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Intel (INTC) explained: how it makes money, how it's doing, what protects it

A plain-English guide to the company behind Core and Xeon chips. See what it sells, where the money goes, who it competes with and what protects it.

โšกWhat does Intel do, in 30 seconds?

Intel designs computer chips and makes most of them in its own factories 3. It sold $52.9bn โœ“ in FY2025, and PC chips made up 61% โœ“ of that. Data Center and AI chips added 32% โœ“. Intel made a small loss that year, with net income of -$0.3bn โœ“.

Revenue, FY2025
$52.9bnโœ“
Profit, FY2025
-$0.3bnโœ“
Sales growth, 4 quarters to 27 Jun 2026
7.5%โœ“
Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted), 27 Jun 2026
-$20.8bnโœ“
Headquarters
Santa Clara, California 35
Founded
1968, by Robert Noyce and Gordon Moore 34
Employees
85,100 at 27 December 2025 36
CEO
Lip-Bu Tan, since March 2025 31
Fiscal year ends
Last Saturday in December 3537
Main chip factories
Oregon, Arizona, Ireland and Israel 30

๐Ÿ“ฑWhat does Intel sell?

Intel's products fall into three groups, and PC chips are by far the biggest. Its factory arm, Intel Foundry, makes the chips for Intel's own products and also takes orders from other chip designers 1920.

๐Ÿ’ป

PC chips (Client Computing)

Processors for desktops, laptops, AI PCs and edge devices 1. In FY2025 they brought in $32.2bn โœ“. In 2025 Intel released Core Ultra Series 3 (Panther Lake), the first chips made on its Intel 18A process 3. Since Q2 2026, Intel calls this group the Client Computing and Physical AI Group 45.

๐Ÿ‘ฅ PC makers and distributors, whose computers go to homes and businesses 1. Dell, Lenovo and HP are Intel's three largest customers 6.

๐Ÿ–ฅ๏ธ

Data Center and AI

Xeon server processors, AI accelerators, network cards, infrastructure processing units (IPUs) and custom chips 7. In FY2025 they brought in $16.9bn โœ“. In Q1 2026, NVIDIA chose Xeon 6 as the host processor for its DGX Rubin NVL8 systems 8.

๐Ÿ‘ฅ Large cloud providers and server makers 7.

๐Ÿš—

Other (Mobileye and more)

This group holds Mobileye, which makes driver-assistance and self-driving chips, and IMS, which makes mask-writing tools 9. Intel owned 80% of Mobileye and 68% of IMS at the end of 2025 9. In September 2025 it sold 51% of Altera, its programmable-chip unit, and kept 49% 1011 9. In FY2025 this group brought in $3.6bn โœ“.

๐Ÿ‘ฅ Buyers of Mobileye's driver-assistance chips and of IMS's mask-writing tools 9.

How the mix has shifted

Revenue mix by productFY2024PC chips (Client Computing): $33.3bn (63%)PC chips (Client Computing) 63%Data Center and AI: $16.1bn (30%)Data Center and AI 30%Other: $3.6bn (7%)FY2025PC chips (Client Computing): $32.2bn (61%)PC chips (Client Computing) 61%Data Center and AI: $16.9bn (32%)Data Center and AI 32%Other: $3.6bn (7%)
Revenue mix by productFY24PC chips (Client Computing): $33.3bn (63%)63%Data Center and AI: $16.1bn (30%)30%Other: $3.6bn (7%)FY25PC chips (Client Computing): $32.2bn (61%)61%Data Center and AI: $16.9bn (32%)32%Other: $3.6bn (7%)PC chips (Client Computing)Data Center and AIOther
Share of revenue by business line, by fiscal year. Source: INTEL CORP 10-K filed 2026-01-23.

Where the customers are

The United States was Intel's biggest market in FY2025, at 30% โœ“ of sales. China, including Hong Kong, came next at 24% โœ“. Singapore added 18% โœ“ and Taiwan 15% โœ“. All other countries made up 14% โœ“.

Revenue by regionUnited States$15.8bn 30% of salesChina Including Hong Kong$12.7bn 24% of salesSingapore$9.5bn 18% of salesTaiwan$7.7bn 15% of salesOther countries$7.2bn 14% of sales
Revenue by regionUnited States$15.8bn 30%China Including Hong Kong$12.7bn 24%Singapore$9.5bn 18%Taiwan$7.7bn 15%Other countries$7.2bn 14%
Revenue by region, FY2025. Source: INTEL CORP 10-K filed 2026-01-23.

๐Ÿ’ธHow does Intel make money?

FY2024, FY2025: Intel made a loss, so there was no profit left to follow and no money map is drawn for those years.

Intel sold $52.9bn โœ“ of chips and other products in FY2025. Making them cost $34.5bn โœ“. What is left is gross profit, the money kept after paying for what was sold. That came to $18.4bn โœ“.

Next come the costs of running the company. Research and development took $13.8bn โœ“, and sales, marketing and admin took $4.6bn โœ“. Other operating costs took $2.2bn โœ“. That left operating profit of -$2.2bn โœ“, which is a loss. Other income and gains of $3.5bn โœ“ helped, but tax took $1.5bn โœ“. In the end, net income was -$0.3bn โœ“, a small loss. Out of every hundred dollars of sales, $66 โœ“ went on making the products and $26 โœ“ on research.

FY2024 was much worse. Net income was -$18.8bn โœ“ that year, and tax alone took $8.0bn โœ“.

Out of every $100 customers paid in FY2025โ€ฆ

Making the products and services $66Research and development $26Selling and admin $9Other operating costs $4Income tax $3Interest, investment gains and other income, added on top +$7

Costs were bigger than sales plus interest, investment gains and other income (+$7), so the slices above add up to more than $100: the loss was $1 for every $100.

๐Ÿ’ก
Intel's own factories lose a lot of money: Intel Foundry had an operating loss of $10.3bn in 2025, after $13.3bn in 2024 20. It had $17.8bn of revenue in 2025, but only $307m came from outside customers 1920. Most of its work is making chips for Intel's own products 1920.

โฑ๏ธ Intel by the clock

Spread the FY2025 totals evenly over its 364 days and you get this. Source: INTEL CORP 10-K [12].

๐Ÿ›’
$145m
in sales every day
โฑ๏ธ
-$8
of profit every second
๐Ÿ”ฌ
$38m
on research every day

๐Ÿ“ˆHow is Intel doing?

Intel is smaller and far less profitable than it was ten years ago. Sales went from $55.4bn โœ“ in FY2015 to $52.9bn โœ“ in FY2025, a change of -0.5% โœ“ a year. Sales rose in 6 โœ“ of those 10 โœ“ years, and peaked at $79.0bn โœ“ in FY2021. Gross margin fell from 62.6% โœ“ to 34.8% โœ“. Operating margin went from 25.3% โœ“ to -4.2% โœ“, so the main business lost money.

The latest four quarters, to 27 June 2026, show sales growing again. Sales reached $57.0bn โœ“, up 7.5% โœ“ on the four quarters before. In Q2 2026 alone, sales rose 25% from a year earlier, and Data Center and AI sales rose 59% to $6.3bn 4. Operating margin was about break-even, at -0.1% โœ“. Net income was -$11.3bn โœ“. In Q2 2026 alone, Intel lost $11.0bn, mainly because of a $12.5bn non-cash charge linked to shares held in escrow for the US government 45. Free cash flow was $2.8bn โœ“, after $12.1bn โœ“ of spending on factories and equipment.

๐Ÿ“ The report card

Intel earns a fair mark for steadiness, a weak mark for its balance sheet, and failing marks for growth, profit and cash. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Intel (orange) and its 3 peers land; further right is better.

F

Growth

Sales growth per year, last 3 fiscal years
-5.7% ยท peer median 100.0%
#4 of 4 in the peer group
A โ‰ฅ 15.0%B โ‰ฅ 10.0%C โ‰ฅ 5.0%D โ‰ฅ 0.0%F below 0.0%

Intel's sales growth was -5.7% โœ“ a year over its last three fiscal years, which earns an F โœ“ on the fixed scale. AMD grew 13.6% โœ“ a year, good for a B โœ“. NVIDIA grew 100.0% โœ“ a year over its own latest three years, for an A โœ“.

Why this measure? (higher is better)

Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.

F

Profitability

Operating margin, last 3 years combined
-8.6% ยท peer median 56.4%
#4 of 4 in the peer group
A โ‰ฅ 30.0%B โ‰ฅ 20.0%C โ‰ฅ 10.0%D โ‰ฅ 5.0%F below 5.0%

Over the last three years combined, Intel's operating margin was -8.6% โœ“, so its main business lost money. That earns an F โœ“. AMD kept 7.2% โœ“ of sales as operating profit over the same three years, a D โœ“, and the peer median is 56.4% โœ“.

Why this measure? (higher is better)

Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.

F

Cash generation

Free cash flow as a share of sales, last 3 years combined
-21.8% ยท peer median 31.0%
#4 of 4 in the peer group
A โ‰ฅ 20.0%B โ‰ฅ 15.0%C โ‰ฅ 10.0%D โ‰ฅ 5.0%F below 5.0%

Over the last three years combined, Intel's free cash flow was -21.8% โœ“ of sales, so it spent more cash than it brought in. That earns an F โœ“. Building factories was costly: capital spending was $25.8bn โœ“ in FY2023 and $23.9bn โœ“ in FY2024. In the latest four quarters, free cash flow was 5.0% โœ“ of sales.

Why this measure? (higher is better)

Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.

D

Balance sheet

Net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) as a share of a year's sales
-17.3% ยท peer median 21.2%
#4 of 4 in the peer group
A โ‰ฅ 20.0%B โ‰ฅ 5.0%C โ‰ฅ -10.0%D โ‰ฅ -30.0%F below -30.0%

At the end of FY2025, Intel's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled -17.3% โœ“ of a year's sales, which earns a D โœ“. Net cash was -$9.2bn โœ“ then. By 27 June 2026, after the Fab 34 deal, Intel had $29.7bn โœ“ of cash and investments and $50.5bn โœ“ of debt. In April 2026 Intel paid $14.2bn to buy back a 49% stake in its Fab 34 factory venture in Ireland 18. It paid partly with a $6.5bn bridge loan 18.

Why this measure? (higher is better)

More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.

C

Steadiness

How much yearly sales growth swings (standard deviation, up to 10 years)
10.2% ยท peer median 43.5%
#1 of 4 in the peer group
A โ‰ค 5.0%B โ‰ค 8.0%C โ‰ค 12.0%D โ‰ค 18.0%F above 18.0%

Intel's yearly growth swings less than its peers', with a standard deviation of 10.2% โœ“, which earns a C โœ“. That ranks it 1 โœ“ of 4 โœ“ in this group. But steady does not mean strong: growth was -20.2% โœ“ in FY2022 and -14.0% โœ“ in FY2023.

Why this measure? (lower is better)

Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.

๐Ÿง‘โ€๐Ÿซ How the grades work
  1. Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
  2. Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
  3. Peers for context. The rank shows how Intel compares with the group. Companies within 0.1 percentage point share a rank.
  4. Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
  5. Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.

11 years at a glance

Revenue
$52.9bn
FY2025
Revenue by fiscal yearFY2015: $55.4bnFY2016: $59.4bnFY2017: $62.8bnFY2018: $70.8bnFY2019: $72.0bnFY2020: $77.9bnFY2021: $79.0bnFY2022: $63.1bnFY2023: $54.2bnFY2024: $53.1bnFY2025: $52.9bnFY2015FY2025
Operating margin
-4.2%
FY2025
Operating marginFY2015FY2025
Free cash flow
-$4.9bn
FY2025
Free cash flow by fiscal yearFY2015: $11.7bnFY2016: $12.2bnFY2017: $10.3bnFY2018: $14.3bnFY2019: $16.9bnFY2020: $21.6bnFY2021: $10.7bnFY2022: -$9.4bnFY2023: -$14.3bnFY2024: -$15.7bnFY2025: -$4.9bnFY2015FY2025
Net cash
-$9.2bn
end of FY2025
Net cash by fiscal yearFY2015: -$2.8bnFY2016: -$11.8bnFY2017: -$17.9bnFY2018: -$17.2bnFY2019: -$24.6bnFY2020: -$31.9bnFY2021: -$12.8bnFY2022: -$24.9bnFY2023: -$31.3bnFY2024: -$27.9bnFY2025: -$9.2bnFY2015FY2025

Where the cash goes

From FY2015 to FY2025, Intel handed back more cash than its free cash flow. It spent $97.7bn โœ“ on buybacks and dividends, against $53.4bn โœ“ of free cash flow. Payouts then shrank: buybacks were $0.0bn โœ“ in FY2023, and dividends fell from $6.0bn โœ“ in FY2022 to $0.0bn โœ“ in FY2025. In 2025 Intel sold new shares to SoftBank for $2.0bn and to NVIDIA for $5.0bn 10. In August 2026 it sold more new shares to the public 38.

Free cash flow vs cash returned to shareholders-$10bn$0bn$10bn$20bnFY2016 free cash flow $12.2bnFY2016 buybacks + dividends $7.5bnFY16FY2017 free cash flow $10.3bnFY2017 buybacks + dividends $8.7bnFY17FY2018 free cash flow $14.3bnFY2018 buybacks + dividends $16.3bnFY18FY2019 free cash flow $16.9bnFY2019 buybacks + dividends $19.2bnFY19FY2020 free cash flow $21.6bnFY2020 buybacks + dividends $19.8bnFY20FY2021 free cash flow $10.7bnFY2021 buybacks + dividends $8.1bnFY21FY2022 free cash flow -$9.4bnFY2022 buybacks + dividends $6.0bnFY22FY2023 free cash flow -$14.3bnFY2023 buybacks + dividends $3.1bnFY23FY2024 free cash flow -$15.7bnFY2024 buybacks + dividends $1.6bnFY24FY2025 free cash flow -$4.9bnFY2025 buybacks + dividends $0.0bnFY25
Free cash flow vs cash returned to shareholders-$10bn$0bn$10bn$20bnFY2020 free cash flow $21.6bnFY2020 buybacks + dividends $19.8bnFY20FY2021 free cash flow $10.7bnFY2021 buybacks + dividends $8.1bnFY21FY2022 free cash flow -$9.4bnFY2022 buybacks + dividends $6.0bnFY22FY2023 free cash flow -$14.3bnFY2023 buybacks + dividends $3.1bnFY23FY2024 free cash flow -$15.7bnFY2024 buybacks + dividends $1.6bnFY24FY2025 free cash flow -$4.9bnFY2025 buybacks + dividends $0.0bnFY25
โ–  Free cash flow   โ–  Buybacks + dividends. Source: INTEL CORP 10-K filings.

๐ŸงฎRatios 101: what are Intel's key financial ratios?

Ratios turn Intel's big numbers into easy comparisons, and most of them show how far its profits have fallen. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Intel's real FY2025 numbers, the peer median and the trend.

๐Ÿ’ฐ Profitability: how much of each sale is kept?

Higher is better

Gross margin

34.8%
Gross profit$18.4bn$52.9bnSales=34.8%

What is left from each sale after paying to make the product or deliver the service.

๐Ÿ‘‰ At 34.8% โœ“, down from 62.6% โœ“ in FY2015, Intel keeps far less of each sale than the 71.1% โœ“ peer median.

๐Ÿ“ Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.

Peer median 71.1% (3 peers)FY2015 62.6%
Gross margin by fiscal yearFY2015FY2025
Higher is better

Operating margin

-4.2%
Operating profit-$2.2bn$52.9bnSales=-4.2%

What is left after also paying for research, marketing and running the company.

๐Ÿ‘‰ Intel's -4.2% โœ“ means the main business lost money in FY2025. It made 25.3% โœ“ in FY2015, and the peer median is 60.4% โœ“.

๐Ÿ“ Rule of thumb: Above 20% is strong for a large company.

Peer median 60.4% (3 peers)FY2015 25.3%
Operating margin by fiscal yearFY2015FY2025
Higher is better

Net margin

-0.5%
Net income-$0.3bn$52.9bnSales=-0.5%

The bottom line: profit after interest and taxes, per dollar of sales.

๐Ÿ‘‰ Intel's net margin was -0.5% โœ“, close to break-even, down from 20.6% โœ“ in FY2015. The peer median is 55.6% โœ“.

๐Ÿ“ Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.

Peer median 55.6% (3 peers)FY2015 20.6%
Net margin by fiscal yearFY2015FY2025
It depends

Return on equity (ROE)

-0.2%
Net income-$0.3bn$114.3bnShareholders' equity=-0.2%

Profit earned for each dollar that shareholders have left in the company.

๐Ÿ‘‰ ROE of -0.2% โœ“ comes from a small loss on a large equity base of $114.3bn โœ“. The peer median is 61.4% โœ“.

๐Ÿ“ Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.

Peer median 61.4% (3 peers)FY2015 18.7%
Return on equity (ROE) by fiscal yearFY2015FY2025

โš™๏ธ Efficiency: how hard do the assets work?

Higher is better

Return on assets (ROA)

-0.1%
Net income-$0.3bn$211.4bnTotal assets=-0.1%

Profit earned from everything the company owns, however it was paid for.

๐Ÿ‘‰ ROA was -0.1% โœ“, against 11.3% โœ“ in FY2015 and a 43.4% โœ“ peer median.

๐Ÿ“ Rule of thumb: Above 10% is strong; banks and factories usually earn less.

Peer median 43.4% (3 peers)FY2015 11.3%
Return on assets (ROA) by fiscal yearFY2015FY2025
Higher is better

Asset turnover

0.2x
Sales$52.9bn$211.4bnTotal assets=0.2x

Dollars of sales squeezed out of each dollar of assets.

๐Ÿ‘‰ Intel's sales are just 0.2x โœ“ what it owns, down from 0.5x โœ“ in FY2015 and below the 0.7x โœ“ peer median. Intel owns most of the factories that make its chips 3.

๐Ÿ“ Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.

Peer median 0.7x (3 peers)FY2015 0.5x
Asset turnover by fiscal yearFY2015FY2025
Lower is better

Inventory days

123 days
Inventory$11.6bn$34.5bnCost of salesร— 365=123 days

How many days of products sit in warehouses before they are sold.

๐Ÿ‘‰ Intel holds 123 โœ“ days of stock, up from 91 โœ“ in FY2015 but below the peer median of 147 โœ“ days.

๐Ÿ“ Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.

Peer median 147 days (3 peers)FY2015 91 days
Inventory days by fiscal yearFY2015FY2025

๐Ÿ›Ÿ Safety: could it survive a bad year?

It depends

Current ratio

2.0x
Current assets$63.7bn$31.6bnCurrent liabilities=2.0x

Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?

๐Ÿ‘‰ At 2.0x โœ“, Intel's short-term assets cover its bills due within a year twice over. That is below 2.4x โœ“ in FY2015 and the 3.3x โœ“ peer median.

๐Ÿ“ Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.

Peer median 3.3x (3 peers)FY2015 2.4x
Current ratio by fiscal yearFY2015FY2025
Lower is better

Debt to equity

0.4x
Total debt$46.6bn$114.3bnShareholders' equity=0.4x

How much the company has borrowed for each dollar shareholders have in it.

๐Ÿ‘‰ Intel's 0.4x โœ“ matches the 0.4x โœ“ of FY2015, but it is above the 0.1x โœ“ peer median.

๐Ÿ“ Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.

Peer median 0.1x (3 peers)FY2015 0.4x
Debt to equity by fiscal yearFY2015FY2025
Higher is better

Interest cover

-2.0x
Operating profit-$2.2bn$1.1bnInterest expense=-2.0x

How many times over operating profit could pay the year's interest bill.

๐Ÿ‘‰ Interest cover was -2.0x โœ“, so operating profit did not cover the $1.1bn โœ“ interest bill. In FY2015 it was 41.5x โœ“.

๐Ÿ“ Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.

Peer median 503.4x (3 peers)FY2015 41.5x
Interest cover by fiscal yearFY2015FY2025

๐Ÿ’ต Cash and owners: where does the money end up?

It depends

R&D intensity

26.1%
R&D$13.8bn$52.9bnSales=26.1%

How much of each sales dollar goes into inventing future products.

๐Ÿ‘‰ Intel spends 26.1% โœ“ of sales on R&D, up from 21.9% โœ“ in FY2015 and far above the 8.6% โœ“ peer median. In dollars, R&D fell from $16.5bn โœ“ in FY2024 to $13.8bn โœ“ in FY2025.

๐Ÿ“ Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.

Peer median 8.6% (3 peers)FY2015 21.9%
R&D intensity by fiscal yearFY2015FY2025
Lower is better

Stock pay

4.6%
Share-based pay$2.4bn$52.9bnSales=4.6%

Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.

๐Ÿ‘‰ Stock pay is 4.6% โœ“ of sales, above the 3.0% โœ“ peer median and up from 2.4% โœ“ in FY2015.

๐Ÿ“ Rule of thumb: Under 5% of sales is modest for a tech company.

Peer median 3.0% (3 peers)FY2015 2.4%
Stock pay by fiscal yearFY2015FY2025

Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.

๐ŸฅŠWho are Intel's competitors?

Intel has rivals on two fronts, because it both designs chips and makes them 3. AMD sells the same x86 kind of processor for PCs and servers 2122. Intel's 2025 annual report says NVIDIA's GPU systems had the highest demand in AI data centers 71025. In chipmaking, Intel says TSMC leads at scale on the most advanced processes 19.

Peer map: growth vs profitability, bubble size = revenue-5%0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%105%0%10%20%30%40%50%60%70%80%Sales growth per year, 3 years โ†’Operating margin โ†’NVIDIA: revenue $215.9bn, growth 100.0%/yr, operating margin 60.4%NVDAMicron: revenue $133.2bn, growth 104.6%/yr, operating margin 74.6%MUIntel: revenue $52.9bn, growth -5.7%/yr, operating margin -4.2%INTCAMD: revenue $34.6bn, growth 13.6%/yr, operating margin 10.7%AMD
Peer map: growth vs profitability, bubble size = revenue-5%0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%100%105%0%10%20%30%40%50%60%70%80%Sales growth per year, 3 years โ†’Operating margin โ†’NVIDIA: revenue $215.9bn, growth 100.0%/yr, operating margin 60.4%NVDAMicron: revenue $133.2bn, growth 104.6%/yr, operating margin 74.6%MUIntel: revenue $52.9bn, growth -5.7%/yr, operating margin -4.2%INTCAMD: revenue $34.6bn, growth 13.6%/yr, operating margin 10.7%AMD
Peer map from each company's latest 10-K. Bubble size = revenue. Source: SEC filings [12] [13] [15] [14].
CompanyWhere they competeRevenueGrowth/yr (3y)Op. marginFCF margin
Intel (INTC, FY2025)PC and server processors, AI accelerators and chipmaking for other companies 1 7 1920$52.9bn-5.7%-4.2%-9.4%
AMD (AMD, FY2025)x86 processors for PCs and servers; each names the other as a main rival 2122$34.6bn13.6%10.7%19.4%
Micron (MU, FY2026)A former memory partner: they formed a NAND flash joint venture in 2005, and Intel has since sold its NAND business 2324$133.2bn104.6%74.6%44.3%
NVIDIA (NVDA, FY2026)AI data-center chips, where NVIDIA's GPU systems are most in demand; also a partner that bought $5.0bn of new Intel shares 71025$215.9bn100.0%60.4%44.8%

In PC chips, Arm-based designs from Apple, Qualcomm and MediaTek also compete 1. In data centers, Amazon, Google, Meta and Microsoft design their own chips 7. In chipmaking, Intel says only TSMC and Samsung join it in investing in 2-nanometer-class processes 19.

๐ŸงญIntel SWOT: strengths, weaknesses, opportunities and threats

๐Ÿ’ช Strengths

  • Intel says it is the only company doing both leading-edge chip research and high-volume chipmaking in the US 3.
  • Intel's x86 design has been a base for computers for over four decades, with a deep software ecosystem 3.
  • Intel plans to keep making most of its products in its own factories, which it says gives it control over supply 3.
  • Intel says its 18A process brought two industry firsts to high-volume chipmaking, called RibbonFET and PowerVia 3.

๐Ÿฉน Weaknesses

  • Over the last three years combined, Intel's operating margin was -8.6% โœ“, ranking it 4 โœ“ of 4 โœ“ in its peer group.
  • Intel Foundry lost $10.3bn in 2025 20, and only $307m of its revenue came from outside customers 1920.
  • Dell, Lenovo and HP bought 43% of Intel's revenue in 2025, and customers can usually cancel orders without penalty 6 26.
  • In 2025 Intel slowed work on its new Ohio factory and dropped planned expansions in Germany and Poland 3.
  • In Q1 2026 Intel took $3.9bn of non-cash goodwill charges, almost all for Mobileye 5.

๐Ÿš€ Opportunities

  • In Q2 2026, Data Center and AI sales rose 59% from a year earlier 4.
  • Intel wants to design custom chips for other companies, and in Q2 2026 agreed to develop a security processor for Fortinet 34.
  • NVIDIA picked Intel's Xeon 6 as the host processor for its DGX Rubin NVL8 systems 8.
  • Intel joined the Terafab project with SpaceX, xAI and Tesla in Q1 2026 8.
  • Customers signed long-term deals in Q1 2026 that came with $1.7bn of deposits 5.

โš ๏ธ Threats

  • Without a big outside customer, Intel said it might pause its next process, 14A, and use outside foundries such as TSMC 35.
  • In data centers, NVIDIA's GPU systems are most in demand, and big cloud firms design their own chips 71025 7.
  • Arm-based PC chips from Apple, Qualcomm and MediaTek compete with Intel's processors 1.
  • Intel's debt of $50.5bn โœ“ was larger than its $29.7bn โœ“ of cash and investments at 27 June 2026.

๐ŸฐDoes Intel have a moat?

Narrow moatA famous name and a deep software base 3 protect Intel a little, but AMD sells the same x86 kind of chip 1. Intel's factory arm lost $10.3bn in 2025 20.
Brand 3/5
Why 3?

Intel's biggest buyers are PC makers: Dell, Lenovo and HP bought 43% of its revenue in 2025 6. Customers can usually cancel or change orders without penalty 26. AMD's x86 chips and Arm-based chips from Apple, Qualcomm and MediaTek compete for the same PCs 1.

Switching costs 3/5
Why 3?

Intel's x86 design has been a base for computing for over four decades, with deep software built on it 3. But AMD also makes x86 processors and is the main rival to Intel's PC chips 1. Customers usually buy on orders they can change with little notice 26.

Network effects 2/5
Why 2?

Developers have built a deep software ecosystem on x86 over four decades 3. AMD makes x86 chips too, so Intel shares this benefit 1. In data centers, Arm and RISC-V designs and cloud firms' own chips also compete 7.

Cost advantages and scale 2/5
Why 2?

Intel Foundry had an operating loss of $10.3bn in 2025 and $13.3bn in 2024 20. Intel says leading-edge processes need more volume than its own products provide 3. Outside customers brought in only $307m of foundry revenue in 2025 1920. TSMC leads at scale on the most advanced processes, Intel says 19.

Intangibles (patents, licences, regulation) 3/5
Why 3?

Intel says it owns about 70,000 patent assets, though products often go out of date before their patents expire 2728. It says it is the only company doing leading-edge chip research and high-volume chipmaking in the US 3. In August 2025 the US government received 275m Intel shares 1029. It also got a warrant for up to 241m more, usable only if Intel's stake in its foundry falls below 51% 1029.

A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Intel; grey dots are peers).

๐Ÿ”ญWhat should you watch next?

After 26 Dec 2026

Full-year FY2026 results

Intel's fiscal 2026 ends on 26 December 2026 37. Figures on this page run to FY2025 and the four quarters to 27 June 2026.

Through 2027

Customers for Intel 14A

Intel says it is meeting design milestones so big customers can test Intel 14A 35. Without a major outside customer, it said it might pause 14A 35.

From June 2026

Intel 18A-P

Intel 18A-P entered risk production in June 2026, and Intel committed to finishing work on Intel 14A 5.

By end-2026

Costa Rica move

Intel expects to finish moving its Costa Rica assembly and test work to its other sites by the end of 2026 3.

Ongoing

Shares held in escrow for the US government

At 27 June 2026, 143m escrowed shares had not been released 5. Of these, 71m are released as the government pays for Intel's Secure Enclave work 5. Changes in the value of this liability caused a $12.5bn non-cash loss in Q2 2026 45.

๐Ÿ“šLearn the words

Revenue (sales)All the money a company takes in from customers before paying any costs.
Processor (CPU)The main chip in a computer. It runs the operating system and most everyday tasks.
x86A family of processor designs used in PCs and servers. Intel and AMD both design x86 chips 2122.
FoundryA chip factory business that makes chips designed by other companies.
Integrated device makerA chip company that both designs chips and makes them in its own factories, as Intel does 3.
Process nodeA generation of chipmaking technology, such as Intel 18A 3. Newer nodes fit more, smaller parts on each chip.
Gross marginThe share of each sales dollar left after paying to make the product. Higher means each sale is more profitable.
Operating profitProfit from the main business after paying for products, research, marketing and admin, but before interest and tax. When it is below zero, it is a loss.
Free cash flowThe cash a business has left after running itself and buying equipment. It can be used for dividends, buybacks or saving.
EscrowHolding something, such as shares, with a third party until agreed conditions are met.
Fiscal yearA company's own accounting year. Intel's ends on the last Saturday in December, so FY2025 ended on 27 December 2025 3537.
Economic moatA lasting advantage, like a strong brand or high switching costs, that keeps rivals from taking a company's customers.
RatioOne number divided by another, such as profit divided by sales. Ratios let you compare companies of very different sizes.

โ“Frequently asked questions about Intel

How does Intel make money?

Intel makes most of its money selling processors for PCs and data centers. In FY2025, PC chips brought in $32.2bn โœ“ and Data Center and AI $16.9bn โœ“. Mobileye and other units made up the rest 9.

Does Intel make its own chips?

Yes, Intel makes most of its chips in its own factories 3. In 2025 its main wafer factories were in Oregon, Arizona, Ireland and Israel 30.

Is Intel making a profit?

No, Intel has been losing money: net income was -$18.8bn โœ“ in FY2024, and in FY2025 it was -$0.3bn โœ“. In Q2 2026 alone it lost $11.0bn, mainly because of a $12.5bn non-cash charge 45.

What is Intel Foundry?

Intel Foundry is the part of Intel that makes chips, both for Intel and for outside chip designers 1920. In 2025 it had $17.8bn of revenue, but only $307m came from outside customers 1920. It lost $10.3bn that year 20.

Who are Intel's biggest competitors?

AMD is Intel's main rival in PC chips, and both sell x86 chips for servers too 2122. In AI data centers, Intel says NVIDIA's GPU systems are most in demand 71025. In chipmaking, Intel says TSMC leads at scale 19.

Does the US government own part of Intel?

Yes. Under an August 2025 agreement, the US Department of Commerce received 275m Intel shares 1029. It also holds a warrant for up to 241m more, usable only if Intel's stake in its foundry falls below 51% 1029.

What is the deal between Intel and NVIDIA?

NVIDIA bought $5.0bn of new Intel shares in December 2025, under a deal to develop x86 products together 71025. The two are also rivals in AI data-center chips 71025.

Who runs Intel?

Lip-Bu Tan has been Intel's CEO since March 2025, and he ran Cadence Design Systems from 2009 to December 2021 31. In March 2026 Craig Barratt was named to succeed Frank Yeary as board chair after the 2026 annual meeting 3233.

๐ŸŽฎPlay: higher or lower, then test yourself

Higher or lower ยท round 1 of 6

Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [12] [13] [15] [14].

Score: 0

๐Ÿง  Test yourself

5 quick questions. Score: 0 / 5

1. Where does the name Intel come from?

The name Intel blends the words 'integrated electronics' 34.

2. Which Intel business brought in the most money in FY2025?

PC chips made up 61% โœ“ of Intel's sales in FY2025.

3. What was Intel's first product?

Less than a year after starting, Intel launched the 3101 static memory chip 34.

4. Which company bought $5.0bn of new Intel shares in December 2025?

NVIDIA completed the purchase on 26 December 2025 10.

5. What machines did Intel use to make some Panther Lake chips by mid-2026?

By Q2 2026, Intel made some Panther Lake chips in high volume with ASML's High NA EUV machines 4.

๐Ÿ”ŽSources and method

Every figure comes from a source listed here or is calculated from those sources (marked โœ“). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.

  1. Intel 10-K for fiscal 2025 (Business: CCG overview and competition) โ€” Client Computing Group products, customers and competitors (accessed 2026-10-29)
  2. Intel (INTC) Form 10-K for fiscal year 2025, filed 2026-01-23 โ€” revenue by product, segment and geography (accessed 2026-10-28)
  3. Intel 10-K for fiscal 2025 (Business: overview and strategy) โ€” Integrated design and manufacturing model; only US company doing leading-edge logic R&D and high-volume manufacturing; x86 ecosystem; Intel 18A and 14A; footprint changes (accessed 2026-10-29)
  4. Intel second-quarter 2026 results release (8-K exhibit 99.1, 23 July 2026) โ€” Q2 2026 revenue by business, highlights and segment rename (accessed 2026-10-29)
  5. Intel 10-Q for the quarter ended June 27, 2026 โ€” Intel 18A-P and 14A progress; escrowed-share charge; Mobileye goodwill charge; customer deposits; escrowed shares outstanding (accessed 2026-10-29)
  6. Intel 10-K for fiscal 2025 (Risk factors and Note 3: concentration of revenue) โ€” Three largest customers' share of net revenue 2023-2025; customer names from the filing's tagged data (accessed 2026-10-29)
  7. Intel 10-K for fiscal 2025 (Business: DCAI overview and competition) โ€” Data Center and AI products, customers and competitors (accessed 2026-10-29)
  8. Intel first-quarter 2026 results release (8-K exhibit 99.1, 23 April 2026) โ€” Q1 2026 business highlights (accessed 2026-10-29)
  9. Intel 10-K for fiscal 2025 (Business: All other) โ€” Mobileye (80%), IMS (68%) and Altera in the all other category (accessed 2026-10-29)
  10. Intel 10-K for fiscal 2025 (MD&A: US government agreement, private placements, Altera) โ€” US Department of Commerce shares and warrant; SoftBank and NVIDIA share purchases; Altera sale terms (accessed 2026-10-29)
  11. Intel 8-K, 12 September 2025 (Altera sale closed) โ€” Completion of the sale of 51% of Altera (accessed 2026-10-29)
  12. SEC EDGAR companyfacts: Intel (INTC) โ€” annual 10-K facts (accessed 2026-10-28)
  13. SEC EDGAR companyfacts: ADVANCED MICRO DEVICES INC (AMD) โ€” annual 10-K facts (accessed 2026-10-28)
  14. SEC EDGAR companyfacts: NVIDIA CORP (NVDA) โ€” annual 10-K facts (accessed 2026-10-28)
  15. SEC EDGAR companyfacts: MICRON TECHNOLOGY INC (MU) โ€” annual 10-K facts (accessed 2026-10-28)
  16. SEC EDGAR companyfacts: Intel (INTC) โ€” quarterly 10-Q/10-K facts (accessed 2026-10-28)
  17. SEC EDGAR companyfacts: Intel (INTC) โ€” balance sheet at 2026-06-27 (accessed 2026-10-28)
  18. Intel 8-K, 8 April 2026 (Fab 34 joint venture interest repurchased) โ€” Repurchase of the 49% interest in the Fab 34 joint venture in Ireland for $14.2 billion (accessed 2026-10-29)
  19. Intel 10-K for fiscal 2025 (Business: Intel Foundry overview and competition) โ€” Intel Foundry role, external customers and competitors (accessed 2026-10-29)
  20. Intel 10-K for fiscal 2025 (MD&A: Intel Foundry segment results) โ€” Intel Foundry external revenue and operating loss, 2024 and 2025 (accessed 2026-10-29)
  21. AMD Form 10-K for fiscal year 2025 (ended 2025-12-27), filed 2026-02-04 โ€” Item 1 Business: competition by segment and competitive factors (accessed 2026-10-29)
  22. Intel Form 10-K for fiscal year 2025 (ended 2025-12-27), filed 2026-01-23 โ€” Item 1 Business: competition in client and data center processors (accessed 2026-10-29)
  23. Micron: Company timeline โ€” Founding in 1978, first 64K DRAM, 1984 Nasdaq listing, IM Flash venture with Intel (2005), 3D XPoint with Intel (2015) (accessed 2026-10-29)
  24. Intel Corporation Form 10-Q for the quarter ended 2026-06-27, filed 2026-07-24 โ€” Sale of Intel's NAND business to SK hynix (phases closed 2021-12-29 and 2025-03-27); industry-wide substrate and memory shortages (accessed 2026-10-29)
  25. Intel 8-K, 18 September 2025 (NVIDIA securities purchase agreement) โ€” NVIDIA agreement to buy $5.0 billion of Intel common stock; product collaboration (accessed 2026-10-29)
  26. Intel 10-K for fiscal 2025 (Business: customers and sales arrangements) โ€” Who Intel sells to; purchase orders can be cancelled or delayed with little notice (accessed 2026-10-29)
  27. Intel 10-K for fiscal 2025 (Business: intellectual property) โ€” Patents and other IP; products often obsolete before patents expire (accessed 2026-10-29)
  28. Intel company overview page โ€” About 70,000 Intel-owned patent assets worldwide (accessed 2026-10-29)
  29. Intel 8-K, 25 August 2025 (agreement with the US Department of Commerce) โ€” Terms of the US government share and warrant agreement (accessed 2026-10-29)
  30. Intel 10-K for fiscal 2025 (Business: manufacturing) โ€” Key wafer fabs and assembly and test sites in 2025 (accessed 2026-10-29)
  31. Intel 10-K for fiscal 2025 (Information about our executive officers) โ€” Lip-Bu Tan CEO since March 2025; prior roles (accessed 2026-10-29)
  32. Intel 8-K, 12 November 2025 (new director) โ€” Craig Barratt appointed to the board on November 10, 2025 (accessed 2026-10-29)
  33. Intel 8-K, 3 March 2026 (board chair change) โ€” Frank Yeary to retire; Craig Barratt to become chair after the 2026 annual meeting (accessed 2026-10-29)
  34. Intel's Founding (Intel corporate history page) โ€” Founded by Robert Noyce and Gordon Moore, incorporated July 18, 1968; name origin; first product (accessed 2026-10-29)
  35. Intel 10-K for fiscal 2025 (cover page) โ€” Headquarters address and state of incorporation (accessed 2026-10-29)
  36. Intel 10-K for fiscal 2025 (Human capital) โ€” Workforce of 85,100 people at December 27, 2025 (accessed 2026-10-29)
  37. Intel 10-K for fiscal 2025 (Note 1: Basis of presentation) โ€” 52- or 53-week fiscal year ending on the last Saturday in December; fiscal 2026 is 52 weeks (accessed 2026-10-29)
  38. Intel 8-K, 12 August 2026 (public offering of common stock) โ€” Number of new shares sold in the August 2026 offering, including the underwriters' option (accessed 2026-10-29)