Intel Corporation: 10-K Risk Factor Changes

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Fixed income investments Financial StatementsNotes to Consolidated Financial Statements99 Financial StatementsNotes to Consolidated Financial Statements99 Financial StatementsNotes to Consolidated Financial Statements99 Notes to Consolidated Financial Statements 99 U.S. Plan Assets The investment strategy for U.S. Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help enable sufficient assets to be available to pay pension benefits as they come due. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 90% fixed income and 10% equity investments. During 2025 and 2024, the U.S. Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-U.S. Plan Assets The investments of the non-U.S. plans are managed by insurance companies, pension funds or third-party trustees, consistent with regulations or market practice of the country where the assets are invested. The investment manager makes investment decisions within the guidelines set by Intel or local regulations. Investments managed by qualified insurance companies or pension funds under standard contracts follow local regulations, and we are not actively involved in their investment strategies. For the assets that we have the discretion to set investment guidelines, the assets are invested in developed country equity investments and fixed-income investments, either through index funds or direct investment. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities to reduce market risk and to help enable sufficient pension assets to be available to pay benefits as they come due. The equity investments in the non-U.S. plan assets are invested in a diversified mix of equities of developed countries, including the U.S., and emerging markets throughout the world. We have control over the investment strategy related to the majority of the assets measured at net asset value, which are invested in hedge funds, bond index funds and equity index funds. The target allocation of the non-U.S. plan assets that we have control over was approximately 60% fixed income, 30% equity and 10% hedge fund investments in 2025 (approximately 50% fixed income, 35% equity, and 15% hedge fund investments in 2024). Estimated Future Benefit Payments for Pension Benefit Plans As of December 27, 2025, estimated benefit payments over the next 10 years are as follows:

Level 1 Level 2 Level 3 US Plan Assets The investment strategy for US Pension Plan assets is to manage the funded status volatility, taking into consideration the investment horizon and expected volatility to help enable sufficient assets to be available to pay pension benefits as they come due. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 91% fixed income and 9% equity investments. During 2024 and 2023, the US Pension Plan assets were invested in collective investment trust funds, which are measured at net asset value. Non-US Plan Assets The investments of the non-US plans are managed by insurance companies, pension funds, or third-party trustees, consistent with regulations or market practice of the country where the assets are invested. The investment manager makes investment decisions within the guidelines set by Intel or local regulations. Investments managed by qualified insurance companies or pension funds under standard contracts follow local regulations, and we are not actively involved in their investment strategies. For the assets that we have the discretion to set investment guidelines, the assets are invested in developed country equity investments and fixed-income investments, either through index funds or direct investment. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes, or individual securities to reduce market risk and to help enable sufficient pension assets to be available to pay benefits as they come due. The equity investments in the non-US plan assets are invested in a diversified mix of equities of developed countries, including the US, and emerging markets throughout the world. We have control over the investment strategy related to the majority of the assets measured at net asset value, which are invested in hedge funds, bond index funds, and equity index funds. The target allocation of the non-US plan assets that we have control over was approximately 50% fixed income, 35% equity, and 15% hedge fund investments in 2024. Estimated Future Benefit Payments for Pension Benefit Plans As of December 28, 2024, estimated benefit payments over the next 10 years are as follows: (In Millions)202520262027202820292030-2034Pension benefits$145 $86 $95 $97 $106 $623

We establish the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. We establish the expected long-term rate of return on plan assets by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Funding Our practice is to fund the various pension plans in amounts sufficient to meet the minimum requirements of applicable local laws and regulations. On a worldwide basis, our pension and retiree medical plans were 87% funded as of December 27, 2025. Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Net Periodic Benefit Cost The net periodic benefit cost for pension and U.S. retiree medical benefits was $82 million in 2025 ($69 million in 2024 and $107 million in 2023). Pension Plan AssetsDecember 27, 2025December 28, 2024Fair Value MeasurementsFair Value Measurements(In Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalEquity securities$— $259 $— $259 $— $344 $— $344 Fixed income investments— 184 28 212 — 142 24 166 Assets measured by fair value hierarchy$— $443 $28 $471 $— $486 $24 $510 Assets measured at net asset value1,712 1,618 Cash and cash equivalents15 14 Total pension plan assets at fair value$2,198 $2,142

We establish the discount rate for each pension plan by analyzing current market long-term bond rates and matching the bond maturity with the average duration of the pension liabilities. We establish the expected long-term rate of return on plan assets by developing a forward-looking, long-term return assumption for each pension fund asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. Funding Our practice is to fund the various pension plans in amounts sufficient to meet the minimum requirements of applicable local laws and regulations. On a worldwide basis, our pension and retiree medical plans were 86% funded as of December 28, 2024. Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Net Periodic Benefit Cost The net periodic benefit cost for pension and US retiree medical benefits was $69 million in 2024 ($107 million in 2023 and $139 million in 2022). Pension Plan AssetsDecember 28, 2024Fair Value Measured at Reporting Date Using(In Millions)Level 1Level 2Level 3TotalEquity securities$— $344 $— $344 Fixed income— 142 24 166 Assets measured by fair value hierarchy$— $486 $24 $510 Assets measured at net asset value1,618 Cash and cash equivalents14 Total pension plan assets at fair value$2,142

Note 13 : Borrowings Short-Term Debt Short-term debt, which primarily includes the current portion of long-term debt, was $2.5 billion as of December 27, 2025 and $3.7 billion as of December 28, 2024. The current portion of long-term debt includes debt classified as short-term based on time remaining until maturity. We have an ongoing authorization from our Board of Directors to borrow up to $10.0 billion under our commercial paper program. We issued and repaid commercial paper of $3.5 billion in 2025 and $7.3 billion in 2024 and repaid $3.9 billion of commercial paper in 2023. As of December 27, 2025 and December 28, 2024, we had no commercial paper outstanding. Financial StatementsNotes to Consolidated Financial Statements91 Financial StatementsNotes to Consolidated Financial Statements91 Financial StatementsNotes to Consolidated Financial Statements91 Notes to Consolidated Financial Statements 91 Long-Term Debt Dec 27, 2025Dec 28, 2024($ In Millions)Effective Interest RateAmountAmountFixed-rate senior notes:3.40%, due March 2025—%$— $1,500 3.70%, due July 2025—%— 2,250 4.88%, due February 20264.93%1,500 1,500 2.60%, due May 20265.03%1,000 1,000 3.75%, due March 20273.78%1,000 1,000 3.15%, due May 20275.60%1,000 1,000 3.75%, due August 20273.81%1,250 1,250 4.88%, due February 20284.92%1,750 1,750 1.60%, due August 20281.67%1,000 1,000 4.00%, due August 20294.05%850 850 2.45%, due November 20292.38%2,000 2,000 5.13%, due February 20305.14%1,250 1,250 3.90%, due March 20303.91%1,500 1,500 5.00%, due February 20315.07%500 500 2.00%, due August 20312.02%1,250 1,250 4.15%, due August 20324.17%1,250 1,250 4.00%, due December 20325.65%750 750 5.20%, due February 20335.23%2,250 2,250 5.15%, due February 20345.18%900 900 4.60%, due March 20404.59%750 750 2.80%, due August 20412.81%750 750 4.80%, due October 20416.39%802 802 4.25%, due December 20425.89%567 567 5.63%, due February 20435.61%1,000 1,000 4.90%, due July 20456.52%772 772 4.10%, due May 20465.80%1,250 1,250 4.10%, due May 20475.76%1,000 1,000 4.10%, due August 20475.33%640 640 3.73%, due December 2047 6.17%1,967 1,967 3.25%, due November 20493.19%2,000 2,000 4.75%, due March 20504.73%2,250 2,250 3.05%, due August 20513.05%1,250 1,250 4.90%, due August 20524.89%1,750 1,750 5.70%, due February 20535.68%2,000 2,000 5.60%, due February 2054 5.59%1,150 1,150 3.10%, due February 20603.10%1,000 1,000 4.95%, due March 20604.98%1,000 1,000 3.20%, due August 20613.20%750 750 5.05%, due August 20625.03%900 900 5.90%, due February 20635.88%1,250 1,250

Long-Term Debt Dec 28, 2024Dec 30, 2023($ In Millions)Effective Interest RateAmountAmountFixed-rate senior notes:2.88%, due May 2024—%$— $1,250 2.70%, due June 2024—%— 600 3.40%, due March 20253.44%1,500 1,500 3.70%, due July 20257.49%2,250 2,250 4.88%, due February 20264.93%1,500 1,500 2.60%, due May 20265.97%1,000 1,000 3.75%, due March 20273.78%1,000 1,000 3.15%, due May 20276.54%1,000 1,000 3.75%, due August 20273.81%1,250 1,250 4.88%, due February 20284.92%1,750 1,750 1.60%, due August 20281.67%1,000 1,000 4.00%, due August 20294.05%850 850 2.45%, due November 20292.38%2,000 2,000 5.13%, due February 20305.14%1,250 1,250 3.90%, due March 20303.91%1,500 1,500 5.00%, due February 20314.99%500 — 2.00%, due August 20312.02%1,250 1,250 4.15%, due August 20324.17%1,250 1,250 4.00%, due December 20326.59%750 750 5.20%, due February 20335.23%2,250 2,250 5.15%, due February 20345.20%900 — 4.60%, due March 20404.59%750 750 2.80%, due August 20412.81%750 750 4.80%, due October 20417.33%802 802 4.25%, due December 20426.70%567 567 5.63%, due February 20435.61%1,000 1,000 4.90%, due July 20457.46%772 772 4.10%, due May 20466.74%1,250 1,250 4.10%, due May 20476.70%1,000 1,000 4.10%, due August 20476.27%640 640 3.73%, due December 2047 7.11%1,967 1,967 3.25%, due November 20493.19%2,000 2,000 4.75%, due March 20504.73%2,250 2,250 3.05%, due August 20513.05%1,250 1,250 4.90%, due August 20524.89%1,750 1,750 5.70%, due February 20535.68%2,000 2,000 5.60%, due February 20545.61%1,150 — 3.10%, due February 20603.10%1,000 1,000 4.95%, due March 20604.98%1,000 1,000 3.20%, due August 20613.20%750 750 5.05%, due August 20625.03%900 900 5.90%, due February 20635.88%1,250 1,250

Form Filing Date Transaction Agreement, dated April 14, 2025, by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P. Amendment No. 1 to Transaction Agreement, dated August 11, 2025 .by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P. Corrected Third Restated Certificate of Incorporation of Intel Corporation, dated October 23, 2023 Intel Corporation Bylaws, as amended and restated on November 29, 2023 Indenture dated as of March 29, 2006 between Intel Corporation and Wells Fargo Bank, National Association (as successor to Citibank N.A.) (the "Open-Ended Indenture") First Supplemental Indenture to Open-Ended Indenture, dated as of December 3, 2007 Second Supplemental Indenture to Open-Ended Indenture for the Registrant's 1.95% Senior Notes due 2016, 3.30% Senior Notes due 2021, and 4.80% Senior Notes due 2041, dated as of September 19, 2011 Third Supplemental Indenture to Open-Ended Indenture for the Registrant's 1.35% Senior Notes due 2017, 2.70% Senior Notes due 2022, 4.00% Senior Notes due 2032, and 4.25% Senior Notes due 2042, dated as of December 11, 2012 Fourth Supplemental Indenture to Open-Ended Indenture for the Registrant's 4.25% Senior Notes due 2042, dated as of December 14, 2012 Fifth Supplemental Indenture to Open-Ended Indenture, dated as of July 29, 2015, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Eighth Supplemental Indenture to Open-Ended Indenture, dated as of May 19, 2016, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Ninth Supplemental Indenture to Open-Ended Indenture, dated as of May 11, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Tenth Supplemental Indenture to Open-Ended Indenture, dated as of June 16, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Eleventh Supplemental Indenture to Open-Ended Indenture, dated as of August 14, 2017, among Intel Corporation, Wells Fargo Bank, National Association, as successor trustee, and Elavon Financial Services DAC, UK Branch, as paying agent Supplemental Details111 Supplemental Details111 Supplemental Details111 111 ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate4.11Twelfth Supplemental Indenture to Open-Ended Indenture, dated as of December 8, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee10-K000-062174.2.132/16/20184.12Thirteenth Supplemental Indenture, dated as of November 21, 2019, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 11/21/20194.13Fourteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.12/13/20204.14Fifteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.2 2/13/20204.15Sixteenth Supplemental Indenture, dated as of March 25, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 3/25/20204.16Seventeenth Supplemental Indenture, dated as of August 12, 2021, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 8/12/20214.17Eighteenth Supplemental Indenture, dated as of August 5, 2022, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 8/5/20224.18Nineteenth Supplemental Indenture, dated as of February 10, 2023, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 2/10/20234.19Twentieth Supplemental Indenture, dated as of February 21, 2024, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 2/21/20244.20Description of Intel Securities Registered under Section 12 of the Exchange Act10-K000-062174.18 1/27/202210.1†Intel Corporation 2006 Equity Incentive Plan, as amended and restated, effective May 6, 2025S-8000-0621799.1 11/7/202510.1.2†Intel Corporation Form of Notice of Grant - Restricted Stock Units10-Q000-0621710.1 10/25/201810.1.3†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs with retirement vesting terms granted to executives on or after January 30, 2019 and prior to January 1, 2025)10-Q000-0621710.3 4/26/201910.1.4†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs without retirement vesting terms granted to executives on or after January 30, 2019)10-Q000-0621710.4 4/26/2019 Exhibit Number

ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate4.11Twelfth Supplemental Indenture to Open-Ended Indenture, dated as of December 8, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee10-K000-062174.2.132/16/20184.12Thirteenth Supplemental Indenture, dated as of November 21, 2019, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 11/21/20194.13Fourteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.12/13/20204.14Fifteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.2 2/13/20204.15Sixteenth Supplemental Indenture, dated as of March 25, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 3/25/20204.16Seventeenth Supplemental Indenture, dated as of August 12, 2021, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 8/12/20214.17Eighteenth Supplemental Indenture, dated as of August 5, 2022, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 8/5/20224.18Nineteenth Supplemental Indenture, dated as of February 10, 2023, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 2/10/20234.19Twentieth Supplemental Indenture, dated as of February 21, 2024, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee8-K000-062174.1 2/21/20244.20Description of Intel Securities Registered under Section 12 of the Exchange Act10-K000-062174.18 1/27/202210.1†Intel Corporation 2006 Equity Incentive Plan, as amended and restated, effective May 11, 2023S-8000-0621799.1 9/26/202310.1.2†Intel Corporation Form of Notice of Grant - Restricted Stock Units10-Q000-0621710.1 10/25/201810.1.3†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs with retirement vesting terms granted to executives on or after January 30, 2019)10-Q000-0621710.3 4/26/201910.1.4†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs without retirement vesting terms granted to executives on or after January 30, 2019)10-Q000-0621710.4 4/26/201910.1.5†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to grandfathered executives on or after January 30, 2019)10-Q000-0621710.5 4/26/2019 Exhibit Number

Our depreciable property, plant and equipment assets are depreciated over the following estimated useful lives: machinery and equipment, 3 to 8 years; and buildings, 10 to 25 years. We invest in and deploy manufacturing assets in response to manufacturing capacity requirements based upon short- and long-term demand forecasts and economic returns relative to capital outlays. We regularly monitor, evaluate and adjust our manufacturing capacity footprint in response to a number of volatile factors that impact our business, including demand for our products and services and the state of the semiconductor industry as a whole. In connection with the preparation of our Consolidated Financial Statements for the second quarter of 2025 and the third quarter of 2024, we evaluated our current process technology node capacities relative to projected market demand for our products and services, and concluded that our manufacturing asset portfolio exceeded manufacturing capacity requirements. Upon performing a re-use assessment, we impaired and accelerated depreciation for certain manufacturing assets. In 2025, we recorded non-cash impairments and accelerated depreciation charges of $494 million and $456 million, respectively, all of which were recognized in cost of sales within our Intel Foundry operating segment. In 2024, we recorded non-cash impairments and accelerated depreciation charges of $2.3 billion and $992 million, respectively, substantially all of which were recognized in cost of sales within our Intel Foundry operating segment. cost of sales 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. We negotiate extended payment terms of greater than 90 days with certain of our capital vendors, which are reported as financing activities in the Consolidated Statements of Cash Flows when paid. Unpaid amounts related to the acquisition of property, plant and equipment in 2025 and 2024 under such extended payment terms, included in accounts payable and other accrued liabilities, totaled $1.5 billion and $3.2 billion, respectively. Financial StatementsNotes to Consolidated Financial Statements79 Financial StatementsNotes to Consolidated Financial Statements79 Financial StatementsNotes to Consolidated Financial Statements79 Notes to Consolidated Financial Statements 79 Property, plant and equipment, net, by country at the end of each period was as follows: (In Millions)Dec 27, 2025Dec 28, 2024United States$71,158 $72,068 Ireland17,120 18,152 Israel10,620 10,414 Other countries6,516 7,285 Total property, plant and equipment, net$105,414 $107,919

Our depreciable property, plant, and equipment assets are depreciated over the following estimated useful lives: machinery and equipment, 3 to 8 years; and buildings, 10 to 25 years. We invest in and deploy manufacturing assets in response to manufacturing capacity requirements based upon short- and long-term demand forecasts and economic returns relative to capital outlays. We regularly monitor, evaluate, and adjust our manufacturing capacity footprint in response to a number of volatile factors that impact our business, including demand for our products and services and the state of the semiconductor industry as a whole. In connection with the preparation of our Consolidated Financial Statements for the third quarter of 2024, we evaluated our current process technology node capacities relative to projected market demand for our products and services, and concluded that our manufacturing asset portfolio, primarily for our Intel 7 process node, exceeded manufacturing capacity requirements. Upon performing a re-use assessment, we impaired and accelerated depreciation for certain manufacturing assets. In total, we recorded non-cash impairments and accelerated depreciation charges of $2.3 billion and $992 million, respectively, in 2024, substantially all of which were recognized in cost of sales within our Intel Foundry operating segment. cost of sales 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. We negotiate extended payment terms of greater than 90 days with certain of our capital vendors, which are reported as financing activities in the Consolidated Statements of Cash Flows when paid. Unpaid amounts related to the acquisition of property, plant, and equipment in 2024 under such extended payment terms, included in accounts payable and other accrued liabilities, totaled $3.2 billion. Property, plant, and equipment, net, by country at the end of each period was as follows: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023United States$72,068 $63,234 Ireland18,152 16,746 Israel10,414 9,290 Other countries7,285 7,377 Total property, plant, and equipment, net$107,919 $96,647

Note 18 : Employee Equity Incentive Plans Our equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. Our plans include our 2006 Plan and our 2006 ESPP. Under the 2006 Plan, 1.2 billion shares of common stock have been authorized for issuance as equity awards to employees and non-employee directors through June 2027. As of December 27, 2025, 253 million shares of common stock remained available for future grants. Under the 2006 Plan, we may grant RSUs and stock options. We grant RSUs with a service condition as well as RSUs with a market condition, performance condition and a service condition, which we call PSUs. PSUs are granted to a group of senior officers and employees. For PSUs granted in 2025, the number of shares of our common stock to be received at vesting at the end of the three-year performance period will range from 0% to 200% of the target grant amount. The PSU payout will be determined based on the relative TSR compared to the S&P 500 index over a three-year performance period. The payout will be capped at the target grant amount if our absolute TSR is negative. TSR is a measure of stock price appreciation plus any dividends paid during the performance period. For PSUs granted in 2024 and 2023, the number of shares of our common stock to be received at vesting at the end of the three-year performance period will range from 0% to 200% of the target grant amount. The PSU payout will be determined based on our performance (i) relative to annual targets for each year in the performance period with respect to a revenue growth metric, weighted 60% and a cash flow from operations metric, weighted 40%, which results are then averaged at the end of the three-year performance period; and (ii) as may be adjusted by two equally weighted modifiers: the TSR of our common stock measured against the benchmark TSR of above median of the S&P 500 Index over a three-year period and revenue CAGR for the three-year performance period. TSR is a measure of stock price appreciation plus any dividends paid during the performance period. For 2024 PSUs, overall payout will be capped at the target grant amount if our absolute TSR is negative; additionally, the combined modifiers applied to the payout are capped at +/-25%. As of December 27, 2025, 8 million PSUs were outstanding. PSUs vest three years and one month following the start of the performance period. Other RSU awards and option awards generally vest over four years from the grant date. Financial StatementsNotes to Consolidated Financial Statements100 Financial StatementsNotes to Consolidated Financial Statements100 Financial StatementsNotes to Consolidated Financial Statements100 Notes to Consolidated Financial Statements 100 Share-Based Compensation Share-based compensation recognized in 2025 was $2.4 billion ($3.4 billion in 2024 and $3.2 billion in 2023). During 2025, the actual tax benefit that we realized for the tax deduction from share-based awards totaled $479 million ($684 million in 2024 and $571 million in 2023). We recognized a related tax expense of $141 million in 2025 ($139 million in 2024 and $110 million in 2023) for share-based awards as a result of the shortfall between the tax deduction being less than the associated deferred tax asset for the awards. Restricted Stock Units and Performance Stock Units Weighted average assumptions used in estimating grant values were as follows: Years EndedDec 27, 2025Dec 28, 2024Dec 30, 2023Estimated values$23.73 $39.51 $28.92 Risk-free interest rate3.9 %4.7 %4.7 %Dividend yield— %1.2 %1.6 %Volatility47 %36 %36 % Summary of activities:

Note 18 : Employee Equity Incentive Plans Our equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. Our plans include our 2006 Plan and our 2006 ESPP. Under the 2006 Plan, 1.1 billion shares of common stock have been authorized for issuance as equity awards to employees and non-employee directors through June 2026. As of December 28, 2024, 171 million shares of common stock remained available for future grants. Under the 2006 Plan, we may grant RSUs and stock options. We grant RSUs with a service condition as well as RSUs with a market condition, performance condition, and a service condition, which we call PSUs. PSUs are granted to a group of senior officers and employees. For PSUs granted in 2024 and 2023, the number of shares of our common stock to be received at vesting at the end of the three-year performance period will range from 0% to 200% of the target grant amount. The PSU payout will be determined based on our performance (i) relative to annual targets for each year in the performance period with respect to a revenue growth metric, weighted 60%, and a cash flow from operations metric, weighted 40%, which results are then averaged at the end of the three-year performance period; and (ii) as may be adjusted by two equally weighted modifiers: the TSR of our common stock measured against the benchmark TSR of above median of the S&P 500 Index over a three-year period and revenue CAGR for the three-year performance period. TSR is a measure of stock price appreciation plus any dividends paid in this performance period. For 2024 PSUs, overall payout will be capped at the target grant amount if our absolute TSR is negative; additionally, the combined modifiers applied to the payout are capped at +/-25%. As of December 28, 2024, 10 million PSUs were outstanding. PSUs vest three years and one month following the start of the performance period. Other RSU awards and option awards generally vest over four years from the grant date. Financial StatementsNotes to Consolidated Financial Statements94 Financial StatementsNotes to Consolidated Financial Statements94 Financial StatementsNotes to Consolidated Financial Statements94 Notes to Consolidated Financial Statements 94

Marketable equity investments1 Non-marketable equity investments 1 Most of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading-volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (in Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Unrealized gains (losses) on marketable equity investments, net$(311)$(218)$(99)Unrealized gains (losses) on non-marketable equity investments, net1490 92 17 Impairment charges on non-marketable equity investments(300)(347)(214)Unrealized gains (losses) on equity investments, net(121)(473)(296)Realized gains (losses) on sales of equity investments, net$635 $715 $336 Gains (losses) on equity investments, net $514 $242 $40 Unrealized gains (losses) on marketable equity investments, net Unrealized gains (losses) on non-marketable equity investments, net1 Impairment charges on non-marketable equity investments

Marketable equity investments1 Non-marketable equity investments 1 Most of our marketable equity investments are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. Certain of the trading-volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange. The components of gains (losses) on equity investments, net for each period were as follows: Years Ended (in Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022Unrealized gains (losses) on marketable equity investments$(218)$(99)$(829)Unrealized gains (losses) on non-marketable equity investments192 17 299 Impairment charges(347)(214)(190)Unrealized gains (losses) on equity investments, net(473)(296)(720)Realized gains (losses) on sales of equity investments, net$715 $336 $4,988 Gains (losses) on equity investments, net $242 $40 $4,268

Oregon and Arizona bonds1: Current portion of long-term debt2 1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the 12 months before remarketing or tendering. 2 As of December 27, 2025, current portion of long-term debt includes $7 million of hedge accounting fair value adjustments ($36 million as of December 28, 2024). Senior Notes In 2025, we settled in cash $3.7 billion of our senior notes that matured in March 2025 and July 2025. In 2024, we issued a total of $2.6 billion aggregate principal amount of senior notes, and settled in cash $1.9 billion of our senior notes that matured in May 2024 and June 2024. Our fixed-rate senior notes pay interest semiannually. We may redeem the fixed-rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under the notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries. Arizona Bonds In 2024, we remarketed $438 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona. In accordance with loan agreements we entered into with the Industrial Development Authority of the City of Chandler, Arizona, the bonds are unsecured general obligations. The bonds mature in 2049 and have a 4.0% coupon. The bonds are subject to optional tender starting in February 2029 and mandatory tender in June 2029, at which time we may remarket the bonds for a new term period. Revolving Credit Facilities In 2025, we amended our 364-day $8.0 billion credit facility agreement to $5.0 billion, and the maturity date was extended by one year to January 2026. We expect to replace or amend the 364-day $5.0 billion credit facility agreement prior to its maturity at the end of January 2026. In 2024, we expanded our 5-year $5.0 billion revolving credit facility agreement to $7.0 billion and the maturity date was extended by one year to February 2029. Our revolving credit facilities are unsecured general obligations and had no borrowings outstanding as of December 27, 2025 and December 28, 2024. Debt Maturities Our aggregate debt maturities, based on outstanding principal as of December 27, 2025, by year payable, are as follows:

Oregon and Arizona bonds1: Current portion of long-term debt2 1 These bonds may be remarketed or tendered on a periodic basis and will be classified within the current portion of long-term debt in the 12 months before remarketing or tendering. 2 As of December 28, 2024, current portion of long-term debt includes $36M of hedge accounting fair value adjustments ($0 as of December 30, 2023) Senior Notes In 2024, we issued a total of $2.6 billion aggregate principal amount of senior notes, and settled in cash $1.9 billion of our senior notes that matured in May 2024 and June 2024. In 2023, we issued a total of $11.0 billion aggregate principal amount of senior notes. Our fixed-rate senior notes pay interest semiannually. We may redeem the fixed-rate notes prior to their maturity at our option at specified redemption prices and subject to certain restrictions. The obligations under the notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries. Oregon and Arizona Bonds In 2024, we remarketed $438 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona. In accordance with loan agreements we entered into with the Industrial Development Authority of the City of Chandler, Arizona, the bonds are unsecured general obligations. The bonds mature in 2049 and have a 4.0% coupon. The bonds are subject to optional tender starting in February 2029 and mandatory tender in June 2029, at which time we may remarket the bonds for a new term period. In 2023, we remarketed $423 million aggregate principal amount of bonds issued by the Industrial Development Authority of the City of Chandler, Arizona (the Arizona bonds) and the State of Oregon Business Development Commission (the Oregon bonds). The bonds are unsecured general obligations in accordance with loan agreements we entered into with each of the Industrial Development Authority of the City of Chandler, Arizona (CIDA) and the State of Oregon Business Development Commission. The bonds mature in 2035 and 2040 and have 3.8% and 4.1% coupons. Both the Arizona and Oregon bonds are subject to optional tender starting in February 2028 and mandatory tender in June 2028, at which time we may remarket the bonds for a new term period. Revolving Credit Facilities In 2024, we expanded both our 5-year $5.0 billion revolving credit facility agreement and our 364-day $5.0 billion credit facility agreement, to $7.0 billion and $8.0 billion, respectively, and the maturity dates were extended by one year to February 2029 and January 2025, respectively. These credit facilities are unsecured general obligations. The revolving credit facilities had no borrowings outstanding as of December 28, 2024 and December 30, 2023. In January 2025, we amended our 364-day $8.0 billion credit facility agreement to $5.0 billion, and the maturity date was extended by one year to January 2026. Debt Maturities Our aggregate debt maturities, based on outstanding principal as of December 28, 2024, by year payable, are as follows: (In Millions)202520262027202820292030 and thereafterTotal$3,750 $2,500 $3,826 $3,173 $3,288 $34,448 $50,985 Financial StatementsNotes to Consolidated Financial Statements86 Financial StatementsNotes to Consolidated Financial Statements86 Financial StatementsNotes to Consolidated Financial Statements86 Notes to Consolidated Financial Statements 86

Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations for each period were as follows: Years Ended (In Millions)Location of Gains (Losses)Recognized in Income on DerivativesDec 27, 2025Dec 28, 2024Dec 30, 2023Foreign currency contractsInterest and other, net$261 $651 $106 Interest rate contractsInterest and other, net(66)182 50 Escrowed SharesInterest and other, net(1,796)— — OtherVarious266 (411)325 Total$(1,335)$422 $481 Foreign currency contracts Foreign currency contracts Foreign currency contracts Interest rate contracts Interest rate contracts Interest rate contracts Escrowed Shares Escrowed Shares Escrowed Shares We incurred $1.8 billion of losses in 2025 related to changes in fair value of the Escrowed Shares released during the year ended December 27, 2025 and still held as of December 27, 2025 (refer to "Note 5: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Financial Statements). Our Ireland SCIP agreement with Apollo contains construction-related liquidated damage provisions that meet the definition of an embedded derivative that is not clearly and closely related to the relevant host contract, thus requiring bifurcation and separate accounting as a derivative liability.In 2024, we assessed the probability of paying damages to Apollo and recognized a loss of $755 million within interest and other, net from the change in fair value of the liquidated damage provisions recognized within other accrued liabilities for $179 million and other long-term liabilities for $576 million as of December 27, 2025 ($755 million in other long-term liabilities as of December 28, 2024). We periodically reassess the probability of paying such liquidated damages and recognize changes in the fair value of the underlying liability through interest and other, net. Note 17 : Retirement Benefit Plans Defined Contribution Plans We provide tax-qualified defined contribution plans for the benefit of eligible employees, former employees and retirees in the U.S. and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the benefit of eligible U.S. employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees, which had a balance of $3.2 billion as of December 27, 2025 ($3.3 billion as of December 28, 2024), recorded within other accrued liabilities on the Consolidated Balance Sheets. We expensed $347 million in 2025, $541 million in 2024 and $272 million in 2023 for matching contributions based on the amount of employee contributions under the U.S. qualified defined contribution and non-qualified deferred compensation plans. The matching contribution in the U.S. qualified defined contribution plan was reduced from March 1 through December 31, 2023, increased from January 1 through December 31, 2024, and decreased beginning January 1, 2025. U.S. Retiree Medical Plan Upon retirement, we provide certain benefits to eligible U.S. employees who were hired prior to 2014 under the U.S. Retiree Medical Plan. The benefits can be used to pay all or a portion of the cost to purchase eligible coverage in a medical plan. As of December 27, 2025 and December 28, 2024, the projected benefit obligations were $505 million and $493 million, which used the discount rates of 5.3% and 5.7%. The December 27, 2025 and December 28, 2024 corresponding fair values of plan assets were $549 million and $542 million. As of December 27, 2025 and December 28, 2024, the U.S. Retiree Medical Plan was in the net asset position. The investment strategy for U.S. Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested in tax-aware global equity and fixed-income long credit portfolios. Both portfolios are actively managed by external managers. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. Financial StatementsNotes to Consolidated Financial Statements97 Financial StatementsNotes to Consolidated Financial Statements97 Financial StatementsNotes to Consolidated Financial Statements97 Notes to Consolidated Financial Statements 97 The tax-aware fixed-income long credit portfolio is composed of domestic securities. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 50% equity and 50% fixed-income investments. As of December 27, 2025 a significant amount (majority amount as of December 28, 2024) of the U.S. Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The remaining U.S. Retiree Medical Plan assets were invested in fixed-income investments and were measured at fair value using Level 2 inputs. As of December 27, 2025, the estimated benefit payments for this plan over the next 10 years are as follows:

Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations for each period were as follows: Years Ended (In Millions)Location of Gains (Losses)Recognized in Income on DerivativesDec 28, 2024Dec 30, 2023Dec 31, 2022Foreign currency contractsInterest and other, net$651 $106 $1,492 Interest rate contractsInterest and other, net182 50 309 OtherVarious(411)325 (502)Total$422 $481 $1,299 Foreign currency contracts Foreign currency contracts Foreign currency contracts Interest rate contracts Interest rate contracts Interest rate contracts Our Ireland SCIP agreement with Apollo contains construction-related liquidated damage provisions that meet the definition of an embedded derivative that is not clearly and closely related to the relevant host contract, thus requiring bifurcation and separate accounting as a derivative liability. As of December 28, 2024, we assessed the probability of paying damages to Apollo and recognized a loss of $755 million in 2024 within Interest and other, net, and a derivative liability within Other long-term liabilities. We will periodically reassess the probability of paying such liquidated damages and recognize changes in the fair value of the underlying liability through Interest and other, net. Note 17 : Retirement Benefit Plans Defined Contribution Plans We provide tax-qualified defined contribution plans for the benefit of eligible employees, former employees, and retirees in the US and certain other countries. The plans are designed to provide employees with an accumulation of funds for retirement on a tax-deferred basis. For the benefit of eligible US employees, we also provide an unfunded non-tax-qualified supplemental deferred compensation plan for certain highly compensated employees, which had a balance of $3.3 billion as of December 28, 2024 ($2.9 billion as of December 30, 2023), recorded within other accrued liabilities on the Consolidated Balance Sheets. We expensed $541 million in 2024, $272 million in 2023, and $489 million in 2022 for matching contributions based on the amount of employee contributions under the US qualified defined contribution and non-qualified deferred compensation plans. The matching contribution in the US qualified defined contribution plan was increased from January 1 through December 31, 2024 as compared to 2023 and 2022. The matching contribution in the US qualified defined contribution plan was reduced from March 1 through December 30, 2023 as compared to 2022. US Retiree Medical Plan Upon retirement, we provide certain benefits to eligible US employees who were hired prior to 2014 under the US Retiree Medical Plan. The benefits can be used to pay all or a portion of the cost to purchase eligible coverage in a medical plan. As of December 28, 2024 and December 30, 2023, the projected benefit obligations were $493 million and $490 million, which used the discount rates of 5.7% and 5.3%. The December 28, 2024 and December 30, 2023 corresponding fair values of plan assets were $542 million and $548 million. As of December 28, 2024 and December 30, 2023, the US Retiree Medical Plan was in the net asset position. The investment strategy for US Retiree Medical Plan assets is to invest primarily in liquid assets, due to the level of expected future benefit payments. The assets are invested in tax-aware global equity and fixed-income long credit portfolios. Both portfolios are actively managed by external managers. The tax-aware global equity portfolio is composed of a diversified mix of equities in developed countries. The tax-aware fixed-income long credit portfolio is composed of domestic securities. The allocation to each asset class will fluctuate with market conditions, such as volatility and liquidity concerns, and will typically be rebalanced when outside the target ranges, which are 50% equity and 50% fixed-income investments. As of December 28, 2024 and December 30, 2023, the majority of the US Retiree Medical Plan assets were invested in exchange-traded equity securities and were measured at fair value using Level 1 inputs. The remaining US Retiree Medical Plan assets were invested in fixed-income investments and were measured at fair value using Level 2 inputs. As of December 28, 2024, the estimated benefit payments for this plan over the next 10 years are as follows: (In Millions)202520262027202820292030-2034Postretirement medical benefits$37 $45 $45 $44 $44 $209 Financial StatementsNotes to Consolidated Financial Statements91 Financial StatementsNotes to Consolidated Financial Statements91 Financial StatementsNotes to Consolidated Financial Statements91 Notes to Consolidated Financial Statements 91

Total Total Total Financial StatementsNotes to Consolidated Financial Statements96 Financial StatementsNotes to Consolidated Financial Statements96 Financial StatementsNotes to Consolidated Financial Statements96 Notes to Consolidated Financial Statements 96 The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:

Total Total Total The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:

Form Filing Date Twelfth Supplemental Indenture to Open-Ended Indenture, dated as of December 8, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Thirteenth Supplemental Indenture, dated as of November 21, 2019, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Fourteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Fifteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Sixteenth Supplemental Indenture, dated as of March 25, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Seventeenth Supplemental Indenture, dated as of August 12, 2021, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Eighteenth Supplemental Indenture, dated as of August 5, 2022, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee Nineteenth Supplemental Indenture, dated as of February 10, 2023, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee Twentieth Supplemental Indenture, dated as of February 21, 2024, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee 8-K 000-06217 Description of Intel Securities Registered under Section 12 of the Exchange Act 10.1† Intel Corporation 2006 Equity Incentive Plan, as amended and restated, effective May 6, 2025 10.1.2† Intel Corporation Form of Notice of Grant - Restricted Stock Units 10.1.3† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs with retirement vesting terms granted to executives on or after January 30, 2019 and prior to January 1, 2025) 10.1.4† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs without retirement vesting terms granted to executives on or after January 30, 2019) Supplemental Details112 Supplemental Details112 Supplemental Details112 112 ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate10.1.5†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to grandfathered executives on or after January 30, 2019 and prior to January 1, 2025)10-Q000-0621710.5 4/26/201910.1.6†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to non-grandfathered executives on or after January 30, 2019 and prior to January 1, 2025)10-Q000-0621710.14/24/202010.1.7†Intel Corporation Form of Non-Employee Director Restricted Stock Unit Agreement under the 2006 Equity Incentive Plan (for RSUs granted to non-employee directors on or after May 12, 2022)10-Q000-621710.3 10/28/202210.2†Intel Corporation Executive Annual Performance Bonus Plan, effective as of January 1, 20208-K000-0621710.1 1/22/202010.3†Intel Corporation Sheltered Employee Retirement Plan Plus, as amended and restated, effective January 1, 202010-Q000-0621710.34/24/202010.4†First Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 202010-Q000-0621710.1 7/29/202210.5†Second Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 202310-K000-0621810.5 1/27/202310.6†Intel Corporation 2006 Employee Stock Purchase Plan, as amended and restated, effective November 19, 202410-K000-0621710.6 1/31/202510.7†Intel Corporation 2006 Deferral Plan for Outside Directors, effective November 15, 200610-K000-0621710.41 2/26/200710.8†Form of Indemnification Agreement with Directors and Executive Officers10-K000-0621710.15 2/22/200510.9†Form of Indemnification Agreement with Directors and Executive Officers (for Directors and Executive Officers who joined Intel after July 1, 2016)10-Q000-0621710.2 10/31/201610.10Settlement Agreement Between Advanced Micro Devices, Inc. and Intel Corporation, dated November 11, 20098-K000-0621710.1 11/12/200910.11††Patent Cross License Agreement between NVIDIA Corporation and Intel Corporation, dated January 10, 20118-K000-0621710.1 1/10/201110.12^Purchase and Contribution Agreement, dated as of August 22, 2022, by and among Intel Corporation, Arizona Fab HoldCo Inc., Foundry JV Holdco LLC, and Arizona Fab LLC8-K000-0621710.1 8/23/202210.13^Amended and Restated Limited Liability Company Agreement of Arizona Fab LLC by and between Arizona Fab HoldCo Inc. and Foundry JV Holdco LLC8-K000-0621710.1 11/22/202210.14^Purchase and Sale Agreement, dated as of June 4, 2024, by and among Intel Ireland Limited, Grange Newco LLC, and AP Grange Holdings, LLC8-K000-0621710.1 6/4/202410.15^Form of Amended and Restated Limited Liability Company Agreement of Grange Newco LLC by and among Grange Newco LLC, Intel Ireland Limited and AP Grange Holdings, LLC8-K000-0621710.2 6/4/2024 Exhibit Number

Form Twelfth Supplemental Indenture to Open-Ended Indenture, dated as of December 8, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Thirteenth Supplemental Indenture, dated as of November 21, 2019, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Fourteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Fifteenth Supplemental Indenture, dated as of February 13, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Sixteenth Supplemental Indenture, dated as of March 25, 2020, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Seventeenth Supplemental Indenture, dated as of August 12, 2021, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee Eighteenth Supplemental Indenture, dated as of August 5, 2022, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee Nineteenth Supplemental Indenture, dated as of February 10, 2023, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee Twentieth Supplemental Indenture, dated as of February 21, 2024, between Intel Corporation and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee 8-K 000-06217 Description of Intel Securities Registered under Section 12 of the Exchange Act 10.1† Intel Corporation 2006 Equity Incentive Plan, as amended and restated, effective May 11, 2023 10.1.2† Intel Corporation Form of Notice of Grant - Restricted Stock Units 10.1.3† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs with retirement vesting terms granted to executives on or after January 30, 2019) 10.1.4† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for RSUs without retirement vesting terms granted to executives on or after January 30, 2019) 10.1.5† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to grandfathered executives on or after January 30, 2019) Supplemental Details105 Supplemental Details105 Supplemental Details105 105

Assumptions for Pension Benefit Plans Dec 27, 2025Dec 28, 2024Weighted average actuarial assumptions used to determine benefit obligationsDiscount rate4.8 %4.6 %Rate of compensation increase3.8 %3.4 % Years EndedDec 27, 2025Dec 28, 2024Dec 30, 2023Weighted average actuarial assumptions used to determine costsDiscount rate4.6 %4.5 %4.9 %Expected long-term rate of return on plan assets4.8 %5.1 %5.0 %Rate of compensation increase3.4 %3.3 %3.7 %

Assumptions for Pension Benefit Plans Years EndedDec 28, 2024Dec 30, 2023Weighted average actuarial assumptions used to determine benefit obligationsDiscount rate4.6 %4.5 %Rate of compensation increase3.4 %3.3 %

Semiconductor Co-Investment Program Ireland SCIP In the second quarter of 2024, we closed a transaction with Apollo involving the sale of 49% of our interest in an Irish limited liability company (Ireland SCIP) for net proceeds of $11.0 billion, which increased our capital in excess of par value. We consolidate the results of Ireland SCIP, a VIE, into our Consolidated Financial Statements because we are the primary beneficiary. Generally, distributions will be received from Ireland SCIP based on each investor's respective ownership of Ireland SCIP, of which Intel's is 51%. Ireland SCIP has rights to factory output of an Intel owned wafer fabrication plant in Ireland (Fab 34) and rights to resell the factory output to us. We retain sole ownership of Fab 34 and we are engaged as the Fab 34 operator in exchange for variable payments from Ireland SCIP based on the related factory output. Financial StatementsNotes to Consolidated Financial Statements75 Financial StatementsNotes to Consolidated Financial Statements75 Financial StatementsNotes to Consolidated Financial Statements75 Notes to Consolidated Financial Statements 75 We are required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we will be required to pay delay-related liquidated damages to Apollo, the other investor, beginning in 2026, not to exceed $1.1 billion in total. As of December 27, 2025 and December 28, 2024, we expected certain construction milestones for Fab 34 would be delayed as we refined our near-term production capacity requirements and related capital outlays relative to those that are required per the Ireland SCIP agreement. As a result, in 2024 we recognized a loss of $755 million within interest and other, net from the change in fair value of the liquidated damage provisions, which qualify as a non-designated derivative we recognized within other accrued liabilities for $179 million and other long-term liabilities for $576 million as of December 27, 2025 ($755 million in other long-term liabilities as of December 28, 2024). Refer to "Note 16: Derivative Financial Instruments" within Notes to Consolidated Financial Statements for additional information. Though we expect certain construction delays in the near term, we intend to complete construction of Fab 34. We will be required to purchase minimum quantities of the related factory output from Ireland SCIP, or we will be subject to certain volume-related damages payable to Ireland SCIP, beginning at the earlier of when construction is complete or the third quarter of 2027. As of December 27, 2025 and December 28, 2024, other than cash and cash equivalents held by Ireland SCIP, substantially all of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Balance Sheets. Arizona SCIP We consolidate the results of an Arizona limited liability company (Arizona SCIP), a VIE, into our Consolidated Financial Statements because we are the primary beneficiary. Contributions and distributions made between Arizona SCIP and investors are generally made based on our and Brookfield's proportional ownership interest in Arizona SCIP. We are the primary beneficiary of two new chip factories still partially under construction by Arizona SCIP; we have the right to direct how and for what purpose the underlying assets will be used and to purchase 100% of the wafer output. During the year ended December 27, 2025, Arizona SCIP placed the first tranche of manufacturing assets into service, making the assets available for our use. When the production contract commences in 2026, as the sole operator we will be required to operate Arizona SCIP at minimum production levels and will be required to limit excess inventory held on site or we will be subject to certain volume-related damages payable to Arizona SCIP. The property, plant and equipment assets owned by Arizona SCIP and included in our Consolidated Balance Sheets as of December 27, 2025, which are not available to us as they can be used only to settle obligations of the VIE, consisted of construction in progress assets of $5.6 billion ($11.5 billion as of December 28, 2024) and assets that have been placed into service of $12.2 billion (none as of December 28, 2024). The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Balance Sheets. Mobileye We consolidate our majority owned subsidiary Mobileye pursuant to the voting interest model. In 2025, we converted 113.7 million of our Mobileye Class B shares into Class A shares. We subsequently sold 57.5 million of the Class A shares in a secondary offering, representing 7% of Mobileye's outstanding capital stock, for $16.50 per share and received net proceeds of $921 million. Concurrently, Mobileye repurchased from us 6.2 million of the Class A Shares for $16.50. As of December 27, 2025, we continue to hold the remaining 50.0 million Mobileye Class A shares from the conversion, in addition to our remaining Mobileye Class B shares. As we will continue to consolidate the results of Mobileye, the impact of their share repurchase was eliminated in our Consolidated Financial Statements. In the third quarter of 2024, the non-cash impairment of goodwill related to our Mobileye reporting unit was attributed to Intel and to non-controlling interest holders based on our proportional ownership (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements). IMS Nanofabrication In 2023, we closed agreements to sell a combined 32% minority stake in our IMS business, which is part of our "all other" category. We continue to consolidate IMS results as a majority owned subsidiary pursuant to the voting interest model into our Consolidated Financial Statements. Financial StatementsNotes to Consolidated Financial Statements76 Financial StatementsNotes to Consolidated Financial Statements76 Financial StatementsNotes to Consolidated Financial Statements76 Notes to Consolidated Financial Statements 76 Note 5 : Earnings (Loss) Per Share and Stockholders' Equity We computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable. Years Ended (In Millions, Except Per Share Amounts)Dec 27, 2025Dec 28, 2024Dec 30, 2023Net income (loss)$26 $(19,233)$1,675 Less: net income (loss) attributable to non-controlling interests293 (477)(14)Net income (loss) attributable to Intel$(267)$(18,756)$1,689 Weighted average shares of common stock outstanding—basic14,530 4,280 4,190 Dilutive effect of employee equity incentive plans and stock issuances— — 22 Weighted average shares of common stock outstanding—diluted4,530 4,280 4,212 Earnings (loss) per share attributable to Intel—basic$(0.06)$(4.38)$0.40 Earnings (loss) per share attributable to Intel—diluted$(0.06)$(4.38)$0.40

Semiconductor Co-Investment Program Ireland SCIP In the second quarter of 2024, we closed a transaction with Apollo Global Management, Inc. (Apollo) involving the sale of 49% of our interest in an Irish limited liability company (Ireland SCIP) for net proceeds of $11.0 billion, which increased our capital in excess of par value. Ireland SCIP is a VIE that we consolidate into our Consolidated Financial Statements because we are the primary beneficiary. Generally, distributions will be received from Ireland SCIP based on both parties' proportional ownership. Ireland SCIP has the rights to operate Fab 34 in Leixlip, Ireland, and has the rights to the related factory output. We have the right to purchase 100% of the related factory output from Ireland SCIP. We will retain sole ownership of Fab 34, will be engaged as the Fab 34 operator in exchange for variable payments from Ireland SCIP based on the related factory output, and will be required to maintain certain performance standards in our capacity as operator. We are required to substantially complete construction of Fab 34 in accordance with contractual parameters and timelines or we will be required to pay delay-related liquidated damages to Apollo beginning in 2026, not to exceed $1.1 billion in total. As of December 28, 2024, we expect certain construction milestones for Fab 34 will be delayed as we refined our near-term production capacity requirements and related capital outlays relative to those that are required per the Ireland SCIP agreement. As a result, in 2024 we recognized a loss of $755 million within Interest and other, net from the change in fair value of the liquidated damage provisions, which qualify as a non-designated derivative. Refer to "Note 16: Derivative Financial Instruments" within Notes to Consolidated Financial Statements for additional information. Though we expect certain construction delays in the near term, we intend to complete construction of Fab 34. We will be required to purchase minimum quantities of the related factory output from Ireland SCIP, or we will be subject to pay certain volume-related damages to Ireland SCIP, beginning at the earlier of when construction is complete or Q3 2027. As of December 28, 2024, other than cash and cash equivalents held by Ireland SCIP, substantially all of the remaining assets and liabilities of Ireland SCIP were eliminated in our Consolidated Financial Statements. Arizona SCIP We consolidate the results of an Arizona limited liability company (Arizona SCIP), a VIE, into our Consolidated Financial Statements because we are the primary beneficiary. Generally, contributions will be made to, and distributions will be received from Arizona SCIP based on Intel's and Brookfield Asset Management's (Brookfield's) proportional ownership. We will be the sole operator and main beneficiary of two new chip factories that will be constructed by Arizona SCIP, and we will have the right to purchase 100% of the related factory output. Once production commences, we will be required to both operate Arizona SCIP at minimum production levels (measured in wafer starts per week) and limit excess inventory held on site or we will be subject to certain damages. We have an unrecognized commitment to fund our respective share of the total construction costs of Arizona SCIP. The total construction costs were estimated at $29.0 billion when we entered into the definitive agreement with Brookfield in 2022. As of December 28, 2024, substantially all of the assets of Arizona SCIP consisted of property, plant, and equipment. The remaining assets and liabilities of Arizona SCIP were eliminated in our Consolidated Financial Statements. The assets held by Arizona SCIP, which can be used only to settle obligations of the VIE and are not available to us, were $11.5 billion as of December 28, 2024 ($4.8 billion as of December 30, 2023). Mobileye In 2022, Mobileye completed its IPO and certain other equity financing transactions. During 2023, we converted 38.5 million of our Mobileye Class B shares into Class A shares, representing 5% of Mobileye's outstanding capital stock, and subsequently sold the Class A shares for $42 per share as part of a secondary offering, receiving net proceeds of $1.6 billion and increasing our capital in excess of par value by $663 million, net of tax. We continue to consolidate the results of Mobileye into our Consolidated Financial Statements. In the third quarter of 2024, the non-cash impairment of goodwill related to our Mobileye reporting unit was attributed to Intel and to non-controlling interest holders based on our proportional ownership (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements). IMS Nanofabrication In 2023, we closed agreements to sell a combined 32% minority stake in our IMS business, a business within our Intel Foundry operating segment—including a 20% stake to Bain Capital Special Situations and a 10% stake to TSMC. Net proceeds resulting from the minority stake sales totaled $1.4 billion, and our capital in excess of par value increased by $958 million, net of tax. We continue to consolidate the results of IMS into our Consolidated Financial Statements. Financial StatementsNotes to Consolidated Financial Statements73 Financial StatementsNotes to Consolidated Financial Statements73 Financial StatementsNotes to Consolidated Financial Statements73 Notes to Consolidated Financial Statements 73

Government Incentives We enter into government incentive arrangements with local, regional and national governments, both U.S. and non-U.S. These arrangements vary in size, duration and conditions and allow us to maintain a market-comparable foothold across various geographies. These incentives are primarily structured as cash grants and refundable tax credits. Capital-related incentives have terms of up to 15 years and operating-related incentives have terms that can vary widely. We are eligible to receive these incentives because we engage in qualifying capital investments, R&D and other activities as defined by the relevant government entities. These include qualifying capital investments for semiconductor wafer and advanced packaging manufacturing facilities construction and acquisition of equipment. Each incentive requires that we comply with certain conditions for a period that may exceed the incentive terms. These conditions can include achievement of future operational targets and committing to minimum levels of capital investment. If conditions are not satisfied, the incentives may be subject to reduction, recapture or termination. Capital-related incentives reduced gross property, plant and equipment by $16.1 billion as of December 27, 2025 ($9.5 billion as of December 28, 2024), of which $6.7 billion was recognized in 2025 ($4.1 billion in 2024). Capital-related incentives reduced depreciation expense by $1.0 billion in 2025, of which the substantial majority reduced cost of sales ($594 million in 2024 and $226 million in 2023). property, plant and equipment property, plant and equipment property, plant and equipment property, plant and equipment cost of sales Of the $6.7 billion of capital-related incentives recognized in 2025, $5.4 billion was comprised of tax credits attributable to the U.S. Advanced Manufacturing Investment Credit ($2.6 billion in 2024), which may be refunded to us in cash to the extent the credits exceed our outstanding income tax liabilities. Additionally, in 2025, we recognized $769 million of CHIPS Act capital-related incentives ($1.0 billion in 2024), $123 million of capital grants related to two new leading-edge chip factories in Ohio ($115 million in 2024 related to modernization and expansion of chip factories in Oregon), and $323 million of non-U.S. government capital grants and refundable tax credits ($384 million in 2024). Operating-related incentives, including those recognized under the CHIPS Act, benefited operating income by $529 million in 2025, the substantial majority of which was recorded in cost of sales ($442 million in 2024 and $202 million in 2023, in each case a majority of which was recorded in cost of sales). cost of sales cost of sales cost of sales As of August 27, 2025, the date the DFA was materially modified, we had received and recorded $2.3 billion in U.S. government incentives under the CHIPS Act and those amounts were accounted for pursuant to our grant accounting policy. In September 2024, we were awarded up to $3.0 billion in direct funding for the Secure Enclave program to expand the trusted manufacturing of leading-edge semiconductors for the U.S. government. In the second quarter of 2025, the award was increased to $3.3 billion. As a result of the U.S. Government Agreement entered into in August 2025, as further described in "Note 5: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Financial Statements, Secure Enclave proceeds received after the U.S. Government Agreement's effective date are being attributed as equity and will not be subject to our grant accounting policy. Of our total capital-related government incentives recognized in 2025, $6.1 billion was recognized as a non-cash investing activity within the Consolidated Statements of Cash Flows ($3.3 billion in 2024 and $1.1 billion in 2023). A portion of our capital-related incentives will be collected in cash while a portion may be settled as credits for tax payments due. The amounts recorded on the Consolidated Balance Sheets related to grants receivable and capital-related refundable tax credits for each period were as follows: (In Millions)LocationDec 27, 2025Dec 28, 2024Operating-related grants receivablesOther current assets$45 $272 Other long-term assets$262 $186 Capital-related grants receivablesOther current assets$57 $859 Other long-term assets$288 $374 Capital-related refundable tax creditsOther current assets$7,549 $2,099

Government Incentives We enter into government incentive arrangements with local, regional, and national governments, both US and non-US. These arrangements vary in size, duration, and conditions and allow us to maintain a market-comparable foothold across various geographies. These incentives are primarily structured as cash grants and refundable tax credits. Capital-related incentives have terms of up to 15 years and operating-related incentives have terms that can vary widely. We are eligible to receive these incentives because we engage in qualifying capital investments, R&D, and other activities as defined by the relevant government entities. These include qualifying capital investments for semiconductor wafer and advanced packaging manufacturing facilities construction and acquisition of equipment. Each incentive requires that we comply with certain conditions for a period that may exceed the incentive terms. These conditions can include achievement of future operational targets and committing to minimum levels of capital investment. If conditions are not satisfied, the incentives may be subject to reduction, recapture, or termination. For example, in November 2024 we entered into a direct funding agreement with the US Department of Commerce under the CHIPS Act that contains detailed milestones we must achieve for us to receive the funds, including the achievement of various milestones with respect to capital expenditures, facility completion, process technology development, wafer production, Intel products insourcing, and external foundry customer acquisitions. It also contains restrictions on certain “change of control” transactions we are permitted to engage in, a requirement that we share with the US government project economic returns above specified thresholds, and various termination rights and remedies if we were to breach the agreement, including potential repayment of some or all of the awards. Capital-related incentives reduced gross property, plant, and equipment by $9.5 billion as of December 28, 2024 ($5.5 billion as of December 30, 2023), of which $4.1 billion was recognized in 2024 ($2.2 billion in 2023). Capital-related incentives reduced depreciation expense by $594 million in 2024, of which the substantial majority reduced cost of sales ($226 million in 2023, substantially all of which reduced cost of sales, and $230 million in 2022, all of which reduced cost of sales). Of our total capital-related government incentives recognized in 2024, $3.3 billion was recognized as a non-cash investing activity ($1.1 billion in 2023 and $128 million in 2022). Related incentives recognized during each period consisted of the following: property, plant, and equipment property, plant, and equipment cost of sale cost of sales cost of sales ▪US federal government pursuant to the CHIPS Act. In September 2024, we were awarded up to $3.0 billion in direct funding for the Secure Enclave program to expand the trusted manufacturing of leading-edge semiconductors for the US government. In November 2024, we signed a Direct Funding Agreement with the US Department of Commerce for the award of $7.9 billion in government incentives. We recognized $1.3 billion of grants, including $253 million of operating grants, in 2024 under the CHIPS Act. Additionally, we recognized an advanced manufacturing investment tax credit of $2.6 billion in 2024 ($845 million in 2023), which may be refunded to us in cash to the extent it exceeds our outstanding income tax liabilities. ▪US state governments. We recognized $115 million of grants in 2024 related to modernization and expansion of chip factories in Oregon ($723 million in 2023 related to two new leading-edge chip factories in Ohio). ▪Non-US governments. We recognized $384 million of grants and refundable tax credits in 2024 ($645 million in 2023), substantially all and a majority of which, respectively, related to the expansion of silicon wafer manufacturing facilities in Ireland. Operating-related incentives, including those recognized under the CHIPS Act, benefited operating income by $442 million in 2024, the substantial majority of which was recorded in cost of sales ($202 million in 2023 and $104 million in 2022, a majority of which was recorded in cost of sales in both periods). cost of sales cost of sales cost of sales The amounts recorded on the Consolidated Balance Sheets related to grants receivable and capital-related refundable tax credits for each period were as follows: Years Ended (In Millions)LocationDec 28, 2024Dec 30, 2023Operating-related grants receivablesOther current assets$272 $17 Other long-term assets$186 $130 Capital-related grants receivablesOther current assets$859 $64 Other long-term assets$374 $348 Capital-related refundable tax creditsOther current assets$2,099 $— Capital-related refundable tax creditsIncome taxes payable$— $365

Financial StatementsNotes to Consolidated Financial Statements88 Financial StatementsNotes to Consolidated Financial Statements88 Financial StatementsNotes to Consolidated Financial Statements88 Notes to Consolidated Financial Statements 88 Our sale of a 51% controlling stake in Altera, which is partially offset by the cash sold with Altera, separation and employee-related costs we agreed to fund to SLP, as well as direct and incremental costs we incurred to sell the business, resulted in a pre-tax gain of $5.6 billion recognized within interest and other, net in 2025. Our pre-tax gain was calculated as follows: (In Millions)Proceeds from divestiture, net of cash sold and direct selling costs$4,266 Deferred consideration1457 Fair value of retained interest in Altera13,246 Less: net assets of Altera, net of cash sold(1,962)Less: separation and employee-related costs and other1(454)Gain on divestiture of Altera$5,553 Deferred consideration1 Fair value of retained interest in Altera1 Less: separation and employee-related costs and other1 1 Certain aspects of the net purchase consideration have yet to result in cash inflows and outflows and therefore reflect non-cash investing and financing activities within our Consolidated Statements of Cash Flows for the year ended December 27, 2025. Approximately $2.1 billion of the gain resulted from the remeasurement of our non-marketable equity investment in Altera to its fair value at the transaction close date. Cash proceeds received in 2025 of $4.2 billion, net of the cash sold and the costs incurred to sell the business, are presented in net cash provided by (used for) investing activities, in the Consolidated Statements of Cash Flows for the year ended December 27, 2025. NAND Memory Business We sold our NAND memory technology and manufacturing business to SK hynix, which we deconsolidated upon closing the first phase of the transaction on December 29, 2021. On March 27, 2025, we closed the second phase of the transaction. In connection with the second closing, we collected the outstanding receivable and entered into a final release and settlement agreement with SK hynix primarily related to certain penalties and contingencies associated with the manufacturing and sale agreement between us and SK hynix. For the year ended December 27, 2025 we recognized net charges of $229 million within interest and other, net for the amounts incurred pursuant to this agreement. During the year ended December 27, 2025, we recorded net proceeds of $1.8 billion within cash and cash equivalents. Mobileye's Pending Acquisition of Mentee Robotics On January 5, 2026, Mobileye entered into a definitive agreement to acquire Mentee Robotics, an AI-first humanoid robotics company, for an aggregate purchase price of approximately $900 million, subject to customary adjustments and closing conditions. Note 11 : Goodwill (In Millions)Dec 28, 2024DivestituresTransfersImpairmentsDec 27, 2025Client Computing$4,619 $— $1,865 $— $6,484 Data Center and AI7,944 — 1,001 — 8,945 Network and Edge2,780 — (2,780)— — Mobileye18,306 — — — 8,306 Altera781 (781)— — — All Other263 — (86)— 177 Total$24,693 $(781)$— $— $23,912 Mobileye1 (In Millions)Dec 30, 2023AcquisitionsTransfersImpairmentsDec 28, 2024Client Computing$4,749 $— $(130)$— $4,619 Data Center and AI8,721 — (777)— 7,944 Network and Edge2,809 — (29)— 2,780 Intel Foundry— — 222 (222)— Mobileye110,919 — — (2,613)8,306 Altera— — 781 — 781All Other393 86 (67)(149)263 Total$27,591 $86 $— $(2,984)$24,693 Mobileye1 All Other 1 Mobileye includes goodwill balances for both the Mobileye and Moovit reporting units. Financial StatementsNotes to Consolidated Financial Statements89 Financial StatementsNotes to Consolidated Financial Statements89 Financial StatementsNotes to Consolidated Financial Statements89 Notes to Consolidated Financial Statements 89 During the fourth quarter of 2025, we completed our annual goodwill impairment assessment across all of our reporting units and identified that a more detailed quantitative analysis was necessary for our Mobileye reporting unit, primarily due to the decline in Mobileye's market capitalization below the carrying value of Mobileye's net assets. Our quantitative assessment was performed by measuring Mobileye's fair value using the income approach. When using the income approach, we tested the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. As a result of this impairment test, no impairment charge was recognized as the estimated fair value was higher than the assigned carrying value. Finally, to corroborate our estimated fair value for the Mobileye reporting unit, we performed a market capitalization reconciliation as of December 27, 2025, concluding that the implied control premium was reasonable as compared to relevant market transactions in similar industries. Notwithstanding Mobileye, our annual qualitative assessment did not indicate that a more detailed quantitative analysis was necessary for our other reporting units as the most recently calculated fair value substantially exceeded the assigned carrying value for each reporting unit as of December 27, 2025. During the third quarter of 2025, we divested our Altera business, including all allocated goodwill. For further information see "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements. As described in "Note 3: Operating Segments" within the Notes to Consolidated Financial Statements, in the first quarter of 2025, we made an organizational change to integrate our NEX business into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. As a result, of the total $2.8 billion of goodwill previously allocated to NEX, we reallocated $1.8 billion to CCG and $1.0 billion to DCAI on a relative fair value basis. We performed a quantitative impairment assessment for each of our reporting units immediately before and after our business reorganization, concluding that goodwill was not impaired. In the third quarter of 2024, our quarterly qualitative impairment assessment indicated that a more detailed quantitative analysis was necessary for certain of our reporting units, primarily due to the decline in our market capitalization below the carrying value of our net assets, as well as the decline in our Mobileye reporting unit's market capitalization below the carrying value of Mobileye's net assets. Our quantitative assessment was performed by measuring each reporting unit's fair value using the income approach, the market approach, or a combination of both. When using the income approach, we tested the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. As a result of our impairment tests, we recognized a non-cash goodwill impairment charge of $2.8 billion in the third quarter of 2024 within restructuring and other, substantially all of which related to our Mobileye reporting unit, as the estimated fair value of the reporting unit was lower than the assigned carrying value. The process of valuing each reporting unit is inherently subjective as valuation models require the application of significant estimates and the use of unobservable inputs, including market segment share, projected financial information and discount rates. No impairment was required for our other reporting units, even when considering a hypothetical increase in the discount rate of 1%, which would cause a significant decrease in the estimated fair value of the respective non-impaired reporting units. Finally, to corroborate our estimated fair value, we performed a market capitalization reconciliation as of September 28, 2024, concluding that the implied control premium was reasonable as compared to relevant market transactions in similar industries. In the fourth quarter of 2024, as a part of our annual goodwill impairment assessment, we determined that the most recently calculated fair value of each reporting unit substantially exceeded the assigned carrying value, with the exception of one reporting unit with a significant amount of assigned goodwill: Mobileye. We performed a quantitative impairment assessment of Mobileye during the fourth quarter of 2024 and concluded there was no additional impairment. restructuring and other In the first quarter of 2024, as a result of modifying our segment reporting, we reallocated goodwill among our affected reporting units on a relative fair value basis. We performed a quantitative goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization. We concluded, based on our pre-reorganization impairment test, that goodwill was not impaired. As a result of our post-reorganization impairment test, we recognized a non-cash goodwill impairment loss of $222 million within restructuring and other in the first quarter of 2024 related to our Intel Foundry reporting unit, as the estimated fair value of the new reporting unit was lower than the assigned carrying value, which includes substantially all of our allocated property, plant and equipment. The Intel Foundry reporting unit has no remaining goodwill. At the conclusion of our impairment assessment performed during the first quarter of 2024, the fair value substantially exceeded the carrying value for all remaining reporting units. restructuring and other The accumulated impairment loss as of December 27, 2025 was $3.9 billion: $2.6 billion associated with Mobileye, $415 million associated with CCG, $303 million associated with DCAI and the remainder associated with other reporting units. Note 12 : Identified Intangible Assets December 27, 2025December 28, 2024(In Millions)Gross AssetsAccumulated AmortizationNetGross AssetsAccumulated AmortizationNetDeveloped technology$3,853 $(2,886)$967 $8,007 $(6,445)$1,562 Customer relationships and brands808 (580)228 1,907 (1,372)535 Licensed technology, patents and other3,857 (2,280)1,577 3,519 (1,925)1,594 Total identified intangible assets$8,518 $(5,746)$2,772 $13,433 $(9,742)$3,691 Financial StatementsNotes to Consolidated Financial Statements90 Financial StatementsNotes to Consolidated Financial Statements90 Financial StatementsNotes to Consolidated Financial Statements90 Notes to Consolidated Financial Statements 90 During 2025 and 2024, we capitalized several licensed technology, patents and other arrangements totaling $431 million and $562 million respectively. These intangible assets are subject to amortization over a weighted average useful life of approximately 6 years. Additionally, during 2025, we divested Altera and retired certain intangible assets that were fully amortized resulting in a reduction of our gross assets and accumulated amortization as of December 27, 2025. For further information see "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements. Amortization expenses recorded for and the weighted average useful life assigned to identified intangible assets in the Consolidated Statements of Operations for each period were as follows: Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Developed technology$417 $879 $1,235 Customer relationships and brands89 165 172 Licensed technology, patents and other443 384 348 Total amortization expenses$949 $1,428 $1,755 We expect future amortization expense for the next five years and thereafter to be as follows:

Note 11 : Goodwill (In Millions)Dec 30, 2023AcquisitionsTransfersImpairmentsDec 28, 2024Client Computing$4,749 $— $(130)$— $4,619 Data Center and AI8,721 — (777)— 7,944 Network and Edge2,809 — (29)— 2,780 Intel Foundry— — 222 (222)— Mobileye10,919 — — (2,613)8,306 Altera— — 781 — 781 All Other 393 86 (67)(149)263 Total$27,591 $86 $— $(2,984)$24,693 (In Millions)Dec 31, 2022AcquisitionsTransfersOtherDec 30, 2023Client Computing$4,254 $— $495 $— $4,749 Data Center and AI9,013 — (292)— 8,721 Network and Edge2,809 — — — 2,809 Mobileye10,919 —— — 10,919 Accelerated Computing Systems and Graphics596 —(596)— — All other— — 393 — 393 Total$27,591 $— $— $— $27,591 Our quarterly qualitative impairment assessment for the third quarter of 2024 indicated that a more detailed quantitative analysis was necessary for certain of our reporting units, primarily due to the decline in our market capitalization below the carrying value of our net assets, as well as the decline in our Mobileye reporting unit's market capitalization below the carrying value of Mobileye's net assets. Our quantitative assessment was performed by measuring each reporting unit's fair value using the income approach, the market approach, or a combination of both. When using the income approach, we tested the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. As a result of our impairment tests, we recognized a non-cash goodwill impairment charge of $2.8 billion in the third quarter of 2024 within restructuring and other, most of which related to our Mobileye reporting unit, as the estimated fair value of the reporting unit was lower than the assigned carrying value. The process of valuing each reporting unit is inherently subjective as valuation models require the application of significant estimates and the use of unobservable inputs, including market segment share, projected financial information, and discount rates. No impairment was required for our other reporting units, even when considering a hypothetical increase in the discount rate of 1%, which would cause a significant decrease in the estimated fair value of the respective non-impaired reporting units. Finally, to corroborate our estimated fair value, we performed a market capitalization reconciliation as of September 28, 2024, concluding that the implied control premium was reasonable. The accumulated impairment loss as of December 28, 2024 was $3.9 billion: $2.6 billion associated with Mobileye, $364 million associated with CCG, $275 million associated with DCAI, $79 million associated with NEX, and the remainder associated with other reporting units. In the first quarter of 2024, as a result of modifying our segment reporting, we reallocated goodwill among our affected reporting units on a relative fair value basis. We performed a quantitative goodwill impairment assessment for each of our reporting units immediately before and after our business reorganization. We concluded, based on our pre-reorganization impairment test, that goodwill was not impaired. As a result of our post-reorganization impairment test, we recognized a non-cash goodwill impairment loss of $222 million within restructuring and other in the first quarter of 2024 related to our Intel Foundry reporting unit, as the estimated fair value of the new reporting unit was lower than the assigned carrying value, which includes substantially all of our allocated property, plant, and equipment. The Intel Foundry reporting unit has no remaining goodwill. At the conclusion of our impairment assessment performed during the first quarter of 2024, the fair value substantially exceeded the carrying value for all remaining reporting units. Financial StatementsNotes to Consolidated Financial Statements83 Financial StatementsNotes to Consolidated Financial Statements83 Financial StatementsNotes to Consolidated Financial Statements83 Notes to Consolidated Financial Statements 83

Level 1 Level 2 Level 3 Financial institution instruments1 Financial institution instruments1 Government debt2 Derivative assets Derivative assets Marketable equity investments Derivative assets Derivative assets Derivative liabilities3 Derivative liabilities3 Derivative liabilities 3 Derivative liabilities3 Derivative liabilities3 Derivative liabilities 3 1 Level 1 investments consist of money market funds. Level 2 investments consist primarily of time deposits, notes and bonds issued by financial institutions. 2 Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of non-U.S. government debt. 3 Level 1 derivative liabilities consist of equity contracts for our deferred compensation program. Level 2 derivative liabilities include a forward contract related to Escrowed Shares held. Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Our non-marketable equity investments and certain non-financial assets—such as intangible assets, goodwill and property, plant and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity investments during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets and property, plant and equipment are categorized as Level 3 within the fair value hierarchy, as we utilize unobservable inputs such as prospective financial information, market segment growth rates and discount rates in the fair value measurement process. Our non-recurring fair value measurements include the valuation of our non-marketable equity investment in Altera on the September 12, 2025 transaction close date, the fair value for which was measured and recorded using Level 3 inputs. See "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information. Financial StatementsNotes to Consolidated Financial Statements94 Financial StatementsNotes to Consolidated Financial Statements94 Financial StatementsNotes to Consolidated Financial Statements94 Notes to Consolidated Financial Statements 94 Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments that have not been remeasured or impaired in the current period, grants receivable, issued debt and our outstanding receivable from SLP of $463 million which was measured and recorded using Level 2 inputs, as of December 27, 2025. We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of December 27, 2025 was $652 million (the aggregate carrying value of grants receivable as of December 28, 2024 was $1.7 billion). We classify the fair value of issued debt (excluding commercial paper) as Level 2. The fair value of these instruments was $41.8 billion as of December 27, 2025 ($43.5 billion as of December 28, 2024). Note 15 : Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component and related tax effects for each period were as follows: (In Millions)Unrealized Holding Gains (Losses) on DerivativesActuarial Valuation and Other Pension Expenses Translation Adjustments and Other TotalBalance as of December 31, 2022 $(299)$(259)$(4)$(562)Other comprehensive income (loss) before reclassifications3 57 11 71 Amounts reclassified out of accumulated other comprehensive (income) loss328 33 — 361 Tax effects(59)(24)(2)(85)Other comprehensive income (loss)272 66 9 347 Balance as of December 30, 2023(27)(193)5 (215)Other comprehensive income (loss) before reclassifications(652)54 (4)(602)Amounts reclassified out of accumulated other comprehensive (income) loss96 11 2 109 Tax effects1 (5)1 (3)Other comprehensive income (loss)(555)60 (1)(496)Balance as of December 28, 2024(582)(133)4 (711)Other comprehensive income (loss) before reclassifications748 70 2 820 Amounts reclassified out of accumulated other comprehensive (income) loss— 26 2 28 Tax effects(5)(18)(1)(24)Other comprehensive income (loss)743 78 3 824 Balance as of December 27, 2025$161 $(55)$7 $113

Level 1 Level 2 Level 3 Financial institution instruments1 Financial institution instruments1 Government debt2 Derivative assets Derivative assets Derivative assets Derivative assets Derivative liabilities Derivative liabilities Derivative liabilities3 Derivative liabilities3 Derivative liabilities 3 1.Level 1 investments consist of money market funds. Level 2 investments consist primarily of certificates of deposit, commercial paper, time deposits, notes, and bonds issued by financial institutions 2.Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt 3.Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Our non-marketable equity investments, equity method investments, and certain non-financial assets—such as intangible assets, goodwill, and property, plant, and equipment—are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity investments during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets, and property, plant, and equipment are categorized as Level 3 within the fair value hierarchy, as we utilize unobservable inputs such as prospective financial information, market segment growth rates, and discount rates in the fair value measurement process. Financial Instruments Not Recorded at Fair Value on a Recurring Basis Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments and equity method investments that have not been remeasured or impaired in the current period, grants receivable, certain other receivables, and issued debt. We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of December 28, 2024 was $1.7 billion (the aggregate carrying value of grants receivable as of December 30, 2023 was $559 million). We classify the fair value of issued debt (excluding commercial paper) as Level 2. The fair value of these instruments was $43.5 billion as of December 28, 2024 ($47.6 billion as of December 30, 2023). Financial StatementsNotes to Consolidated Financial Statements87 Financial StatementsNotes to Consolidated Financial Statements87 Financial StatementsNotes to Consolidated Financial Statements87 Notes to Consolidated Financial Statements 87

Form Filing Date 10.1.5† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to grandfathered executives on or after January 30, 2019 and prior to January 1, 2025) 10.1.6† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to non-grandfathered executives on or after January 30, 2019 and prior to January 1, 2025) 10.1.7† Intel Corporation Form of Non-Employee Director Restricted Stock Unit Agreement under the 2006 Equity Incentive Plan (for RSUs granted to non-employee directors on or after May 12, 2022) 10.2† Intel Corporation Executive Annual Performance Bonus Plan, effective as of January 1, 2020 10.3† Intel Corporation Sheltered Employee Retirement Plan Plus, as amended and restated, effective January 1, 2020 10.4† First Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 2020 10.5† Second Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 2023 10-K 000-06218 10.6† Intel Corporation 2006 Employee Stock Purchase Plan, as amended and restated, effective November 19, 2024 10-K 000-06217 10.7† Intel Corporation 2006 Deferral Plan for Outside Directors, effective November 15, 2006 10.8† Form of Indemnification Agreement with Directors and Executive Officers 10.9† Form of Indemnification Agreement with Directors and Executive Officers (for Directors and Executive Officers who joined Intel after July 1, 2016) Settlement Agreement Between Advanced Micro Devices, Inc. and Intel Corporation, dated November 11, 2009 10.11†† Patent Cross License Agreement between NVIDIA Corporation and Intel Corporation, dated January 10, 2011 Purchase and Contribution Agreement, dated as of August 22, 2022, by and among Intel Corporation, Arizona Fab HoldCo Inc., Foundry JV Holdco LLC, and Arizona Fab LLC Amended and Restated Limited Liability Company Agreement of Arizona Fab LLC by and between Arizona Fab HoldCo Inc. and Foundry JV Holdco LLC 10.14^ Purchase and Sale Agreement, dated as of June 4, 2024, by and among Intel Ireland Limited, Grange Newco LLC, and AP Grange Holdings, LLC Form of Amended and Restated Limited Liability Company Agreement of Grange Newco LLC by and among Grange Newco LLC, Intel Ireland Limited and AP Grange Holdings, LLC Supplemental Details113 Supplemental Details113 Supplemental Details113 113 ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate10.16†Offer Letter between Intel Corporation and David A. Zinsner dated January 6, 20228-K000-0621710.1 1/10/202210.17†Offer Letter between Intel Corporation and Naga Chandrasekaran dated July 12, 2024X10.18†Intel Corporation Executive Officer Cash Severance Policy8-K000-0621710.12/16/202410.19†Direct Funding Agreement between Intel Corporation and U.S. Department of Commerce dated November 25, 202410-K000-062172.21/31/202510.20†Warrant and Common Stock Agreement, dated August 22, 2025 by and between Intel Corporation and the United States Department of Commerce8-K000-0621710.18/25/202510.21†Implementing Amendment to Direct Funding Agreement, dated August 27, 2025, by and between Intel Corporation and the United States Department of Commerce.8-K000-0621710.18/29/202510.22†Retirement and Separation Agreement between Intel Corporation and Patrick Gelsinger, dated December 1, 202410-K000-0621710.201/31/202510.23†Intel Corporation Executive Severance Plan 10-Q000-0621710.38/2/202410.24†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual performance-based RSUs granted to senior executives on or after January 1, 2025)10-Q000-0621710.104/25/202510.25†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual RSUs granted to senior executives on or after January 1, 2025)10-Q000-0621710.204/25/202510.26†Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual performance-based RSUs granted to Lip-Bu Tan)10-Q000-0621710.304/25/202510.27†Intel Corporation Form of Option Agreement under the 2006 Equity Incentive Plan (for annual stock options granted to Lip-Bu Tan)10-Q000-0621710.404/25/202510.28†Intel Corporation Restricted Stock Unit Agreement under the 2006 Equity Incentive Plan (for new hire performance-based RSUs granted to Lip-Bu Tan on March 18, 2025)10-Q000-0621710.504/25/202510.29†Intel Corporation Option Agreement under the 2006 Equity Incentive Plan (for new hire performance-based stock options granted to Lip-Bu Tan on March 18, 2025)10-Q000-0621710.64/25/202510.30†Letter Agreement with Michelle Johnston Holthaus executed on February 28, 20258-K000-0621710.12/28/202510.31†Offer Letter between Intel Corporation and Lip-Bu Tan dated, March 10, 20258-K000-0621710.13/14/202510.32†Form of Limited Partnership Agreement to be entered into by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.10-Q000-0621710.27/24/202510.33†Amended and Restated Limited Partnership Agreement to be entered into by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.10-Q000-0621710.411/6/202519.1Intel's Insider Trading PolicyX19.2Company Procedures for Transactions in Company Securities10-K000-0621719.21/31/202521.1Intel Corporation SubsidiariesX Exhibit Number

Form 10.1.6† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for performance-based RSUs granted to non-grandfathered executives on or after January 30, 2019) 10.1.7† Intel Corporation Form of Non-Employee Director Restricted Stock Unit Agreement under the 2006 Equity Incentive Plan (for RSUs granted to non-employee directors on or after May 12, 2022) 10.2† Intel Corporation Executive Annual Performance Bonus Plan, effective as of January 1, 2020 10.3† Intel Corporation Sheltered Employee Retirement Plan Plus, as amended and restated, effective January 1, 2020 10.4† First Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 2020 10.5† Second Amendment to Intel Corporation Sheltered Employee Retirement Plan Plus dated January 1, 2023 10-K 000-6218 10.6† Intel Corporation 2006 Employee Stock Purchase Plan, as amended and restated, effective November 19, 2024 X 10.7† Intel Corporation 2006 Deferral Plan for Outside Directors, effective November 15, 2006 10.8† Form of Indemnification Agreement with Directors and Executive Officers 10.9† Form of Indemnification Agreement with Directors and Executive Officers (for Directors and Executive Officers who joined Intel after July 1, 2016) Settlement Agreement Between Advanced Micro Devices, Inc. and Intel Corporation, dated November 11, 2009 10.11†† Patent Cross License Agreement between NVIDIA Corporation and Intel Corporation, dated January 10, 2011 Purchase and Contribution Agreement, dated as of August 22, 2022, by and among Intel Corporation, Arizona Fab HoldCo Inc., Foundry JV Holdco LLC, and Arizona Fab LLC Amended and Restated Limited Liability Company Agreement of Arizona Fab LLC by and between Arizona Fab HoldCo Inc. and Foundry JV Holdco LLC 10.14^ Purchase and Sale Agreement, dated as of June 4, 2024, by and among Intel Ireland Limited, Grange Newco LLC, and AP Grange Holdings, LLC 10.15^ Form of Amended and Restated Limited Liability Company Agreement of Grange Newco LLC by and among Grange Newco LLC, Intel Ireland Limited and AP Grange Holdings, LLC 10.16† Offer Letter between Intel Corporation and David A. Zinsner dated January 6, 2022 10.17† Offer Letter between Intel Corporation and Christoph Schell dated February 11, 2022 10-K Supplemental Details106 Supplemental Details106 Supplemental Details106 106

(In Millions)Ireland SCIPArizona SCIPMobileyeIMS NanoTotalNon-controlling interests as of Dec 31, 2022$— $874 $989 $— $1,863 Partner contributions— 1,511 — — 1,511 Changes in equity of non-controlling interest holders — — 848 167 1,015 Net income (loss) attributable to non-controlling interests— (26)1 11 (14)Non-controlling interests as of Dec 30, 2023— 2,359 1,838 178 4,375 Partner contributions— 1,702 — — 1,702 Partner distributions(43)— — — (43)Changes in equity of non-controlling interest holders— — 205 — 205 Net income (loss) attributable to non-controlling interests104 (173)(371)(37)(477)Non-controlling interests as of Dec 28, 202461 3,888 1,672 141 5,762 Partner contributions— 5,108 — — 5,108 Partner distributions(217)— — — (217)Changes in equity of non-controlling interest holders— — 1,133 — 1,133 Net income (loss) attributable to non-controlling interests268 110 (57)(28)293 Non-controlling interests as of Dec 27, 2025$112 $9,106 $2,748 $113 $12,079

(In Millions)Ireland SCIPArizona SCIPMobileyeIMS NanoTotalNon-controlling interests as of Dec 31, 2022$— $874 $989 $— $1,863 Partner contributions— 1,511 — — 1,511 Changes in equity of non-controlling interest holders — — 848 167 1,015 Net income (loss) attributable to non-controlling interests— (26)1 11 (14)Non-controlling interests as of Dec 30, 2023$— $2,359 $1,838 $178 $4,375 IMS Nano Total

Property, plant and equipment Changes in the valuation allowance for deferred tax assets were as follows: Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Balance at Beginning of Year$13,974 $3,047 $2,586 Additions charged to expenses/other accounts2,428 10,927 461 (Deductions) recoveries, net— — — Balance at End of Year$16,402 $13,974 $3,047

Property, plant, and equipment Changes in the valuation allowance for deferred tax assets were as follows: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Valuation allowance for deferred tax assets:Balance at Beginning of Year$3,047 $2,586 Additions Charged to Expenses/Other Accounts10,927 461 (Deductions) Recoveries, Net— — Balance at End of Year$13,974 $3,047 Valuation allowance for deferred tax assets:

Current liabilities Accumulated other comprehensive loss (income), before tax3 1 The projected benefit obligation was approximately 30% in the U.S. and 70% outside of the U.S. as of December 27, 2025 and December 28, 2024. 2 The fair value of plan assets was approximately 35% in the U.S. and 65% outside of the U.S. as of December 27, 2025 (approximately 40% in the U.S. and 60% outside of the U.S. as of December 28, 2024). 3 The accumulated other comprehensive loss (income), before tax, was approximately 95% in the U.S. and 5% outside of the U.S. as of December 27, 2025 (approximately 80% in the U.S. and 20% outside of the U.S. as of December 28, 2024). 3 The accumulated other comprehensive loss (income), before tax, was approximately 95% in the U.S. and 5% outside of the U.S. Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis over the average remaining service period of active plan participants. Financial StatementsNotes to Consolidated Financial Statements98 Financial StatementsNotes to Consolidated Financial Statements98 Financial StatementsNotes to Consolidated Financial Statements98 Notes to Consolidated Financial Statements 98 As of December 27, 2025, the accumulated benefit obligations were $728 million and $1.8 billion for the U.S. plan and non-U.S. plans, respectively. As of December 28, 2024, the accumulated benefit obligations were $763 million and $1.7 billion for the U.S. plan and non-U.S. plans, respectively. As of December 27, 2025 and December 28, 2024, only non-U.S. plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. (In Millions)Dec 27, 2025Dec 28, 2024Plans with accumulated benefit obligation in excess of plan assets:Accumulated benefit obligation$888 $850 Plan assets$366 $348 Plans with projected benefit obligation in excess of plan assets:Projected benefit obligation$1,042 $987 Plan assets$366 $348

Accumulated other comprehensive loss (income), before tax3 1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 28, 2024 and December 30, 2023. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 28, 2024 and December 30, 2023. 3 The accumulated other comprehensive loss (income), before tax, was approximately 80% in the US and 20% outside of the US as of December 28, 2024 (approximately 70% in the US and 30% outside of the US as of December 30, 2023). 3 Changes in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis over the average remaining service period of active plan participants. As of December 28, 2024, the accumulated benefit obligations were $763 million and $1.7 billion for the US plan and non-US plans, respectively. As of December 30, 2023, the accumulated benefit obligations were $849 million and $1.9 billion for the US plan and non-US plans, respectively. As of December 28, 2024 and December 30, 2023, only non-US plans had projected benefit obligations and accumulated benefit obligations in excess of plan assets. Financial StatementsNotes to Consolidated Financial Statements92 Financial StatementsNotes to Consolidated Financial Statements92 Financial StatementsNotes to Consolidated Financial Statements92 Notes to Consolidated Financial Statements 92

Cash paid during the year for: Income taxes, net of refunds Financial StatementsNotes to Consolidated Financial Statements86 Financial StatementsNotes to Consolidated Financial Statements86 Financial StatementsNotes to Consolidated Financial Statements86 Notes to Consolidated Financial Statements 86 Note 9 : Investments Short-term Investments Short-term investments include marketable debt investments in corporate debt, government debt and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-U.S. government bills and bonds and U.S. agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits and time deposits. As of December 27, 2025 and December 28, 2024, the substantial majority of time deposits were issued by institutions outside the U.S. The fair value of our economically hedged marketable debt investments was $21.8 billion as of December 27, 2025 ($13.5 billion as of December 28, 2024). For economically hedged investments still held at the reporting date, we recorded net gains of $341 million in 2025 (net losses of $464 million in 2024 and net gains of $534 million in 2023). Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). The adjusted cost of our unhedged investments was $10.6 billion as of December 27, 2025 ($5.2 billion as of December 28, 2024), which approximated the fair values at each date. The fair value of marketable debt investments, by contractual maturity, as of December 27, 2025, was as follows: (In Millions)Fair ValueDue in 1 year or less$9,543 Due in 1–2 years8,531 Due in 2–5 years6,554 Due after 5 years291 Instruments not due at a single maturity date17,474 Total$32,393 Instruments not due at a single maturity date1 1 Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents. Equity Investments (In Millions)Dec 27, 2025Dec 28, 2024Marketable equity investments1$484 $848 Non-marketable equity investments8,028 4,535 Total$8,512 $5,383

If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $946 million as of December 28, 2024 ($962 million as of December 30, 2023) and a reduction in the effective tax rate. Interest, penalties, and accrued interest related to unrecognized tax benefits were insignificant in the periods presented. We regularly engage in discussions and negotiations with tax authorities regarding tax matters in the various jurisdictions in which we conduct business. Although the timing of the resolutions and/or closures of audits is highly uncertain, it is reasonably possible that certain US federal and non-US tax audits may be concluded within the next 12 months, which could increase or decrease the balance of our gross unrecognized tax benefits. We estimate that the unrecognized tax benefits as of December 28, 2024, could decrease by as much as $314 million in the next 12 months. We file federal, state, and non-US tax returns. We are no longer subject to US federal and non-US tax examinations for years prior to 2018 and 2015, respectively. For US state tax returns, we are no longer subject to tax examination for years prior to 2015. Note 9 : Investments Short-term Investments Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-US government bills and bonds and US agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of December 28, 2024 and December 30, 2023, substantially all time deposits were issued by institutions outside the US. The fair value of our economically hedged marketable debt investments was $13.5 billion as of December 28, 2024 ($17.1 billion as of December 30, 2023). For hedged investments still held at the reporting date, we recorded net losses of $464 million in 2024 (net gains of $534 million in 2023 and net losses of $748 million in 2022). Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). The adjusted cost of our unhedged investments was $5.2 billion as of December 28, 2024 ($4.7 billion as of December 30, 2023), which approximated the fair value for these periods. The fair value of marketable debt investments, by contractual maturity, as of December 28, 2024, was as follows: (In Millions)Fair ValueDue in 1 year or less$5,690 Due in 1–2 years2,321 Due in 2–5 years6,182 Due after 5 years168 Instruments not due at a single maturity date14,316 Total$18,677 Instruments not due at a single maturity date1 1 Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents. Financial StatementsNotes to Consolidated Financial Statements81 Financial StatementsNotes to Consolidated Financial Statements81 Financial StatementsNotes to Consolidated Financial Statements81 Notes to Consolidated Financial Statements 81

The aggregate fair value of awards that vested in 2025 was $1.7 billion ($2.4 billion in 2024 and $2.2 billion in 2023), which represents the market value of our common stock on the date that the RSUs vested. The grant-date fair value of awards that vested in 2025 was $2.3 billion ($3.4 billion in 2024 and $2.7 billion in 2023). The number of RSUs vested includes shares of common stock that we withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. RSUs that are expected to vest are net of estimated future forfeitures. As of December 27, 2025, unrecognized compensation costs related to RSUs granted under our equity incentive plans were $2.2 billion. We expect to recognize those costs over a weighted average period of 1.2 years. Stock Purchase Plan The 2006 ESPP allows eligible employees to purchase shares of our common stock at 85% of the value of our common stock on specific dates. Under the 2006 ESPP, 523 million shares of common stock are authorized for issuance through August 2026. As of December 27, 2025, 83 million shares of common stock remained available for issuance. Employees purchased 34 million shares of common stock in 2025 for $757 million under the 2006 ESPP (39 million shares of common stock for $972 million in 2024 and 43 million shares of common stock for $1.0 billion in 2023). As of December 27, 2025, unrecognized share-based compensation costs related to rights to acquire shares of common stock under the 2006 ESPP totaled $31 million. We expect to recognize those costs over a period of approximately two months. Financial StatementsNotes to Consolidated Financial Statements101 Financial StatementsNotes to Consolidated Financial Statements101 Financial StatementsNotes to Consolidated Financial Statements101 Notes to Consolidated Financial Statements 101 Note 19 : Commitments and Contingencies Leases We recognized operating leased assets in other long-term assets of $421 million ($457 million in 2024) and corresponding other accrued liabilities of $110 million ($181 million in 2024), and other long-term liabilities of $281 million ($279 million in 2024) as of December 27, 2025. Our operating leases have remaining terms of 1 to 11 years and may include options to extend the leases for up to 36 years. The weighted average remaining lease term was 6.7 years (6.5 years in 2024), and the weighted average discount rate was 4.7% (4.9% in 2024) as of December 27, 2025 for our operating leases. other long-term assets other long-term assets Operating lease expense was $212 million in 2025 ($248 million in 2024 and $407 million in 2023), including $100 million in variable lease expense in 2025 ($98 million in 2024 and $213 million in 2023). We recognized finance leased assets in property, plant and equipment of $453 million as of December 27, 2025 ($470 million as of December 28, 2024) of which the majority is related to a prepaid finance lease for supplier capacity. This lease will commence upon start of supplier production and has a term of 6 years. 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. Discounted and undiscounted lease payments under non-cancelable leases as of December 27, 2025, were as follows: (In Millions)20262027202820292030 ThereafterTotalOperating lease payments$94 $74 $63 $46 $45 $100 $422 Finance lease payments$96 $6 $6 $3 $3 $19 $133 Present value of lease payments$473 Commitments Commitments for capital expenditures totaled $12.8 billion as of December 27, 2025 ($20.0 billion as of December 28, 2024), a majority of which will be due within the next 12 months. Other purchase obligations and commitments totaled approximately $6.7 billion as of December 27, 2025 (approximately $7.0 billion as of December 28, 2024). Other purchase obligations and commitments include payments due under supply agreements and various types of licenses and agreements to purchase goods or services. Contractual obligations for purchases of goods or services relate to agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Other purchase obligations reflect the non-cancelable portion or the minimum cancellation fee under the agreement. Other purchase commitments also include our unrecognized commitment to fund our respective share of the total construction costs of Arizona SCIP in connection with the definitive agreement entered into with Brookfield during 2022 (refer to Note 4: Non-Controlling Interests" within Notes to Consolidated Financial Statements). Our remaining unfunded contribution was $5.2 billion as of December 27, 2025. Legal Proceedings We are regularly party to various ongoing claims, litigation, and other proceedings, including those noted in this section. As of December 27, 2025, we have accrued liabilities of $1.0 billion related to litigation involving VLSI and $311 million, including revaluation effects and accrued interest, related to an EC-imposed fine, both as described below. Excluding the VLSI claims described below, management at present believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm our financial position, results of operations, cash flows, or overall trends; however, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings, excessive verdicts, or other events could occur. Unfavorable resolutions could include substantial monetary damages, fines, or penalties. Certain of these outstanding matters include speculative, substantial, or indeterminate monetary awards. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on our business, results of operations, financial position, and overall trends. We might also conclude that settling one or more such matters is in the best interests of our stockholders, employees, and customers, and any such settlement could include substantial payments. Except as specifically described below, we have not concluded that settlement of any of the legal proceedings noted in this section is appropriate at this time. Financial StatementsNotes to Consolidated Financial Statements102 Financial StatementsNotes to Consolidated Financial Statements102 Financial StatementsNotes to Consolidated Financial Statements102 Notes to Consolidated Financial Statements 102 European Commission Competition Matter In 2009, the EC found that we had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a €1.1 billion fine, which we paid in the third quarter of 2009. We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC's 2009 findings against us regarding rebates, as well as the €1.1 billion fine imposed on Intel, which was returned to us in February 2022. The General Court's January 2022 decision did not annul the EC's 2009 finding that we made payments to prevent sales of specific rival products. In April 2022, the EC appealed the General Court's findings regarding rebates to the Court of Justice. In October 2024, the Court of Justice dismissed the EC's appeal, upholding the judgment of the General Court. In September 2023, the EC imposed a €376 million ($401 million) fine against us based on its 2009 finding that we made payments to prevent sales of specific rival products. We appealed the EC's decision, and in December 2025 the General Court reduced the fine to €237 million ($277 million). Intel may appeal the General Court’s decision to the Court of Justice. We have reduced our previously accrued charge for the fine to approximately $311 million as of December 27, 2025, which includes foreign currency revaluation effects and accrued interest, and are unable to make a reasonable estimate of the potential loss or range of losses in excess of this amount given the procedural posture and the nature of these proceedings. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified Intel and other companies that it had identified security vulnerabilities, the first variants of which are now commonly referred to as “Spectre” and “Meltdown,” that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. In January 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available. Consumer class action lawsuits are pending against us in the U.S. and Canada. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by our actions and/or omissions in connection with Spectre, Meltdown, and other variants of this class of security vulnerabilities that have been identified since 2018, and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the U.S., class action suits filed in various jurisdictions between 2018 and 2021 were consolidated for all pretrial proceedings in the U.S. District Court for the District of Oregon, which entered final judgment in favor of Intel in July 2022 based on plaintiffs' failure to plead a viable claim. The Ninth Circuit Court of Appeals affirmed the district court's judgment in November 2023, ending the litigation. In November 2023, new plaintiffs filed a consumer class action complaint in the U.S. District Court for the Northern District of California with respect to a further vulnerability variant disclosed in August 2023 and commonly referred to as “Downfall.” In August 2024, the district court dismissed plaintiffs' entire complaint for failure to plead a viable claim, with leave to amend. In August 2025, the district court dismissed with prejudice the nationwide class claims under California law in plaintiffs' amended complaint, and denied Intel's motion to dismiss subclass claims pleaded in the alternative under the laws of certain other states. In October 2025, the plaintiffs filed a second amended complaint, which Intel moved to dismiss in December 2025. In Canada, an initial status conference has not yet been scheduled in one case relating to Spectre and Meltdown pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. Financial StatementsNotes to Consolidated Financial Statements103 Financial StatementsNotes to Consolidated Financial Statements103 Financial StatementsNotes to Consolidated Financial Statements103 Notes to Consolidated Financial Statements 103 Litigation Related to Segment Reporting and Internal Foundry Model A securities class action lawsuit was filed in the U.S. District Court for the Northern District of California in May 2024 against us and certain officers following the modification of our segment reporting in the first quarter of 2024 to align to our new internal foundry operating model. In August 2024, the court ordered the case consolidated with a second, similar lawsuit, and in October 2024 plaintiffs filed an amended consolidated complaint generally alleging that defendants violated the federal securities laws by making false or misleading statements about the growth and prospects of the foundry business and seeking monetary damages on behalf of all persons and entities that purchased or otherwise acquired our common stock or purchased call options or sold put options on our common stock from January 25, 2024 through August 1, 2024. In March 2025, the court dismissed plaintiffs' amended consolidated complaint, finding that plaintiffs failed to plead any false or misleading statements by defendants. The court granted plaintiffs leave to amend, but in July 2025 dismissed plaintiffs' second amended complaint and entered judgment in defendants' favor, again finding that plaintiffs failed to plead any false or misleading statements. Plaintiffs have appealed. Given the procedural posture of the case, including that the plaintiffs have appealed the district court's decision, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from the matter. Stockholder derivative lawsuits have been filed in Delaware state and federal courts alleging that our directors and certain officers breached their fiduciary duties and violated the federal securities laws by making or allowing the statements that are challenged in the securities class action lawsuit. The plaintiffs in the derivative lawsuits seek to recover damages from the defendants on behalf of Intel. The cases are stayed pending developments in the securities class action lawsuit. Litigation Related to Patent and IP Claims We have had IP infringement lawsuits filed against us, including but not limited to those discussed below. Most involve claims that certain of our products, services, and technologies infringe others' IP rights. Adverse results in these lawsuits may include awards of substantial fines and penalties, costly royalty or licensing agreements, or orders preventing us from offering certain features, functionalities, products, or services. As a result, we may have to change our business practices, and develop non-infringing products or technologies, which could result in a loss of revenue for us and otherwise harm our business. In addition, certain agreements with our customers require us to indemnify them against certain IP infringement claims, which can increase our costs as a result of defending such claims, and may require that we pay significant damages, accept product returns, or supply our customers with non-infringing products if there were an adverse ruling in any such claims. In addition, our customers and partners may discontinue the use of our products, services, and technologies, as a result of injunctions or otherwise, which could result in loss of revenue and adversely affect our business. VLSI Technology LLC v. Intel In October 2017, VLSI Technology LLC (VLSI) filed a complaint against us in the U.S. District Court for the Northern District of California alleging that various Intel FPGA and processor products infringe eight patents VLSI acquired from NXP Semiconductors, N.V. (NXP). VLSI sought damages, attorneys' fees, costs, and interest. Intel prevailed on all eight patents and the court entered final judgment in April 2024. VLSI appealed the Court's judgment of non-infringement as to one of the eight patents. That appeal is set for oral argument before the Federal Circuit Court of Appeals in February 2026. In April 2019, VLSI filed three infringement suits against us in the U.S. District Court for the Western District of Texas accusing various of our processors of infringement of eight additional patents it had acquired from NXP: ▪The first Texas case went to trial in February 2021, and the jury awarded VLSI $1.5 billion for literal infringement of one patent and $675 million for infringement of another patent under the doctrine of equivalents. In April 2022, the court entered final judgment, awarding VLSI $2.2 billion in damages and approximately $162 million in pre-judgment and post-judgment interest. We appealed the judgment to the Federal Circuit Court of Appeals, including the court's rejection of Intel's claim to have a license from Fortress Investment Group's acquisition of Finjan. The Federal Circuit Court heard oral argument in October 2023. In December 2023, the Federal Circuit reversed the finding of infringement as to the patent for which VLSI was awarded $675 million. The Federal Circuit affirmed the finding of infringement as to the patent for which VLSI had been awarded $1.5 billion, but vacated the damages award and sent the case back to the trial court for further damages proceedings on that patent. The Federal Circuit also ruled that Intel can advance the defense that it is licensed to VLSI's patents. In December 2021 and January 2022 the Patent Trial and Appeal Board (PTAB) instituted Inter Partes Reviews (IPR) on the claims found to have been infringed in the first Texas case, and in May and June 2023 found all of those claims unpatentable; VLSI has appealed the PTAB's decisions. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents. The motion remains pending. ▪The second Texas case went to trial in April 2021, and the jury found that we do not infringe the asserted patents. VLSI had sought approximately $3.0 billion for alleged infringement, plus enhanced damages for willful infringement. In September 2024, the court denied VLSI's motion for a new trial. Other post-trial motions remain pending, and the court has not yet entered final judgment. Financial StatementsNotes to Consolidated Financial Statements104 Financial StatementsNotes to Consolidated Financial Statements104 Financial StatementsNotes to Consolidated Financial Statements104 Notes to Consolidated Financial Statements 104 ▪The third Texas case went to trial in November 2022, with VLSI asserting one remaining patent. The jury found the patent valid and infringed, and awarded VLSI approximately $949 million in damages, plus interest and a running royalty. The court has not yet entered final judgment. In February 2023, we filed motions for a new trial and for judgment as a matter of law notwithstanding the verdict on various grounds. Further appeals are possible. In April 2024, Intel moved to add the defense that it is licensed to VLSI's patents, and the court granted Intel's motion that same month. In May 2025, the court held a trial on an underlying factual question relating to Intel’s license defense. The jury returned a verdict in Intel's favor. Post-trial briefing is complete, and the court will address the ultimate legal issue of whether Intel obtained a license to the asserted VLSI patent through Intel’s license agreement with Finjan when Fortress Investments acquired Finjan. In May 2019, VLSI filed a case in Shenzhen Intermediate People's Court against Intel, Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. VLSI asserted one patent against certain Intel Core processors. Defendants filed an invalidation petition in October 2019 with the China National Intellectual Property Administration (CNIPA) which held a hearing in September 2021. The Shenzhen court held trial proceedings in July 2021 and September 2023. VLSI sought an injunction as well as RMB 1.3 million in costs and expenses, but no damages. In September 2023, the CNIPA invalidated every claim of the asserted patent. In November 2023, the trial court dismissed VLSI's case. In May 2019, VLSI filed a case in Shanghai Intellectual Property Court against Intel (China) Co., Ltd., Intel Trading (Shanghai) Co., Ltd., and Intel Products (Chengdu) Co., Ltd. asserting one patent against certain Intel Core processors. The Shanghai court held trial hearings in December 2020 and in May 2022, where VLSI requested expenses (RMB 300 thousand) and an injunction. In October 2023, the Shanghai court issued a decision finding no infringement and dismissing all claims. In November 2023, VLSI appealed the finding of non-infringement to the Supreme People's Court. The Supreme People's Court held an evidentiary hearing in October 2024, and a trial in November 2024. In parallel in December 2022, we had filed a petition to invalidate the patent at issue in the Shanghai proceeding. In February 2024, the patent was found not invalid, and Intel appealed the decision in May 2024. After the Beijing Intellectual Property Court upheld the validity of the patent in May 2025, we filed a further appeal to the Supreme People’s Court in June 2025. Both VLSI’s appeal of the noninfringement decision and our appeal of the validity decision before the Supreme People’s Court remain pending. In July 2024, Intel filed suit against VLSI in U.S. District Court for the District of Delaware requesting the court find Intel is licensed to VLSI's patents. In September 2024, VLSI filed motions requesting that Intel's complaint be dismissed, transferred, or stayed. In December 2024, the Delaware court stayed the case and deferred the pending motions until May 31, 2025. The Delaware court has not taken further action and continues to receive status reports from the parties regarding the Texas court's consideration of Intel's license defense. As of December 27, 2025, we have accrued a charge of approximately $1.0 billion related to the VLSI litigation. We are unable to make a reasonable estimate of losses in excess of recorded amounts. Eire Og Innovations v IBM et. al. Since April 2024, EireOg Innovations Ltd. has filed eleven separate complaints in the Eastern and Western Districts of Texas against Intel and AMD customers alleging that various products with Intel and AMD CPUs infringe numerous patents. EireOg seeks compensatory damages, future royalties, attorneys’ fees, costs, and interest. Intel is indemnifying Acer, Amazon Web Services (AWS), Cisco, Dell, HPE, HPI, IBM, Lenovo, and Oracle in connection with Intel CPUs accused of infringing four patents. Cisco and IBM filed their answers in June 2024. In these cases, a Markman hearing is scheduled for August 2025, and trial is scheduled for February 2026. Dell and Oracle filed their answers in June and September 2024, respectively. The Markman hearing in those matters was held in May 2025, and trial is scheduled for June 2026. Lenovo filed a motion to dismiss for lack of jurisdiction in July 2024, which was denied, and it subsequently filed an answer in October 2024. HPE filed its answer in July 2024. Trial in the Lenovo and HPE matters is scheduled for March 2026. AWS moved to dismiss the complaint in June 2025, and EireOg responded with an amended complaint. AWS filed a motion to dismiss the amended complaint in July 2025, which was denied, and it subsequently filed an answer in October 2025. The Markman hearing in the AWS matter is scheduled for December 2025, and trial is scheduled for December 2026. In September 2025, EireOg filed joint motions to dismiss the claims against Acer and HPI without prejudice. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. Media Content Protection v Intel In September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, Philips) filed against Intel and customers in the U.S. District Court for the District of Delaware and the International Trade Commission (ITC). Philips alleged that certain Intel digital video-capable integrated circuits and associated firmware infringed two of its patents, including integrated circuits and associated firmware incorporated into products sold by Dell Technologies, Inc., HP Inc., Lenovo Group Ltd., and LG Electronics Inc. In March 2022, the ITC issued a final determination concluding that Philips had not proven a violation. Philips did not appeal the ITC’s decision, and a stay of the Delaware cases was lifted. Philips then sold the asserted patents to Media Content Protection (MCP) in July 2024, and MCP substituted in as the plaintiff. Trial was set for January 2026. MCP seeks $66 million to $398 million in damages for royalties between the 2020 case filing and the 2023 patent expiration date. In November 2025, the court granted Intel’s motion for summary judgment of invalidity of both patents and issued a final judgment in favor of Intel in December 2025. MCP has appealed. Given the procedural posture and the nature of this case, including that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from this matter. Financial StatementsNotes to Consolidated Financial Statements105 Financial StatementsNotes to Consolidated Financial Statements105 Financial StatementsNotes to Consolidated Financial Statements105 Notes to Consolidated Financial Statements 105 Key Terms Key Terms We use terms throughout our document that are specific to Intel or that are abbreviations that may not be commonly known or used. Below is a list of these terms used in our document. TermDefinition2006 ESPP2006 Employee Stock Purchase Plan2006 Plan2006 Equity Incentive Plan2024 Restructuring PlanCost and capital reduction initiatives approved by management, the board of directors or the Audit & Finance Committee of the board of directors designed to adjust spending to current business trends and achieve objectives announced in Q3 2024 with respect to reducing operating expenses, reducing capital expenditures and reducing cost of sales while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy2025 Restructuring PlanTransformational initiative announced and subsequently approved in Q2 2025 by our management 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 initiatives5GThe fifth-generation mobile network, which brings dramatic improvements in network speeds and latency, and which we view as a transformative technology and opportunity for many industriesAIArtificial intelligenceAI PCArtificial intelligence personal computerAlteraAltera Corporation, a business offering programmable semiconductors, primarily FPGAs, and related products for a broad range of applications.AMDAdvanced Micro Devices, Inc. AMICAdvanced Manufacturing Investment CreditApolloApollo Global Management, Inc.AppleApple Inc.ARMAdvanced RISC machineASICApplication-specific integrated circuitASPAverage selling priceBEPSBase erosion and profit shiftingBroadcomBroadcom Inc.BrookfieldBrookfield Asset ManagementCAGRCompound annual growth rateCCGClient Computing Group operating segmentCDPA nonprofit organization that runs a global disclosure system for investors, companies, cities, states, and regions to manage their environmental impactsCEOChief executive officerCHIPS ActCreating Helpful Incentives to Produce Semiconductors for America ActCIOChief Information OfficerCISOChief Information Security OfficerCODMChief operating decision makerCOVID-19The infectious disease caused by coronavirus (aka SARS-CoV-2), which was declared a global pandemic by the World Health OrganizationCPUProcessor or central processing unitCSPCloud service providerCTOChief Technology OfficerDCAIData Center and Artificial Intelligence operating segmentDOCU.S. Department of CommerceECEuropean CommissionEDAElectronic design automation, tools used to design and verify electronic systems, such as integrated circuits and printed circuit boardsEMIBEmbedded multi-die interconnect bridge, a form of "2.5D" packaging technology developed by Intel that enables high-density interconnect of heterogeneous chipsEPSEarnings per share Cost and capital reduction initiatives approved by management, the board of directors or the Audit & Finance Committee of the board of directors designed to adjust spending to current business trends and achieve objectives announced in Q3 2024 with respect to reducing operating expenses, reducing capital expenditures and reducing cost of sales while enabling Intel's new operating model and continuing to fund investments in Intel's core strategy Advanced Manufacturing Investment Credit Embedded multi-die interconnect bridge, a form of "2.5D" packaging technology developed by Intel that enables high-density interconnect of heterogeneous chips Supplemental Details106 Supplemental Details106 Supplemental Details106 106 Escrowed SharesShares 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.ESGEnvironmental, social, and governanceEUEuropean UnionEUVExtreme ultraviolet lithographyExchange ActSecurities Exchange Act of 1934FabSemiconductor manufacturing / wafer fabrication facilities2024 Form 10-KAnnual Report on Form 10-K for the year ended December 28, 2024FPGAField-programmable gate arrayGPUGraphics processing unitGlobalFoundriesGlobalFoundries Inc.GRIGlobal Reporting InitiativeHigh-NA EUVHigh Numerical Aperture Extreme UltravioletHPCHigh-performance computingIDMIntegrated device manufacturer, a semiconductor company that both designs and builds chipsIntelIntel CorporationIMSIMS Nanofabrication GmbH, a business within Intel Foundry that develops and produces electron-beam systems for the semiconductor industryInternet of ThingsInternet of Things market in which certain Intel and Mobileye products are soldIPIntellectual propertyIPOInitial public offeringIPUInfrastructure processing unit, a programmable networking device designed to enable cloud and communication service providers to reduce overhead and free up performance for CPUs MaaSMobility as a serviceMD&AManagement's Discussion and AnalysisMentee RoboticsMentee Robotics Ltd.MG&AMarketing, general, and administrativeNANDNAND flash memoryNEXNetworking and Edge operating segmentnmNanometerNPUNeural processing unitNVIDIANVIDIA CorporationODMOriginal design manufacturerOECDOrganization for Economic Co-operation and DevelopmentOEMOriginal equipment manufactureroneAPIOpen, cross-architecture programming model that frees developers to use a single code base across multiple architecturesPCPersonal computerPowerViaIntel'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.PSUPerformance stock unitQualcommQualcomm, Inc.R&DResearch and developmentRDFVReadily determinable fair valueRibbonFETA Gate-All-Around (GAA) transistor technology developed by Intel that uses ribbon-shaped semiconductor nanosheets completely surrounded by the gate electrode.RISC-VReduced Instruction Set Computer, version fiveRSU Restricted stock unitSASBSustainability Accounting Standards BoardSCIPSemiconductor Co-Investment ProgramSECU.S. Securities and Exchange CommissionSecure EnclaveSecure Enclave program under the CHIPS ActSemiconductor Logic ChipThe "brain" of electronic devices, processing information to complete tasks 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. Semiconductor manufacturing / wafer fabrication facilities GlobalFoundries GlobalFoundries Inc. GRI Global Reporting Initiative Integrated device manufacturer, a semiconductor company that both designs and builds chips Organization for Economic Co-operation and Development Supplemental Details107 Supplemental Details107 Supplemental Details107 107 SK hynixSK hynix Inc.SLPSilver Lake PartnersSMICSemiconductor Manufacturing International CorporationSemiconductor Process TechnologyProcesses and technologies applied in the production of semiconductor logic chipsSoCSystem 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 across many market segments for a variety of applications.SoftBank GroupSoftBank Group CorpSOFRSecured Overnight Financing Rate, a benchmark interest rate for US-dollar-denominated derivatives and loans, replacing LIBORSystems foundryA service provider that offers end-to-end semiconductor manufacturing and design solutionsTAMTotal addressable marketTax ReformU.S. Tax Cuts and Jobs Act TCFDTask Force on Climate-Related Financial DisclosuresTowerTower Semiconductor LtdTSRTotal stockholder returnUMCUnited Microelectronics CorporationU.S.United StatesU.S. GAAPU.S. Generally Accepted Accounting Principles U.S. Retiree Medical PlanU.S. Postretirement Medical Benefits PlanVIEVariable interest entityxPUProcessors that are designed for one of four major computing architectures: CPU, GPU, AI accelerator, and FPGA Tower Semiconductor Ltd Supplemental Details108 Supplemental Details108 Supplemental Details108 108 Controls and ProceduresInherent Limitations on Effectiveness of Controls Controls and Procedures Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. Evaluation of Disclosure Controls and Procedures Based on management's evaluation (with the participation of our principal executive officer and principal financial officer), as of the end of the period covered by this report, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Changes in Internal Control Over Financial Reporting There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 27, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Management Report on Internal Control Over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of Consolidated Financial Statements for external purposes in accordance with U.S. GAAP. Management assessed our internal control over financial reporting as of December 27, 2025. Management based its assessment on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Management's assessment included evaluation of elements such as the design and operating effectiveness of key financial reporting controls, process documentation, accounting policies and our overall control environment. Based on this assessment, management has concluded that our internal control over financial reporting was effective as of the end of the fiscal year to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Consolidated Financial Statements for external reporting purposes in accordance with U.S. GAAP. We reviewed the results of management's assessment with the Audit Committee of our Board of Directors. Our independent registered public accounting firm, Ernst & Young LLP, independently assessed the effectiveness of the company's internal control over financial reporting, as stated in the firm's attestation report, which is included within Financial Statements and Supplemental Details. Supplemental Details109 Supplemental Details109 Supplemental Details109 109 Exhibits Exhibits 1.Financial Statements: See "Index to Consolidated Financial Statements" within the Consolidated Financial Statements. 2.Financial Statement Schedules: Not applicable or the required information is otherwise included in the Consolidated Financial Statements and accompanying notes. 3.Exhibits: The exhibits listed in the accompanying index to exhibits are filed, furnished or incorporated by reference as part of this Form 10-K. Certain of the agreements filed as exhibits to this Form 10-K contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement. These representations and warranties: ▪may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the agreements; ▪may apply standards of materiality that differ from those of a reasonable investor; and ▪were made only as of specified dates contained in the agreements and are subject to subsequent developments and changed circumstances. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date that these representations and warranties were made or at any other time. Investors should not rely on them as statements of fact. Supplemental Details110 Supplemental Details110 Supplemental Details110 110 Exhibit Index ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate2.1Transaction Agreement, dated April 14, 2025, by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.10-Q000-0621710.1 7/24/20252.2Amendment No. 1 to Transaction Agreement, dated August 11, 2025 .by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P.8-K000-0621710.1 8/14/20253.1Corrected Third Restated Certificate of Incorporation of Intel Corporation, dated October 23, 202310-Q000-062173.1 10/27/20233.2Intel Corporation Bylaws, as amended and restated on November 29, 20238-K000-062173.2 12/5/20234.1Indenture dated as of March 29, 2006 between Intel Corporation and Wells Fargo Bank, National Association (as successor to Citibank N.A.) (the "Open-Ended Indenture")S-3ASR333-1328654.4 3/30/20064.2First Supplemental Indenture to Open-Ended Indenture, dated as of December 3, 200710-K000-062174.2.42/20/20084.3Second Supplemental Indenture to Open-Ended Indenture for the Registrant's 1.95% Senior Notes due 2016, 3.30% Senior Notes due 2021, and 4.80% Senior Notes due 2041, dated as of September 19, 20118-K000-062174.01 9/19/20114.4Third Supplemental Indenture to Open-Ended Indenture for the Registrant's 1.35% Senior Notes due 2017, 2.70% Senior Notes due 2022, 4.00% Senior Notes due 2032, and 4.25% Senior Notes due 2042, dated as of December 11, 20128-K000-062174.01 12/11/20124.5Fourth Supplemental Indenture to Open-Ended Indenture for the Registrant's 4.25% Senior Notes due 2042, dated as of December 14, 20128-K000-062174.01 12/14/20124.6Fifth Supplemental Indenture to Open-Ended Indenture, dated as of July 29, 2015, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 7/29/20154.7Eighth Supplemental Indenture to Open-Ended Indenture, dated as of May 19, 2016, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 5/19/20164.8Ninth Supplemental Indenture to Open-Ended Indenture, dated as of May 11, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 5/11/20174.9Tenth Supplemental Indenture to Open-Ended Indenture, dated as of June 16, 2017, between Intel Corporation and Wells Fargo Bank, National Association, as successor trustee8-K000-062174.1 6/16/20174.10Eleventh Supplemental Indenture to Open-Ended Indenture, dated as of August 14, 2017, among Intel Corporation, Wells Fargo Bank, National Association, as successor trustee, and Elavon Financial Services DAC, UK Branch, as paying agent8-K000-062174.1 8/14/2017 Exhibit Number

European Commission Competition Matter In 2009, the EC found that we had used unfair business practices to persuade customers to buy microprocessors in violation of Article 82 of the EC Treaty (later renumbered Article 102) and Article 54 of the European Economic Area Agreement. In general, the EC found that we violated Article 82 by offering alleged “conditional rebates and payments” that required customers to purchase all or most of their x86 microprocessors from us and by making alleged “payments to prevent sales of specific rival products.” The EC ordered us to end the alleged infringement referred to in its decision and imposed a €1.1 billion fine, which we paid in the third quarter of 2009. We appealed the EC decision to the European Court of Justice in 2014, after the General Court (then called the Court of First Instance) rejected our appeal of the EC decision in its entirety. In September 2017, the Court of Justice sent the case back to the General Court to examine whether the rebates at issue were capable of restricting competition. In January 2022, the General Court annulled the EC's 2009 findings against us regarding rebates, as well as the €1.1 billion fine imposed on Intel, which was returned to us in February 2022. The General Court's January 2022 decision did not annul the EC's 2009 finding that we made payments to prevent sales of specific rival products. In April 2022, the EC appealed the General Court's findings regarding rebates to the Court of Justice. In October 2024, the Court of Justice dismissed the EC's appeal, upholding the judgment of the General Court. In September 2023, the EC imposed a €376 million ($401 million) fine against us based on its 2009 finding that we made payments to prevent sales of specific rival products. We have appealed the EC's decision. We have accrued a charge for the fine and are unable to make a reasonable estimate of the potential loss or range of losses in excess of this amount given the procedural posture and the nature of these proceedings. In a related matter, in April 2022, we filed applications with the General Court seeking an order requiring the EC to pay us approximately €593 million ($647 million) in default interest on the original €1.1 billion ($1.2 billion) fine that was held by the EC for 12 years. In November 2024, the EC paid us approximately €516 million ($560 million) in settlement of the applications. Litigation Related to Security Vulnerabilities In June 2017, a Google research team notified Intel and other companies that it had identified security vulnerabilities, the first variants of which are now commonly referred to as “Spectre” and “Meltdown,” that affect many types of microprocessors, including our products. As is standard when findings like these are presented, we worked together with other companies in the industry to verify the research and develop and validate software and firmware updates for impacted technologies. In January 2018, information on the security vulnerabilities was publicly reported, before software and firmware updates to address the vulnerabilities were made widely available. Consumer class action lawsuits against us were pending in the US and Canada. The plaintiffs, who purport to represent various classes of purchasers of our products, generally claim to have been harmed by our actions and/or omissions in connection with Spectre, Meltdown, and other variants of this class of security vulnerabilities that have been identified since 2018, and assert a variety of common law and statutory claims seeking monetary damages and equitable relief. In the US, class action suits filed in various jurisdictions between 2018 and 2021 were consolidated for all pretrial proceedings in the US District Court for the District of Oregon, which entered final judgment in favor of Intel in July 2022 based on plaintiffs' failure to plead a viable claim. The Ninth Circuit Court of Appeals affirmed the district court's judgment in November 2023, ending the litigation. In November 2023, new plaintiffs filed a consumer class action complaint in the US District Court for the Northern District of California with respect to a further vulnerability variant disclosed in August 2023 and commonly referred to as “Downfall.” In August 2024, the district court dismissed plaintiffs' complaint for failure to plead a viable claim. Plaintiffs filed an amended complaint in September 2024, which we moved to dismiss in October 2024. In Canada, an initial status conference has not yet been scheduled in one case relating to Spectre and Meltdown pending in the Superior Court of Justice of Ontario, and a stay of a second case pending in the Superior Court of Justice of Quebec is in effect. Additional lawsuits and claims may be asserted seeking monetary damages or other related relief. Given the procedural posture and the nature of these cases, including that the pending proceedings are in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class or classes being certified or the ultimate size of any class or classes if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from these matters. Litigation Related to Segment Reporting and Internal Foundry Model A securities class action lawsuit was filed in the US District Court for the Northern District of California in May 2024 against us and certain officers following the modification of our segment reporting in the first quarter of 2024 to align to our new internal foundry operating model. In August 2024 the court ordered the case consolidated with a second, similar lawsuit, and in October 2024 plaintiffs filed an amended consolidated complaint generally alleging that defendants violated the federal securities laws by making false or misleading statements about the growth and prospects of the foundry business and seeking monetary damages on behalf of all persons and entities that purchased or otherwise acquired our common stock or purchased call options or sold put options on our common stock from January 25, 2024 through August 1, 2024. We filed a motion to dismiss the amended consolidated complaint in December 2024. Given the procedural posture and the nature of the case, including that it is in the early stages, that alleged damages have not been specified, that uncertainty exists as to the likelihood of a class being certified or the ultimate size of any class if certified, and that there are significant factual and legal issues to be resolved, we are unable to make a reasonable estimate of the potential loss or range of losses, if any, that might arise from the matter. Financial StatementsNotes to Consolidated Financial Statements97 Financial StatementsNotes to Consolidated Financial Statements97 Financial StatementsNotes to Consolidated Financial Statements97 Notes to Consolidated Financial Statements 97

Lip-Bu Tan Lip-Bu Tan has been our Chief Executive Officer since March 2025 and serves on the company’s Board of Directors. Mr. Tan previously served as Chief Executive Officer of Cadence Design Systems, a computational software company, from 2009 to December 2021, and as Executive Board Chair at Cadence from December 2021 to May 2023. Mr. Tan was previously a director of Intel from September 2022 until August 2024. Mr. Tan is the chairman of Walden International, an international venture capital firm he founded in 1987, and the founding managing partner of two other funds, Celesta Capital and Walden Catalyst Ventures. He is on the board of directors of Schneider Electric SE, a digital automation and energy management company. Mr. Tan holds a Bachelor of Science in Physics from Nanyang Technological University in Singapore, a Master of Science in Nuclear Engineering from the Massachusetts Institute of Technology and a Master of Business Administration from the University of San Francisco. Chief Executive Officer Naga Chandrasekaran has been our Executive Vice President, Chief Technology and Operations Officer, and General Manager of Intel Foundry since September 2025. Mr. Chandrasekaran oversees technology development, manufacturing, customer engagement, and ecosystem operations for silicon, packaging, and test technologies. Before that he served as our Chief Technology and Operations Officer and Executive Vice President of Intel’s Foundry Technology and Manufacturing after originally joining Intel in August 2024 as the Executive Vice President of Foundry Manufacturing & Supply Chain. Prior to joining Intel, he worked at Micron Technology, Inc., a semiconductor manufacturing company, for 23 years, from October 2008 to August 2024, where he held several senior leadership positions, most recently as the Senior Vice President of Technology Development. He earned a Bachelor’s Engineering Degree in Mechanical Engineering from the University of Madras; a Master of Science Degree and a Doctorate in Mechanical Engineering from Oklahoma State University; a Master’s of Information and Data Science from the University of California, Berkeley; and dual executive Master of Business Administration degrees from the University of California, Los Angeles, and the National University of Singapore. Mr. Chandrasekaran is a member of the Board of Directors of Mobileye Global, Inc. Ms. Miller Boise has been our Executive Vice President and Chief Legal Officer since July 2022 and Corporate Secretary since August 2022. Ms. Miller Boise leads the corporate affairs, policy, integrity, trade and legal functions, is a member of Intel's Executive Team, and is a key strategic partner to Intel's Board of Directors. Prior to joining Intel, Ms. Miller Boise was Executive Vice President and Chief Legal Officer at Eaton Corp., an intelligent power management company, from January 2020 to July 2022. Before joining Eaton in 2020, she was Senior Vice President, Chief Legal Officer, and Corporate Secretary at Meritor Inc., a manufacturer of powertrain solutions for commercial vehicles, later acquired by Cummins Inc. Ms. Miller Boise has more than 30 years of experience and has served in executive leadership roles at companies in various industries including semiconductors, aerospace, power management, automotive, climate control, financial services, and oil and gas. She serves on the Board of Directors of Trane Technologies, plc. Ms. Miller Boise holds a Juris Doctor from the University of Chicago Law School and a Bachelor of Business Administration from the University of Michigan. Executive Vice President and Chief Legal Officer David Zinsner has been our Executive Vice President and Chief Financial Officer (CFO) since January 2022. In this capacity, Mr. Zinsner leads Intel’s global finance organization, overseeing finance, accounting and reporting, tax, treasury, internal audit, and investor relations. His responsibilities also encompass Real Estate and Workplace Services and Corporate Development. Mr. Zinsner was previously executive vice president and CFO at Micron Technology, Inc., where he served on the executive leadership team and directed the global finance organization from 2018 to 2022. With three decades of financial and operational experience in semiconductors, manufacturing, and the technology industry, Mr. Zinsner has held several senior leadership roles. His prior positions include president and chief operating officer of Affirmed Networks, senior vice president of finance and CFO at Analog Devices, and senior vice president and CFO at Intersil Corporation. In addition to his work with Intel, Mr. Zinsner serves on the boards of Albertsons Companies Inc., Mobileye Global Inc., and Altera Corporation. Previously, he served on the board of Credo Semiconductor for over five years, including the company’s initial public offering. Mr. Zinsner holds a Master of Business Administration in Finance and Accounting from Vanderbilt University, as well as a Bachelor of Science in Industrial Management from Carnegie Mellon University. Other Key Information52 Other Key Information52 Other Key Information52 Other Key Information 52 Market for Our Common Stock The principal U.S. market on which our common stock (symbol INTC) is traded is the Nasdaq Global Select Market. As of January 16, 2026, there were approximately 87,000 registered holders of record of our common stock. A substantially greater number of holders of our common stock are "street name" or beneficial holders, whose shares of record are held by banks, brokers and other financial institutions. Stock Performance Graph The graph and table that follow compare the cumulative TSR of our common stock with the cumulative total return of the S&P 100 Index, the S&P 500 Index, the S&P 500 IT Index and the SOX Index1 for the five years ended December 27, 2025. The cumulative returns shown on the graph are based on Intel's fiscal year. Comparison of Five-Year Cumulative Return for Intel, S&P 100 Index, S&P 500 Index, S&P 500 IT Index and SOX Index Years EndedDec 26, 2020Dec 25, 2021Dec 31, 2022Dec 30, 2023Dec 28, 2024Dec 27, 2025Intel Corporation$100 $112 $60 $116 $48 $85 S&P 100 Index$100 $131 $104 $138 $184 $220 S&P 500 Index$100 $129 $107 $135 $171 $201 S&P 500 IT Index$100 $135 $97 $154 $215 $265 SOX Index$100 $145 $95 $158 $195 $277 1 The graph and table assume that $100 was invested on the last day of trading for the fiscal year ended December 26, 2020 in our common stock, the S&P 100 Index, S&P 500 Index, S&P 500 IT Index and PHLX Semiconductor Sector Index (SOX), and that all dividends were reinvested. Issuer Purchases of Equity Securities We have an ongoing authorization, originally approved by our Board of Directors in 2005 and subsequently amended on October 24, 2019, to repurchase shares of our common stock in open market or negotiated transactions. Our last share repurchase under this authorization occurred in Q1 2021, and no shares were repurchased during the fiscal year ending December 27, 2025. As of December 27, 2025, we were authorized to repurchase up to $110.0 billion, of which $7.2 billion remained available. We issue RSUs as part of our equity incentive plans. In our Consolidated Financial Statements, we treat shares of common stock withheld for tax purposes on behalf of our employees in connection with the vesting of RSUs as common stock repurchases because they reduce the number of shares that would have been issued upon vesting. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase program. Other Key Information53 Other Key Information53 Other Key Information53 Other Key Information 53 Rule 10b5-1 Trading Arrangements Our directors and officers (as defined in Rule 16a-1 under the Exchange Act) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended December 27, 2025, no such plans or arrangements were adopted or terminated, including by modification. Cybersecurity We face significant and persistent cybersecurity risks as a developer of leading-edge manufacturing processes and widely utilized semiconductor products. We are committed to maintaining robust governance and oversight of cybersecurity risks and to implementing mechanisms, controls, technologies and processes designed to help us assess, identify and manage these risks. See "Risk Factors" for more information on our cybersecurity risks and product vulnerability risks. While we have not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future. We have seen an increase in cyberattack volume, frequency and sophistication. Our cybersecurity program and governance approach are designed to protect our network and information systems, and we have policies, procedures, processes and controls in place to identify, manage and respond to risks from cybersecurity threats. We seek to detect and investigate unauthorized attempts and attacks against our network, products and services and to prevent their occurrence and recurrence where practicable through changes or updates to our internal processes and tools and changes or updates to our products and services; however, we remain potentially vulnerable to known or unknown threats. In some instances, we, our suppliers, our customers and the users of our products and services can be unaware of a threat or incident or its magnitude and effects. Further, there is increasing regulation regarding responses to cybersecurity incidents, including reporting to regulators, which could subject us to additional liability and reputational harm. We aim to incorporate industry best practices throughout our cybersecurity program. Our cybersecurity program includes written policies, standards and procedures for information security, product security, data protection and privacy; is designed to be aligned with applicable industry standards; and is assessed annually by independent third-party auditors. Our cybersecurity strategy focuses on implementing effective and efficient controls, technologies and other processes to assess, identify, manage and address material cybersecurity threats, risks and incidents. These include, among other things: annual and ongoing security awareness training for employees; mechanisms to detect and monitor unusual network activity; and containment and incident response tools. We actively engage with industry groups for benchmarking and awareness of best practices. We monitor issues that are internally discovered or externally reported and have processes to assess those issues for potential cybersecurity impact or risk. We also have a process in place to manage cybersecurity risks associated with third-party service providers. We impose security requirements upon our suppliers, including: maintaining an effective security management program; abiding by information handling and asset management requirements; and notifying us in the event of any known or suspected cyber incident. Our Board of Directors has ultimate oversight of cybersecurity risk, which it manages as part of our enterprise risk management program. That program is utilized in making decisions with respect to company priorities, resource allocations and oversight structures. The Board of Directors is assisted by the Audit & Finance Committee, which regularly reviews our cybersecurity program with management and reports to the Board of Directors. Cybersecurity reviews by the Audit & Finance Committee or the Board of Directors generally occur at least twice annually, or more frequently as determined to be necessary or advisable. A number of Intel directors have experience in assessing and managing cybersecurity risk. Our cybersecurity program is run by our CISO, who reports to our CIO. Our CISO is informed about and monitors prevention, detection, mitigation and remediation efforts through regular communication and reporting from professionals in the information security team—many of whom hold cybersecurity certifications such as a Certified Information Systems Security Professional or Certified Information Security Manager—and through the use of technological tools and software and results from third-party audits. Our CISO has extensive experience assessing and managing cybersecurity programs and cybersecurity risk. Our CISO has served in that position since 2015 and, before Intel, was the Chief Security Officer at McAfee and the Chief Information Officer and CISO for the U.S. House of Representatives. Our CISO regularly reports directly to the Audit & Finance Committee or the Board of Directors on our cybersecurity program and efforts to prevent, detect, mitigate and remediate issues. In addition, we have an escalation process in place to inform senior management and the Board of Directors of material issues. Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934 Section 13(r) of the Exchange Act requires an issuer to disclose certain information in its periodic reports if it or any of its affiliates knowingly engaged in certain activities, transactions or dealings with individuals or entities subject to specific US economic sanctions during the reporting period, even when the activities, transactions or dealings are conducted in compliance with applicable law. On March 2, 2021, the U.S. Secretary of State designated the Federal Security Service of the Russian Federation (FSB) as a party subject to one such sanction. Though Intel has suspended sales in Russia, there may be a need to file documents or engage with FSB as Intel winds up our local Russian offices. All such dealings are explicitly authorized by General License 1B issued by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), and there are no gross revenues or net profits directly associated with any such dealings by us with the FSB. Other Key Information54 Other Key Information54 Other Key Information54 Other Key Information 54 On April 15, 2021, the U.S. Department of the Treasury designated Pozitiv Teknolodzhiz, AO (Positive Technologies), a Russian IT security firm, as a party subject to one of the sanctions specified in Section 13(r). Prior to the designation, we communicated with Positive Technologies regarding its IT security research and coordinated disclosure of security vulnerabilities identified by the firm. Based on a license issued by OFAC, we resumed such communications. There are no gross revenues or net profits directly associated with any such activities. We plan to continue these communications in accordance with the terms and conditions of the OFAC license. Other Key Information55 Other Key Information55 Other Key Information55 Other Key Information 55 Financial Statements and Supplemental Details We have defined certain terms and abbreviations used throughout our Form 10-K in "Key Terms" within this section. Index to Consolidated Financial StatementsPageReports of Independent Registered Public Accounting Firm(PCAOB ID: 42)57Consolidated Statements of Operations60Consolidated Statements of Comprehensive Income (Loss)61Consolidated Balance Sheets62Consolidated Statements of Cash Flows63Consolidated Statements of Stockholders' Equity64Notes to Consolidated Financial Statements65BasisNote 1: Basis of Presentation65Note 2: Accounting Policies65Performance and OperationsNote 3: Operating Segments72Note 4: Non-Controlling Interests75Note 5: Earnings (Loss) Per Share and Stockholders' Equity77Note 6: Other Financial Statement Details79Note 7: Restructuring and Other Charges81Note 8: Income Taxes83Investments, Long-Term Assets, and DebtNote 9: Investments87Note 10: Acquisitions and Divestitures88Note 11: Goodwill89Note 12: Identified Intangible Assets90Note 13: Borrowings91Note 14: Fair Value94Risk Management and OtherNote 15: Accumulated Other Comprehensive Income (Loss)95Note 16: Derivative Financial Instruments95Note 17: Retirement Benefit Plans97Note 18: Employee Equity Incentive Plans100Note 19: Commitments and Contingencies102Key Terms106Index to Supplemental DetailsControls and Procedures109Exhibits110Form 10-K Cross-Reference Index116 (PCAOB ID: 42) 57 Consolidated Statements of Operations 60 Consolidated Statements of Comprehensive Income (Loss) 61 62 63 64 65 65 65 72 75 77 79 81 83 87 88 89 90 91 94 95 95 97 100 102 106 109 110 116 56 56 56 56 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Intel Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Intel Corporation (the Company) as of December 27, 2025 and December 28, 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows and stockholders' equity for each of the three years in the period ended December 27, 2025 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 27, 2025 and December 28, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 27, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 27, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated January 22, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Auditor's Reports57 Auditor's Reports57 Auditor's Reports57 57 Inventory ValuationDescription of the MatterThe Company's net inventory totaled $11.6 billion as of December 27, 2025, representing 5.5% of total assets. As explained in "Note 2: Accounting Policies" within the consolidated financial statements, the Company computes inventory cost on a first-in, first-out basis, and applies judgment in determining saleability of products and the valuation of inventories. The Company assesses inventory at each reporting date in order to assert that it is recorded at net realizable value, giving consideration to, among other factors: whether the products have achieved the substantive engineering milestones to qualify for sale to customers; the determination of normal capacity levels in its manufacturing process to determine which manufacturing overhead costs can be included in the valuation of inventory; whether the product is valued at the lower of cost or net realizable value; and the estimation of excess and obsolete inventory or that which is not of saleable quality. Auditing management's assessment of net realizable value for inventory was challenging because the determination of excess and obsolete inventory reserves is judgmental and considers a number of factors that are affected by market and economic conditions, such as customer forecasts and industry supply and demand. Additionally, for certain new product launches there is limited historical data with which to evaluate forecasts.How We Addressed the Matter in Our AuditWe evaluated the design and tested operating effectiveness of the Company's internal controls over the costing of inventory, the determination of whether inventory is of saleable quality, and the determination of demand forecasts and related application against on hand inventory.Our audit procedures included, among others, testing the significant assumptions (e.g., estimated product demand forecasts) of the underlying data used in management's inventory valuation assessment. We compared the significant assumptions used by management to current industry and economic trends. We assessed whether there were any potential sources of contrary information, including historical forecast accuracy or history of significant revisions to previously recorded inventory valuation adjustments, and performed sensitivity analyses over significant assumptions to evaluate the changes in inventory valuation that would result from changes in the assumptions. The Company's net inventory totaled $11.6 billion as of December 27, 2025, representing 5.5% of total assets. As explained in "Note 2: Accounting Policies" within the consolidated financial statements, the Company computes inventory cost on a first-in, first-out basis, and applies judgment in determining saleability of products and the valuation of inventories. The Company assesses inventory at each reporting date in order to assert that it is recorded at net realizable value, giving consideration to, among other factors: whether the products have achieved the substantive engineering milestones to qualify for sale to customers; the determination of normal capacity levels in its manufacturing process to determine which manufacturing overhead costs can be included in the valuation of inventory; whether the product is valued at the lower of cost or net realizable value; and the estimation of excess and obsolete inventory or that which is not of saleable quality. Goodwill Impairment Assessment - Mobileye Reporting UnitDescription of the MatterAt December 27, 2025, the balance of the Company’s goodwill was $23.9 billion. The goodwill attributed to the Mobileye reporting unit was $8.2 billion and represented 3.9% of total assets. As discussed in “Note 2: Accounting Policies” within the consolidated financial statements, goodwill is assessed at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The assessment may include both qualitative and quantitative evaluations. If it is determined, based on the qualitative assessment, that it is more likely than not that the fair value of the unit is less than its carrying amount, a quantitative goodwill impairment test is performed. As discussed in “Note 11: Goodwill” to the consolidated financial statements, the Company identified certain impairment indicators in the three months ended December 27, 2025 which required further quantitative analysis. As a result of this assessment, no goodwill impairment charges related to the Mobileye reporting unit were recorded.Auditing the Company’s Mobileye goodwill impairment evaluation was complex and judgmental due to the significant estimation required in determining the fair value using the income approach. Determining fair value involved assumptions with forward-looking elements that can be affected by future economic and market conditions. In particular, the fair value estimate was sensitive to significant assumptions such as revenue terminal growth rate and the weighted average cost of capital.How We Addressed the Matter in Our AuditWe evaluated the design and tested the operating effectiveness of the Company’s internal controls over the Mobileye reporting unit goodwill impairment review process, including controls over management’s review of the valuation model and the significant assumptions discussed above.Our audit procedures included, among others, assessing the suitability and application of the valuation methodology and evaluating the significant assumptions (e.g., revenue terminal growth rate and the weighted average cost of capital) and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends, market information, and other relevant factors. We performed sensitivity analyses of significant assumptions to determine what changes in assumptions are particularly sensitive when assessing the likelihood of impairment, or when calculating the amount of the impairment. We assessed the historical accuracy of management’s estimates. In addition, we utilized internal valuation specialists to assist in our evaluation of the methodology used by the Company and certain significant assumptions. Goodwill Impairment Assessment - Mobileye Reporting Unit At December 27, 2025, the balance of the Company’s goodwill was $23.9 billion. The goodwill attributed to the Mobileye reporting unit was $8.2 billion and represented 3.9% of total assets. As discussed in “Note 2: Accounting Policies” within the consolidated financial statements, goodwill is assessed at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The assessment may include both qualitative and quantitative evaluations. If it is determined, based on the qualitative assessment, that it is more likely than not that the fair value of the unit is less than its carrying amount, a quantitative goodwill impairment test is performed. As discussed in “Note 11: Goodwill” to the consolidated financial statements, the Company identified certain impairment indicators in the three months ended December 27, 2025 which required further quantitative analysis. As a result of this assessment, no goodwill impairment charges related to the Mobileye reporting unit were recorded. Auditing the Company’s Mobileye goodwill impairment evaluation was complex and judgmental due to the significant estimation required in determining the fair value using the income approach. Determining fair value involved assumptions with forward-looking elements that can be affected by future economic and market conditions. In particular, the fair value estimate was sensitive to significant assumptions such as revenue terminal growth rate and the weighted average cost of capital. /s/ Ernst & Young LLP We have served as the Company's auditor since 1968. San Jose, California January 22, 2026 Auditor's Reports58 Auditor's Reports58 Auditor's Reports58 58 Report of Independent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Intel Corporation Opinion on Internal Control Over Financial Reporting We have audited Intel Corporation's internal control over financial reporting as of December 27, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Intel Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 27, 2025, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2025 consolidated financial statements of the Company and our report dated January 22, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP San Jose, California January 22, 2026 Auditor's Reports59 Auditor's Reports59 Auditor's Reports59 59 Consolidated Statements of Operations Consolidated Statements of Operations Years Ended (In Millions, Except Per Share Amounts)Dec 27, 2025Dec 28, 2024Dec 30, 2023Net revenue$52,853 $53,101 $54,228 Cost of sales34,478 35,756 32,517 Gross profit18,375 17,345 21,711 Research and development13,774 16,546 16,046 Marketing, general, and administrative4,624 5,507 5,634 Restructuring and other charges2,191 6,970 (62)Operating expenses20,589 29,023 21,618 Operating income (loss)(2,214)(11,678)93 Gains (losses) on equity investments, net514 242 40 Interest and other, net3,257 226 629 Income (loss) before taxes1,557 (11,210)762 Provision for (benefit from) taxes1,531 8,023 (913)Net income (loss)26 (19,233)1,675 Less: net income (loss) attributable to non-controlling interests293 (477)(14)Net income (loss) attributable to Intel$(267)$(18,756)$1,689 Earnings (loss) per share attributable to Intel—basic$(0.06)$(4.38)$0.40 Earnings (loss) per share attributable to Intel—diluted$(0.06)$(4.38)$0.40 Weighted average shares of common stock outstanding:Basic4,530 4,280 4,190 Diluted4,530 4,280 4,212

Inventory ValuationDescription of the MatterThe Company's net inventory totaled $12.2 billion as of December 28, 2024, representing 6.2% of total assets. As explained in "Note 2: Accounting Policies" within the consolidated financial statements, the Company computes inventory cost on a first-in, first-out basis, and applies judgment in determining saleability of products and the valuation of inventories. The Company assesses inventory at each reporting date in order to assert that it is recorded at net realizable value, giving consideration to, among other factors: whether the products have achieved the substantive engineering milestones to qualify for sale to customers; the determination of normal capacity levels in its manufacturing process to determine which manufacturing overhead costs can be included in the valuation of inventory; whether the product is valued at the lower of cost or net realizable value; and the estimation of excess and obsolete inventory or that which is not of saleable quality. Auditing management's assessment of net realizable value for inventory was challenging because the determination of excess and obsolete inventory reserves and lower of cost or net realizable value is judgmental and considers a number of factors that are affected by market and economic conditions, such as customer forecasts, dynamic pricing environments, and industry supply and demand. Additionally, for certain new product launches there is limited historical data with which to evaluate forecasts.How We Addressed the Matter in Our AuditWe evaluated the design and tested operating effectiveness of the Company's internal controls over the costing of inventory, the determination of whether inventory is of saleable quality, the determination of demand forecasts and related application against on hand inventory, and the calculation of lower of cost or net realizable value reserves including related estimated costs and selling prices.Our audit procedures included, among others, testing the significant assumptions (e.g., estimated product demand forecasts, costs and selling prices) of the underlying data used in management's inventory valuation assessment. We compared the significant assumptions used by management to current industry and economic trends. We assessed whether there were any potential sources of contrary information, including historical forecast accuracy or history of significant revisions to previously recorded inventory valuation adjustments, and performed sensitivity analyses over significant assumptions to evaluate the changes in inventory valuation that would result from changes in the assumptions.Goodwill Impairment Assessment – Mobileye Reporting UnitDescription of the MatterAt December 28, 2024, the balance of the Company’s goodwill was $24.7 billion. The goodwill attributed to the Mobileye reporting unit was $8.3 billion and represented 4.2% of total assets. As discussed in “Note 2: Accounting Policies” within the consolidated financial statements, goodwill is assessed at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The assessment may include both qualitative and quantitative evaluations. If it is determined, based on the qualitative assessment, that it is more likely than not that the fair value of the unit is less than its carrying amount, a quantitative goodwill impairment test is performed. As discussed in “Note 11: Goodwill” to the consolidated financial statements, the Company identified certain impairment indicators in the three months ended September 28, 2024 that required an interim goodwill impairment test. As a result of this assessment, the Company recorded an impairment loss of $2.6 billion related to the Mobileye reporting unit. Auditing the Company’s Mobileye goodwill impairment evaluation was complex and judgmental due to the significant estimation required in determining the fair value using the income approach. Determining fair value involved assumptions with forward-looking elements that can be affected by future economic and market conditions. In particular, the fair value estimate was sensitive to significant assumptions such as revenue terminal growth rate and the weighted average cost of capital.How We Addressed the Matter in Our AuditWe evaluated the design and tested operating effectiveness of the Company’s internal controls over the Mobileye reporting unit goodwill impairment review process, including controls over management’s review of the valuation model and the significant assumptions mentioned above.Our audit procedures included, among others, assessing the suitability and application of the valuation methodology and evaluating the significant assumptions (e.g., revenue terminal growth rate and the weighted average cost of capital) and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends, market information, and other relevant factors. We performed sensitivity analyses of significant assumptions to determine what changes in assumptions are particularly sensitive when assessing the likelihood of impairment, or when calculating the amount of the impairment. We assessed the historical accuracy of management’s estimates. In addition, we involved a valuation specialist to assist in the evaluation of the methodology used by the Company and certain significant assumptions. The Company's net inventory totaled $12.2 billion as of December 28, 2024, representing 6.2% of total assets. As explained in "Note 2: Accounting Policies" within the consolidated financial statements, the Company computes inventory cost on a first-in, first-out basis, and applies judgment in determining saleability of products and the valuation of inventories. The Company assesses inventory at each reporting date in order to assert that it is recorded at net realizable value, giving consideration to, among other factors: whether the products have achieved the substantive engineering milestones to qualify for sale to customers; the determination of normal capacity levels in its manufacturing process to determine which manufacturing overhead costs can be included in the valuation of inventory; whether the product is valued at the lower of cost or net realizable value; and the estimation of excess and obsolete inventory or that which is not of saleable quality. Auditing management's assessment of net realizable value for inventory was challenging because the determination of excess and obsolete inventory reserves and lower of cost or net realizable value is judgmental and considers a number of factors that are affected by market and economic conditions, such as customer forecasts, dynamic pricing environments, and industry supply and demand. Additionally, for certain new product launches there is limited historical data with which to evaluate forecasts. We evaluated the design and tested operating effectiveness of the Company's internal controls over the costing of inventory, the determination of whether inventory is of saleable quality, the determination of demand forecasts and related application against on hand inventory, and the calculation of lower of cost or net realizable value reserves including related estimated costs and selling prices. Our audit procedures included, among others, testing the significant assumptions (e.g., estimated product demand forecasts, costs and selling prices) of the underlying data used in management's inventory valuation assessment. We compared the significant assumptions used by management to current industry and economic trends. We assessed whether there were any potential sources of contrary information, including historical forecast accuracy or history of significant revisions to previously recorded inventory valuation adjustments, and performed sensitivity analyses over significant assumptions to evaluate the changes in inventory valuation that would result from changes in the assumptions. Goodwill Impairment Assessment – Mobileye Reporting Unit Description of the Matter At December 28, 2024, the balance of the Company’s goodwill was $24.7 billion. The goodwill attributed to the Mobileye reporting unit was $8.3 billion and represented 4.2% of total assets. As discussed in “Note 2: Accounting Policies” within the consolidated financial statements, goodwill is assessed at the reporting unit level in the fourth quarter of each year, or more frequently if indicators of potential impairment exist. The assessment may include both qualitative and quantitative evaluations. If it is determined, based on the qualitative assessment, that it is more likely than not that the fair value of the unit is less than its carrying amount, a quantitative goodwill impairment test is performed. As discussed in “Note 11: Goodwill” to the consolidated financial statements, the Company identified certain impairment indicators in the three months ended September 28, 2024 that required an interim goodwill impairment test. As a result of this assessment, the Company recorded an impairment loss of $2.6 billion related to the Mobileye reporting unit. Auditing the Company’s Mobileye goodwill impairment evaluation was complex and judgmental due to the significant estimation required in determining the fair value using the income approach. Determining fair value involved assumptions with forward-looking elements that can be affected by future economic and market conditions. In particular, the fair value estimate was sensitive to significant assumptions such as revenue terminal growth rate and the weighted average cost of capital. How We Addressed the Matter in Our Audit We evaluated the design and tested operating effectiveness of the Company’s internal controls over the Mobileye reporting unit goodwill impairment review process, including controls over management’s review of the valuation model and the significant assumptions mentioned above. Our audit procedures included, among others, assessing the suitability and application of the valuation methodology and evaluating the significant assumptions (e.g., revenue terminal growth rate and the weighted average cost of capital) and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends, market information, and other relevant factors. We performed sensitivity analyses of significant assumptions to determine what changes in assumptions are particularly sensitive when assessing the likelihood of impairment, or when calculating the amount of the impairment. We assessed the historical accuracy of management’s estimates. In addition, we involved a valuation specialist to assist in the evaluation of the methodology used by the Company and certain significant assumptions. /s/ Ernst & Young LLP We have served as the Company's auditor since 1968. San Jose, California January 31, 2025 Auditor's Reports55 Auditor's Reports55 Auditor's Reports55 55

Financial StatementsNotes to Consolidated Financial Statements74 Financial StatementsNotes to Consolidated Financial Statements74 Financial StatementsNotes to Consolidated Financial Statements74 Notes to Consolidated Financial Statements 74 Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023United States$15,757 $12,994 $13,958 China12,694 15,532 14,854 Singapore9,535 10,187 8,602 Taiwan7,672 7,804 6,867 Other regions7,195 6,584 9,947 Total net revenue $52,853 $53,101 $54,228 Note 4 :Non-Controlling Interests Non-Controlling Ownership %Dec 27, 2025Dec 28, 2024Ireland SCIP49 %49 %Arizona SCIP49 %49 %Mobileye20 %12 %IMS Nanofabrication (IMS Nano)32 %32 %

Net revenue by region, based on the billing location of the customer, was as follows: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022China$15,532 $14,854 $17,125 United States12,994 13,958 16,529 Singapore10,187 8,602 9,664 Taiwan7,804 6,867 8,287 Other regions6,584 9,947 11,449 Total net revenue $53,101 $54,228 $63,054 Note 4 :Non-Controlling Interests Non-Controlling Ownership %Years EndedDec 28, 2024Dec 30, 2023 Dec 31, 2022Ireland SCIP49 %— %— %Arizona SCIP49 %49 %49 %Mobileye12 %12 %6 %IMS Nanofabrication (IMS Nano)32 %32 %— %

Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly Ireland, the U.S., Israel and Germany. The majority of the plans' benefits have been frozen. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Changes in projected benefit obligation for pension benefit plans:Beginning projected benefit obligation$2,646 $2,825 Service cost35 33 Interest cost124 122 Actuarial (gain) loss(137)(40)Currency exchange rate changes249 (107)Plan curtailments(12)(4)Plan settlements(182)(143)Other(66)(40)Ending projected benefit obligation12,657 2,646 Changes in fair value of plan assets for pension benefit plans:Beginning fair value of plan assets2,142 2,212 Actual return on plan assets34 121 Currency exchange rate changes178 (74)Plan settlements(182)(143)Other26 26 Ending fair value of plan assets22,198 2,142 Net unfunded status of pension benefit plans$459 $504 Amounts recognized in the Consolidated Balance Sheets:Other long-term assets$217 $135 Current liabilities$12 $7 Other long-term liabilities$664 $632 Accumulated other comprehensive loss (income), before tax3$240 $337 Accumulated benefit obligation$2,479 $2,509

Pension Benefit Plans We provide defined-benefit pension plans in certain countries, most significantly Ireland, the US, Germany, and Israel. The majority of the plans' benefits have been frozen. Benefit Obligation and Plan Assets for Pension Benefit Plans The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement. Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Changes in projected benefit obligation:Beginning projected benefit obligation$2,825 $2,705 Service cost33 36 Interest cost122 127 Actuarial (gain) loss(40)57 Currency exchange rate changes(107)38 Plan settlements(143)(103)Other(44)(35)Ending projected benefit obligation12,646 2,825 Changes in fair value of plan assets:Beginning fair value of plan assets2,212 2,130 Actual return on plan assets121 151 Currency exchange rate changes(74)34 Plan settlements(143)(103)Other26 — Ending fair value of plan assets22,142 2,212 Net unfunded status$504 $613 Amounts recognized in the Consolidated Balance SheetsOther long-term assets$135 $62 Other long-term liabilities$639 $675 Accumulated other comprehensive loss (income), before tax3$337 $410 Accumulated benefit obligation$2,509 $2,706

See accompanying notes. Financial StatementsConsolidated Balance Sheets62 Financial StatementsConsolidated Balance Sheets62 Financial StatementsConsolidated Balance Sheets62 62 Consolidated Statements of Cash FlowsYears Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Cash and cash equivalents, beginning of period$8,249 $7,079 $11,144 Cash flows provided by (used for) operating activities:Net income (loss)26 (19,233)1,675 Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation10,757 9,951 7,847 Share-based compensation2,434 3,410 3,229 Restructuring and other charges476 3,491 (424)Amortization of intangibles949 1,428 1,755 (Gains) losses on equity investments, net(514)(246)(42)Mark-to-market (gains) losses on Escrowed Shares1,796 — — (Gains) losses on divestitures(5,323)— — Deferred taxes328 6,132 (2,033)Impairments and net (gain) loss on retirement of property, plant and equipment515 2,252 33 Changes in assets and liabilities:Accounts receivable(449)(75)731 Inventories(138)(1,105)2,097 Accounts payable297 634 (801)Accrued compensation and benefits788 (218)(614)Income taxes(995)(356)(1,498)Other assets and liabilities(1,250)2,223 (484)Total adjustments9,671 27,521 9,796 Net cash provided by (used for) operating activities9,697 8,288 11,471 Cash flows provided by (used for) investing activities:Additions to property, plant and equipment(14,646)(23,944)(25,750)Proceeds from capital-related government incentives1,577 1,936 1,011 Purchases of short-term investments(24,319)(37,940)(44,414)Maturities and sales of short-term investments15,387 41,463 44,077 Sales of equity investments671 1,047 472 Proceeds from divestitures, net6,157 — — Other investing352 (818)563 Net cash provided by (used for) investing activities(14,821)(18,256)(24,041)Cash flows provided by (used for) financing activities:Issuance of commercial paper, net of issuance costs3,493 7,349 — Repayment of commercial paper(3,493)(7,349)(3,944)Partner contributions5,108 12,714 1,511 Net proceeds from sales of subsidiary shares921 — 2,959 Additions to property, plant and equipment(3,026)(1,178)— Issuance of long-term debt, net of issuance costs— 2,975 11,391 Repayment of debt(3,750)(2,288)(423)Proceeds from sales of common stock through employee equity incentive plans771 987 1,042 Net proceeds attributed to common stock and warrants issued, and Escrowed Shares12,706 — — Restricted stock unit withholdings(423)(631)(534)Payment of dividends to stockholders— (1,599)(3,088)Other financing(720)158 (409)Net cash provided by (used for) financing activities11,587 11,138 8,505 Net increase (decrease) in cash and cash equivalents6,463 1,170 (4,065)Cash, cash equivalents, and restricted cash, end of period$14,712 $8,249 $7,079 Non-cash supplemental disclosures:Acquisition of property, plant and equipment $4,952 $8,125 $4,804 Cash paid during the year for:Interest, net of capitalized interest$1,106 $987 $613 See accompanying notes. Financial StatementsConsolidated Statements of Cash Flows63 Financial StatementsConsolidated Statements of Cash Flows63 Financial StatementsConsolidated Statements of Cash Flows63 63 Consolidated Statements of Stockholders' Equity Common Stock and Capitalin Excess of Par ValueAccumulatedOtherComprehensiveIncome (Loss)RetainedEarningsNon-Controlling InterestsTotal(In Millions, Except Per Share Amounts)Number ofSharesAmountBalance as of December 31, 20224,137 $31,580 $(562)$70,405 $1,863 $103,286 Net income (loss)— — — 1,689 (14)1,675 Other comprehensive income (loss)— —347 —— 347 Proceeds from sales of subsidiary sharesand partner contributions— 1,620 — — 2,385 4,005 Employee equity incentive plans and other107 1,044 — —— 1,044 Share-based compensation— 3,088 ——141 3,229 Restricted stock unit withholdings(16)(683) — 150 — (533)Cash dividends declared ($0.74 per share of common stock)— — — (3,088)— (3,088)Balance as of December 30, 20234,228 $36,649 $(215)$69,156 $4,375 $109,965 Net income (loss)— — — (18,756)(477)(19,233)Other comprehensive income (loss)— —(496)—— (496)Net proceeds from partner contributions— 11,012 ——1,702 12,714 Partner distributions — ———(43)(43)Employee equity incentive plans and other123 988 — —— 988 Share-based compensation— 3,162 — —205 3,367 Restricted stock unit withholdings(21)(862) — 231 — (631)Cash dividends declared ($0.38 per share of common stock)— — — (1,599)— (1,599)Balance as of December 28, 20244,330 $50,949 $(711)$49,032 $5,762 $105,032 Opening balance adjustment1— — — 49 — 49 Net income (loss)— — — (267)293 26 Other comprehensive income (loss)— — 824 — — 824 Net proceeds from stock issuances and warrants2580 11,835 — — — 11,835 Net proceeds from sales of subsidiary shares and partner contributions— 59 — — 5,970 6,029 Partner distributions— — — — (217)(217)Employee equity incentive plans and other101 771 — — — 771 Share-based compensation— 2,163 — — 271 2,434 Restricted stock unit withholdings(17)(592)— 169 — (423)Balance as of December 27, 20254,994$65,185 $113 $48,983 $12,079 $126,360 Retained Earnings Cash dividends declared ($0.74 per share of common stock) Cash dividends declared ($0.38 per share of common stock) Opening balance adjustment1 Net proceeds from stock issuances and warrants2 Partner distributions 1 We made a cumulative-effect adjustment to the opening balance of retained earnings upon adopting ASU 2023-08 in 2025. We made a cumulative-effect adjustment to the opening balance of retained earnings upon adopting ASU 2023-08 in 2025. ASU 2023-08 2 Includes $110 million of allocated proceeds to warrants from the U.S. Government Agreement we entered into in August 2025. See accompanying notes. Financial StatementsConsolidated Statements of Stockholders' Equity64 Financial StatementsConsolidated Statements of Stockholders' Equity64 Financial StatementsConsolidated Statements of Stockholders' Equity64 64 Notes to Consolidated Financial Statements Notes to Consolidated Financial Statements Note 1 : Basis of Presentation We have a 52- or 53-week fiscal year that ends on the last Saturday in December. Fiscal years 2025, 2024 and 2023 were 52-week fiscal years. Fiscal 2026 is a 52-week fiscal year. Our Consolidated Financial Statements include the accounts of Intel and our wholly owned and majority-owned subsidiaries, which include entities consolidated under the variable interest and voting interest models. We have eliminated intercompany accounts and transactions. Use of Estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in our Consolidated Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. Note 2 : Accounting Policies Revenue Recognition We recognize net product revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers. Substantially all of our revenue is derived from product sales. Our products often include a software component, such as firmware, that is highly interdependent and interrelated with the product and is substantially accounted for as a combined performance obligation. In accordance with contract terms, the revenue for combined performance obligations and standalone product sales is recognized at the time of product shipment from our facilities or delivery to the customer location, as determined by the agreed-upon shipping terms. We measure revenue based on the amount of consideration we expect to be entitled to in exchange for products or services. Variable consideration is estimated and reflected as an adjustment to the transaction price. We determine variable consideration, which consists primarily of various sales price concessions, by estimating the most likely amount of net consideration we expect to receive from the customer based on historical analysis of customer purchase volumes. Sales rebates earned by customers are offset against their receivable balances. Rebates earned by customers when they do not have outstanding receivable balances are recorded within other accrued liabilities. We make payments to our customers through cooperative advertising programs for marketing activities for some of our products. We generally record the payment as a reduction in revenue in the period that the revenue is earned, unless the payment is for a distinct service, which we record as an expense when the marketing activities occur. Long-Lived Assets Property, Plant and Equipment We compute depreciation using the straight-line method over the estimated useful life of assets. We also capitalize interest on borrowings related to eligible capital expenditures. Capitalized interest is added to the cost of qualified assets and depreciated over the estimated useful life. At least annually, we evaluate the period over which we expect to recover the economic value of our property, plant and equipment, considering factors such as the process technology cadence between node transitions, changes in machinery and equipment technology and re-use of machinery and tools across each generation of process technology. As we make manufacturing process conversions and other factory planning decisions, we use assumptions involving the use of management judgments regarding the remaining useful lives of assets, primarily process-specific semiconductor manufacturing tools and building improvements. When we determine that the useful lives of assets are shorter or longer than we had originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives. Assets are categorized and evaluated for impairment at the lowest level of identifiable cash flows. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in our use and fungibility of the assets. If the carrying value of an asset grouping is not recoverable through the related undiscounted cash flows, the fair value of the asset grouping must be determined. An impairment is recognized if the carrying value of the asset grouping exceeds the determined fair value. Financial StatementsNotes to Consolidated Financial Statements65 Financial StatementsNotes to Consolidated Financial Statements65 Financial StatementsNotes to Consolidated Financial Statements65 Notes to Consolidated Financial Statements 65 Identified Intangible Assets We amortize intangible assets, including internal-use software, that are subject to amortization using the straight-line method over their estimated useful lives. We perform periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. An impairment is recognized if the carrying amount is not recoverable and exceeds the determined fair value. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. Periodically, we also evaluate the estimated remaining useful lives of intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. We may adjust the period over which these assets are amortized to reflect the period over which they are expected to contribute to our cash flows. Goodwill 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 allocation of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments and debt. Our qualitative assessment considers industry and market considerations, overall financial performance and other relevant events and factors affecting the reporting unit or Intel as a whole. Our quantitative impairment assessment considers both the market approach and the income approach to estimate a reporting unit's fair value. The market approach estimates fair value using financial multiples and transaction prices of comparable companies. The income approach estimates fair value using a discounted cash flow analysis which includes estimates for market segment growth rates, our assumed market segment share, estimated gross margins, operating expenses and discount rates based on a reporting unit's weighted average cost of capital, among others. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions and other factors and could materially affect the determination of the fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. We have identified the start of manufacturing volume for sale to customers as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. Prior to the start of manufacturing volume for sale to customers, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loading compared to our total available capacity to determine our expectations of normal capacity level. If the factory loading is below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges were $493 million in 2025, $174 million in 2024 and $834 million in 2023. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies, with costs generally improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. The valuation of inventory also requires us to estimate obsolete and excess inventory, as well as inventory that is not of saleable quality. We use a demand forecast to develop our short-term manufacturing plans to enable consistency between inventory valuations and build decisions. For certain new products, we have limited historical data when developing these demand forecasts. We compare the estimate of future demand to work-in-process and finished goods inventory levels to determine the amount, if any, of obsolete or excess inventory. When our demand forecast for specific products is greater than actual demand and we fail to reduce manufacturing output accordingly, we write off amounts considered to be excess inventory. Financial StatementsNotes to Consolidated Financial Statements66 Financial StatementsNotes to Consolidated Financial Statements66 Financial StatementsNotes to Consolidated Financial Statements66 Notes to Consolidated Financial Statements 66 Government Incentives Government incentives, including cash grants and refundable tax credits, are recognized when there is reasonable assurance that the incentive will be received and we will comply with the conditions specified in the agreement or statutory requirements. We record capital-related incentives as a reduction to property, plant and equipment, net within our Consolidated Balance Sheets and recognize a reduction to depreciation expense over the useful life of the corresponding acquired asset. We record operating-related incentives as a reduction to expense in the same period and in the same line item on the Consolidated Statements of Operations as the expenditure for which the incentive is intended to compensate. Equity Issuances We recognize equity issuances on the settlement date, which is the date on which legal ownership transfers to the investor. We measure equity issuances at fair value on the settlement date determined using observable market prices of our common stock. If shares are issued at a discount to market price, we determine whether the discount represents other rights conveyed in the contract and, if not, record at the transacted amounts. We may enter into financial instruments providing for the issuance of our common stock at future dates. These financial instruments are evaluated for classification and are included in equity within our Consolidated Balance Sheets based on their terms and conditions if the criteria for equity classification is met. Direct and incremental costs incurred in connection with the issuances of equity or equity-classified instruments are recorded as a reduction to our capital in excess of par value. Earnings Per Share Basic earnings (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share includes the impact of potentially dilutive securities, such as stock options, RSUs, warrants and Escrowed Shares, when the effect of including these securities is not anti-dilutive. The treasury stock method is applied to equity incentive plans and contractual issuances, while the if-converted method is used for instruments with conversion features. Shares are included in basic earnings (loss) per share only when they are no longer contingently issuable with weighted share impacts calculated based upon the date the contingency ends. Diluted earnings (loss) per share is adjusted for changes in fair value of derivative liabilities associated with shares released from escrow during the year. Fair Value When determining fair value, we consider the principal or most advantageous market in which we would transact, as well as assumptions that market participants would use when pricing the asset or liability. Our financial assets are measured and recorded at fair value on a recurring basis, except for equity securities measured using the measurement alternative, equity method investments, certain other receivables and grants receivable. We assess fair value hierarchy levels for our issued debt and fixed-income investment portfolio based on the underlying instrument type. The three levels of inputs that may be used to measure fair value are: ▪Level 1. Quoted prices in active markets for identical assets or liabilities. We evaluate security-specific market data when determining whether a market is active. ▪Level 2. Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. We use yield curves, overnight indexed swap curves, currency spot and forward rates and credit ratings as significant inputs in our valuations. Level 2 inputs also include non-binding market consensus prices, as well as quoted prices that were adjusted for security-specific restrictions. When we use non-binding market consensus prices, we corroborate them with quoted market prices for similar instruments or compare them to output from internally developed pricing models such as discounted cash flow models. ▪Level 3. Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help confirm that the fair value measurements are reasonable and consistent with market experience in similar asset and liability classes. Level 3 inputs also include non-binding market consensus prices, non-binding broker quotes and probability-weighted outcomes that we are unable to corroborate with observable market data. Equity Investments We regularly invest in equity securities of public and private companies to promote business and strategic objectives. Equity investments are measured and recorded as follows: ▪Marketable equity investments are equity securities with RDFV that are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through our Consolidated Statements of Operations. Financial StatementsNotes to Consolidated Financial Statements67 Financial StatementsNotes to Consolidated Financial Statements67 Financial StatementsNotes to Consolidated Financial Statements67 Notes to Consolidated Financial Statements 67 ▪Non-marketable equity investments are equity securities without RDFV that are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. Changes in carrying value of non-marketable equity investments are recorded through our Consolidated Statements of Operations. ▪Equity method investments are equity securities in investees we do not control but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus our share of equity method investee income or loss. Our proportionate share of the income or loss from equity method investments is typically recognized on a one-quarter lag in our Consolidated Statements of Operations due to investee reporting cycle timing. Realized and unrealized gains and losses resulting from changes in fair value or the sale of our equity investments are recorded in gains (losses) on equity investments, net. The carrying value of our non-marketable equity investments is adjusted for qualifying observable price changes resulting from the issuance of similar or identical securities in an orderly transaction by the same issuer. Determining whether an observed transaction is similar to a security within our portfolio requires judgment based on the rights and preferences of the securities. Non-marketable equity investments and equity method investments (collectively referred to as non-marketable equity investments) are also subject to periodic impairment reviews. Our quarterly impairment analysis considers both qualitative and quantitative factors. When indicators of impairment exist, we prepare quantitative assessments of the fair value of our non-marketable equity investments using both the market and income approaches. ▪Non-marketable equity investments are tested for impairment using a qualitative model similar to the model used for goodwill and property, plant and equipment. Upon determining that an impairment may exist, the security's fair value is calculated and compared to its carrying value, and an impairment is recognized immediately if the carrying value exceeds the fair value. ▪Equity method investments are subject to periodic impairment reviews using the other-than-temporary impairment model, which considers the severity and duration of a decline in fair value below carrying value and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Impairments of non-marketable equity investments are recorded in gains (losses) on equity investments, net. Derivative Financial Instruments Our primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk, and, to a lesser extent, equity market risk, commodity price risk and credit risk. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. We also enter into collateral security arrangements with certain of our counterparties to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds. For presentation on our Consolidated Balance Sheets, we do not offset fair value amounts recognized for derivative instruments under master netting arrangements. Our derivative financial instruments, including related collateral amounts, are presented at fair value on a gross basis in our Consolidated Balance Sheets and are included in other current assets, other long-term assets, other accrued liabilities or other long-term liabilities. Cash flow hedges use foreign currency contracts, such as currency forwards and currency swaps, to hedge exposures for variability in the U.S.-dollar equivalent of non-U.S.-dollar-denominated cash flows associated with our forecasted operating and capital purchases spending. The after-tax gains or losses from the effective portion of a cash flow hedge are reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transaction affects earnings, and in the same line item on the Consolidated Statements of Operations as the impact of the hedge transaction. For foreign currency contracts hedging our capital purchases, forward points are excluded from the hedge effectiveness assessment, and are recognized in earnings in the same income statement line item used to present the earnings effect of the hedged item. If the cash flow hedge transactions become improbable, the corresponding amounts deferred in accumulated other comprehensive income (loss) would be immediately reclassified to interest and other, net. Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Fair value hedges use interest rate contracts, such as interest rate swaps, to hedge against changes in the fair value of certain of our fixed-rate indebtedness attributable to changes in the benchmark interest rate. The gains or losses on these hedges, as well as the offsetting losses or gains related to the changes in the fair value of the underlying hedged item attributable to the hedged risk, are recognized in earnings in the current period, primarily in interest and other, net. Cash flows associated with these derivatives are classified in the Consolidated Statements of Cash Flows in the same section as the underlying item. Financial StatementsNotes to Consolidated Financial Statements68 Financial StatementsNotes to Consolidated Financial Statements68 Financial StatementsNotes to Consolidated Financial Statements68 Notes to Consolidated Financial Statements 68 Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, and non-U.S.-dollar-denominated debt investment instruments that we reference in this paragraph and the Debt Investments section below as hedged investments. We also use interest rate contracts to economically hedge interest rate risk related to our U.S.-dollar-denominated fixed-rate debt investments that we also reference as hedged investments. Lastly, certain of our contractual arrangements contain terms that meet the definition of a derivative and require bifurcation from the host contract. The change in fair value of these non-designated derivatives is recorded through earnings in the line item on the Consolidated Statements of Operations to which the derivatives most closely relate, primarily in interest and other, net and changes in the fair value of the underlying assets and liabilities associated with the hedged risk are generally offset by the changes in the fair value of the related derivatives. Non-designated hedges use foreign currency contracts to economically hedge the functional currency equivalent cash flows of recognized monetary assets and liabilities, and non-U.S.-dollar-denominated debt investment instruments that we reference in this paragraph and the Debt Investments section below as hedged investments. We also use interest rate contracts to economically hedge interest rate risk related to our U.S.-dollar-denominated fixed-rate debt investments that we also reference as hedged investments. Lastly, certain of our contractual arrangements contain terms that meet the definition of a derivative and require bifurcation from the host contract. The change in fair value of these non-designated derivatives is recorded through earnings in the line item on the Consolidated Statements of Operations to which the derivatives most closely relate, primarily in interest and other, net Debt Investments Debt investments include investments in corporate debt, government debt and financial institution instruments. Unhedged debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. Unhedged debt investments with original maturities at the date of purchase greater than approximately three months and all economically hedged debt investments are classified as short-term investments, as they represent the investment of cash available for current operations. For certain of our marketable debt investments, we economically hedge market risks at inception with a related derivative instrument, or the marketable debt investment itself is used to economically hedge currency exchange rate risk from remeasurement. These hedged investments are reported at fair value. Gains or losses on these investments arising from changes in fair value due to interest rate and currency market fluctuations and credit market volatility, largely offset by losses or gains on the related derivative instruments and balance sheet remeasurement, are recorded in interest and other, net. Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). We determine the cost of the investment sold at the individual security level and record the interest income and realized gains or losses on the sale of these investments in interest and other, net. Unhedged debt investments are subject to periodic impairment reviews. For investments in an unrealized loss position, we determine whether a credit loss exists by considering information about the collectability of the instrument, current market conditions and reasonable and supportable forecasts of economic conditions. We recognize an allowance for credit losses, up to the amount of the unrealized loss when appropriate, and write down the amortized cost basis of the investment if it is more likely than not we will be required or we intend to sell the investment before recovery of its amortized cost basis. Allowances for credit losses and write-downs are recognized in interest and other, net and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist principally of investments in debt instruments, derivative financial instruments, reverse repurchase agreements and trade and other receivables. We generally place investments with high-credit-quality counterparties and, by policy, we limit the amount of credit exposure to any one counterparty based on our analysis of that counterparty's relative credit standing. As required per our investment policy, substantially all of our investments in debt instruments are in investment-grade instruments. Credit-rating criteria for derivative instruments are similar to those for other investments. We enter into master netting arrangements to mitigate credit risk in derivative transactions by permitting net settlement of transactions with the same counterparty. Due to master netting arrangements, the amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which the counterparty's obligations exceed our obligations with that counterparty. As of December 27, 2025 and December 28, 2024, our total credit exposure to any single counterparty, excluding money market funds invested in U.S. treasury and U.S. agency securities and reverse repurchase agreements collateralized by treasury and agency securities, did not exceed $5.2 billion and $1.4 billion, respectively. To further reduce credit risk, we enter into collateral security arrangements with certain of our derivative counterparties and obtain and secure collateral from counterparties against obligations, including securities lending transactions when we deem it appropriate. Cash collateral exchanged under our collateral security arrangements is included in other current assets, other long-term assets, other accrued liabilities or other long-term liabilities. For reverse repurchase agreements collateralized by other securities, we do not record the collateral as an asset or a liability unless the collateral is repledged. A majority of our trade receivables are derived from sales to OEMs and ODMs. We also have accounts receivable derived from sales to industrial and communications equipment manufacturers in the computing and communications industries. We believe the net accounts receivable balances from our three largest customers (47% as of December 27, 2025 and December 28, 2024) do not represent a significant credit risk, based on cash flow forecasts, balance sheet analysis and past collection experience. We have adopted credit policies and standards intended to accommodate industry growth and inherent risk. We believe credit risks are moderated by the financial stability of our major customers. We assess credit risk through quantitative and qualitative analysis. From this analysis, we establish shipping and credit limits and determine whether we will seek to use one or more credit support protection devices, such as obtaining a parent guarantee, standby letter of credit or credit insurance. Financial StatementsNotes to Consolidated Financial Statements69 Financial StatementsNotes to Consolidated Financial Statements69 Financial StatementsNotes to Consolidated Financial Statements69 Notes to Consolidated Financial Statements 69 Variable Interest Entities We have economic interests in entities that are VIEs. If we conclude we are the primary beneficiary of the VIE, we are required to consolidate the entity in our financial statements. To determine if we are the primary beneficiary, we evaluate whether we have the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our evaluation includes identification of significant activities and an assessment of our ability to direct those activities based on governance provisions and arrangements to provide services to the VIE. Periodically, we assess whether any changes in our interest or relationship with the entity affect our determination of whether the entity is a VIE and, if so, whether we are the primary beneficiary. Non-Controlling Interests Our Consolidated Financial Statements include the accounts of majority-owned subsidiaries consolidated under the variable interest and voting interest models. Non-controlling interests represent the portion of equity not attributable to Intel and are reported as a separate component of equity, net of tax and transaction costs, on our Consolidated Balance Sheets. The classification of non-controlling interests as a component of equity is determined based on the specific rights and obligations associated with the instruments held by minority interest holders. Net income (loss) and comprehensive income (loss) for majority-owned subsidiaries are attributed to Intel and to non-controlling interest holders on our Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) based on respective ownership percentages. We account for changes in ownership of our majority-owned subsidiaries as equity transactions when we retain a controlling financial interest. Business Combinations We allocate the purchase price paid for assets acquired and liabilities assumed in connection with our acquisitions based on their estimated fair values at the time of acquisition. This allocation involves a number of assumptions, estimates, and judgments in determining the fair value of the following: ▪inventory; property, plant and equipment; pre-existing liabilities or legal claims; and contingent consideration; each as may be applicable; ▪intangible assets, including the valuation methodology, estimations of future cash flows, discount rates, market segment growth rates and our assumed market segment share, as well as the estimated useful life of intangible assets; ▪deferred tax assets and liabilities, uncertain tax positions and tax-related valuation allowances, which are initially estimated as of the acquisition date; and ▪goodwill as measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Our assumptions and estimates are based upon comparable market data and information obtained from our management and the management of the acquired companies. These assumptions and estimates are used to value assets acquired and liabilities assumed, and to allocate goodwill to the reporting units of the business that are expected to benefit from the business combination. During the measurement period, which may be up to one year from the business acquisition date, we may recognize adjustments to the assets acquired, liabilities assumed and related goodwill. Employee Equity Incentive Plans We grant service-based RSUs, stock options and performance-based RSUs, called PSUs, which are subject to a combination of service, performance and/or market conditions. We estimate the fair value of RSUs and PSUs with a service or performance condition using the value of our common stock on the date of grant, reduced by the present value of any dividends expected to be paid on our shares of common stock prior to vesting. The fair value of stock option awards with only service and/or performance conditions is estimated on the grant or offering date using the Black-Scholes option-pricing model. The fair value of PSUs with a market condition is estimated using a Monte Carlo simulation model as of the date of grant. For service-based stock awards, compensation expense is recognized over the service period of the award using the straight-line method. For PSUs with performance or market conditions, compensation expense is recognized ratably for each vesting tranche from the service inception date to the end of the requisite service period. For PSUs that include a performance condition, expense is recognized based on the probable outcome of the performance conditions. For PSUs that contain only a market condition, expense is recognized regardless of whether the market condition is ultimately satisfied. Share-based compensation expense is recognized net of forfeitures. Under our Employee Stock Purchase Plan (2006 ESPP), eligible employees may purchase common stock at 85% of the fair market value on the last trading day of each six-month offering period. The 15% discount is included in the estimate of fair value as of the offering period start date and recognized as compensation expense over the offering period. Upon exercise, cancellation, forfeiture or expiration of stock options, or upon vesting or forfeiture of other awards, we eliminate deferred tax assets for awards with multiple vesting dates for each vesting period on a first-in, first-out basis as if each vesting period were a separate award. Financial StatementsNotes to Consolidated Financial Statements70 Financial StatementsNotes to Consolidated Financial Statements70 Financial StatementsNotes to Consolidated Financial Statements70 Notes to Consolidated Financial Statements 70 For the majority of awards granted, the number of shares of common stock issued on the date the awards vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest. Income Taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We assess the likelihood that we will be able to recover our deferred tax assets. If recovery is not likely, we must increase our provision for taxes by recording a valuation allowance against the deferred tax assets that we estimate will not ultimately be recoverable. Recovery of a portion of our deferred tax assets is affected by management's plans with respect to holding or disposing of certain investments; therefore, such changes could also affect our future provision for taxes. We recognize tax benefits from uncertain tax positions only if (based on the technical merits of the position) it is more likely than not that the tax positions will be sustained on examination by the tax authority. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to unrecognized tax benefits within the provision for (benefit from) taxes on the Consolidated Statements of Operations. We recognize the tax impact of including certain foreign earnings in U.S. taxable income as a period cost. We have recognized deferred income taxes for local country income and withholding taxes that could be incurred on distributions of certain non-U.S. earnings or for outside basis differences in our subsidiaries, because we do not plan to indefinitely reinvest such earnings and basis differences. Remittances of non-U.S. earnings are based on estimates and judgments of projected cash flow needs, as well as the working capital and investment requirements of our non-U.S. and U.S. operations. Material changes in our estimates of cash, working capital and investment needs in various jurisdictions could require repatriation of indefinitely reinvested non-U.S. earnings, which could be subject to applicable non-U.S. income and withholding taxes. Leases Leases consist of real property and machinery and equipment. Our lease terms may include options to extend or terminate when it is reasonably certain that we will exercise such options. For leases for supplier capacity, we account for the lease and non-lease components as a single lease component. For all other leases, we account for the lease and non-lease components separately and do not include the non-lease components in our leased assets and corresponding liabilities. Payments on leases may be fixed or variable, and variable lease payments are based on output of the underlying leased assets. Loss Contingencies We are subject to loss contingencies, including various legal and regulatory proceedings, asserted and potential claims, liabilities related to repair or replacement of parts in connection with product defects, as well as product warranties and potential asset impairments that arise in the ordinary course of business and are subject to change, including due to sudden or rapid developments in proceedings or claims. An estimated loss from such contingencies is recognized as a charge to income if it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We evaluate developments that could affect prior disclosures or previously accrued liabilities, and make adjustments as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. If one or more of these matters were resolved against us for amounts in excess of management's estimates of losses, our results of operations and financial condition could be materially adversely affected. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU is intended to improve transparency by requiring entities to disclose, in the notes to the financial statements, a disaggregation of certain expense categories that are included within the line items presented on the face of the income statement. The standard is effective for our annual reporting period beginning in 2027 and for interim reporting periods beginning in 2028, with early adoption permitted. The standard may be applied either prospectively or retrospectively, with early adoption permitted. We are currently evaluating the timing and method of adoption and assessing the impact of this ASU on the preparation of our financial statement disclosures. Financial StatementsNotes to Consolidated Financial Statements71 Financial StatementsNotes to Consolidated Financial Statements71 Financial StatementsNotes to Consolidated Financial Statements71 Notes to Consolidated Financial Statements 71 In September 2025, the FASB issued ASU 2025-07, "Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Non-cash Consideration from a Customer in a Revenue Contract." This update excludes from derivative accounting non exchange-traded contracts with an underlying based on operations or activities specific to one of the parties to the contract. Additionally, this update clarifies the application of Topic 606 to a contract with share-based non-cash consideration from a customer for the transfer of goods or services. The standard is effective for our annual and interim reporting periods beginning in 2027, with early adoption permitted. The standard may be applied using a prospective or modified retrospective transition approach. We are currently evaluating the timing and method of adoption and assessing the impact of this ASU on our financial statements. In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities." This update establishes authoritative guidance on the accounting for government grants received by business entities. The standard is effective for our annual and interim reporting periods beginning in 2029, with early adoption permitted. The standard may be applied using a modified prospective, modified retrospective or full retrospective transition approach. We are currently evaluating the timing and method of adoption and assessing the impact of this ASU on our financial statements. Note 3 : Operating Segments In the first quarter of 2025, we made an organizational change to integrate our NEX business into CCG and DCAI and modified our segment reporting to align to this and certain other business reorganizations. All prior period segment data have been retrospectively adjusted to reflect the way our CODM internally receives information and manages and monitors our operating segment performance starting in fiscal year 2025. Additionally, effective September 12, 2025, we completed the divestiture of 51% of Altera. As of that date, Altera's results of operations are no longer included in our consolidated or segment results. Altera's financial results were included within our "all other" category for all periods presented through September 11, 2025. There are no changes to our Consolidated Financial Statements for any prior periods resulting from our organizational change in the first quarter of 2025 or the Altera transaction, which is further described below. We organize our business as follows: ▪Intel Products: ▪Client Computing Group (CCG) ▪Data Center and AI (DCAI) ▪Intel Foundry ▪All Other: ▪Mobileye ▪Other CCG, DCAI and Intel Foundry qualify as reportable operating segments. When we enter into federal contracts, they are aligned to the sponsoring operating segment. The accounting policies applied to our segments follow those applied to Intel as a whole. A summary of the basis for which we report our operating segment revenues and operating margin is as follows: Intel Products: CCG and DCAI ▪Segment revenue: consists of revenues from external customers. Our Intel Products operating segments represent most of Intel consolidated revenue and are derived from our principal products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package, which are based on Intel architecture. ▪Segment expenses: consists of intersegment charges for product manufacturing and related services from Intel Foundry, external foundry and other manufacturing expenses, product development costs, allocated expenses as described below and direct operating expenses. Intel Foundry ▪Segment revenue: consists substantially of intersegment product and services revenue for wafer fabrication, substrates and other related products and services sold to Intel Products and certain other Intel internal businesses. We recognize intersegment revenue based on the completion of performance obligations. Product revenue is recognized upon transfer of ownership, which is generally at the completion of wafer sorting. Backend service revenue is recognized upon the completion of assembly and test milestones, which approximates the recognition of revenue over the service period. Intersegment sales are recorded at prices that are intended to approximate market pricing. Intel Foundry also includes certain third-party foundry and assembly and test revenues from external customers that totaled $307 million in 2025, $159 million in 2024 and $547 million in 2023. ▪Segment expenses: consists of direct expenses for technology development, product manufacturing and services provided by Intel Foundry to internal and external customers, allocated expenses as described below and direct operating expenses. Direct expenses for product manufacturing include excess capacity charges, if any. Financial StatementsNotes to Consolidated Financial Statements72 Financial StatementsNotes to Consolidated Financial Statements72 Financial StatementsNotes to Consolidated Financial Statements72 Notes to Consolidated Financial Statements 72 All Other Our "all other" category includes the results of operations from other non-reportable segments, including our Mobileye business, our IMS business, start-up businesses that support our initiatives and historical results of operations from divested businesses, including Altera. Effective September 12, 2025, Altera, previously a wholly-owned subsidiary, was deconsolidated from our Consolidated Financial Statements following the closing of the sale of 51% of Altera's issued and outstanding common stock. Altera's financial results of operations were included in our "all other" category through September 11, 2025. As of September 12, 2025, our retained interest in Altera is accounted for as an equity method investment. See "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements for further information. The financial results of our "all other" category include intersegment product and services revenue and intersegment expenses primarily between Altera and our Intel Foundry segment during the periods in which we consolidated Altera. We allocate operating expenses from our sales and marketing group to the Intel Products operating segments and allocate substantially all our operating expenses from our general and administration groups to our reportable operating segments. We estimate that the substantial majority of our consolidated depreciation expense was incurred by Intel Foundry in 2025, 2024 and 2023. Intel Foundry depreciation expense is substantially included in overhead cost pools and then combined with other costs, and subsequently absorbed into inventory as each product passes through the manufacturing process and is sold to Intel Products or other customers. As a result, it is impracticable to determine the total depreciation expense included as a component of each Intel Products operating segment's operating income (loss). We do not allocate the following corporate operating expenses to our operating segments: ▪restructuring and other charges; ▪share-based compensation; and ▪certain acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. We do not allocate the following non-operating items to our operating segments: ▪gains and losses from equity investments; ▪interest and other, net; and ▪income taxes. Our CEO is our CODM. The CODM uses segment revenue and segment operating income (loss) to evaluate each segment's performance and allocate resources. These financial measures are utilized during our budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, capital investments and personnel across all operating segments. Segment operating results regularly reviewed by our CODM also include total cost of sales and operating expenses directly attributable to each segment. Prior to the second quarter of 2025, our CODM regularly reviewed cost of sales and operating expenses, on a discrete basis, attributable to each segment. We have recast prior period segment operating results to reflect the significant segment-level expenses as currently reviewed by our CODM. We centrally manage all procurement, treasury and asset management functions across the enterprise and do not maintain separate balance sheets by segment within our systems of record, nor does our CODM receive total asset information by segment for purposes of assessing segment performance and allocating resources. Intersegment eliminations: Intersegment sales and related gross profit on inventory recorded at the end of the period or sold through to third-party customers is eliminated for consolidation purposes. The Intel Products operating segments and Intel Foundry are meant to reflect separate fabless semiconductor and foundry companies, respectively. Thus, certain intersegment activity is captured within the intersegment eliminations upon consolidation and presented at the Intel consolidated level. This activity primarily relates to inventory reserves, which are determined and recorded based on our accounting policies for Intel as a whole but are only recorded by the Intel Products operating segments upon transfer of inventory from Intel Foundry. If a reserve is identified that relates to neither Intel Products operating segments nor Intel Foundry, the reserve is recognized as activity within the intersegment eliminations for Intel on a consolidated basis. Financial StatementsNotes to Consolidated Financial Statements73 Financial StatementsNotes to Consolidated Financial Statements73 Financial StatementsNotes to Consolidated Financial Statements73 Notes to Consolidated Financial Statements 73 Net revenue, cost of sales and operating expenses and operating income (loss) for each annual period presented were as follows:

Assets are categorized and evaluated for impairment at the lowest level of identifiable cash flows. Factors that we consider in deciding when to perform an impairment review include significant under-performance of a business or product line in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in our use and fungibility of the assets. If the carrying value of an asset grouping is not recoverable through the related undiscounted cash flows, the asset grouping is considered to be impaired. Identified Intangible Assets We amortize acquisition-related intangible assets that are subject to amortization over their estimated useful lives. We perform periodic reviews of significant finite-lived identified intangible assets to determine whether facts and circumstances indicate that the carrying amount may not be recoverable. These reviews can be affected by various factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our forecasts for specific product lines. Periodically, we also evaluate the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining periods of amortization. We may adjust the period over which these assets are amortized to reflect the period over which they are expected to contribute to our cash flows. Goodwill 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. The reporting unit's carrying value used in an impairment assessment represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash, investments, and debt. The impairment assessment may include both qualitative and quantitative factors to assess the likelihood of an impairment. Qualitative factors used include industry and market considerations, overall financial performance, and other relevant events and factors affecting the reporting unit. We may also perform a quantitative analysis to support the qualitative factors by applying sensitivities to assumptions and inputs used in measuring a reporting unit's fair value. Our quantitative impairment assessment considers both the income approach and the market approach to estimate a reporting unit's fair value. Significant estimates include market segment growth rates, our assumed market segment share, estimated gross margins, operating expenses, and discount rates based on a reporting unit's weighted average cost of capital. We test the reasonableness of the inputs and outcomes of our discounted cash flow analysis against available market data. These estimates change from year to year based on operating results, market conditions, and other factors and could materially affect the determination of the fair value and potential goodwill impairment for each reporting unit. Our quantitative assessment is sensitive to changes in underlying estimates and assumptions, the most sensitive of which is the discount rate. Inventories We compute inventory cost on a first-in, first-out basis. Our process and product development life cycle corresponds with substantive engineering milestones. These engineering milestones are regularly and consistently applied in assessing the point at which our activities and associated costs change in nature from R&D to cost of sales, and when cost of sales can be capitalized as inventory. For a product to be manufactured in high volumes and sold to our customers under our standard warranty, it must meet our rigorous technical quality specifications. We have identified the start of manufacturing volume for sale to customers as the point at which the costs incurred to manufacture our products are included in the valuation of inventory. Prior to the start of manufacturing volume for sale to customers, costs that do not meet the criteria for R&D are included in cost of sales in the period incurred. The valuation of inventory includes determining which fixed production overhead costs can be included in inventory based on the normal capacity of our manufacturing and assembly and test facilities. We apply our historical loading compared to our total available capacity to determine our expectations of normal capacity level. If the factory loading is below the established normal capacity level, a portion of our fixed production overhead costs would not be included in the cost of inventory; instead, it would be recognized as cost of sales in that period. We refer to these costs as excess capacity charges. Excess capacity charges were $174 million in 2024, $834 million in 2023, and $423 million in 2022. Inventory is valued at the lower of cost or net realizable value, based upon assumptions about future demand and market conditions. Product-specific facts and circumstances reviewed in the inventory valuation process include a review of our customer base, the stage of the product life cycle, variations in market pricing, and an assessment of selling price in relation to product cost. Lower of cost or net realizable value inventory reserves fluctuate as we ramp new process technologies, with costs generally improving over time due to scale and improved yields. Additionally, inventory valuation is impacted by cyclical changes in market conditions and the associated pricing environment. The valuation of inventory also requires us to estimate obsolete and excess inventory, as well as inventory that is not of saleable quality. We use a demand forecast to develop our short-term manufacturing plans to enable consistency between inventory valuations and build decisions. For certain new products, we have limited historical data when developing these demand forecasts. We compare the estimate of future demand to work-in-process and finished goods inventory levels to determine the amount, if any, of obsolete or excess inventory. When our demand forecast for specific products is greater than actual demand and we fail to reduce manufacturing output accordingly, we write off amounts considered to be excess inventory. Financial StatementsNotes to Consolidated Financial Statements63 Financial StatementsNotes to Consolidated Financial Statements63 Financial StatementsNotes to Consolidated Financial Statements63 Notes to Consolidated Financial Statements 63

Financial StatementsNotes to Consolidated Financial Statements92 Financial StatementsNotes to Consolidated Financial Statements92 Financial StatementsNotes to Consolidated Financial Statements92 Notes to Consolidated Financial Statements 92 Dec 27, 2025Dec 28, 2024($ In Millions)Effective Interest RateAmountAmountOregon and Arizona bonds1:3.80% - 4.10%, due December 2035 - 20403.87%423 423 5.00%, due September 20423.63%131 131 4.00%, due June 20493.98%438 438 5.00%, due September 20524.24%445 445 Total senior notes and other borrowings47,235 50,985 Unamortized premium/discount, issuance costs and other(384)(392)Hedge accounting fair value adjustments(266)(582)Long-term debt46,585 50,011 Current portion of long-term debt2(2,499)(3,729)Total long-term debt$44,086 $46,282

Dec 28, 2024Dec 30, 2023($ In Millions)Effective Interest RateAmountAmountOregon and Arizona bonds1:3.80% - 4.10%, due December 2035 - 20403.87%423 423 5.00%, due September 20423.63%131 131 5.00%, due June 2049—%— 438 4.00%, due June 20493.99%438 — 5.00%, due September 20524.24%445 445 Total senior notes and other borrowings50,985 50,285 Unamortized premium/discount, issuance costs and other(392)(445)Hedge accounting fair value adjustments(582)(574)Long-term debt50,011 49,266 Current portion of long-term debt2(3,729)(2,288)Total long-term debt$46,282 $46,978

See accompanying notes. Financial StatementsConsolidated Statements of Operations60 Financial StatementsConsolidated Statements of Operations60 Financial StatementsConsolidated Statements of Operations60 Consolidated Statements of Operations 60 Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Comprehensive Income (Loss) Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Net income (loss)$26 $(19,233)$1,675 Changes in other comprehensive income (loss), net of tax:Net unrealized holding gains (losses) on derivatives743 (555)272 Actuarial valuation and other pension benefits (expenses), net78 60 66 Translation adjustments and other3 (1)9 Other comprehensive income (loss)824 (496)347 Total comprehensive income (loss)850 (19,729)2,022 Less: comprehensive income (loss) attributable to non-controlling interests293 (477)(14)Total comprehensive income (loss) attributable to Intel$557 $(19,252)$2,036 See accompanying notes. Financial StatementsConsolidated Statements of Comprehensive Income (Loss)61 Financial StatementsConsolidated Statements of Comprehensive Income (Loss)61 Financial StatementsConsolidated Statements of Comprehensive Income (Loss)61 Consolidated Statements of Comprehensive Income (Loss) 61 Consolidated Balance Sheets (In Millions, Except Par Value)Dec 27, 2025Dec 28, 2024AssetsCurrent assets:Cash and cash equivalents$14,265 $8,249 Short-term investments23,151 13,813 Accounts receivable, net3,839 3,478 Inventories11,618 12,198 Other current assets10,815 9,586 Total current assets63,688 47,324 Property, plant and equipment, net105,414 107,919 Equity investments8,512 5,383 Goodwill23,912 24,693 Identified intangible assets, net2,772 3,691 Other long-term assets7,131 7,475 Total assets$211,429 $196,485 Liabilities and stockholders' equityCurrent liabilities:Accounts payable$9,882 $12,556 Accrued compensation and benefits3,990 3,343 Short-term debt2,499 3,729 Income taxes payable604 1,756 Other accrued liabilities14,600 14,282 Total current liabilities31,575 35,666 Debt44,086 46,282 Other long-term liabilities9,408 9,505 Commitments and Contingencies (Note 19)Stockholders' equity:Preferred stock, $0.001 par value, 50 shares authorized; none issued— — Common stock, $0.001 par value, 10,000 shares authorized; 4,994 shares issued and outstanding (4,330 issued and outstanding in 2024) and capital in excess of par value65,185 50,949 Accumulated other comprehensive income (loss)113 (711)Retained earnings48,983 49,032 Total Intel stockholders' equity114,281 99,270 Non-controlling interests12,079 5,762 Total stockholders' equity126,360 105,032 Total liabilities and stockholders' equity$211,429 $196,485

Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Comprehensive Income (Loss) Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022Net income (loss)$(19,233)$1,675 $8,017 Changes in other comprehensive income (loss), net of tax:Net unrealized holding gains (losses) on derivatives(555)272 (510)Actuarial valuation and other pension benefits (expenses), net60 66 855 Translation adjustments and other(1)9 (27)Other comprehensive income (loss)(496)347 318 Total comprehensive income (loss)(19,729)2,022 8,335 Less: comprehensive income (loss) attributable to non-controlling interests(477)(14)3 Total comprehensive income (loss) attributable to Intel$(19,252)$2,036 $8,332 See accompanying notes. Financial StatementsConsolidated Statements of Comprehensive Income (Loss)58 Financial StatementsConsolidated Statements of Comprehensive Income (Loss)58 Financial StatementsConsolidated Statements of Comprehensive Income (Loss)58 Consolidated Statements of Comprehensive Income (Loss) 58

Foreign currency contracts3 Foreign currency contracts3 Equity contracts4 1Derivative assets are recorded as other assets, current and long-term. 2Derivative liabilities are recorded as other liabilities, current and long-term. 3A substantial majority of these instruments mature within 12 months. 4Relates to our deferred compensation program. Gross derivative assets and liabilities subject to master netting agreements were $937 million and $654 million, respectively, as of December 27, 2025 and $948 million and $1.1 billion, respectively, as of December 28, 2024. Gross amounts recognized for reverse repurchase agreements are fully offset by cash collateral pledged. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $748 million net gains in 2025 ($652 million net losses in 2024 and $3 million net gains in 2023). Amounts excluded from effectiveness testing were $103 million net losses in 2025 ($205 million net losses in 2024 and $221 million net losses in 2023). For information on the unrealized holding gains (losses) on derivatives reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations, see "Note 15: Accumulated Other Comprehensive Income (Loss)" within Notes to Consolidated Financial Statements. Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:

December 30, 2023Gross Amounts Not Offset in the Balance Sheet(In Millions)Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts Presented in the Balance SheetFinancial InstrumentsCash and Non-Cash Collateral Received or PledgedNet AmountAssets:Derivative assets subject to master netting arrangements$1,047 $— $1,047 $(617)$(430)$— Reverse repurchase agreements2,554 — 2,554 — (2,554)— Total assets$3,601 $— $3,601 $(617)$(2,984)$— Liabilities:Derivative liabilities subject to master netting arrangements1,111 — 1,111 (617)(399)95 Total liabilities$1,111 $— $1,111 $(617)$(399)$95 We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $652 million net losses in 2024 ($3 million net gains in 2023 and $910 million net losses in 2022). Substantially all of our cash flow hedges are foreign currency contracts for all periods presented. Amounts excluded from effectiveness testing were $205 million net losses in 2024 ($221 million net losses in 2023 and $117 million net losses in 2022). For information on the unrealized holding gains (losses) on derivatives reclassified out of accumulated other comprehensive income (loss) into the Consolidated Statements of Operations, see "Note 15: Other Comprehensive Income (Loss)" within Notes to Consolidated Financial Statements. Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:

Deferred tax assets are included within other long-term assets on the Consolidated Balance Sheets. Deferred tax liabilities are included within other long-term liabilities on the Consolidated Balance Sheets. The $2.4 billion change in valuation allowance from December 28, 2024 to December 27, 2025 is substantially attributable to the uncertainty regarding the realizability of our U.S. deferred tax assets. As of December 27, 2025, our federal and non-U.S. net operating loss carryforwards for income tax purposes were $261 million and $2.9 billion, respectively. The majority of the federal and non-U.S. net operating loss carryforwards have no expiration date. The remaining federal and non-U.S. net operating loss carryforwards expire at various dates through 2040. Financial StatementsNotes to Consolidated Financial Statements85 Financial StatementsNotes to Consolidated Financial Statements85 Financial StatementsNotes to Consolidated Financial Statements85 Notes to Consolidated Financial Statements 85 As of December 27, 2025, we have undistributed earnings of certain foreign subsidiaries of $22.2 billion that we have indefinitely invested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax. Current income taxes receivable of $7.6 billion as of December 27, 2025 ($2.6 billion as of December 28, 2024) are included in other current assets. Long-term income taxes payable of $1.5 billion as of December 27, 2025 ($1.6 billion as of December 28, 2024) are primarily composed of uncertain tax positions, reduced by the associated deduction for state taxes and non-U.S. tax credits. Uncertain Tax Positions Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Beginning gross unrecognized tax benefits$1,130 $1,124 $1,229 Settlements and effective settlements with tax authorities (52)(59)(288)Changes in balances related to tax position taken during prior periods201 (8)— Changes in balances related to tax position taken during current period105 73183Ending gross unrecognized tax benefits$1,384 $1,130 $1,124 If the remaining balance of unrecognized tax benefits were recognized in a future period, it would result in a tax benefit of $949 million as of December 27, 2025 ($946 million as of December 28, 2024) and a reduction in the effective tax rate. Interest, penalties and accrued interest related to unrecognized tax benefits were insignificant in the periods presented. We file federal, state and non-U.S. tax returns. We are no longer subject to U.S. federal and non-U.S. tax examinations for years prior to 2018 and 2015, respectively. For U.S. state tax returns, we are no longer subject to tax examination for years prior to 2015. Cash Taxes Paid We adopted ASU 2023-09 on a prospective basis for the year ended December 27, 2025 and have included the following table as a result of our adoption, which presents income taxes paid (net of refunds received) for the year ended December 27, 2025: Year Ended (In Millions)Dec 27, 2025Federal taxes$1,393 State taxes(7)Foreign taxes:China276 Israel197 Other foreign jurisdictions440 Total cash taxes paid$2,299 Below is a summary of income taxes paid for the years ended December 28, 2024 and December 30, 2023: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Cash paid during the year for: Income taxes, net of refunds$2,202 $2,621

Deferred tax assets are included within other long-term assets on the Consolidated Balance Sheets. The $10.9 billion change in valuation allowance from December 30, 2023 to December 28, 2024 is largely attributable to the uncertainty regarding the realizability of the US deferred tax assets. As of December 28, 2024, our federal and non-US net operating loss carryforwards for income tax purposes were $279 million and $2.7 billion, respectively. The majority of the federal and non-US net operating loss carryforwards have no expiration date. The remaining federal and non-US net operating loss carryforwards expire at various dates through 2040. As of December 28, 2024, we have undistributed earnings of certain foreign subsidiaries of approximately $21.0 billion that we have indefinitely invested, and on which we have not recognized deferred taxes. Estimating the amount of potential tax is not practicable because of the complexity and variety of assumptions necessary to compute the tax. Current income taxes receivable of $2.6 billion as of December 28, 2024 ($59 million as of December 30, 2023) are included in other current assets. Financial StatementsNotes to Consolidated Financial Statements80 Financial StatementsNotes to Consolidated Financial Statements80 Financial StatementsNotes to Consolidated Financial Statements80 Notes to Consolidated Financial Statements 80

Operating-related grants receivables Other current assets Other current assets Other current assets Other long-term assets Other long-term assets Other long-term assets Capital-related grants receivables Other current assets Other long-term assets Other current assets Advertising Advertising costs, including direct marketing, are expensed as incurred and recorded within MG&A expenses. Advertising costs were $610 million in 2025 ($856 million in 2024 and $950 million in 2023). Financial StatementsNotes to Consolidated Financial Statements80 Financial StatementsNotes to Consolidated Financial Statements80 Financial StatementsNotes to Consolidated Financial Statements80 Notes to Consolidated Financial Statements 80 Interest and Other, Net Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Interest income$1,007 $1,245 $1,335 Interest expense(1,091)(1,034)(878)Gain (loss) on mark-to-market of Escrowed Shares(1,796)— — Gain on divestiture of Altera5,553 — — Other, net(416)15 172 Total interest and other, net$3,257 $226 $629 Interest expense is net of $1.2 billion of interest capitalized in 2025 ($1.5 billion in 2024 and 2023). Gain (loss) on mark-to-market of Escrowed Shares related to changes in fair value of the derivative liability for the Escrowed Shares (refer to "Note 5: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Financial Statements). Gain on divestiture of Altera is related to the sale of 51% of the Altera business for which we recorded a pretax gain of $5.6 billion (refer to "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements). Other, net in 2025 included charges of $229 million related to the sale of our NAND memory business (refer to "Note 10: Acquisitions and Divestitures" within Notes to Consolidated Financial Statements); and in 2024 included a $755 million loss from the change in fair value of a derivative liability related to Ireland SCIP and $560 million of interest received and recognized as a benefit in relation to the EC competition matter. Other, net Note 7 : Restructuring and Other Charges Years Ended (In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Employee severance and benefit arrangements$1,790 $2,481 $222 Litigation charges and other(121)858 (329)Asset impairment charges522 3,631 45 Total restructuring and other charges$2,191 $6,970 $(62) 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. 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. 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. 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 $281 million in 2025. Charges accrued as of December 27, 2025 and December 28, 2024, were recorded as current liabilities within accrued compensation and benefits on the Consolidated Balance Sheets. Financial StatementsNotes to Consolidated Financial Statements81 Financial StatementsNotes to Consolidated Financial Statements81 Financial StatementsNotes to Consolidated Financial Statements81 Notes to Consolidated Financial Statements 81 Restructuring activities related to employee severance and benefit arrangements under the 2025, 2024 and 2022 Restructuring Plans were as follows: (In Millions)2025 RestructuringProgram2024 RestructuringProgram2022 RestructuringProgramAccrued balance as of December 31, 2022$— $— $873 Accruals and adjustments— — 222 Cash payments— — (1,013)Accrued balance as of December 30, 2023— — 82Accruals and adjustments— 2,306 — Cash payments— (2,004)(82)Accrued balance as of December 28, 2024— 302— Accruals and adjustments1,450 265 — Cash payments(1,033)(541)— Accrued balance as of December 27, 2025$417 $26 $— Litigation charges and other includes a $163 million benefit recorded in 2025 from the reduction of the previously accrued EC-imposed fine recorded in 2023. While the fine remains unpaid on appeal, our obligation is guaranteed by a third party. We funded the guarantee in 2025 by depositing $340 million in legally restricted accounts, for which the restricted cash is presented within other long-term assets. The 2024 charges include $780 million arising out of the R2 litigation. In 2023, a $1.2 billion benefit was recorded due to a reduction in a previously accrued charge as a result of developments in the VLSI litigation. The 2023 charges also included a $353 million termination fee in connection with our inability to timely obtain required regulatory approvals needed to acquire Tower in accordance with the contractual terms of the terminated acquisition agreement and a $401 million charge for the original EC-imposed fine. Refer to "Note 19: Commitments and Contingencies" within Notes to Consolidated Financial Statements for further information on the EC fine and VLSI litigation developments. Refer to "Note 19: Commitments and Contingencies" within the 2024 Form 10-K for more information on the R2 litigation. Asset impairment charges in 2025 primarily included $474 million of non-cash charges associated with the 2025 and 2024 Restructuring Plans resulting from the exit of certain non-core lines of business, recorded within property, plant and equipment, net on the Consolidated Balance Sheets, and $48 million relating to certain leased assets that were recorded within other long-term assets as of December 27, 2025. The asset impairment charges in 2024 included non-cash charges associated with the 2024 Restructuring Plan, including $442 million of non-cash impairments of construction-in-progress assets associated with our decision to exit and outsource manufacturing capabilities for certain internal test hardware; and $103 million of non-cash impairments of operating leased assets and related leasehold improvements resulting from real estate consolidations and exits. Real estate consolidations and exits did not significantly change our operating lease liabilities and may result in future cash outlays for facility restoration or the relocation of operations. These impairments were recorded within property, plant and equipment, net except for the impairment of operating leased assets of $83 million that were recorded within other long-term assets on the Consolidated Balance Sheet as of December 28, 2024. In addition, we recorded non-cash goodwill impairment charges of $3.0 billion in 2024 (see "Note 11: Goodwill" within Notes to Consolidated Financial Statements). Further, as a result of a decline in the actual and projected undiscounted cash flows for certain acquired intangible assets, we concluded the assets were not recoverable and recognized a non-cash impairment charge of $108 million in 2024. impairment Financial StatementsNotes to Consolidated Financial Statements82 Financial StatementsNotes to Consolidated Financial Statements82 Financial StatementsNotes to Consolidated Financial Statements82 Notes to Consolidated Financial Statements 82 Note 8 : Income Taxes Provision for (Benefit From) Taxes Years Ended ($ In Millions)Dec 27, 2025Dec 28, 2024Dec 30, 2023Income (losses) before taxes:U.S.$(3,231)$(13,450)$(4,749)Non-U.S.4,788 2,2415,511Total income before taxes$1,557 $(11,210)$762Provision for (benefit from) taxes:Current:Federal$310 $600$538State(18)(8)23Non-U.S.910 1,364535Total current provision for (benefit from) taxes1,202 1,9561,096Deferred:Federal245 6,192(2,048)State(11)67(21)Non-U.S.95 (192)60Total deferred provision for (benefit from) taxes329 6,067(2,009)Total provision for (benefit from) taxes$1,531 $8,023$(913)Effective tax rate98.3 %71.6 %(119.8)% Income (losses) before taxes: U.S. Non-U.S. Non-U.S. Non-U.S. Financial StatementsNotes to Consolidated Financial Statements83 Financial StatementsNotes to Consolidated Financial Statements83 Financial StatementsNotes to Consolidated Financial Statements83 Notes to Consolidated Financial Statements 83 We adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements To Income Tax Disclosures" on a prospective basis beginning with the year ended December 27, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our actual global effective amount and rate for the year ended December 27, 2025: Dec 27, 2025Year Ended ($ In Millions)AmountPercentU.S. federal statutory tax$327 21.0 %State and local income tax, net of federal income tax effect(23)(1.5)%Foreign tax effects: China: Withholding tax314 20.2 % Other adjustments(51)(3.3)% Other foreign jurisdictions(205)(13.2)%Effects of cross-border tax laws: Subpart F income inclusion248 15.9 % Foreign tax credit(707)(45.4)% Other145 9.3 %Tax credits:Research and development credit(977)(62.7)%Changes in valuation allowances2,629 168.9 %Nontaxable or nondeductible items: Share-based compensation120 7.7 % Altera divestiture and deconsolidation(1,357)(87.2)% Mark to market on equity securities377 24.2 % Other97 6.2 %Changes in unrecognized tax benefits334 21.5 %Other adjustments260 16.7 %Global effective tax$1,531 98.3 % The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the U.S. federal statutory income tax rate to the actual global effective income tax rate for the years ended December 28, 2024 and December 30, 2023: Years EndedDec 28, 2024Dec 30, 2023Expected provision (benefit) at statutory federal income tax rate(21.0)%21.0 %Increase (reduction) in rate resulting from:Federal valuation allowance93.2 — Goodwill impairment2.1 — Share-based compensation4.2 34.3 Unrecognized tax benefits and settlements1.3 16.3 Non-U.S. income taxed at different rates(5.3)(60.6)Research and development tax credits(5.6)(99.0)Foreign derived intangible income benefit— (25.1)Restructuring of certain non-U.S. subsidiaries — (15.8)Non-deductibility of European Commission fine— 11.1 Other2.7 (2.0)Effective tax rate71.6 %(119.8)%

Interest and Other, Net Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022Interest income$1,245 $1,335 $589 Interest expense(1,034)(878)(496)Other, net15 172 1,073 Total interest and other, net$226 $629 $1,166 Interest expense is net of $1.5 billion of interest capitalized in 2024 ($1.5 billion in 2023 and $785 million in 2022). Other, net in 2024 includes a $755 million loss from the change in fair value of a derivative related to Ireland SCIP and $560 million of interest received and recognized as a benefit in 2024 in relation to the European Commission competition matter that was recorded and paid in 2009 and refunded to us in 2022. Other, net in 2022 included a $1.0 billion gain recognized from the first closing of the divestiture of our NAND memory business. Other, net in 2024 includes a $755 million loss from the change in fair value of a derivative related to Ireland SCIP and $560 million of interest received and recognized as a benefit in 2024 in relation to the European Commission competition matter that was recorded and paid in 2009 and refunded to us in 2022. Other, net Note 7 : Restructuring and Other Charges Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022Employee severance and benefit arrangements$2,481 $222 $1,038 Litigation charges and other858 (329)(1,187)Asset impairment charges3,631 45 151 Total restructuring and other charges$6,970 $(62)$2 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. Employee severance and benefit arrangements includes net charges relating to the 2024 Restructuring Plan of $2.2 billion in 2024. Charges relating to other actions taken to streamline operations and to reduce costs were $294 million in 2024. Charges accrued as of December 28, 2024, were recorded as current liabilities within accrued compensation and benefits on the Consolidated Balance Sheets. Charges in 2023 and 2022 primarily related to the 2022 Restructuring Program, which was approved to rebalance our workforce and operations in alignment with our strategy and was completed in the first quarter of 2024. The cumulative cost of the 2022 Restructuring Program as of December 28, 2024 was $1.3 billion. Restructuring activities related to employee severance and benefit arrangements under the 2024 and 2022 Restructuring Plans were as follows: (In Millions)2024 Restructuring Plan2022 Restructuring ProgramAccrued balance as of December 25, 2021$— $— Accruals and adjustments— 1,038 Cash payments— (165)Accrued balance as of December 31, 2022— 873 Accruals and adjustments— 222 Cash payments— (1,013)Accrued balance as of December 30, 2023— 82 Accruals and adjustments2,306 — Cash payments(2,004)(82)Accrued balance as of December 28, 2024$302 $—

Note 16 : Derivative Financial Instruments Volume of Derivative Activity The total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: (In Millions)Dec 27, 2025Dec 28, 2024Foreign currency contracts$22,740 $25,472 Interest rate contracts21,796 17,899 Equity contracts12,689 2,593 Total$47,225 $45,964

Note 16 : Derivative Financial Instruments Volume of Derivative Activity The total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Dec 31, 2022Foreign currency contracts$25,472 $30,064 $31,603 Interest rate contracts17,899 18,363 16,011 Other2,593 2,103 2,094 Total$45,964 $50,530 $49,708

Financial StatementsNotes to Consolidated Financial Statements93 Financial StatementsNotes to Consolidated Financial Statements93 Financial StatementsNotes to Consolidated Financial Statements93 Notes to Consolidated Financial Statements 93 Note 14 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 27, 2025December 28, 2024Fair Value Measured and Recorded at Reporting Date UsingTotalFair Value Measured and Recorded at Reporting Date UsingTotal(In Millions)Level 1Level 2Level 3Level 1Level 2Level 3AssetsCash equivalents:Corporate debt$— $150 $— $150 $—$— $—$— Financial institution instruments17,292 1,800 — 9,092 4,121 743 —4,864 Reverse repurchase agreements— 4,262 — 4,262 —2,654 —2,654 Short-term investments:Corporate debt— 7,248 — 7,248 —5,365 —5,365 Financial institution instruments1183 3,991 — 4,174 195 3,356 —3,551 Government debt25,296 6,433 — 11,729 33 4,864 —4,897 Other current assets:Derivative assets431 608 — 1,039 348 733 —1,081 Marketable equity investments484 — — 484 848 — —848 Other long-term assets:Derivative assets— 2 — 2 —1 — 1 Total assets measured and recorded at fair value$13,686 $24,494 $— $38,180 $5,545 $17,716 $— $23,261 LiabilitiesOther accrued liabilities:Derivative liabilities3$6 $1,524 $304 $1,834 $—$562 $134$696 Other long-term liabilities:Derivative liabilities3— 1,714 576 2,290 —416 7551,171 Total liabilities measured and recorded at fair value$6 $3,238 $880 $4,124 $—$978 $889$1,867 Total

Note 14 : Fair Value Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis December 28, 2024December 30, 2023Fair Value MeasurementsTotalFair Value MeasurementsTotal(In Millions)Level 1Level 2Level 3Level 1Level 2Level 3AssetsCash equivalents:Corporate debt$— $— $— $— $—$769 $—$769 Financial institution instruments14,121 743 — 4,864 2,241 835 —3,076 Reverse repurchase agreements— 2,654 — 2,654 —2,554 —2,554 Short-term investments:Corporate debt— 5,365 — 5,365 —6,951 —6,951 Financial institution instruments1195 3,356 — 3,551 33 4,215 —4,248 Government debt233 4,864 — 4,897 — 6,756 —6,756 Other current assets:Derivative assets348 733 — 1,081 366809 —1,175 Marketable equity securities848 — — 848 1,194 — —1,194 Other long-term assets:Derivative assets— 1 — 1 —21 — 21 Total assets measured and recorded at fair value$5,545 $17,716 $— $23,261 $3,834 $22,910 $— $26,744 LiabilitiesOther accrued liabilities:Derivative liabilities$— $562 $134 $696 $—$541 $99$640 Other long-term liabilities:Derivative liabilities3— 416 755 1,171 —479 —479 Total liabilities measured and recorded at fair value$— $978 $889 $1,867 $—$1,020 $99$1,119

Form Filing Date 10.16† Offer Letter between Intel Corporation and David A. Zinsner dated January 6, 2022 10.17† Offer Letter between Intel Corporation and Naga Chandrasekaran dated July 12, 2024 10.18† Intel Corporation Executive Officer Cash Severance Policy 10.19† Direct Funding Agreement between Intel Corporation and U.S. Department of Commerce dated November 25, 2024 10.20† Warrant and Common Stock Agreement, dated August 22, 2025 by and between Intel Corporation and the United States Department of Commerce 10.21† Implementing Amendment to Direct Funding Agreement, dated August 27, 2025, by and between Intel Corporation and the United States Department of Commerce. 10.22† Retirement and Separation Agreement between Intel Corporation and Patrick Gelsinger, dated December 1, 2024 10-K 000-06217 10.23† Intel Corporation Executive Severance Plan 10.24† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual performance-based RSUs granted to senior executives on or after January 1, 2025) 10.25† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual RSUs granted to senior executives on or after January 1, 2025) 10.26† Intel Corporation Form of Restricted Stock Unit Grant Agreement under the 2006 Equity Incentive Plan (for annual performance-based RSUs granted to Lip-Bu Tan) 10.27† Intel Corporation Form of Option Agreement under the 2006 Equity Incentive Plan (for annual stock options granted to Lip-Bu Tan) 10.28† Intel Corporation Restricted Stock Unit Agreement under the 2006 Equity Incentive Plan (for new hire performance-based RSUs granted to Lip-Bu Tan on March 18, 2025) 10.29† Intel Corporation Option Agreement under the 2006 Equity Incentive Plan (for new hire performance-based stock options granted to Lip-Bu Tan on March 18, 2025) 10.30† Letter Agreement with Michelle Johnston Holthaus executed on February 28, 2025 10.31† Offer Letter between Intel Corporation and Lip-Bu Tan dated, March 10, 2025 10.32† Form of Limited Partnership Agreement to be entered into by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P. 10.33† Amended and Restated Limited Partnership Agreement to be entered into by and among Intel Corporation, Intel Americas, Inc., Altera Corporation, and SLP VII Gryphon Aggregator, L.P. 10-Q 000-06217 Intel's Insider Trading Policy Company Procedures for Transactions in Company Securities 10-K Intel Corporation Subsidiaries Supplemental Details114 Supplemental Details114 Supplemental Details114 114 ExhibitNumberIncorporated by ReferenceFiled orFurnishedHerewithExhibit DescriptionFormFile NumberExhibitFilingDate23.1Consent of Ernst & Young LLP, Independent Registered Public Accounting FirmX31.1Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange ActX31.2Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange ActX32.1Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350X97.1†Intel Corporation Compensation Recoupment Policy, effective October 2, 202310-K000-0621797.11/26/2024101Inline XBRL Document Set for the Consolidated Financial Statements and accompanying notes in Financial Statements and Supplemental DetailsX104Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101X Exhibit Number

Form 10.18† Offer Letter between Intel Corporation and Sandra Rivera dated October 2, 2023 10.19† Intel Corporation Executive Officer Cash Severance Policy 10.20† Retirement and Separation Agreement between Intel Corporation and Patrick Gelsinger, dated December 1, 2024 X 10.21† Intel Corporation Executive Severance Plan 10.22† Altera Corporation 2024 Equity Incentive Plan 10.23† Form of Altera Corporation Restricted Stock Unit Agreement (for Long-Term Incentive Awards for senior executives of Altera Corporation) 10.24† Form of Altera Corporation Restricted Stock Unit Agreement (for Staking Grants for senior executives of Altera Corporation) 10.25† Form of Altera Corporation Performance-Based Restricted Stock Unit Agreement (for Long-Term Incentive Awards for senior executives of Altera Corporation) 10.26† Form of Altera Corporation Performance-Based Restricted Stock Unit Agreement (for Staking Grants for senior executives of Altera Corporation) Intel's Insider Trading Policy X Company Procedures for Transactions in Company Securities X Intel Corporation Subsidiaries Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350 97.1† Intel Corporation Compensation Recoupment Policy, effective October 2, 2023 10-K Inline XBRL Document Set for the Consolidated Financial Statements and accompanying notes in Financial Statements and Supplemental Details † Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate. †† Portions of this exhibit have been omitted pursuant to an order granting confidential treatment. ^ Schedules and certain portions of this exhibit have been omitted pursuant to Item 601(a)(5)-(6) and Item 601(b)(10)(iv) of Regulation S-K. Supplemental Details107 Supplemental Details107 Supplemental Details107 107

Expected provision (benefit) at statutory federal income tax rate Federal valuation allowance Goodwill impairment Share-based compensation Non-U.S. income taxed at different rates Foreign derived intangible income benefit Restructuring of certain non-U.S. subsidiaries Non-deductibility of European Commission fine On July 4, 2025, the One Big Beautiful Bill Act (Act) was signed into law. The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100 percent bonus depreciation, domestic research cost expensing, increases the AMIC to 35 percent from 25 percent and makes modifications to the international tax framework. The Act includes multiple effective dates, with certain provisions effective in 2025 and others phased in through 2027. We continue to evaluate the impact of the Act's provisions that take effect in future years. Financial StatementsNotes to Consolidated Financial Statements84 Financial StatementsNotes to Consolidated Financial Statements84 Financial StatementsNotes to Consolidated Financial Statements84 Notes to Consolidated Financial Statements 84 As noted in the 2025 rate reconciliation above, we derive the effective tax rate benefit, or detriment, attributed to non-U.S. income taxed at different rates primarily from our operations in China, among others. We are subject to reduced tax rates in Israel and Malaysia as long as we conduct certain eligible activities and make certain capital investments. We have conditional reduced tax rates that expire at various dates through 2056, and we expect to apply for renewals upon expiration, if available. In 2025, the tax benefit specifically attributable to tax holidays was $79 million ($67 million in 2024 and $129 million in 2023) with a $0.02 benefit to diluted EPS ($0.02 in 2024 and $0.03 in 2023). Deferred and Current Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: (In Millions)Dec 27, 2025Dec 28, 2024Deferred tax assets:R&D expenditures capitalization$12,203 $10,709 State credits and net operating losses3,165 2,830 Inventory628 1,054 Accrued compensation and other benefits921 970 Share-based compensation481 444 Litigation charge320 447 Other, net1,547 1,510 Gross deferred tax assets19,265 17,964 Valuation allowance(16,402)(13,974)Total deferred tax assets2,863 3,990 Deferred tax liabilities:Property, plant and equipment(3,294)(4,063)Licenses and intangibles(466)(159)Unrealized gains on investments and derivatives(168)(224)Other, net(51)(403)Total deferred tax liabilities(3,979)(4,849)Net deferred tax assets (liabilities)$(1,116)$(859)Reported as:Deferred tax assets$570 $603 Deferred tax liabilities(1,686)(1,462)Net deferred tax assets (liabilities)$(1,116)$(859)

Deferred and Current Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities at the end of each period were as follows: Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Deferred tax assets:R&D expenditures capitalization$10,709 $7,726 State credits and net operating losses2,830 2,624 Inventory1,054 1,430 Accrued compensation and other benefits970 931 Share-based compensation444 586 Litigation charge447 308 Other, net1,510 926 Gross deferred tax assets17,964 14,531 Valuation allowance(13,974)(3,047)Total deferred tax assets3,990 11,484 Deferred tax liabilities:Property, plant, and equipment(4,063)(5,156)Licenses and intangibles(159)(494)Unrealized gains on investments and derivatives(224)(358)Other, net(403)(203)Total deferred tax liabilities(4,849)(6,211)Net deferred tax assets (liabilities)$(859)$5,273 Reported as:Deferred tax assets603 5,459 Deferred tax liabilities(1,462)(186)Net deferred tax assets (liabilities)$(859)$5,273

Equity contracts1 1Relates to our deferred compensation program. The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $9.7 billion as of December 27, 2025 and $12.0 billion as of December 28, 2024. Financial StatementsNotes to Consolidated Financial Statements95 Financial StatementsNotes to Consolidated Financial Statements95 Financial StatementsNotes to Consolidated Financial Statements95 Notes to Consolidated Financial Statements 95 Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 27, 2025December 28, 2024(In Millions)Assets1Liabilities2Assets1Liabilities2Derivatives designated as hedging instruments:Foreign currency contracts3$173 $49 $40 $405 Interest rate contracts— 266 — 582 Total derivatives designated as hedging instruments173 315 40 987 Derivatives not designated as hedging instruments:Foreign currency contracts3351 278 510 100 Interest rate contracts86 116 184 25 Equity contracts4431 6 348 — Escrowed Shares— 2,654 — — Ireland SCIP arrangement— 755 — 755 Total derivatives not designated as hedging instruments868 3,809 1,042 880 Total derivatives1,041 4,124 1,082 1,867 Netted cash and non-cash collateral received or pledged(907)(571)(948)(1,014)Net derivatives$134 $3,553 $134 $853

Fair Value of Derivative Instruments in the Consolidated Balance Sheets December 28, 2024December 30, 2023(In Millions)Assets1Liabilities2Assets1Liabilities2Derivatives designated as hedging instruments:Foreign currency contracts3$40 $405 $255 $142 Interest rate contracts— 582 — 578 Total derivatives designated as hedging instruments40 987 255 720 Derivatives not designated as hedging instruments:Foreign currency contracts3510 100 314 363 Interest rate contracts184 25 261 36 Equity contracts348 — 366 — Other4— 755 — — Total derivatives not designated as hedging instruments1,042 880 941 399 Total derivatives$1,082 $1,867 $1,196 $1,119 Assets1

Form Filing Date Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350 97.1† Intel Corporation Compensation Recoupment Policy, effective October 2, 2023 † Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate. †† Portions of this exhibit have been omitted pursuant to an order granting confidential treatment. ^ Schedules and certain portions of this exhibit have been omitted pursuant to Item 601(a)(5)-(6) and Item 601(b)(10)(iv) of Regulation S-K. Supplemental Details115 Supplemental Details115 Supplemental Details115 115 Form 10-K Cross-Reference Index Form 10-K Cross-Reference Index Item NumberItem Part IItem 1.Business:General development of business Pages 3-5, 18Description of businessPages 3-24, 33, 52, 72-75Available informationPage 2Item 1A.Risk FactorsPages 37-51Item 1B.Unresolved Staff CommentsNoneItem 1C.CybersecurityPage 54Item 2.PropertiesPages 11, 32Item 3.Legal ProceedingsPages 102-105Item 4.Mine Safety DisclosuresNonePart IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity SecuritiesPages 53Item 6.[Reserved]Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations:Liquidity and capital resourcesPages 29-32Results of operationsPages 18-29Critical accounting estimatesPages 34-36, 65-72Item 7A.Quantitative and Qualitative Disclosures About Market RiskPages 33Item 8.Financial Statements and Supplementary Data Pages 56-108Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNoneItem 9A.Controls and ProceduresPage 109Item 9B.Other InformationDisclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934Page 54Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNonePart IIIItem 10.Directors, Executive Officers, and Corporate GovernancePage 52 (a)Item 11.Executive Compensation(a)Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters(a)Item 13.Certain Relationships and Related Transactions, and Director Independence(a)Item 14.Principal Accountant Fees and Services(a)Part IVItem 15.Exhibits and Financial Statement SchedulesPages 56-108, 110-115Item 16.Form 10-K SummaryNoneSignaturesPage 117 Part I Pages 3-5, 18 Pages 3-24, 33, 52, 72-75 Page 2 Pages 37-51 None Item 1C. Cybersecurity Page 54 Pages 11, 32 Pages 102-105 None Part II Item 5. Pages 53 Pages 29-32 Pages 18-29 Pages 34-36, 65-72 Pages 33 Pages 56-108 None Page 109 Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 Page 54 None Page 52 (a) (a) (a) (a) (a) Pages 56-108, 110-115 None Page 117 (a) Incorporated by reference to the applicable section of the 2026 Proxy Statement. Supplemental Details116 Supplemental Details116 Supplemental Details116 116 Signatures Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INTEL CORPORATIONRegistrantBy:/s/ LIP-BU TANLip-Bu TanChief Executive Officer and Director(Principal Executive Officer)January 22, 2026Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ LIP-BU TAN Lip-Bu Tan Chief Executive Officer and Director (Principal Executive Officer) /s/ LIP-BU TAN/s/ DAVID ZINSNERLip-Bu TanChief Executive Officer and Director(Principal Executive Officer)David ZinsnerExecutive Vice President and Chief Financial Officer(Principal Financial Officer)January 22, 2026January 22, 2026/s/ SCOTT GAWELScott GawelCorporate Vice President and Chief Accounting Officer(Principal Accounting Officer)January 22, 2026 /s/ DAVID ZINSNER Lip-Bu Tan Chief Executive Officer and Director (Principal Executive Officer) David Zinsner Executive Vice President and Chief Financial Officer (Principal Financial Officer) Corporate Vice President and Chief Accounting Officer (Principal Accounting Officer) /s/ DR. CRAIG H. BARRATT/s/ JAMES J. GOETZDr. Craig H. BarrattJames J. GoetzDirectorDirectorJanuary 22, 2026January 22, 2026/s/ DR. ANDREA J. GOLDSMITH/s/ ALYSSA HENRY Dr. Andrea J. GoldsmithAlyssa HenryDirectorDirectorJanuary 22, 2026January 22, 2026/s/ ERIC MEURICE/s/ BARBARA G. NOVICKEric MeuriceBarbara G. NovickDirectorDirectorJanuary 22, 2026January 22, 2026/s/ STEVE SANGHI/s/ GREGORY D. SMITHSteve SanghiGregory D. SmithDirectorDirectorJanuary 22, 2026January 22, 2026/s/ STACY J. SMITH/s/ DION J. WEISLERStacy J. SmithDion J. WeislerDirectorDirectorJanuary 22, 2026January 22, 2026/s/ FRANK D. YEARYFrank D. YearyChair of the Board and DirectorJanuary 22, 2026 /s/ DR. CRAIG H. BARRATT Dr. Craig H. Barratt Director /s/ ERIC MEURICE Eric Meurice Chair of the Board and Director Supplemental Details117 Supplemental Details117 Supplemental Details117 117

Form 10-K Cross-Reference Index Form 10-K Cross-Reference Index Item NumberItem Part IItem 1.Business:General development of business Pages 3-4, 13Description of businessPages 3-20, 45-47, 51, 68-72Available informationPage 2Item 1A.Risk FactorsPages 31-46Item 1B.Unresolved Staff CommentsNoneItem 1C.CybersecurityPage 48Item 2.PropertiesPages 8, 49Item 3.Legal ProceedingsPages 96-99Item 4.Mine Safety DisclosuresNonePart IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity SecuritiesPages 6, 49-50Item 6.[Reserved]Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations:Liquidity and capital resourcesPages 28-30, 30Results of operationsPages 13-27Critical accounting estimatesPages 30, 62-68Item 7A.Quantitative and Qualitative Disclosures About Market RiskPages 47-48Item 8.Financial Statements and Supplementary Data Pages 53-101Item 9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureNoneItem 9A.Controls and ProceduresPage 102Item 9B.Other InformationDisclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934Page 52Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNonePart IIIItem 10.Directors, Executive Officers, and Corporate GovernancePage 51 (a)Item 11.Executive Compensation(a)Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters(a)Item 13.Certain Relationships and Related Transactions, and Director Independence(a)Item 14.Principal Accountant Fees and Services(a)Part IVItem 15.Exhibits and Financial Statement SchedulesPages 53-101, 103-107Item 16.Form 10-K SummaryNoneSignaturesPage 109 Part I Pages 3-4, 13 Pages 3-20, 45-47, 51, 68-72 Page 2 Pages 31-46 None Item 1C. Cybersecurity Page 48 Pages 8, 49 Pages 96-99 None Part II Item 5. Pages 6, 49-50 Pages 28-30, 30 Pages 13-27 Pages 30, 62-68 Pages 47-48 Pages 53-101 None Page 102 Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 Page 52 None Page 51 (a) (a) (a) (a) (a) Pages 53-101, 103-107 None Page 109 (a) Incorporated by reference to the applicable section of the 2025 Proxy Statement. Supplemental Details108 Supplemental Details108 Supplemental Details108 108

1 For the year ended December 27, 2025, we have included the weighted average impacts of Escrowed Shares that are not contingently issuable. Refer to additional discussion under the U.S. Government Agreements section below. Potentially dilutive shares of common stock from employee equity incentive plans and stock issuances are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan. The dilutive impact from the assumed issuance of common stock associated with contractual transactions, including the release of Escrowed Shares under the Secure Enclave program (defined below), that settled during the year ended December 27, 2025 is determined from the date of the agreement or the beginning of the period (whichever is later) to the date the Escrowed Shares are released or to the date the transaction closes. We reflect these contractual transactions, including the Escrowed Shares, in the calculation of diluted EPS using the treasury stock method. For the years ended December 27, 2025 and December 28, 2024, the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, the assumed issuance of common stock under the stock purchase plan, and the assumed issuance of common stock associated with equity issuance agreements, including Escrowed Shares released, and a contractual conversion feature, as applicable, had an anti-dilutive effect on diluted loss per share and were excluded from the computation of diluted loss per share. For the year ended December 27, 2025, 153 million anti-dilutive shares (114 million in 2024) were excluded from the computation of diluted earnings (loss) per share. In 2023, securities that would have been anti-dilutive were insignificant. Equity Issuances Private Placement Share Sale to SoftBank Group On August 18, 2025, we entered into an agreement to issue and sell 87 million shares of our common stock to SoftBank Group at $23.00 per share, representing an aggregate cash purchase price of $2.0 billion. The issuance and sale of the shares was completed on September 26, 2025. U.S. Government Agreements On August 22, 2025, we entered into the U.S. Government Agreement with the DOC. Pursuant to the terms of the U.S. Government Agreement, the Federal Government of the United States of America (U.S. government) agreed to make disbursements to us consisting of (1) the acceleration of certain disbursements under an amendment to our November 2024 Direct Funding Agreement (DFA) under the CHIPS and Science Act of 2022 (CHIPS Act) with the DOC in the amount of $5.7 billion and (2) $3.2 billion of disbursements in respect of our existing agreement with the U.S. government under the CHIPS Act Secure Enclave program (Secure Enclave) to be made as we perform on our commitments pursuant to the terms and conditions of Secure Enclave. As compensation to the U.S. government for, and as a condition to the DOC's willingness to permit, the disbursements, the company agreed to issue to the DOC: (i) up to 433 million shares of our common stock, of which 275 million would be issued on the closing date (Common Stock Issuance) and 159 million would be issued into escrow to be released as disbursements are received by us under Secure Enclave (Escrowed Shares); and (ii) warrants exercisable to purchase up to 241 million shares of our common stock at $20.00 per share (Warrants) if we were to cease to directly or indirectly own at least 51% of our foundry business (Warrant Condition). The DOC also agreed that to the maximum extent permissible under applicable law, our obligations pursuant to the DFA would be considered discharged, other than with respect to Secure Enclave. The U.S. government agreed to make the disbursements in respect of, and on the terms and conditions of, Secure Enclave and agreed to work with us to make appropriate amendments and modifications to the DFA to release us from certain of its obligations. On August 27, 2025, the closing of the transactions contemplated by the U.S. Government Agreement occurred. On such date: ▪we and the DOC entered into an amendment to the DFA that, among other things, removed the prior project milestone requirements and certain other conditions to disbursements under the DFA; Financial StatementsNotes to Consolidated Financial Statements77 Financial StatementsNotes to Consolidated Financial Statements77 Financial StatementsNotes to Consolidated Financial Statements77 Notes to Consolidated Financial Statements 77 ▪we received from the DOC the $5.7 billion of remaining potential disbursements under the DFA; ▪we issued to the DOC the 275 million share Common Stock Issuance; ▪we issued to the DOC the Warrants to purchase up to 241 million shares of our common stock, subject to anti-dilution adjustments for dividends, distributions, subdivisions, combinations or reclassifications; and ▪we issued into escrow the 159 million Escrowed Shares for the benefit of the DOC to be released as the company performs, invoices and receives disbursements from the U.S. government under Secure Enclave. The Escrowed Shares will be released from escrow as and when Secure Enclave disbursements are received by us for our performance under Secure Enclave, with the number of Escrowed Shares to be issued with respect to each Secure Enclave disbursement being determined based on $20.00 per share. To the extent any Escrowed Shares have not been released from escrow at the end of the period during which we are eligible for Secure Enclave disbursements, half of any remaining Escrowed Shares will be released from escrow to the DOC at such time with no additional consideration payable to us, with the other half of the remaining Escrowed Shares automatically forfeited and cancelled. In Q3 2025, we received $5.7 billion from the DOC and attributed the proceeds to the issuance of three freestanding instruments: the issuance of 275 million shares of common stock, the issuance of Warrants to purchase 241 million shares and the issuance of 159 million Escrowed Shares. We concluded that the common stock and Warrants should be classified within permanent equity. We classified the Escrowed Shares as a derivative liability, which was recorded at fair value at inception with subsequent changes in fair value recorded through interest and other, net within our Consolidated Statements of Operations. Accordingly, we allocated the $5.7 billion in cash proceeds received at the closing date to the derivative liability for the Escrowed Shares at fair value, with the remaining proceeds allocated to common stock and Warrants based on their relative fair values. As disclosed within our Q3 2025 Form 10-Q, our accounting for the U.S. Government Agreement was complex and, as such, we voluntarily initiated an accounting consultation with the staff of the SEC. Due to the U.S. government shutdown, we were unable to conclude our consultation with the staff prior to our Q3 2025 Form 10-Q filing deadline. In December 2025, the staff completed its review of our accounting position and informed us that they objected to a component of our accounting treatment. Specifically, the SEC objected to our position that receipts from the U.S. government under the Secure Enclave program received subsequent to the U.S. Government Agreement should be accounted for as a government grant. Accordingly, we have revised our accounting during the fourth quarter of 2025 such that cash received under the Secure Enclave program is accounted for as proceeds from the issuance of equity in our Consolidated Financial Statements. As a result, the fair value of the derivative liability for the Escrowed Shares as of December 27, 2025 of $2.7 billion has factored in the present value of expected future disbursements under Secure Enclave, whereas it did not as of September 27, 2025. The remainder of the $5.7 billion in proceeds received in Q3 2025 has been allocated on a relative fair value basis to the common stock and Warrants. If we were to have applied our revised accounting position to the Consolidated Condensed Financial Statements as of September 27, 2025, the impact would be a decrease of $3.0 billion to total liabilities and an increase of $3.0 billion to total stockholders’ equity on the Consolidated Condensed Balance Sheet. Based on an analysis of quantitative and qualitative factors in accordance with Accounting Standard Codification (ASC) Topic 250, "Accounting Changes and Error Corrections", including ASC Topic 250-10-S99-1 (SAB Topic 1.M), "Assessing Materiality", we concluded that these revisions would be immaterial, individually and in the aggregate, to the Consolidated Condensed Financial Statements as presented in the Quarterly Report on Form 10-Q as of and for the three and nine-months ended September 27, 2025, as filed on November 6, 2025. During 2025, we recognized $1.8 billion related to the net change in fair value of both Escrowed Shares released and Escrowed Shares still held in escrow at December 27, 2025. The fair value of the Escrowed Shares derivative liability was $2.7 billion at December 27, 2025, which we have recognized within other accrued liabilities and other long-term liabilities. During 2025, we released 3 million Escrowed Shares, which we recognized as issuances of common stock upon our receipt of cash proceeds for our performance under Secure Enclave. The 78 million Escrowed Shares that were not contingently issuable based on the terms of the U.S. Government Agreement have been included in our computation of basic EPS for the year ended December 27, 2025. The remaining 78 million Escrowed Shares are contingently issuable based on the DOC's disbursements under Secure Enclave and therefore they are excluded from basic and diluted EPS until the contingencies are met. Potentially dilutive shares issuable under the Warrant have been excluded from all basic and diluted EPS calculations for the year ended December 27, 2025 as the Warrants are neither currently nor expected to become exercisable. The $2.3 billion previously received under the DFA and Secure Enclave programs prior to the U.S. Government Agreement date remains subject to our government grant accounting policy. See “Note 6: Other Financial Statement Details” within Notes to Consolidated Financial Statements for additional information. Private Placement Share Sale to NVIDIA On September 15, 2025, we entered into an agreement to issue and sell 215 million shares of our common stock to NVIDIA at a price of $23.28 per share, representing an aggregate cash purchase price of $5.0 billion. The issuance and sale of the shares was completed on December 26, 2025. Financial StatementsNotes to Consolidated Financial Statements78 Financial StatementsNotes to Consolidated Financial Statements78 Financial StatementsNotes to Consolidated Financial Statements78 Notes to Consolidated Financial Statements 78 Note 6 : Other Financial Statement Details Restricted Cash We have $447 million of restricted cash included in other long-term assets within the Consolidated Balance Sheets as of December 27, 2025 and included within cash, cash equivalents, and restricted cash in the Consolidated Statements of Cash Flows. The restricted cash serves as collateral for third party arrangements we entered into and is considered legally restricted due to limitations on usage and withdrawal. Accounts Receivable We sell certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Consolidated Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $2.6 billion during 2025, $2.3 billion during 2024 and $2.0 billion during 2023. After the sale of our accounts receivable, we expect to collect payment from the customers and remit it to the third-party financial institution. Inventories (In Millions)Dec 27, 2025Dec 28, 2024Raw materials$993 $1,344 Work in process7,840 7,432 Finished goods2,785 3,422 Total inventories$11,618 $12,198

Note 5 : Earnings (Loss) Per Share We computed basic earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings (loss) per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period, if applicable. Years Ended (In Millions, Except Per Share Amounts)Dec 28, 2024Dec 30, 2023Dec 31, 2022Net income (loss)$(19,233)$1,675 $8,017 Less: net income (loss) attributable to non-controlling interests(477)(14)3 Net income (loss) attributable to Intel$(18,756)$1,689 $8,014 Weighted average shares of common stock outstanding—basic4,280 4,190 4,108 Dilutive effect of employee equity incentive plans— 22 15 Weighted average shares of common stock outstanding—diluted4,280 4,212 4,123 Earnings (loss) per share attributable to Intel—basic$(4.38)$0.40 $1.95 Earnings (loss) per share attributable to Intel—diluted$(4.38)$0.40 $1.94 Dilutive effect of employee equity incentive plans Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan. The potentially dilutive impact from the assumed issuance of common stock associated with a contractual conversion feature is determined by applying the if-converted method to the assumed exercise of the outstanding conversion feature. At December 28, 2024, the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, the assumed issuance of common stock under the stock purchase plan, and the assumed issuance of common stock associated with a contractual conversion feature, as applicable, had an anti-dilutive effect on diluted loss per share and were excluded from the computation of diluted loss per share. At December 28, 2024, 114 million anti-dilutive shares (70 million in 2022) were excluded from the computation of diluted earnings (loss) per share. In 2023, securities that would have been anti-dilutive were insignificant. Note 6 : Other Financial Statement Details Accounts Receivable We sell certain of our accounts receivable on a non-recourse basis to third-party financial institutions. We record these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the Consolidated Statements of Cash Flows. Accounts receivable sold under non-recourse factoring arrangements were $2.3 billion during 2024, $2.0 billion during 2023, and $665 million during 2022. After the sale of our accounts receivable, we expect to collect payment from the customers and remit it to the third-party financial institution. Inventories Years Ended (In Millions)Dec 28, 2024Dec 30, 2023Raw materials$1,344 $1,166 Work in process7,432 6,203 Finished goods3,422 3,758 Total inventories$12,198 $11,127