Adjustments to Financial Statements
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Adjustments to Total Assets
Intel Corp., adjusted total assets
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets (included within Other long-term assets). See details »
The data demonstrates a consistent upward trend in both total assets and adjusted total assets over the five-year period from 2020 to 2024. Total assets grew from 153,091 million US dollars in 2020 to 196,485 million US dollars in 2024. This represents a steady increase throughout the years, indicating ongoing expansion or accumulation of resources.
Similarly, adjusted total assets also increased steadily from 151,859 million US dollars in 2020 to 195,882 million US dollars in 2024. While the adjusted total assets consistently remain slightly lower than total assets, the rate of growth closely parallels that of total assets, suggesting that adjustments made to total assets remain proportionally stable over this period.
The incremental year-over-year increase in total assets ranges approximately between 4% to 7%, with no evident volatility or abrupt fluctuations. This steady growth profile points to a stable asset base expansion. Both measures reflect a sustained increase in asset size, which could imply positive developments in asset acquisition, value appreciation, or other balance sheet strengthening activities during this timeframe.
Adjustments to Current Liabilities
Intel Corp., adjusted current liabilities
US$ in millions
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current liabilities | ||||||
| Adjustments | ||||||
| Less: Current accrued restructuring balance | ||||||
| After Adjustment | ||||||
| Adjusted current liabilities | ||||||
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
The analysis of current liabilities over the five-year period reveals a generally upward trend with some fluctuations. The reported current liabilities increased from 24,754 million US dollars in 2020 to 35,666 million US dollars in 2024. This represents a significant increase, indicating a growth in short-term financial obligations.
Between 2020 and 2022, current liabilities rose steadily, reaching 32,155 million US dollars in 2022. However, in 2023 there was a noticeable decrease to 28,053 million US dollars. This dip was followed by a substantial increase again in 2024 to 35,666 million US dollars, the highest level in the observed period.
The adjusted current liabilities, which likely account for certain adjustments or refinements, show a similar pattern to the reported current liabilities. They increased from 24,754 million US dollars in 2020 to 35,364 million US dollars in 2024. The adjusted figures also declined in 2023 before rising sharply in 2024.
The parallel movements of the adjusted and reported current liabilities suggest consistency in the underlying components of these liabilities, with minor differences in magnitude across the years. The overall increasing trend in current liabilities may imply expanding operational scale, higher short-term borrowing, or increased payables, warranting further investigation into the causes and the company's liquidity management strategy.
Adjustments to Total Liabilities
Intel Corp., adjusted total liabilities
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities (included within Other long-term liabilities). See details »
The company's total liabilities have demonstrated a consistent upward trend over the five-year period observed. Starting from a figure of approximately $72,053 million in late 2020, total liabilities increased modestly to $73,015 million by the end of 2021. A notable growth occurred in the following years, reaching $78,817 million in 2022, then $81,607 million in 2023, and further rising to $91,453 million by the end of 2024. This steady increase indicates a rising level of obligations, which may reflect increased borrowing, expanded operations, or growing financial commitments.
Similarly, adjusted total liabilities have also shown a rising pattern consistent with the overall total liabilities, starting at $68,210 million in 2020 and rising to $70,348 million by the end of 2021. This figure increased significantly in subsequent years, reaching $77,742 million in 2022, $81,339 million in 2023, and eventually $89,689 million by the end of 2024. The adjusted figures generally track slightly below the total liabilities, suggesting that certain adjustments or exclusions are applied, but the overall financial obligations remain on an upward trajectory.
The rising trend in both total and adjusted total liabilities over this period indicates increasing leverage or expanding commitments. This pattern warrants further analysis in the context of asset growth, revenue trends, and cash flow generation to fully understand the impact on financial stability and risk. Careful monitoring of liabilities is advisable to ensure that the company maintains a manageable level of debt relative to its financial performance.
Adjustments to Stockholders’ Equity
Intel Corp., adjusted total Intel stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
1 Net deferred tax assets (liabilities). See details »
The analysis of the annual financial data indicates varying trends in the stockholders' equity of the company over the observed periods. Two measures of equity are presented: total Intel stockholders’ equity and adjusted total stockholders’ equity.
- Total Intel stockholders’ equity
- This metric shows an overall increasing trend from 81,038 million US dollars in December 2020 to a peak of 105,590 million US dollars by the end of December 2023. However, the figure declines to 99,270 million US dollars in December 2024, indicating a reversal or correction after a steady climb in prior years.
- Adjusted total stockholders’ equity
- The adjusted measure also demonstrates a similar upward trajectory from 83,649 million US dollars in December 2020 to a higher value of 106,193 million US dollars in December 2024. Unlike the total equity, the adjusted equity does not show a decline in the last period, suggesting some form of accounting adjustment or different basis that may have smoothed out volatility or accounted for items excluded in the total equity.
Overall, both equity metrics reveal growth trends over the four-year span, reflecting potentially improving net asset positions and retained earnings growth. The divergence in the final year, where the total stockholders’ equity falls but the adjusted equity continues to rise, might point to the impact of non-recurring items, revaluations, or other comprehensive income elements excluded from the total stockholders’ equity but included in the adjusted figures.
Adjustments to Capitalization Table
Intel Corp., adjusted capitalization table
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Operating lease liability (recognized in Accrued liabilities). See details »
3 Operating lease liability (recognized in Other long-term liabilities). See details »
4 Net deferred tax assets (liabilities). See details »
- Total Reported Debt
- The total reported debt exhibited a consistent upward trend over the observed period, increasing from 36,401 million US dollars in 2020 to 50,011 million US dollars in 2024. This indicates a growing reliance on debt financing.
- Total Intel Stockholders’ Equity
- Stockholders’ equity increased steadily from 81,038 million US dollars in 2020, reaching a peak of 105,590 million US dollars in 2023, before slightly declining to 99,270 million US dollars in 2024. This suggests overall growth in equity with a mild contraction in the latest year.
- Total Reported Capital
- Total reported capital, the sum of debt and equity, rose from 117,439 million US dollars in 2020 to a peak of 154,856 million US dollars in 2023, then receded slightly to 149,281 million US dollars in 2024. This reflects the combined movements in debt and equity components.
- Adjusted Total Debt
- The adjusted total debt mirrored the trend of reported debt, increasing from 36,928 million US dollars in 2020 to 50,471 million US dollars in 2024. This confirms the pattern of increased leverage or borrowing.
- Adjusted Total Stockholders’ Equity
- Adjusted stockholders’ equity rose consistently from 83,649 million US dollars in 2020 to 106,193 million US dollars in 2024, displaying steady growth without the slight dip seen in the reported equity in 2024.
- Adjusted Total Capital
- Adjusted total capital grew steadily from 120,577 million US dollars in 2020 to 156,664 million US dollars in 2024, reflecting consistent increases in both debt and equity components on an adjusted basis.
- Summary Insight
- Overall, the data reveal a pattern of increasing capital structure size over the five-year period, driven by growth in both debt and equity. Debt levels have risen substantially, indicating a higher leverage position. Despite some fluctuations in reported equity, the adjusted equity figures show continuous improvement, suggesting underlying strength in the company's net assets. The slight decline in reported stockholders' equity in the final year contrasts with the adjusted equity increase, possibly reflecting accounting adjustments or valuation changes.
Adjustments to Reported Income
Intel Corp., adjusted net income (loss) attributable to Intel
US$ in millions
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
1 Deferred income tax expense (benefit). See details »
The financial data reveals a clear downward trend in both net income attributable to Intel and adjusted net income over the five-year period analyzed.
- Net Income (Loss) Attributable to Intel
- The net income shows a declining pattern from 20,899 million USD in 2020 to a loss of 18,756 million USD in 2024. Initially, net income decreased moderately from 20,899 million USD in 2020 to 19,868 million USD in 2021, followed by a sharper decline to 8,014 million USD in 2022. In 2023, the net income further dropped to 1,689 million USD, nearly breaking even, before turning into a significant loss in 2024. This indicates deteriorating profitability over the period.
- Adjusted Net Income (Loss)
- The adjusted net income follows a similar downward trajectory, starting at 23,197 million USD in 2020 and receding to a negative 13,442 million USD by 2024. Despite a slight decline from 23,197 million USD in 2020 to 18,997 million USD in 2021, the decrease accelerates from 4,050 million USD in 2022 into losses in 2023 and 2024. The adjusted net income becomes negative earlier than the non-adjusted net income, indicating that core operations may have deteriorated even faster when excluding certain accounting effects or one-time adjustments.
Overall, the trends suggest a consistent and pronounced weakening in profitability, with both net and adjusted net income margins shifting from positive gains in 2020-2021 to substantial losses by 2024. The divergence between net income and adjusted net income values in later years also signals potential changes in accounting treatments or extraordinary items impacting reported profitability. This pattern highlights significant challenges in maintaining earnings performance over the observed timeframe.