Intel Stock (INTC): Foundry Losses, the Lost Dividend and the Government Stake

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

Intel stock trades on the Nasdaq under the ticker INTC. For most of its history it was a steady, dividend-paying chip giant; since 2022 it has been a company spending heavily to win back chip manufacturing, with losses, a lost dividend and a government shareholder to show for it.

The quote pages give you a price, a blank where the P/E should be, and a dash for the dividend. Below is why each of those is blank, built from Intel’s SEC filings, its dividend record and every daily close since 1980.

INTC at a glance: up 52.5% in 2026

Price is the November 6, 2026 close. Everything else comes from the 10-Q for the quarter ended September 26, 2026, filed October 30.

INTC rose 52.5% in 2026 through November 6, against 7.8% for the S&P 500 and 28.8% for SMH, a fund of the largest chip stocks. That gain hides a round trip: the stock closed at a record $140.94 on June 22, 2026 and stood 60.1% below it on November 6.

How it works: Intel in two halves

Two halves. Intel Products designs and sells the chips: PC processors (the group was renamed Client Computing and Physical AI in 2026) and server and AI chips (Data Center and AI). Intel Foundry runs the factories, which make chips mostly for Intel Products and, increasingly, for outside customers. Smaller units such as Mobileye sit in “all other”.

The latest quarter. In the three months to September 26, 2026, revenue was $16.51 billion, up 20.9% on a year earlier. Intel Products brought in $15.42 billion and earned $5.32 billion at the operating line. Intel Foundry reported $6.70 billion of revenue, up 58.1%, most of it sales to Intel Products that cancel out in the company total, and an operating loss of $1.85 billion. Net income was $3.32 billion, or $0.60 a share.

A smaller company by sales. Revenue was $79.02 billion in 2021 and $52.85 billion in 2025. Over the same years Intel spent $18.73 billion, $24.84 billion, $25.75 billion, $23.94 billion and $14.65 billion on property and equipment, mostly factories. Net income went from $19.87 billion in 2021 to a loss of $18.76 billion in 2024 and a loss of $0.27 billion in 2025.

The dividend, the CHIPS Act and the new shareholders

The cut. Intel declared $1.46 a share in dividends in 2022. The quarterly payment fell from $0.365 (ex-dividend February 6, 2023) to $0.125 (May 4, 2023), so 2023 came to $0.74. Three payments of $0.125 followed in 2024, the last with an ex-date of August 7, 2024.

The suspension. Intel’s 2024 10-K says it suspended dividend declarations starting with the fourth quarter of 2024. It also says Intel agreed, under its commercial CHIPS Act agreement, to forgo dividends for two years and to accept limits on them for the three years after that. Our dividend and dividend growth pages explain why a cut like this matters to income investors.

The government stake. On August 22, 2025, Intel signed a Warrant and Common Stock Agreement with the US Department of Commerce. In return for speeding up $5.7 billion of CHIPS Act grant money and $3.2 billion due under the Secure Enclave program, Intel agreed to issue up to 433 million shares: 275 million at closing and 159 million into escrow, released as the Secure Enclave money arrives. The government also received warrants for up to 241 million more shares at $20.00, usable only if Intel stops owning at least 51% of its foundry business.

Two more buyers. Intel agreed to sell 215 million shares to Nvidia at $23.28, $5.0 billion in all, and 87 million to SoftBank at $23.00, $2.0 billion. On September 18, 2025, the day Nvidia announced its investment, INTC rose 22.77% to $30.57. Intel also sold 51% of Altera, effective September 12, 2025, for a pretax gain of $5.5 billion.

What that did to the share count. The cover of Intel’s filings shows 4,377,000,000 shares in July 2025 and 5,315,000,000 in October 2026, a rise of 21.4%. The three deals account for up to 735 million of those 938 million added shares. That is why stockanalysis.com lists a negative “buyback yield” for Intel: shares were issued, not bought back.

A worked example: Intel’s numbers without a P/E

1. Trailing earnings. Diluted EPS was −$2.22 for the nine months to September 26, 2026, −$0.06 for fiscal 2025 and $0.07 for the nine months to September 27, 2025. Last twelve months = −$2.22 − $0.06 − $0.07 = −$2.35. A P/E ratio on a loss has no meaning, so sites leave it blank.
2. Market value. $56.28 × 5,315,000,000 shares = $299.13 billion. See market cap.
3. Sales instead. Trailing revenue was $59.89 billion, so the stock traded at $299.13 billion ÷ $59.89 billion = 4.99 times sales.
4. Book value. Equity attributable to Intel was $114.91 billion on September 26, 2026: 2.60 times book. The ratio itself is explained on our price-to-book page.

The original data: Intel Foundry against Intel Products

Intel Foundry against Intel Products, 11 quarters. For each quarter from January 2024 to September 2026 we used the most recent segment figures Intel filed (later reports restate earlier ones). A fourth quarter is the 10-K full-year number less the three quarters before it.

• Every quarter a loss. Intel Foundry lost money at the operating line in all 11 quarters, $29.99 billion in total. Intel Products earned $39.95 billion over the same 11 quarters.
• The worst. $5.80 billion in the quarter to September 28, 2024. Company-wide, that quarter’s operating loss was $9.06 billion.
• The smallest. $1.85 billion in the quarter to September 26, 2026, as foundry revenue rose 58.1% from a year earlier.

Added up, the foundry’s operating losses from 2022 through September 2026 come to $42.24 billion. Each row uses the latest 10-K that carries that year, because Intel recasts earlier years when it reorganizes: 2022 comes from the 10-K for 2024, and 2023 and 2024 from the 10-K for 2025. On the older 10-K’s basis 2023 was −$6.96 billion, so mixing the two filings moves the total by about $0.13 billion.

Intel on results days: 44 reports since 2016

What results day does to the price. Intel filed 45 8-Ks under Item 2.02 from January 2016 to October 2026. One, on January 14, 2021, was a short note that fourth-quarter 2020 results would beat guidance, filed with the news of a new CEO; it is left out. All 44 quarterly reports came after the 4 p.m. close, so each move is that day’s close to the next.

• Size. The median move was 7.59% either way, 6.5 times the 1.17% median across all 2,719 trading days in the span. 32 of the 44 moved 5% or more and 10 moved 10% or more.
• Direction. 28 down and 16 up. Six of the last eight reports were followed by a fall.
• Extremes. The deepest fall was 28.58% on October 30, 2026, after Intel forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, below the third quarter’s $16.5 billion. SMH fell 6.98% that day. The second deepest, 26.06% on August 2, 2024, followed the report that announced the dividend suspension. The biggest rise was 23.60% on April 24, 2026.

Intel’s 2000 record and the 9,367-day wait

The long chart. Intel’s daily closes go back to March 1980. Its August 31, 2000 close of $74.88 stayed the record for 9,367 days, until April 24, 2026, the same day as that 23.60% earnings jump.

From its April 8, 2025 close of $18.13 the stock rose 677.4% to the June 2026 record, then fell to $52.25 by November 5. Three earlier falls of more than half came in the 1980s. The price series leaves out dividends, which Intel paid every year from 1992 to 2024, so a holder’s total return looks better than the chart. Our drawdown page explains the measure.

Download the data: Intel Foundry vs Intel Products, quarterly and Intel earnings-day moves. Reuse either one with a credit and a link back here, as set out in our site license.

When it fails: deal rallies, dilution and the foundry bet

Good quarters do not protect the price. The October 2026 report showed revenue up 20.9% and a profit of $0.60 a share, and the stock still fell 28.58%, because the outlook for the next quarter came in lower.

Rallies on deal news can reverse. The stock closed at $24.80 on August 22, 2025, the day of the government agreement, so most of the climb to $140.94 came after the deals. On November 6, 2026, about five months after the peak, it was 60.1% below it.

Dilution is a cost. New shares for the government, Nvidia and SoftBank brought in cash, but each existing share now owns a smaller slice of the company.

A 2.60 price-to-book is not a floor. Book value includes factories whose worth depends on the foundry finding enough customers, the same question behind the losses above. See concentration risk.

These figures date quickly. Market value, ratios and the drawdown change every trading day.

Questions people ask

What is Intel’s ticker?

INTC, on the Nasdaq Global Select Market. It is the common stock of Intel Corporation of Santa Clara, California.

Does Intel pay a dividend?

Not since 2024. The last dividend had an ex-date of August 7, 2024 and was $0.125 a share. Intel suspended declarations from the fourth quarter of 2024, and its CHIPS Act agreement bars dividends for two years.

Does the US government own Intel stock?

Yes. Under the August 22, 2025 agreement with the Department of Commerce, Intel agreed to issue up to 433 million shares to the government, 275 million at closing and 159 million into escrow, plus warrants on 241 million more at $20.00.

Why did Intel stock fall after earnings in October 2026?

It fell 28.58% on October 30, 2026, the day after Intel forecast fourth-quarter revenue of $15.0 billion to $16.0 billion, less than the $16.5 billion it had just reported. Other chip stocks fell too: SMH lost 6.98% that day.

Is Intel stock above its 2000 high?

Not on November 6, 2026. It first closed above the August 2000 record of $74.88 on April 24, 2026, peaked at $140.94 on June 22, and was back at $56.28 on November 6.

When does Intel report earnings?

After the market closes, about four weeks after each quarter ends. Its fourth-quarter reports for the last 11 years were filed between January 14 and January 30. Check Intel’s investor site for the next date.

Related

For the ratios used here, see P/E ratio, price-to-book, earnings per share and free cash flow. If you hold Intel inside a chip or technology fund, sector funds explains what that concentration means, and earnings guidance covers how a forecast like October 2026’s moves a stock.

This page is educational, not financial advice. Test every idea on your own charts before risking money.