INTC · 10-K · 2025A · Full report

Export Controls / Regulatory Risk

INTEL CORP · 2026-01-23 · Importance 40 · Surprise 42

Intel explicitly links recent elevated geopolitical tensions, tariffs and export controls to potential impacts on its business, the markets in which it competes and the global economy. Management highlights that international trade policies and geopolitical conflicts (including U.S.-China tensions and other areas of conflict) are risks that could affect supply chains, operations and demand. The filing frames these regulatory and trade-policy risks as material to the company's operating environment and strategic planning for manufacturing and foundry activities. Intel notes these factors among the uncertainties that inform its forward-looking statements and strategic decisions.

Key facts

• Intel stated that if it is unable to secure a significant external foundry customer for Intel 14A, it may pause or discontinue pursuit of Intel 14A and successor leading-edge process technologies and over time shift manufacturing to third-party foundries, particularly TSMC, for nodes beyond Intel 18A and Intel 18A-P.
• Litigation charges and other included a $163 million benefit recorded in 2025 from reduction of a previously accrued EC fine; 2024 charges included $780 million arising out of R2 litigation.
• In 2025 Intel recorded a $163 million benefit from reduction of previously accrued EC-imposed fine of $401 million recorded in 2023 and funded a third-party guarantee by depositing $340 million in legally restricted accounts.
• Intel's accounting conclusion for the U.S. Government Agreement in its Q3 2025 Form 10-Q was subsequently adjusted following consultation with SEC staff, concluding in Q4 2025, and Intel concluded the adjustments were immaterial to the Q3 Form 10-Q financial statements.

Impact estimates