Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Intel Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27).
The financial trajectory from early 2021 through early 2026 is characterized by a significant erosion of gross margins, a substantial increase in operating expenditures, and extreme volatility in net profitability. The period marks a transition from consistent operational profitability to a regime of frequent losses, punctuated by massive restructuring charges and fluctuating cost structures.
- Gross Profitability and Cost of Sales
- A marked deterioration in gross margin is observed, with gross profit falling from a peak of 57.08% in June 2021 to a critical low of 15.03% in September 2024. This decline is driven by an increase in the cost of sales, which rose from approximately 43-45% of net revenue in 2021 to a peak of 84.97% in September 2024. While a recovery trend is evident toward the end of the period, reaching 39.38% by March 2026, the company fails to return to its 2021 efficiency levels.
- Operating Expense Trends
- Research and development (R&D) spending increased significantly as a percentage of revenue, climbing from roughly 18-19% in 2021 to a peak of 35.07% in April 2023. This indicates a strategic pivot toward intensified investment. Marketing, general, and administrative expenses also expanded from 6.75% in March 2021 to a peak of 12.23% in March 2023 before gradually contracting to 7.65% by March 2026.
- Impact of Restructuring Charges
- The operational results are heavily impacted by volatile restructuring and other charges. While these charges were minimal in late 2021, they became major drivers of loss in later periods. Specifically, two massive spikes occurred: a charge of 42.32% of revenue in September 2024 and 29.98% in March 2026. These events correlate directly with the deepest operating losses recorded in the dataset.
- Operating and Net Income Volatility
- Operating income shifted from a stable range of 18% to 28% in 2021 to consistent negative territory starting in mid-2022. The most severe contraction occurred in September 2024, where operating loss reached 68.18% of revenue. Net income mirrored this instability, exhibiting extreme swings from a high of 44.21% in April 2022 to a loss of 127.89% in September 2024. Despite a brief return to profitability in September 2025 (31.28%), the period concludes with a net loss of 31.53% in March 2026.
- Non-Operating Influence
- Gains and losses on equity investments provided intermittent relief, most notably a 23.55% gain in April 2022, which temporarily inflated net income despite declining operating trends. Interest and other net items remained relatively negligible for most of the period, with the exception of a significant 26.88% positive impact in September 2025.