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: 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 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020
Net revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -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 -43.20 -46.87 -46.74 -39.40
Gross profit 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% 56.80% 53.13% 53.26% 60.60%
Research and development -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 -18.30 -17.85 -17.00 -16.52
Marketing, general, and administrative -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 -8.79 -7.83 -7.33 -7.77
Restructuring and other charges -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 -0.26 0.14 -0.05 -0.82
Operating expenses -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% -27.35% -25.54% -24.38% -25.11%
Operating income (loss) 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% 29.45% 27.60% 28.88% 35.50%
Gains (losses) on equity investments, net 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 8.47 0.31 1.35 -0.56
Interest and other, net 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 -0.44 -0.40 -0.15 -1.58
Income (loss) before taxes 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% 37.48% 27.50% 30.08% 33.36%
(Provision for) benefit from taxes -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 -8.16 -4.17 -4.21 -4.81
Net income (loss) 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% 29.32% 23.32% 25.88% 28.55%
Net (income) loss attributable to non-controlling interests -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 0.00 0.00 0.00 0.00
Net income (loss) attributable to Intel 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% 29.32% 23.32% 25.88% 28.55%

Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).

Cost of Sales and Gross Profit Trends
The cost of sales as a percentage of net revenue has exhibited notable fluctuations over the periods analyzed. Initially hovering around 39.4%, it increased sharply to a peak near 84.97% before trending downward to approximately 61.78% in the later periods. Correspondingly, gross profit margins have generally declined from about 60.6% early on to a low near 15.03%, with intermittent recoveries, ending around 38.22%. The volatility in cost structure indicates varying efficiency or shifts in product mix and pricing strategies affecting profitability.
Research and Development Expenses
Research and development (R&D) spending as a proportion of net revenue has shown a consistent upward trend initially, rising from roughly 16.52% to a peak approaching 35.07%, then decreasing more recently to about 23.67%. This pattern suggests an intensification of investment in innovation and product development, likely aiming to sustain competitive positioning, followed by some cost rationalization or strategic shift in R&D allocation.
Marketing, General, and Administrative Expenses
Marketing, general, and administrative expenses have fluctuated moderately, generally staying within an 8% to 12% range of net revenue, with a slight increase noted in mid-periods followed by a return toward the lower end of the spectrum by the end of the timeline. This relative stability implies control over overhead expenditure despite operational challenges reflected elsewhere.
Restructuring and Other Charges
Restructuring and other charges reveal significant volatility, with negative values indicating expenses or losses, and positive occasionally suggesting reversals or gains. Notable spikes occurred at various intervals, including a substantial negative impact around -42.32% followed by rapid rebounds. These swings underscore periods of organizational adjustment, likely associated with cost-cutting, asset write-downs, or other transformational activities.
Operating Expenses and Operating Income
Operating expenses as a percentage of net revenue have shown wide fluctuations, surging to levels exceeding 80% in certain quarters, thereby substantially compressing operating income which similarly exhibited volatility from a healthy positive margin (above 35%) to sharp losses reaching nearly -68%. The intense variability reflects shifts in operational efficiency and cost management effectiveness over time, with critical downturns necessitating close attention.
Gains (Losses) on Equity Investments and Interest Income
Gains or losses on equity investments were generally small relative to net revenue but featured some significant positive peaks, particularly near 23.55%, enhancing overall profitability temporarily. Interest and other net results fluctuated modestly; however, a notable outlier was observed with a marked increase toward the end, reaching above 26%, which could represent atypical financing income or expense impacts.
Income Before Taxes and Tax Provisions
Income before taxes followed the overall profit pattern, experiencing sharp declines including periods of negative profitability, then partial recoveries. Tax provisions were inconsistent, with both positive and negative effective rates, indicating fluctuating tax strategies, credits, or adjustments that influenced net earnings unpredictably.
Net Income (Loss) and Attributable Income
Net income margins demonstrated high volatility, ranging from strong positive returns (above 28%) to significant losses, including a dramatic decline to nearly -127% in some quarters. These fluctuations align with the volatility observed in operational performance and restructuring charges. The net income attributable to the company mirrors overall net income trends closely, confirming that changes in profitability primarily affect the controlling interests.
Summary
The financial metrics analyzed reveal considerable instability across the periods, with fluctuating cost of sales, elevated and variable R&D and restructuring expenses, and highly volatile operating incomes. There are signs of aggressive investment in research and development offset by operational challenges and restructuring costs that have intermittently eroded profit margins. Despite these headwinds, occasional recoveries in operating and net income suggest some capacity for financial resilience. The inconsistent tax impacts and irregular gains from equity investments add complexity to the income picture, requiring ongoing monitoring of operational efficiency and capital structure.