,665	$	(185)	$	49,052	$	5,332	$	104,864

1. The retained earnings balance as of December 28, 2024 includes an opening balance adjustment made as a result of the adoption of a new accounting standard in 2025.

2 Includes $110 million of allocated proceeds to warrants from the Warrant and Common Stock Agreement with the U.S. government.

See accompanying notes.


			Financial Statements			Consolidated Condensed Statements of Stockholders' Equity			7

Table of Contents


Notes to Consolidated Condensed Financial Statements


Note 1 :			Basis of Presentation

We prepared our interim Consolidated Condensed Financial Statements that accompany these notes in conformity with USU.S. GAAP, consistent in all material respects with those applied in our 2024 Form 10-K.

We have made estimates and judgments affecting the amounts reported in our Consolidated Condensed Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with our 2024 Form 10-K, which includes additional information on our significant accounting policies, as well as the methods and assumptions used in our estimates., ~~The~~and ~~critical~~our ~~accounting~~Q2 ~~estimates~~2025 ~~discussed in this~~ Form 10-Q, which discusses the critical accounting estimates that supplement the significant accounting policies outlined in "Note 2: Accounting Policies" within Notes to Consolidated Financial Statements within our ~~Annual~~2024 ~~Report on~~ Form 10-K ~~for the fiscal year ended December 28, 2024~~.

We made certain reclassifications within our Consolidated Condensed Financial Statements, and, in certain cases, adjusted prior periods to conform to the current period presentation. These reclassifications had no impact on previously reported net income (loss), cash flows, or stockholders' equity.


Note 2 :			Operating Segments

In the first quarter of 2025, we made an organizational change to integrate our Networking and Edge (NEX) business into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. All prior period segment data ~~has~~have been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance starting in fiscal year 2025. Additionally, effective September 12, 2025, we completed the divestiture of 51% of Altera. As of that date, Altera's results of operations are no longer included in our consolidated or segment results. Altera's financial results were included within our "all other" category for all periods presented through September 11, 2025. There are no changes to our Consolidated Condensed Financial Statements for any prior periods resulting from our organizational change in the first quarter of 2025 or the Altera transaction, which is further described below.

We organize and manage our business as follows:

▪Intel Products:

▪Client Computing Group (CCG)

▪Data Center and AI (DCAI)

▪Intel Foundry

▪All Other

▪Altera

▪Mobileye

▪Other

CCG, DCAI, and Intel Foundry qualify as reportable operating segments. When we enter into federal contracts, they are aligned to the sponsoring operating segment.

The accounting policies applied to our segments follow those applied to Intel as a whole. A summary of the basis for which we report our operating segment revenues and operating margin is as follows:

Intel Products: CCG and DCAI

▪Segment revenue: ~~Consists~~consists of revenues from external customers. Our Intel Products operating segments represent most of Intel consolidated revenue and are derived from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, which are based on Intel architecture.

▪Segment expenses: ~~Consists~~consists of intersegment charges for product manufacturing and related services from Intel Foundry, external foundry and other manufacturing expenses, product development costs, allocated expenses as described below, and direct operating expenses.

Intel Foundry

▪Segment revenue: ~~Consists~~consists substantially of intersegment product and services revenue for wafer fabrication, substrates and other related products, and services sold to Intel Products, ~~Altera,~~ and certain other Intel internal businesses. We recognize intersegment revenue based on the completion of performance obligations. Product revenue is recognized upon transfer of ownership, which is generally at the completion of wafer sorting. Backend service revenue is recognized upon the completion of assembly and test milestones, which approximates the recognition of revenue over the service period. Intersegment sales are recorded at prices that are intended to approximate market pricing. Intel Foundry also includes certain third-party foundry and assembly and test revenues from external customers that totaled $2232 million in the three months ended ~~June~~September 2827, 2025 and $5385 million in the first ~~six~~nine months of 2025, compared to $3955 million in the three months ended ~~June~~September 2928, 2024, and $52107 million in the first ~~six~~nine months of 2024.


			Financial Statements			Notes to Financial Statements			8

Table of Contents

▪Segment expenses: ~~Consists~~consists of direct expenses for technology development, product manufacturing and services provided by Intel Foundry to internal and external customers, allocated expenses as described below, and direct operating expenses. Direct expenses for product manufacturing include excess capacity charges, if any.

All Other

Our "all other" category includes the results of operations from other non-reportable segments not otherwise presented, including our ~~Altera and~~ Mobileye ~~businesses~~business, our IMS business, start-up businesses that support our initiatives, and historical results of operations from divested businesses., ~~The~~including ~~financial~~Altera. ~~results~~Effective ofSeptember 12, ~~our~~2025, ~~all~~Altera, ~~other~~previously ~~category~~a ~~include~~wholly-owned ~~intersegment~~subsidiary, ~~product~~was ~~and~~deconsolidated ~~services~~from ~~revenue and intersegment expenses primarily between~~ our ~~Altera~~consolidated ~~and~~financial ~~Intel~~statements ~~Foundry~~following ~~segments.~~the Onclosing ~~April 14,~~of ~~2025,~~the wesale ~~entered~~of ~~into an agreement to sell~~ 51% of ~~all~~Altera's issued and outstanding common stock. of Altera,'s afinancial ~~wholly~~results ~~owned~~of ~~subsidiary.~~operations ~~The~~were ~~transaction~~included isin ~~expected~~our to"all ~~close~~other" incategory ~~the~~through ~~second~~September 11, ~~half~~2025. As of September 12, 2025, ~~subject~~our toretained ~~regulatory~~interest ~~approvals~~in ~~and~~Altera ~~other~~is ~~customary~~accounted ~~closing~~for ~~conditions~~as an equity method investment. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information. The financial results of our "all other" category include intersegment product and services revenue and intersegment expenses primarily between Altera and our Intel Foundry segment.

We allocate operating expenses from our sales and marketing group to the Intel Products operating segments and allocate substantially all our operating expenses from our general and administration groups to our reportable operating segments.

We estimate that the substantial majority of our consolidated depreciation expense in the first ~~six~~nine months of 2025 and 2024 was incurred by Intel Foundry. Intel Foundry depreciation expense is substantially included in overhead cost pools and then combined with other costs, and subsequently absorbed into inventory as each product passes through the manufacturing process and is sold to Intel Products or other customers. As a result, it is impracticable to determine the total depreciation expense included as a component of each Intel Products operating segment's operating income (loss).

We do not allocate the following corporate operating expenses to our operating segments:

▪restructuring and other charges;

▪share-based compensation;

▪certain impairment charges; and

▪certain acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill.

We do not allocate the following non-operating items to our operating segments:

▪gains and losses from equity investments;

▪interest and other income; and

▪income taxes.

Our Chief Executive Officer is our CODM. The CODM uses segment revenue and segment operating income (loss) to evaluate each segment's performance and allocate resources. These financial measures are utilized during our budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, capital investments, and personnel across all operating segments. Segment operating results regularly reviewed by our CODM also include total cost of sales and operating expenses directly attributable to each segment. Prior to the second quarter of 2025, our CODM regularly reviewed cost of sales and operating expenses, on a discrete basis, attributable to each segment. We have recast prior period segment operating results to reflect the significant segment-level expenses as currently reviewed by our CODM. We centrally manage all procurement, treasury, and asset management functions across the enterprise and do not maintain separate balance sheets by segment within our systems of record, nor does our CODM receive total asset information by segment for purposes of assessing segment performance and allocating resources.

Intersegment eliminations: Intersegment sales and related gross profit on inventory recorded at the end of the period or sold through to third-party customers is eliminated for consolidation purposes. The Intel Products operating segments and Intel Foundry are meant to reflect separate fabless semiconductor and foundry companies, respectively. Thus, certain intersegment activity is captured within the intersegment eliminations upon consolidation and presented at the Intel consolidated level. This activity primarily relates to inventory reserves, which are determined and recorded based on our accounting policies for Intel as a whole but are only recorded by the Intel Products operating segments upon transfer of inventory from Intel Foundry. If a reserve is identified which relates to neither Intel Products operating segments nor Intel Foundry, the reserve is recognized as activity within the intersegment eliminations for Intel on a consolidated basis.

Reporting units and goodwill reallocation: As a result of modifying our segment reporting in the first quarter of 2025, we reallocated goodwill among our affected reporting units, which generally align to our operating segment structure, on a relative fair value basis. We performed a goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired.

As a result of modifying our segment reporting in the first quarter of 2024, we reallocated goodwill among our affected reporting units on a relative fair value basis. We performed a quantitative goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization. We concluded based on our pre-reorganization impairment test that goodwill was not impaired. As a result of our post-reorganization impairment test, we recognized a non-cash goodwill impairment loss of $222 million in the first quarter of 2024 related to our new Intel Foundry reporting unit as the estimated fair value of the new reporting unit was lower than the assigned carrying value. Intel Foundry had no remaining allocated goodwill as of March 30, 2024, or for any subsequent reporting period.


			Financial Statements			Notes to Financial Statements			9

Table of Contents

Net revenue, cost of sales and operating expenses, and operating income (loss) for each period were as follows:

Three Months Ended

(In Millions)

~~Jun~~Sep 2827, 2025

Intel Products

CCG

DCAI

Total Intel Products

Intel Foundry

All Other

Corporate Unallocated

Intersegment Eliminations

Total Consolidated

Revenue

78,~~871~~535

34,~~939~~117

1112,~~810~~652

4,~~417~~235

~~1,053~~993

—

(4,~~421~~227)

1213,~~859~~653

Cost of sales and operating expenses

5,~~818~~841

3,~~306~~153

98,~~124~~994

76,~~585~~556

~~984~~893

~~2,755~~782

(4,~~413~~255)

1612,~~035~~970

Operating income (loss)

2,~~053~~694

~~633~~964

23,~~686~~658

(32,~~168~~321)

69100

(~~2,755~~782)

~~(8)~~28

~~(3,176)~~683

Three Months Ended

(In Millions)

~~Jun~~Sep 2928, 2024

Intel Products

CCG

DCAI

Total Intel Products

Intel Foundry

All Other

Corporate Unallocated

Intersegment Eliminations

Total Consolidated

Revenue

8,~~143~~161

34,~~805~~141

1112,~~948~~302

4,~~282~~339

~~881~~964

—

(4,~~278~~321)

1213,~~833~~284

Cost of sales and operating expenses

5,~~502~~224

3,~~563~~760

98,~~065~~984

710,~~084~~138

~~927~~959

16,~~708~~502

(34,~~987~~242)

1422,~~797~~341

Operating income (loss)

2,~~641~~937

~~242~~381

23,~~883~~318

(25,~~802~~799)

~~(46)~~5

(16,~~708~~502)

(~~291~~79)

(19,~~964~~057)

Six Months Ended

Nine Months Ended

(In Millions)

~~Jun~~Sep 2827, 2025

Intel Products

CCG

DCAI

Total Intel Products

Intel Foundry

All Other

Corporate Unallocated

Intersegment Eliminations

Total Consolidated

Revenue

1524,~~500~~035

812,~~065~~182

2336,~~565~~217

913,~~084~~319

12,~~996~~989

—

(913,~~119~~346)

2539,~~526~~179

Cost of sales and operating expenses

1116,~~086~~927

610,~~857~~010

1726,~~943~~937

1421,~~572~~128

12,~~824~~717

4,~~015~~797

(913,~~351~~606)

2941,~~003~~973

Operating income (loss)

47,~~414~~108

12,~~208~~172

59,~~622~~280

(57,~~488~~809)

~~172~~272

(4,~~015~~797)

~~232~~260

(32,~~477~~794)

Six Months Ended

Nine Months Ended

(In Millions)

~~Jun~~Sep 2928, 2024

Intel Products

CCG

DCAI

Total Intel Products

Intel Foundry

All Other

Corporate Unallocated

Intersegment Eliminations

Total Consolidated

Revenue

1624,~~416~~577

711,~~633~~774

2436,~~049~~351

812,~~638~~977

12,~~524~~488

—

(812,~~654~~975)

2538,~~557~~841

Cost of sales and operating expenses

1016,~~953~~177

610,~~974~~734

1726,~~927~~911

1324,~~881~~019

12,~~740~~699

310,~~895~~397

(813,~~853~~095)

2850,~~590~~931

Operating income (loss)

58,~~463~~400

~~659~~1,040

69,~~122~~440

(511,~~243~~042)

(~~216~~211)

(310,~~895~~397)

~~199~~120

(312,~~033~~090)


			Financial Statements			Notes to Financial Statements			10

Table of Contents

Corporate Unallocated Expenses

Corporate unallocated expenses include certain operating expenses not allocated to specific operating segments. The nature of these expenses may vary, but primarily consist of restructuring and other charges, share-based compensation, certain impairment charges, and certain acquisition-related costs.

Three Months Ended

~~Six~~Nine Months Ended

(In Millions)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Acquisition-related costs

~~119~~118

~~265~~266

~~270~~388

~~530~~796

Share-based compensation

~~664~~548

~~780~~800

1,~~348~~896

12,~~959~~759

Restructuring and other charges1

~~1,890~~175

~~943~~5,622

2,~~046~~221

16,~~291~~913

Other

82(59)

(~~280~~186)

~~351~~292

~~115~~(71)

Total corporate unallocated expenses

~~2,755~~782

16,~~708~~502

4,~~015~~797

310,~~895~~397

1 See "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements for further information.


Note 3 :			Non-Controlling Interests

	Non-Controlling Ownership %
	Jun 28, 2025		Jun 29, 2024
	Sep 27, 2025		Sep 28, 2024
Ireland SCIP	49	%	49	%
Arizona SCIP	49	%	49	%
Mobileye	1320	%	12	%
IMS	32	%	32	%

(In Millions)	Ireland SCIP		Arizona SCIP		Mobileye		IMS		Total
Non-controlling interests as of Dec 28, 2024	$	61	$	3,888	$	1,672	$	141	$	5,762
Partner contributions	—		23,~~240~~653		—		—		23,~~240~~653
Partner distributions	(91159)		—		—		—		(91159)
Changes in equity of non-controlling interest holders	—		—		~~129~~1,063		—		~~129~~1,063
Net income (loss) attributable to non-controlling interests	98167		(~~232~~74)		(1933)		(1925)		~~(172)~~35
Non-controlling interests as of Jun 28, 2025	$	68	$	5,896	$	1,782	$	122	$	7,868
Non-controlling interests as of Sep 27, 2025	$	69	$	7,467	$	2,702	$	116	$	10,354

(In Millions)	Ireland SCIP		Arizona SCIP		Mobileye		IMS		Total
Non-controlling interests as of Dec 30, 2023	$	—	$	2,359	$	1,838	$	178	$	4,375
Partner contributions	—		~~849~~1,266		—		—		~~849~~1,266
Changes in equity of non-controlling interest holders	—		—		81141		—		81141
Net income (loss) attributable to non-controlling interests	651		(56107)		(33362)		(1732)		(~~100~~450)
Non-controlling interests as of Jun 29, 2024	$	6	$	3,152	$	1,886	$	161	$	5,205
Non-controlling interests as of Sep 28, 2024	$	51	$	3,518	$	1,617	$	146	$	5,332


			Financial Statements			Notes to Financial Statements			11

Table of Contents

Mobileye

On July 11, 2025, we converted 113.7 million of our Mobileye Class B shares into Class A shares. We subsequently sold 57.5 million of the Class A shares in a secondary offering, representing 7% of Mobileye's outstanding capital stock, for $16.50 per share and received net proceeds of $922 million. Concurrently, Mobileye repurchased from us 6.2 million of the Class A Shares for $16.50. As of September 27, 2025, we continue to hold the remaining 50.0 million Mobileye Class A shares from the conversion, in addition to our remaining Mobileye Class B shares. As we will continue to consolidate the results of Mobileye, the impact of their share repurchase was eliminated in our Consolidated Condensed Financial Statements. In the third quarter of 2024, we recognized a non-cash goodwill impairment charge of $2.8 billion, substantially all of which related to our Mobileye reporting unit. The non-cash impairment charge related to our Mobileye reporting unit was attributed to Intel and to non-controlling interest holders based on our proportional ownership (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements as included in our 2024 Form 10-K for further information).

Semiconductor Co-Investment Program

Ireland SCIP

We consolidate the results of an Irish limited liability company (Ireland SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. Generally, distributions will be received from Ireland SCIP based on each investor's respective ownership of Ireland SCIP, of which Intel's is 51%. Ireland SCIP has rights to factory output of an Intel owned wafer fabrication plant in Ireland (Fab 34) and rights to resell the factory output to us. We retain sole ownership of Fab 34 and we are engaged as the Fab 34 operator in exchange for variable payments from Ireland SCIP based on the related factory output. We are required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we will be required to pay delay-related liquidated damages to Apollo, the other investor, beginning in 2026, not to exceed $1.1 billion in total. Though we expect certain construction delays in the near term, we intend to complete construction of Fab 34. We will be required to purchase minimum quantities of the related factory output from Ireland SCIP, or we will be subject to certain volume-related damages payable to Ireland SCIP, beginning at the earlier of when construction is complete or the third quarter of 2027. As of ~~June~~September 2827, 2025, other than cash and cash equivalents held by Ireland SCIP, most of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Condensed Balance Sheets.

Arizona SCIP

We consolidate the results of an Arizona limited liability company (Arizona SCIP), a VIE, into our Consolidated Condensed Financial Statements because we are the primary beneficiary. ~~Generally,~~Contributions ~~contributions~~and ~~will~~distributions be made ~~to,~~between ~~and~~Arizona ~~distributions~~SCIP ~~will~~and beinvestors ~~received~~are ~~from~~generally ~~Arizona~~made ~~SCIP~~ based on our and Brookfield's proportional ownership ofinterest Arizona SCIP; we will be the sole operator and main beneficiary of two new chip factories that are being constructed by Arizona SCIP; and we will be required to both operate Arizona SCIP at minimum production levels (measured in ~~wafer starts per week) and limit excess inventory held on site or we will be subject to certain volume-related damages payable to~~ Arizona SCIP. The assets held by Arizona SCIP, which are not available to us as they can be used only to settle obligations of the VIE and substantially consisted of property, plant, and equipment, were $15.5 billion as of June 28, 2025 ($11.5 billion as of December 28, 2024). The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Condensed Balance Sheets.

~~Mobileye~~We are the primary beneficiary of two new chip factories still partially under construction by Arizona SCIP; we have the right to direct how and for what purpose the underlying assets will be used and to purchase 100% of the wafer output. During the three months ended September 27, 2025, Arizona SCIP placed the first tranche of manufacturing assets into service, making the assets available for our use. When production commences in 2026, as the sole operator we will be required to operate Arizona SCIP at minimum production levels and will be required to limit excess inventory held on site or we will be subject to certain volume-related damages payable to Arizona SCIP.

OnThe ~~July 11~~property, ~~2025~~plant, weand ~~converted~~equipment ~~113.7~~assets ~~million~~owned ofby ~~our~~Arizona ~~Mobileye~~SCIP ~~Class~~and Bincluded ~~shares~~in ~~into~~our ~~Class~~Consolidated ACondensed ~~shares.~~Balance WeSheets ~~subsequently~~as ~~sold~~of ~~57.5~~September 27, ~~million~~2025, ofwhich ~~the~~are ~~Class~~not Aavailable ~~shares~~to inus aas ~~secondary~~they ~~offering,~~can ~~representing~~be 7%used ofonly ~~Mobileye's~~to ~~outstanding~~settle ~~capital~~obligations ~~stock,~~of ~~for~~the ~~$16.50~~VIE, ~~per~~consisted ~~share~~of ~~and~~construction ~~received~~in ~~net~~progress ~~proceeds~~assets of $~~922 million~~5.2 ~~Concurrently,~~billion ~~we sold 6~~($11.25 ~~million~~billion as of ~~the~~December 28, ~~Class~~2024) Aand ~~Shares~~assets ~~directly~~that tohave ~~Mobileye.~~been Asplaced weinto ~~will~~service ~~continue~~of to$10.9 ~~consolidate~~billion. ~~the~~The ~~results~~remaining ofassets ~~Mobileye,~~and ~~the~~liabilities ~~impact~~ of ~~their~~Arizona ~~share~~SCIP ~~repurchase~~were ~~was~~ eliminated in our Consolidated Condensed ~~Financial~~Balance ~~Statements~~Sheets.

Note 4 : Earnings (Loss) Per Share

We computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable.

	Three Months Ended				Six Months Ended
(In Millions, Except Per Share Amounts)	Jun 28, 2025		Jun 29, 2024		Jun 28, 2025		Jun 29, 2024
Net income (loss)	$	(3,024)	$	(1,654)	$	(3,911)	$	(2,091)
Less: net income (loss) attributable to non-controlling interests	(106)		(44)		(172)		(100)
Net income (loss) attributable to Intel	$	(2,918)	$	(1,610)	$	(3,739)	$	(1,991)
Weighted average shares of common stock outstanding—basic	4,369		4,267		4,356		4,254
Weighted average shares of common stock outstanding—diluted	4,369		4,267		4,356		4,254
Earnings (loss) per share attributable to Intel—basic	$	(0.67)	$	(0.38)	$	(0.86)	$	(0.47)
Earnings (loss) per share attributable to Intel—diluted	$	(0.67)	$	(0.38)	$	(0.86)	$	(0.47)

Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan. The potentially dilutive impact from the assumed issuance of common stock associated with a contractual conversion feature is determined by applying the if-converted method to the assumed exercise of the outstanding conversion feature.


			Financial Statements			Notes to Financial Statements			12

Table of Contents

~~Due~~Note to4 ~~our~~: ~~net~~Earnings losses in the three and six months ended June 28, 2025 and June 29, 2024, the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, the assumed issuance of common stock under the stock purchase plan, and the assumed issuance of common stock associated with a contractual conversion feature, as applicable, had anti-dilutive effects on diluted loss per share and were excluded from the computations of diluted loss per share. In the three months ended June 28, 2025, securities that would have been anti-dilutive were insignificant and in the six months ended June 28, 2025, 158 million anti-dilutive shares were excluded from the computation of earnings (~~loss~~Loss) ~~per~~Per ~~share.~~Share ~~In the three~~ and ~~six~~Stockholders' ~~months ended June 29, 2024, securities that would have been anti-dilutive were insignificant.~~ Equity


	Three Months Ended				Nine Months Ended
(In Millions, Except Per Share Amounts)	Sep 27, 2025		Sep 28, 2024		Sep 27, 2025		Sep 28, 2024
Net income (loss)	$	4,270	$	(16,989)	$	359	$	(19,080)
Less: net income (loss) attributable to non-controlling interests	207		(350)		35		(450)
Net income (loss) attributable to Intel	$	4,063	$	(16,639)	$	324	$	(18,630)
Weighted average shares of common stock outstanding—basic1	4,514		4,292		4,424		4,267
Dilutive effect of employee equity incentive plans and stock issuances	17		—		10		—

Weighted average shares of common stock outstanding—diluted	4,531		4,292		4,434		4,267
Earnings (loss) per share attributable to Intel—basic	$	0.90	$	(3.88)	$	0.07	$	(4.37)
Earnings (loss) per share attributable to Intel—diluted2	$	0.90	$	(3.88)	$	0.07	$	(4.37)

1 For the three and nine months ended September 27, 2025, we have included the weighted average impacts of Escrowed Shares that are not contingently issuable. Refer to additional discussion under the Warrant and Common Stock Agreement with the U.S. government section below.

2 For the three and nine months ended September 27, 2025, earnings (loss) per share attributable to Intel-diluted has been calculated by adjusting net income (loss) attributable to Intel for the loss of $2 million related to the mark-to-market of that portion of the derivative liability that is attributable to 342 thousand contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period.

Potentially dilutive shares of common stock from employee equity incentive plans and stock issuances are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan. The dilutive impact from the assumed issuance of common stock associated with a contractual transaction to issue shares of common stock that settled in the three and nine months ended September 27, 2025 is determined from the date of the agreement or the beginning of the period (whichever is later) to the date the transaction closes by applying the treasury stock method firstly by calculating the weighted average shares for that period and secondly by reducing weighted average shares by the hypothetical buyback of shares calculated by dividing the total proceeds received by the average market price of Intel stock for the period. The potentially dilutive impact from the assumed issuance of the Escrowed Shares is determined by applying the if-converted method to the weighted average shares from the equity agreement date or the beginning of the period (whichever is later) to the date we received proceeds from Secure Enclave (defined below), as applicable to each period in which Secure Enclave proceeds are received. The potentially dilutive impact from the assumed issuance of common stock associated with a contractual conversion feature is determined by applying the if-converted method to the assumed exercise of the outstanding conversion feature.

In the three and nine months ended September 27, 2025 and September 28, 2024, securities that would have been anti-dilutive were insignificant.

Sales of Common Stock

Private Placement Share Sale to SoftBank Group

On August 18, 2025, we entered into an agreement to issue and sell 87 million shares of our common stock to SoftBank Group at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The transaction closed on September 26, 2025.


			Financial Statements			Notes to Financial Statements			13

Table of Contents

U.S. Government Agreements

On August 22, 2025, we entered into a Warrant and Common Stock Agreement (U.S. Government Agreement) with the U.S. Department of Commerce (DOC). Pursuant to the terms of the U.S. Government Agreement, the Federal Government of the United States of America (U.S. government) agreed to make disbursements to us consisting of (1) the acceleration of certain disbursements under an amendment to our November 2024 Direct Funding Agreement (DFA) under the CHIPs and Science Act of 2022 (CHIPs Act) with the DOC in the amount of $5.7 billion and (2) $3.2 billion of disbursements in respect of our existing agreement with the U.S. government under the CHIPs Act Secure Enclave program (Secure Enclave) to be made as we perform on our commitments pursuant to the terms and conditions of Secure Enclave. As compensation to the U.S. government for, and as a condition to the DOC's willingness to permit, the disbursements, the company agreed to issue to the DOC: (i) up to 433 million shares of our common stock, of which 275 million would be issued on the closing date (Common Stock Issuance) and 159 million would be issued into escrow to be released as disbursements are received by us under Secure Enclave (Escrowed Shares); and (ii) warrants exercisable to purchase up to 241 million shares of our common stock at $20.00 per share (Warrants) if we were to cease to directly or indirectly own at least 51% of our foundry business (Warrant Condition). The DOC also agreed that to the maximum extent permissible under applicable law, our obligations pursuant to the DFA would be considered discharged, other than with respect to Secure Enclave. The U.S. government agreed to make the disbursements in respect of, and on the terms and conditions of, Secure Enclave and agreed to work with us to make appropriate amendments and modifications to the DFA to release us from certain of its obligations.

On August 27, 2025, the closing of the transactions contemplated by the U.S. Government Agreement occurred. On such date:

▪we and the DOC entered into an amendment to the DFA that, among other things, removed the prior project milestone requirements and certain other conditions to disbursements under the DFA;

▪we received from the DOC the $5.7 billion of remaining potential disbursements under the DFA;

▪we issued to the DOC the 275 million share Common Stock Issuance;

▪we issued to the DOC the Warrants to purchase up to 241 million shares of our common stock, subject to anti-dilution adjustments for dividends, distributions, subdivisions, combinations or reclassifications; and

▪we issued into escrow the 159 million Escrowed Shares for the benefit of the DOC to be released as the company performs, invoices and receives disbursements from the U.S. government under Secure Enclave.

The Escrowed Shares will be released from escrow as and when Secure Enclave disbursements are received by us for our performance under Secure Enclave, with the number of Escrowed Shares to be issued with respect to each Secure Enclave disbursement being determined based on $20.00 per share. To the extent any Escrowed Shares have not been released from escrow at the end of the period during which we are eligible for Secure Enclave disbursements, half of any remaining Escrowed Shares will be released from escrow to the DOC at such time with no additional consideration payable to us, with the other half of the remaining Escrowed Shares automatically forfeited and cancelled. During the three months ended September 27, 2025, we released 684 thousand Escrowed Shares pertaining to disbursement received under Secure Enclave.

We accounted for the $5.7 billion of accelerated disbursements under the amended DFA as being attributable to our issuance of three freestanding instruments: the 275 million share Common Stock Issuance, the 159 million Escrowed Shares, and the Warrants to purchase 241 million shares. We have concluded that the Common Stock Issuance and the issuance of the Warrants should be classified within permanent equity. We classified the Escrowed Shares as a derivative liability, which was recorded at fair value at inception with subsequent changes in fair value recorded through interest and other, net within our Consolidated Condensed Statements of Operations until settlement. Accordingly, we have allocated the $5.7 billion in cash proceeds received at the closing date to the Escrowed Shares at fair value of $3.9 billion, with the remaining proceeds allocated to the Common Stock Issuance and Warrants of $1.6 billion and $110 million, respectively, based on their relative fair values. During the three months ended September 27, 2025, we recognized $1.7 billion related to the net change in fair value of the Escrowed Shares as of the settlement date for Escrowed Shares that were released during the period and as of the reporting date for Escrowed Shares that were not released. At September 27, 2025, the fair value of the Escrowed Shares was $5.6 billion, which we have recognized within other accrued liabilities and other long-term liabilities.

The $2.3 billion previously received under the DFA and Secure Enclave programs prior to the August 22, 2025 U.S. Government Agreement date remained subject to our government grant accounting policy. See “Note 5: Other Financial Statement Details” within Notes to Consolidated Condensed Financial Statements for further discussion.

In the three and nine months ended September 27, 2025, we released 684 thousand Escrowed Shares upon our receipt of certain of the cash proceeds for our performance under Secure Enclave. The remaining 79 million Escrowed Shares that were not contingently issuable based on the terms of the U.S. Government Agreement have been included in our computation of basic earnings per share for the three and nine months ended September 27, 2025. The remaining 79 million Escrowed Shares are considered contingently issuable based on the DOC's disbursements under Secure Enclave and therefore will be excluded from basic and diluted earnings per share until the contingencies are met. Potentially dilutive shares issuable under the Warrant have been excluded from all basic and diluted earnings per share calculations for the three and nine months ended September 27, 2025 as the Warrants are neither currently nor expected to become exercisable.


			Financial Statements			Notes to Financial Statements			14

Table of Contents

Private Placement Share Sale to NVIDIA

On September 15, 2025, we entered into an agreement to issue and sell 215 million shares of our common stock to NVIDIA at a price of $23.28 per share, representing an aggregate cash purchase price of $5.0 billion. The closing of the issuance and sale, which represents a standalone transaction, remains subject to customary closing conditions.


Note 5 :			Other Financial Statement Details

Accounts Receivable

We sell certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Consolidated Condensed Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $12.64 billion during the first ~~six~~nine months of 2025 ($1.05 billion during the first ~~six~~nine months of 2024). After the sale of our accounts receivable, we ~~expect to~~ collect payment from the customers and remit it to the third-party financial institution.

Inventories

(In Millions)	~~Jun~~Sep 2827, 2025		Dec 28, 2024
Raw materials	$	1,~~194~~135	$	1,344
Work in process	6,~~484~~751		7,432
Finished goods	3,~~699~~603		3,422
Total inventories	$	11,~~377~~489	$	12,198

Property, Plant, and Equipment

We invest in and deploy manufacturing assets in response to manufacturing capacity requirements based upon short- and long-term demand forecasts and economic returns relative to capital outlays. We regularly monitor, evaluate, and adjust our manufacturing capacity footprint in response to a number of volatile factors that impact our business, including demand for our products and services and the state of the semiconductor industry as a whole. In connection with the preparation of our Consolidated Condensed Financial Statements for the second quarter of 2025, we evaluated our current process technology node capacities relative to projected market demand for our products and services, concluding that our manufacturing asset portfolio exceeded manufacturing capacity requirements. Upon performing a re-use assessment, we impaired and accelerated depreciation for certain manufacturing assets. In total, we recorded non-cash impairments and accelerated depreciation charges of $460 million and $337 million, respectively, in the second quarter of 2025, net of certain items. All charges were recognized in cost of sales within our Intel Foundry operating segment. In the third quarter of 2024, we performed a similar exercise and recorded non-cash impairments and accelerated depreciation charges of $2.1 billion and $945 million, respectively, substantially all of which were recognized in cost of sales within our Intel Foundry operating segment.

WeAdditionally, ~~also~~we incurred ~~$416 million of~~ other non-cash asset impairment and accelerated depreciation charges of $416 million in the second quarter of 2025 and $442 million in the third quarter of 2024, as a direct result of the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other charges category for each applicable period, as presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.

Other Accrued Liabilities

Other accrued liabilities include deferred compensation of $3.02 billion as of ~~June~~September 2827, 2025 ($3.3 billion as of December 28, 2024).

Interest and Other, Net

	Three Months Ended				~~Six~~Nine Months Ended
(In Millions)	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024		~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Interest income	$	~~210~~228	$	~~320~~340	$	~~455~~682	$	~~643~~983
Interest expense	(~~227~~282)		(~~294~~248)		(~~526~~808)		(~~552~~800)
Other, net	(78)		54		(197)		134
Gain (loss) on mark-to-market of Escrowed Shares	(1,687)		—		(1,687)		—
Total interest and other, net	$	(95)	$	80	$	(268)	$	225
Gain on divestiture of Altera	5,546		—		5,546		—
Other, net	(135)		38		(331)		172
Total interest and other, net	$	3,670	$	130	$	3,402	$	355

Interest expense is net of $~~368~~284 million of interest capitalized in the ~~second~~third quarter of 2025 and $~~680~~964 million in the first ~~six~~nine months of 2025 ($~~374~~392 million in the ~~second~~third quarter of 2024 and $~~737~~1.1 ~~million~~billion in the first ~~six~~nine months of 2024).

~~Other,~~Financial ~~net~~Statements ~~includes a $94 million charge in the first six months of 2025 related to the sale of our NAND memory business (refer to "Note 9: Divestitures" within~~ Notes to ~~Consolidated Condensed~~ Financial Statements). 15

Financial Statements Notes to Financial Statements 13

Table of Contents

Gain (loss) on mark-to-market of Escrowed Shares related to changes in fair value of the Escrowed Shares released during the periods ended and held as of September 27, 2025 (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements).

Gain on divestiture of Altera is related to the sale of 51% of the business for which we recorded a pretax gain of $5.5 billion (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements).

Other, net included charges of $97 million in the third quarter of 2025 and $191 million in the first nine months of 2025 related to the sale of our NAND memory business (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements).

Government Incentives

In the first ~~six~~nine months of 2025, we recognized $~~890~~1.0 ~~million~~billion in grants under the ~~CHIPS~~CHIPs Act, of which capital-related incentives reduced gross property, plant and equipment by $~~742~~769 million, and operating-related incentives benefited operating income by $~~148~~236 million, substantially all of which was recorded in cost of sales. Of the $~~148~~236 million operating grants recognized in the first ~~six~~nine months of 2025, $6088 million was recognized in the ~~second~~third quarter of 2025. In the third quarter of 2025, our CHIPs Act grant was modified with grant amounts earned as of the modification date remaining subject to our government grant accounting policy (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements). Additionally, in the first ~~six~~nine months of 2025 we recognized anAMIC ~~advanced~~claims ~~manufacturing investment tax credit~~ of $~~759~~5.1 ~~million~~billion ($1.37 billion in the first ~~six~~nine months of 2024), which may be refunded to us in cash to the extent it exceeds our outstanding income tax liabilities.


Note 6 :			Restructuring and Other Charges

Three Months Ended

~~Six~~Nine Months Ended

(In Millions)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Employee severance and benefit arrangements

~~1,466~~146

~~165~~2,193

1,~~607~~754

~~294~~2,487

Litigation charges and other

833

~~778~~36

2052

~~778~~814

Asset impairment charges

~~416~~(4)

—3,393

~~419~~415

~~219~~3,612

Total restructuring and other charges

~~1,890~~175

~~943~~5,622

2,~~046~~221

16,~~291~~913

In the second quarter of 2025, we announced and commenced the 2025 Restructuring Plan, which was subsequently approved and committed to by our management. This initiative is intended to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing lower-priority programs and initiatives. Restructuring charges are primarily comprised of employee severance and benefit arrangements, non-cash asset impairment and accelerated depreciation charges resulting from exit activities, as well as impairment charges relating to real estate exits and consolidations. These charges were included as "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements. WeThe ~~expect to recognize~~ total ~~charges~~expected ofand ~~approximately $1.9 billion under the 2025 Restructuring Plan, the substantial majority of which will be cash settled in future periods. The~~ cumulative cost of the 2025 Restructuring Plan as of ~~June~~September 2827, 2025 was $1.89 billion. Any changes to our estimates or timing will be reflected in our results of operations in future periods. We expect a substantial majority of the actions pursuant to the 2025 Restructuring Plan to be ~~substantially~~ complete by the fourth quarter of 2025, which is subject to change.

In the third quarter of 2024, the 2024 Restructuring Plan was announced and a series of cost and capital reduction initiatives ~~was~~were implemented. We have incurred total charges of approximately $3.01 billion under the 2024 Restructuring Plan, which was substantially complete in the second quarter of 2025.

Employee severance and benefit arrangements included net charges of $106 million and $1.45 billion during the three and nine months ended ~~June~~September 2827, 2025 ~~related~~resulting tofrom the 2025 Restructuring Plan. ~~and~~The ~~the~~ remaining charges ~~for~~incurred during the three and ~~six~~nine months ended ~~June~~September 2827, 2025 primarily related to the 2024 Restructuring Plan. Additionally, we incurred charges of $~~165~~2.2 ~~million~~billion ~~and~~in ~~$294 million during~~ the ~~three~~third quarter and ~~six~~first nine months ~~ended~~of ~~June 29,~~ 2024 related to the 2024 Restructuring Plan. Charges relating to other actions taken to streamline operations and reduce costs were $294 million in the nine months ended September 28, 2024.

(In Millions)	2025 Restructuring Plan		2024 Restructuring Plan
Accrued restructuring balance as of December 28, 2024	$	—	$	302
Accruals and adjustments	1,361		195
Cash payments	(11)		(417)
Accrued restructuring balance as of June 28, 2025	$	1,350	$	80


			Financial Statements			Notes to Financial Statements			16

The accrued restructuring balance as of June 28, 2025 and December 28, 2024 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets.

Litigation charges and other included a charge of $780 million in the second quarter of 2024 arising out of the R2 litigation. Refer to "Note 19: Commitments and Contingencies" within Notes to Consolidated Financial Statements as included in our Annual Report on Form 10-K for the year ended December 28, 2024 for further information.

Asset impairment charges in the first six months of 2025 primarily included non-cash charges associated with the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties. In addition, we also incurred a goodwill impairment loss of $222 million in the first six months of 2024 related to our Intel Foundry reporting unit (refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for further information).

Financial Statements Notes to Financial Statements 14

Table of Contents

Restructuring activities related to employee severance and benefit arrangements under the 2025 and 2024 Restructuring Plans were as follows:


(In Millions)	2025 Restructuring Plan		2024 Restructuring Plan



Accrued restructuring balance as of December 28, 2024	$	—	$	302
Accruals and adjustments	1,486		196
Cash payments	(881)		(462)
Accrued restructuring balance as of September 27, 2025	$	605	$	36

The accrued restructuring balance as of September 27, 2025 and December 28, 2024 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets.

Asset impairment charges in the first nine months of 2025 primarily included $416 million of non-cash charges associated with the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties. During the three and nine months ended September 28, 2024, we incurred cash and non-cash charges associated with the 2024 Restructuring Plan, including $442 million of non-cash impairments of construction in progress assets associated with our decision to exit and outsource manufacturing capabilities for certain internal test hardware; and $86 million of non-cash impairments of operating leased assets and related leasehold improvements resulting from real estate consolidations and exits.

In addition, we recorded non-cash goodwill impairment charges of $2.8 billion and $3.0 billion in the three and nine months ended September 28, 2024, respectively (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements as included in our 2024 Form 10-K for further information). Further, in the third quarter of 2024, as a result of a decline in the actual and projected undiscounted cash flows for certain acquired intangible assets, we concluded the assets were not recoverable and recognized a non-cash impairment charge of $108 million. Goodwill and intangible asset impairment charges were included as "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.


Note 7 :			Income Taxes

	Three Months Ended						~~Six~~Nine Months Ended
($ In Millions)	~~Jun~~Sep 2827, 2025			~~Jun~~Sep 2928, 2024			~~Jun~~Sep 2827, 2025			~~Jun~~Sep 2928, 2024
Income (loss) before taxes	$	(24,~~769)~~574		$	(29,~~004~~086)		$	(31,~~355)~~219		$	(211,~~723~~809)
Provision for (benefit from) taxes	$	~~255~~304		$	~~(350)~~7,903		$	~~556~~860		$	~~(632)~~7,271
Effective tax rate	(96.2)6		%	17(87.50)		%	~~(16~~70.6)5		%	23(61.26)		%

In the three and ~~six~~nine months ended ~~June~~September 2827, 2025, our provision for income taxes was determined using our estimated annual effective tax rate applied to our year-to-date ordinary income (loss) before taxes, adjusted for discrete items. We were ~~also~~ not able to benefit from our current year domestic loss before taxes due to the domestic valuation allowance first ~~recorded~~established in Q3the third quarter of 2024. Additionally, our financial statements as of September 27, 2025 and September 28, 2024 contain certain tax receivables of $2.7 billion and $845 million, respectively, within other current assets, and $5.3 billion and $1.7 billion, respectively, within other long-term assets associated with income tax overpayments and AMIC claims.

In the three and ~~six~~nine months ended ~~June~~September 2928, 2024, due to our inability to reliably forecast our annual income, our ~~benefit~~provision ~~from~~for income taxes was determined using a three and ~~six~~nine month actual annual effective tax rate, respectively, adjusted for discrete items. In addition, we established a valuation allowance of $9.9 billion as a discrete non-cash tax expense against our U.S. deferred tax assets. We assess the recoverability of our deferred tax assets quarterly, weighing available positive and negative evidence. As a result of our assessment in the third quarter of 2024, we determined it was not more likely than not that the deferred tax assets will not be recoverable based upon our three-year cumulative historical loss position as of September 28, 2024, largely resulting from the asset impairment and restructuring and other charges incurred during that quarter.

On July 4, 2025, the One Big Beautiful Bill Act ("the Act") was signed into law. The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing, increases the ~~Advanced~~AMIC ~~Manufacturing~~credit ~~Investment~~rate ~~Credit~~ to 35 percent from 25 percent for qualifying assets, and makes modifications to the international tax framework. The Act includes multiple effective dates, with certain provisions effective in 2025 and others phased in through 2027. We ~~are~~continue ~~currently~~to ~~evaluating~~evaluate the impact of the Act's ~~upon~~provisions ~~our~~that ~~future~~take ~~effective~~effect ~~tax~~in ~~rate,~~future ~~tax liabilities, and cash taxes~~years.


			Financial Statements			Notes to Financial Statements			17

Table of Contents


Note 8 :			Investments

Short-term Investments

Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Condensed Balance Sheets. Government debt includes instruments such as non-USU.S. government bills and bonds and USU.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of ~~June~~September 2827, 2025 and December 28, 2024, substantially all time deposits were issued by institutions outside the US.

For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value with gains or losses from the investments and the related derivative instruments recorded in interest and other, net. The fair value of our economically hedged marketable debt investments was $1119.1 billion as of ~~June~~September 2827, 2025 ($13.5 billion as of December 28, 2024). For hedged investments still held at the reporting date, we recorded net ~~gains~~losses of $~~329~~ 47 million in the ~~second~~third quarter of 2025 and net gains of $~~491~~416 million in the first ~~six~~nine months of 2025 (~~$139~~net ~~million~~gains of ~~net~~$406 ~~losses~~million in the ~~second~~third quarter of 2024 and net ~~losses~~gains of $~~366~~195 million in the first ~~six~~nine months of 2024).

Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss) and realized gains or losses recorded in interest and other, net. The adjusted cost of our unhedged investments was $6.18 billion as of ~~June~~September 2827, 2025 ($5.2 billion as of December 28, 2024), which approximated the fair value at these dates.

The fair ~~value~~values of marketable debt investments, by contractual maturity, as of ~~June~~September 2827, 2025, ~~was~~were as follows:

(In Millions)	Fair Value
Due in 1 year or less	$	57,~~580~~452
Due in 1–2 years	2,979
Due in 1 – 2 years	7,233
Due in 2–5 years	5,314
Due in 2 – 5 years	6,926
Due after 5 years	~~234~~188
Instruments not due at a single maturity date1	34,~~165~~099
Total	$	1725,~~272~~898

1 "Instruments not due at a single maturity date" is comprised of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.

Financial Statements Notes to Financial Statements 15

Table of Contents

Equity Investments

(In Millions)	~~Jun~~Sep 2827, 2025		Dec 28, 2024
Marketable equity investments1	$	~~467~~572	$	848
Non-marketable equity investments	48,~~916~~095		4,535
Total	$	58,~~383~~667	$	5,383

1 ~~Substantial~~ Most ~~majority~~ of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange.

The components of gains (losses) on equity investments, net for each period were as follows:

	Three Months Ended				~~Six~~Nine Months Ended
(In Millions)	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024		~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Unrealized gains (losses) on marketable equity investments	$	~~(58)~~116	$	(~~222~~198)	$	(~~350~~234)	$	30(168)
Unrealized gains (losses) on non-marketable equity investments1	~~473~~17		24—		~~473~~490		48
Impairment charges	(51)		(91)		(156)		(159)
Impairment charges on non-marketable equity investments	(76)		(110)		(232)		(269)
Unrealized gains (losses) on equity investments, net	~~364~~57		(~~289~~308)		~~(33)~~24		(81389)
Realized gains (losses) on sales of equity investments, net	~~138~~164		~~169~~149		~~423~~587		~~166~~315
Gains (losses) on equity investments, net	$	~~502~~221	$	(~~120~~159)	$	~~390~~611	$	85(74)

1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.

In the ~~second~~first ~~quarter~~nine months of 2025, we recognized upward observable price adjustments for our non-marketable equity investments of $~~469~~486 million within gains (losses) on equity investments, net, of which $396 million related to a single investee.


			Financial Statements			Notes to Financial Statements			18

Table of Contents

Altera

In the third quarter of 2025, we closed the sale of Altera and retained a 49% interest in the business (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements). The carrying value of our non-marketable equity investment in Altera is classified within equity investments in the Consolidated Condensed Balance Sheets and was $3.2 billion as of September 27, 2025.

We provide semiconductor wafer manufacturing services to Altera, a related party, in accordance with a wafer manufacturing and sale agreement. Additionally, and in connection with the divestiture, we will be reimbursed for costs that we incur on behalf of Altera for certain corporate services delivered under a transition services agreement, which may include information technology, finance, supply chain, and other services provided on an interim basis.


Note 9 :			Divestitures

Altera Divestiture

On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of Silver Lake Partners (SLP), to sell 51% of all issued and outstanding common stock of Altera, our wholly owned subsidiary as of that date. On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion, consisting of: $4.3 billion in cash proceeds received at the closing, subject to working capital adjustments and other adjustments under the terms of the transaction agreement, separation agreement, and certain ancillary agreements attached to the transaction; $500 million in deferred cash proceeds also received within the third quarter of 2025; $500 million in deferred cash proceeds payable to us no later than December 31, 2027; an offset of $400 million for cash transferred to Altera with the sale; an offset of approximately $469 million in separation and employee-related costs we have agreed to fund to SLP; and an offset for other direct and incremental costs incurred in connection with the sale.

At September 27, 2025, we recognized a receivable of $457 million within other long-term assets for the present value of deferred consideration, which is not subject to any contingencies, and recognized $322 million and $132 million within other accrued liabilities and other long-term liabilities, respectively, for amounts payable to SLP for separation and employee-related costs that have not yet been paid and that relate to the transaction. We are in the process of finalizing the working capital adjustments and other customary closing adjustments with SLP which may result in adjustments to the final net cash proceeds received related to, and our gain on sale for, the transaction.

Upon closing the transaction, we retained a 49% minority investment in Altera, which is accounted for under the equity method of accounting. We established the fair value of our non-marketable equity investment in reference to Altera's equity value per the terms of the transaction agreement as the transaction negotiated with SLP represented an orderly transaction between market participants. The $3.2 billion value of our non-marketable equity investment in Altera is classified within equity investments in the Consolidated Condensed Balance Sheet at September 27, 2025 and recognized as a non-cash investing activity in the first nine months of 2025. We classify non-marketable equity investments, including equity method investments, as a Level 3 measurement.

Based on the terms of the transaction agreement with SLP, we have concluded that Altera is a VIE for which we are not the primary beneficiary because the governance structure of the entity does not allow us to direct the activities that most significantly impact Altera's economic performance. In line with this conclusion, we deconsolidated Altera from our consolidated financial statements at the September 12, 2025 transaction close date.

The carrying amounts of the major classes of Altera's net assets that we sold as of the September 12, 2025 transaction close date included the following:


(In Millions)
Assets
Cash and cash equivalents	$	400
Inventories	673
Property, plant and equipment, net	198
Identified intangible assets, net	394
Goodwill	781
Other assets	316
Total assets	$	2,762
Liabilities
Accrued compensation and benefits	$	182
Other liabilities	218
Total liabilities	$	400


			Financial Statements			Notes to Financial Statements			19

Table of Contents

Our sale of a 51% controlling stake in Altera, which is partially offset by the cash sold with Altera, separation and employee-related costs we agreed to fund to SLP, as well as direct and incremental costs we incurred to sell the business, resulted in a pre-tax gain of $5.5 billion recognized within interest and other, net. Our pre-tax gain was calculated as follows:


(In Millions)
Proceeds from divestiture, net of cash sold and direct selling costs	$	4,266
Deferred consideration1	457
Fair value of retained interest in Altera1	3,246
Less: net assets of Altera, net of cash sold	(1,962)
Less: separation and employee-related costs and other1	(461)
Gain on divestiture of Altera	$	5,546

1 Certain aspects of the net purchase consideration have yet to result in cash inflows and outflows and therefore reflect non-cash investing and financing activities within our Consolidated Condensed Statements of Cash Flows for the three and nine months ended September 27, 2025.

Approximately $2.1 billion of the gain resulted from the remeasurement of our non-marketable equity investment in Altera to its fair value at the transaction close date. Cash proceeds received within the third quarter of 2025 of $4.3 billion, net of the cash sold and the costs incurred to sell the business, are presented in net cash provided by (used for) investing activities, in the Consolidated Condensed Statements of Cash Flows for the nine months ended September 27, 2025.

NAND Memory Business

We sold our NAND memory technology and manufacturing business to SK hynix Inc. (SK hynix) which we deconsolidated upon closing the first phase of the transaction on December 29, 2021. On March 27, 2025, we closed the second phase of the transaction, collected the outstanding receivable, and recorded proceeds of $1.9 billion within cash and cash equivalents, net of certain adjustments.

In connection with the second closing, we entered into a final release and settlement agreement with SK hynix primarily related to certain penalties associated with the manufacturing and sale agreement between us and SK hynix, recognizing a net charge of $94 million within ~~Interest~~interest and other, net for the amount paid to SK hynix during the first quarter of 2025. In addition, in the third quarter of 2025, we recognized an incremental charge of $97 million within interest and other, net as a result of a contingency for which we have indemnified SK hynix.

Altera FPGA Business

On April 14, 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of Silver Lake Partners (SLP), to sell 51% of all issued and outstanding common stock of Altera, a wholly owned subsidiary. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary closing conditions, and is expected to result in the receipt of net cash proceeds of approximately $4.4 billion, after adjusting for certain amounts that we bear responsibility for pursuant to the transaction agreement, including the separation costs described below. Pursuant to the transaction agreement, $1.0 billion of the purchase price will be deferred and payable to us in two equal $500 million installments no later than December 31, 2026 and December 31, 2027. Receipt of the deferred consideration is not subject to any contingencies. Upon closing the transaction, we will retain a 49% minority investment in Altera.

Contemporaneously with the execution of the transaction agreement, we entered into a separation agreement with SLP that sets forth the terms for the completion of the separation of Altera from Intel to operate on a standalone basis, including our agreement to fund separation costs and expenses up to an aggregate amount of $277 million. In connection with the transaction, we anticipate entering into certain ancillary agreements that govern, among other things, intellectual property rights, employee matters, government contracting, and a wafer manufacturing and sale agreement pursuant to which we will provide semiconductor wafer manufacturing services to Altera.

Based on the terms of the transaction agreement, we have concluded that upon transaction close, Altera will be a VIE for which we are not the primary beneficiary because the governance structure of the entity does not allow us to direct the activities that would most significantly impact Altera's economic performance. At transaction close, we will deconsolidate Altera from our consolidated financial statements, record the cash proceeds received and a receivable of up to $1.0 billion of deferred cash proceeds, and recognize our remaining minority investment in Altera at fair value and prospectively apply the equity method of accounting for the investment.

Financial Statements Notes to Financial Statements 16

Table of Contents

The carrying amounts of the major classes of Altera's assets and liabilities held for sale, which are classified as other current assets and other current liabilities, respectively, within the Consolidated Condensed Balance Sheets, included the following:

(In Millions)	Jun 28, 2025
Assets
Cash and cash equivalents	$	50
Inventories	711
Property, plant and equipment, net	197
Identified intangible assets, net	394
Goodwill	781
Other assets	177
Total assets held for sale	$	2,310
Liabilities
Accrued compensation and benefits	$	131
Other liabilities	173
Total liabilities held for sale	$	304

In the second quarter of 2025, we ceased recording depreciation and amortization on property, plant, and equipment and identified intangible assets as of the date the assets were designated as held for sale.


Note 10 :			Borrowings

In the first quarter of 2025, we ~~amended~~settled ~~our 364-day~~ $81.05 billion ~~credit~~of ~~facility~~our ~~agreement~~senior tonotes ~~$5.0~~due ~~billion,~~March ~~and~~2025. In the ~~maturity~~third ~~date~~quarter ~~was~~of ~~extended~~2025, bywe ~~one~~settled ~~year to January 2026~~$2.3 ~~Neither~~billion of our ~~revolving~~senior ~~credit~~notes ~~facilities~~due ~~had~~July ~~borrowings outstanding as of June 28,~~ 2025 ~~or December 28, 2024~~.

WeIn ~~have~~the anfirst ~~ongoing~~quarter ~~authorization from our Board~~ of ~~Directors~~2025, towe ~~borrow~~amended upour to364-day $108.0 billion ~~under~~credit ~~our~~facility ~~commercial~~agreement ~~paper~~to ~~program~~$5.0 Inbillion, and the ~~first~~maturity ~~six~~date ~~months~~was ofextended ~~2025,~~by weone ~~borrowed~~year ~~$3.5~~to ~~billion~~January ~~and settled $1~~2026.5 ~~billion~~Neither of our ~~commercial~~revolving ~~paper~~credit ~~and~~facilities had ~~$2.0~~borrowings ~~billion of 4.60% commercial paper~~ outstanding as of ~~June~~September 2827, 2025 ~~(no~~or ~~commercial paper outstanding as~~ December 28, 2024). ~~Borrowings under the commercial paper program are unsecured general obligations.~~

~~Financial~~We ~~Statements~~have ~~Notes~~an ongoing authorization from our Board of Directors to ~~Financial~~borrow ~~Statements~~up 17to $10.0 billion under our commercial paper program. In the first nine months of 2025, we borrowed $3.5 billion and settled $3.5 billion of our commercial paper and had no commercial paper outstanding as of September 27, 2025 or as of December 28, 2024. Borrowings under the commercial paper program are unsecured general obligations.


			Financial Statements			Notes to Financial Statements			20

Table of Contents


Note 11 :			Fair Value

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

	Jun 28, 2025								Dec 28, 2024
	Sep 27, 2025								Dec 28, 2024
	Fair Value Measured and Recorded at Reporting Date Using								Fair Value Measured and Recorded at Reporting Date Using
(In Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Corporate debt	$	—	$	~~1,125~~944	$	—	$	~~1,125~~944	$	—	$	—	$	—	$	—
Financial institution instruments¹	3,~~017~~813		1,~~567~~347		—		45,~~584~~160		4,121		743		—		4,864
Reverse repurchase agreements	—		34,~~204~~369		—		34,~~204~~369		—		2,654		—		2,654
Short-term investments:
Corporate debt	—		6,~~112~~066		—		6,~~112~~066		—		5,365		—		5,365
Financial institution instruments¹	~~148~~286		3,~~165~~400		—		3,~~313~~686		195		3,356		—		3,551
Government debt²	445,280		24,~~094~~762		—		210,~~138~~042		33		4,864		—		4,897
Other current assets:
Derivative assets	~~143~~342		~~836~~480		—		~~979~~822		348		733		—		1,081
Marketable equity investments	~~467~~572		—		—		~~467~~572		848		—		—		848
Other long-term assets:
Derivative assets	—		41		—		41		—		1		—		1
Total assets measured and recorded at fair value	$	310,~~819~~293	$	1821,~~107~~369	$	—	$	2131,~~926~~662	$	5,545	$	17,716	$	—	$	23,261
Liabilities
Other accrued liabilities:
Derivative liabilities	$	—	$	390	$	124	$	514	$	—	$	562	$	134	$	696
Derivative liabilities³	$	2,058	$	422	$	119	$	2,599	$	—	$	562	$	134	$	696
Other long-term liabilities:
Derivative liabilities³	—3,555		~~188~~169		755		~~943~~4,479		—		416		755		1,171
Total liabilities measured and recorded at fair value	$	—5,613	$	~~578~~591	$	~~879~~874	$	17,~~457~~078	$	—	$	978	$	889	$	1,867

1Level 1 investments consist of money market funds. Level 2 investments consist primarily of time deposits, notes, and bonds issued by financial institutions.

2Level 1 investments consist primarily of USU.S. Treasury securities. Level 2 investments consist primarily of non-USU.S. government debt.

3Level 1 derivative liabilities relate to Escrowed Shares held and equity contracts for our deferred compensation program. Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement.

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Our non-marketable equity investments, ~~equity method investments,~~ and certain non-financial assets—such as intangible assets, goodwill, and property, plant, and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity investments during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets, and property, plant, and equipment are categorized as Level 3 within the fair value hierarchy as we utilize unobservable inputs such as prospective financial information, market segment growth rates, and discount rates in the fair value measurement process.

Our non-recurring fair value measurements include the valuation of our non-marketable equity investment in Altera on the September 12, 2025 transaction close date, which was classified as Level 3. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments ~~and equity method investments~~ that have not been remeasured or impaired in the current period, grants receivable, certain long-term receivables, and issued debt.

We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of ~~June~~September 2827, 2025, was $~~853~~1.0 ~~million~~billion (the aggregate carrying value of grants receivable as of December 28, 2024, was $1.7 billion).

WeFinancial ~~classify~~Statements ~~the~~Notes ~~fair~~to ~~value~~Financial ofStatements ~~issued debt (excluding any commercial paper) as Level 2. The fair value of these instruments was $43.3 billion as of June 28, 2025 ($43.5 billion as of December 28, 2024).~~ 21

Financial Statements Notes to Financial Statements 18

Table of Contents

We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of these instruments was $42.3 billion as of September 27, 2025 ($43.5 billion as of December 28, 2024).


Note 12 :			Derivative Financial Instruments

Volume of Derivative Activity

Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:

(In Millions)	~~Jun~~Sep 2827, 2025		Dec 28, 2024
Foreign currency contracts	$	1820,~~123~~967	$	25,472
Interest rate contracts	1821,~~236~~130		17,899
Other	2,467		2,593
Equity contracts1	2,507		2,593
Total	$	3844,~~826~~604	$	45,964

~~The~~1 Relates ~~total~~to ~~notional~~our ~~amount~~deferred ofcompensation ~~outstanding pay-variable, receive-fixed interest rate swaps was $12~~program.~~0 billion as of June 28, 2025 and December 28, 2024.~~

The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $9.7 billion as of September 27, 2025 and $12.0 billion as of December 28, 2024.

Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets

	Jun 28, 2025				Dec 28, 2024
	Sep 27, 2025				Dec 28, 2024
(In Millions)	Assets1		Liabilities2		Assets1		Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3	$	~~392~~177	$	1135	$	40	$	405
Interest rate contracts	—		~~335~~299		—		582
Total derivatives designated as hedging instruments	$	~~392~~177	$	~~346~~334	$	40	$	987
Derivatives not designated as hedging instruments:
Foreign currency contracts3	$	~~343~~193	$	~~279~~261	$	510	$	100
Interest rate contracts	~~105~~111		77115		184		25
Equity contracts	143		—		348		—
Equity contracts4	342		2		348		—
Other4	—		755		—		755
Escrowed Shares	—		5,611		—		—
Total derivatives not designated as hedging instruments	$	591	$	1,111	$	1,042	$	880
Ireland SCIP arrangement	—		755		—		755
Total derivatives	$	983	$	1,457	$	1,082	$	1,867
Total derivatives not designated as hedging instruments	$	646	$	6,744	$	1,042	$	880
Total derivatives	$	823	$	7,078	$	1,082	$	1,867

1Derivative assets are recorded as other assets, current and long-term.

2Derivative liabilities are recorded as other liabilities, current and long-term.

3A substantial majority of these instruments mature within 12 months.

~~4Embedded~~4Relates ~~derivative related~~ to our ~~Ireland~~deferred ~~SCIP~~compensation ~~arrangement~~program.

Financial Statements Notes to Financial Statements 1922

Table of Contents

Amounts Offset in the Consolidated Condensed Balance Sheets

Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows:

	Jun 28, 2025
	Sep 27, 2025
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	~~858~~710	$	—	$	~~858~~710	$	(~~391~~339)	$	(~~467~~371)	$	—
Reverse repurchase agreements	34,~~204~~369		—		34,~~204~~369		—		(34,~~204~~369)		—
Total assets	$	45,~~062~~079	$	—	$	45,~~062~~079	$	(~~391~~339)	$	(34,~~671~~740)	$	—
Liabilities:
Derivative liabilities subject to master netting arrangements	$	~~677~~643	$	—	$	~~677~~643	$	(~~391~~339)	$	(~~269~~325)	$	17(21)
Total liabilities	$	~~677~~643	$	—	$	~~677~~643	$	(~~391~~339)	$	(~~269~~325)	$	17(21)


	Dec 28, 2024
							Gross Amounts Not Offset in the Balance Sheet
(In Millions)	Gross Amounts Recognized		Gross Amounts Offset in the Balance Sheet		Net Amounts Presented in the Balance Sheet		Financial Instruments		Cash and Non-Cash Collateral Received or Pledged		Net Amount
Assets:
Derivative assets subject to master netting arrangements	$	948	$	—	$	948	$	(269)	$	(679)	$	—
Reverse repurchase agreements	2,654		—		2,654		—		(2,654)		—
Total assets	$	3,602	$	—	$	3,602	$	(269)	$	(3,333)	$	—
Liabilities:
Derivative liabilities subject to master netting arrangements	$	1,084	$	—	$	1,084	$	(269)	$	(745)	$	70
Total liabilities	$	1,084	$	—	$	1,084	$	(269)	$	(745)	$	70

We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate.

Derivatives in Cash Flow Hedging Relationships

The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $~~533~~7 million net ~~gains~~losses in the ~~second~~third quarter of 2025 and $~~713~~706 million net gains in the first ~~six~~nine months of 2025 ($~~227~~609 million net ~~losses~~gains in the ~~second~~third quarter of 2024 and $~~658~~49 million net losses in the first ~~six~~nine months of 2024).

Financial Statements Notes to Financial Statements 2023

Table of Contents

Derivatives in Fair Value Hedging Relationships

The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:

	Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Operations
	Three Months Ended				~~Six~~Nine Months Ended
(In Millions)	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024		~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Interest rate contracts	$	~~106~~36	$	24345	$	~~247~~283	$	~~(120)~~225
Hedged items	(~~106~~36)		(24345)		(~~247~~283)		~~120~~(225)
Total	$	—	$	—	$	—	$	—

The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:

Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included	Carrying Amount of the Hedged Item Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)	~~Jun~~Sep 2827, 2025		Dec 28, 2024		~~Jun~~Sep 2827, 2025		Dec 28, 2024
Short-term debt	$	(~~3,227~~988)	$	(2,214)	$	2312	$	36
Long-term debt	(8,~~435~~460)		(9,201)		~~312~~287		546
Total	$	(119,~~662~~448)	$	(11,415)	$	~~335~~299	$	582

Derivatives Not Designated as Hedging Instruments

The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Operations for each period were as follows:

		Three Months Ended				~~Six~~Nine Months Ended
(In Millions)	Location of Gains (Losses)Recognized in Income on Derivatives	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024		~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Foreign currency contracts	Interest and other, net	$	~~(19)~~108	$	~~190~~(344)	$	~~(104)~~4	$	~~536~~192
Interest rate contracts	Interest and other, net	~~(28)~~23		34(127)		(8562)		~~151~~24
Other	Various	199		56		42		193
Escrowed Shares	Interest and other, net	(1,687)		—		(1,687)		—
Total		$	152	$	280	$	(147)	$	880
Other	Various	167		97		209		290
Total		$	(1,389)	$	(374)	$	(1,536)	$	506

$1.7 billion of losses for the three and nine months ended September 27, 2025 related to changes in fair value of the Escrowed Shares released during the periods ended and held as of September 27, 2025 (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements).


			Financial Statements			Notes to Financial Statements			24

Table of Contents


Note 13 :			Contingencies

Legal Proceedings

We are regularly party to various ongoing claims, litigation, and other proceedings, including those noted in this section. As of ~~June~~September 2827, 2025, we have accrued a charge of $1.0 billion related to litigation involving VLSI and a charge of $401 million related to an EC-imposed fine, both as described below. Excluding the VLSI claims described below, management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends; however, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings, excessive verdicts, or other events could occur. Unfavorable resolutions could include substantial monetary damages, fines, or penalties. Certain of these outstanding matters include speculative, substantial, or indeterminate monetary awards. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Unless specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time.

Financial Statements Notes to Financial Statements 21

Table of Contents

European Commission Competition Matter

In 2009, the EC found that we had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a €1.1 billion fine, which we paid in the third quarter of 2009.

We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC's 2009 findings against us regarding rebates, as well as the €1.1 billion fine imposed on Intel, which was returned to us in February 2022. The General Court's January 2022 decision did not annul the EC's 2009 finding that we made payments to prevent sales of specific rival products.

In April 2022, the EC appealed the General Court's findings regarding rebates to the Court of Justice. In October 2024, the Court of Justice dismissed the EC's appeal, upholding the judgment of the General Court.

In September 2023, the EC imposed a €376 million ($401 million) fine against us based on its 2009 finding that we made payments to prevent sales of specific rival products. We have appealed the EC's decision. We have accrued a charge for the fine and are unable to make a reasonable estimate of the potential loss or range of losses in excess of this amount given the procedural posture and the nature of these proceedings.

Litigation Related to Security Vulnerabilities

In June 2017, a Google research team notified Intel and other companies that it had identified security vulnerabilities, the first variants of which are now commonly referred to as “Spectre” and “Meltdown,” that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. In January 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available.

Consumer class action lawsuits are pending against us ~~were pending~~ in the USU.S. and Canada. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by our actions and/or omissions in connection with Spectre, Meltdown, and other variants of this class of security vulnerabilities that have been identified since 2018, and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the USU.S., class action suits filed in various jurisdictions between 2018 and 2021 were consolidated for all pretrial proceedings in the USU.S. District Court for the District of Oregon, which entered final judgment in favor of Intel in July 2022 based on plaintiffs' failure to plead a viable claim. The Ninth Circuit Court of Appeals affirmed the district court's judgment in November 2023, ending the litigation. In November 2023, new plaintiffs filed a consumer class action complaint in the USU.S. District Court for the Northern District of California with respect to a further vulnerability variant disclosed in August 2023 and commonly referred to as “Downfall.” In August 2024, the district court dismissed plaintiffs' entire complaint for failure to plead a viable claim, with leave to amend. ~~Plaintiffs~~In ~~filed~~August an2025, ~~amended~~the ~~complaint~~district court dismissed with prejudice the nationwide class claims under California law in ~~September~~plaintiffs' ~~2024~~amended complaint, ~~which~~and wedenied ~~moved~~Intel's motion to dismiss subclass claims pleaded in the alternative under the laws of certain other states. In October ~~2024~~2025 plaintiffs filed a second amended complaint. In Canada, an initial status conference has not yet been scheduled in one case relating to Spectre and Meltdown pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters.

~~Litigation~~Financial ~~Related~~Statements Notes to ~~Segment~~Financial ~~Reporting~~Statements ~~and Internal Foundry Model~~25

A securities class action lawsuit was filed in the US District Court for the Northern District of California in May 2024 against us and certain officers following the modification of our segment reporting in the first quarter of 2024 to align to our new internal foundry operating model. In August 2024, the court ordered the case consolidated with a second, similar lawsuit, and in October 2024 plaintiffs filed an amended consolidated complaint generally alleging that defendants violated the federal securities laws by making false or misleading statements about the growth and prospects of the foundry business and seeking monetary damages on behalf of all persons and entities that purchased or otherwise acquired our common stock or purchased call options or sold put options on our common stock from January 25, 2024 through August 1, 2024. In early March 2025, the court granted defendants' motion to dismiss the amended consolidated complaint. The court granted plaintiffs leave to amend, and in late March 2025 plaintiffs filed a second amended complaint. In April 2025 defendants filed a motion to dismiss the second amended complaint. In July 2025, the court granted defendant’s motion to dismiss without granting plaintiffs leave to amend their complaint. Given the procedural posture of the case, including that the plaintiffs may appeal the district court's decision, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from the matter.

Stockholder derivative lawsuits have been filed in Delaware state and federal courts alleging that our directors and certain officers breached their fiduciary duties and violated the federal securities laws by making or allowing the statements that are challenged in the securities class action lawsuit. The plaintiffs in the derivative lawsuits seek to recover damages from the defendants on behalf of Intel. By stipulation of the parties, the Delaware state and federal courts have ordered the cases before them stayed pending certain developments in the securities class action lawsuit.

Financial Statements Notes to Financial Statements 22

Table of Contents

Litigation Related to Segment Reporting and Internal Foundry Model

A securities class action lawsuit was filed in the U.S. District Court for the Northern District of California in May 2024 against us and certain officers following the modification of our segment reporting in the first quarter of 2024 to align to our new internal foundry operating model. In August 2024, the court ordered the case consolidated with a second, similar lawsuit, and in October 2024 plaintiffs filed an amended consolidated complaint generally alleging that defendants violated the federal securities laws by making false or misleading statements about the growth and prospects of the foundry business and seeking monetary damages on behalf of all persons and entities that purchased or otherwise acquired our common stock or purchased call options or sold put options on our common stock from January 25, 2024 through August 1, 2024. In March 2025, the court dismissed plaintiffs' amended consolidated complaint, finding that plaintiffs failed to plead any false or misleading statements by defendants. The court granted plaintiffs leave to amend, but in July 2025 dismissed plaintiffs' second amended complaint and entered judgment in defendants' favor, again finding that plaintiffs failed to plead any false or misleading statements. Plaintiffs have appealed. Given the procedural posture of the case, including that the plaintiffs have appealed the district court's decision, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from the matter.

Stockholder derivative lawsuits have been filed in Delaware state and federal courts alleging that our directors and certain officers breached their fiduciary duties and violated the federal securities laws by making or allowing the statements that are challenged in the securities class action lawsuit. The plaintiffs in the derivative lawsuits seek to recover damages from the defendants on behalf of Intel. The cases are stayed pending developments in the securities class action lawsuit.

Litigation Related to Patent and IP Claims

We have had IP infringement lawsuits filed against us, including but not limited to those discussed below. Most involve claims that certain of our products, services, and technologies infringe others' IP rights. Adverse results in these lawsuits may include awards of substantial fines and penalties, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices, and develop non-infringing products or technologies, which could result in a loss of revenue for us and otherwise harm our business. In addition, certain agreements with our customers require us to indemnify them against certain IP infringement claims, which can increase our costs as a result of defending such claims, and may require that we pay significant damages, accept product returns, or supply our customers with non-infringing products if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenue and adversely affect our business.

VLSI Technology LLC v. Intel

In October 2017, VLSI Technology LLC (VLSI) filed a complaint against us in the USU.S. District Court for the Northern District of California alleging that various Intel FPGA and processor products infringe eight patents VLSI acquired from NXP Semiconductors, N.V. (NXP). VLSI sought damages, attorneys' fees, costs, and interest. Intel prevailed on all eight patents and the court entered final judgment in April 2024. VLSI appealed the Court's judgment of non-infringement as to one of the eight patents. In April 2019, VLSI filed three infringement suits against us in the USU.S. District Court for the Western District of Texas accusing various of our processors of infringement of eight additional patents it had acquired from NXP:

▪The first Texas case went to trial in February 2021, and the jury awarded VLSI $1.5 billion for literal infringement of one patent and $675 million for infringement of another patent under the doctrine of equivalents. In April 2022, the court entered final judgment, awarding VLSI $2.2 billion in damages and approximately $162 million in pre-judgment and post-judgment interest. We appealed the judgment to the Federal Circuit Court of Appeals, including the court's rejection of Intel's claim to have a license from Fortress Investment Group's acquisition of Finjan. The Federal Circuit Court heard oral argument in October 2023. In December 2023, the Federal Circuit reversed the finding of infringement as to the patent for which VLSI was awarded $675 million. The Federal Circuit affirmed the finding of infringement as to the patent for which VLSI had been awarded $1.5 billion, but vacated the damages award and sent the case back to the trial court for further damages proceedings on that patent. The Federal Circuit also ruled that Intel can advance the defense that it is licensed to VLSI's patents. In December 2021 and January 2022 the Patent Trial and Appeal Board (PTAB) instituted Inter Partes Reviews (IPR) on the claims found to have been infringed in the first Texas case, and in May and June 2023 found all of those claims unpatentable; VLSI has appealed the PTAB's decisions. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents. The motion remains pending.

▪The second Texas case went to trial in April 2021, and the jury found that we do not infringe the asserted patents. VLSI had sought approximately $3.0 billion for alleged infringement, plus enhanced damages for willful infringement. In September 2024, the court denied VLSI's motion for a new trial. Other post-trial motions remain pending, and the court has not yet entered final judgment.

~~▪The~~Financial ~~third~~Statements ~~Texas~~Notes ~~case went~~ to ~~trial~~Financial inStatements November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI approximately $949 million in damages, plus interest and a running royalty. The court has not yet entered final judgment. In February 2023, we filed motions for a new trial and for judgment as a matter of law notwithstanding the verdict on various grounds. Further appeals are possible. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents, and the court granted Intel's motion that same month. In May 2025, the court held a trial on an underlying factual question relating to Intel’s license defense. The jury returned a verdict in Intel's favor. Post-trial briefing is ongoing, and the court will now address the ultimate legal issue of whether Intel obtained a license to the asserted VLSI patent through Intel’s license agreement with Finjan when Fortress Investments acquired Finjan. 26

Table of Contents

▪The third Texas case went to trial in November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI approximately $949 million in damages, plus interest and a running royalty. The court has not yet entered final judgment. In February 2023, we filed motions for a new trial and for judgment as a matter of law notwithstanding the verdict on various grounds. Further appeals are possible. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents, and the court granted Intel's motion that same month. In May 2025, the court held a trial on an underlying factual question relating to Intel’s license defense. The jury returned a verdict in Intel's favor. Post-trial briefing is complete, and the court will address the ultimate legal issue of whether Intel obtained a license to the asserted VLSI patent through Intel’s license agreement with Finjan when Fortress Investments acquired Finjan.

In May 2019, VLSI filed a case in Shenzhen Intermediate People's Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserted one patent against certain Intel Core processors. Defendants filed an invalidation petition in October 2019 with the China National Intellectual Property Administration (CNIPA) which held a hearing in September 2021. The Shenzhen court held trial proceedings in July 2021 and September 2023. VLSI sought an injunction as well as RMB 1.3 million in costs and expenses, but no damages. In September 2023, the CNIPA invalidated every claim of the asserted patent. In November 2023, the trial court dismissed VLSI's case.

In May 2019, VLSI filed a case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. asserting one patent against certain Intel ~~core~~Core processors. The Shanghai court held trial hearings in December 2020 and in May 2022, where VLSI requested expenses (RMB 300 thousand) and an injunction. In October 2023, the Shanghai court issued a decision finding no infringement and dismissing all claims. In November 2023, VLSI appealed the finding of non-infringement to the Supreme People's Court. The Supreme People's Court held an evidentiary hearing in October 2024, and a trial in November 2024.

In parallel in December 2022, we had filed a petition to invalidate the patent at issue in the Shanghai proceeding. In February 2024, the patent was found not invalid, and Intel appealed the decision in May 2024. After the Beijing Intellectual Property Court upheld the validity of the patent in May 2025, we filed a further appeal to the Supreme People’s Court in June 2025. Both VLSI’s appeal of the noninfringement decision and our appeal of the validity decision before the Supreme People’s Court remain pending.

~~Financial~~In ~~Statements~~July ~~Notes~~2024, Intel filed suit against VLSI in U.S. District Court for the District of Delaware requesting the court find Intel is licensed to ~~Financial~~VLSI's ~~Statements~~patents. 23In September 2024, VLSI filed motions requesting that Intel's complaint be dismissed, transferred, or stayed. In December 2024, the Delaware court stayed the case and deferred the pending motions until May 31, 2025. The Delaware court has not taken further action and continues to receive status reports from the parties regarding the Texas court's consideration of Intel's license defense.

~~Table~~As of ~~Contents~~September 27, 2025, we have accrued a charge of approximately $1.0 billion related to the VLSI litigation. We are unable to make a reasonable estimate of losses in excess of recorded amounts.

In July 2024, Intel filed suit against VLSI in US District Court for the District of Delaware requesting the court find Intel is licensed to VLSI's patents. In September 2024, VLSI filed motions requesting that Intel's complaint be dismissed, transferred, or stayed. In December 2024, the Delaware court stayed the case and deferred the pending motions until May 31, 2025.

As of June 28, 2025, we have accrued a charge of approximately $1.0 billion related to the VLSI litigation. We are unable to make a reasonable estimate of losses in excess of recorded amounts.

Eire Og Innovations v IBM et. al.

~~Between~~Since April ~~and present~~2024, EireOg Innovations Ltd. has filed eleven separate complaints in the Eastern and Western Districts of Texas against Intel and AMD customers alleging that various products with Intel and AMD CPUs infringe numerous patents. EireOg seeks compensatory damages, future royalties, attorneys’ fees, costs, and interest. Intel is indemnifying Acer, Amazon Web Services (AWS), Cisco Systems, Inc. (Cisco), Dell Technologies, Inc. (Dell), Hewlett Packard Enterprise (HPE), HP, Inc. (HPI), International Business Machines Corporation (IBM), Lenovo Group Ltd. (Lenovo), and Oracle Corporation (Oracle) in connection with Intel CPUs accused of infringing four patents. Cisco and IBM filed their answers in June 2024. In these cases, a Markman hearing iswas scheduled for August 2025, and trial is scheduled for February 2026. Dell, ~~HPI~~ and Oracle filed their answers in June, ~~August~~ and September 2024, respectively. The Markman hearing in those matters was held in May 2025, and trial is scheduled for June 2026. Lenovo filed a motion to dismiss for lack of jurisdiction in July 2024, which was denied, and it subsequently filed an answer in October 2024. HPE ~~and Acer~~ filed ~~their~~its ~~answers~~answer in July ~~and September~~ 2024~~, respectively~~. ~~The~~Trial ~~Markman~~in ~~hearing for~~ the Lenovo, ~~HPE~~ and ~~Acer~~HPE matters is scheduled for ~~September~~March ~~2025,~~2026. ~~and~~AWS ~~trial~~moved to dismiss the complaint in ~~those~~June ~~matters~~2025, isand ~~scheduled~~EireOg ~~for~~responded ~~March~~with ~~2026~~an amended complaint. AWS ~~moved~~filed a motion to dismiss the amended complaint in ~~June~~July 2025, which was denied, and ~~EireOg~~it ~~responded~~subsequently ~~with~~filed an ~~amended~~answer ~~complaint~~in October 2025. The Markman hearing in the AWS matter is scheduled for December 2025, and trial is scheduled for December 2026. In September 2025, EireOg filed joint motions to dismiss the claims against Acer and HPI without prejudice. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters.

~~Financial~~Media ~~Statements~~Content ~~Notes~~Protection tov ~~Financial Statements 24~~Intel

In September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, Philips) filed against Intel and customers in the U.S. District Court for the District of Delaware and the International Trade Commission (ITC). Philips alleged that certain Intel digital video-capable integrated circuits and associated firmware infringed two of its patents, including integrated circuits and associated firmware incorporated into products sold by Dell., HPI, Lenovo, and LG Electronics Inc. In March 2022, the ITC issued a final determination concluding that Philips had not proven a violation. Philips did not appeal the ITC’s decision, and a stay of the Delaware cases was lifted. Philips then sold the asserted patents to Media Content Protection (MCP) in July 2024, and MCP substituted in as the plaintiff. Trial is set for January 2026. MCP seeks $66 million to $398 million in damages for royalties between the 2020 case filing and the 2023 patent expiration date. Given the procedural posture and the nature of this case, including that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from this matter.


			Financial Statements			Notes to Financial Statements			27

Table of Contents


Key Terms

We use terms throughout our document that are specific to Intel or that are abbreviations that may not be commonly known or used. Below is a list of these terms used in our document.

Term

Definition

2024 Restructuring Plan

Cost and capital reduction initiatives approved by management, the board of directors or the Audit & Finance Committee of the board of directors designed to adjust spending to current business trends and achieve objectives announced in Q3 2024 with respect to reducing operating expenses, reducing capital expenditures and reducing cost of sales while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy

2025 Restructuring Plan

Transformational initiative announced and subsequently approved in Q2 2025 by our management to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives

Artificial intelligence

Altera

Altera Corporation, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications.

AMIC

Advanced Manufacturing Investment Credit

Apollo

Apollo Global Management, Inc.

ASP

Average selling price

Brookfield

Brookfield Asset Management

CCG

Client Computing Group operating segment

CHIPs Act

Creating Helpful Incentives to Produce Semiconductors for America Act

CODM

Chief operating decision maker

CPU

Processor or central processing unit

DCAI

Data Center and Artificial Intelligence operating segment

DOC

U.S. Department of Commerce

European Commission

EPS

Earnings per share

Escrowed Shares

Shares of Intel common stock held in escrow to be released to the DOC as we perform and receive cash proceeds in connection with Secure Enclave

2024 Form 10-K

Annual Report on Form 10-K for the year ended December 28, 2024

FPGA

Field-programmable gate array

IDM

Integrated device manufacturer, a semiconductor company that both designs and builds chips

IMS

IMS Nanofabrication GmbH, a business within Intel Foundry that develops and produces electron-beam systems for the semiconductor industry

Intellectual property

MD&A

Management's Discussion and Analysis

MG&A

Marketing, general, and administrative

NAND

NAND flash memory

NEX

Networking and Edge operating segment

Q1 2025 Form 10-Q

Quarterly Report on Form 10-Q for the quarter ended March 29, 2025

Q2 2025 Form 10-Q

Quarterly Report on Form 10-Q for the quarter ended June 28, 2025

R&D

Research and development

RSU

Restricted stock unit

SCIP

Semiconductor Co-Investment Program

SEC

US Securities and Exchange Commission

Secure Enclave

Secure Enclave program under the CHIPs Act

SoC

System on a chip, which integrates most of the components of a computer or other electronic system into a single silicon chip. We offer a range of SoC products across many market segments for a variety of applications.

SoftBank Group

SoftBank Group Corp

U.S.

United States

U.S. GAAP

U.S. Generally Accepted Accounting Principles

VIE

Variable interest entity

Term

Definition

2024 Restructuring Plan

2025 Restructuring Plan

Transformational initiative approved by our management to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives

Artificial intelligence

Apollo

Apollo Global Management, Inc.

ASP

Average selling price

Brookfield

Brookfield Asset Management

CCG

Client Computing Group operating segment

CHIPS Act

Creating Helpful Incentives to Produce Semiconductors for America Act

CODM

Chief operating decision maker

CPU

Processor or central processing unit

DCAI

Data Center and Artificial Intelligence operating segment

European Commission

EPS

Earnings per share

2024 Form 10-K

Annual Report on Form 10-K for the year ended December 28, 2024

FPGA

Field-programmable gate array

IDM

Integrated device manufacturer, a semiconductor company that both designs and builds chips

IMS

IMS Nanofabrication GmbH, a business within Intel Foundry that develops and produces electron-beam systems for the semiconductor industry

Intellectual property

MD&A

Management's Discussion and Analysis

MG&A

Marketing, general, and administrative

NAND

NAND flash memory

NEX

Networking and Edge operating segment

R&D

Research and development

RSU

Restricted stock unit

SCIP

Semiconductor Co-Investment Program

SEC

US Securities and Exchange Commission

Smart Capital

Our Smart Capital approach accelerates progress on our strategy. This approach is designed to enable us to adjust quickly to opportunities in the market, while managing our margin structure and capital spending. The elements of Smart Capital include capacity investments, government incentives, customer commitments, continued use of external foundries

SoC

System on a chip, which integrates most of the components of a computer or other electronic system into a single silicon chip. We offer a range of SoC products in CCG, DCAI, and NEX. Our DCAI and NEX businesses offer SoCs across many market segments for a variety of applications, including products targeted for 5G base stations and network infrastructure

United States

US GAAP

US Generally Accepted Accounting Principles

VIE

Variable interest entity


			Financial Statements			Notes to Financial Statements			28

Financial Statements Notes to Financial Statements 25

Table of Contents


Management's Discussion and Analysis

This report should be read in conjunction with our 2024 Form 10-K where we include additional information on our business, operating segments, risk factors, critical accounting estimates, policies, and the methods and assumptions used in our estimates, among other important information. The Critical Accounting Estimates discussed in our Q2 2025 Form 10-Q , supplement the significant accounting policies outlined in "Note 2: Accounting Policies" within Notes to Consolidated Financial Statements within our 2024 Form 10-K .

In ~~Q2 2025~~addition, weas ~~initiated~~described anunder ~~enterprise-wide~~U.S. ~~initiative~~Government toAgreements ~~fundamentally~~below ~~transform~~in ~~our~~this ~~culture~~MD&A and ~~the~~further ~~way~~supplemented inwithin ~~which~~Risk weFactors ~~operate,~~and ~~which~~Other isKey ~~designed~~Information toincluded ~~simplify~~elsewhere ~~the~~in ~~way~~this document, we doentered ~~business~~into ~~and~~transactions ~~drive~~with ~~transparency and accountability across~~ the ~~company~~U.S. Asgovernment ~~part~~in ofQ3 ~~this~~2025 ~~transformation,~~for wewhich ~~implemented~~ the ~~2025~~accounting ~~Restructuring~~is ~~Plan~~complex ~~to lower expenses, streamline our organizational structure~~ and ~~reduce~~for ~~management~~which ~~layers~~we ~~across~~voluntarily ~~functions~~initiated ~~while~~an ~~reallocating~~accounting ~~resources~~consultation ~~toward~~with ~~our~~the ~~core~~staff ~~client~~of ~~and~~the ~~server~~SEC. ~~businesses~~Due byto ~~reducing~~the ~~investment~~current ~~in lower-priority programs and initiatives~~U.S. Wegovernment ~~expect~~shutdown, ~~these~~we ~~headcount~~have ~~reduction~~been ~~initiatives~~unable ~~will~~to ~~reduce~~conclude our ~~core~~consultation ~~Intel~~with ~~workforce by 15% by~~ the ~~end~~staff of ~~fiscal~~the ~~2025.~~SEC Asas ~~a result~~ of ~~initiating and deploying~~ the ~~2025~~date ~~Restructuring Plan, and substantially completing the 2024 Restructuring Plan, we recognized restructuring charges~~ of ~~$1.9~~this ~~billion~~Q3 ~~in Q2~~ 2025, ~~primarily~~Form ~~comprised~~10-Q ~~of the following:~~filing.

~~▪cash-based~~Altera ~~employee~~Divestiture ~~severance and related employee exit charges of $1.5 billion; and~~

~~▪non-~~On September 12, 2025, we completed the divestiture of 51% of Altera for net purchase consideration of $4.3 billion, consisting of: $4.3 billion in cash ~~asset~~proceeds ~~impairment~~received ~~charges~~at the closing, subject to working capital adjustments and other adjustments under the terms of the transaction agreement, separation agreement, and certain ancillary agreements attached to the transaction; $~~416~~500 million ~~resulting~~in ~~from~~deferred cash proceeds also received within the ~~exit~~third quarter of ~~certain~~2025; ~~non-core~~$500 ~~lines~~million in deferred cash proceeds payable to us no later than December 31, 2027; an offset of ~~business~~$400 million for cash transferred to Altera with the sale; an offset of approximately $469 million in separation and employee-related costs we have agreed to fund to the ~~consolidation~~purchaser; and ~~exit~~an ofoffset ~~certain~~for ~~real~~other ~~estate~~direct ~~properties~~and incremental costs incurred in connection with the sale.

~~Our~~Upon Q2closing ~~2025~~the ~~results~~transaction, ofwe ~~operations~~deconsolidated ~~were~~Altera ~~also~~from ~~affected~~our byconsolidated anfinancial ~~impairment~~statements ~~charge~~ and ~~accelerated~~retained ~~depreciation~~a ~~related~~49% tominority ~~certain~~investment ~~manufacturing~~in ~~assets~~Altera ~~that~~which ~~were~~is ~~determined~~accounted tofor ~~have~~under nothe ~~remaining~~equity ~~operational~~method ~~use~~of accounting. ~~This~~The ~~determination~~$3.2 ~~was~~billion ~~based~~value onof anour ~~evaluation~~non-marketable ofequity ~~our~~method ~~current~~investment ~~process~~in ~~technology~~Altera ~~node~~is ~~capacities~~classified ~~relative~~within toequity ~~projected~~investments ~~market~~in ~~demand~~the ~~for~~Consolidated ~~our~~Condensed ~~products~~Balance ~~and~~Sheets ~~services~~at September 27, 2025. ~~These~~The ~~non~~Altera divestiture resulted in a pre-~~cash~~tax ~~charges~~gain of $~~797~~5.5 ~~million~~billion recognized within interest and other, net, which is net of certain ~~items,~~costs ~~were~~we ~~recorded~~have agreed to ~~cost~~fund ofto ~~sales~~SLP, inas Q2well ~~2025,~~as ~~impacting~~direct and incremental costs we incurred to sell the ~~results~~business. ~~for~~Refer ~~our~~to ~~Intel~~"Note ~~Foundry~~9: ~~segment~~Divestitures" within Notes to Consolidated Condensed Financial Statements for further information.

~~As part of the transformation of the company, we have begun implementing a more disciplined approach to the deployment of capital~~U. The design, development, and manufacturing of leading-edge semiconductor manufacturing process technologies, or nodes, is risky and capital-intensive, and it takes years for capital investments to yield a returnS. ~~Under~~Government our more disciplined approach, we intend to invest capital in future node development and additional or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital. We expect to release the first SKU of our first products manufactured on our new leading-edge node, Intel 18A, by the end of 2025, and continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external customers. We are focused on the continued development of Intel 14A, the next generation node beyond Intel 18A and Intel 18A-P, and on securing a significant external customer for such node. However, if we are unable to secure a significant external customer and meet important customer milestones for Intel 14A, we face the prospect that it will not be economical to develop and manufacture Intel 14A and successor leading-edge nodes on a go-forward basis. In such event, we may pause or discontinue our pursuit of Intel 14A and successor nodes and various of our manufacturing expansion projects. While we continue to evaluate Intel 14A for use in future Intel products and our plan includes an initial product designed to utilize Intel 14A, at present we are maintaining the option to design future Intel products requiring nodes with performance beyond Intel 18A and Intel 18A-P to be produced internally or by an external foundry. If we were to discontinue development of Intel 14A and successor nodes, we expect that a majority of our products would continue to be manufactured in our own facilities utilizing our nodes up to Intel 18A-P through at least 2030. By focusing on our customers and delivering the best semiconductor products to the market, manufactured on the most appropriate internal or external node from a performance and cost perspective, and only deploying capital on new nodes and manufacturing facilities where we believe they will yield an attractive return, we believe we can improve the competitiveness of our products business, and the overall financial results for the company. Agreements

~~Separately~~On August 22, ~~in recent months~~2025, ~~hostilities~~we inentered ~~Israel~~into ~~and~~a ~~the~~Warrant ~~surrounding region escalated significantly with direct military actions between Israel~~ and ~~Iran~~Common ~~and~~Stock ~~military~~Agreement ~~strikes by the United States against Iran~~(U. ~~There can be no assurance that any existing or future ceasefire agreements will be respected or remain in force, and additional hostilities and escalations remain possible at any time~~S. WeGovernment ~~continue~~Agreement) towith ~~monitor~~ the ~~impact this geopolitical conflict could have on our operations in Israel, including potential disruption of our wafer fabrication facility and our product development centers~~U. ~~To date, we have not had a material interruption in either our manufacturing operations or our product development centers~~S. AsDepartment ~~a significant portion~~ of ~~our~~Commerce's ~~revenues~~(DOC) ~~are~~to ~~generated~~support ~~from~~the ~~products~~continued onexpansion ~~Intel~~of 7American ~~manufactured~~semiconductor attechnology ~~our fabrication facility in Israel~~ and wemanufacturing ~~are not insured for business interruptions resulting from war or political violence, a disruption of that facility could have a significant adverse impact on our business~~leadership. ~~Additionally,~~On ~~our property~~August 27, ~~plant~~2025, ~~and~~pursuant ~~equipment~~to ~~assets~~the interms ~~Israel~~of ~~are self-insured for losses resulting from war or political violence and could be impacted by~~ the ~~conflict~~U.S. Government Agreement:

~~In Q1 2025,~~ ▪we ~~made~~entered into an ~~organizational~~amendment ~~change~~ to ~~integrate NEX into CCG and DCAI and modified~~ our ~~segment~~commercial ~~reporting~~CHIPs toAct ~~align~~agreement towith ~~this~~the ~~and~~DOC ~~certain~~removing ~~other business reorganizations. All prior period segment data has been retrospectively adjusted to reflect~~ the ~~way our CODM internally receives information and manages and monitors our operating segment performance. There were no changes to our consolidated financial statements for any~~ prior ~~periods.~~project ~~Our~~milestone requirements ~~discussion regarding our segments' results of operations presented below excludes the $1.9 billion of restructuring~~ and other ~~charges~~conditions into Q2disbursements ~~2025~~under ~~and similar charges for~~ the ~~other periods presented~~agreement, as ~~our~~well ~~CODM~~as ~~receives,~~substantially ~~views~~all ~~and~~other ~~uses~~requirements ~~information~~under ~~for~~the ~~decision~~agreement ~~making~~other ~~purposes~~than ~~based~~those ~~upon~~required ~~segment~~by ~~results that exclude such items. "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements of this Form 10-Q provides additional information about our operating segments~~law, including ~~the~~those ~~nature~~associated ofwith ~~segment~~the ~~revenues~~$2.3 ~~and~~billion ~~expenses,~~previously ~~and~~received ~~reconciles our segment revenues presented below to our total consolidated net revenues~~ and ~~our~~recognized ~~segment~~by ~~operating~~us ~~income~~as ~~(loss)~~government ~~presented~~incentives ~~below~~pursuant to our ~~total~~government ~~consolidated~~grant ~~operating~~accounting ~~income (loss) for each of the periods presented.~~policy;

~~MD&A~~▪we 26received the full amount of the accelerated disbursements remaining under the commercial CHIPs Act agreement of $5.7 billion;

▪we issued to the DOC 275 million shares of our common stock and a warrant to purchase up to 241 million shares of our common stock at $20.00 per share if we were to cease to directly or indirectly own at least 51% of our foundry business; and

▪we issued into escrow 159 million shares of our common stock, to be released to the U.S. government on a $20.00 per share basis as we receive the $3.2 billion of disbursements contemplated by our existing agreement and related performance obligations with the U.S. government under the CHIPs Act's Secure Enclave program (684 thousand shares were subsequently released upon receipt of disbursements during Q3 2025).

Refer to “Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements and "Risk Factors" within Risk Factors and Other Key Information for additional details.

Private Placement Share Sale Agreements

In Q3 2025, we entered into two agreements for the issuance and sale of shares of our common stock in private placements to support our strategic investments in advanced manufacturing, AI infrastructure, and long-term growth initiatives:

▪on August 18, 2025, we entered into an agreement with SoftBank Group to issue and sell to SoftBank Group 87 million shares of our common stock at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025; and

▪on September 15, 2025, we entered into an agreement with NVIDIA to issue and sell to NVIDIA 215 million shares of our common stock at $23.28 per share for an aggregate cash purchase price of $5.0 billion. The closing of the issuance and sale, which represents a standalone transaction, remains subject to customary closing conditions.


			MD&A			29

Table of Contents

Restructuring Actions and Other Charges

2025

In Q2 2025, we initiated an enterprise-wide initiative to fundamentally transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. We expect these headcount reduction initiatives will reduce our core Intel workforce by approximately 15% by the end of fiscal 2025, as compared to our Q2 2025 ending employee headcount. In YTD 2025, we recognized restructuring charges of $2.2 billion, consisting primarily of charges from our initiating and deploying the 2025 Restructuring Plan and including some remaining charges as we substantially completed the 2024 Restructuring Plan. Charges in YTD 2025 were primarily composed of cash-based employee severance and related employee exit charges of $1.8 billion and non-cash asset impairment charges of $416 million resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.

Our YTD 2025 results of operations were also affected by accelerated depreciation and impairment charges recognized for certain manufacturing assets that were determined to have no remaining operational use. This determination was based on an evaluation of our current process technology node capacities relative to projected market demand for our products and services. These non-cash charges of $797 million, net of certain items, were recorded to cost of sales in Q2 2025, impacting the results for our Intel Foundry segment.

2024

The quarter-over-quarter and year-over-year comparisons in this discussion and analysis are, in many instances, materially impacted by the restructuring actions and other charges that occurred in Q3 2024. In Q3 2024, we announced, initiated and deployed our 2024 Restructuring Plan, and we recognized $2.8 billion of restructuring charges in Q3 2024, comprised primarily of cash-based employee severance and related employee exit charges of $2.2 billion, non-cash charges directly resulting from our decision to exit manufacturing capabilities for internal-use test hardware, resulting in the impairment of certain construction in progress assets of $442 million, and non-cash charges associated with real estate consolidation and exits that resulted in the impairment of certain operating leased assets and related leasehold improvements of $86 million.

In Q3 2024, our consolidated results of operations were also materially impacted by the following:

▪$3.1 billion of charges, substantially all of which were recorded to cost of sales, related to non-cash impairments and the acceleration of depreciation for certain manufacturing assets, a substantial majority of which related to our Intel 7 process node and also impacted the results of our Intel Foundry segment;

▪$2.9 billion of non-cash charges, all of which were recorded as other charges in the restructuring and other line as presented in our Consolidated Condensed Statements of Operations, which were associated with the impairment of goodwill for certain of our reporting units as well as certain acquired intangible assets; and

▪$9.9 billion of non-cash charges recorded to provision for (benefit from) income taxes that substantially related to valuation allowances recorded to our net deferred tax assets.

Future Node Development

As part of the transformation of the company, in Q2 2025 we announced that we would take a more disciplined approach to the deployment of capital. The design, development, and manufacturing of leading-edge semiconductor manufacturing process technologies, or nodes, is risky and capital-intensive, and it takes years for capital investments to yield a return. Under our more disciplined approach, we intend to invest capital in future node development and additional or upgraded manufacturing facilities only where we have a clear line of sight to an acceptable return on that capital. We expect to release the first SKU of our first products manufactured on our new leading-edge node, Intel 18A, by the end of 2025, and continue to develop its derivative node, Intel 18A-P, designed for future Intel products and external customers. We are focused on the continued development of Intel 14A, the next generation node beyond Intel 18A and Intel 18A-P, and on securing a significant external customer for such node. However, if we are unable to secure a significant external customer and meet important customer milestones for Intel 14A, we face the prospect that it will not be economical to develop and manufacture Intel 14A and successor leading-edge nodes on a go-forward basis. In such event, we may pause or discontinue our pursuit of Intel 14A and successor nodes and various of our manufacturing expansion projects. While we continue to evaluate Intel 14A for use in future Intel products and our plan includes an initial product designed to utilize Intel 14A, at present we are maintaining the option to design future Intel products requiring nodes with performance beyond Intel 18A and Intel 18A-P to be produced internally or by an external foundry. If we were to discontinue development of Intel 14A and successor nodes, we expect that a majority of our products would continue to be manufactured in our own facilities utilizing our nodes up to Intel 18A-P through at least 2030. By focusing on our customers and delivering the best semiconductor products to the market, manufactured on the most appropriate internal or external node from a performance and cost perspective, and only deploying capital on new nodes and manufacturing facilities where we believe they will yield an attractive return, we believe we can improve the competitiveness of our products business, and the overall financial results for the company.


			MD&A			30

Table of Contents

Risks to Operations from Hostilities in Israel

During YTD 2025, hostilities in Israel and the surrounding region escalated significantly, including direct military actions between Israel and Iran and military strikes by the United States against Iran. While a truce was recently reached among parties to the conflict in Israel, there can be no assurance that any existing or future ceasefire agreements will be respected or remain in force, and additional hostilities and escalations remain possible at any time. We continue to monitor the impact this geopolitical conflict could have on our operations in Israel, including potential disruption of our wafer fabrication facility and our product development centers. To date, we have not had a material interruption in either our manufacturing operations or our product development centers. As a significant portion of our revenues are generated from products on Intel 7 manufactured at our fabrication facility in Israel and we are not insured for business interruptions resulting from war or political violence, a disruption of that facility could have a significant adverse impact on our business. Additionally, our property, plant, and equipment assets in Israel are self-insured for losses resulting from war or political violence which could be impacted by the conflict.

Reorganization of our Business

In Q1 2025, we made an organizational change to integrate NEX into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. All prior period segment data has been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance. There were no changes to our consolidated financial statements for any prior periods. Our discussion regarding our segments' results of operations presented below excludes restructuring and other charges for all periods presented, as our CODM receives, views and uses information for decision making purposes based upon segment results that exclude such items. "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements of this Form 10-Q provides additional information about our operating segments, including the nature of segment revenues and expenses, and reconciles our segment revenues presented below to our total consolidated net revenues and our segment operating income (loss) presented below to our total consolidated operating income (loss) for each of the periods presented.


			MD&A			31

Table of Contents


Operating Segments Trends and Results

Intel Products

Intel Products consists substantially of the design, development, marketing, sale, support, and servicing of CPUs and related solutions for third-party customers. The manufacturing of our Intel Products' offerings is performed by Intel Foundry and, to a lesser extent, certain third party manufacturers. Intel Products is comprised of two operating segments: CCG and DCAI. CCG delivers platforms and processors that power personal computers, enabling enhanced performance, connectivity and user experiences. DCAI provides high-performance computing, AI acceleration, and infrastructure solutions, supporting data centers, cloud providers, and enterprises in meeting the growing demand for data processing and AI workloads.

Intel Products Financial Performance1

	Three Months Ended									~~Six~~Nine Months Ended
	Jun 28, 2025									Jun 28, 2025
	Sep 27, 2025									Sep 27, 2025
($ in Millions)	CCG			DCAI			Total			CCG			DCAI			Total
Revenue	$	78,~~871~~535		$	34,~~939~~117		$	1112,~~810~~652		$	1524,~~500~~035		$	812,~~065~~182		$	2336,~~565~~217
Cost of sales and operating expenses	5,~~818~~841			3,~~306~~153			98,~~124~~994			1116,~~086~~927			610,~~857~~010			1726,~~943~~937
Operating income	$	2,~~053~~694		$	~~633~~964		$	23,~~686~~658		$	47,~~414~~108		$	12,~~208~~172		$	59,~~622~~280
Operating margin %	2632%		%	1623%		%	2329%		%	2830%		%	1518%		%	2426%		%

Three Months Ended

~~Six~~Nine Months Ended

Jun 29, 2024

Sep 28, 2024

($ in Millions)

CCG

DCAI

Total

CCG

DCAI

Total

Revenue

8,~~143~~161

34,~~805~~141

1112,~~948~~302

1624,~~416~~577

711,~~633~~774

2436,~~049~~351

Cost of sales and operating expenses

5,~~502~~224

3,~~563~~760

98,~~065~~984

1016,~~953~~177

610,~~974~~734

1726,~~927~~911

Operating income

2,~~641~~937

~~242~~381

23,~~883~~318

58,~~463~~400

~~659~~1,040

69,~~122~~440

Operating margin %

3236%

69%

2427%

3334%

2526%

1 Operating segment results include intersegment financial activity; refer to "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements for a reconciliation between our operating segment and consolidated financial results for the periods presented.


Operating Segment Revenue Summary

Q2Q3 2025 vs. Q2Q3 2024

Total Intel Products revenue was $12.7 billion in Q3 2025, up $350 million from Q3 2024.

~~Total~~■CCG ~~Intel~~revenue ~~Products~~increased $374 million from Q3 2024. Client revenue (collectively notebook and desktop) was $117.83 billion in Q2Q3 2025, ~~down~~up $~~138~~383 million from Q2Q3 2024, primarily due to higher Q3 2025 client volume driven by higher demand. Client ASPs in Q3 2025 increased 2% from Q3 2024. Other CCG revenue was $1.2 billion, roughly flat with Q3 2024. ■DCAI revenue decreased $24 million from Q3 2024, primarily due to lower other DCAI product revenue in Q3 2025, while server revenue, volumes and ASPs were roughly flat.

▪CCG revenue decreased $272 million from Q2 2024. Client revenue (collectively notebook and desktop) was $6.6 billion in Q2 2025, down $390 million from Q2 2024, primarily due to lower Q2 2025 client volume resulting from incremental customer incentives offered to certain customers in Q2 2024. Client ASPs in Q2 2025 were roughly flat with Q2 2024. Other CCG revenue was $1.3 billion, up $118 million from Q2 2024.

▪DCAI revenue increased $134 million from Q2 2024, primarily driven by higher Q2 2025 server revenue due to higher hyperscale customer-related demand which contributed to an increase in server volume of 13% . Server ASPs decreased 8% from Q2 2024, primarily due to pricing actions taken in a competitive environment.

YTD 2025 vs. YTD 2024

Total Intel Products revenue was $36.2 billion in YTD 2025, down $134 million from YTD 2024.

~~Total~~■CCG ~~Intel~~revenue ~~Products~~decreased $542 million from YTD 2024. Client revenue (collectively notebook and desktop) was $2320.65 billion in YTD 2025, down $~~484~~605 million from YTD 2024, primarily due to lower YTD 2025 client volume resulting from incremental customer incentives offered to certain customers in the first half of 2024 and lower YTD 2025 customer inventory levels. This decrease was partially offset by higher Q3 2025 client volume driven by higher demand. Client ASPs in YTD 2025 were roughly flat with YTD 2024. Other CCG revenue was $3.5 billion, up $63 million from YTD 2024. ■DCAI revenue increased $408 million from YTD 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand which contributed to an increase in server volume of 10%. Server ASPs decreased by 6% from YTD 2024, primarily due to pricing actions taken primarily during the first half of 2025 and a higher mix of lower core count products, both driven by a competitive environment. Other DCAI product revenue also increased from YTD 2024 driven by higher networking customer-related demand.

~~▪CCG~~MD&A revenue decreased $916 million from YTD 2024. Client revenue (collectively notebook and desktop) was $13.2 billion in YTD 2025, down $988 million from YTD 2024, primarily due to lower YTD 2025 client volume resulting from incremental customer incentives offered to certain customers in YTD 2024. Client ASPs in YTD 2025 were roughly flat with YTD 2024. Other CCG revenue was $2.3 billion, up $72 million from YTD 2024.32

▪DCAI revenue increased $432 million from YTD 2024, primarily driven by higher server revenue due to higher hyperscale customer-related demand which contributed to an increase in server volume of 15%. Server ASPs decreased by 9% from YTD 2024, primarily due to pricing actions taken in a competitive environment. Other DCAI product revenue also increased from YTD 2024 driven by higher edge processing unit demand.

MD&A 27

Table of Contents

Segment Operating Income Summary

Q2Q3 2025 vs. Q2Q3 2024

Total Intel Products operating income was $3.7 billion in Q3 2025, up $340 million from Q3 2024.

~~Total~~■CCG ~~Intel Products~~ operating income ~~was~~decreased $~~2.7~~243 ~~billion~~million from Q3 2024, primarily due to $378 million of unfavorable impacts attributable to lower product profit driven by higher client unit costs resulting from an increased mix of newer generation products sold in Q2Q3 2025, ~~down~~and higher period charges including unfavorable inventory reserves impacts. These decreases were partially offset by $~~197~~135 million of favorable impacts from Q2lower operating expenses, primarily due to lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. ■DCAI operating income increased $583 million from Q3 2024, primarily due to $354 million of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. Additionally, Q3 2025 benefited from the absence of $313 million in period charges that were incurred in Q3 2024, which primarily resulted from higher Gaudi AI Accelerator inventory-related charges.

▪CCG operating income decreased $588 million from Q2 2024, primarily due to $831 million of unfavorable impacts attributable to lower product profit due to lower revenue in Q2 2025, and higher period charges related to higher inventory reserves and one-time period costs of $188 million. These decreases to operating income in Q2 2025 were partially offset by the Q2 2025 favorable impacts of lower operating expenses of $243 million, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2024 Restructuring Plan and the effects of various other cost-reduction measures.

▪DCAI operating income increased $391 million from Q2 2024, primarily due to the favorable impacts of lower operating expenses of $524 million that were primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2024 Restructuring Plan and the effects of various other cost-reduction measures.

YTD 2025 vs. YTD 2024

Total Intel Products operating income was $9.3 billion in YTD 2025, down $160 million from YTD 2024.

▪■CCG operating income decreased $1.03 billion from YTD 2024, primarily due to $1.58 billion of unfavorable impacts attributable to $919 million of lower YTD 2025 product profit due to lower revenue and higher client unit costs resulting from an increased mix of newer generation products sold in YTD 2025, as well as higher YTD 2025 period charges related to higher inventory reserves and higher ~~one-time~~other ~~period charges of $188 million~~costs. These unfavorable YTD 2025 impacts were partially offset by YTD 2025 favorable impacts of lower operating expenses of $~~406~~542 million due to lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring ~~Plan~~Plans and the effects of various other cost-reduction measures. ■DCAI operating income increased $1.1 billion from YTD 2024, primarily due to $1.4 billion of favorable impacts related to lower operating expenses, primarily driven by lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring Plans and the effects of various other cost-reduction measures. These favorable YTD 2025 impacts were partially offset by unfavorable impacts to operating income, primarily due to $455 million of higher server unit costs from an increased mix of newer generation products sold in YTD 2025.

▪DCAI operating income increased $549 million from YTD 2024, primarily due to $998 million of favorable impacts related to lower operating expenses, driven by lower payroll-related expenditures as a result of headcount reductions taken under the 2024 Restructuring Plan and the effects of various other cost-reduction measures. These favorable YTD 2025 impacts were partially offset by unfavorable impacts to operating income, primarily due to period charges of $361 million related to Gaudi AI Accelerator inventory-related charges recognized in YTD 2025.

Intel Foundry

Intel Foundry, comprising technology development, manufacturing and foundry services, seeks to deliver the best systems foundry capabilities to support Intel Products and external customers. We are working to innovate and advance world-class silicon process and advanced packaging technologies and to strengthen the resilience of the global semiconductor supply chain by investing in geographically balanced and more sustainable manufacturing capacity.

Intel Foundry Financial Performance1

Three Months Ended

~~Six~~Nine Months Ended

($ in Millions)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Revenue

4,~~417~~235

4,~~282~~339

913,~~084~~319

812,~~638~~977

Cost of sales and operating expenses

76,~~585~~556

710,~~084~~138

1421,~~572~~128

1324,~~881~~019

Operating loss

(32,~~168~~321)

(25,~~802~~799)

(57,~~488~~809)

(511,~~243~~042)

Operating loss %

(7255)%

(65134)%

(6059)%

(6185)%


Operating Segment Revenue Summary

Q2Q3 2025 vs. Q2Q3 2024

Revenue was $4.42 billion in Q2Q3 2025, updown $~~135~~104 million from Q2Q3 2024. Intersegment revenue was $4.42 billion, updown $~~152~~81 million from Q2Q3 2024, primarily due to ~~higher~~lower ~~back~~front-end services revenue and ~~higher~~lower ~~expedite~~sample ~~fees~~revenue, partially offset by ~~lower~~higher intersegment ~~sample~~back-end services revenue. External revenue was $2232 million, down $1723 million from Q2Q3 2024.

~~YTD~~MD&A ~~2025 vs. YTD 2024~~33

MD&A 28

Table of Contents

YTD 2025 vs. YTD 2024

Revenue was $13.3 billion in YTD 2025, up $342 million from YTD 2024. Intersegment revenue was $13.2 billion, up $364 million from YTD 2024, primarily due to higher back-end services revenue, and higher wafer volume from our Intel 3 and Intel 4 process nodes, partially offset by lower intersegment sample revenue. External revenue was $85 million, down $22 million from YTD 2024.


Segment Operating Loss Summary

Q2Q3 2025 vs. Q2Q3 2024

Operating loss was $3.2.3 billion in Q2Q3 2025, compared to an operating loss of $25.8 billion in Q2Q3 2024, primarily driven by the absence of $3.1 billion of non-cash asset impairment and accelerated depreciation charges ~~of $797 million~~ recognized in Q2Q3 ~~2025~~2024, which were related to ~~certain~~ manufacturing assets, ~~that~~a ~~were~~substantial ~~determined~~majority ~~to have no remaining operational use based on an evaluation~~ of ~~our~~which ~~current~~related ~~process technology node capacities relative~~ to ~~projected market demand for~~ our ~~products~~Intel ~~and~~7 ~~services~~process node. ~~This~~Additionally, ~~increase~~Q3 ~~in operating loss in Q2~~ 2025 ~~was~~benefited ~~partially~~from ~~offset by the favorable impacts of higher intersegment revenue and a~~ $~~185~~421 million ~~benefit~~of ~~from~~ lower operating expenses in Q2Q3 2025, primarily due to lower payroll-related expenditures as a result of headcount reductions taken under the 2025 and 2024 Restructuring ~~Plan~~Plans and the effects of various cost-reduction measures.

YTD 2025 vs. YTD 2024

Operating loss was $57.58 billion in YTD 2025, compared to an operating loss of $511.20 billion in YTD 2024,. ~~primarily~~The ~~driven~~YTD by2025 ~~non-cash~~change ~~asset~~was ~~impairment~~primarily ~~and~~driven ~~accelerated~~by ~~depreciation~~the ~~charges~~reduced impacts of $797 million in charges recognized in Q2 2025 related to certain manufacturing assets that were determined to have no remaining operational use based on an evaluation of our current process technology node capacities ~~relative~~and to projected market demand for our products and services in comparison to $3.1 ~~This~~billion ~~increase~~of innon-cash ~~operating~~asset ~~loss~~impairment inand ~~YTD~~accelerated ~~2025~~depreciation ~~was~~charges ~~partially~~recognized ~~offset~~in byQ3 ~~the~~2024, ~~favorable~~as ~~impacts~~described ofabove. ~~higher~~Additionally, ~~intersegment~~YTD ~~revenue~~2025 ~~and~~benefited afrom $~~323~~743 million ~~benefit~~of ~~from~~ lower operating expenses ~~in YTD 2025~~, primarily due to lower payroll-related expenditures, asresulting afrom ~~result of~~ headcount reductions taken under the 2025 and 2024 Restructuring ~~Plan~~Plans, and the effects of various other cost-reduction measures, and higher intersegment revenue.

All Other

Our "all other" category includes the results of operations from other non-reportable segments not otherwise presented, including our ~~Altera and~~ Mobileye ~~businesses~~business, our IMS business, start-up businesses that support our initiatives, and historical results of operations from divested businesses., including Altera. ~~offers~~Effective ~~programmable semiconductors~~September 12, ~~primarily FPGAs~~2025, ~~and related products~~Altera, ~~for~~previously a ~~broad~~wholly-owned ~~range~~subsidiary, ofwas ~~applications~~deconsolidated ~~across~~from our ~~embedded,~~consolidated ~~communications,~~financial ~~cloud,~~statements ~~enterprise,~~following ~~and~~the ~~defense~~closing ~~and~~of ~~aerospace~~the ~~market~~sale ~~segments. On April 14, 2025, we entered into an agreement with SLP VII Gryphon Aggregator, L.P., an affiliate~~ of ~~Silver Lake Partners, to sell~~ 51% of ~~all~~Altera's issued and outstanding common stock. of Altera.'s ~~The~~financial ~~transaction~~results isof ~~expected~~operations towere ~~close~~included in ~~the~~our ~~second~~"all ~~half~~other" ofcategory ~~2025~~through September 11, ~~subject~~2025. toAs ~~customary~~of ~~closing~~September 12, ~~conditions~~2025, ~~and~~our ~~regulatory~~retained ~~approvals.~~non-marketable ~~Upon~~equity ~~closing,~~interest wein ~~expect to deconsolidate~~ Altera ~~from~~is ~~our~~accounted ~~financial~~for ~~results~~ as aan ~~consolidated~~equity ~~subsidiary~~method ~~and~~investment. ~~begin~~See to"Note ~~account~~9: ~~for~~Divestitures" ~~our~~within ~~minority~~Notes ~~investment~~to inConsolidated ~~Altera~~Condensed ~~under~~Financial ~~the~~Statements ~~equity~~for ~~method~~further ~~of accounting~~information. Mobileye is a global leader in driving assistance and self-driving solutions, with a product portfolio designed to encompass the entire stack required for assisted and autonomous driving, including compute platforms, computer vision, and machine learning-based perception, mapping and localization, driving policy, and active sensors in development. IMS specializes in developing and manufacturing multi-beam mask writing tools.

All Other Financial Performance1

	Three Months Ended						~~Six~~Nine Months Ended
($ in Millions)	~~Jun~~Sep 2827, 2025			~~Jun~~Sep 2928, 2024			~~Jun~~Sep 2827, 2025			~~Jun~~Sep 2928, 2024
Revenue	$	~~1,053~~993		$	~~881~~964		$	12,~~996~~989		$	12,~~524~~488
Cost of sales and operating expenses	~~984~~893			~~927~~959			12,~~824~~717			12,~~740~~699
Operating income (loss)	$	69100		$	~~(46)~~5		$	~~172~~272		$	(~~216~~211)
Operating margin (loss) %	710%		%	~~(5)~~1%		%	9%		%	(148)%		%

MD&A 2934

Table of Contents


Operating Segment Revenue Summary

Q2Q3 2025 vs. Q2Q3 2024

All other revenue was $993 million, up $29 million from Q3 2024. Mobileye revenue was $504 million, up $18 million from Q3 2024, primarily driven by higher demand for EyeQ® products.

YTD 2025 vs. YTD 2024

All other revenue was $3.0 billion, up $501 million from YTD 2024. Mobileye revenue was $1.4 billion, up $285 million from YTD 2024 as customer inventory levels improved compared to higher levels in YTD 2024 and higher demand for Eye Q® products. Revenue from our other non-reportable segments increased $216 million from YTD 2024.


Segment Operating Income (Loss) Summary

Q2Q3 2025 vs. Q2Q3 2024 and YTD 2025 vs. YTD 2024

Total all other operating income was $100 million in Q3 2025, up $95 million from Q3 2024, and $272 million in YTD 2025, up $483 million from YTD 2024, primarily driven by higher revenue and product profit from our other non-reportable segments in Q3 2025 and YTD 2025.

~~YTD~~MD&A ~~2025 vs. YTD 2024~~35

MD&A 30

Table of Contents


Consolidated Condensed Results of Operations

	Three Months Ended								~~Six~~Nine Months Ended
	Jun 28, 2025				Jun 29, 2024				Jun 28, 2025				Jun 29, 2024
	Sep 27, 2025				Sep 28, 2024				Sep 27, 2025				Sep 28, 2024
(In Millions, Except Per Share Amounts)	Amount		% of Net Revenue		Amount		% of Net Revenue		Amount		% of Net Revenue		Amount		% of Net Revenue
Net revenue	$	1213,~~859~~653	100.0	%	$	1213,~~833~~284	100.0	%	$	2539,~~526~~179	100.0	%	$	2538,~~557~~841	100.0	%
Cost of sales	98,~~317~~435		7261.58	%	811,~~286~~287		6485.60	%	1725,~~312~~747		6765.87	%	1527,~~793~~080		6169.87	%
Gross profit	35,~~542~~218		2738.52	%	41,~~547~~997		3515.40	%	813,~~214~~432		3234.23	%	911,~~764~~761		3830.23	%
Research and development	3,~~684~~231		2823.67	%	4,~~239~~049		3330.05	%	710,~~324~~555		2826.79	%	812,~~621~~670		3332.76	%
Marketing, general, and administrative	1,~~144~~129		8.93	%	1,~~329~~383		10.4	%	23,~~321~~450		98.18	%	24,~~885~~268		11.30	%
Restructuring and other charges	~~1,890~~175		141.73	%	~~943~~5,622		742.3	%	2,~~046~~221		85.07	%	16,~~291~~913		517.18	%
Operating income (loss)	~~(3,176)~~683		~~(24~~5.7)0	%	(19,~~964~~057)		(1568.32)	%	(32,~~477~~794)		(137.61)	%	(312,~~033~~090)		(1131.91)	%
Gains (losses) on equity investments, net	~~502~~221		31.96	%	(~~120~~159)		(01.92)	%	~~390~~611		1.56	%	85(74)		(0.32)	%
Interest and other, net	~~(95)~~3,670		(026.7)9	%	80130		01.60	%	~~(268)~~3,402		(18.0)7	%	~~225~~355		0.9	%
Income (loss) before taxes	(24,~~769)~~574		~~(21~~33.5)	%	(29,~~004~~086)		(1568.64)	%	(31,~~355)~~219		~~(13~~3.1)	%	(211,~~723~~809)		(1030.74)	%
Provision for (benefit from) taxes	~~255~~304		2.02	%	~~(350)~~7,903		(259.7)5	%	~~556~~860		2.2	%	~~(632)~~7,271		(218.5)7	%
Net income (loss)	(34,~~024)~~270		~~(23~~31.5)3	%	(116,~~654~~989)		(12127.9)	%	~~(3,911)~~359		~~(15~~0.3)9	%	(219,~~091~~080)		(849.21)	%
Less: net income (loss) attributable to non-controlling interests	~~(106)~~207		(01.8)5	%	(44350)		(02.36)	%	~~(172)~~35		(0.7)1	%	(~~100~~450)		(01.42)	%
Net income (loss) attributable to Intel	$	(24,~~918)~~063	~~(22~~29.7)8	%	$	(116,~~610~~639)	(12125.53)	%	$	~~(3,739)~~324	~~(14~~0.6)8	%	$	(118,~~991~~630)	(748.80)	%
Earnings (loss) per share attributable to Intel—diluted	$	(0.67)			$	(0.38)			$	(0.86)			$	(0.47)
Earnings (loss) per share attributable to Intel—diluted¹	$	0.90			$	(3.88)			$	0.07			$	(4.37)

~~MD&A~~1 31For the three and nine months ended September 27, 2025, earnings (loss) per share attributable to Intel-diluted has been calculated by adjusting net income (loss) attributable to Intel for the loss of $2 million related to the mark to market of that portion of the derivative liability that is attributable to 342 thousand contingent Escrowed Shares that were included in the weighted average shares of common stock outstanding-diluted during the period.


			MD&A			36

Table of Contents

Consolidated Revenue


Consolidated Revenue Walk $B1

Q2Q3 2025 vs. Q2Q3 2024

Our Q2Q3 2025 revenue was $1213.97 billion, ~~roughly~~up ~~flat~~$369 ~~with~~million Q2from Q3 2024., ~~Intel Products revenue decreased 1%~~ primarily due to ~~lower~~3% ~~CCG revenue, partially offset by~~ higher ~~DCAI~~Intel ~~revenue.~~Products ~~CCG~~ revenue, ~~decreased~~which 3%increased ~~from Q2 2024,~~ primarily due to ~~lower~~5% ~~client~~higher CCG revenue ~~driven~~resulting byfrom ~~lower~~higher ~~Q2 2025~~ client ~~volumes that were primarily attributable to the reduction of incremental purchasing incentives offered to certain customers in Q2 2024~~demand. DCAI ~~revenue increased 4% from Q2 2024~~, ~~primarily~~Intel ~~driven~~Foundry byand ~~higher~~all ~~server revenue due to higher hyperscale customer-related demand. All~~ other revenue ~~increased~~amounts ~~21%~~were ~~from~~roughly Q2flat ~~2024,~~with ~~primarily~~Q3 ~~driven by higher Altera revenue and higher Mobileye revenue~~2024.

Incentives offered to certain customers to accelerate purchases and to strategically position our products with customers for market segment share purposes, particularly in CCG, contributed approximately $1.3 billion to our revenue during Q2 2024. These incentives were insignificant in Q2 2025.

YTD 2025 vs. YTD 2024

Our YTD 2025 revenue was $2539.52 billion, ~~roughly~~up ~~flat~~$338 ~~with~~million from YTD 2024. Intel Products revenue ~~decreased~~was 2%roughly ~~from~~flat with YTD 2024, primarily due to lower CCG revenue, ~~partially~~primarily offset by higher DCAI revenue. CCG revenue decreased 62% from YTD 2024 primarily due to lower client revenue ~~driven~~in bythe ~~lower~~first ~~YTD~~half of 2025 driven by lower client volumes that were primarily attributable to the reduction of incremental purchasing incentives offered to certain customers in ~~YTD~~the first half of 2024 and lower YTD 2025 customer inventory levels. DCAI revenue increased 63% from YTD 2024 primarily due to higher server revenue due to higher hyperscale customer-related demand and higher product revenue from ~~increased~~higher ~~edge~~networking ~~processing~~customer-related ~~unit~~ demand. All other revenue increased 3121% from YTD 2024, primarily driven by higher ~~Altera revenue and higher~~ Mobileye revenue.

1 Excludes intersegment revenue; totals may not sum due to rounding.

MD&A 3237

Table of Contents

Consolidated Gross Profit

We derived a majority of our consolidated gross profit in Q2Q3 2025 and in YTD 2025 from our Intel Products business sales through our CCG and DCAI operating segments.


			Gross Profit $B
			(Percentages in chart indicate gross profit as a percentage of total revenue)

Q2Q3 2025 vs. Q2Q3 2024

Our consolidated gross profit in Q2Q3 2025 ~~decreased~~increased by $13.02 billion, or 22161%, compared to Q2Q3 2024, primarily driven by ~~asset~~the ~~impairment~~absence ~~and~~of ~~accelerated depreciation charges related to certain manufacturing assets that were determined to have no remaining operational use~~$3.1 ~~This~~billion ~~determination was based on an evaluation~~ of ~~our~~non-cash ~~current~~impairment ~~process technology node capacities relative to projected market demand for our products~~ and ~~services.~~accelerated ~~These~~depreciation ~~non-cash~~ charges ofthat ~~$797 million~~ were ~~recorded~~recognized ~~to cost of sales~~ in Q2Q3 ~~2025,~~2024 ~~impacting~~primarily ~~the~~related ~~results~~to ~~of our~~ Intel Foundry ~~segment.~~manufacturing ~~Consolidated~~assets ~~gross~~for ~~profit~~our ~~also~~Intel ~~decreased~~7 inprocess ~~Q2 2025 due to higher one-time period charges of $209 million, and higher period charges related to Gaudi AI accelerator inventory reserves taken in Q2 2025~~node.

YTD 2025 vs. YTD 2024

Our consolidated gross profit in YTD 2025 vsincreased by $1.7 billion, or 14%, compared to YTD 2024, primarily due to a reduction in asset impairment and depreciation charges. In YTD 2025, we incurred $797 million of asset impairment and accelerated depreciation charges related to certain manufacturing assets that were determined in Q2 2025 to have no remaining operational use in comparison to $3.1 billion of YTD 2024 non-cash impairment and accelerated depreciation charges described above. In addition, our YTD 2025 consolidated gross profit was also unfavorably impacted by higher period charges including higher inventory reserves and higher other costs.

~~Our~~MD&A consolidated gross profit in YTD 2025 decreased by $1.6 billion, or 16%, compared to YTD 2024, primarily driven by asset impairment and accelerated depreciation charges related to certain manufacturing assets that were determined to have no remaining operational use. This determination was based on an evaluation of our current process technology node capacities relative to projected market demand for our products and services. These non-cash charges of $797 million were recorded to cost of sales in Q2 2025, impacting the results of our Intel Foundry segment. Consolidated gross profit also decreased in YTD 2025 due to higher period charges of $361 million related to Gaudi AI accelerator inventory reserves taken in YTD 2025 and higher one time period charges of $209 million.38

MD&A 33

Table of Contents

Consolidated R&D and MG&A Expenses

Total R&D and MG&A expenses for Q3 2025 were $4.4 billion, down 20% from Q3 2024, and $14.0 billion for YTD 2025, down 17% from YTD 2024. These expenses represent 31.9% of revenue for Q3 2025 and 40.9% of revenue for Q3 2024, and 35.7% of revenue for YTD 2025 and 43.6% of revenue for YTD 2024. In support of our strategy, described in our 2024 Form 10-K, we continue to make investments to advance our process technology roadmap. As a result of our 2025 Restructuring Plan, 2024 Restructuring Plan, and related cost-reduction measures, we expect a decrease in total R&D and MG&A expenses in 2025 relative to recent historical periods as we focus investments in R&D and create capacity for sustained investment in technology and manufacturing.


			Research and Development $B						Marketing, General, and Administrative $B

(Percentages in chart indicate operating expenses as a percentage of total revenue)


Research and Development

Q2Q3 2025 vs. Q2Q3 2024 and YTD 2025 vs. YTD 2024

Q3 2025 R&D decreased by $~~555~~818 million, or 1320%, ~~compared~~and toYTD Q22025 R&D decreased by $2.1 billion, or 17%, from Q3 2024 and YTD 2024, respectively, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2025 and 2024 Restructuring ~~Plan~~Plans, the effects of various other cost-reduction measures, and lower ~~share~~shared-based compensation,. These benefits to operating expense were partially offset by higher Q3 2025 and YTD 2025 incentive-based cash compensation.

YTD 2025 vs. YTD 2024

R&D decreased by $1.3 billion, or 15%, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2024 Restructuring Plan, the effects of various other cost-reduction measures, and lower shared-based compensation, partially offset by higher incentive-based cash compensation.


Marketing, General, and Administrative

Q2Q3 2025 vs. Q2Q3 2024 and YTD 2025 vs. YTD 2024

Q3 2025 MG&A decreased by $~~185~~254 million, or 1418%, ~~compared~~and toYTD Q22025 MG&A decreased by $818 million, or 19%, from Q3 2024 and YTD 2024, respectively, primarily driven by lower payroll- related expenditures ~~resulting~~as ~~from~~a result of headcount reductions taken under the 2025 and 2024 Restructuring ~~Plan~~Plans, ~~and~~ the effects of various other cost-reduction measures, and lower share-based compensation. These benefits to operating expense were partially offset by higher Q3 2025 and YTD 2025 incentive-based cash compensation.

~~YTD~~MD&A ~~2025 vs. YTD 2024~~39

MG&A decreased by $564 million, or 20%, primarily driven by lower payroll-related expenditures resulting from headcount reductions taken under the 2024 Restructuring Plan, the effects of various other cost-reduction measures, and lower share-based compensation, partially offset by higher incentive-based cash compensation.

MD&A 34

Table of Contents

Restructuring and Other Charges

Three Months Ended

~~Six~~Nine Months Ended

(In Millions)

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

~~Jun~~Sep 2827, 2025

~~Jun~~Sep 2928, 2024

Employee severance and benefit arrangements

~~1,466~~146

~~165~~2,193

1,~~607~~754

~~294~~2,487

Litigation charges and other

833

~~778~~36

2052

~~778~~814

Asset impairment charges

~~416~~(4)

—3,393

~~419~~415

~~219~~3,612

Total restructuring and other charges

~~1,890~~175

~~943~~5,622

2,~~046~~221

16,~~291~~913

In Q2 2025, we announced and commenced the 2025 Restructuring Plan, which is expected to streamline our organizational structure, enabling us to focus on our core businesses and ~~resulting~~result in lower overall operating expenses (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). We expect a substantial majority of the actions pursuant to the 2025 Restructuring Plan to be ~~substantially~~ complete by Q4 2025, which is subject to change. Any changes to the estimates or timing will be reflected in our results of operations.

The 2024 Restructuring Plan, which we initiated in Q3 2024, was substantially complete in Q2 2025.

Employee severance and benefit arrangements in Q2Q3 2025 includes charges of $~~1.4~~146 ~~billion~~million primarily relating to the 2025 Restructuring Plan ~~and the remaining charges primarily related to the 2024 Restructuring Plan~~. In YTD 2025, we incurred charges of $1.48 billion primarily relating to the 2025 Restructuring Plan ~~and $213 million relating to the 2024 Restructuring Plan~~. Charges of $~~165~~2.2 ~~million~~billion in Q2Q3 2024 and $~~294~~2.5 ~~million~~billion in YTD 2024 ~~are~~were primarily related to ~~other~~the ~~restructuring~~2024 ~~actions~~Restructuring ~~taken to streamline operations and to reduce costs~~Plan.

Litigation charges and other includes a charge of $780 million in Q2YTD 2024 arising out of the R2 litigation. Refer to "Note 19: Commitments and Contingencies" within Notes to Consolidated Financial Statements as included in our ~~Annual~~2024 ~~Report on~~ Form 10-K for ~~the year ended December 28, 2024 for~~ further information.

Asset impairment charges ofin YTD 2025 primarily includes $416 million inof Q2 2025 ~~primarily include~~ non-cash charges ~~related~~associated towith the 2025 Restructuring Plan resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties. Charges in ~~connection~~Q3 2024 and YTD 2024 included cash and non-cash charges associated with the ~~2025~~2024 Restructuring Plan, including $442 million of non-cash impairments of construction in progress assets associated with our decision to exit and outsource manufacturing capabilities for certain internal test hardware; and $86 million of non-cash impairments of operating leased assets and related leasehold improvements resulting from real estate consolidations and exits. In addition, we ~~also~~ incurred anon-cash ~~goodwill~~impairments ~~impairment~~related ~~loss~~to ofgoodwill ~~$222~~and ~~million~~acquired inintangible ~~the~~assets ~~first~~of ~~six~~$2.9 ~~months~~billion ofand ~~2024~~$3.1 ~~related~~billion toin ~~our~~Q3 ~~Intel~~2024 ~~Foundry~~and ~~reporting~~YTD ~~unit~~2024, ~~(refer~~respectively. Refer to "Note 26: ~~Operating~~Restructuring ~~Segments~~and Other Charges" within Notes to Consolidated Condensed Financial Statements for further information).

MD&A 3540

Table of Contents

Gains (Losses) on Equity Investments and Interest and Other, Net

	Three Months Ended				~~Six~~Nine Months Ended
(In Millions)	~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024		~~Jun~~Sep 2827, 2025		~~Jun~~Sep 2928, 2024
Unrealized gains (losses) on marketable equity investments	$	~~(58)~~116	$	(~~222~~198)	$	(~~350~~234)	$	30(168)
Unrealized gains (losses) on non-marketable equity investments1	~~473~~17		24—		~~473~~490		48
Impairment charges	(51)		(91)		(156)		(159)
Impairment charges on non-marketable equity investments	(76)		(110)		(232)		(269)
Unrealized gains (losses) on equity investments, net	~~364~~57		(~~289~~308)		~~(33)~~24		(81389)
Realized gains (losses) on sales of equity investments, net	~~138~~164		~~169~~149		~~423~~587		~~166~~315
Gains (losses) on equity investments, net	$	~~502~~221	$	(~~120~~159)	$	~~390~~611	$	85(74)
Interest and other, net	$	~~(95)~~3,670	$	80130	$	~~(268)~~3,402	$	~~225~~355

1 Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.

In Q2Q3 2025, gains (losses) on equity investments, net were primarily driven by ~~unrealized~~realized gains ~~(losses)~~ on ~~non-~~opportunistic sales of marketable equity ~~investments~~securities ~~which~~that ~~included~~had ~~$469 million~~appreciated ofin ~~upward~~value, ~~observable~~along ~~price~~with ~~adjustments~~unrealized gains on marketable equity securities, ofreflecting ~~which~~favorable ~~$396 million~~market ~~related~~conditions toand aportfolio ~~single~~performance ~~investee~~during the quarter. In YTD 2025, gains (losses) on equity investments, net were driven by $486 million in upward observable price adjustments, of which $396 million related to a single investee, and realized gains on sales of equity investments, ~~net,~~ partially offset by unrealized gains (losses) on marketable equity investments and impairment charges on non-marketable equity investments.

In Q2Q3 2024, gains (losses) on equity investments, net were primarily driven by unrealized losses on our marketable equity investment in Astera Labs, Inc. In YTD 2024, gains (losses) on equity investments, net ~~includes~~were ~~higher~~primarily driven by impairment charges on non-marketable equity investments and unrealized mark-to-market losses on marketable equity investments, partially offset by realized gains on sales of equity investments, net and a $336 million initial fair value adjustment upon Astera Labs, Inc. shares becoming marketable within unrealized gains (losses) on marketable equity investments~~, which were partially offset by other mark-to-market losses, as well as impairment charges~~.

In Q2Q3 2025 and YTD 2025, we recognized a gain in interest and other, net ~~decreased~~primarily related to the sale of 51% of Altera, which resulted in a $5.5 billion pre-tax gain. This favorable impact to Interest and other, net ~~expense~~in ~~primarily~~Q3 ~~driven~~2025 and YTD 2025 was partially offset by ~~unfavorable~~a ~~foreign~~$1.7 ~~currency~~billion ~~movements~~net loss from the changes in fair value of Escrowed Shares. In addition, in YTD 2025 we incurred $191 million in charges related to the sale of our NAND memory business ($97 million in Q3 2025) and a decrease in interest income. Refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" and "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for additional information.

InMD&A YTD 2025, interest and other, net decreased to a net expense primarily driven by a $94 million charge related to the sale of our NAND memory business (refer to "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements), unfavorable foreign currency movements, and a decrease in interest income. 41

Provision for (Benefit from) Taxes

	Three Months Ended						Six Months Ended
($ In Millions)	Jun 28, 2025			Jun 29, 2024			Jun 28, 2025			Jun 29, 2024
Income (loss) before taxes	$	(2,769)		$	(2,004)		$	(3,355)		$	(2,723)
Provision for (benefit from) taxes	$	255		$	(350)		$	556		$	(632)
Effective tax rate	(9.2)		%	17.5		%	(16.6)		%	23.2		%

In Q2 2025 and YTD 2025, our provision for income taxes was determined using our estimated annual effective tax rate, applied to our year-to-date ordinary income (loss) before taxes, adjusted for discrete items. We were also not able to benefit our Q2 2025 and YTD 2025 losses before taxes due to the domestic valuation allowance established in Q3 2024.

In Q2 2024 and YTD 2024, due to our inability to reliably forecast our annual income, our benefit from income taxes was determined using a three and six month actual annual effective tax rate, respectively, adjusted for discrete items.

On July 4, 2025, the One Big Beautiful Bill Act ("the Act") was signed into law. The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, increases the Advanced Manufacturing Investment Credit to 35 percent from 25 percent, and makes modifications to the international tax framework. We are currently evaluating the impact of the Act upon our future effective tax rate, tax liabilities, and cash taxes.

MD&A 36

Table of Contents

Provision for (Benefit from) Taxes


	Three Months Ended						Nine Months Ended
($ In Millions)	Sep 27, 2025			Sep 28, 2024			Sep 27, 2025			Sep 28, 2024
Income (loss) before taxes	$	4,574		$	(9,086)		$	1,219		$	(11,809)
Provision for (benefit from) taxes	$	304		$	7,903		$	860		$	7,271
Effective tax rate	6.6		%	(87.0)		%	70.5		%	(61.6)		%

In Q3 2025 and YTD 2025, our provision for income taxes was determined using our estimated annual effective tax rate, applied to our year-to-date ordinary income (loss) before taxes, adjusted for discrete items. We were not able to benefit from our Q3 2025 and YTD 2025 domestic losses before taxes due to the domestic valuation allowance first established in Q3 2024. Our provision for taxes decreased in Q3 2025 and YTD 2025 substantially due to the valuation allowance recorded in Q3 2024 as further discussed below.

In Q3 2024 and YTD 2024, due to our inability to reliably forecast our annual income, our provision for income taxes was determined using a three and nine month actual annual effective tax rate, respectively, adjusted for discrete items. In addition, during Q3 2024 we established a valuation allowance of $9.9 billion as a discrete non-cash tax expense against our U.S. deferred tax assets. We assess the recoverability of our deferred tax assets quarterly, weighing available positive and negative evidence. As a result of our assessment in Q3 2024, we determined it was not more likely than not that the deferred tax assets will not be recoverable based upon our three-year cumulative historical loss position as of September 28, 2024, largely resulting from the asset impairment and restructuring and other charges incurred during the quarter.

On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, increases the AMIC credit rate to 35 percent from 25 percent for qualifying assets, and makes modifications to the international tax framework. The Act includes multiple effective dates, with certain provisions effective in 2025 and others phased in through 2027. We continue to evaluate the impact of the Act's provisions that take effect in future years.

Liquidity and Capital Resources

We consider the following when assessing our liquidity and capital resources:

(In Millions)	~~Jun~~Sep 2827, 2025		Dec 28, 2024
Cash and cash equivalents	$	911,~~643~~141	$	8,249
Short-term investments	1119,~~563~~794		13,813
Total cash and short-term investments	$	2130,~~206~~935	$	22,062
Total debt	$	5046,~~757~~553	$	50,011

We believe we have sufficient sources of funding to meet our business requirements for the next 12 months and in the longer term. Cash generated by operations, and total cash and short-term investments as shown in the preceding table, are our primary sources of liquidity for funding our strategic business requirements. These sources are further supplemented by our undrawn committed credit facilities and other borrowing capacity, ~~and~~recent ~~certain~~equity ~~other~~securities ~~Smart~~agreements ~~Capital~~and ~~initiatives~~issuances, ~~that~~and weour ~~have~~monetization ~~undertaken~~of non-core assets. Our short-term funding requirements include capital expenditures for worldwide manufacturing and assembly and test, including investments in our process technology roadmap; investments in our product roadmap; working capital requirements including cash outlays associated with the 2025 Restructuring Plan; partner distributions to our non-controlling interest holders; reducing outstanding indebtedness; and strategic investments. Our long-term funding requirements incrementally contemplate investments in manufacturing expansion plans and investments to advance our process technology. These plans include expanding existing operations in Arizona, New Mexico, and Oregon, investing in a new leading-edge manufacturing facility in Ohio, and may also include longer-term projects.

InAs ~~November~~described ~~2024, we signed a Direct Funding Agreement with the US Department of Commerce for the award of $7.9 billion~~ in ~~government incentives pursuant to~~ the ~~CHIPS~~introduction ~~Act, from which we have received $2.2 billion~~ of ~~cash~~this toMD&A ~~date~~section, ~~$1.1 billion of which was received~~ in Q1Q3 2025. Wewe ~~expect~~entered tointo ~~continue~~and/or toconcluded ~~benefit~~upon ~~from~~certain ~~government~~investing ~~incentives, though recent US government actions create uncertainty as to whether the US government will fulfill its obligation under our CHIPS Act agreements,~~ and ~~support~~financing ~~future~~transactions ~~awards~~including in the ~~US.~~Altera ~~These~~divestiture ~~government incentives typically require that we make significant capital investments in new facilities or expand existing facilities,~~ and ~~our~~retained ~~related~~equity ~~workforce,~~investment; ~~prior~~an toamendment ~~submitting a claim for reimbursement. As of the end of Q2 2025, we have submitted claims for $850 million pursuant~~ to our ~~Direct~~CHIPs ~~Funding~~Act ~~Agreement~~commercial ~~for~~agreement, which weaccelerated ~~have not received reimbursement~~$5.7 Tobillion ~~the~~of ~~extent~~funding ~~we delay or cancel capital investments or otherwise are unable or fail~~ to ~~comply~~us; ~~with~~and ~~the~~private ~~terms~~placement ofshare ~~the~~sales agreements~~, there may be a delay in our receipt of, or we may forfeit or be required to repay, the associated government incentives~~.

In Q3 2025, we received net proceeds of $922 million from the net sale of 57.5 million of our Mobileye Class A shares. See "Note 3: Non-Controlling Interests" within Notes to Consolidated Condensed Financial Statements.

In Q1 2025, we closed the second phase of our NAND memory business divestiture and received $1.9 billion of cash proceeds, net of certain adjustments. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information.

InMD&A Q2 2025, we signed a transaction agreement with SLP VII Gryphon Aggregator, L.P., an affiliate of Silver Lake Partners, to sell 51% of all issued and outstanding common stock of Altera, a wholly owned subsidiary, which is expected to result in receipt of net cash proceeds of $4.4 billion at closing, which is expected to occur in the second half of 2025, with an additional $1.0 billion of the purchase price deferred and payable in two equal $500 million installments no later than December 31, 2026 and December 31, 2027. See "Note 9: Divestitures" within Notes to Consolidated Condensed Financial Statements for further information.42

InTable ~~July 2025, we received net proceeds~~ of ~~$922 million from the net sale of 57.5 million of our Mobileye Class A shares. See "Note 3: Non-Controlling Interests" within Notes to Consolidated Condensed Financial Statements.~~Contents

Our total cash and short-term investments and related cash flows may be affected by certain discretionary actions we may take with customers and suppliers to accelerate or delay certain cash receipts or payments to manage liquidity, among other factors, for our strategic business requirements. These actions can include, among others, negotiating with suppliers to optimize our payment terms and conditions, adjusting the amounts and timing of cash flows associated with customer sales programs and collections, managing inventory levels and purchasing practices, and selling certain of our accounts receivables on a non-recourse basis to third-party financial institutions. While such actions have benefited, and may further benefit, cash flow in the near term, we may experience a corresponding detriment to cash flow in future periods as these actions cease or as the impacts of these actions reverse or normalize.

In Q1 2025, we settled $1.5 billion of our senior notes due March 2025 and in Q3 2025, we settled $2.3 billion of our senior notes due July 2025. In Q1 2025, we amended our 364-day $8.0 billion credit facility agreement to $5.0 billion and the maturity date was extended by one year to January 2026. Additionally, we have access to our $7.0 billion revolving credit facility, which remains available until February 2029. We have other potential sources of liquidity including our commercial paper program and our automatic shelf registration statement on file with the SEC, pursuant to which we may offer an unspecified amount of debt, equity, and other securities. Under our commercial paper program, we have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion. As of ~~June~~September 2827, 2025, we had ~~$2.0~~no ~~billion of~~ commercial paper obligations outstanding and no outstanding borrowings on the revolving credit facilities. See "Note 10: Borrowings" within Notes to Consolidated Condensed Financial Statements for further information. As part of our ongoing capital management strategy to optimize our debt portfolio and reduce interest expense, we may utilize make-whole provisions, tender offers or open market repurchases to repurchase our debt prior to maturity. In YTD 2025 and YTD 2024, we did not extinguish any debt prior to maturity.

In August 2025, a major credit rating agency downgraded our corporate credit rating from BBB+ to BBB, citing execution risks tied to our technology roadmap and foundry strategy, delayed deleveraging, and weaker than expected demand for our offerings. The downgrade may affect our future borrowing costs and access to capital markets.

We maintain a diverse investment portfolio that we continually analyze based on issuer, industry, and country. Substantially all of our investments in debt instruments were in investment-grade securities.

Cash flows from operating, investing, and financing activities were as follows:

MD&A 37


	Nine Months Ended
(In Millions)	Sep 27, 2025		Sep 28, 2024
Net cash provided by (used for) operating activities	$	5,409	$	5,123
Net cash provided by (used for) investing activities	(8,255)		(14,492)
Net cash provided by (used for) financing activities	5,738		11,075

Net increase (decrease) in cash and cash equivalents	$	2,892	$	1,706

Table of Contents

	Six Months Ended
(In Millions)	Jun 28, 2025		Jun 29, 2024
Net cash provided by (used for) operating activities	$	2,863	$	1,069
Net cash provided by (used for) investing activities	(2,005)		(11,728)
Net cash provided by (used for) financing activities	586		14,867
Net increase (decrease) in cash and cash equivalents	$	1,444	$	4,208

Operating Activities

Operating cash flows consist of net income (loss) adjusted for certain non-cash items and changes in certain assets and liabilities.

Cash provided by operations in the first ~~six~~nine months of 2025 was higher compared to the first ~~six~~nine months of 2024 primarily due to ~~more~~having ~~favorable~~net ~~changes~~income in ~~working~~the ~~capital~~first nine months of 2025 compared to the net loss in the first nine months of 2024. InThis ~~addition,~~was wepartially ~~incurred~~offset ~~higher~~by lower favorable operating cash flow adjustments for non-cash items ~~that~~and ~~impacted~~certain ~~our~~cash ~~higher~~unfavorable ~~net~~changes ~~loss~~in working capital, both of which occurred in the first ~~six~~nine months of 2025 compared to the first ~~six~~nine months of 2024.

Investing Activities

Investing cash flows consist primarily of capital expenditures; investment purchases, sales, maturities, and disposals; proceeds from divestitures; and proceeds from capital-related government incentives.

Cash used for investing activities in the first ~~six~~nine months of 2025 was lower compared to the first ~~six~~nine months of 2024 primarily due to lower ~~purchases of short-term investments, lower~~ capital expenditures, proceeds from the ~~divestiture~~divestitures of our Altera and NAND memory ~~business~~businesses, and other cash-favorable investing activity in each case during the first ~~six~~nine months of 2025 compared to the first nine months of 2024. These cash-favorable movements were partially offset by the cash-unfavorable effects of lower maturities and sales of short-term investments, net of purchases, in the first ~~six~~nine months of 2025 compared to the first ~~six~~nine months of 2024.

Financing Activities

Financing cash flows consist primarily of proceeds from strategic initiatives including partner contributions, ~~and~~ equity-related issuances, issuance and repayment of short-term and long-term debt, and financing for capital expenditures with extended payment terms.

Cash provided by financing activities in the first ~~six~~nine months of 2025 was lower compared to the first ~~six~~nine months of 2024 primarily due to lower partner contributions, ahigher ~~net~~debt ~~cash~~repayments ~~decrease~~and inno debt~~-related~~ ~~proceeds~~issuances, and higher capital expenditures with extended payment terms in the first nine months of 2025. These unfavorable cash movements were partially offset by the cash -favorable impacts of ~~lower~~accelerated ~~debt-related~~funds ~~repayments~~received from the U.S. government that we attributed for accounting purposes to common stock, warrants and noEscrowed Shares issued, proceeds received from a private sale of our common stock to Softbank Group, the absence of dividend payments, and proceeds from the sale of Mobileye shares, in each case during the first ~~six~~nine months of 2025 compared to the first ~~six~~nine months of 2024.

~~Critical~~MD&A ~~Accounting Estimates~~43

Our consolidated financial statements are prepared in accordance with US GAAP, which requires us to make certain estimates, judgments and assumptions that can affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. Critical accounting estimates are those estimates that involve a significant level of estimation uncertainty and have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time such estimates, judgments and assumptions are made. To the extent that there are differences between these estimates, judgments or assumptions and actual results, our financial statements could be affected. We have critical accounting estimates in the areas of inventories, property, plant and equipment, goodwill, and loss contingencies. The discussion provided below supplements the significant accounting policies disclosures provided within "Note 2: Accounting Policies" of Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024.

▪ Inventories— inventory is valued at the lower of cost or net realizable value and includes assumptions about future demand and market conditions. The valuation of inventory requires us to estimate obsolete and excess inventory, as well as inventory that is not of saleable quality. We use a demand forecast to develop our short-term manufacturing plans to enable consistency between inventory valuations and build decisions. Significant assumptions and estimates, which evolve each forecast cycle, that are utilized in our demand forecast and obsolete and excess inventory reserves process include:

•customer and product-related factors, including a review of our customer base, the stage of the product life cycle, including limitations to demand forecasting for new products with minimal historical data, variations in market pricing, and an assessment of selling price in relation to product cost;

•market and economic factors, including cyclical changes in market conditions, the introduction of new or alternative products in the marketplace, and the associated pricing environment; and

•other factors, including tariff and export controls.

MD&A 38

Table of Contents

Each reporting period, we compare our demand forecast estimate to work-in-process and finished goods inventory levels to determine the amount, if any, of obsolete or excess inventory, which would be reflected in cost of sales and result in a negative impact to our gross profit in that period. If our assumptions and estimates for our demand forecast materially fluctuate and we fail to adjust manufacturing output accordingly or such assumptions and estimates are materially inaccurate, the related obsolete and excess inventory reserves can be materially impacted and result in reduced inventory values for products that we estimate have substantial sales risk. Our estimates for obsolete and excess inventory reserves were materially consistent with actual results in the first half of 2025, in 2024 and in 2023; however, our assumptions and estimates are inherently uncertain, and our gross profit would be adversely affected if future demand is less favorable than forecasted.

▪ Property, plant and equipment—at least annually, we evaluate the period over which we expect to recover the economic value of our property, plant, and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology, and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. In the second quarter of 2025 and in 2024, we evaluated our current process technology node capacities relative to projected market demand for our products and services, and concluded that our manufacturing asset portfolio exceeded manufacturing capacity requirements, which resulted in us shortening the useful lives of certain placed-in-service equipment and recording accelerated depreciation charges of $337 million and $992 million, respectively. In 2023, we determined that the estimated useful lives of certain production-related machinery and equipment should be increased from 5 to 8 years and, when compared to the estimated useful life in place as of the end of 2022, we estimated this change increased gross profit in 2023 by approximately $2.5 billion and decreased R&D expense by approximately $400 million and decreased ending inventory values by approximately $1.3 billion.

Our property, plant and equipment are subject to periodic impairment reviews. Factors that we consider in deciding when to perform an impairment review include significant changes or planned changes in our use and fungibility of certain property, plant and equipment, significant under-performance of a business or product line in relation to expectations for which property, plant and equipment relate, and significant negative industry or economic trends. To perform an impairment review, our property, plant and equipment are grouped and evaluated for impairment at the lowest level of identifiable cash flows, which requires management judgment to form asset groupings and to estimate expected cash flows that are attributable to asset groupings, among other factors. If an indicator of impairment is identified at the asset grouping level, we measure the recoverability of the assets by comparing the carrying value of the asset grouping to our estimate of the related total future undiscounted net cash flows arising from the use of that asset grouping. If an asset grouping carrying value is not determined to be recoverable through this undiscounted cash flows analysis, the asset grouping is considered to be impaired. The resulting charge is classified to expense, which is typically to cost of sales in a similar manner as the corresponding depreciation expense and results in a negative impact to our gross profit in that period. In the second quarter of 2025 and in 2024, we determined certain property and equipment, which had not yet been placed in service, exceeded our projected capacity requirements and incurred non-cash charges of $460 million and $2.3 billion, respectively.

▪ Goodwill—We perform an annual impairment assessment of goodwill at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. We have eight reporting units with allocated goodwill, which generally align to our operating segments. We reevaluate our identified reporting units annually or when triggered, such as upon reorganization of our operating segments or due to business reasons that result in material changes as to how our reporting units are organized and managed. Impairment assessments may be qualitative or quantitative in nature. A quantitative assessment is required if we determine, based on a qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying value, or if there are material changes to the structure of our reporting units. The reporting unit's carrying value used in an impairment assessment represents the allocation of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. While a substantial majority of our allocable assets, primarily property, plant and equipment, are attributable to our Intel Foundry reporting unit, that reporting unit has no remaining allocated goodwill.

Our qualitative assessment considers industry and market considerations, overall financial performance, and other relevant events and factors affecting our reporting units or Intel as a whole. More specifically, qualitative factors may include a sustained decrease in our consolidated market capitalization or one of our reporting units’ market capitalization relative to each’s respective net book value; significant company specific actions, including changes to the structure of our reporting units; and current, historical or projected deterioration of our financial performance. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value.

Our quantitative impairment assessment considers both the income approach and the market approach to estimate a reporting unit's fair value. The income approach estimates fair value using discounted future cash flows for a reporting unit primarily using the following major assumptions and inputs: revenue, based on assumed market segment growth rates and our assumed market segment share; estimated costs; and appropriate discount rates based on a reporting unit's weighted average cost of capital. Our quantitative impairment assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. The major inputs and assumptions used in estimating discounted cash flows are derived from historical data, various internal estimates, and a variety of external sources, which are similar to those used in our business planning and forecasting processes. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. Our estimates and assumptions are inherently uncertain and change over time based on operating results, market conditions, and other factors and could materially affect the determination of the fair value and potential goodwill impairment for each reporting unit.

MD&A 39

Table of Contents

The market approach estimates fair value using financial multiples and transaction prices of comparable companies.

To corroborate our fair value conclusions, we combine the estimated fair values for all reporting units and perform a market capitalization reconciliation as of the goodwill assessment date to validate the reasonableness of the implied control premium.

In the fourth quarter of 2024, as a part of our annual goodwill impairment assessment, we determined that the estimated fair value of each reporting unit substantially exceeded the assigned carrying value, with the exception of one reporting unit with a significant amount of assigned goodwill: Mobileye. In the third quarter of 2024, we recognized a non-cash goodwill impairment charge of $2.8 billion, substantially all of which related to our Mobileye reporting unit, as the estimated fair value of the reporting unit was lower than the assigned carrying value. As of June 28, 2025, our Mobileye reporting unit had $8.2 billion in recorded goodwill. Mobileye’s market capitalization has increased substantially since the third quarter of 2024 and, while no additional impairment was recognized within the first half of 2025, we continue to closely monitor the Mobileye reporting unit’s financial performance, business forecasts, and market capitalization. As of June 28, 2025, the estimated fair value of the Mobileye reporting unit substantially exceeded the carrying value. Should our estimates change based on Mobileye’s operating results, market conditions, or other factors in our forecast, including changes in the discount rate, the Mobileye reporting unit may become subject to further impairment in future periods. For example, a 1% increase in the discount rate would have resulted in an additional impairment of our Mobileye reporting unit’s goodwill of approximately $1.5 billion in the third quarter of 2024.

▪ Loss contingencies—we are subject to loss contingencies, including various legal and regulatory proceedings, asserted and potential claims, liabilities related to repair or replacement of parts in connection with product defects, as well as product warranties that arise in the ordinary course of business and are subject to change, including due to sudden or rapid developments in proceedings or claims. An estimated loss from such contingencies is recognized as a charge to income if it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We evaluate developments that could affect prior disclosures or previously accrued liabilities, and make adjustments as appropriate. Significant judgment is required to determine both the likelihood of there being, and the estimated amount of, a loss related to such matters. Certain factors have resulted in significant changes to our judgments and estimates that we made regarding these matters in previous quarters based on updated information that became available. If one or more of these matters were resolved against us for amounts in excess of management's estimates of losses, our results of operations and financial condition could be materially adversely affected.

MD&A 40

Table of Contents


Risk Factors and Other Key Information

Risk Factors

The risks described in "Risk Factors" within Risk Factors and Other Key Information in our 2024 Form 10-K, ~~and~~our inQ1 2025 Form 10-Q and our Q1Q2 2025 Form 10-Q could materially and adversely affect our business, financial condition, and results of operations, and the trading price of our common stock could decline. These risk factors do not identify all risks that we face—our operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial to our operations. Due to risks and uncertainties, known and unknown, our past financial results may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. In addition to the other information set forth in this Form 10-Q, including in the Forward-Looking Statements, MD&A, and the Consolidated Condensed Financial Statements and Supplemental Details sections, we have provided an additional risk ~~factor~~factors below ~~regarding uncertainties surrounding our pursuit of next generation leading-edge process technologies and the impact they could have on our financial results~~.

IfThere weis ~~are~~limited ~~unable~~precedent tofor ~~secure~~the aaccounting ~~significant~~treatment ~~external~~for ~~foundry~~our ~~customer~~transactions ~~for~~with ~~Intel~~the ~~14A,~~U.S. ~~our~~government ~~next~~and ~~generation~~we ~~semiconductor~~have ~~manufacturing~~been ~~process~~unable ~~technology,~~to weconclude ~~may~~our ~~pause~~consultation orwith ~~discontinue~~the ~~our~~staff ~~pursuit~~of the SEC; if the staff of ~~next~~the ~~generation~~SEC ~~leading-edge~~were ~~process~~to ~~technologies~~have a different view of the appropriate accounting treatment, ~~which~~we may ~~have~~materially ~~significant~~revise ~~strategic~~our ~~business,~~third quarter financial results, ~~operational~~including the recognition of additional costs or losses, and ~~reputational~~our ~~risks~~results for future periods may also be materially and ~~repercussions.~~adversely impacted.

AsOur antransactions ~~integrated~~with ~~design~~the ~~manufacturer~~U.S. ~~(IDM)~~government ~~with~~during athe ~~products~~third ~~business~~quarter ~~that~~of ~~depends~~2025, onincluding ~~access~~the toequity ~~leading-edge~~issuances ~~semiconductor~~and ~~manufacturing~~the ~~process~~amendment ~~technologies,~~to orour ~~nodes,~~commercial toCHIPs ~~produce~~Act ~~competitive products~~agreement, weare ~~have~~complex. ~~historically~~Refer ~~invested significant capital resources~~ to ~~continually~~"Note ~~develop~~4: ~~new~~Earnings ~~generations~~(Loss) ofPer ~~leading-edge~~Share ~~nodes~~ and ~~foundry~~Stockholders' ~~capacity~~Equity" towithin ~~produce~~Notes ~~such~~to ~~nodes.~~Consolidated ~~However,~~Condensed ~~the~~Financial ~~design,~~Statements ~~development,~~for ~~and~~additional ~~manufacturing~~information. ofThere ~~leading-edge nodes~~ is ~~risky~~limited ~~and~~precedent ~~capital-intensive, and it takes years~~ for ~~capital~~the ~~investments~~accounting totreatment ~~yield~~of asuch ~~return~~transactions. IfWhile we ~~are~~believe ~~unable~~we tohave ~~secure~~selected athe ~~significant~~appropriate ~~external~~accounting ~~customer~~approach for ~~our~~these ~~Intel~~transactions ~~14A~~in ~~node,~~our weConsolidated ~~may~~Condensed ~~pause~~Financial orStatements ~~discontinue~~in ~~development~~this ofForm ~~Intel~~10-Q, ~~14A~~there ~~and~~are ~~subsequent~~other ~~next~~potential ~~generation~~approaches ~~leading-edge~~that, ~~nodes.~~if ~~While~~applied, wewould ~~remain~~result ~~focused~~in onmaterially ~~continued~~different ~~development~~financial ofresults ~~Intel~~for ~~14A~~our ~~and~~third ~~securing~~quarter ~~such~~of a2025 ~~significant~~and ~~external~~could ~~customer,~~also wematerially ~~have~~and ~~taken~~adversely ~~steps~~impact ~~to reduce~~ our ~~overall~~results ~~investment~~for ~~and~~future ~~have~~periods. ~~further~~Given ~~slowed down~~ the ~~construction~~complexity ofassociated ~~the~~with ~~new~~these ~~leading-edge~~transactions, ~~fabrication facilities~~ we ~~are~~recently ~~building~~initiated ina ~~Ohio.~~consultation Inwith ~~addition,~~the ~~while~~staff weof ~~continue~~the SEC to ~~evaluate~~seek ~~Intel~~confirmation ~~14A~~that ~~for~~they ~~use~~do innot ~~future~~disagree ~~Intel~~with ~~products and~~ our ~~plan~~accounting ~~includes~~treatment. anDue ~~initial~~to ~~product~~the ~~designed~~current toU.S. ~~utilize~~government ~~Intel 14A~~shutdown, ~~at present~~ we ~~are~~have ~~maintaining~~been ~~the~~unable ~~option~~ to ~~design~~conclude ~~future~~our ~~Intel~~consultation ~~products~~with ~~requiring~~the ~~nodes~~staff ~~with~~of ~~performance~~the ~~beyond~~SEC. ~~Intel~~If ~~18A~~the ~~and~~staff ~~Intel~~of ~~18A-P~~the SEC were to behave ~~produced~~a ~~internally~~different orview byof anthe ~~external~~appropriate ~~foundry.~~accounting Wetreatment ~~have~~of ~~been~~these ~~unsuccessful~~transactions, towe ~~date~~may inmaterially ~~securing~~revise ~~any~~our ~~significant~~third ~~external~~quarter ~~foundry~~2025 ~~customers~~financial ~~for~~results, ~~any~~including the recognition of ~~our~~additional ~~nodes~~costs or losses, and our ~~prospects~~results for ~~securing~~future aperiods ~~significant~~may ~~external~~also ~~foundry~~be ~~customer~~materially ~~for~~and ~~Intel~~adversely ~~14A are uncertain~~impacted.

IfThe weU.S. ~~were~~government’s toacquisition ~~pause~~and orownership ~~discontinue~~of ~~the~~significant ~~design,~~equity ~~development,~~interests ~~and~~in ~~manufacturing~~the ofcompany ~~Intel~~may ~~14A~~subject us and ~~other~~our ~~next~~stockholders ~~generation~~to ~~leading-edge~~a ~~nodes~~number of risks and uncertainties, weany ~~would~~of bewhich ~~subject~~could tohave a ~~number~~material ofadverse ~~significant~~effect ~~strategic~~on our business, financial, ~~operational~~condition and ~~reputational~~results ~~risks~~of ~~and~~operations ~~repercussions~~or ~~including,~~adversely ~~but~~impact ~~not~~the ~~limited~~interests ~~to:~~of our other stockholders.

~~▪Dependence~~■The onaccelerated ~~Third-Party~~CHIPs ~~Foundries:~~Act ~~Our~~funds ~~products~~we ~~business~~received ~~would,~~from ~~over~~the ~~time,~~U.S. ~~become~~government ~~dependent~~connected onto ~~third-party~~the ~~foundries~~issuance of our equity securities to the U.S. government may be subject to risks from changes in laws, ~~particularly~~regulations, ~~TSMC~~or their interpretations, as wewell ~~develop~~as ~~products~~shifts ~~for~~in ~~nodes~~federal ~~beyond~~administration ~~Intel~~and ~~18A~~congressional ~~and~~priorities. ~~Intel~~The ~~18A-P~~legislative, judicial or executive branches of the U. WeS. ~~have~~government nocould ~~long-term~~determine ~~contract~~in ~~with~~the ~~TSMC,~~future ~~and~~that ifall weor ~~are~~a ~~unable~~portion of the transactions pursuant to ~~secure~~which ~~and~~the ~~maintain~~U.S. ~~sufficient~~government ~~capacity~~acquired onour ~~favorable~~equity ~~pricing~~securities ~~terms~~were unauthorized, wevoid ~~may~~or bevoidable. ~~unable~~In toaddition, ~~manufacture~~the terms of our ~~products~~agreement inwith ~~sufficient~~the ~~volume~~U.S. Department of Commerce for the acquisition of our securities and atthe aamendment ~~cost~~of ~~that~~our ~~supports~~commercial CHIPs Act agreement are subject to unilateral amendment by the ~~continued~~U.S. ~~success~~Department of ~~our~~Commerce ~~products~~to ~~business~~comply with future changes in federal law. Further, ~~most~~while ofthe ~~our~~U.S. ~~competitors~~Department ~~have~~of ~~longer~~Commerce ~~and~~is ~~more~~contractually ~~established~~bound ~~relationships~~under our agreements with ~~TSMC~~them, ~~and~~no other ~~third-party~~agency ~~foundries~~or ~~than~~branch weof dothe U.S. government has made commitments to support, ~~which~~refrain ~~may~~from ~~put~~challenging usor atotherwise aimpeding ~~competitive~~the ~~disadvantage~~transaction. ~~There~~Legal ~~are~~challenges, ~~few~~administrative ~~foundries~~rulings, ~~capable~~litigation ofby ~~producing~~other parts of the ~~leading-edge~~U.S. ~~and~~government ~~near-leading-edge~~or ~~nodes~~third ~~needed~~parties, ~~for~~or ~~our~~geopolitical ~~products~~developments –could ~~currently~~materially ~~only~~impair ~~TSMC~~funding, ~~and~~alter ~~Samsung.~~obligations Tounder the ~~extent~~commercial CHIPs Act agreement or our ~~competitors~~Secure ~~are~~Enclave ~~more~~agreement, ~~successful~~or ~~than~~otherwise usadversely inaffect ~~securing~~the ~~capacity~~transactions ~~with~~and ~~those~~the ~~foundries~~benefits ~~than~~that we ~~are,~~expect ~~our~~to ~~product~~receive ~~roadmap,~~under ~~market~~such ~~position~~agreements. In addition, ~~and~~enforcement ~~customer~~against ~~relationships~~a ~~would~~government becounterparty ~~materially~~is ~~adversely~~inherently ~~impacted~~uncertain given the defenses available to the U.S. government.

~~▪Losses~~■The ~~with~~transactions ~~respect~~eliminate to our ~~Investments~~contractual inrights ~~R&D~~to ~~and~~receive ~~Manufacturing~~future ~~Facilities~~funds ~~and~~under ~~Equipment:~~the Wecommercial ~~had~~CHIPs ~~over~~Act ~~$100~~agreement ~~billion~~in the form of ~~property,~~a ~~plant,~~grant and ~~equipment,~~may ~~net~~limit on our ~~balance~~ability ~~sheet~~to assecure ofgrants ~~June~~from ~~28,~~government ~~2025,~~entities in the ~~substantial~~future. ~~majority~~By ofeliminating ~~which~~future wegrant ~~estimate~~funding ~~relate~~under tothe ~~our~~commercial ~~foundry~~CHIPs ~~business.~~Act ~~While~~agreement, the ~~significant~~transactions ~~majority~~make ofit ~~this~~such ~~relates~~that to our ~~existing~~business ~~and~~will ~~in-development~~no ~~nodes,~~longer ~~including~~benefit ~~Intel~~from ~~18A~~the ~~and~~reduced ~~Intel~~future ~~18A-P,~~operating ~~with~~costs ~~each~~made ~~transition~~possible toby asuch ~~new~~grant ~~node~~funding. weIn ~~continue~~addition, toour ~~utilize~~business ~~some~~is ~~R&D~~highly ~~and~~capital ~~manufacturing~~intensive ~~assets~~and ~~from~~we ~~prior~~have ~~nodes.~~a Ifnumber weof ~~were~~other tocurrent ~~pause~~grant orarrangements ~~discontinue~~with ~~the~~government ~~design~~entities, ~~development,~~ and ~~manufacturing~~may ofseek ~~Intel~~to ~~14A~~pursue ~~and~~such ~~other~~arrangements ~~next~~in ~~generation~~the ~~leading-edge~~future. ~~nodes,~~It weis ~~would~~uncertain ~~expect~~whether tothe ~~incur~~transactions ~~significant~~may ~~material~~cause ~~impairments~~other ~~with~~government ~~respect~~entities to ~~foundry~~seek ~~assets~~to ~~that~~convert ~~may~~their ~~impact~~existing ~~our~~grant ~~results~~arrangements ofwith ~~operations.~~us ~~For~~into ~~example,~~equity weor ~~would~~be ~~likely~~unwilling ~~discontinue~~to ~~the~~support ~~new~~us ~~leading-edge~~with ~~fabrication~~future ~~facilities~~grants, weeither ~~are~~of ~~building~~which incould ~~Ohio.~~limit Weour ~~also~~access ~~would expect~~ to ~~incur~~capital, ~~additional~~increase ~~costs~~our ~~and~~cost ~~expenses~~of ascapital, weor ~~wind~~increase ~~down~~our ~~other~~future ~~projects~~operating ~~and facilities and reduce headcount~~costs.

~~▪Loss~~■The oftransactions ~~Eligibility~~are ~~for~~dilutive ~~Government~~to ~~Incentives:~~existing Instockholders. ~~November~~The ~~2024,~~issuance ~~we signed a Direct Funding Agreement with the US Department~~ of ~~Commerce~~shares ~~for the award~~ of ~~$7.9~~common ~~billion~~stock into ~~government~~the ~~incentives~~U.S. ~~We have also entered into other~~ government ~~incentive~~is ~~arrangements~~dilutive ~~with~~to ~~local,~~existing ~~regional~~stockholders, and ~~national~~stockholders ~~governments,~~may ~~both~~suffer USsignificant ~~and~~additional ~~non-US.~~dilution Ifif wethe ~~were~~conditions to ~~pause or discontinue~~ the ~~design,~~warrants ~~development,~~received ~~and~~by ~~manufacturing~~the ofU.S. ~~Intel~~government ~~14A,~~are wetriggered ~~may lose eligibility for various incentives contemplated by these arrangements,~~ and wethe ~~may~~warrants beare ~~required to repay amounts already received under these arrangements~~exercised.

~~▪Potential~~■The ~~Penalty~~U.S. ~~Payments~~government’s ~~Under~~equity ~~our~~position ~~SCIP~~in ~~Agreements: To support~~ our ~~capital~~common ~~investments~~stock inreduces ~~recent~~the ~~years,~~voting weand ~~pursued~~other ~~alternative~~governance ~~financing~~rights ~~arrangements~~of ~~including~~ our ~~2022~~other ~~joint~~stockholders ~~investment~~and ~~with~~may ~~Brookfield~~limit inpotential ~~the~~future ~~manufacturing~~transactions ~~expansion~~that ofmay ~~our~~be ~~Arizona~~beneficial ~~campus~~to ~~and~~ our ~~2024~~stockholders. ~~joint~~As ~~investment~~a ~~with~~result ~~Apollo~~of ~~related~~the totransactions, ~~Fab~~the 34U.S. ingovernment ~~Ireland.~~is ~~Our~~one ~~potential~~of ~~pause~~our orlargest ~~discontinuation~~stockholders of(5.8% ~~the~~as ~~design,~~of ~~development~~September 27, 2025) and ~~manufacture~~may ofacquire ~~Intel~~additional ~~14A~~shares ~~may~~of ~~accelerate~~ our ~~move~~common tostock ~~third-party~~as ~~foundry~~shares ~~services~~are ~~for~~released ~~our~~from ~~products~~escrow ~~and~~to ~~result~~the inU.S. ~~our~~government ~~inability~~as towe ~~satisfy~~perform ~~construction~~under and~~/or~~ ~~wafer~~receive ~~demand~~disbursements ~~and~~for ~~purchase~~Secure ~~commitments~~Enclave in(up ~~those~~to ~~arrangements,~~an ~~potentially~~additional ~~requiring~~3.2%) ~~substantial~~or ~~additional~~if ~~payments~~the conditions to ~~our~~the ~~SCIP~~warrants ~~partners.~~are triggered (we no

Other Key Information 4144

Table of Contents

~~▪Loss~~longer ofcontrol ~~Talent:~~51% ~~Historically,~~of asour ~~one~~foundry ofbusiness within the ~~only~~next ~~companies~~five inyears) and the ~~world,~~warrants ~~and~~are ~~the~~exercised ~~only~~(up ~~company~~to inan ~~the~~additional 4.8%). The U.S., ~~pursuing~~government’s ~~the~~interests ~~design,~~may ~~development~~not ~~and~~be ~~manufacturing~~the same as those of ~~next~~other ~~generation~~stockholders. ~~leading-edge~~The ~~nodes,~~U.S. wegovernment ~~have~~has ~~benefitted~~agreed ~~from~~to ~~being~~vote inits ashares ~~unique~~of ~~position~~common stock as anrecommended ~~employer~~by our board of directors, subject to ~~hire~~applicable law and ~~retain~~exceptions ~~scientists,~~to ~~engineers,~~protect ~~and~~the U.S. government’s interests. This reduces the voting influence of other ~~technical~~stockholders ~~talent~~with ~~interested~~respect into ~~being~~the selection of our directors and proposals voted on by stockholders. The existence of the ~~cutting~~significant ~~edge~~U.S. government equity interest in us, the voting of ~~semiconductor~~the ~~innovation~~U.S. Ifgovernment's weshares ~~were~~either toas ~~pause~~directed orby ~~discontinue~~our ~~leading-edge~~board ~~node~~of ~~design,~~directors ~~development,~~or ~~and~~the ~~manufacturing~~U.S. government, orand ~~any~~the ~~perception~~U.S. ~~that~~government’s wesubstantial ~~may~~additional dopowers sowith inrespect to the ~~future~~laws and regulations impacting our business, may ~~materially~~substantially ~~adversely~~limit ~~impact~~ our ability to ~~hire~~pursue ~~and~~potential ~~retain~~future ~~key~~strategic ~~talent~~transactions ~~across~~that ~~our~~may ~~foundry~~be ~~organization~~beneficial ~~and~~to stockholders, including by potentially limiting the ~~company~~willingness ~~more~~of ~~broadly,~~other ~~and~~third weparties ~~risk~~to ~~substantial~~engage ~~loss~~in ofsuch ~~historical,~~potential ~~technical,~~strategic ~~and~~transactions ~~other~~with ~~expertise~~us.

~~▪Limited~~■Our ~~External~~non-U.S. ~~Foundry Potential: We have been unsuccessful to date in attracting significant customers to our external foundry~~ business~~. If~~ wemay ~~were to pause or discontinue our pursuit of Intel 14A and successor nodes, it is highly uncertain whether we would~~ be ~~able~~adversely toimpacted ~~develop~~by ~~this~~the ~~business~~U.S. ~~Among~~government ~~other~~being ~~things,~~a ~~our~~significant ~~existing~~stockholder. ~~nodes~~Sales ~~(Intel~~outside 7,the ~~Intel~~U.S. 4accounted ~~and Intel 3) were designed~~ for ~~Intel~~76% ~~products,~~of ~~and~~our ifrevenue ~~potential customers~~ for ~~our~~the ~~upcoming~~fiscal ~~Intel~~year ~~18A-P~~ended ~~node believe we are no longer committed to continued development of next generation leading-edge nodes (Intel 14A and beyond)~~December 28, ~~they~~2024. ~~may~~Having bethe ~~inclined~~U.S. togovernment ~~remain~~as ~~with~~a ~~their~~significant ~~current~~stockholder ~~foundry~~could ~~partners~~subject ~~and~~us ~~unwilling~~ to ~~make~~additional ~~the~~regulations, ~~significant~~obligations ~~investments~~or ofrestrictions, ~~time~~such ~~and~~as ~~resources~~foreign ~~needed~~subsidy tolaws ~~develop~~or ~~products~~otherwise, onin ~~our~~other ~~nodes~~countries.

~~▪Other~~■We ~~Significant~~may ~~Financial,~~experience ~~Operational,~~other ~~and~~adverse ~~Reputational~~consequences ~~Risks:~~resulting Iffrom wethe ~~pause~~announcement or ~~discontinue~~completion ~~the design, development and manufacture~~ of ~~Intel~~the ~~14A~~transactions. ~~and~~There ~~future~~is ~~leading-edge~~limited ~~nodes,~~precedent itfor ~~may~~a ~~give~~U.S. ~~rise~~company tosuch ~~additional~~as ~~material~~us ~~risks~~having ~~that~~the weU.S. ~~are~~government ~~not~~take ~~able~~a toposition ~~foresee~~as ora ~~that are more~~ significant ~~than~~stockholder. weAs ~~anticipate~~such, ~~including,~~it ~~but~~is ~~not~~difficult ~~limited~~ to, ~~adverse~~foresee ~~impacts~~all tothe ~~our~~potential ~~relationships~~consequences. ~~and~~Among ~~the~~other ~~terms~~things, ofthere ~~our~~could ~~engagements~~be ~~with~~adverse ~~customers~~reactions, ~~suppliers,~~immediately ~~and~~or ~~strategic~~over ~~partners~~time, ~~potential~~from ~~credit~~investors, ~~rating~~employees, ~~risk~~customers, ~~and~~suppliers, ~~diminished~~other ~~investor~~business ~~confidence~~or ~~and~~commercial ~~increased~~partners, ~~stock~~foreign ~~price~~governments ~~volatility~~or competitors. ItThere ismay also ~~uncertain what actions, if any, may~~ be ~~taken~~litigation byrelated ~~the U.S. and other governments~~ to the ~~extent~~transaction ~~they~~or ~~view~~otherwise ~~a potential discontinuation of our leading-edge process technology design, development,~~ and ~~manufacturing~~increased aspublic aor ~~strategic~~political ~~risk~~scrutiny ~~from~~with arespect ~~national~~to ~~economic or defense perspective~~us.

Any of the foregoing could have a material adverse ~~impact~~effect on our revenue, operations, financial position, cash flows, access to financing, cost structure, competitiveness, reputation, profitability, and prospects and could exacerbate other risks discussed in our 2024 Form 10-K, ~~and~~ Q1 2025 Form 10-Q. ~~Further, given the decades of significant continuous investments in R&D, talent accumulation, intellectual property, state-of-the-art facilities,~~ and ~~technical~~Q2 ~~know-how~~2025 ~~needed~~Form ~~to compete in leading~~10-~~edge node design, development and manufacturing, any decision to pause or discontinue our pursuit of Intel 14A and successor leading-edge process technologies may be effectively irreversible~~Q.

Quantitative and Qualitative Disclosures About Market Risk

We are affected by changes in currency exchange and interest rates, as well as equity and commodity prices. Our risk management programs are designed to reduce, but may not entirely eliminate, the impacts of these risks. We performed an evaluation of these risks to our financial positions as of December 28, 2024, and updated that analysis as of ~~June 28~~September 27, 2025, to determine whether material changes in market risks pertaining to currency and interest rates or equity and commodity prices have occurred as a result of the changes in international trade policies, including tariffs and export controls. No material revisions were noted since disclosing "Quantitative and Qualitative Disclosures About Market Risk" within MD&A, in our 2024 Form 10-K. Risks related to changes in international trade policies, including tariffs and export controls, particularly those involving the United States and China are described under "Risk Factors" within Risk Factors and Other Key Information in our 2024 Form 10-K and in our Q1 2025 Form 10-Q.

Controls and Procedures

Inherent Limitations on Effectiveness of Controls

Our management, including the principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.

Evaluation of Disclosure Controls and Procedures

Based on management’s evaluation (with the participation of our principal executive officer and principal financial officer), as of the end of the period covered by this report, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended ~~June~~September 2827, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Other Key Information 4245

Table of Contents

Issuer Purchases of Equity Securities

We have an ongoing authorization, originally approved by our Board of Directors in 2005 and subsequently amended, to repurchase shares of our common stock in open market or negotiated transactions. No shares were repurchased during the quarter ending ~~June~~September 2827, 2025. As of ~~June~~September 2827, 2025, we were authorized to repurchase up to $110.0 billion, of which $7.2 billion remained available.

We issue RSUs as part of our equity incentive plans. In our Consolidated Condensed Financial Statements, we treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase program.

Rule 10b5-1 Trading Arrangements

Our directors and officers (as defined in Rule 16a-1 under the Exchange Act) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended ~~June~~September 2827, 2025, no such plans or arrangements were adopted or terminated, including by modification.

Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Exchange Act requires an issuer to disclose certain information in its periodic reports if it or any of its affiliates knowingly engaged in certain activities, transactions, or dealings with individuals or entities subject to specific USU.S. economic sanctions during the reporting period, even when the activities, transactions, or dealings are conducted in compliance with applicable law. On March 2, 2021, the USU.S. Secretary of State designated the Federal Security Service of the Russian Federation (FSB) as a party subject to one such sanction. Though Intel has suspended sales in Russia, there may be a need to file documents or engage with FSB as Intel winds up our local Russian offices. All such dealings are explicitly authorized by General License 1B issued by the USU.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and there are no gross revenues or net profits directly associated with any such dealings by us with the FSB.

On April 15, 2021, the USU.S. Department of the Treasury designated Pozitiv Teknolodzhiz, AO (Positive Technologies), a Russian IT security firm, as a party subject to one of the sanctions specified in Section 13(r). Prior to the designation, we communicated with Positive Technologies regarding its IT security research and coordinated disclosure of security vulnerabilities identified by the firm. Based on a license issued by OFAC, we resumed such communications. There are no gross revenues or net profits directly associated with any such activities. We plan to continue these communications in accordance with the terms and conditions of the OFAC license.

~~Amendment~~Other ~~and~~Key ~~Restatement~~Information ~~of 2006 Equity Incentive Plan~~46

As previously disclosed in our Form 8-K dated May 9, 2025, the Company's stockholders approved an amendment and restatement of the Company's 2006 Equity Incentive Plan (the “EIP”) at the 2025 Annual Stockholders’ Meeting held on May 6, 2025 (the “Annual Meeting”). The amended and restated EIP became effective upon stockholder approval and, among other changes, extended the term of the plan for an additional one year and increased by 150 million the number of shares available under the EIP, as described under Proposal 4 of the Company's definitive proxy statement filed on Schedule 14A with the Securities and Exchange Commission on March 27, 2025.

Other Key Information 43

Table of Contents

Exhibits

Incorporated by Reference

ExhibitNumber

Exhibit Description

Form

File Number

Exhibit

FilingDate

Filed or Furnished Herewith

3.1

Corrected Third Restated Certificate of Incorporation of Intel Corporation, dated October 23, 2023

10-Q

000-06217

3.1

10/27/2023

3.2

Intel Corporation Bylaws, as amended and restated on November 29, 2023

8-K

000-06217

3.2

12/5/2023

10.1

Transaction Agreement, dated April 14, 2025, by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.

4.1

Form of Warrant

8-K

000-06217

4.1

8/25/2025

10.2

Form of Limited Partnership Agreement to be entered into by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.

10.1

Amendment No. 1 to Transaction Agreement, dated August 11, by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.

8-K

000-06217

10.1

8/14/2025

10.3†

Intel Corporation 2006 Equity Incentive Plan as Amended and Restated Effective May 6, 2025

10.2

Warrant and Common Stock Agreement, dated August 22, 2025 by and between Intel Corporation and the United States Department of Commerce

8-K

000-06217

10.1

8/25/2025

10.3

Implementing Amendment to Direct Funding Agreement, dated August 27, 2025, by and between Intel Corporation and the United States Department of Commerce.

8-K

000-06217

10.1

8/29/2025

10.4

Amended and Restated Transaction Agreement, dated September 12, 2025, by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.

10.5†

Intel 401(k) Savings Plan, as amended and restated effective September 30, 2025

31.1

Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act

31.2

Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act

32.1

Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350

101

Inline XBRL Document Set for the consolidated condensed financial statements and accompanying notes in Consolidated Condensed Financial Statements and Supplemental Details

104

Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101

† Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.

Other Key Information 4447

Table of Contents

Form 10-Q Cross-Reference Index

Item Number	Item
Part I - Financial Information
Item 1.	Financial Statements	Pages 3 - 2427
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	Liquidity and capital resources	Pages 3742 - 4043
	Results of operations	Pages 2629 - 3642
	Critical accounting estimates	Page ~~26, 38~~29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	Page 4245
Item 4.	Controls and Procedures	Page 4245
Part II - Other Information
Item 1.	Legal Proceedings	Pages 2125 - 2427
Item 1A.	Risk Factors	Page 4144
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	Page 4346
Item 3.	Defaults Upon Senior Securities	Not applicable
Item 4.	Mine Safety Disclosures	Not applicable
Item 5.	Other Information
	Rule 10b5-1 Trading Arrangements	Page 4346
	Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934	Page 4346
	Amendment and Restatement of 2006 Equity Incentive Plan	Page 43
Item 6.	Exhibits	Page 47
Item 6.	Exhibits	Page 44
Signatures		Page 49
Signatures		Page 46

Other Key Information 4548

Table of Contents

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

INTEL CORPORATION(Registrant)

Date:

~~July~~November 246, 2025

By:

/s/ DAVID ZINSNER

David Zinsner

Executive Vice President, Chief Financial Officer, andPrincipal Financial Officer

Date:

~~July~~November 246, 2025

By:

/s/ SCOTT GAWEL

Scott Gawel

Corporate Vice President, Chief Accounting Officer, andPrincipal Accounting Officer

4649

Filing Compare · INTEL CORP