Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Intel Corp., common-size consolidated income statement (quarterly data)
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.