Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Intel Corp., common-size consolidated income statement (quarterly data)
Based on: 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).
- Gross Margin and Cost of Sales Trends
- The gross margin as a percentage of net revenue showed a declining trend overall, starting from 60.6% in March 2020 and dropping significantly to a low of 15.03% in the quarter ending September 2024 before partially recovering to 27.54% by December 2025. This decline mirrors an increasing cost of sales percentage, which rose from approximately 39.4% early in the period to peaks around the mid-60s and even reaching 84.97% in September 2024. This indicates a substantial erosion of profitability at the gross profit level over the timeframe.
- Research and Development Expenses
- Research and development expenses as a percentage of net revenue increased steadily, beginning at 16.52% and peaking at 35.07% in the quarter ending April 2023. Although it showed some decline afterward, it remained elevated above original levels, around the high 20%s to low 30%s range most recently. This suggests an intensification of investment in innovation or product development relative to revenue.
- Marketing, General, and Administrative (MG&A) Expenses
- MG&A expenses increased as a portion of net revenue, moving from about 7.77% to peaks near 12.15%, before exhibiting some variability but generally remaining above 8% in later periods. This rising trend in operating overhead contributes to the increased operating expenses burdening profitability.
- Restructuring and Other Charges
- This category fluctuated considerably, with several quarters showing negative charges (benefits) and others with significant positive charges, such as the spikes in the quarters ending March 2021 (negative 11.23%) and September 2024 (-42.32%). Volatility here suggests episodic restructuring efforts or one-time costs impacting expenses unevenly across the timeline.
- Operating Expenses and Operating Income
- Operating expenses increased noticeably, from roughly 25% to a peak exceeding 80% in some quarters, largely reflecting rising R&D, SG&A, and restructuring costs. Correspondingly, operating income, which began strongly above 35%, declined over time, turning negative in multiple quarters starting in early 2022 and exhibiting severe losses, including a low of -68.18% of net revenue in September 2024. There was some interim recovery, but the general pattern indicates deteriorating underlying operating profitability.
- Other Income (Expenses)
- Gains or losses on equity investments were somewhat volatile, with occasional notable positive spikes (e.g., 23.55% in early 2022), but no consistent trend. Interest and other net expenses were generally minor relative to net revenue, fluctuating around zero with occasional small positive or negative impacts.
- Income Before Taxes and Tax Provision
- Income before taxes followed a pattern similar to operating income, generally declining from over 30% to multiple negative quarters, including a substantial drop to -68.4% of net revenue in late 2024. The effective tax rate appears inconsistent, with positive and negative provisions suggesting volatile tax effects or benefits in some periods, highlighted by notable tax benefits such as 17.68% in mid-2023 and severe tax provisions (e.g., -59.49%) in late 2024.
- Net Income and Attribution
- Net income as a percentage of net revenue declined steeply from a high of 28.55% in early 2020 to large losses, including a peak negative of -127.89% in September 2024. There were intermittent quarters with positive net income, but such instances became less frequent. The losses attributable to Intel reflect this pattern closely, with minor impacts from non-controlling interests. Overall, this signals significant challenges to profitability, particularly post-2021.
- Overall Financial Performance Insights
- The data indicates a clear erosion of profitability over the analyzed period. Cost pressures, notably rising cost of sales and escalated operating expenses driven by R&D and overhead, substantially compressed margins. Episodes of restructuring charges add volatility to the expense profile. The operating and net income metrics suggest that the company faced considerable profitability challenges especially after early-2022, experiencing periods of sharp losses and limited recovery. Tax effects introduced additional variability in net results. Without addressing cost structure or generating higher revenues, sustaining positive earnings appears to be a significant issue throughout the latest reported periods.