Stock Analysis on Net
Stock Analysis on Net

Intel Corp. (NASDAQ:INTC)

Common-Size Income Statement 
Quarterly Data

Intel Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 27, 2026 Mar 28, 2026 Dec 27, 2025 Sep 27, 2025 Jun 28, 2025 Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -59.64 -60.62 -63.85 -61.78 -72.46 -63.12 -60.84 -84.97 -64.57 -59.00 -54.26 -57.49 -64.18 -65.79 -60.83 -57.39 -63.53 -49.63 -46.37 -44.01 -42.92 -44.83
Gross profit 40.36% 39.38% 36.15% 38.22% 27.54% 36.88% 39.16% 15.03% 35.43% 41.00% 45.74% 42.51% 35.82% 34.21% 39.17% 42.61% 36.47% 50.37% 53.63% 55.99% 57.08% 55.17%
Research and development -20.88 -24.86 -23.54 -23.67 -28.65 -28.74 -27.18 -30.48 -33.03 -34.44 -25.88 -27.33 -31.51 -35.07 -31.79 -28.05 -28.72 -23.77 -19.72 -19.82 -18.92 -18.42
Marketing, general, and administrative -7.29 -7.65 -8.59 -8.27 -8.90 -9.29 -8.69 -10.41 -10.36 -12.23 -10.50 -9.46 -10.61 -11.12 -12.15 -11.37 -11.75 -9.55 -9.46 -8.72 -8.15 -6.75
Restructuring and other charges -1.05 -29.98 0.22 -1.28 -14.70 -1.23 -0.40 -42.32 -7.35 -2.73 7.41 -5.76 -1.54 -0.55 -3.29 -4.33 -0.57 6.60 -0.14 -0.22 -1.76 -11.23
Operating expenses -29.22% -62.48% -31.91% -33.22% -52.24% -39.26% -36.27% -83.21% -50.74% -49.40% -28.96% -42.56% -43.66% -46.74% -47.23% -43.75% -41.04% -26.71% -29.33% -28.76% -28.83% -36.40%
Operating income (loss) 11.14% -23.10% 4.24% 5.00% -24.70% -2.38% 2.89% -68.18% -15.30% -8.40% 16.78% -0.06% -7.85% -12.53% -8.06% -1.14% -4.57% 23.65% 24.30% 27.24% 28.25% 18.78%
Gains (losses) on equity investments, net -0.24 -0.53 -0.71 1.62 3.90 -0.88 2.22 -1.20 -0.94 1.61 0.56 -1.35 -0.19 1.44 1.32 -0.98 -0.59 23.55 1.75 8.89 1.50 1.87
Interest and other, net -77.98 -5.44 -1.06 26.88 -0.74 -1.37 -0.90 0.98 0.62 1.14 0.76 1.04 1.73 1.20 1.07 0.90 -0.78 5.43 -0.75 -0.40 -0.49 -0.79
Income (loss) before taxes -67.08% -29.06% 2.47% 33.50% -21.53% -4.63% 4.20% -68.40% -15.62% -5.65% 18.10% -0.37% -6.30% -9.88% -5.67% -1.23% -5.93% 52.64% 25.30% 35.73% 29.26% 19.85%
(Provision for) benefit from taxes -0.18 -2.47 -4.91 -2.23 -1.98 -2.38 -5.27 -59.49 2.73 2.22 -0.83 2.56 17.68 -13.74 0.96 7.87 2.97 -8.43 -2.78 -0.18 -3.48 -2.77
Net income (loss) -67.26% -31.53% -2.44% 31.28% -23.52% -7.00% -1.07% -127.89% -12.89% -3.43% 17.27% 2.19% 11.38% -23.63% -4.71% 6.64% -2.96% 44.21% 22.52% 35.55% 25.78% 17.08%
Net (income) loss attributable to non-controlling interests -1.15 4.07 -1.89 -1.52 0.82 0.52 0.19 2.63 0.34 0.44 0.06 -0.09 0.06 0.09 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) attributable to Intel -68.41% -27.46% -4.32% 29.76% -22.69% -6.48% -0.88% -125.26% -12.55% -2.99% 17.32% 2.10% 11.44% -23.54% -4.73% 6.64% -2.96% 44.21% 22.52% 35.55% 25.78% 17.08%

Based on: 10-Q (reporting date: 2026-06-27), 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 performance over the analyzed period is characterized by a significant compression of gross margins and heightened volatility in operating results. A transition from stable, high-margin profitability in 2021 to a period of structural instability is evident, marked by substantial increases in the cost of sales and strategic shifts in expenditure.

Gross Profitability and Cost Structure
Gross profit margins experienced a substantial decline from a peak of 57.08% in mid-2021 to a low of 15.03% by September 2024. This deterioration is directly attributable to the rising cost of sales, which escalated from approximately 43-46% of net revenue in 2021 to peaks exceeding 80% in late 2024. While some recovery toward the 40% range is observed by mid-2026, the overall profile remains significantly more volatile than the 2021 baseline.
Operating Expense Dynamics
Research and development (R&D) spending as a percentage of revenue grew aggressively, rising from approximately 18-19% in 2021 to a peak of 35.07% in April 2023. This suggests a period of intense investment. Marketing, general, and administrative expenses also trended upward, moving from roughly 7% to over 12% during 2022 before stabilizing back toward 7% by 2026. The combination of these factors contributed to a sustained increase in the operating expense ratio.
Operating Income and Restructuring Impact
Operating income shifted from consistent positive margins (18-28%) in 2021 to frequent operating losses starting in mid-2022. This instability is punctuated by severe anomalies related to restructuring and other charges, most notably in September 2024, where restructuring costs reached 42.32% of net revenue, contributing to an operating loss of 68.18%. A similar sharp restructuring hit is observed in March 2026 at 29.98% of revenue.
Net Income and Bottom-Line Volatility
Net income exhibits extreme variance, reflecting the volatility of both operating results and non-operating items. The period is marked by severe quarterly losses, specifically a net loss of 127.89% of revenue in September 2024 and 67.26% in June 2026. These troughs are interspersed with occasional returns to profitability, often influenced by tax benefits or gains on equity investments, indicating that net results are heavily impacted by one-time charges and non-core financial activities.

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