10-K 年报仅提供 GAAP 数据 ·
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 营收 Revenue | $52,853M | $53,101M | -0% | $54,228M |
| 毛利率 Gross Margin | 34.8% | 32.7% | +2.1 ppt | 40.0% |
| 研发费用 R&D | $13,774M | $16,546M | -17% | $16,046M |
| 销售及管理 SG&A | $4,624M | $5,507M | -16% | $5,634M |
| 折旧摊销 D&A | $11,706M | $11,379M | +3% | $9,602M |
| 股权激励 SBC | $2,434M | $3,410M | -29% | $3,229M |
| 营业利润 Operating Income | -$2,214M | -$11,678M | +81% | $93M |
| 利息费用 Interest Expense | $1,091M | $1,034M | +6% | $878M |
| 净利润 Net Income | -$267M | -$18,756M | +99% | $1,689M |
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 每股收益 EPS | -$0.06 | -$4.38 | +99% | $0.40 |
| 稀释股数 Diluted Shares | 4,530M | 4,280M | +6% | 4,212M |
| 实际税率 Effective Tax Rate | 98.3% | 71.6% | +26.7 ppt | -119.8% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| CCG (Client Computing) | $32,228M | 61.0% | — | — |
| DCAI (Data Center & AI) | $16,919M | 32.0% | — | — |
| Intel Foundry (External) | $307M | 0.6% | — | — |
| All Other | $3,563M | 6.7% | — | -7% |
Intel Products（CCG+DCAI）收入 $49,147M 基本持平；Intel Foundry 外部收入仅 $307M，绝大部分为内部交易；segment 收入含交叉消除后合计 $52,853M。CCG 下降主要因 2024 年上半年客户激励退出和 2025 年客户去库存；DCAI 增长受益于超大规模客户服务器需求。
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| United States | $15,757M | 29.8% | — | +21% |
| China | $12,694M | 24.0% | — | -18% |
| Singapore | $9,535M | 18.0% | — | -6% |
| Taiwan | $7,672M | 14.5% | — | -2% |
| Other Regions | $7,195M | 13.6% | — | — |
按客户账单地址划分。美国收入大幅增长 21%，中国收入下降 18%，反映地缘政治风险和需求结构变化。
| 项目 | 占比 |
|---|---|
| Customer A | 19.0% |
| Customer B | 12.0% |
| Customer C | 12.0% |
前三大客户合计占营收 43%（2024 年为 45%），集中度略有下降。前三大客户应收账款占比 47%。
| 债务类型 | 金额 | 利率 | 到期日 |
|---|---|---|---|
| Senior Notes | $1,500M | 4.88% fixed | Feb 2026 |
| Senior Notes | $1,000M | 2.60% fixed | May 2026 |
| Senior Notes | $1,000M | 3.75% fixed | Mar 2027 |
| Senior Notes | $1,000M | 3.15% fixed | May 2027 |
| Senior Notes | $1,250M | 3.75% fixed | Aug 2027 |
| Senior Notes | $1,750M | 4.88% fixed | Feb 2028 |
| Senior Notes | $1,000M | 1.60% fixed | Aug 2028 |
| Senior Notes | $850M | 4.00% fixed | Aug 2029 |
| Senior Notes | $2,000M | 2.45% fixed | Nov 2029 |
| Senior Notes | $1,250M | 5.13% fixed | Feb 2030 |
| Senior Notes | $1,500M | 3.90% fixed | Mar 2030 |
| Senior Notes | $500M | 5.00% fixed | Feb 2031 |
| Senior Notes | $1,250M | 2.00% fixed | Aug 2031 |
| Senior Notes | $1,250M | 4.15% fixed | Aug 2032 |
| Senior Notes | $750M | 4.00% fixed | Dec 2032 |
| Senior Notes | $2,250M | 5.20% fixed | Feb 2033 |
| Senior Notes | $900M | 5.15% fixed | Feb 2034 |
| Senior Notes | $750M | 4.60% fixed | Mar 2040 |
| Senior Notes | $750M | 2.80% fixed | Aug 2041 |
| Senior Notes | $802M | 4.80% fixed | Oct 2041 |
| Senior Notes | $567M | 4.25% fixed | Dec 2042 |
| Senior Notes | $1,000M | 5.63% fixed | Feb 2043 |
| Senior Notes | $772M | 4.90% fixed | Jul 2045 |
| Senior Notes | $1,250M | 4.10% fixed | May 2046 |
| Senior Notes | $1,000M | 4.10% fixed | May 2047 |
| Senior Notes | $640M | 4.10% fixed | Aug 2047 |
| Senior Notes | $1,967M | 3.73% fixed | Dec 2047 |
| Senior Notes | $2,000M | 3.25% fixed | Nov 2049 |
| Senior Notes | $2,250M | 4.75% fixed | Mar 2050 |
| Senior Notes | $1,250M | 3.05% fixed | Aug 2051 |
| Senior Notes | $1,750M | 4.90% fixed | Aug 2052 |
| Senior Notes | $2,000M | 5.70% fixed | Feb 2053 |
| Senior Notes | $1,150M | 5.60% fixed | Feb 2054 |
| Senior Notes | $1,000M | 3.10% fixed | Feb 2060 |
| Senior Notes | $1,000M | 4.95% fixed | Mar 2060 |
| Senior Notes | $750M | 3.20% fixed | Aug 2061 |
| Senior Notes | $900M | 5.05% fixed | Aug 2062 |
| Senior Notes | $1,250M | 5.90% fixed | Feb 2063 |
| Oregon/Arizona Bonds | $423M | 3.80%-4.10% fixed | 2035-2040 |
| Oregon/Arizona Bonds | $131M | 5.00% fixed | Sep 2042 |
| Oregon/Arizona Bonds | $438M | 4.00% fixed | Jun 2049 |
| Oregon/Arizona Bonds | $445M | 5.00% fixed | Sep 2052 |
本年度数据
| 指标 | FY2025 | FY2024 | 变化 |
|---|---|---|---|
| 暂无动态指标配置 | |||
以下观点摘自 10-K MD&A 管理层讨论章节（非 CEO 引言，10-K 不含新闻稿）
"我们预计这些产能限制将持续到 2026 年，基板、存储器和其他关键元件的全行业短缺可能进一步限制我们满足 CCG 和 DCAI 客户需求的能力。"
"如果我们无法为 Intel 14A 获得重要外部客户并达成关键客户里程碑，我们将面临继续开发和制造 Intel 14A 及后续先进节点在经济上不可行的前景。"
"2025 年 8 月，一家主要信用评级机构将我们的企业信用评级从 BBB+ 下调至 BBB，理由是技术路线图和代工战略的执行风险、去杠杆延迟以及产品需求低于预期。"
"我们也错过了计算需求向 AI 优化 GPU 的重大转变，至今未能成为该市场的重要参与者，而我们的一些主要竞争对手在该市场取得了巨大成功。"
| 指标 | 数值 | 备注 |
|---|---|---|
| restructuring_charges | $2,191M | 2025 年重组及其他费用，包括 $1,790M 员工遣散、$522M 资产减值和 $(121)M 诉讼（含 EC 罚款减少 $163M）。涉及 2025 和 2024 两轮重组计划。 |
| intel_foundry_operating_loss | -$10,318M | Intel Foundry 运营亏损 $103 亿，同比改善 $3.0B（2024 年亏损 $13.3B），主要因资产减值和加速折旧费用下降。仍包含 $950M 制造资产减值和加速折旧、$849M Intel 18A 早期量产库存减值。 |
| altera_divestiture_gain | $5,553M | 出售 Altera 51% 股权产生的税前收益 $5.6B，计入 interest and other, net。Intel 保留 49% 股权作为权益法投资（$3.2B）。 |
| escrowed_shares_loss | -$1,796M | CHIPS Act Secure Enclave 相关 Escrowed Shares 衍生负债公允价值变动导致的非现金损失。 |
| interest_capitalized | $1,200M | 2025 年资本化利息 $1.2B（2024 年 $1.5B），反映大规模制造设施建设。利息费用 $1,091M 为扣除资本化后的净额。 |
| credit_rating_downgrade | BBB+ -> BBB | 2025 年 8 月被主要评级机构从 BBB+ 下调至 BBB，可能影响未来借贷成本。 |