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.
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Intel Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Intel Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 10-Q (reporting date: 2025-09-27), 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).
The financial performance presented exhibits considerable volatility over the analyzed period, spanning from March 2021 to December 2025. Net revenue demonstrates an initial increase through late 2021, peaking at US$20.528 billion, before experiencing a marked decline throughout 2022 and into early 2023. While revenue shows some recovery in the latter half of 2023 and into 2024, it remains below the levels achieved in 2021. A slight increase is observed in the final quarters of the period, but overall revenue trends are inconsistent.
Gross profit mirrors the revenue trend, initially rising and then declining significantly. The decline in gross profit is exacerbated by increasing cost of sales, particularly noticeable in the second half of 2022 and the first half of 2024. This suggests potential pressures on input costs or pricing strategies. Operating income displays even greater fluctuation, including a substantial loss in late 2022 and early 2023, and a significant loss in late 2024, indicating challenges in managing operating expenses relative to revenue.
- Profitability
- Gross profit margin fluctuates considerably, starting around 55% in early 2021, decreasing to as low as approximately 27% in mid-2022, and showing some recovery to around 36% by the end of 2025. Operating margin experiences even more dramatic swings, moving from positive values in 2021 to substantial negative values in late 2022 and 2024. Net income also exhibits significant volatility, with periods of substantial profit followed by significant losses, particularly in late 2024. The net income attributable to Intel follows a similar pattern.
- Expense Management
- Research and development expenses remain relatively stable, consistently representing a significant portion of revenue. Marketing, general, and administrative expenses also remain substantial, though they show some variation. Restructuring and other charges introduce considerable noise into the operating expense figures, with large positive and negative impacts in different periods, notably a large negative impact in late 2024. Overall, operating expenses demonstrate a general upward trend, contributing to the pressure on operating income.
- Other Income and Taxes
- Gains (losses) on equity investments, net, and interest and other, net, contribute to fluctuations in income before taxes. The provision for (benefit from) taxes also varies significantly, sometimes offsetting income and sometimes exacerbating losses. These factors add complexity to the overall net income picture.
In summary, the financial performance demonstrates a period of initial growth followed by substantial challenges and volatility. Revenue and profitability declined significantly in 2022 and early 2023, with some recovery in later periods, but significant losses were experienced in late 2024. Expense management and external factors, such as equity investment gains/losses and tax provisions, contribute to the overall complexity of the financial results.