INTC · 10-K · 2025A · Full report

Client Demand and Inventory Trends

INTEL CORP · 2026-01-23 · Importance 49 · Surprise 32

CCG client revenue (notebook and desktop) was $27.6 billion in 2025, down $1.1 billion from 2024 driven by lower client volumes tied to reduced incremental customer incentives in early 2024 and customer inventory reductions in 2025. Customers normalized inventory through Q3 2025 but continued reductions in Q4 2025, with supply constraints subsequently limiting availability versus demand. Client ASPs in 2025 were roughly flat with 2024, but client volume dynamics and supply constraints drove the revenue decline. These changes altered quarter-to-quarter fulfillment patterns and influenced CCG operating income.

Key facts

• Client revenue was $28.7 billion in 2024, up $1.6 billion from 2023, primarily due to client volume increase of 7%.