Intel (INTC) Q3 2025 earnings summary

Executive summary

• Achieved fourth consecutive quarter of revenue, gross margin, and EPS above guidance, reflecting improved execution and growth in core and AI markets.

• Strengthened cash position and liquidity through government funding, strategic investments from NVIDIA and SoftBank, and asset monetization including Altera and Mobileye.

• AI-driven demand is fueling near-term upside and foundational for long-term growth, with x86 architecture positioned for hybrid compute environments.

• Progressed on organizational transformation, engineering focus, and collaboration, including the launch of Central Engineering Group.

Financial highlights

• Q3 revenue was $13.7 billion, up 6% sequentially and 3% year-over-year, exceeding guidance.

• Non-GAAP gross margin reached 40%, 4 points above guidance and up 22 percentage points year-over-year; GAAP gross margin was 38.2%.

• Q3 non-GAAP EPS was $0.23, with GAAP EPS at $0.90, both above outlook.

• Operating cash flow was $2.5 billion; adjusted free cash flow was $900 million.

• Exited Q3 with $30.9 billion in cash and short-term investments.

Outlook and guidance

• Q4 2025 revenue forecasted at $12.8–$13.8 billion; midpoint is flat quarter-over-quarter after Altera deconsolidation.

• Q4 non-GAAP gross margin expected at 36.5%, with non-GAAP EPS of $0.08.

• 2025 gross CapEx anticipated at $18 billion, with over $27 billion to be deployed.

• Non-controlling interest expense for 2026 estimated at $1.2–$1.4 billion.