Intel

We are a global leader in the design and manufacturing of CPUs and other semiconductor products.

10-K, Jan 23, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Intel?

Dan NilesInvestorApr 24, 2026Invests

Our summary: Niles said Intel's rally is only the beginning as agentic AI revives CPU demand, likening it to Nvidia a few years ago and advising a long-term long bias.

“Let's face it: Intel's been a dead stock for a decade or so”

CNBC article ›

Details ⓘ

Speaker: Dan Niles, Niles Investment Management
Role: Investor
Source: CNBC
Format: News article
Date: Apr 24, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Apr 24, 2026; the view may have changed.

Jeff KilburgInvestorApr 24, 2026Invests

Our summary: Kilburg said he is not trimming his Intel position because he sees more room to run.

CNBC interview ›

Details ⓘ

Speaker: Jeff Kilburg, KKM Financial
Role: Investor
Source: CNBC
Format: TV interview
Date: Apr 24, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Apr 24, 2026; the view may have changed.

All 2 Voices on Intel ›

Business

How does Intel make money?

Intel Products is 69.7% of revenue.

Intel Products69.7%

Intel Foundry25.3%

Other5.1%

What is left of every $100?

Of every $100 in revenue, −$1 is net income.

Revenue$100

Gross profit$35

Operating income−$4

Net income−$1

Free cash flow−$9

Where do customers sit?

29.8% of revenue is from United States.

United States29.8%

China including Hong Kong24.0%

Singapore18.0%

Taiwan14.5%

Other countries13.6%

In the company’s words ›

“Our products are designed and marketed by our Intel Products business, which includes our CCG and DCAI operating segments, and are manufactured by our Intel Foundry operating segment and third-party suppliers.”

“Our Intel Foundry operating segment also offers semiconductor design and manufacturing services to external customers.”

“We leverage our talent, IP, manufacturing assets and other resources to run our business and execute our strategic priorities.”

Item 1 · Business · 10-K · 0000050863-26-000011 · filed Jan 23, 2026

Where did the growth actually come from?

Revenue fell; Not allocated led the drop.

Revenue FY2024$53.1B

Intel Foundry+$509M

All Other−$38.0M

Intel Products−$324M

Not allocated−$395M

Revenue FY2025$52.9B

Thesis

Why do people invest?

1 reason in the company’s own words.

R&D investment

“R&D expenses were $13.8 billion in 2025, $16.5 billion in 2024 and $16.0 billion in 2023.”
Item 1 · Business · 10-K · 0000050863-26-000011 · filed Jan 23, 2026
Number check (R&D expense): stated $13.8B matches the stored value ($13.8B, ±10%)

R&D expense: $13.8B FY2025 · −16.8% vs FY2024 · Profitability charts

Dependencies

How much revenue hangs on one customer?

One customer: 19% of revenue.

Customer A19%

Customer B12%

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Intel annual report)

Customer A19% Dell Inc. · FY2025 · share of revenue (basis not confirmed in the filing text)

Customer B12% Lenovo Group Limited · FY2025 · share of revenue (basis not confirmed in the filing text)

10-K · 0000050863-26-000011 · filed Jan 23, 2026

Suppliers named by Intel

TSMC“In such event, we would expect, over time, to shift manufacturing to third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and its derivative node, Intel 18A-P.”

TSMC“We expect to continue to use TSMC and other third-party foundry suppliers for various key tiles in a number of current and future products.”

ASML“(ASML) is currently the sole supplier of EUV lithography tools that we are deploying in our Intel 4, Intel 3, Intel 18A and planned future leading-edge manufacturing process nodes.”

Intel holds stakes in

No stake in a covered company found in SEC filings.

Others name Intel

6 competitor mentions (e.g. AMD, Cerebras, GlobalFoundries, HPE) · 5 other mentions (e.g. CoreWeave, CrowdStrike, NVIDIA, Tower Semiconductor) · 2 partner mentions (e.g. Tower Semiconductor, UMC) · 3 supplier mentions (e.g. Fortinet, Tower Semiconductor, UMC) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

1 of 5 risk factors, one per theme.

Regulation and legal proceedings
“Laws and regulations can have a negative impact on our business.”
Item 1A · Risk Factors · 10-K · 0000050863-26-000011 · filed Jan 23, 2026

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 6.52%.

Vanguard Capital Management LLC6.52%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock Inc.8.1% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.12.1%
426.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.1%
285.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.2%
216.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Nvidia Corp6.1%
214.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Invesco Ltd.4.5%
157.9M shares · 13F filed Aug 14, 2026 · share of 13F-reported

3,556 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

2 purchases · 3 sales · $7.5M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 41 SEC metrics, FY2016–FY2025

Income statement 10

Metric	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue

D&A	not reported	not reported	not reported	not reported	not reported	not reported

Gross profit

Income taxes

Interest expense

Net income

Operating income

Research and development

Revenue

SG&A

Balance sheet 10

Metric	FY2021	FY2022	FY2023
Cash and equivalents	not reported	not reported	not reported

Current liabilities

Current portion of long-term debt

Equity

Equity incl. NCI

Long-term debt

Short-term debt (balance sheet line)

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 7

Metric	FY2024	FY2025
Buybacks	not reported	not reported

Capex

Dividends

Free cash flow calc.

Interest paid

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 5

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Intersegment-Eliminierungen (Revenue)	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue All Other (segment reconciliation)	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Client Computing (CCG/CCPG) calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Intel Foundry calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Revenue Intel Products calc.	not reported	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Other 5

Metric	FY2016	FY2017	FY2018	FY2019	FY2020
NCI income	not reported	not reported	not reported	not reported

Other income (incl. interest)

Pretax income

Short-term borrowings / commercial paper		not reported	not reported	not reported	not reported

Total liabilities calc.	not reported	not reported	not reported

Intel

Source and method

What do investors say about Intel?

Business

Intel Products is 69.7% of revenue. i

Source and method

Of every $100 in revenue, −$1 is net income. i

Source and method

29.8% of revenue is from United States. i

Source and method

Revenue fell; Not allocated led the drop.

Thesis

1 reason in the company’s own words. i

Source and method

KPIs

Revenue fell 0.5% to $52.9B.

Revenue grew 25% YoY to $16.1B.

Per share, revenue fell 23.7%.

−4.2% operating margin, up from −22.0%.

34.8% gross margin, up from 32.7%.

Operating income: −$2.2B in FY2025.

Net income: −$267M in FY2025.

R&D fell 17% to $13.8B.

SG&A fell 16% to $4.6B.

EPS diluted: −$0.06 in FY2025.

11.1% operating margin, up from −24.7%.

40.4% gross margin, up from 27.5%.

Operating income: $1.8B in FY2026 Q2.

Net income: −$11.0B in FY2026 Q2.

R&D fell 8.6% YoY to $3.4B.

SG&A grew 2.7% YoY to $1.2B.

EPS diluted: −$2.16 in FY2026 Q2.

Free cash flow was negative: −$4.9B in FY2025.

Operating cash flow grew 17% to $9.7B.

Capex fell 39% to $14.6B.

Buybacks: $0 in FY2023, the latest reported.

Dividends: $0 in FY2025.

Stock-based compensation fell 29% to $2.4B.

Free cash flow: $4.5B in FY2026 Q2.

Operating cash flow grew 242% YoY to $7.0B.

Capex fell 28% YoY to $2.6B.

Dividends: $0 in FY2025 Q4.

Stock-based compensation grew 3.3% YoY to $686M.

$14.3B cash vs $46.6B debt.

Total debt fell 6.9% to $46.6B.

Interest expense grew 5.5% to $1.1B.

Total assets grew 7.6% to $211.4B.

Equity grew 15% to $114.3B.

Cash grew 34% YoY to $12.9B.

Total debt fell 0.4% YoY to $50.5B.

Interest expense grew 41% YoY to $321M.

Total assets grew 5.2% YoY to $202.4B.

Equity fell 11% YoY to $87.5B.

Intel Products revenue fell 0.7% to $49.1B.

Intel Foundry revenue grew 2.9% to $17.8B.

Client Computing revenue fell 3.4% to $32.2B.

Intel Products revenue grew 28% YoY to $15.1B.

Intel Foundry revenue grew 31% YoY to $5.8B.

Client Computing revenue grew 13% YoY to $8.9B.

Dependencies

One customer: 19% of revenue.

Risks

1 of 5 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 6.52%. i

Source and method

All metrics

Method

Intel Products is 69.7% of revenue.

Of every $100 in revenue, −$1 is net income.

29.8% of revenue is from United States.

1 reason in the company’s own words.

1 of 5 risk factors, one per theme.

Vanguard Capital Management LLC holds 6.52%.