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)

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3 months ended: 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
Cost of sales -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 margin 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 -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 -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 -1.23 -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 -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) -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 -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 -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 -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 -2.38 -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) -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 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 -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: 2025-03-29), 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).

The financial data reveal fluctuating trends across multiple key metrics over the observed periods. Cost of sales as a percentage of net revenue generally increased, with some pronounced spikes, notably reaching as high as -84.97% in late 2024, indicating rising costs relative to revenue. Correspondingly, gross margin exhibited a downward trend with several rebounds; it peaked near 60.6% initially but dropped to lows around 15.03% before partially recovering to approximately 36.88% by early 2025.

Research and development expenses steadily rose as a percentage of net revenue, peaking above 35% in early 2023, before showing some decline yet remaining elevated compared to earlier periods. Marketing, general, and administrative costs also trended upward over time, moving from around -7.77% initially to fluctuating between -8.69% and -12.23% in later quarters, suggesting increased spending in these areas.

Restructuring and other charges demonstrated considerable volatility, including both positive and negative percentages, with an extreme negative impact around -42.32% in late 2024, indicating substantial irregular costs or gains that significantly affected operating results in certain periods.

Operating expenses rose substantially over the timeline, peaking near -83.21% of net revenue in late 2024, heavily impacting operating income (loss), which showed wide variations from positive margins above 35% early on, to sharp losses, including a nadir at -68.18% in late 2024. This suggests periods of operational challenges or restructuring impacting profitability.

Other income components such as gains (losses) on equity investments and interest and other net items exhibited fluctuating minor impacts, with occasional strong positive effects (e.g., a 23.55% gain in early 2022) and some negative values, but these did not consistently drive overall income changes.

Income before taxes followed a pattern similar to operating income, with strong positive margins early on exceeding 30%, then turning negative in multiple quarters, particularly in late 2024 where a substantial loss of -68.4% was observed. Tax provisions varied, showing both positive and negative figures, with some quarters indicating tax benefits offsetting pre-tax losses.

Finally, net income attributable to the company mirrored these swings, starting with strong positive performance around 28.55%, declining into sharp losses peaking at -125.26% in late 2024, and modest recovery thereafter. These fluctuations highlight significant volatility in profitability, tied primarily to increases in cost of sales, operating expenses, and restructuring charges over time.

Cost of Sales
Trend: Increasing cost burden with significant spikes impacting margins adversely.
Gross Margin
Trend: General decline with intermittent recoveries, indicating margin pressure.
Research and Development
Trend: Rising investment as a percentage of revenue, peaking mid-period before declining slightly.
Marketing, General, and Administrative
Trend: Gradual increase, reflecting greater overhead expenditures.
Restructuring and Other Charges
Trend: Highly volatile, with extreme negative impacts indicating episodic restructuring costs.
Operating Expenses
Trend: Steady increase culminating in significantly elevated expense ratios late in the period.
Operating Income (Loss)
Trend: Marked volatility with strong early profits turning into large losses in recent quarters.
Income Before Taxes
Trend: Reflects operating income trends with large swings and periods of significant loss.
Net Income Attributable to Intel
Trend: Strong early profitability followed by pronounced losses, with partial recovery toward the end.