Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Intel Corp., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant fluctuations in profitability and expense management over the analyzed period. Net revenue is consistently represented as 100% by definition, allowing for a clear view of the proportional changes in other income statement items. A notable trend is the increasing cost of sales, particularly pronounced in the latter half of 2022 and continuing into 2023, which significantly impacted gross profit margins.
- Gross Profit
- Gross profit as a percentage of net revenue demonstrated a decline from 55.17% in March 2021 to a low of 27.54% in June 2025. While there were periods of recovery, such as September 2023 (42.51%) and December 2023 (45.74%), the overall trend indicates increasing pressure on gross margins. The substantial increase in cost of sales appears to be the primary driver of this decline.
- Research and Development
- Research and development expenses remained relatively stable as a percentage of net revenue for the first three quarters of 2021, fluctuating between 18.42% and 19.82%. However, these expenses increased significantly starting in April 2022, peaking at 35.07% in April 2023, before gradually decreasing to 23.67% in June 2025. This suggests a period of heightened investment in innovation followed by a potential recalibration of R&D spending.
- Operating Expenses
- Operating expenses exhibited considerable volatility. A sharp increase is observed in July 2022 (41.04%) and continued to rise, reaching a peak of 83.21% in September 2024. This dramatic increase, largely attributable to restructuring and other charges in that period, severely impacted operating income. Operating expenses decreased significantly in December 2024 (36.27%) and continued to decline in subsequent quarters, but remained elevated compared to earlier periods.
- Operating Income
- Operating income demonstrated a marked decline in profitability. Starting at 18.78% in March 2021, it experienced fluctuations but ultimately fell to a loss of -68.18% in September 2024. While there was some recovery in subsequent quarters, operating income remained significantly lower than initial levels, reaching 4.24% in September 2025. This decline closely mirrors the trends in gross profit and operating expenses.
- Net Income
- Net income followed a similar trajectory to operating income, with a substantial decrease in profitability. Beginning at 17.08% in March 2021, net income experienced significant volatility, culminating in a substantial loss of -127.89% in September 2024. The impact of restructuring and other charges, coupled with increased costs and fluctuating tax provisions, contributed to this decline. While net income improved in later periods, it remained below the initial levels, ending at -4.32% in December 2025.
- Restructuring and Other Charges
- Restructuring and other charges were relatively low for much of the period, but experienced a massive spike in September 2024, reaching -42.32% of net revenue. This single event had a disproportionately large negative impact on profitability. The subsequent quarters show a reduction in these charges, but their presence remains a factor in overall financial performance.
The data suggests a period of significant challenges, particularly in 2022 and 2023, characterized by rising costs, increased operating expenses, and substantial restructuring charges. While there are indications of improvement in the later quarters, the company's profitability remains below earlier levels. The fluctuations in tax provisions also contribute to the overall volatility in net income.