tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

INTCIntel

Technology · Semiconductors · Nasdaq
Headquarters
Santa Clara, CA
CEO
Lip Bu Tan
Next results
around Jan 21, 2027
Compare with peers → Embed

10-K 0000050863-26-000011 (2026-01-23) vs 10-K 0000050863-25-000009 (2025-01-31)

SectionCompared textWords nowChanged
Risk FactorsItem 1A14,028 31.7%
MD&AItem 70 not compared
Legal ProceedingsItem 34,688 31.7%
Accounting PoliciesItem 8, Note 2 – Accounting Policies5,932 14.5%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 525 words changed in this paragraph; it is 33% similar to last year's version.
Escrowed Shares Shares of Intel common stock held in escrow to be released to the U.S. Department of Commerce (DOC) as we perform and receive cash proceeds in connection with our CHIPS Act Secure Enclave agreement with the U.S. Government. If Escrowed Shares are not released from escrow at the end of the performance period, half of the shares will be released to the DOC with no consideration and the other half will be forfeited and cancelled. ESG Environmental, social, and governance EU European Union EUV Extreme ultraviolet lithography Exchange Act Securities Exchange Act of 1934 Fab Semiconductor manufacturing / wafer fabrication facilities 2024 Form 10-K Annual Report on Form 10-K for the year ended December 28, 2024 FPGA Field-programmable gate array GPU Graphics processing unit GlobalFoundries GlobalFoundries Inc. GRI Global Reporting Initiative High-NA EUV High Numerical Aperture Extreme Ultraviolet HPC High-performance computing IDM Integrated device manufacturer, a semiconductor company that both designs and builds chips Intel Intel Corporation IMS IMS Nanofabrication GmbH, a business within Intel Foundry that develops and produces electron-beam systems for the semiconductor industry Internet of Things Internet of Things market in which certain Intel and Mobileye products are sold IP Intellectual property IPO Initial public offering IPU Infrastructure processing unit, a programmable networking device designed to enable cloud and communication service providers to reduce overhead and free up performance for CPUs MaaS Mobility as a service MD&A Management's Discussion and Analysis Mentee Robotics Mentee Robotics Ltd. MG&A Marketing, general, and administrative NAND NAND flash memory NEX Networking and Edge operating segment nm Nanometer NPU Neural processing unit NVIDIA NVIDIA Corporation ODM Original design manufacturer OECD Organization for Economic Co-operation and Development OEM Original equipment manufacturer oneAPI Open, cross-architecture programming model that frees developers to use a single code base across multiple architectures PC Personal computer PowerVia Intel's backside power delivery technology that routes power connections to the back side of the chip through dedicated vias, separating power delivery from signal routing to reduce congestion, improve power efficiency, and enable better chip performance and design flexibility in advanced manufacturing nodes. PSU Performance stock unit RAN Radio access network Qualcomm Qualcomm, Inc. R&D Research and development RDFV Readily determinable fair value RibbonFET A Gate-All-Around (GAA) transistor technology developed by Intel that uses ribbon-shaped semiconductor nanosheets completely surrounded by the gate electrode. RISC-V Reduced Instruction Set Computer, version five RSU Restricted stock unit SaaS Software as a service SASB Sustainability Accounting Standards Board SCIP Semiconductor Co-Investment Program SEC US U.S. Securities and Exchange Commission Smart Capital Our Smart Capital approach accelerates progress on our strategy. This approach is designed Secure Enclave Secure Enclave program under the CHIPS Act Semiconductor Logic Chip The "brain" of electronic devices, processing information 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 SOFR Secured Overnight Financing Rate, a benchmark interest rate for US-dollar-denominated derivatives and loans, replacing LIBOR Systems foundry A service provider that offers end-to-end semiconductor manufacturing and design solutions TAM Total addressable market Tax Reform US Tax Cuts and Jobs Act TCFD Task Force on Climate-Related Financial Disclosures TSR Total stockholder return US GAAP US Generally Accepted Accounting Principles US Pension Plan US Intel Minimum Pension Plan US Retiree Medical Plan US Postretirement Medical Benefits Plan VIE Variable interest entity vRAN Virtualized radio access network xPU Processors that are designed for one of four major computing architectures: CPU, GPU, AI accelerator, and FPGA complete tasks

Source: Item 3, 10-K 0000050863-26-000011 vs Item 3, 10-K 0000050863-25-000009

Risk Factors 498 words changed in this paragraph; it is 52% similar to last year's version.
To compete successfully, we must maintain an effective R&D program, develop new products and manufacturing processes, improve our products and processes, processes and make significant capital investments in new and existing manufacturing facilities, all ahead of competitors and market demand. The R&D efforts and capital investments we require are intensive significant as we compete across both product and process technologies and we may not have the ability to fund such investments at the level needed to be competitive. We incurred R&D expenses of $13.8 billion in 2025, $16.5 billion in 2024, 2024 and $16.0 billion in 2023 and $17.5 billion in 2022. 2023. We are focusing our R&D efforts across several key areas, including process and packaging technology, our xPU products and features, AI, AI and software. These include ambitious initiatives, such as our efforts to introduce five new manufacturing process technologies, or nodes, in four years and our unified oneAPI portfolio of developer tools. Our investments are typically long-term and, even where successful, often do not contribute to our operating results for a number of years. We cannot guarantee that our efforts will deliver the benefits we anticipate, including as a result of our new products or technologies falling short of expectations or the offerings of competitors. For example, In recent years, we previously experienced significant have had a number of delays in the implementation release of new products, including as a result of defects or errata, late changes to features due to customer requests, or other design challenges for our products. We have similarly had delays in our development of new process technologies and advanced packaging techniques, including with respect to performance and yield. These delays have allowed competitors using third-party foundries, such as TSMC, to benefit from advancements in manufacturing processes introduced ahead of us, including improvements in performance, energy efficiency and other features, which have helped increase the competitiveness of their products. We also missed the significant shift in compute demand to GPUs optimized for AI workloads and have been unsuccessful to date in becoming a meaningful participant in that market while certain of our 10nm process technology, key competitors have been highly successful in that market. Our most recent efforts to compete in the accelerator market with our Gaudi AI accelerators was unsuccessful, as a result of which we recognized Gaudi AI accelerator inventory-related charges of $375 million in 2025 and during 2020, we announced that our 7nm process technology would be delayed relative to our prior expectations. In such instances where $922 million in 2024. To the extent we do not timely introduce new products and manufacturing process technologies that improve performance, performance per watt, transistor density, die utilization, core counts, counts and/or new features such as optimizations for AI and other workloads, with sufficient manufacturing yields and operational efficiency, relative to competitors and competing foundry processes, we have faced and will face cost, product performance, performance and time-to-market disadvantages relative to our competitors. This has in the past and may in the future result in higher operating costs, including as a result of additional costs from unused manufacturing capacity, higher leverage and borrowing costs, costs and pressure on our credit ratings, and adversely affect our business, financial condition and prospects. Further, we are not always able to timely or successfully develop new products, including as a result of bugs, late changes to features due to customer requests, or other design challenges. For example, in 2022, we announced that the release of Intel's 4th Gen Intel Xeon Scalable processor would be delayed from the first half of 2022 to the second half of 2022. To the extent our R&D efforts do not develop new products on schedule with improvements in areas like performance, performance per watt, die utilization, and core counts, and/or with new features such as optimizations for AI and other workloads, our competitive position can be harmed. We have adopted a disaggregated design approach for some of our future products, in which different processors and components can be manufactured on different processes and connected by advanced packaging technology into a single package. This approach introduces new areas of complexity in design and manufacturability, particularly in the deployment of advanced packaging technologies, several of which are novel, have a limited manufacturing history, and/or have increased costs. Delays or failures in implementing disaggregated designs could adversely affect our ability to timely introduce competitive products. For example, adapting a processor or component design for a new or different manufacturing process involves additional R&D expense and can result in delays in the development of the associated product and higher costs due to the utilization of more advanced and expensive capital equipment. ratings.

Source: Item 1A, 10-K 0000050863-26-000011 vs Item 1A, 10-K 0000050863-25-000009

Accounting Policies 155 words changed in this paragraph; it is 42% similar to last year's version.
Our reporting units substantially align with our operating segments. We reevaluate our identified reporting units annually or when triggered, such as upon reorganization of our operating segments. 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 five 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 assignment allocation of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, investments and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment.

Source: Item 8, Note 2 – Accounting Policies, 10-K 0000050863-26-000011 vs Item 8, Note 2 – Accounting Policies, 10-K 0000050863-25-000009

Every change, by type

Sentences and paragraphs of INTC's Risk Factors and MD&A, 10-K 2026-01-23 against 10-K 2025-01-31. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
We have adopted a disaggregated design architecture for most of our newer and more high-end products and a number of our future products in which different processors and components, or tiles, can be manufactured on different processes and connected by advanced packaging technology into a single package. This approach introduces new areas of complexity in design and manufacturability, particularly in the deployment of advanced packaging technologies, several of which are novel, have a limited manufacturing history or have increased costs. Delays or failures in implementing disaggregated designs or the individual components thereof could adversely affect our ability to timely introduce competitive products. Further, some of our newer and more high-end products and a number of our future products involve the use of tiles manufactured by TSMC, a key competitor on the foundry side of our business, or other third-party foundry suppliers. To the extent there is any interruption in the supply of tiles manufactured by TSMC or any other third-party foundry supplier, whether as a result of a dispute or otherwise, we would be unable to complete assembly of complete products requiring such tiles until such time as we could design and manufacture replacement tiles and source such tiles from an alternative supplier, which would likely involve a substantial delay given the bespoke design of each tile to the particular manufacturing process utilized. As such, our disaggregated design approach involves significant supply chain risk to our ability to manufacture and sell our products that could have a material adverse impact on business and financial results. Further, to the extent we adopt a disaggregated design approach for products that compete with competitors’ products that use a more traditional monolithic chip design, we may be at a significant cost disadvantage that adversely impacts the profitability or the success of our products.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
If we are unable to secure a significant external foundry customer for Intel 14A, our next generation semiconductor manufacturing process technology, we may pause or discontinue our pursuit of next generation leading-edge process technologies.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
As an integrated design manufacturer (IDM) with a products business that depends on access to leading-edge semiconductor manufacturing process technologies, or nodes, to produce competitive products, we have historically invested significant capital resources to continually develop new generations of leading-edge nodes and foundry capacity to produce such nodes. However, as described above, the design, development and manufacturing of leading-edge nodes is risky and capital-intensive, and it takes years for capital investments to yield a return. If we are unable to secure a significant external customer for our Intel 14A node, we may pause or discontinue development of Intel 14A and subsequent next generation leading-edge nodes. While we remain focused on continued development of Intel 14A and securing such a significant external customer, we have taken steps to reduce our overall investment and have further slowed down the construction of the new leading-edge fabrication facilities we are building in Ohio. In addition, 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. We have been unsuccessful to date in securing any significant external foundry customers for any of our nodes and our prospects for securing a significant external foundry customer for Intel 14A are uncertain.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
If we were to pause or discontinue the design, development and manufacturing of Intel 14A and other next generation leading-edge nodes, we would be subject to a number of significant strategic business, financial, operational and reputational risks and repercussions including, but not limited to:

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Dependence on Third-Party Foundries. Our products business would, over time, become dependent on third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and Intel 18A-P. We have no long-term contract with TSMC, and if we are unable to secure and maintain sufficient capacity on favorable pricing terms, we may be unable to manufacture our products in sufficient volume and at a cost that supports the continued success of our products business. Further, most of our competitors have longer and more established relationships with TSMC and other third-party foundries than we do, which may put us at a competitive disadvantage. There are few foundries capable of producing the leading-edge and near-leading-edge nodes needed for our products – currently only TSMC and Samsung. To the extent our competitors are more successful than us in securing capacity with those foundries than we are, our product roadmap, market position and customer relationships would be materially adversely impacted.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Losses with Respect to our Investments in R&D and Manufacturing Facilities and Equipment: We had over $100 billion of property, plant and equipment, net on our balance sheet as of December 27, 2025, the substantial majority of which we estimate relate to our foundry business. While the significant majority of this relates to our existing and in-development nodes, including Intel 18A and Intel 18A-P, with each transition to a new node we continue to utilize some R&D and manufacturing assets from prior nodes. If we were to pause or discontinue the design, development and manufacturing of Intel 14A and other next generation leading-edge nodes, we would expect to incur significant material impairments with respect to foundry assets that may impact our results of operations. For example, we would likely discontinue the new leading-edge fabrication facilities we are building in Ohio. We also would expect to incur additional costs and expenses as we wind down other projects and facilities and reduce headcount.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Loss of Eligibility for Government Incentives. We have also entered into government incentive arrangements with local, regional and national governments, both U.S. and non-U.S. If we were to pause or discontinue the design, development and manufacturing of Intel 14A, we may lose eligibility for various incentives contemplated by these arrangements, and we may be required to repay amounts already received under these arrangements.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Potential Penalty Payments Under our SCIP Agreements. To support our capital investments in recent years, we pursued alternative financing arrangements including our 2022 joint investment with Brookfield in the manufacturing expansion of our Arizona campus and our 2024 joint investment with Apollo related to Fab 34 in Ireland. Our potential pause or discontinuation of the design, development and manufacture of Intel 14A may accelerate our move to third-party foundry services for our products and result in our inability to satisfy construction and/or wafer demand and purchase commitments in those arrangements, potentially requiring substantial additional payments to our SCIP partners.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Loss of Talent. Historically, as one of the only companies in the world, and the only company in the U.S., pursuing the design, development and manufacturing of next generation leading-edge nodes, we have benefitted from being in a unique position as an employer to hire and retain scientists, engineers, and other technical talent interested in being on the cutting edge of semiconductor innovation. If we were to pause or discontinue leading-edge node design, development and manufacturing, or any perception that we may do so in the future, may materially adversely impact our ability to hire and retain key talent across our foundry organization and the company more broadly, and we risk substantial loss of historical, technical and other expertise.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Limited External Foundry Potential. We have been unsuccessful to date in attracting significant customers to our external foundry business. If we were to pause or discontinue our pursuit of Intel 14A and successor nodes, it is highly uncertain whether we would be able to develop this business. Among other things, our existing nodes (Intel 7, Intel 4 and Intel 3) were designed for Intel products, and if potential customers for our upcoming Intel 18A-P node believe we are no longer committed to continued development of next generation leading-edge nodes (Intel 14A and beyond), they may be inclined to remain with their current foundry partners and unwilling to make the significant investments of time and resources needed to develop products on our nodes.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
▪Other Significant Financial, Operational and Reputational Risks. If we pause or discontinue the design, development and manufacture of Intel 14A and future leading-edge nodes, it may give rise to additional material risks that we are not able to foresee or that are more significant than we anticipate, including, but not limited to, adverse impacts to our relationships and the terms of our engagements with customers, suppliers and strategic partners, potential credit rating risk, and diminished investor confidence and increased stock price volatility. It is also uncertain what actions, if any, may be taken by the U.S. and other governments to the extent they view a potential discontinuation of our leading-edge process technology design, development and manufacturing as a strategic risk from a national economic or defense perspective.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedRisk Factors
Any of the foregoing could have a material adverse impact 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 this Form 10-K. Further, given the decades of significant continuous investments in R&D, talent accumulation, intellectual property, state-of-the-art facilities and technical know-how needed to compete in leading-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.

Read it in 10-K 2026-01-23 at sec.gov ↗

RemovedRisk Factors
We have limited experience in the highly competitive and capital-intensive third-party foundry business. As we pursue our strategy to establish Intel Foundry as a major provider of foundry capacity to manufacture semiconductors for others, we will face intense competition from well-established competitors such as TSMC, Samsung, Global Foundries (GF), United Microelectronics Corporation (UMC), and Semiconductor Manufacturing International Corporation (SMIC). To succeed, we will need to compete effectively across factors such as availability and time-to-market of manufacturing technology; advances in manufacturing processes in areas such as performance, performance per watt, and density; multi-chip packaging; system integration; manufacturing capacity; price; margin; ease of use; quality; yields; customer satisfaction; and ecosystem support. Building and maintaining a competitive foundry business requires significant

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
We are continually engaged in the development of next-generation technologies. Forecasting our progress and schedule for developing advanced nodes and other technologies is challenging, and at times we encounter unexpected delays due to the complexity of interactions among steps in the manufacturing process, challenges in using new materials or new production equipment, and other issues. Diagnosing defects in our manufacturing processes often takes a long time, as manufacturing throughput times can delay our receipt of data about defects and the effectiveness of fixes, and defects can be more serious and difficult to resolve than initially anticipated.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
We are not always successful or efficient in developing or implementing new process nodes and manufacturing processes. We experienced significant delays in implementing our 10nm process technology, and in 2020, we encountered a defect mode in the development of our 7nm process technology that resulted in delays relative to our prior expectations. In 2022, Intel's 4th Gen Intel Xeon Scalable processor was delayed to allow for more platform and product validation time. These delays have allowed competitors using third-party foundries, such as TSMC, to benefit from advancements in manufacturing processes introduced ahead of us, including improvements in performance, energy efficiency, and other features, which have helped increase the competitiveness of their products. On the product side, we have had limited market success with our accelerator offerings, and in 2024 we recognized $922 million in Gaudi AI accelerator inventory-related charges. We may experience greater adverse competitive impacts in the event of further delays in the development of future manufacturing process technologies and products or lack of market success with our offerings.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
Our efforts to innovate involve significant expense and carry inherent risks, including difficulties in designing and developing next-generation process and packaging technologies, and investments in manufacturing assets and facilities that are made years in advance. We cannot guarantee that we will realize the expected benefits of next-generation process technologies, including the expected cost, performance, power, and density advantages, or that we will achieve an adequate return on our capital and R&D investments, particularly as the development of new nodes has grown increasingly expensive. In such circumstances, we may be required to write down the value of some of our manufacturing assets and facilities, increasing our expenses, as we were required to do in the third quarter of 2024 with respect to the Intel 7 process node.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
Our disaggregated design strategy poses increased logistical risks and challenges, particularly where we decide to manufacture different product components on different process technologies, including third-party foundries' process technologies. To combine components in a single package, they need to be manufactured on a timely basis and in sufficient quantities, while the manufacturing processes we utilize may have differing yields, throughput times, and capacity constraints. We may be required to safely store some components pending the manufacture of others. Delays or quality issues with one component could limit our ability to manufacture the entire completed product. In addition, the packaging technologies used to combine these components can increase our costs and may introduce additional complexity and quality issues. To the extent we are unable to manage these risks, our ability to timely supply competitive products can be harmed and our costs could increase.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
From time to time, disruptions in the production process result from errors; defects in materials; delays in obtaining or revising permits and licenses; interruptions in our supply of materials, resources, or production equipment; adverse changes in equipment productivity; and disruptions at our fabrication and assembly and test facilities due to accidents, maintenance issues, power interruptions, equipment malfunctions, or unsafe working conditions—all of which could affect the timing of production ramps and yields and could result in production timing delays. Production issues periodically lead to increased costs and affect our ability to meet product demand, which can adversely impact our business and the results of operations.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
Our implementation of new business strategies and investments in new businesses, products, and technologies are inherently risky and do not always succeed.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
Our implementation of new business strategies, including our foundry strategy and our cost reduction measures, as well as our many internal structural, systems, and process changes, may subject us to a number of risks. We have entered new businesses and introduced new products and services as we seek to capitalize on the opportunities presented by growth in semiconductor demand, ubiquitous compute, pervasive connectivity, cloud-to-edge infrastructure, AI, and sensing. As part of our strategy, we announced plans to establish Intel Foundry as a major provider of foundry capacity to manufacture semiconductors for others and to implement an internal foundry operating model through updates to our processes, systems, and guardrails between our manufacturing and our individual product-based business units. The implementation of our internal foundry operating model requires many internal structural, system, and process changes to support the separation of the product and manufacturing sides of our business and our external foundry business, including a new enterprise resource planning system. In parallel, we are undertaking significant efforts to separate out portions of our business, such as operating Intel Foundry, Altera and IMS, as autonomous subsidiaries that we majority own and consolidate in order to potentially raise capital and unlock value as we focus on our core product and manufacturing capabilities. Significant business changes are inherently risky and are not always successful. For example, in 2022, we wound down Intel Optane; in 2020, we agreed to sell our NAND memory business to SK hynix; and in 2019, we exited the 5G smartphone modem business based on our determination that there was no clear path to profitability for those businesses.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
These new and developing areas and products represent a significant portion of our revenue growth opportunity, and they also introduce new sources of competition in not just new and evolving markets but also in our existing markets. These new sources of competition can include established competitors with well-developed and highly competitive technologies, ecosystems, and customer bases, lower prices, margins, or costs, and greater brand recognition. These developing products and market segments require significant investment, do not always grow as projected or at all, or sometimes adopt competing technologies, and we may not realize an adequate return on our investments. For example, AI and machine learning are increasingly driving innovations in technology, but if we fail to develop leading products for these workloads, or if our customers use competing technologies, we may not realize a return on our investments in these areas. We may also not be successful in developing a competitive foundry business for external customers with respect to either leading-edge or mature process nodes, which would make it difficult for us to realize a favorable return on our investments in process technology and manufacturing capacity investments. To be successful, we need to cultivate relationships with customers and partners in these market segments and continue to improve our offerings. Despite our ongoing efforts, there is no guarantee that we will achieve or maintain market demand or acceptance for our products and services in these various market segments or realize an adequate return on our investments, which could lead to impairment of assets and restructuring charges, as well as opportunity costs.

Read it in 10-K 2025-01-31 at sec.gov ↗

RemovedRisk Factors
that have been agreed upon, our anticipated cash requirements may increase, our strategy, business and financial results may be adversely affected, and we may be constrained in our ability to engage in transactions that are in the best interests of our stockholders.

Read it in 10-K 2025-01-31 at sec.gov ↗

RewordedRisk Factors
We face significant and persistent cybersecurity risks due to: the breadth and complexity of geographies, networks, our global operations and systems we must defend against cybersecurity attacks; systems; the complexity, technical sophistication, value, and widespread use of our systems, products, and processes; the attractiveness of our systems, products, products and processes and their attractiveness to threat actors (including state-sponsored organizations) seeking to inflict harm on us or our customers; the substantial level of harm that could occur to us customers, and our customers were we to suffer impacts of a material cybersecurity incident; and supply chain risk through our use of third-party products, services, services and components.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
To the extent funding is below our expectations, we elect not to accept any grants or incentives due to burdensome compliance requirements, we are required to return any amounts received from any grants or incentives due to an inability to comply with any requirements or limitations contained therein, we are subject to restrictions as a result of any awards we have accepted, or the US U.S. government delays or does not provide any awards that have been agreed upon, our anticipated cash requirements may increase, our strategy, business and financial results may be adversely affected, and we may be constrained in our ability to engage in transactions that are in the best interests of our stockholders.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
As we operate and expect to grow certain emerging business lines, such as We also face additional risk with our third-party foundry business and our cloud computing and SaaS offerings, where we expect to collect or host significant amounts of highly sensitive customer data, which may increasingly make us a target of attempts in an attempt to steal or corrupt that such data.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
For example, in the third quarter of 2025 and 2024 we recorded $3.1 billion $950 million and $3.3 billion, respectively, of charges related to non-cash impairments and the accelerated depreciation for certain manufacturing assets, a substantial majority of which related assets that were determined to the Intel 7 process node. have no remaining or reduced operational use.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
Our data center business has been further negatively impacted in the past few years by the significant shift of customer spend toward GPUs optimized for AI workloads, a rapidly developing and very significant compute market where we have been unsuccessful to date in the past few years. becoming a meaningful participant.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
Further, In recent years, we are not always able to timely or successfully develop have had a number of delays in the release of new products, including as a result of bugs, defects or errata, late changes to features due to customer requests, or other design challenges. challenges for our products.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
For example, we have lost market share in recent years years, including in both client and data center markets, in the market for x86-based semiconductor products, and more generally in the markets for semiconductor compute products, as competitors have introduced highly competitive data center and client platform products.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
As we have reassessed demand and our "shell ahead" status strategy, and our financial results in the last few years have constrained our ability to make capital investments, we have delayed or cancelled manufacturing facility construction or expansion projects in Ohio, Germany, Poland, Malaysia, Malaysia and Israel, Israel and initiated the consolidation of our assembly and test facility in Costa Rica into our other facilities, and we may have additional project delays or project cancellations in the future.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
As we have reassessed demand and our "shell ahead" status strategy, and our financial results in the last few years have constrained our ability to make capital investments, we have delayed or cancelled manufacturing facility construction or expansion projects in Ohio, Germany, Poland, Malaysia, Malaysia and Israel. Israel and initiated the consolidation of our assembly and test facility in Costa Rica into our other facilities.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
Collectively, our three largest customers accounted for 43% of our net revenue in 2025, 45% of our net revenue in 2024, 2024 and 40% of our net revenue in 2023 and 42% of our net revenue in 2022. 2023.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
Additionally, to the extent we rely upon third party foundries for our products, our margins may be negatively impacted, as has been the case with the Intel Core Ultra 200V series processors launched in September 2024. impacted.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
We have had a number of changes in our senior leadership team in recent years, including our CEO transitions in 2025, 2024, 2021 and 2019 and numerous changes in other senior management positions. positions, a number of which were unplanned.

Read it in 10-K 2026-01-23 at sec.gov ↗

Quiet changesRisk Factors
When any one or more of the following risks materialize from time to time, our business, reputation, financial condition, cash flows, flows and results of operations can may be materially and adversely affected, and the trading price of our common stock could decline.

Read it in 10-K 2026-01-23 at sec.gov ↗

Quiet changesRisk Factors
The R&D efforts and capital investments we require are intensive significant as we compete across both product and process technologies and we may not have the ability to fund such investments at the level needed to be competitive.

Read it in 10-K 2026-01-23 at sec.gov ↗

Quiet changesRisk Factors
However, any amounts, if any, amounts we may receive under any agreements enabled by such legislation may not be sufficient in amount or timeliness to support our capital investment plans and offset the higher costs of operations in many of the locations of our facilities as compared to those of many of our competitors, we may be unable to comply with the requirements and limitations of any such grants and incentives, or such agreements may contain restrictions that limit our flexibility to pursue changes in business strategy or transactions that may enhance stockholder value.

Read it in 10-K 2026-01-23 at sec.gov ↗

Work on INTC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/INTC/export.csv") into a cell.