# Intel Corporation (INTC)

> Source: Nexqual · https://nexqual.com/INTC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Intel Corporation (INTC), nexqual.com/INTC" · informational, not investment advice.

**Price:** USD 85.49 (-8.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 92.96 · day 84.65–89.19 · 52w 32.89–142.35 · market cap $452B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $57.0B, net income -$11.3B (-19.8% margin), free cash flow $2.83B (SEC filings).
- 7 of 80 tracked superinvestors hold INTC (13F, Q2 2026): 2 new, 3 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $6.5M; 2 not under a Rule 10b5-1 plan ($6.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $10.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.69 on a 1–5 scale) (49 analysts), mean target USD 117.14 (range 80–200).
- Total return with dividends: 1Y +124.0% vs S&P 500 +14.9%; 5Y +87.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.4, revenue estimate $16.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $79.0B | $63.1B | $54.2B | $53.1B | $52.9B | $57.0B |
| Gross profit | $43.8B | $26.9B | $21.7B | $17.3B | $18.4B | — |
| Operating income | $19.5B | $2.33B | $93.0M | -$11.7B | -$2.21B | -$77.0M |
| Net income | $19.9B | $8.01B | $1.69B | -$18.8B | -$267M | -$11.3B |
| EPS (diluted) | $4.86 | $1.94 | $0.40 | -$4.38 | -$0.06 | — |
| Free cash flow | $10.7B | -$9.41B | -$14.3B | -$15.7B | -$4.95B | $2.83B |
| Gross margin | 55.4% | 42.6% | 40.0% | 32.7% | 34.8% | — |
| Operating margin | 24.6% | 3.7% | 0.2% | -22.0% | -4.2% | -0.1% |
| Net margin | 25.1% | 12.7% | 3.1% | -35.3% | -0.5% | -19.8% |
| Revenue growth | +1.5% | -20.2% | -14.0% | -2.1% | -0.5% | — |
| Cash + short-term investments | $29.3B | $28.3B | $25.0B | $22.1B | $37.4B | — |
| Total debt | $38.1B | $38.1B | $49.3B | $50.0B | $46.6B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 7.9x · EV/EBITDA 41.6x · EV/Sales 8.3x · P/FCF 159.6x · P/B 5.2x · FCF yield 0.63% · Earnings yield -2.50% · Net debt $20.8B · EV $473B
P/E at fiscal year-ends: Dec 2023 125.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold INTC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 4.62% | $512M | Added +22.5% |
| Van Den Berg Management I |  | 4.18% | $19.8M | Reduced -43.3% |
| Chase Coleman | Tiger Global Management | 2.48% | $594M | Added +159.5% |
| John Rogers | Ariel Investments | 0.76% | $76.6M | Reduced -62.3% |
| Tweedy Browne |  | 0.02% | $209K | New position |
| Mairs & Power | Mairs & Power Funds | 0.02% | $2.0M | Added +1.4% |
| Bill Nygren | Oakmark Funds | <0.01% | $245K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | Chandrasekaran Nagasubramaniyan | EVP, CT & Ops Off, GM Foundry | 21,024 | $2.5M | 9.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Miller Boise April | EVP and Chief Legal Officer | 40,256 | $4.0M | 27.7% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $10.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-11 | Tan Lip Bu | CEO | 105,263 | $10.0M | 95 | Too little history (no open-market trades in 2024 or 2025) |

## Analysts
Consensus Hold (mean 2.69 on a 1–5 scale), 49 analysts; mean target USD 117.14 (low 80, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target lowered | Neutral | $115 → $105 |
| 2026-10-19 | TD Cowen | Target lowered | Hold | $115 → $95 |
| 2026-10-19 | JP Morgan | Upgrade | Underweight → Neutral | $85 |
| 2026-10-06 | Mizuho | Target raised | Neutral | $92 → $114 |
| 2026-09-24 | TD Cowen | Reiterated | Hold | $115 |
| 2026-09-15 | Tigress Financial | Target raised | Buy | $118 → $145 |
| 2026-09-10 | Piper Sandler | Initiated | Neutral | $110 |
| 2026-09-08 | Northland Capital Markets | Upgrade | Market Perform → Outperform | $120 |
| 2026-09-04 | Mizuho | Target lowered | Neutral | $109 → $92 |
| 2026-08-12 | B of A Securities | Target lowered | Buy | $160 → $145 |
| 2026-08-12 | UBS | Target lowered | Neutral | $121 → $112 |
| 2026-07-28 | B of A Securities | Maintained | Buy | $160 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +124.0% | +87.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +124.7% | +13.4% |
| Volatility (annualized) | 76.9% | 54.2% |
| Max drawdown | -41.9% (Jun 2026→Jul 2026) | -63.4% (Jan 2022→Sep 2024) |

## Peers (Semiconductors)
AMD (Advanced Micro Devices, Inc.) USD 507.93 -8.10% · TXN (Texas Instruments Incorporated) USD 279.5 -1.81% · ARM (Arm Holdings plc) USD 210.1 -7.28% · MU (Micron Technology, Inc.) USD 856.49 -6.26% · SKHY (SK hynix Inc.) USD 131.69 -8.07% · MRVL (Marvell Technology, Inc.) USD 223.47 -8.70%

## More
Full page: https://nexqual.com/INTC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in INTC's own 10-K filed 2026-01-23 (https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "In such event, we would expect, over time, to shift manufacturing to third-party foundries, particularly TSMC, as we develop products for nodes beyond Intel 18A and its derivative node, Intel 18A-P." |
| Supplier | ASML (ASML) | "In some cases, however, we are reliant upon sole-source providers, such as with the EUV lithography tools manufactured by ASML that are required for leading-edge process technologies, or providers that are substantially …" |
| Partner | NVIDIA (NVDA) | "We also announced a strategic partnership with NVIDIA to co-develop custom client and data center products combining our x86 CPU technologies with NVIDIA's AI and accelerated computing capabilities." |
| Competitor | Samsung Electronics | "We also compete directly with Samsung in this market." |
| Competitor | AMD (AMD) | "CCG's primary competitor is AMD, which like us designs processors based on the x86 architecture." |
| Competitor | United Microelectronics (UMC) | "Other Intel Foundry competitors include GlobalFoundries, UMC and SMIC, which primarily focus on mature process technologies." |
| Competitor | Apple (AAPL) | "We also face significant competition from companies that design processors based on the ARM architecture, such as Apple with its M series products, Qualcomm with its Snapdragon products and MediaTek with its Kompanio pro…" |
| Competitor | Qualcomm (QCOM) | "We also face significant competition from companies that design processors based on the ARM architecture, such as Apple with its M series products, Qualcomm with its Snapdragon products and MediaTek with its Kompanio pro…" |
| Competitor | MediaTek | "We also face significant competition from companies that design processors based on the ARM architecture, such as Apple with its M series products, Qualcomm with its Snapdragon products and MediaTek with its Kompanio pro…" |
| Competitor | Amazon (AMZN) | "DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems h…" |
| Competitor | Alphabet (Google) (GOOGL) | "DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems h…" |
| Competitor | Meta Platforms (META) | "DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems h…" |
| Competitor | Microsoft (MSFT) | "DCAI competitors include AMD, which utilizes the x86 architecture and competes with us across the full spectrum of CPUs, GPUs, accelerators and other products; providers of GPU systems such as NVIDIA, whose GPU systems h…" |
| Competitor | Broadcom (AVGO) | "We also compete with Broadcom in the custom ASICs development market." |
| Competitor | GlobalFoundries (GFS) | "Other Intel Foundry competitors include GlobalFoundries, UMC and SMIC, which primarily focus on mature process technologies." |

Other companies that name INTC in their own reports (relationship from INTC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "They also include some of the world's largest providers of computing, communications and graphics processors, including Intel Corporation ("Intel"), Advanced Micro Devices, Inc. and TD SYNNEX Corporat…" |
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and …" |
| partner | Super Micro Computer, Inc. (SMCI) | 10-K 2026-08-31 | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| competitor | ORACLE CORP (ORCL) | 10-K 2026-06-22 | "Our enterprise cloud, software and hardware offerings compete directly with certain offerings from some of the largest and most competitive companies in the world, including Adobe Systems Incorporated…" |
| partner | Mynd.ai, Inc. (MYND) | 20-F 2026-05-29 | "The XCore Kit Pro enables customers to upgrade existing meeting spaces into full Microsoft Teams Rooms by pairing a mini-PC (with a 12th generation Intel Core processor) with a dedicated touch-screen …" |
| supplier | ARM HOLDINGS PLC /UK (ARM) | 20-F 2026-05-26 | "Ms. Schooler also held vice president and general manager positions at a number of Intel start-up initiatives in the embedded/IoT, networking and storage businesses, including architecture, product de…" |
| customer | TOWER SEMICONDUCTOR LTD (TSEM) | 20-F 2026-04-30 | "wafers for Tower's customers at Intel's 300mm facility in New Mexico, U.S. Intel expressed its intention not to perform under" |
| partner | UNITED MICROELECTRONICS CORP (UMC) | 20-F 2026-04-30 | "Our agreement with Intel subject us to additional risks, and we may not be able to succeed or generate sufficient revenue or profit as we anticipated under the Intel agreement." |
| customer | WISeQey Corp. (WKEY) | 20-F 2026-04-30 | "To mitigate these risks and strengthen supply chain resilience, SEALSQ has expanded its ecosystem through the acquisition of IC'Alps and the establishment of preferred partnerships with leading global…" |
| customer | SILICOM LTD. (SILC) | 20-F 2026-04-28 | "For example, a key component in many of our cards is manufactured by Intel." |
| partner | Gorilla Technology Group Inc. (GRRR) | 20-F 2026-04-15 | "Some key partner relationships include Intel Corporation, Dell Technologies Inc., Red Hat, Inc., and AECOM." |
| competitor | Nano Labs Ltd (NA) | 20-F 2026-04-13 | "In terms of smart-NICs, we expect to face competition from industry giants such as Broadcom and Intel as well as other existing and new" |
| customer | SEALSQ Corp (LAES) | 20-F 2026-03-31 | "To mitigate these risks and strengthen supply chain resilience, SEALSQ has expanded its ecosystem through the acquisition of IC'Alps and the establishment of preferred partnerships with leading global…" |
| supplier | Kenon Holdings Ltd. (KEN) | 20-F 2026-03-30 | "of understanding (the "Intel MOU") with Intel, an existing customer of OPC, pursuant to which OPC's subsidiary will" |
| competitor | QUICKLOGIC Corp (QUIK) | 10-K 2026-03-27 | "In the market for discrete FPGA devices, we compete with suppliers of programmable logic devices including Lattice Semiconductor Corporation, Microchip Technology Inc. (which acquired Microsemi Corpor…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Total Intel Products | $15.14B | 93.9% | +28.2% | $4.82B | 31.8% |
| CCPG | $8.88B | 55.0% | +12.8% | $2.34B | 26.4% |
| DCAI | $6.26B | 38.8% | +59.0% | $2.47B | 39.5% |
| Intel Foundry | $5.76B | 35.7% | +30.5% | -$2.09B | -36.2% |
| All Other | $701.0M | 4.3% | -33.4% | $230.0M | 32.8% |
| Corporate costs (not allocated) | — | — | — | -$1.42B | — |
| Total revenue | $16.13B | 100% | — | $1.80B | 11.1% |
The lines above cover 227.8% of total revenue.

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $15.76B | 29.8% | +21.3% |
| China Including Hong Kong | $12.69B | 24.0% | -18.3% |
| Singapore | $9.54B | 18.0% | -6.4% |
| Taiwan | $7.67B | 14.5% | -1.7% |
| Other Countries | $7.20B | 13.6% | +9.3% |
| Total revenue | $52.85B | 100% | — |

## Customer concentration

Period ended 2025-12-27: 19%, 12% of revenue from unnamed direct customers (10-K, filed 2026-01-23).

## Company outlook (8-K filed 2026-07-23)

- "Intel's guidance for the third quarter of 2026 includes both GAAP and non-GAAP estimates as follows: Q3 2026 GAAP Non-GAAP Revenue $15.8-16.8 billion Gross margin 41.0% 42.0% Tax Rate 1% 11% Earnings (Loss) Per Share Attributable to Intel—Diluted $0.31 $0.38 Reconciliations between GAAP and non-GAAP financial measures are included below."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.40 | $0.27 | +46.2% | $16.47B | 36 |
| Next quarter (ends 2026-12-31) | $0.44 | $0.31 | +41.7% | $17.06B | 36 |
| Current fiscal year (ends 2026-12-31) | $1.53 | $1.12 | +37.1% | $63.18B | 41 |
| Next fiscal year (ends 2027-12-31) | $2.11 | $1.59 | +32.4% | $72.76B | 46 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±11.1%; last 8 reports averaged ±9.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 92.3% | ±11.1% |
| 2026-11-06 | 14 | 79.2% | ±13.0% |
| 2026-11-13 | 21 | 72.4% | ±14.3% |
| 2026-11-20 | 28 | 68.7% | ±15.6% |
| 2026-11-27 | 35 | 65.1% | ±16.4% |
| 2026-12-04 | 42 | 65.4% | ±18.0% |
| 2026-12-18 | 56 | 62.5% | ±19.9% |
| 2027-01-15 | 84 | 59.8% | ±23.2% |