Intel (INTC) Q4 2025 Earnings Call Transcript
View original at finance.yahoo.com“We strengthened our balance sheet, forged strong new partnership and deepened relationship with existing as well as new customers.”
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Advanced packaging opportunities will be well north of $1 billion on many of these opportunities
80% confidenceQ1 2026 revenue would be well above seasonal if unconstrained by supply
80% confidenceIntel is the only semiconductor manufacturer shipping gate-all-around transistors with backside power for revenue
80% confidenceExpected firm customer commitments for Intel 14A in 2H 2026 through 1H 2027
80% confidence34.5% is by no means an acceptable level of gross margins
80% confidenceFull year 2026 OpEx target of $16B
80% confidence2025 PC TAM exceeded 290M units, representing 2nd straight year of growth and fastest growth since 2021
80% confidenceWe are on a multiyear journey. It will take time and resolve
80% confidenceFifth consecutive quarter of revenue above our guidance
80% confidenceHyperscalers' first choice is the CPU from Intel, very clear message from them
80% confidenceYield improvements focus is 7-8% per month on variation, consistency, defect density
80% confidenceCustom ASIC revenue grew >50% in 2025, reaching >$1B annualized run rate in Q4
80% confidenceExpected above-seasonal growth from Q2 onward if supply improves as expected
80% confidenceInvestor Day planned for 2H 2026 at Santa Clara headquarters
80% confidenceAdvanced packaging customer ramps beginning 2H 2026
80% confidenceThe breadth of our IP and know-how uniquely position us to capitalize on these AI-driven trends
80% confidenceI'm hearing a clear, consistent message. They see the progress we are making, they want Intel at the table
80% confidenceOn Q1 supply it's just literally hand to mouth, what we can get out of the fab
80% confidenceWe produced $3.1 billion in adjusted free cash flow in the second half of 2025 as cash from operations more than doubled half-on-half
80% confidenceIntel 18A yields continue to improve steadily but are still below what I want them to be
80% confidenceWe exceeded that commitment by delivering our first 3 SKUs of Core Ultra Series 3
80% confidenceIn terms of 14A risk production in the later part of 2027 and real production, volume production in 2028. That is similar to the same time frame as a leading foundry
80% confidenceIntel expects full year 2026 adjusted free cash flow to be positive
80% confidenceASIC TAM represents $100B opportunity
80% confidenceThe CPU central function coordinating this traffic will drive not only traditional server refresh, but new demand that grows the installed base
80% confidenceNo 14A capacity CapEx spending until customers are secured
80% confidenceSupply improvements beginning Q2 2026, with each quarter improving through 2026
80% confidenceNova Lake expected to launch end of 2026
80% confidence