01—Abstract
Summary
Summary of the 10-K filed January 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Intel Corporation's 2025 10-K filing reveals a company navigating a significant transformation, marked by efforts to revitalize its core x86 business and establish a leading position in the foundry market, all while managing substantial R&D investments and ongoing restructuring.
The company's strategy centers on four key priorities: cultural transformation, x86 ecosystem revitalization, foundry business growth, and expanding market opportunities. Despite overall revenue being relatively flat year-over-year, the company saw growth in its Data Center and AI (DCAI) segment, driven by hyperscale customer demand, though constrained by wafer fabrication supply issues in the latter half of the year. Intel Foundry reported an operating loss, reflecting significant investments in leading-edge process technologies like Intel 18A and continued R&D.
The company is actively seeking external customers for its foundry services and is developing its Intel 14A process technology, with a critical dependency on securing a significant external customer. Significant events in 2025 included private placement share sales to SoftBank and NVIDIA, the divestiture of 51%a of Altera, and agreements with the U.S. government related to the CHIPS Act, which involved accelerated disbursements and equity issuances.
The company is focused on disciplined capital deployment, realigning investments with market demand and tangible milestones, and has initiated several site construction slowdowns or discontinuations. Intel's ability to execute its ambitious roadmap, particularly in foundry and advanced process technologies, remains a key area of focus for investors.
02—Key points
Key Highlights
- Intel is undergoing a strategic transformation focused on cultural change, x86 revitalization, foundry growth, and market expansion.
- The company experienced revenue growth in its Data Center and AI (DCAI) segment, driven by hyperscale demand, but faced wafer fabrication supply constraints.
- Intel Foundry reported an operating loss, reflecting heavy investment in advanced process technologies like Intel 18A and continued R&D.
- Key financial activities in 2025 included significant private placements to SoftBank and NVIDIA, the divestiture of 51% of Altera, and U.S. government CHIPS Act agreements involving equity issuance.
- Capital expenditure strategy is being refined to be more disciplined, aligning investments with market demand and strategic milestones, including slowdowns in certain construction projects.
- The success of Intel's Intel 14A process technology development is contingent on securing a significant external foundry customer.
- R&D expenses decreased in 2025 compared to 2024, partly due to restructuring and cost-reduction measures.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Intel Corp lost $0.01.
- Revenue$52.85B100.0%
- Cost of revenue−$34.48B65.2%
- Gross profit$18.38B34.8%
- Operating costs−$20.59B39.0%
- Operating income−$2.21B4.2%
- Interest, other & tax$1.95B3.7%
- Net income−$267.0M0.5%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed January 23, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $52.85B$53.10B | −0.5% |
| Cost of Revenue | $34.48B$35.76B | −3.6% |
| Gross Profit | $18.38B$17.34B | +5.9% |
| R&D Expenses | $13.77B$16.55B | −16.8% |
| SG&A Expenses | $4.62B$5.51B | −16.0% |
| Operating Expenses | $55.07B$29.02B | +89.7% |
| Operating Income | -$2.21B-$11.68B | +81.0% |
| Net Income | -$267.00M-$18.76B | +98.6% |
| EPS (Basic) | $-0.06$-4.38 | +98.6% |
| EPS (Diluted) | $-0.06$-4.38 | +98.6% |
| Shares Outstanding (Basic) | 4.53B4.28B | +5.8% |
| Shares Outstanding (Diluted) | 4.53B4.28B | +5.8% |
05—Questions
Frequently Asked Questions
What are Intel's main strategic priorities for the coming years?
Intel's strategy is centered on four core priorities: 1. Transforming its culture to be more engineering-focused and customer-centric with disciplined execution and financial management. 2. Revitalizing the x86 ecosystem by advancing its x86 product offerings for AI workloads. 3. Growing its external foundry business by leveraging its U.S.-based capabilities to become a trusted partner to third-party customers. 4. Expanding its market opportunities by developing purpose-built ASICs and GPUs for AI-driven compute workloads.
How did Intel's financial performance fare in 2025, and what are the key segment highlights?
Intel's overall revenue was relatively flat year-over-year. The Client Computing Group (CCG) revenue decreased slightly due to lower volumes and customer inventory reductions, despite strong demand, compounded by wafer fabrication supply constraints. The Data Center and AI (DCAI) segment showed revenue growth, driven by hyperscale demand, but was also limited by supply constraints in the latter half of the year. The Intel Foundry segment reported an operating loss, reflecting significant ongoing investments in technology development and manufacturing capacity, though revenue increased slightly.
What significant financial and strategic transactions occurred in 2025?
In 2025, Intel secured significant funding and strategic partnerships through several key transactions. These included private placements of common stock with SoftBank ($2.0 billion) and NVIDIA ($5.0 billion). The company also completed the divestiture of 51% of its Altera subsidiary for $4.3 billion in net proceeds, retaining a 49% minority investment. Additionally, Intel entered into agreements with the U.S. Department of Commerce under the CHIPS Act, resulting in accelerated disbursements and the issuance of common stock and warrants to the U.S. government.
What is Intel's outlook on its foundry business and the Intel 14A process technology?
Intel is strategically focused on growing its external foundry business, aiming to leverage its U.S.-based leading-edge capabilities. A key aspect of this strategy is the development of its Intel 14A process technology, which is designed from inception for external customers. However, the company has stated that if it is unable to secure a significant external foundry customer for Intel 14A, it may pause or discontinue its pursuit of this and successor leading-edge process technologies. This highlights the critical importance of customer adoption for Intel's foundry ambitions.
06—Continue