Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	Jun 28, 2025	Mar 29, 2025	Dec 28, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 30, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Oct 1, 2022	Jul 2, 2022	Apr 2, 2022	Dec 25, 2021	Sep 25, 2021	Jun 26, 2021	Mar 27, 2021	Dec 26, 2020	Sep 26, 2020	Jun 27, 2020	Mar 28, 2020
Net revenue	12,859)	12,667)	14,260)	13,284)	12,833)	12,724)	15,406)	14,158)	12,949)	11,715)	14,042)	15,338)	15,321)	18,353)	20,528)	19,192)	19,631)	19,673)	19,978)	18,333)	19,728)	19,828)
Cost of sales	(9,317)	(7,995)	(8,676)	(11,287)	(8,286)	(7,507)	(8,359)	(8,140)	(8,311)	(7,707)	(8,542)	(8,803)	(9,734)	(9,109)	(9,519)	(8,446)	(8,425)	(8,819)	(8,630)	(8,592)	(9,221)	(7,812)
Gross margin	3,542)	4,672)	5,584)	1,997)	4,547)	5,217)	7,047)	6,018)	4,638)	4,008)	5,500)	6,535)	5,587)	9,244)	11,009)	10,746)	11,206)	10,854)	11,348)	9,741)	10,507)	12,016)
Research and development	(3,684)	(3,640)	(3,876)	(4,049)	(4,239)	(4,382)	(3,987)	(3,870)	(4,080)	(4,109)	(4,464)	(4,302)	(4,400)	(4,362)	(4,049)	(3,803)	(3,715)	(3,623)	(3,655)	(3,272)	(3,354)	(3,275)
Marketing, general, and administrative	(1,144)	(1,177)	(1,239)	(1,383)	(1,329)	(1,556)	(1,617)	(1,340)	(1,374)	(1,303)	(1,706)	(1,744)	(1,800)	(1,752)	(1,942)	(1,674)	(1,599)	(1,328)	(1,757)	(1,435)	(1,447)	(1,541)
Restructuring and other charges	(1,890)	(156)	(57)	(5,622)	(943)	(348)	1,142)	(816)	(200)	(64)	(462)	(664)	(87)	1,211)	(29)	(42)	(346)	(2,209)	(52)	25)	(9)	(162)
Operating expenses	(6,718)	(4,973)	(5,172)	(11,054)	(6,511)	(6,286)	(4,462)	(6,026)	(5,654)	(5,476)	(6,632)	(6,710)	(6,287)	(4,903)	(6,020)	(5,519)	(5,660)	(7,160)	(5,464)	(4,682)	(4,810)	(4,978)
Operating income (loss)	(3,176)	(301)	412)	(9,057)	(1,964)	(1,069)	2,585)	(8)	(1,016)	(1,468)	(1,132)	(175)	(700)	4,341)	4,989)	5,227)	5,546)	3,694)	5,884)	5,059)	5,697)	7,038)
Gains (losses) on equity investments, net	502)	(112)	316)	(159)	(120)	205)	86)	(191)	(24)	169)	186)	(151)	(90)	4,323)	359)	1,707)	295)	368)	1,692)	56)	267)	(111)
Interest and other, net	(95)	(173)	(129)	130)	80)	145)	117)	147)	224)	141)	150)	138)	(119)	997)	(154)	(76)	(96)	(156)	(88)	(74)	(29)	(313)
Income (loss) before taxes	(2,769)	(586)	599)	(9,086)	(2,004)	(719)	2,788)	(52)	(816)	(1,158)	(796)	(188)	(909)	9,661)	5,194)	6,858)	5,745)	3,906)	7,488)	5,041)	5,935)	6,614)
(Provision for) benefit from taxes	(255)	(301)	(752)	(7,903)	350)	282)	(128)	362)	2,289)	(1,610)	135)	1,207)	455)	(1,548)	(571)	(35)	(684)	(545)	(1,631)	(765)	(830)	(953)
Net income (loss)	(3,024)	(887)	(153)	(16,989)	(1,654)	(437)	2,660)	310)	1,473)	(2,768)	(661)	1,019)	(454)	8,113)	4,623)	6,823)	5,061)	3,361)	5,857)	4,276)	5,105)	5,661)
Net (income) loss attributable to non-controlling interests	106)	66)	27)	350)	44)	56)	9)	(13)	8)	10)	(3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Intel	(2,918)	(821)	(126)	(16,639)	(1,610)	(381)	2,669)	297)	1,481)	(2,758)	(664)	1,019)	(454)	8,113)	4,623)	6,823)	5,061)	3,361)	5,857)	4,276)	5,105)	5,661)

The financial data reveals several notable trends across the quarterly periods analyzed. Revenue experienced a general decline from early 2020 through 2023, with net revenue falling from approximately $19.8 billion in March 2020 to about $11.7 billion in April 2023. Following this period, revenue showed modest recovery, increasing to around $14.3 billion by the first quarter of 2025. Despite fluctuations, the overall trend pointed to revenue contraction followed by partial stabilization.

Cost of sales exhibited variability with some peaks, notably rising sharply to nearly $11.3 billion in the third quarter of 2024, contributing to pressure on profit margins. Gross margin mirrored these fluctuations, decreasing significantly during the periods of higher cost or lower revenue, reaching a low near $2.0 billion in the third quarter of 2024. The period after showed some recovery but remained below earlier highs.

Operating expenses, including research and development (R&D) and marketing, generally maintained high levels with some reduction trends observed in marketing and administrative expenses from 2022 onward. R&D spending remained substantial, consistently above $3.6 billion, indicating sustained investment despite revenue pressures. Marketing, general, and administrative expenses tended to decrease gradually from around $1.7 billion in 2021 to below $1.2 billion by mid-2025.

Restructuring and other charges showed irregular but notable spikes, with considerable charges appearing in the first quarter of 2021 and again toward the end of 2024, the latter reaching a significant negative impact of over $5.6 billion. Some quarters also included positive effects, indicating possible gains or reversals, but the pattern suggests ongoing cost management challenges.

Operating income demonstrated significant volatility, with positive results ranging above $7 billion early in 2020, dropping to negative territory in late 2022 and early 2023, and experiencing substantial losses, especially in the third quarter of 2024 with an operating loss exceeding $9 billion. Recovery phases occurred intermittently but overall indicated operational stress during the reported periods.

Gains and losses on equity investments fluctuated markedly, with large positive impacts in early 2022 amounting to over $4.3 billion, which offset some operational weaknesses temporarily. However, other quarters showed losses or minimal gains, contributing additional variability to net income performance.

Interest and other net items were generally minor compared to overall results but did include occasional positive spikes, such as nearly $1 billion in the last quarter of 2020, indicating some non-operational income sources. Taxes showed variable patterns, with both provisions and benefits reflecting fluctuating profitability and special items, including significant tax benefits in some mid-period quarters.

Net income attributable to the company reflected these combined effects, starting strong at around $5.7 billion in early 2020, declining alongside revenues and operating performance, and even turning sharply negative, particularly in the third quarter of 2024 with a net loss exceeding $16 billion. Smaller recoveries were observed subsequently, but the persistence of losses into mid-2025 signals ongoing challenges.

Revenue and Profitability: Declining trend through 2022-2023 with partial recovery in 2024-2025; gross margins reduced significantly during downturns.
Cost Management: Cost of sales volatile; restructuring charges significant at times, impacting operating expenses and income.
Operating Income: Significant volatility with periods of strong profits followed by deep losses, especially in 2024.
Investment Income: Variable gains/losses on equity investments contributed to fluctuating net income.
Expenses: R&D steady at high levels; marketing and administrative expenses showed some reductions over time.
Net Income: Fluctuated widely, peaking in early 2020 and suffering major losses in late 2024, with incomplete recovery by mid-2025.

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Intel Corp. (NASDAQ:INTC)

Income Statement Quarterly Data

Income Statement
Quarterly Data