Intel Corp. (NASDAQ:INTC)

Total assets and adjusted total assets both demonstrate a general upward trend over the five-year period from 2021 to 2025. However, the magnitude of increase differs between the two figures, indicating adjustments are impacting the reported asset base.

Overall Trend

Both total assets and adjusted total assets increased consistently year-over-year. Total assets grew from US$168,406 million in 2021 to US$211,429 million in 2025, representing a cumulative increase of approximately 25.5%. Adjusted total assets exhibited a similar pattern, rising from US$167,532 million in 2021 to US$210,859 million in 2025, a cumulative increase of roughly 25.9%.

Difference Between Total and Adjusted Assets

The difference between total assets and adjusted total assets is relatively consistent across the observed period. In 2021, the difference was US$874 million. This difference fluctuated slightly, reaching US$571 million in 2022, US$5,459 million in 2023, US$603 million in 2024, and US$570 million in 2025. The adjustments consistently reduce the reported asset value, suggesting the presence of items that are removed or revalued in the adjusted figure.

Year-over-Year Growth

The year-over-year growth rate for total assets varied. From 2021 to 2022, growth was 8.1%. This slowed to 5.2% from 2022 to 2023, then to 2.5% from 2023 to 2024, before accelerating to 7.6% from 2024 to 2025. Adjusted total assets showed similar growth patterns: 6.6% from 2021 to 2022, 4.5% from 2022 to 2023, 2.4% from 2023 to 2024, and 7.6% from 2024 to 2025. The growth rates suggest a period of moderate expansion followed by a recent acceleration in asset accumulation.

The consistent adjustments to total assets warrant further investigation to understand the nature of these items and their impact on the company’s financial position. The parallel growth trends between the two asset figures indicate that the adjustments are not fundamentally altering the overall direction of asset accumulation.

Current liabilities exhibited volatility over the five-year period. Initially increasing from 2021 to 2022, they subsequently decreased in 2023 before rising again in 2024, and then declining in 2025. Adjusted current liabilities mirrored this pattern, though the magnitude of change differed in certain periods.

Overall Trend

Both current liabilities and adjusted current liabilities demonstrate a lack of consistent directional movement. The period begins with an increase, followed by a decrease, then another increase, and finally a decrease. This suggests potential fluctuations in short-term obligations and related adjustments.

Year-over-Year Changes

From 2021 to 2022, current liabilities increased by approximately 17.4%, while adjusted current liabilities rose by roughly 13.9%. This indicates a reduction in the adjustments made to current liabilities during this period.

A decrease in both metrics occurred from 2022 to 2023. Current liabilities fell by approximately 12.8%, and adjusted current liabilities decreased by about 10.6%.

The period from 2023 to 2024 saw a resurgence in growth. Current liabilities increased by approximately 27.1%, and adjusted current liabilities grew by 26.9%.

Finally, from 2024 to 2025, both metrics experienced a decline. Current liabilities decreased by approximately 11.2%, and adjusted current liabilities fell by roughly 12.4%.

Relationship Between Metrics

The difference between current liabilities and adjusted current liabilities varies annually. In 2021, the values were identical. The gap widened in 2022, narrowed in 2023, widened again in 2024, and then narrowed in 2025. This suggests that the nature and extent of adjustments to current liabilities are not constant and may respond to specific financial events or accounting treatments.

The observed fluctuations warrant further investigation to understand the underlying drivers of these changes in current liabilities and the corresponding adjustments. A deeper analysis of the specific components of current liabilities and the nature of the adjustments would provide more granular insights.

Total liabilities exhibited an overall increasing trend from 2021 to 2024, followed by a decrease in the most recent year presented. The adjusted total liabilities mirrored this pattern, though the magnitude of change differed slightly. A detailed examination of the trends is presented below.

Overall Trend

From December 25, 2021, to December 30, 2023, total liabilities increased from US$73,015 million to US$81,607 million, representing a cumulative growth of approximately 11.8%. This growth continued into 2024, with total liabilities reaching US$91,453 million. However, a decrease was observed in 2025, with total liabilities falling to US$85,069 million.

Adjusted Liabilities Comparison

The adjusted total liabilities generally followed the trend of total liabilities. From 2021 to 2023, adjusted liabilities increased from US$70,348 million to US$81,339 million, a cumulative increase of approximately 15.6%. A peak was reached in 2024 at US$89,689 million, before decreasing to US$82,940 million in 2025.

Magnitude of Adjustment

The difference between total liabilities and adjusted total liabilities remained relatively consistent across the observed period. In 2021, the adjustment amounted to US$2,667 million. This difference fluctuated slightly, reaching US$1,764 million in 2025. The consistent adjustment suggests a recurring item or items are being reclassified or revalued.

Year-over-Year Changes

The largest year-over-year increase in total liabilities occurred between 2023 and 2024, with an increase of US$9,846 million. The most significant decrease occurred between 2024 and 2025, with a reduction of US$6,384 million. Adjusted total liabilities exhibited a similar pattern, with the largest increase between 2023 and 2024 (US$8,350 million) and the largest decrease between 2024 and 2025 (US$6,749 million).

The fluctuations in both total and adjusted liabilities warrant further investigation to determine the underlying drivers of these changes. The consistent adjustment suggests a specific accounting treatment or reclassification is being applied.

Total stockholders’ equity exhibited an initial increase followed by a decrease and subsequent recovery over the five-year period. Adjusted total stockholders’ equity mirrored this pattern, consistently tracking slightly above reported equity.

Overall Trend

From 2021 to 2022, total stockholders’ equity increased from US$95,391 million to US$101,423 million, representing a growth of approximately 6.3%. A subsequent decline was observed in 2023 and 2024, with equity decreasing to US$99,270 million. However, a significant increase occurred between 2024 and 2025, bringing total stockholders’ equity to US$114,281 million.

Adjusted Equity Comparison

Adjusted total stockholders’ equity consistently exceeded total stockholders’ equity throughout the period. The difference between the two values remained relatively stable, ranging from approximately US$1,793 million to US$23,148 million. This suggests the adjustments applied are systematic and do not represent volatile fluctuations.

Growth Rates

The largest percentage increase in total stockholders’ equity occurred between 2024 and 2025, at approximately 15.1%. The increase from 2021 to 2022 was 6.3%, while the decrease from 2022 to 2024 was approximately 2.2%. Adjusted equity demonstrated similar growth and decline patterns, with the most substantial increase also occurring between 2024 and 2025, at approximately 20.3%.

Magnitude of Adjustments

The adjustments to stockholders’ equity were most substantial in 2025, amounting to US$13,638 million. The smallest adjustment occurred in 2022, at US$502 million. The increasing magnitude of adjustments in later years warrants further investigation to understand the underlying drivers.

In summary, the stockholders’ equity position experienced volatility during the observed period, with a notable recovery in the final year. The consistent application of adjustments to equity suggests a recurring impact on the reported financial position.

Over the five-year period examined, both reported and adjusted financial figures demonstrate discernible trends in debt, stockholders’ equity, and total capital. Total reported debt consistently increased from 2021 to 2023, peaking at US$49,266 million, before experiencing a slight decrease in 2024 and a more substantial decrease in 2025. A similar pattern is observed in adjusted total debt, mirroring the reported debt trend with slightly higher values each year.

Total stockholders’ equity exhibited growth from 2021 to 2023, reaching US$105,590 million, followed by a decline in 2024. However, a significant increase is noted in 2025, reaching US$114,281 million. Adjusted total stockholders’ equity follows a similar trajectory, consistently exceeding reported equity and showing a more pronounced increase in the final year.

Total reported capital increased steadily from 2021 to 2023, then decreased in 2024 before rising again in 2025. Adjusted total capital demonstrates a similar pattern, consistently exceeding reported capital and showing a more substantial increase in 2025.

Debt Trends

Reported debt increased by approximately 10.2% from 2021 to 2022, 17.1% from 2022 to 2023, decreased by 1.6% from 2023 to 2024, and decreased by 7.1% from 2024 to 2025. Adjusted debt followed a similar pattern, with increases of 9.8%, 16.7%, a decrease of 1.2%, and a decrease of 7.5% over the same periods. The consistent, though slight, difference between reported and adjusted debt suggests potential adjustments related to debt recognition or valuation.

Equity Trends

Reported stockholders’ equity increased by 6.3% from 2021 to 2022, 3.7% from 2022 to 2023, decreased by 6.9% from 2023 to 2024, and increased by 28.7% from 2024 to 2025. Adjusted stockholders’ equity showed similar growth rates of 6.0%, 3.3%, a decrease of 6.3%, and a substantial increase of 20.2% over the same periods. The consistent difference between reported and adjusted equity suggests adjustments impacting the valuation of equity accounts.

Capital Trends

Total reported capital increased by 7.8% from 2021 to 2022, 9.8% from 2022 to 2023, decreased by 2.8% from 2023 to 2024, and increased by 10.3% from 2024 to 2025. Adjusted total capital followed a similar pattern, with increases of 7.4%, 9.4%, a slight increase of 1.1%, and a substantial increase of 12.2% over the same periods. The consistent difference between reported and adjusted capital reflects the combined effect of adjustments to both debt and equity.

The adjustments to the capitalization structure consistently result in higher values for total capital and stockholders’ equity compared to the reported figures. The most significant changes occur in 2025, with substantial increases in both adjusted equity and capital, indicating a potentially significant revaluation or recognition of previously unrecorded assets or equity components.

Reported net income attributable to Intel demonstrates significant volatility over the five-year period. Initially strong, it declines substantially, resulting in losses in the latter years. A comparison with adjusted net income reveals considerable differences, suggesting the presence of items impacting reported earnings that are excluded from the adjusted figure.

Net Income Trend

Net income attributable to Intel began at US$19,868 million in 2021. A marked decrease is observed in 2022, falling to US$8,014 million, followed by a further decline to US$1,689 million in 2023. The period from 2023 to 2024 shows a dramatic shift, with net income becoming a loss of US$18,756 million. A smaller loss of US$267 million is reported in 2025, indicating a potential stabilization, though still negative.

Adjusted Net Income Trend

Adjusted net income mirrors the general downward trend of reported net income, but with differing magnitudes. Starting at US$18,997 million in 2021, it decreases to US$4,050 million in 2022 and then to a loss of US$778 million in 2023. The loss expands significantly in 2024 to US$13,442 million, before recovering to a profit of US$1,320 million in 2025. The recovery in 2025 is more pronounced in adjusted net income than in reported net income.

Discrepancy Between Reported and Adjusted Net Income

The difference between reported and adjusted net income widens considerably in 2022, 2023, and 2024. This suggests that non-recurring or unusual items are having a substantial impact on reported earnings. The positive adjusted net income in 2025, while reported net income remains negative, indicates that these adjustments are significantly influencing the overall profitability picture. The magnitude of these adjustments warrants further investigation to understand their nature and potential impact on future earnings.

The substantial fluctuations in both reported and adjusted net income, coupled with the growing divergence between the two figures, highlight a period of significant change and potential challenges. The return to positive adjusted net income in 2025, despite a continuing reported loss, suggests that underlying business performance may be improving, but is currently obscured by specific accounting adjustments.