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Intel

Intel came close to breaking even in 2025 after a heavy loss the year before

The net loss narrowed to −$267M from −$18.8B in 2024, on revenue of $52.9B, roughly flat. Intel Foundry booked $17.8B in segment revenue, most of it from Intel's own product groups.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 23, 2026) · Latest quarter: 10-Q for the quarter ended Jun 27, 2026 (filed Jul 24, 2026) · Data pulled Oct 25, 2026

Key facts

Intel (Nasdaq: INTC) closed fiscal 2025 on Dec 27, 2025 with net revenue of $52.9B, down 0.5% from a year before; net income (loss) to Intel came to −$267M, compared with −$18.8B. Its newest quarterly report covers the three months to Jun 27, 2026: net revenue of $16.1B, up 25.4% on the same stretch of the prior year, and net income of −$11.0B. Broken down by customer location (billing), United States led with 30% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Jan 23, 2026) and 10-Q for the quarter ended Jun 27, 2026 (filed Jul 24, 2026).

Net revenue$52.9BFY2025 · −0.5% vs FY2024
Net income (loss) to Intel−$267MFY2025 · +98.6% vs FY2024
Operating cash flow$9.7BFY2025 · +17.0% vs FY2024
Cash & equivalents$12.9Bat Jun 27, 2026 · −9.8% vs FY2025 end
Total debt$50.5Bat Jun 27, 2026 · +8.5% vs FY2025 end
Diluted shares4.53BFY2025 avg · +5.8% vs FY2024
Net revenue and net income (loss) to intel, three fiscal yearsBy fiscal year, $bn
Net revenueNet income (loss) to Intel
Net revenue and net income (loss) to intel by fiscal yearNet revenue FY2023: $54.2B54.2Net income (loss) to Intel FY2023: $1.7B1.7FY2023Net revenue FY2024: $53.1B53.1Net income (loss) to Intel FY2024: −$18.8B-18.8FY2024Net revenue FY2025: $52.9B52.9Net income (loss) to Intel FY2025: −$267M-0.27FY2025

Source: 10-K FY2025, filed Jan 23, 2026

Quarterly net revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net revenue, fiscal 2026 vs 2025FY2025 Q1: $12.7B12.7FY2026 Q1: $13.6B13.6Q1FY2025 Q2: $12.9B12.9FY2026 Q2: $16.1B16.1Q2

Source: 10-Q filed Apr 24, 2026 · 10-Q filed Jul 24, 2026

How it makes money

FY2025 total by categoryUnited States: $15.8B (30%)China (incl. Hong Kong): $12.7B (24%)Singapore: $9.5B (18%)Taiwan: $7.7B (15%)Other countries: $7.2B (14%)$52.9BFY2025 total

By customer location (billing), FY2025

  • LineAmountSharevs FY2024
  • United States$15.8B30%+21.3%
  • China (incl. Hong Kong)$12.7B24%−18.3%
  • Singapore$9.5B18%−6.4%
  • Taiwan$7.7B15%−1.7%
  • Other countries$7.2B14%+9.3%

Source: 10-K FY2025, XBRL breakdown

By customer location, the US was 30% of 2025 revenue, China including Hong Kong 24%, Singapore 18% and Taiwan 15%. Before eliminations, Client Computing brought in $32.2B and Data Center and AI $16.9B.

By customer location (billing): three-year mixShare of the total each fiscal year
United StatesChina (incl. Hong Kong)SingaporeTaiwanOther countries

Source: 10-K FY2025

Segment revenue, before intersegment sales are eliminated, FY2025

Client Computing Group$32.2B46%−3.4%
Data Center and AI$16.9B24%+4.9%
Intel Foundry$17.8B25%+2.9%
All other$3.6B5%−1.1%

Share is of the FY2025 total; the last column is the change from FY2024.

What changed last quarter

Change from the same quarter a year earlierFiscal Q2 2026, quarter ended Jun 27, 2026 vs Jun 28, 2025
Company
Net revenue+25.4%$16.1B vs $12.9B
Net incomen/m (bar shortened to fit the scale)−$11.0B vs −$2.9B
By segment
Client Computing and Physical AI Group+12.8%$8.9B vs $7.9B
Data Center and AI+59.0%$6.3B vs $3.9B
Intel Foundry+30.5%$5.8B vs $4.4B
  • Cash & equivalents $12.9B at Jun 27, 2026, vs $14.3B at FY2025 end.
  • Total debt $50.5B at Jun 27, 2026, vs $46.6B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $8.1B vs $2.9B a year earlier.

Source: 10-Q, quarter ended Jun 27, 2026, filed Jul 24, 2026

The bull case and the bear case

The bull case

The bear case

  • The bottom line in the quarter ended Jun 27, 2026 was −$11.0B. The 10-Q points to a loss on the change in fair value of a derivative liability tied to escrowed shares. 10-Q, quarter ended Jun 27, 2026
  • Revenue was $52.9B in 2025, slightly below $53.1B in 2024, and China revenue fell 18.3%. 10-K, FY2025
  • Total debt was $50.5B at Jun 27, 2026, against cash of $12.9B, and diluted shares rose 5.8% in 2025. 10-Q, quarter ended Jun 27, 2026
  • The 10-K warns that its foundry business has limited experience serving outside customers and that it may pause its next manufacturing process if it doesn't win one. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Intel designs and makes processors and other chips for PCs, data centers and other devices, and is building a contract manufacturing business, Intel Foundry, for outside customers.

Intel's product groups design chips: Client Computing for PC processors and Data Center and AI for Xeon server processors and AI chips. Intel Foundry runs its fabs and develops manufacturing technology, making chips for Intel's own products and, increasingly, for other companies. All other includes Mobileye (driver-assistance chips) and other smaller units.

In 2026 the PC group was renamed Client Computing and Physical AI Group. Intel's fiscal year ends on the last Saturday of December.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Intel's latest 10-K. Read the original for the full list.

  1. CompetitionRivals in PCs, servers and AI chips, and customers' own chip designs, can take share.
  2. Foundry betBuilding a foundry for outside customers is costly and new to Intel; it may pause future process work without external demand.
  3. ManufacturingDelays in new process technology, and reliance on outside foundries for some products, affect costs and timing.
  4. Funding and incentivesGovernment incentives come with conditions, and partner financing deals give up some returns.
  5. US government stakeThe US government's equity stake could dilute shareholders, influence governance and affect business outside the US.
  6. Demand and tradeWeak demand, tariffs, export rules and AI market shifts could hurt sales and margins.
  7. Security, debt and legalProduct vulnerabilities, cyberattacks, debt levels and litigation are listed risks.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net revenue$54.2B$53.1B$52.9B
Net income (loss) to Intel$1.7B−$18.8B−$267M
Operating cash flow$11.5B$8.3B$9.7B
Cash & equivalents (year end)–$8.2B$14.3B
Total debt (year end)$49.3B$50.0B$46.6B
Diluted shares4.21B4.28B4.53B
  • Net revenue: Sales of processors, chipsets and other semiconductor products and services to outside customers.
  • Net income (loss) to Intel: Net income or loss attributable to Intel, after the share belonging to minority owners of some subsidiaries.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue includes Intel Foundry's sales to Intel's own product groups, so the segment chart adds up to more than reported revenue.
  • Revenue by location is based on where customers are billed.
  • Net income (loss) is attributable to Intel, after the share belonging to minority owners of some subsidiaries.

Recent filings

FormFiledPeriod
10-QJul 24, 2026Jun 27, 2026
10-QApr 24, 2026Mar 28, 2026
DEF 14AMar 23, 2026May 13, 2026
10-KJan 23, 2026Dec 27, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from Intel in the last 30 days.

All Intel filings notes →

Common questions about Intel

How does Intel make money?

Fiscal 2025 net revenue: $52.9B. By customer location, the US was 30% of 2025 revenue, China including Hong Kong 24%, Singapore 18% and Taiwan 15%. Before eliminations, Client Computing brought in $32.2B and Data Center and AI $16.9B. Source: 10-K for fiscal 2025, filed Jan 23, 2026.

What was Intel's revenue in fiscal 2025?

$52.9B, down 0.5% from fiscal 2024 ($53.1B). The year ended Dec 27, 2025; for fiscal 2023 the figure was $54.2B. Source: 10-K for fiscal 2025, filed Jan 23, 2026.

Is Intel profitable?

Net income (loss) to Intel was −$267M in fiscal 2025 (compared with −$18.8B; fiscal 2024 was −$18.8B). That counts as a GAAP loss. The latest quarter, ended Jun 27, 2026: net income was −$11.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 23, 2026.

What did Intel report in its latest quarterly filing?

For the three months to Jun 27, 2026: net revenue $16.1B (up 25.4% from $12.9B) and net income −$11.0B (compared with −$2.9B from −$2.9B). Source: 10-Q for the quarter ended Jun 27, 2026, filed Jul 24, 2026.

How much cash and debt does Intel have?

As of Jun 27, 2026: $12.9B of cash and cash equivalents, $50.5B of total debt. Total debt here is short-term debt plus long-term debt, at carrying value. Source: 10-Q filed Jul 24, 2026.

What are the main risks Intel lists?

The risk factors are in Item 1A of the 10-K filed Jan 23, 2026. This page sorts them into 7 groups (Competition; foundry bet; manufacturing; funding and incentives; US government stake; demand and trade; security, debt and legal). The first group in plain English: Rivals in PCs, servers and AI chips, and customers' own chip designs, can take share. Source: 10-K, Item 1A Risk Factors.

Where do these Intel numbers come from?

The 10-K filed Jan 23, 2026 (fiscal 2025) and the 10-Q filed Jul 24, 2026 (quarter ended Jun 27, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in INTC
The editor holds no position in Intel (INTC). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell INTC from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold INTC, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
IntelINTCFY2025$52.9B−0.5%−$267M
AMDAMDFY2025$34.6B+34.3%$4.3B
NvidiaNVDAFY2026$215.9B+65.5%$120.1B
MicronMUFY2026$133.2B+256.3%$85.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.