Companies / Intel COMPANY FILINGS
Intel INTC In fiscal 2025, Intel designed and manufactured CPUs and other semiconductors for PCs, data centers, networks and edge computing. Its Intel Foundry segment also offered semiconductor design and manufacturing services to external customers.
Business description: FY2025 CIK 0000050863 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
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Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Intel reported fiscal 2025 revenue of $52.9 billion and a net loss attributable to Intel of $267 million.
Source: 2025 Intel 18A entered high-volume manufacturing in late 2025, and Intel released its initial Core Ultra Series 3 processors as the first products manufactured on that process.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Foundry operating loss Intel Foundry recorded a $10.3 billion segment operating loss in 2025. Its revenue included $17.5 billion of intersegment revenue and $307 million from external customers; intersegment revenue is eliminated from Intel's consolidated results.
Source: 2025 Intel 14A risk Management warned that Intel may pause or discontinue Intel 14A and subsequent leading-edge node development if it cannot secure a significant external customer for Intel 14A. This was a conditional risk, not an announced termination of development.
Source: 2025 Business context Equity funding Intel completed common-stock private placements with SoftBank Group for $2.0 billion in September 2025 and NVIDIA for $5.0 billion in December 2025. Separately, it received $5.7 billion from the U.S. Department of Commerce in August 2025 under an agreement involving common stock, escrowed shares and conditional warrants.
Source: 2025 Altera sale Intel sold 51% of Altera on September 12, 2025, for net purchase consideration of $4.3 billion and deconsolidated the business on that date. The sale produced a $5.6 billion pre-tax gain in 2025, including approximately $2.1 billion from remeasuring the retained investment.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Intel designed and manufactured CPUs and other semiconductors for PCs, data centers, networks and edge computing. Its Intel Foundry segment also offered semiconductor design and manufacturing services to external customers.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Foundry strategy reassessed Intel announced IDM 2.0 in March 2021 and introduced an office in 2022 to manage its transition to an internal foundry model. Separate financial reporting for Intel Products and Intel Foundry began in the first quarter of 2024. By its 2025 filing, Intel reported delays or cancellations of manufacturing construction or expansion projects in Ohio, Germany, Poland, Malaysia and Israel. Management linked these changes to reassessed demand, its factory-shell strategy and financial constraints on capital investment. The filing also said Intel might pause or discontinue Intel 14A and subsequent leading-edge node development if it could not secure a significant external customer. That remained a conditional possibility; the filing said development and customer recruitment continued.
Source: 2021 , 2022 , 2024 , 2025 NAND sale and Altera stake sale Intel's NAND sale to SK hynix reached its first closing on December 29, 2021, after fiscal 2021 ended, as disclosed in that year's filing. The second phase closed on March 27, 2025. Separately, the 2023 filing outlined plans to operate Programmable Solutions Group as a standalone business. In the first quarter of 2024, Altera moved from Intel's Data Center and Artificial Intelligence (DCAI) segment into the “all other” reporting category, with prior segment data retrospectively adjusted. Intel then sold 51% of Altera on September 12, 2025 and stopped consolidating it from that date. The retained investment was accounted for under the equity method. These reporting and ownership changes limit direct comparisons of the affected segment results across the window.
Source: 2021 , 2025 , 2023 , 2024 Request a correction Intel reported 2024 revenue of $53.1 billion, down 2% from 2023, and a net loss attributable to Intel of $18,756 million.
Source: 2024 Intel's internal foundry operating model took effect in the first quarter of 2024. Intel Foundry reported a segment operating loss of $13,408 million for 2024; its results included intersegment activity, while external revenue was $385 million.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Restructuring, asset and tax charges Intel's 2024 results included $2.8 billion of charges under its restructuring plan and $3.3 billion of non-cash impairments and accelerated depreciation for certain manufacturing assets, predominantly related to Intel 7. It also recorded $9.9 billion of non-cash tax charges substantially related to valuation allowances against net deferred tax assets.
Source: 2024 Dividend suspension Intel suspended quarterly dividend declarations beginning in the fourth quarter of 2024. The filing states that its commercial CHIPS Act agreement prohibited dividends for the next two years and restricted them for the following three years.
Source: 2024 Business context Funding conditions Intel disclosed that government incentives could be reduced, recaptured or terminated if their conditions were not satisfied. Its November 2024 CHIPS Act funding agreement required milestones covering investment, facilities, process development, wafer production, product insourcing and external foundry customer acquisition.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Intel designed and manufactured semiconductors, including CPUs, sold primarily through Intel Products and manufactured through Intel Foundry and other suppliers. It also sought to expand its foundry business serving external customers.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue declined after 2021 The selected passages report consolidated revenue of $77.9 billion in FY2020, $79.0 billion in FY2021, $63.1 billion in FY2022, $54.2 billion in FY2023 and $53.1 billion in FY2024. These reported totals reflect a changing business portfolio. Intel's FY2022 explanation identifies $4.3 billion of FY2021 revenue from the divested NAND flash-memory business, so the sequence should not be read as a comparison of an unchanged set of businesses.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Foundry reporting changed The selected FY2020 segment note included the foundry (chip-manufacturing services) business within the 'all other' category and stated that operating segments did not record intersegment revenue (revenue from other Intel segments). Intel began separately reporting Intel Products and Intel Foundry financial results in Q1 2024. The FY2024 presentation includes intersegment financial activity in segment results. These reporting differences prevent treating the earlier foundry disclosures and later Intel Foundry figures as one continuous series with unchanged scope.
Source: 2020 , 2024 New restructuring plan The FY2023 filing described the 2022 Restructuring Program as substantially complete at year-end, with cumulative costs of $1.3 billion. The FY2024 filing placed its completion in Q1 2024 and reported cumulative costs of $2.8 billion for the separate 2024 Restructuring Plan by December 28, 2024. Management expected actions under the newer plan to be substantially complete by Q4 2025, subject to change. These amounts concern different programs and are not annual totals for the broader restructuring and other charges category.
Source: 2023 , 2024 Request a correction Intel's 2023 revenue fell 14% from 2022 to $54.2 billion, with lower revenue in Client Computing, Data Center and AI, and Network and Edge.
Source: 2023 Intel launched Core Ultra processors in 2023 with its first integrated neural processing unit for PC AI acceleration. Core Ultra was its first high-volume client product on Intel 4.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Negative adjusted free cash flow In 2023, Intel reported $11.5 billion of operating cash flow, $25.8 billion of capital investments and negative $11.9 billion of adjusted free cash flow, a non-GAAP measure.
Source: 2023 Capacity risk Intel warned that depreciation as construction projects enter service would increase future production costs. If revenue does not grow enough to offset those costs, gross margin and operating income would suffer; unsuccessful execution of IDM 2.0 could also lead to asset impairments.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Intel was a global integrated semiconductor manufacturer that designed, manufactured and sold CPUs and related solutions for PCs, data centers, networks and edge computing.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversal The selected disclosures show reported consolidated revenue rising from $72.0 billion in 2019 to $77.9 billion in 2020 and $79.0 billion in 2021, then falling to $63.1 billion in 2022 and $54.2 billion in 2023. These totals do not represent an unchanged business portfolio. Intel's 2022 discussion identified $4.3 billion of 2021 revenue from the divested NAND flash-memory business, with those historical results classified in “all other.”
Source: 2019 , 2020 , 2021 , 2022 , 2023 More capital spending, fewer repurchases Reported capital expenditures (spending on property, plant and equipment) were $16.2 billion in 2019 and $14.3 billion in 2020, followed by $18.7 billion in 2021, $24.8 billion in 2022 and $25.8 billion in 2023. Separately, purchases under Intel's authorized common stock repurchase program fell from $14.2 billion in 2020 to $2.4 billion in 2021, and the 2023 filing described a further curtailment of repurchases in 2022. These disclosures show higher later-period capital spending alongside reduced repurchases; they do not establish that repurchase savings funded particular investments.
Source: 2021 , 2023 Tower deal terminated The 2022 filing included a $5.4 billion funding commitment for the proposed Tower acquisition. The 2023 filing reported that Intel and Tower had agreed to end the deal, with Intel citing failure to secure required regulatory approvals in time. Intel paid Tower a $353 million termination fee. The earlier commitment therefore described a pending transaction, not a completed acquisition.
Source: 2022 , 2023 Request a correction Intel's 2022 revenue was $63.1 billion, down 20% from 2021; Client Computing revenue fell 23% and Data Center and AI revenue fell 15%. Intel reported that customer incentives, particularly in Client Computing, contributed approximately $1.7 billion to fourth-quarter 2022 revenue.
Source: 2022 Intel began high-volume manufacturing of Sapphire Rapids, Raptor Lake and Ponte Vecchio in 2022, with shipments beginning in the fourth quarter.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Mobileye revenue growth Mobileye's 2022 revenue reached $1.9 billion, up $483 million from 2021, while segment operating income rose to $690 million. Management attributed revenue growth primarily to higher demand for EyeQ products and Mobileye SuperVision systems.
Source: 2022 Negative signals Operating cash flow decline Intel generated $15.4 billion of operating cash flow in 2022, down 48% from 2021, while capital expenditures totaled $24.8 billion. Management attributed the operating cash flow decline primarily to lower net income after non-cash adjustments, partly offset by favorable working capital changes.
Source: 2022 Capacity risk Intel warned that weaker demand could disproportionately reduce gross margin and operating income because its manufacturing costs are difficult to cut quickly. It said substantial capacity investments under IDM 2.0 could heighten underutilization risks.
Source: 2022 Business context Arizona Fab In the fourth quarter of 2022, Intel and Brookfield formed Arizona Fab, owned 51% and 49%, respectively. Intel's remaining unfunded contribution was $13.5 billion at year-end. Intel would operate the two planned factories and have the right to purchase all their output.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Intel designed, developed, manufactured and sold CPUs and related computing solutions globally, primarily serving equipment manufacturers and cloud service providers.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue reversal The selected disclosures report consolidated revenue of $70.8 billion in FY2018, $72.0 billion in FY2019, $77.9 billion in FY2020 and $79.0 billion in FY2021, followed by $63.1 billion in FY2022. Intel reported a 20% decline for FY2022 versus FY2021. Business disposals limit comparison across an unchanged set of businesses: Intel identified $4.3 billion of FY2021 revenue from the divested NAND flash-memory business within its explanation of the FY2022 decline in the “all other” category.
Source: 2018 , 2019 , 2020 , 2021 , 2022 Spending growth and expansion plans Intel reported capital expenditures (spending on property, plant and equipment) of $15.2 billion and authorized-program share repurchases of $10.7 billion in FY2018. In FY2021, those amounts were $18.7 billion and $2.4 billion, respectively. The FY2022 filing described manufacturing expansion plans including two new chip-making factories in Arizona and additional capacity in Ohio and Europe. Management expected planned capital investments to pressure its adjusted free cash flow measure (operating cash flow after capital spending and other specified adjustments) in the short term. These observations distinguish completed spending and repurchases from expansion plans and their anticipated cash-flow effects; they do not establish that reduced repurchases funded particular projects.
Source: 2018 , 2021 , 2022 Request a correction Intel reported 2021 revenue of $79.0 billion, up 1% from 2020, while GAAP operating income fell 18%. Industry component, substrate and foundry silicon shortages affected most of its businesses.
Source: 2021 In March 2021, Intel announced IDM 2.0, combining its internal factories, strategic use of external foundries and the new Intel Foundry Services business.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Data center profit decline Data Center Group operating income fell 34% year over year in 2021. Intel identified higher product investment expenses, higher unit costs from a greater mix of 10nm SuperFin products and Intel 4 ramp costs among the pressures.
Source: 2021 VLSI litigation charge Intel accrued a $2.2 billion VLSI litigation charge in the first quarter of 2021. Intel disputed VLSI's claims, and some post-trial motions challenging the first Texas verdict remained pending as described in the filing.
Source: 2021 Business context Higher planned capital spending Management expected capital expenditures above historical levels for the next several years and increased capital investment to pressure short-term free cash flow. It warned that government incentives below expectations would increase anticipated cash requirements.
Source: 2021 NAND sale After fiscal 2021 ended, Intel completed the first closing of its NAND memory business sale to SK hynix on December 29, 2021, receiving $7.0 billion. The transaction required a second closing.
Source: 2021 Business in fiscal 2021 In fiscal 2021, Intel supplied computing platforms for PCs and data centers, alongside products for networking, edge computing and assisted or autonomous driving.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Revenue rises as gross margin falls Intel reported consolidated revenue of $62.8 billion in 2017 and $79.0 billion in 2021, while its reported gross margin percentage was 62.3% and 55.4%, respectively. The selected passages provide different explanations for intervening margin pressure: management attributed lower gross margins in 2019 to lower platform unit sales and margin compression in memory products, partly offset by stronger platform selling prices. In 2020, management identified a higher share of products made using its 10nm manufacturing process as affecting gross margin.
Source: 2017 , 2019 , 2020 , 2021 Repurchase spending falls after growth Spending under Intel's authorized common-stock repurchase program increased from $3.6 billion in 2017 to $10.7 billion in 2018. The later disclosures show a different direction: spending was $14.2 billion in 2020 and $2.4 billion in 2021. Intel said the first-quarter 2021 purchases completed the remaining balance of the $20.0 billion repurchase plan announced in October 2019. These amounts describe purchases under the authorized program, rather than every category of shares treated as repurchases in the financial statements.
Source: 2018 , 2021 Memory segment and sale scope changes Intel's FY2020 filing anticipated that its Non-Volatile Memory Solutions Group (NSG) would comprise its NAND flash-memory business. The FY2021 filing reports that Optane memory results were included in the Data Center Group (DCG) and NSG comprised NAND, changing the scope of those segments and limiting direct comparisons with earlier reported figures. The first closing of the NAND sale occurred on December 29, 2021, after fiscal year-end; the second closing remained pending. Intel excluded NAND's impact from certain company-adjusted (non-GAAP) measures, so those measures have a different business scope from consolidated results under U.S. generally accepted accounting principles (GAAP).
Source: 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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