Intel Corporation Revenue & Financials

The number that tells Intel's story isn't $52.9 billion in FY2025 revenue. It's the gap between $79 billion (FY2021 peak) and where the company sits now — a 33% decline in four years while competitors grew. That's not a cyclical dip. That's structural share loss made visible in a P&L statement. But here's where it gets interesting. Q1 2026 broke the pattern. Revenue hit $13.6 billion, beating guidance by $1.4 billion. Non-GAAP EPS came in at $0.29 versus a consensus of $0.01 — not a small beat, a 29x beat. Gross margins recovered to 41% non-GAAP. AI businesses grew 40% year-over-year. For the first time since 2021, demand outpaced supply across all segments. The stock's 170% surge to a ~$628 billion market cap reflects this inflection, but it also prices in a lot of future execution. Intel reported a GAAP net loss for FY2025 because restructuring charges, asset impairments, and the cost of cutting 33,900 jobs hit the income statement all at once. The Altera sale to Silver Lake ($8.75 billion for 51%) helped the balance sheet but also removed a revenue stream. Intel Foundry lost over $10 billion operationally in FY2025 — the cost of building fabs years before customers fill them. Capital expenditure runs above $25 billion annually. This is a company spending its way toward a future that hasn't fully arrived yet. The revenue trajectory from here depends on three variables: Can Panther Lake and Diamond Rapids stabilize CPU share against AMD? Can Gaudi accelerators capture meaningful AI training budgets? And can Intel Foundry convert interest into committed wafer starts? Q2 2026 guidance of $13.8-$14.8 billion suggests management sees continued momentum. But the market is now pricing in success, which means the penalty for any stumble will be severe.