INTC

MD&A summary generating — check back in a moment.

Summary generating — check back in a moment.

Intel's May 13, 2026 annual meeting results: all 11 director nominees elected, Ernst & Young (auditor) ratified, say-on-pay approved, and both the 2006 Equity Incentive Plan and ESPP amendments approved; three stockholder proposals — on China exposure risk reporting, human rights due diligence, and mandatory chair/CEO separation — were all defeated by wide margins. Notably, Steve Sanghi and Barbara Novick drew the highest opposition among board nominees (~8% and ~6% against, respectively).

Intel closed a $6.5 billion senior notes offering on April 30, 2026, comprising five tranches: $1B at 4.650% due 2031, $1B at 5.000% due 2033, $2.25B at 5.300% due 2036, $1.75B at 6.125% due 2056, and $500M at 6.200% due 2066, generating approximately $6.47 billion in net proceeds after underwriting discounts.

Intel's Chief Accounting Officer Scott Gawel resigned effective April 24, 2026 to pursue another opportunity; CFO David Zinsner immediately assumed the additional role of principal accounting officer on top of his existing principal financial officer duties.

Intel posted Q1 2026 revenue of $13.6 billion, up 7% year-over-year, driven almost entirely by Intel Products strength. DCAI surged 22% to $5.1 billion on a 27% jump in server ASPs, reflecting a richer product mix and demand-based pricing actions taken partly to offset higher input costs; CCG was essentially flat at $7.7 billion as a 16% ASP increase was nearly offset by a 13% volume decline caused by internal and external supply constraints that management expects to persist through at least the first half of 2026. Intel Foundry revenue grew to $5.4 billion but the segment's operating loss held at $(2.4) billion, with the incremental drag from costly Intel 18A wafer ramp only partially offset by lower period charges; Intel Foundry remains a large structural drag at a negative 45% operating margin. Consolidated gross margin expanded 250 basis points to 39.4%, and R&D plus MG&A fell meaningfully as a percentage of revenue, reflecting headcount reductions under the 2025 Restructuring Plan. However, a $3.9 billion non-cash goodwill impairment charge on the Mobileye reporting unit — triggered by sustained market cap deterioration, heightened geopolitical risk premiums tied to Middle East operations, and increased competitive uncertainty — drove a consolidated operating loss of $(3.1) billion and a net loss of $(3.7) billion attributable to Intel. Below the operating line, a $1.1 billion mark-to-market loss on the derivative liability for the Escrowed Shares further pressured EPS to $(0.73) diluted. The forward-looking picture is dominated by three structural risks. First, Intel's Israel fabrication facility — a significant source of Intel 7 production — is explicitly named on Iran's target list, is uninsured for war-related business interruptions, and faces helium supply disruption from Iranian strikes on Qatari gas fields; any facility disruption would be materially adverse. Second, the economics of Intel 14A development hinge entirely on securing committed external foundry customers: without sufficient design wins, management may pause or discontinue 14A and successor nodes, effectively capping internal leading-edge manufacturing at Intel 18A-P through at least 2030 and shifting future products to third-party foundries. Third, the April 2026 buyout of Apollo's 49% Ireland SCIP stake for $14.2 billion in cash — funded partly by a $6.5 billion term loan Intel intends to refinance — reduced total liquidity from $37.4 billion at year-end to $32.8 billion at quarter-end before the transaction closed, adding meaningful near-term balance sheet leverage to an already capital-intensive transformation.

Intel reported Q1 2026 financial results (quarter ended March 28, 2026) via press release, with the 8-K also providing forward-looking guidance for Q2 2026; the filing includes both GAAP results and non-GAAP reconciliations.

Intel repurchased Apollo-managed funds' 49% equity stake in their Fab 34 Ireland joint venture for $14.2 billion, funded with cash on hand plus a $6.5 billion bridge loan Intel intends to refinance, bringing Intel to 100% ownership and unwinding the June 2024 arrangement.

Intel disclosed that April Miller Boise, EVP and Chief Legal Officer, will separate from the company effective June 1, 2026, and will receive severance benefits under Intel's Executive Severance Plan in exchange for a release of claims.

Board Chair Frank Yeary announced his retirement effective at the conclusion of Intel's 2026 Annual Meeting of Stockholders, with Dr. Craig H. Barratt named as his successor as Chair; the Board will simultaneously shrink from 12 to 11 directors.