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Restructuring activities related to employee severance and benefit arrangements under the 2025 Restructuring Plan and 2024 Restructuring Plan were as follows:
Read in the filing ↗ Also in 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Oct 30, 2026
Employee severance and benefit arrangements includes net charges relating to the 2025 Restructuring Plan of $1.5 billion, and 2024 Restructuring Plan and other actions of $281 million in 2025. The charges in 2024 primarily related to the 2024 Restructuring Plan and 2022 Restructuring Plan.
Read in the filing ↗ Also in 10-K of Jan 23, 2026, 10-K of Jan 31, 2025, 10-K of Jan 31, 2025
We incurred non-cash impairment charges of $ 48 million in 2025 on certain leased assets as a direct result of the 2025 and 2024 Restructuring Plans ($ 83 million in 2024 as a result of the 2024 Restructuring Plan; see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements). These charges were included within restructuring and other.
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Restructuring activities related to employee severance and benefit arrangements under the 2024 and 2022 Restructuring Plans were as follows:
Read in the filing ↗ Also in 10-Q of Nov 6, 2025, 10-K of Jan 23, 2026
Employee severance and benefit arrangements in Q2 2025 includes charges of $1.4 billion relating to the 2025 Restructuring Plan and the remaining charges primarily related to the 2024 Restructuring Plan. In YTD 2025, we incurred charges of $1.4 billion relating to the 2025 Restructuring Plan and $213 million relating to the 2024 Restructuring Plan. Charges of $165 million in Q2 2024 and $294 million in YTD 2024 are primarily related to other restructuring actions taken to streamline operations and to reduce costs.
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We also incurred non-cash impairment charges of $ 83 million on certain operating leased assets as a direct result of the 2024 Restructuring Plan (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements). These charges were included within restructuring and other in the third quarter of 2024.
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In 2024, we announced and initiated the 2024 Restructuring Plan, which reduced headcount, consolidated and reduced our global real estate footprint, and reduced our overall operating expenses. As a result of initiating and deploying our 2024 Restructuring Plan, we recognized restructuring charges of $2.8 billion in 2024 and $348 million in 2025.
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Employee severance and benefit arrangements in Q3 2025 includes charges of $146 million primarily relating to the 2025 Restructuring Plan. In YTD 2025, we incurred charges of $1.8 billion primarily relating to the 2025 Restructuring Plan. Charges of $2.2 billion in Q3 2024 and $2.5 billion in YTD 2024 were primarily related to the 2024 Restructuring Plan.
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Employee severance and benefit arrangements included charges of $ 55 million and $ 290 million during the three and nine months ended September 26, 2026, respectively, primarily resulting from charges related to the 2025 Restructuring Plan. Other charges incurred during the three and nine months ended September 26, 2026 related to the 2024 Restructuring Plan. During the three and nine months ended September 27, 2025, charges of $ 106 million and $ 1.5 billion, respectively, related to the 2025 Restructuring Plan, while the remaining charges primarily related to the 2024 Restructuring Plan.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
We also incurred certain other non-cash asset impairment charges of $ 442 million as a direct result of the 2024 Restructuring Plan (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other category presented in "Note 3: Operating Segments" within Notes to Consolidated Financial Statements.
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Employee severance and benefit arrangements included charges of $55 million in Q3 2026 and $290 million in YTD 2026, primarily relating to the 2025 Restructuring Plan, compared to $146 million in Q3 2025 and $1.8 billion in YTD 2025. Charges in Q3 2025 and YTD 2025 primarily related to the 2025 Restructuring Plan, with the remaining charges relating to the 2024 Restructuring Plan.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
Additionally, we incurred other non-cash asset impairment and accelerated depreciation charges of $ 416 million in the second quarter of 2025 and $ 442 million in the third quarter of 2024, as a direct result of the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other charges category for each applicable period, as presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.
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We also incurred $ 416 million of other non-cash asset impairment and accelerated depreciation charges as a direct result of the 2025 Restructuring Plan (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.
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Employee severance and benefit arrangements in Q1 2026 include charges of $74 million primarily due to a business exit related to the 2025 Restructuring Plan. Charges of $142 million in Q1 2025 were primarily related to the 2024 Restructuring Plan.
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In the third quarter of 2024, the 2024 Restructuring Plan was announced, subsequently approved and committed to by our management team, and initiated to implement cost-reduction measures, including reductions in employee headcount, other operating expenditures, and capital expenditures. Restructuring charges are primarily composed of employee severance and benefit arrangements, non-cash charges related to asset impairments associated with exit activities, and charges relating to real estate exits and consolidations. These charges were included as "corporate unallocated expenses" within the restructuring and other category presented in "Note 3: Operating Segments" within Notes to Consolidated Financial Statements. We expect to recognize total charges of approximately $ 3.0 billion under the 2024 Restructuring Plan. The cumulative cost of the 2024 Restructuring Plan as of December 28, 2024, was $ 2.8 billion. Any changes to our estimates or timing will be reflected in our results of operations in future periods. We expect actions pursuant to the 2024 Restructuring Plan to be substantially complete by the fourth quarter of 2025, which is subject to change.
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In the third quarter of 2022, the 2022 Restructuring Program was approved to rebalance our workforce and operations. We have incurred total charges of approximately $ 1.3 billion under the 2022 Restructuring Program, which was complete in the first quarter of 2024.
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We also incurred $ 416 million of other non-cash asset impairment and accelerated depreciation charges in the second quarter of 2025 as a direct result of the 2025 Restructuring Plan (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). These charges were included as a component of "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
In Q2 2025, we announced and commenced the 2025 Restructuring Plan, which was designed to streamline our organizational structure, enable us to focus on our core businesses and lower our overall operating expenses. Refer to "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements for further information. The substantial majority of the actions contemplated by the 2025 Restructuring Plan were completed in 2025, with the remainder expected to be completed by Q4 2026.
Read in the filing ↗ Also in 10-K of Jan 23, 2026, 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026
We also incurred certain other non-cash asset impairment charges of $ 474 million in 2025 and $ 442 million in 2024 as a direct result of the 2025 and 2024 Restructuring Plans (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements). These charges were excluded from segment results and included as a component of "corporate unallocated expenses" within the restructuring and other category presented in "Note 3: Operating Segments" within Notes to Consolidated Financial Statements.
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In the third quarter of 2024, the 2024 Restructuring Plan was announced and a series of cost and capital reduction initiatives were implemented. We have incurred total charges of approximately $ 3.1 billion under the 2024 Restructuring Plan, which is expected to be completed in 2026.
Read in the filing ↗ Also in 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Jul 24, 2025, 10-Q of Nov 6, 2025, 10-Q of Oct 30, 2026
In Q2 2025, we announced and commenced the 2025 Restructuring Plan, which is expected to streamline our organizational structure, enabling us to focus on our core businesses and resulting in lower overall operating expenses (see "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements). We expect actions pursuant to the 2025 Restructuring Plan to be substantially complete by Q4 2025, which is subject to change. Any changes to the estimates or timing will be reflected in our results of operations.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
• expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives
Read in the filing ↗ Also in 8-K of Apr 25, 2024, 8-K of Aug 1, 2024, 8-K of Oct 31, 2024, 8-K of Apr 24, 2025, 8-K of Jul 24, 2025, 10-Q of Jul 24, 2025, 8-K of Oct 23, 2025, 10-Q of Nov 6, 2025, 8-K of Jan 22, 2026, 10-K of Jan 23, 2026, 8-K of Apr 23, 2026, 10-Q of Apr 24, 2026, 8-K of Jul 23, 2026, 10-Q of Jul 24, 2026, 8-K of Oct 29, 2026, 10-Q of Oct 30, 2026
In Q3 2024, the 2024 Restructuring Plan was announced, subsequently approved and committed to by our management team, and initiated to implement cost-reduction measures, including reductions in employee headcount, other operating expenditures, and capital expenditures (see "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements). We expect that our 2024 Restructuring Plan, in conjunction with other initiatives, will reduce our cost structure while we continue our investments to develop, manufacture, market, sell, and deliver product and process initiatives in furtherance of our strategy. We expect actions pursuant to the 2024 Restructuring Plan to be substantially completed by the fourth quarter of 2025, which is subject to change. Any changes to the estimates or timing will be reflected in our results of operations.
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expected timing, completion and impacts of restructuring activities and cost- saving or efficiency initiatives;
Read in the filing ↗ Also in 10-K of Jan 31, 2025
In the second quarter of 2025, we announced and commenced the 2025 Restructuring Plan, which was subsequently approved and committed to by our management. This initiative is intended to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing lower-priority programs and initiatives. Restructuring charges are primarily comprised of employee severance and benefit arrangements, non-cash asset impairment and accelerated depreciation charges resulting from exit activities, as well as impairment charges relating to real estate exits and consolidations. These charges were excluded from our operating segments' results and included as "corporate unallocated expenses" within the restructuring and other charges category presented in "Note 3: Operating Segments" within Notes to Consolidated Financial Statements. The cumulative cost of the 2025 Restructuring Plan as of December 27, 2025 was $ 2.0 billion. Any changes to our estimates or timing will be reflected in our results of operations in future periods. We expect to recognize total charges of approximately $ 2.2 billion under the 2025 Restructuring Plan. A substantial majority of actions pursuant to the 2025 Restructuring Plan were completed in the fourth quarter of 2025 with the remainder expected to be completed in 2026.
Read in the filing ↗ Also in 10-Q of Jul 24, 2025, 10-Q of Nov 6, 2025, 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Oct 30, 2026
The 2022 Restructuring Plan, which we initiated in Q3 2022, was completed in Q1 2024.
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The 2024 Restructuring Plan, which we initiated in Q3 2024, was substantially complete in Q2 2025.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
In Q2 2025, we initiated an enterprise-wide initiative to fundamentally transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. We expect these headcount reduction initiatives will reduce our core Intel workforce by 15% by the end of fiscal 2025. As a result of initiating and deploying the 2025 Restructuring Plan, and substantially completing the 2024 Restructuring Plan, we recognized restructuring charges of $1.9 billion in Q2 2025, primarily comprised of the following:
Read in the filing ↗ Also in 10-Q of Nov 6, 2025
1 See "Note 7: Restructuring and Other Charges" within Notes to Consolidated Financial Statements for further information.
Read in the filing ↗ Also in 10-K of Jan 23, 2026
Employee severance and benefit arrangements included net charges of $ 106 million and $ 1.5 billion during the three and nine months ended September 27, 2025 resulting from the 2025 Restructuring Plan. The remaining charges incurred during the three and nine months ended September 27, 2025 primarily related to the 2024 Restructuring Plan. Additionally, we incurred charges of $ 2.2 billion in the third quarter and first nine months of 2024 related to the 2024 Restructuring Plan. Charges relating to other actions taken to streamline operations and reduce costs were $ 294 million in the nine months ended September 28, 2024.
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Employee severance and benefit arrangements included net charges of $ 74 million during the three months ended March 28, 2026, primarily resulting from charges related to the 2025 Restructuring Plan. Other charges incurred during the three months ended March 28, 2026, as well as charges incurred during the three months ended March 29, 2025, related to the 2024 Restructuring Plan.
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1 See "Note 6: Restructuring and Other Charges" within Notes to Consolidated Condensed Financial Statements for further information.
Read in the filing ↗ Also in 10-Q of Nov 6, 2025, 10-Q of Apr 24, 2026, 10-Q of Jul 24, 2026, 10-Q of Oct 30, 2026
In 2024, we announced our intention to implement a series of cost and capital reduction initiatives designed to adjust our spending to current business trends while enabling our new operating model and continuing to fund investments in our core strategy - returning to product and process competitiveness. These initiatives, which we refer to as our 2024 Restructuring Plan, include reducing headcount, consolidating and reducing our global real estate footprint, conducting portfolio reviews of our businesses under a "clean sheet" view, rationalizing capital investments and deployments based upon demand signals and capacity requirements, and reducing our overall operating expenses. The headcount actions in connection with the 2024 Restructuring Plan are expected to result in an approximate 15% decrease in our core Intel workforce by early 2025. As a result of initiating and deploying our 2024 Restructuring Plan, we recognized restructuring charges of $2.8 billion in 2024.
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These restructuring charges and impairments were not incorporated into the guidance Intel provided for the second quarter of 2025.
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Corporate unallocated expenses include certain operating expenses not allocated to specific operating segments. The nature of these expenses may vary, but primarily consist of restructuring and other charges, share-based compensation and certain acquisition-related costs. Three Months Ended (In Millions) Mar 28, 2026 Mar 29, 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────────── Restructuring and other charges1 $ 4,070 $ 156 Share-based compensation 621 684 Acquisition-related costs 113 151 Other 276 269 Total corporate unallocated expenses $ 5,080 $ 1,260
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The 2024 Restructuring Plan, which we initiated in Q3 2024, was substantially completed by the end of 2025, with the remainder expected to be completed in 2026.
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The 2024 Restructuring Plan, which we initiated in Q3 2024, was substantially complete by the end of 2025, with the remainder expected to be completed in 2026.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
Employee severance and benefit arrangements included net charges of $ 1.4 billion during the three months ended June 28, 2025 related to the 2025 Restructuring Plan and the remaining charges for the three and six months ended June 28, 2025 primarily related to the 2024 Restructuring Plan. Additionally, we incurred charges of $ 165 million and $ 294 million during the three and six months ended June 29, 2024 related to other actions taken to streamline operations and reduce costs.
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The quarter-over-quarter and year-over-year comparisons in this discussion and analysis are, in many instances, materially impacted by the restructuring actions and other charges that occurred in Q3 2024. In Q3 2024, we announced, initiated and deployed our 2024 Restructuring Plan, and we recognized $2.8 billion of restructuring charges in Q3 2024, comprised primarily of cash-based employee severance and related employee exit charges of $2.2 billion, non-cash charges directly resulting from our decision to exit manufacturing capabilities for internal-use test hardware, resulting in the impairment of certain construction in progress assets of $442 million, and non-cash charges associated with real estate consolidation and exits that resulted in the impairment of certain operating leased assets and related leasehold improvements of $86 million.
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The 2024 Restructuring Plan, which we initiated in Q3 2024, was substantially completed by the end of Q4 2025, with the remainder expected to be completed in 2026.
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In Q2 2025, we commenced an enterprise-wide initiative to transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. These headcount reduction initiatives reduced our core Intel workforce by approximately 15% by the end of fiscal 2025, as compared to our Q2 2025 ending employee headcount. In 2025, we recognized restructuring charges of $2.2 billion, consisting primarily of charges from initiating and deploying the 2025 Restructuring Plan and incurring charges as we substantially completed the 2024 Restructuring Plan. Charges in 2025 were primarily composed of cash-based employee severance and related employee exit charges of $1.8 billion and non-cash asset impairment charges of $474 million resulting from the exit of certain non-core lines of business and the consolidation and exit of certain real estate properties.
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The accrued restructuring balance as of June 28, 2025 and December 28, 2024 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets.
Read in the filing ↗ Also in 10-Q of Jul 24, 2026
The accrued restructuring balance as of September 27, 2025 and December 28, 2024 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets.
Read in the filing ↗ Also in 10-Q of Oct 30, 2026
The accrued restructuring balance as of March 28, 2026 and December 27, 2025 was recorded as a current liability within accrued compensation and benefits on the Consolidated Condensed Balance Sheets.
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Full-Year 2026 (In Billions; Unaudited) Approximately ───────────────────────────────────────────────────────── GAAP operating expenses $ 19.0 Acquisition-related adjustments -0.1 Share-based compensation -2.9 Restructuring and other charges — Non-GAAP operating expenses $ 16.0
Read in the filing ↗ Also in 8-K of Apr 23, 2026, 8-K of Jul 23, 2026
The Audit & Finance Committee (the "Audit Committee") of the board of directors (the “Board”) of Intel, in connection with the Company's management team, has approved an enterprise-wide initiative started in second quarter of 2025 to fundamentally transform our culture and the way in which we operate, which is designed to simplify the way we do business and drive transparency and accountability across the company which was communicated to employees on July 24, 2025. The Audit Committee approved the initiative on July 10, 2025. As part of this transformation, we implemented the 2025 Restructuring Plan to lower expenses, streamline our organizational structure and reduce management layers across functions while reallocating resources toward our core client and server businesses by reducing investment in lower-priority programs and initiatives. The Company expects these headcount reduction initiatives will reduce our core Intel workforce by 15% by the end of fiscal 2025. As a result of initiating and deploying the 2025 Restructuring Plan, the Company expects to recognize $1.9 billion of restructuring charges related to these actions, of which the Company is recognizing $1.8 billion in the second quarter of 2025. The restructuring actions, which are expected to be substantially complete by the fourth quarter of 2025 are primarily comprised of the following:
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