Analysis of Reportable Segments
Intel Corp. operates in 3 segments: Client Computing Group (CCG); Data Center and AI (DCAI); and Intel Foundry.
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Segment Profit Margin
Intel Corp., profit margin by reportable segment
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Client Computing Group (CCG) | |||||
| Data Center and AI (DCAI) | |||||
| Intel Foundry |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
Segment profit margins exhibited varied performance across the reporting periods. The Client Computing Group (CCG) demonstrated a consistent upward trend in profitability from 2022 through 2024, followed by a decline in the most recent period. The Data Center and AI (DCAI) segment experienced significant volatility, while Intel Foundry consistently reported negative profit margins, with those margins worsening over time.
- Client Computing Group (CCG)
- The CCG segment’s profit margin increased from 25.83% in 2022 to 34.77% in 2024, indicating improving profitability within this business unit. However, a decrease to 28.91% was observed in 2025, suggesting potential challenges or increased costs impacting this segment’s performance in the latest period.
- Data Center and AI (DCAI)
- The DCAI segment’s profit margin began at 24.91% in 2022, then experienced a substantial decline to 5.91% in 2023. A modest recovery to 8.77% occurred in 2024, followed by a significant increase to 20.23% in 2025. This indicates considerable fluctuation in the segment’s profitability, potentially linked to market conditions, investment cycles, or competitive pressures.
- Intel Foundry
- The Intel Foundry segment consistently reported negative profit margins throughout the observed period. The margin deteriorated from -18.80% in 2022 to -76.75% in 2024, representing a substantial loss. While the margin improved slightly to -57.88% in 2025, it remained significantly negative, suggesting ongoing challenges in achieving profitability within this segment. The increasing magnitude of losses warrants further investigation.
Overall, the segment performance reveals a divergence in profitability trends. While CCG initially showed strong gains, its recent decline and the persistent losses within Intel Foundry, coupled with the volatility of DCAI, suggest a complex and evolving business landscape.
Segment Profit Margin: Client Computing Group (CCG)
Intel Corp.; Client Computing Group (CCG); segment profit margin calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net revenue
= 100 × ÷ =
The Client Computing Group (CCG) demonstrated a generally positive trajectory in financial performance between 2022 and 2024, followed by a decline in the most recent reported period. Operating income and net revenue both increased steadily during this timeframe, contributing to improvements in segment profitability. However, 2025 witnessed a decrease in operating income and net revenue, impacting the segment profit margin.
- Operating Income
- Operating income for the CCG increased from US$8,207 million in 2022 to US$11,594 million in 2024, representing a substantial gain over the three-year period. This growth slowed in 2025, with operating income decreasing to US$9,317 million. This suggests potential challenges in maintaining profitability in the latest period.
- Net Revenue
- Net revenue exhibited a similar pattern to operating income, rising from US$31,773 million in 2022 to US$33,346 million in 2024. A decrease was observed in 2025, with net revenue reported at US$32,228 million. The revenue decline in 2025, while not drastic, coincides with the reduction in operating income, indicating a potential correlation between sales volume and profitability.
- Segment Profit Margin
- The segment profit margin experienced consistent growth from 25.83% in 2022 to a peak of 34.77% in 2024. This indicates increasing efficiency in converting revenue into profit within the CCG. However, the margin decreased to 28.91% in 2025. This decline, despite continued positive revenue, suggests increased costs or pricing pressures impacted profitability in the most recent period. The margin in 2025, while lower than the previous year, remains above the 2022 level.
Overall, the CCG demonstrated strong performance between 2022 and 2024, but the results from 2025 suggest a potential shift in the segment’s financial trajectory. Further investigation into the factors contributing to the decline in both revenue and operating income in 2025 is warranted.
Segment Profit Margin: Data Center and AI (DCAI)
Intel Corp.; Data Center and AI (DCAI); segment profit margin calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net revenue
= 100 × ÷ =
The segment profit margin for the Data Center and AI (DCAI) group demonstrates significant fluctuation over the observed period. Initial reporting begins in 2022, with subsequent figures available through a projected 2025.
- Operating Income and Revenue Relationship
- In 2022, the DCAI segment generated operating income of US$4,198 million on net revenue of US$16,856 million. This resulted in a segment profit margin of 24.91%. A substantial decline in operating income to US$945 million occurred in 2023, coinciding with a decrease in net revenue to US$15,980 million, leading to a segment profit margin of 5.91%.
- A partial recovery in operating income to US$1,414 million was noted in 2024, alongside a slight increase in net revenue to US$16,125 million. Consequently, the segment profit margin improved to 8.77%. The trend continued positively into the projected 2025, with operating income rising to US$3,422 million and net revenue reaching US$16,919 million, resulting in a segment profit margin of 20.23%.
The segment profit margin experienced a marked decrease from 2022 to 2023, indicating a significant reduction in profitability relative to revenue. While a recovery began in 2024, the 2025 projection suggests a return towards, but not a full restoration of, the profitability levels observed in 2022. The projected 2025 margin represents a substantial improvement over 2023 and 2024, but remains below the initial reported value.
- Margin Trend
- The segment profit margin demonstrates a volatile pattern. A considerable drop is observed between 2022 and 2023, followed by a gradual increase through 2024 and a more pronounced rise in the projected 2025. This suggests potential sensitivity to external factors impacting both revenue generation and cost management within the DCAI segment.
Further investigation into the drivers behind the 2023 decline and the subsequent recovery would be beneficial to understand the underlying dynamics of the DCAI segment’s performance.
Segment Profit Margin: Intel Foundry
Intel Corp.; Intel Foundry; segment profit margin calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating income (loss) | |||||
| Net revenue | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 2025 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Net revenue
= 100 × ÷ =
The financial performance of the segment under review demonstrates a consistently deteriorating profitability profile over the observed period. Operating income transitioned from an unreported value in 2021 to substantial losses in subsequent years, culminating in a loss of US$10,318 million in 2025. Simultaneously, net revenue experienced a decline from US$27,491 million in 2022 to US$17,826 million in 2025, although a slight increase was noted between 2024 and 2025.
- Operating Income Trend
- A clear downward trend is evident in operating income. Losses expanded significantly from US$5,169 million in 2022 to US$13,291 million in 2024 before moderating slightly to US$10,318 million in 2025. This suggests increasing operational challenges or declining market conditions impacting the segment’s ability to generate profit.
- Net Revenue Trend
- Net revenue decreased substantially from 2022 to 2023, falling from US$27,491 million to US$18,504 million. Revenue continued to decline in 2024 to US$17,317 million, before showing a modest recovery to US$17,826 million in 2025. The revenue decline, coupled with increasing losses, indicates a weakening competitive position or unfavorable market dynamics.
- Segment Profit Margin
- The segment profit margin exhibited a dramatic deterioration. Starting at -18.80% in 2022, it worsened to -38.28% in 2023, reaching a low of -76.75% in 2024. While the margin improved to -57.88% in 2025, it remains significantly negative. This indicates that the segment is consistently losing money on each dollar of revenue, and the losses are escalating relative to revenue.
The combined trends of declining revenue and increasing operating losses resulted in a consistently negative and worsening segment profit margin. The slight improvement in the profit margin in 2025, despite continued substantial losses, is likely attributable to the modest revenue increase and potentially some cost control measures, though these were insufficient to achieve profitability.
Net revenue
Intel Corp., net revenue by reportable segment
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Client Computing Group (CCG) | |||||
| Data Center and AI (DCAI) | |||||
| Network and Edge (NEX) | |||||
| Intel Products | |||||
| Intel Foundry | |||||
| All other | |||||
| Intersegment Eliminations | |||||
| Total Consolidated |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
The reportable segment net revenue demonstrates fluctuating performance across the observed period. Client Computing Group (CCG) exhibits a generally increasing trend, beginning at US$31,773 million in 2022 and peaking at US$33,346 million in 2023, before decreasing slightly to US$32,228 million in 2025. Data Center and AI (DCAI) revenue initially declined from US$16,856 million in 2022 to US$15,980 million in 2023, followed by a modest increase to US$16,125 million in 2024 and a further increase to US$16,919 million in 2025. Network and Edge (NEX) revenue is only available for 2022, registering US$8,409 million. Intel Products revenue decreased significantly from US$57,038 million in 2022 to US$48,285 million in 2023, then showed slight growth to US$49,471 million in 2024 and remained relatively stable at US$49,147 million in 2025. Intel Foundry experienced a substantial decline in revenue from US$27,491 million in 2022 to US$18,504 million in 2023, with further decreases to US$17,317 million in 2024, before a slight recovery to US$17,826 million in 2025. All other revenue consistently decreased over the period, from US$5,530 million in 2022 to US$3,563 million in 2025. Intersegment Eliminations consistently represent a significant negative adjustment, decreasing in absolute value from US$27,005 million in 2022 to US$17,683 million in 2025. Total Consolidated revenue decreased from US$63,054 million in 2022 to US$54,228 million in 2023, and has remained relatively flat between US$53,101 million and US$52,853 million for 2024 and 2025 respectively.
- CCG Performance
- The Client Computing Group demonstrates resilience with a general upward trajectory, despite a minor dip in the most recent year. This suggests a sustained demand for client computing products, though growth may be moderating.
- DCAI Volatility
- Revenue from the Data Center and AI segment shows more volatility, with an initial decline followed by a recovery. The 2025 value represents the highest revenue for this segment in the observed period, indicating a potential turnaround or increased investment in this area.
- Foundry Revenue Decline
- The significant and consistent decline in Intel Foundry revenue is a notable concern. While a slight increase is observed in 2025, the overall trend suggests challenges within this segment, potentially related to market competition or production issues.
- Intersegment Elimination Impact
- The substantial negative impact of Intersegment Eliminations consistently reduces overall consolidated revenue. The decreasing absolute value of these eliminations over time may indicate a shift in internal transactions or reporting practices.
- Consolidated Revenue Trend
- Total Consolidated revenue experienced a substantial decrease between 2022 and 2023, followed by a period of relative stagnation. This suggests that while certain segments are performing well, they are not fully offsetting declines in others, and overall growth is limited.
Operating income (loss)
Intel Corp., operating income (loss) by reportable segment
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Client Computing Group (CCG) | |||||
| Data Center and AI (DCAI) | |||||
| Network and Edge (NEX) | |||||
| Intel Products | |||||
| Intel Foundry | |||||
| All other | |||||
| Corporate Unallocated | |||||
| Intersegment Eliminations | |||||
| Total Consolidated |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
The operating income (loss) across reportable segments exhibits significant fluctuations over the observed period. Client Computing Group (CCG) demonstrates a consistent upward trend from 2022 to 2024, peaking at US$11,594 million, before experiencing a decline in 2025 to US$9,317 million. Data Center and AI (DCAI) experienced a substantial decrease in operating income from 2022 to 2023, followed by a recovery in 2024 and a further increase in 2025. Network and Edge (NEX) shows operating income only for 2022, with subsequent years lacking reported values. Intel Products as a whole initially increased before stabilizing and slightly decreasing. A notable and consistent operating loss is observed within Intel Foundry throughout the period, with the loss escalating significantly in 2024 before moderating somewhat in 2025. “All other” segment fluctuates, moving from a positive contribution in 2022 and 2023 to a loss in 2024, then recovering in 2025. Corporate Unallocated expenses consistently represent a substantial operating loss, increasing significantly in 2024 before decreasing in 2025. Intersegment Eliminations fluctuate, shifting from negative values to a positive value in 2025. Total Consolidated results show a move from modest profit to substantial losses in 2024, with a partial recovery in 2025, but remaining in a loss position.
- Segment Performance Trends
- CCG’s performance suggests a strong demand cycle followed by a potential market saturation or competitive pressure. DCAI’s volatility indicates sensitivity to market conditions or investment cycles within the data center and AI space. The absence of reported values for NEX after 2022 warrants further investigation. Intel Foundry’s persistent and growing losses are a significant concern, potentially indicating challenges in achieving profitability within the foundry business.
- Impact of Corporate Expenses
- Corporate Unallocated expenses consistently detract from overall profitability. The substantial increase in these expenses in 2024 significantly contributed to the consolidated loss, highlighting the impact of overhead costs on the company’s bottom line. The decrease in 2025 offers a slight offset, but these expenses remain a considerable drag on performance.
- Intersegment Elimination Effects
- The shift of Intersegment Eliminations to a positive value in 2025 suggests a change in the nature of transactions between segments, potentially indicating a restructuring or altered internal pricing mechanisms. This change partially offsets consolidated losses.
- Consolidated Profitability
- The consolidated results demonstrate a clear deterioration in profitability from 2022 to 2024, followed by a limited recovery in 2025. The substantial losses in 2024 are primarily driven by the combined effect of losses in Intel Foundry and Corporate Unallocated expenses, despite positive contributions from CCG and Intel Products. While 2025 shows improvement, the company remains unprofitable overall.