Intel — Apr 24, 2025 release

In taking these actions, Intel will focus on empowering engineering talent to create great products and driving greater accountability across the company while making it easier for customers to do business with Intel. In line with these actions, Intel is reducing its non-GAAP operating expense target to approximately $17 billion in 2025, down from its previously stated goal of $17.5 billion, and is now targeting $16 billion in 2026. Operating expenses include research and development (R&D), and marketing, general and administrative (MG&A). Intel expects to have restructuring charges associated with these actions, some of which may be included in its non-GAAP results. Since the company has not yet estimated these charges, they are not included in its guidance. Additionally, further operational efficiencies and better utilization of construction-in-progress assets allow Intel to reduce its gross capital expenditures 1 target to $18 billion for 2025, down from the company's previous target of $20 billion, while still expecting net capital expenditures 2 of approximately $8 billion to $11 billion. Intel will continue to focus investment in its core business as it drives operational efficiency. 1 Gross capital expenditures refers to GAAP additions to property, plant and equipment. 2 Net capital expenditures, a non-GAAP financial measure, is defined as additions to property, plant and equipment, net of proceeds from capital-related government incentives and partner contributions. See below for more information on and reconciliations of Intel's non-GAAP financial measures. Intel/Page 2 Q1 2025 Financial Res