Sample report

Intel Corporation promise ledger

20 earnings-call transcripts were reviewed. Future-looking management statements are grouped under the call where they were made, with later evidence attached where the engine has a clean official source.

20 usable transcripts
58 tracked promises
77.1 management score
Q1 2026 to Q2 2021 recent first

This sample is not a buy, sell, or hold recommendation. It demonstrates how QuarterLens tracks what management promised and what later evidence shows.

Promise ledger

Promises grouped by earnings call

20 calls reviewed, 20 calls with tracked promises, 0 calls with no tracked promises. 58 adjudicated outcomes and 40 scored outcomes.

Open Delivered Partly delivered Slipped Not measurable
01

Q1 2026 earnings call

2026-04-23 · 9,274 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We forecast capital expenditures in 2026 to be flat to last year versus our prior expectation of flat to down, reflecting increased capacity investments to support committed demand and a continued emphasis on improving fab productivity and output. Pending Quality 100 2026 capital expenditure year is still open. Use FY2026 gross capital expenditures once reported; do not score from one quarter. Promise sourceEvidence source
We expect to see earlier design commitments emerge beginning in the second half of 2026 and expanding into the first half of 2027. Pending Quality 100 Intel 14A external design-commitment window begins in second half 2026 and extends into first half 2027. The promised decision window has not elapsed. Score only after named 14A design commitments or supplier decisions are disclosed. Promise sourceEvidence source
Our outlook for server CPU demand has improved over the last 90 days, and we expect a strong year of double-digit unit growth for the industry and for us, with momentum extending into 2027. Pending Quality 100 Q1 2026 DCAI revenue was $5.1 billion, up 22% YoY, but the full-year 2026 unit-growth claim is not yet testable. Early evidence is favorable, but this should remain pending until 2026 server CPU unit or sustained DCAI growth evidence is available. Promise sourceEvidence source
Even as we improve factory output, demand continued to run ahead of supply for all our businesses, especially for Xeon server CPUs, where we expect sustained momentum this year and next. Pending Quality 100 Future 2026-2027 demand promise; Q1 2026 reported DCAI revenue up 22% YoY but the target period has just started. Do not score delivery yet. Track DCAI revenue, Xeon supply commentary, and server CPU unit growth through 2026 and 2027. Promise sourceEvidence source
First and foremost, we are increasing wafer starts in all three of our nodes, Intel 7, Intel 3, and Intel 18A. Pending Quality 87.0 Wafer-start increase was stated for current operating execution in 2026. Needs later fab output, supply, or wafer-start evidence. Promise sourceEvidence source
So far what we're seeing is that their demand is more in the billions of dollars per year kind of level. This is going to be a big part of the foundry revenue as we get through this decade. Pending Quality 85.0 Advanced-packaging revenue opportunity was framed as a through-the-decade opportunity. Needs external foundry or advanced-packaging revenue disclosures over multiple years. Promise sourceEvidence source
02

Q4 2025 earnings call

2026-01-22 · 9,469 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
For OpEx, we target 2026 operating expenses of $16 billion. Pending Quality 100 2026 operating expense target is not yet a completed fiscal-year outcome. Score after FY2026 non-GAAP R&D and MG&A are reported. Promise sourceEvidence source
Engagements with potential external customers on Intel 14A are active. We believe customers will begin to make firm supplier decisions starting in the second half of this year and extending into the first half of 2027. Pending Quality 100 Intel 14A supplier-decision window starts in H2 2026 and continues into H1 2027. No verdict until the named decision window has elapsed. Promise sourceEvidence source
Demand for traditional servers continues to be very strong, and we are focused on ramping available capacity to support the meaningful uptick we are seeing, including partnering with key customers to support their needs beyond 2026. Pending Quality 98.8 Server CPU capacity ramp and customer demand support beyond 2026 are still future-period claims. Track DCAI revenue, Xeon supply disclosures, and customer capacity commitments. Promise sourceEvidence source
Series 3 will be the most broadly adopted and globally available AI PC platform we have ever delivered. On track Quality 85.0 Intel launched Core Ultra Series 3 at CES 2026 as the first AI PC platform built on Intel 18A, with first consumer laptops available in January 2026 and more systems through H1 2026. Launch evidence is solid, but the 'most broadly adopted' claim needs OEM design and shipment evidence through 2026. Promise sourceEvidence source
03

Q3 2025 earnings call

2025-10-23 · 9,041 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
As you think about investment, we still think that $16 billion of CapEx investment for next year is the right amount. Pending Quality 100 2026 gross capex is not yet reported. Score against FY2026 gross capital expenditures. Promise sourceEvidence source
In client, we are on track to launch our first Panther Lake SKU by year-end, followed by additional SKUs in the first half of next year. Delivered Quality 100 Intel said in its Q4 2025 call materials that it exceeded the commitment to deliver the first Series 3 SKU by the end of 2025; Core Ultra Series 3 launched at CES 2026. First SKU timing was met, with broader availability starting January 2026 and continuing through H1 2026. Promise sourceEvidence source
As I mentioned last quarter, our investment in Foundry will be disciplined, and we will focus on capability and scalability, giving us flexibility to ramp quickly, and we will only add capacity when we have committed external demand. Pending Quality 99.0 Foundry capacity discipline is an ongoing capital-allocation policy rather than a completed period target. Track future capex additions against disclosed external foundry commitments. Promise sourceEvidence source
Looking ahead, we plan to launch successive generations of inference-optimized GPUs on the annual cadence that features enhanced memory and bandwidth to meet enterprise needs. Pending Quality 86.5 Annual inference-GPU cadence is a future roadmap commitment. Needs later product-launch evidence across multiple annual cycles. Promise sourceEvidence source
04

Q2 2025 earnings call

2025-07-24 · 9,089 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
During Q2, we completed the majority of the actions needed to achieve our year-end target of 75,000 employees. Slipped Quality 100 Intel reported 85.1 thousand total employees at Dec. 27, 2025, including 80.1 thousand Intel employees and 5.0 thousand Mobileye/other subsidiary employees. Headcount fell sharply, but the reported year-end count remained above the stated 75,000 target. Promise sourceEvidence source
While difficult, these decisions have us firmly on track to meet our calendar year 2025 and calendar year 2026 OpEx targets of $17 billion and $16 billion, respectively. Mostly delivered Quality 100 FY2025 non-GAAP R&D and MG&A was $16.5 billion, below the $17 billion 2025 target; the $16 billion 2026 target remains open. The 2025 part was delivered. Keep the 2026 portion pending inside the same thread. Promise sourceEvidence source
In client, our top priority is delivering our first Panther Lake SKU by year-end, followed by additional SKUs in the first half of 2026. Delivered Quality 100 Intel said it exceeded the commitment to deliver the first Series 3 SKU by end-2025; Core Ultra Series 3 launched at CES 2026. The Panther Lake timing promise is supported by Intel's own Q4 2025 comments and the January 2026 launch. Promise sourceEvidence source
Going forward, we will grow our capacity based solely on the volume commitments and deploy CapEx in lockstep with the tangible milestones and not before. Pending Quality 99.1 Capacity and capex discipline must be tested over future foundry capacity additions. No clean pass/fail until future capacity announcements can be compared with external commitments. Promise sourceEvidence source
05

Q1 2025 earnings call

2025-04-24 · 10,091 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We now expect OpEx of $17 billion this year and $16 billion next year. Mostly delivered Quality 100 FY2025 non-GAAP R&D and MG&A was $16.5 billion, below the $17 billion 2025 target; the 2026 target remains open. Score as mostly delivered because the elapsed-year target was beaten while the next-year target is not yet due. Promise sourceEvidence source
I have directed our teams to find an additional $2 billion of savings in our gross CapEx, taking our target for this year to $18 billion. Delivered Quality 100 FY2025 gross capital expenditures were $17.672 billion, below the revised $18 billion target. The gross-capex reduction target was delivered. Promise sourceEvidence source
We need to get our balance sheet healthy and start the process of deleveraging this year. Delivered Quality 90.5 Debt declined to $44.086 billion at Dec. 27, 2025 from $46.282 billion at Dec. 28, 2024; Intel also repaid $3.75 billion of debt in 2025. The balance-sheet direction moved toward deleveraging during 2025. Promise sourceEvidence source
06

Q4 2024 earnings call

2025-01-30 · 10,086 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We're going to systematically attack our costs and remain highly focused on our goal of delivering break-even operating income for Intel Foundry by the end of 2027, and we expect to demonstrate improvements this year. Pending Quality 100 Intel Foundry break-even operating-income target is due by the end of 2027. Track foundry operating losses through 2026 and 2027. Promise sourceEvidence source
We're excited by the launch of Panther Lake this year and the internal ramp of Intel 18A in the second half that will support increased volumes and improved profitability in 2026. Mostly delivered Quality 100 Panther Lake entered high-volume production in 2025, first SKU shipment was reported by year-end 2025, and Core Ultra Series 3 launched in January 2026. The ramp happened, but broad market availability moved into January 2026 rather than clearly within 2H 2025. Promise sourceEvidence source
The success of Core Ultra across Meteor Lake, Arrow Lake, and Lunar Lake has established Intel as the market leader in AI PC CPUs, and we remain on track to ship more than 100 million cumulative systems by the end of 2025. Unverifiable Quality 94.3 Intel stated in Q4 2024 that it was on track to ship more than 100 million AI PCs by the end of 2025, but the current parsed official result set does not provide a final cumulative shipment count. Needs final shipment disclosure before a delivered verdict. Promise sourceEvidence source
07

Q3 2024 earnings call

2024-10-31 · 10,069 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
First, we completed the vast majority of our headcount actions during Q3, and we are on track to our greater than 15% workforce reduction before the end of the year. Delivered Quality 100 Total Intel employee count fell from 108.9 thousand at Dec. 28, 2024 to 85.1 thousand at Dec. 27, 2025; the 2025 outcome confirms a greater-than-15% reduction from the 2024 base. The reduction target was achieved by the end-2025 window, even though the exact end-2024 completion language needs restructuring detail. Promise sourceEvidence source
Specifically, we plan to reduce non-product costs of sales by $1 billion, lower OpEx to $17.5 billion, and drive gross and net CapEx to between $20 billion-$23 billion and $12 billion-$14 billion, respectively. Delivered Quality 100 FY2025 non-GAAP R&D and MG&A was $16.5 billion versus the $17.5 billion OpEx target; FY2025 gross capex was $17.672 billion versus the $20-23 billion range. The expense and capex outcomes beat the stated reduction plan. Promise sourceEvidence source
All of this is paving the way toward the launch of Panther Lake in the second half of 2025. Mostly delivered Quality 94.3 Panther Lake high-volume production started in 2025 and Core Ultra Series 3 launched in January 2026. Execution was close to the promised H2 2025 ramp, with broad availability slipping into January 2026. Promise sourceEvidence source
08

Q2 2024 earnings call

2024-08-01 · 11,164 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We are targeting a headcount reduction of greater than 15% by the end of 2025, with the majority of this action completed by the end of this year. Delivered Quality 100 Total Intel employees declined from 108.9 thousand at Dec. 28, 2024 to 85.1 thousand at Dec. 27, 2025. The greater-than-15% workforce-reduction target was met by the full end-2025 window. Promise sourceEvidence source
On Intel 18A, we released the 1.0 PDK last month and are on track to be manufacturing ready by the end of this year, with production wafer start volumes in first half of 2025. Mostly delivered Quality 100 Intel released the 18A PDK 1.0 in July 2024 and later said 18A was powered on, booting operating systems, healthy, yielding well, and on track for 2025 production. Strong evidence of process-readiness progress, but the exact 'manufacturing ready by end-2024' milestone is not separately reported as a binary accounting metric. Promise sourceEvidence source
With our new operating model firmly in place, we are accelerating actions to improve profitability and capital efficiency by more than $10 billion in 2025, which I will discuss shortly. Delivered Quality 100 FY2025 non-GAAP R&D and MG&A fell to $16.5 billion from $19.4 billion in 2024, and gross capex fell to $17.672 billion from $25.122 billion in 2024. The profitability and capital-efficiency actions produced more than $10 billion of combined expense and gross-capex reduction versus 2024. Promise sourceEvidence source
We have now shipped more than 15 million Windows AI PCs since our December launch, multiples more than all of our competitors combined, and we remain on track to ship more than 40 million AI PCs by year-end and over 100 million accumulative by the end of 2025. On track Quality 94.3 Intel said in Q4 2024 that it was on track to ship more than 100 million AI PCs by the end of 2025. The 2024-2025 trajectory was reaffirmed, but final cumulative shipment evidence still needs to be captured. Promise sourceEvidence source
09

Q1 2024 earnings call

2024-04-25 · 10,611 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We now expect over $500 million in accelerator revenue in the second half of 2024, with increasing momentum into 2025 based on Gaudi 3's vastly superior TCO as well as our own expanding supply. Missed Quality 100 In Q3 2024 call materials, Intel stated it would not achieve the $500 million Gaudi revenue target for 2024. Management directly withdrew the target because Gaudi adoption was slower than expected. Promise sourceEvidence source
Furthermore, our lead products, Clearwater Forest and Panther Lake, are already in fab, and we expect to begin production ramp of Intel 18A in these products in the first half of 2025 for product release in the middle of next year. Slipped Quality 100 Panther Lake and Clearwater Forest were shown as healthy and on track for 2025, but Panther Lake broad market availability began in January 2026. The product path progressed, but the promised middle-2025 product-release timing was not met cleanly. Promise sourceEvidence source
We expect to release the 1.0 PDK for Intel 18A this quarter. Delivered Quality 96.3 Intel released the Intel 18A PDK 1.0 in July 2024. The Q2 2024 PDK-release promise was delivered. Promise sourceEvidence source
10

Q4 2023 earnings call

2024-01-25 · 10,132 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Importantly, we see this as temporary, and we expect sequential and YoY growth in both revenue and EPS for each quarter of fiscal year 2024. Missed Quality 100 FY2024 revenue was $53.1 billion, down 2% from 2023; non-GAAP EPS was $(0.13), down 112% from 2023. The promised fiscal-2024 revenue and EPS growth did not materialize. Promise sourceEvidence source
Intel 18A is expected to achieve manufacturing readiness in second half 2024, completing our 5 nodes and 4-year journey and bringing us back to process leadership. Mostly delivered Quality 100 Intel reported in September 2024 that 18A PDK 1.0 had been released, 18A silicon was powered on and booting, and the process was on track for launch in 2025. Roadmap progress was real, but the exact manufacturing-readiness milestone remains a qualitative process status. Promise sourceEvidence source
Our accelerator pipeline for 2024 grew double digits sequentially in Q4 and is now well above $2 billion and growing. Slipped Quality 86.8 Intel later said Gaudi adoption was slower than expected and that it would not achieve its $500 million 2024 Gaudi revenue target. Pipeline did not translate into the revenue ramp management expected. Promise sourceEvidence source
11

Q3 2023 earnings call

2023-10-26 · 10,985 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Our first products on Intel 18A will go into fab on schedule in Q1 2024, with Clearwater Forest for servers, Panther Lake for clients, and of course, a growing number of IFS test chips. Delivered Quality 100 By August 2024, Intel said Panther Lake and Clearwater Forest were out of fab, powered on, and booting operating systems. The Q1 2024 fab-entry/product-progress claim was delivered. Promise sourceEvidence source
We completed two additional customers, so three 18A wafer customers, two additional packaging customers, and we have a pipeline that we're in active negotiations with six additional-... packaging customers as well. On track Quality 84.5 Intel later disclosed a multi-year, multi-billion-dollar AWS commitment tied to Intel 3 and Intel 18A work. Customer traction evidence improved, but not every pipeline element is quantifiable or externally named. Promise sourceEvidence source
12

Q2 2023 earnings call

2023-07-27 · 10,348 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Our data center CPU roadmap continues to get stronger and remains on or incrementally ahead of schedule, with Emerald Rapids, our 5th Gen Xeon Scalable, set to launch in Q4 of 2023. Delivered Quality 96.3 Intel launched 5th Gen Intel Xeon processors, code-named Emerald Rapids, on Dec. 14, 2023. The Q4 2023 launch commitment was delivered. Promise sourceEvidence source
Our pipeline of opportunities through 2024 is rapidly increasing and is now over $1 billion and continuing to expand, with Gaudi driving the lion's share. Mostly delivered Quality 86.8 Intel said the accelerator pipeline was above $2 billion in Q4 2023, but later missed the 2024 Gaudi revenue target. Pipeline growth was reported, but conversion quality was weak. Promise sourceEvidence source
13

Q1 2023 earnings call

2023-04-27 · 10,665 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Emerald Rapids, our 5th Gen Xeon Scalable, is already sampling with customers and is on track to launch in Q4 2023. Delivered Quality 96.3 Intel launched 5th Gen Intel Xeon processors, code-named Emerald Rapids, on Dec. 14, 2023. The Q4 2023 Emerald Rapids launch was delivered. Promise sourceEvidence source
Importantly, the PC install base is larger and usage remains well above pre-pandemic levels, and along with a better than expected Q1, strengthens our view that the PC market is on track to a sell-through of 270 million units in calendar year 2023. Unverifiable Quality 94.3 The PC sell-through and TAM claim depends partly on industry-level demand, not only Intel-owned execution. Keep as market-context unless paired with a clean Intel unit/share metric. Promise sourceEvidence source
14

Q4 2022 earnings call

2023-01-26 · 10,635 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We are thrilled to be ramping production to meet a strong backlog of demand, and we are on track to ship one million units by mid-year. Slipped Quality 100 Intel said in Q3 2023 that it shipped its one-millionth 4th Gen Xeon unit during the quarter and was on track to surpass two million units the next month. The one-million-unit milestone was achieved, but after the stated mid-year timing. Promise sourceEvidence source
We are laser focused on executing to our $3 billion in calendar year 2023 cost savings that we committed on our Q3 earnings call. Delivered Quality 100 Intel CFO said in Q4 2023 that the company comfortably achieved its commitment to deliver $3 billion in cost savings in 2023. Management explicitly confirmed delivery of the 2023 cost-saving commitment. Promise sourceEvidence source
15

Q3 2022 earnings call

2022-10-27 · 10,274 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
In aggregate, our efforts should drive $3 billion in annual savings in the near term and $8-$10 billion by the end of 2025. Mostly delivered Quality 100 Intel confirmed the $3 billion 2023 savings commitment in Q4 2023; by FY2025, non-GAAP R&D and MG&A was down to $16.5 billion from $21.9 billion in 2022. The 2023 milestone was delivered; the broader $8-10 billion exit-rate target is directionally supported but not fully isolated in parsed facts. Promise sourceEvidence source
It will also provide improved transparency to our owners as we expect to share full internal foundry P&L in calendar year 2024, ultimately allowing you to better judge how we are creating value and allocating your capital. Delivered Quality 96.3 Intel reported Intel Foundry as a separate operating segment in 2024, including FY2024 Foundry revenue and operating loss. The internal foundry P&L transparency commitment was delivered. Promise sourceEvidence source
16

Q2 2022 earnings call

2022-07-28 · 10,837 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Collectively, these actions will begin to show dividends in the second half of the year, allowing us to return gross margins to our target range by Q4 and maintain our initial free cash flow outlook for 2022. Missed Quality 100 FY2022 gross margin was 42.6% GAAP and 47.3% non-GAAP; Intel also generated negative free cash flow after capital expenditures. The Q4 2022 margin and free-cash-flow recovery promise was not delivered. Promise sourceEvidence source
We expect to build on this momentum with the launch of our next gen product family, Raptor Lake, starting with our desktop SKUs this fall, followed by our mobile family by the end of the year. Mostly delivered Quality 96.3 13th Gen Core desktop K processors became available in Q4 2022; 13th Gen Core mobile processors were introduced on Jan. 3, 2023. Desktop timing was delivered, while mobile availability slipped just beyond year-end. Promise sourceEvidence source
17

Q1 2022 earnings call

2022-04-28 · 9,882 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
AXG remains on track to deliver over $1 billion in revenue this year. Missed Quality 96.3 AXG FY2022 revenue was $837 million, below the promised over-$1 billion target. The AXG revenue promise was not delivered. Promise sourceEvidence source
Our overall customer pipeline remains robust, and we now have more than 10 qualified opportunities in advanced stages of engagement across our process and package offerings that collectively represent a deal value of greater than $5 billion. Unverifiable Quality 84.8 Intel later disclosed record IFS revenue and design engagements, but the parsed sources do not confirm the exact greater-than-$5 billion deal-value pipeline conversion. Needs a foundry pipeline/deal-value disclosure to score. Promise sourceEvidence source
18

Q4 2021 earnings call

2022-01-26 · 9,613 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Going forward, our roadmap only gets better, and we expect to ship initial SKUs of Sapphire Rapids to select customers in Q1. Slipped Quality 100 Intel announced at Vision 2022 in May that it was shipping initial Sapphire Rapids SKUs; broad launch came in January 2023. The initial shipment happened, but not in the promised Q1 2022 window. Promise sourceEvidence source
As we announced in December, we are working to take Mobileye public to unlock shareholder value. Delivered Quality 98.2 Intel completed the Mobileye IPO in October 2022. The shareholder-value unlock transaction was delivered. Promise sourceEvidence source
19

Q3 2021 earnings call

2021-10-21 · 34,266 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
Looking ahead, customers remain very excited by Sapphire Rapids, which we expect to have in production in Q1. Slipped Quality 100 Sapphire Rapids did not reach broad launch until Jan. 10, 2023. The product eventually launched, but the Q1 2022 production timing promise slipped materially. Promise sourceEvidence source
We are confident in our process technology and product road maps. Unverifiable Quality 68.0 The statement is a broad confidence claim about roadmap execution, not a discrete measurable promise. Keep as qualitative context; do not score in a paid report without a specific milestone. Promise sourceEvidence source
20

Q2 2021 earnings call

2021-07-22 · 30,270 transcript words

Open transcript
Promise from the call Status What later evidence shows Sources
We expect DCG to grow sequentially, achieving double-digit year-on-year growth in the second half as it accelerates through the year. Delivered Quality 100 Data Center Group revenue grew in the second half of 2021, with Q4 2021 DCG revenue reported up 20% YoY. The second-half DCG growth direction was delivered. Promise sourceEvidence source
Finally, our future client road map remains strong, and we expect to ship several million units of Alder Lake to customers in the second half. Delivered Quality 94.5 Intel launched 12th Gen Core Alder Lake in late 2021 and later described Alder Lake as a fast client-product ramp. The Alder Lake shipment/ramp promise was delivered directionally; retain exact unit validation as a follow-up source check. Promise sourceEvidence source
I expect PC TAM growth will continue in 2022 and beyond driven by three factors. Missed Quality 90.5 Intel CCG FY2022 revenue fell 23% from 2021, consistent with a weaker PC market rather than continued TAM growth. The PC TAM growth claim did not hold up in Intel's own client results. Promise sourceEvidence source

Method

How this sample was built

QuarterLens extracts future-looking, value-linked management statements from public transcripts, then looks for official result materials that can confirm or challenge the claim.

Later transcript commentary is treated as a clue, not proof. The final status should come from reported numbers, KPI tables, filings, or other official operating disclosures.

Important

This sample is not a recommendation.

QuarterLens analyzes public company disclosures. This page is not a valuation, not investment advice, and not a recommendation to buy, sell, or hold any security.