Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including those associated with:

• the high level of competition and rapid technological change in our industry;
• the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return;
• the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies;
• our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants;
• implementing new business strategies and investing in new businesses and technologies;
• changes in demand for our products;
• macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel, and rising tensions between the US and Taiwan;
• the evolving market for products with AI capabilities;
• our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages;
• product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies;
• potential security vulnerabilities in our products;
• increasing and evolving cybersecurity threats and privacy risks;
• IP risks including related litigation and regulatory proceedings;
• the need to attract, retain, and motivate key talent;
• strategic transactions and investments;
• sales-related risks, including customer concentration and the use of distributors and other third parties;
• our significantly reduced return of capital in recent years;
• our debt obligations and our ability to access sources of capital;
• complex and evolving laws and regulations across many jurisdictions;
• fluctuations in currency exchange rates;
• changes in our effective tax rate;
• catastrophic events;
• environmental, health, safety, and product regulations;
• our initiatives and new legal requirements with respect to corporate responsibility matters; and
• other risks and uncertainties described in this release, our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission (SEC).

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this release and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business.

Unless specifically indicated otherwise, the forward-looking statements in this release do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this release are based on management's expectations as of the date of this release, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com.

© Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

Intel Corporation Consolidated Statements of Income and Other Information
		Three Months Ended								Twelve Months Ended
(In Millions, Except Per Share Amounts)		Dec 30, 2023				Dec 31, 2022				Dec 30, 2023				Dec 31, 2022
Net revenue		$	15,406			$	14,042			$	54,228			$	63,054
Cost of sales			8,359				8,542				32,517				36,188
Gross margin			7,047				5,500				21,711				26,866
Research and development			3,987				4,464				16,046				17,528
Marketing, general, and administrative			1,617				1,706				5,634				7,002
Restructuring and other charges			(1,142	)			462				(62	)			2
Operating expenses			4,462				6,632				21,618				24,532
Operating income (loss)			2,585				(1,132	)			93				2,334
Gains (losses) on equity investments, net			86				186				40				4,268
Interest and other, net			117				150				629				1,166
Income (loss) before taxes			2,788				(796	)			762				7,768
Provision for (benefit from) taxes			128				(135	)			(913	)			(249	)
Net income (loss)			2,660				(661	)			1,675				8,017
Less: Net income (loss) attributable to non-controlling interests			(9	)			3				(14	)			3
Net income (loss) attributable to Intel		$	2,669			$	(664	)		$	1,689			$	8,014
Earnings (loss) per share attributable to Intel—basic		$	0.63			$	(0.16	)		$	0.40			$	1.95
Earnings (loss) per share attributable to Intel—diluted		$	0.63			$	(0.16	)		$	0.40			$	1.94
Weighted average shares of common stock outstanding:
Basic			4,222				4,133				4,190				4,108
Diluted			4,260				4,133				4,212				4,123
		Three Months Ended
(In Millions)		Dec 30, 2023				Dec 31, 2022
Earnings per share of common stock information:
Weighted average shares of common stock outstanding—basic			4,222				4,133
Dilutive effect of employee equity incentive plans			38				—
Weighted average shares of common stock outstanding—diluted			4,260				4,133
Other information:
Employees (in thousands)			124.8				131.9
Effective January 2023, Intel increased the estimated useful life of certain production machinery and equipment from five years to eight years. When compared to the estimated useful life in place as of the end of 2022, Intel estimates total depreciation expense in 2023 was reduced by $4.2 billion. Intel estimates this change resulted in an approximately $2.5 billion increase to gross margin, a $400 million decrease in R&D expenses and a $1.3 billion decrease in ending inventory values.

Intel Corporation Consolidated Balance Sheets
(In Millions, Except Par Value)		Dec 30, 2023				Dec 31, 2022
Assets
Current assets:
Cash and cash equivalents		$	7,079			$	11,144
Short-term investments			17,955				17,194
Accounts receivable, net			3,402				4,133
Inventories
Raw materials			1,166				1,517
Work in process			6,203				7,565
Finished goods			3,758				4,142
			11,127				13,224
Other current assets			3,706				4,712
Total current assets			43,269				50,407
Property, plant, and equipment, net			96,647				80,860
Equity investments			5,829				5,912
Goodwill			27,591				27,591
Identified intangible assets, net			4,589				6,018
Other long-term assets			13,647				11,315
Total assets		$	191,572			$	182,103
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt		$	2,288			$	4,367
Accounts payable			8,578				9,595
Accrued compensation and benefits			3,655				4,084
Income taxes payable			1,107				2,251
Other accrued liabilities			12,425				11,858
Total current liabilities			28,053				32,155
Debt			46,978				37,684
Other long-term liabilities			6,576				8,978
Stockholders’ equity:
Preferred stock, $0.001 par value, 50 shares authorized; none issued			—				—
Common stock, $0.001 par value, 10,000 shares authorized; 4,228 shares issued and outstanding (4,137 issued and outstanding in 2022) and capital in excess of par value			36,649				31,580
Accumulated other comprehensive income (loss)			(215	)			(562	)
Retained earnings			69,156				70,405
Total Intel stockholders' equity			105,590				101,423
Non-controlling interests			4,375				1,863
Total stockholders' equity			109,965				103,286
Total liabilities and stockholders’ equity		$	191,572			$	182,103

Intel Corporation Consolidated Statements of Cash Flows
		Twelve Months Ended
(In Millions)		Dec 30, 2023				Dec 31, 2022
Cash and cash equivalents, beginning of period		$	11,144			$	4,827
Cash flows provided by (used for) operating activities:
Net income (loss)			1,675				8,017
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation			7,847				11,128
Share-based compensation			3,229				3,128
Restructuring and other charges			(424	)			1,074
Amortization of intangibles			1,755				1,907
(Gains) losses on equity investments, net			(42	)			(4,254	)
(Gains) losses on divestitures			—				(1,059	)
Changes in assets and liabilities:
Accounts receivable			731				5,327
Inventories			2,097				(2,436	)
Accounts payable			(801	)			(29	)
Accrued compensation and benefits			(614	)			(1,533	)
Prepaid customer supply agreements			—				(24	)
Income taxes			(3,531	)			(4,535	)
Other assets and liabilities			(451	)			(1,278	)
Total adjustments			9,796				7,416
Net cash provided by (used for) operating activities			11,471				15,433
Cash flows provided by (used for) investing activities:
Additions to property, plant, and equipment			(25,750	)			(24,844	)
Additions to held for sale NAND property, plant, and equipment			—				(206	)
Proceeds from capital-related government incentives			1,011				246
Purchases of short-term investments			(44,414	)			(43,647	)
Maturities and sales of short-term investments			44,077				48,730
Purchases of equity investments			(399	)			(510	)
Sales of equity investments			472				4,961
Proceeds from divestitures			—				6,579
Other investing			962				(1,540	)
Net cash used for investing activities			(24,041	)			(10,231	)
Cash flows provided by (used for) financing activities:
Issuance of commercial paper, net of issuance costs			—				3,945
Repayment of commercial paper			(3,944	)			—
Payments on finance leases			(96	)			(345	)
Partner contributions			1,511				874
Proceeds from sales of subsidiary shares			2,959				1,032
Issuance of long-term debt, net of issuance costs			11,391				6,548
Repayment of debt			(423	)			(4,984	)
Proceeds from sales of common stock through employee equity incentive plans			1,042				977
Payment of dividends to stockholders			(3,088	)			(5,997	)
Other financing			(847	)			(935	)
Net cash provided by (used for) financing activities			8,505				1,115
Net increase (decrease) in cash and cash equivalents			(4,065	)			6,317
Cash and cash equivalents, end of period		$	7,079			$	11,144

Intel Corporation Supplemental Operating Segment Results
		Three Months Ended								Twelve Months Ended
(In Millions)		Dec 30, 2023				Dec 31, 2022				Dec 30, 2023				Dec 31, 2022
Net revenue:
Client Computing
Desktop		$	3,164			$	2,509			$	10,166			$	10,661
Notebook			5,185				3,663				16,990				18,781
Other			495				473				2,102				2,331
			8,844				6,645				29,258				31,773
Data Center and AI			3,985				4,421				15,521				19,445
Network and Edge			1,471				1,926				5,774				8,409
Mobileye			637				565				2,079				1,869
Intel Foundry Services			291				178				952				469
All other			178				307				644				1,089
Total net revenue		$	15,406			$	14,042			$	54,228			$	63,054
Operating income (loss):
Client Computing		$	2,888			$	524			$	6,520			$	5,569
Data Center and AI			78				126				(530	)			1,300
Network and Edge			(12	)			126				(482	)			1,033
Mobileye			242				210				664				690
Intel Foundry Services			(113	)			(34	)			(482	)			(281	)
All other			(498	)			(2,084	)			(5,597	)			(5,977	)
Total operating income (loss)		$	2,585			$	(1,132	)		$	93			$	2,334

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