What Happened to Intel Corporation Stock?

Intel Corporation's stock performance from 2024 through early 2026 reflects a company in the midst of a profound transformation, grappling with intense competition, a cyclical industry downturn, and ambitious internal restructuring. The period began with Intel's IDM 2.0 strategy, aiming to regain process technology leadership and establish a robust foundry business.

In 2024, Intel faced significant financial challenges. Q1 2024 saw revenue of $12.7 billion, up 9% year-over-year, but a GAAP loss per share of $(0.09) (non-GAAP EPS of $0.18). The company announced its new internal foundry operating model, effective Q1 2024, to drive transparency and accountability. However, Q2 2024 proved disappointing, with revenue down 1% year-over-year to $12.8 billion and a GAAP EPS of $(0.38) (non-GAAP EPS of $0.02). In response, Intel announced a drastic $10 billion cost-reduction plan, including a more than 15% headcount reduction, and suspended its dividend starting in Q4 2024 to prioritize liquidity for strategic investments. Q3 2024 continued to be challenging, with revenue of $13.3 billion, a 6% decline year-over-year, and a substantial GAAP net loss of $16.99 billion, primarily due to non-cash charges related to deferred tax assets, restructuring, and impairments. The company recognized $2.8 billion in restructuring charges. Despite this, Intel received $1.1 billion in U.S. CHIPS Act funding in Q4 2024, part of a larger $7.86 billion agreement. Q4 2024 revenue was $14.3 billion, down 7% year-over-year, with a GAAP EPS of $(0.03) (non-GAAP EPS of $0.13).

The first half of 2025 saw Intel under new leadership, with Lip-Bu Tan becoming CEO around early 2025, emphasizing financial discipline over the previous ambitious IDM 2.0 strategy. Q1 2025 revenue was flat year-over-year at $12.7 billion, with a GAAP EPS of $(0.19) (non-GAAP EPS of $0.13), beating analyst estimates. Gross margins remained under pressure, and the Intel Foundry business continued to incur operating losses. Intel further reduced its non-GAAP operating expense targets for 2025 and 2026 and cut gross capital expenditure guidance. Q2 2025 revenue was $12.9 billion, flat year-over-year, but reported a GAAP net loss of $2.9 billion (non-GAAP EPS of $(0.10)), impacted by $1.9 billion in restructuring charges and $800 million in impairment charges. The company completed the majority of planned headcount reductions.

By late 2025, Intel began to demonstrate signs of recovery. Q3 2025 marked a significant turning point, with Intel returning to profitability, posting $4.1 billion in net income and $13.7 billion in revenue, up 3% year-over-year. This was boosted by government funding (an additional $5.7 billion from the U.S. government) and strategic investments, alongside growing demand in client computing. The Client Computing Group (CCG) showed a strong rebound, and the Data Center and AI (DCAI) segment also saw revenue increases. The Intel Foundry business, while still operating at a loss, saw reduced losses. Q4 2025 results, reported on January 22, 2026, exceeded expectations with EPS of $0.15 and revenue of $13.7 billion, despite a 4% year-over-year decline in revenue. CEO Lip-Bu Tan emphasized AI's impact and Intel's commitment to its foundry business, with the introduction of first products on Intel 18A, the most advanced process technology developed and manufactured in the United States.

As of April 9, 2026, Intel is preparing to release its Q1 2026 financial results on April 23, 2026. The company forecasts Q1 2026 revenue between $11.7-$12.7 billion, with supply constraints expected to improve from Q2 2026 onward. Intel's strategy continues to focus on disciplined foundry development, revitalizing the x86 architecture, addressing AI opportunities, and improving its balance sheet. The company aims for its foundry business to break even by 2027.