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 27, 2026	Mar 28, 2026	Dec 27, 2025	Sep 27, 2025	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
Net revenue	16,128)	13,577)	13,674)	13,653)	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)
Cost of sales	(9,619)	(8,230)	(8,731)	(8,435)	(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)
Gross profit	6,509)	5,347)	4,943)	5,218)	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)
Research and development	(3,368)	(3,375)	(3,219)	(3,231)	(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)
Marketing, general, and administrative	(1,175)	(1,038)	(1,174)	(1,129)	(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)
Restructuring and other charges	(170)	(4,070)	30)	(175)	(1,890)	(156)	(57)	(5,622)	(943)	(348)	1,142)	(816)	(200)	(64)	(462)	(664)	(87)	1,211)	(29)	(42)	(346)	(2,209)
Operating expenses	(4,713)	(8,483)	(4,363)	(4,535)	(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)
Operating income (loss)	1,796)	(3,136)	580)	683)	(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)
Gains (losses) on equity investments, net	(39)	(72)	(97)	221)	502)	(112)	316)	(159)	(120)	205)	86)	(191)	(24)	169)	186)	(151)	(90)	4,323)	359)	1,707)	295)	368)
Interest and other, net	(12,576)	(738)	(145)	3,670)	(95)	(173)	(129)	130)	80)	145)	117)	147)	224)	141)	150)	138)	(119)	997)	(154)	(76)	(96)	(156)
Income (loss) before taxes	(10,819)	(3,946)	338)	4,574)	(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)
(Provision for) benefit from taxes	(29)	(335)	(671)	(304)	(255)	(301)	(752)	(7,903)	350)	282)	(128)	362)	2,289)	(1,610)	135)	1,207)	455)	(1,548)	(571)	(35)	(684)	(545)
Net income (loss)	(10,848)	(4,281)	(333)	4,270)	(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)
Net (income) loss attributable to non-controlling interests	(185)	553)	(258)	(207)	106)	66)	27)	350)	44)	56)	9)	(13)	8)	10)	(3)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) attributable to Intel	(11,033)	(3,728)	(591)	4,063)	(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)

Revenue trajectory indicates a period of significant contraction followed by erratic stabilization. From early 2021 through early 2022, revenues remained robust, averaging approximately $19 billion per quarter. A sharp decline began in mid-2022, reaching a nadir of $11.7 billion in April 2023. While a partial recovery was observed toward the end of 2023 and through 2025, the topline remained well below 2021 peaks until a notable uptick to $16.1 billion in June 2026.

Gross Profitability and Margin Erosion: Gross profit margins have experienced substantial deterioration. During 2021, gross profits consistently exceeded $10 billion per quarter. A marked decline followed, with profit figures dropping significantly, reaching a low of $1.99 billion in September 2024. This trend reflects an increase in the cost of sales relative to revenue, suggesting compressed margins and potential headwinds in production efficiency or pricing power.
Operating Expense Volatility: Operating expenses have been characterized by extreme volatility, primarily driven by periodic restructuring charges. While Research and Development (R&D) and Marketing, General, and Administrative (MG&A) expenses have remained relatively stable or showed slight downward trends, restructuring charges created massive spikes. Significant impacts are observed in September 2024 (-$5.62 billion) and March 2026 (-$4.07 billion), which directly correlate with deep operating losses in those quarters.
Operating Income Trends: A transition from a high-margin operating environment to one characterized by intermittent losses is evident. Operating income was consistently positive throughout 2021, but subsequent years show a pattern of cyclical instability. Despite brief returns to profitability in late 2023 and portions of 2025, the recurring nature of restructuring costs has prevented a sustained recovery to historical operating income levels.
Net Income and Non-Operating Impacts: Bottom-line performance has shifted from steady profitability in 2021 to extreme instability. The company recorded severe net losses attributable to Intel in September 2024 (-$16.6 billion) and June 2026 (-$11.0 billion). The loss in June 2026 was specifically exacerbated by a substantial negative entry in interest and other net expenses, totaling -$12.57 billion, which fundamentally eclipsed the operating results for that period.

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Intel Corp. (NASDAQ:INTC)

Income StatementQuarterly Data

Income Statement
Quarterly Data