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Ch 5 · The Story Behind the Numbers
Chapter 5 · Behind the Numbers
The numbers, in the company's own words.
Intel’s FY2025 10-K, in plain English — a turnaround told in its own words.
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✦ The bottom line
Anyone can read the revenue line. The story — what’s being cut, what’s being bet on, who’s now invested — is the part Intel lays out in its 10-K.
↓ the brief below
✦ Seven threads from the FY2025 10-K
1
Revenue is flat while rivals race ahead.
FY2025 revenue was $52.9 billion, essentially flat — in a year AMD grew +34% and Nvidia +78%.
2
The mix is shifting, slowly.
PCs (CCG) fell to $32.2B (−$1.1B) while data center (DCAI) edged up to $16.9B. Q1 2026 revenue rose 7% — but management cites supply constraints, not roaring demand.
3
The government is now a shareholder.
The most unusual line in the 10-K: the U.S. government became a strategic stakeholder, alongside capital from NVIDIA and SoftBank — a rescue with strings attached.
4
Capital discipline became the religion.
Intel suspended its dividend (from $1.6B to zero), cut capex 38% to $14.7B, and cancelled the Germany fab. Survival mode, stated plainly.
5
Margins are a shadow of the past.
Intel keeps 35¢ per sales dollar — up slightly, but down from 60¢ years ago, and well behind Nvidia (75¢) and AMD (50¢).
6
The foundry bet is binary.
The turnaround hinges on the Intel 14A process node — which management acknowledges might not happen if it can’t win outside customers. The whole thesis rides on it.
7
Shareholders have lost money.
Over five years, $100 in Intel became $85 — a −15% return while the chip world boomed. The filing is candid about how much rebuilding is left.
Source · 10-K · MD&A — Significant Events / Manufacturing Expansion Projects · FY2025 · Filed Jan 30, 2026
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Read the whole story
Seven threads management is telling — flat revenue, hard capital discipline, a government stake, and a binary bet on the 14A node.
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Chapter 5 · BEHIND THE NUMBERS
The Story Behind the Numbers
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