Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Intel Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 27, 2025	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021
Net revenue	52,853)	53,101)	54,228)	63,054)	79,024)
Cost of sales	(34,478)	(35,756)	(32,517)	(36,188)	(35,209)
Gross profit	18,375)	17,345)	21,711)	26,866)	43,815)
Research and development	(13,774)	(16,546)	(16,046)	(17,528)	(15,190)
Marketing, general and administrative	(4,624)	(5,507)	(5,634)	(7,002)	(6,543)
Restructuring and other charges	(2,191)	(6,970)	62)	(2)	(2,626)
Operating expenses	(20,589)	(29,023)	(21,618)	(24,532)	(24,359)
Operating income (loss)	(2,214)	(11,678)	93)	2,334)	19,456)
Unrealized losses on marketable equity investments, net	(311)	(218)	(99)	(829)	(130)
Unrealized gains on non-marketable equity investments, net	490)	92)	17)	299)	750)
Impairment charges on non-marketable equity investments	(300)	(347)	(214)	(190)	(154)
Unrealized gains (losses) on equity investments, net	(121)	(473)	(296)	(720)	466)
Realized gains on sales of equity investments, net	635)	715)	336)	4,988)	2,263)
Gains on equity investments, net	514)	242)	40)	4,268)	2,729)
Interest income	1,007)	1,245)	1,335)	589)	144)
Interest expense	(1,091)	(1,034)	(878)	(496)	(597)
Loss on mark-to-market of Escrowed Shares	(1,796)	—)	—)	—)	—)
Gain on divestiture of Altera	5,553)	—)	—)	—)	—)
Other, net	(416)	15)	172)	1,073)	(29)
Interest and other, net	3,257)	226)	629)	1,166)	(482)
Income (loss) before taxes	1,557)	(11,210)	762)	7,768)	21,703)
(Provision for) benefit from taxes	(1,531)	(8,023)	913)	249)	(1,835)
Net income (loss)	26)	(19,233)	1,675)	8,017)	19,868)
Net (income) loss attributable to non-controlling interests	(293)	477)	14)	(3)	—)
Net income (loss) attributable to Intel	(267)	(18,756)	1,689)	8,014)	19,868)

Based on: 10-K (reporting date: 2025-12-27), 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).

The financial performance exhibited a significant shift over the five-year period. Initially, the company demonstrated robust profitability, but subsequent years revealed a marked decline in key financial metrics, culminating in a substantial loss. Revenue decreased consistently throughout the period, while cost management proved inconsistent.

Revenue Trend: Net revenue experienced a consistent downward trajectory, decreasing from US$79,024 million in 2021 to US$52,853 million in 2025. This represents a cumulative decline of approximately 33.2% over the five-year period, indicating increasing challenges in maintaining sales volume or pricing power.
Profitability Analysis: Gross profit mirrored the revenue decline, falling from US$43,815 million in 2021 to US$18,375 million in 2025. Operating income demonstrated a particularly dramatic shift, transitioning from a substantial profit of US$19,456 million in 2021 to a significant loss of US$2,214 million in 2025. Net income attributable to the company followed a similar pattern, decreasing from US$19,868 million in 2021 to a loss of US$267 million in 2025.
Cost of Sales and Operating Expenses: Cost of sales remained relatively stable between 2021 and 2023, then increased in 2024 before decreasing slightly in 2025. Operating expenses initially remained consistent, but experienced a substantial increase in 2024, driven largely by restructuring and other charges, before decreasing in 2025. The increase in operating expenses in 2024 significantly contributed to the operating loss observed in that year.
Research and Development: Investment in research and development remained substantial throughout the period, fluctuating between US$16,046 million and US$17,528 million. A decrease was observed in 2025 to US$13,774 million, potentially indicating a shift in strategic priorities or cost-cutting measures. Despite consistent investment, the decline in overall profitability suggests that R&D spending did not translate into sufficient revenue growth.
Investment Gains and Losses: Gains on equity investments were significant in 2021 and 2022, contributing positively to net income. However, unrealized losses on marketable equity investments and impairment charges on non-marketable equity investments became increasingly prominent in subsequent years, negatively impacting overall results. A substantial loss on mark-to-market of Escrowed Shares was recorded in 2025, further exacerbating the net loss.
Interest and Taxes: Interest income increased over the period, while interest expense remained relatively stable. The provision for taxes fluctuated significantly, moving from a benefit in 2022 to a substantial expense in 2024. These fluctuations in tax provisions impacted the final net income figures.
Other Notable Items: A gain on divestiture of Altera was recorded in 2025, providing a positive offset to the overall losses. Restructuring and other charges were particularly high in 2024, contributing to the significant operating loss. Other, net, exhibited considerable volatility throughout the period.

In summary, the company experienced a period of declining revenue and profitability. While investment in research and development remained consistent, it did not prevent a substantial deterioration in financial performance. Investment-related losses and significant restructuring charges further contributed to the negative trend, culminating in a net loss in 2025.

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Intel Corp. (NASDAQ:INTC)

Income Statement