Intel Corp. (NASDAQ:INTC)

The financial information reveals significant fluctuations in the company’s cash flows over the five-year period. Operating activities initially generated substantial cash, but this declined considerably, culminating in a net loss in 2024 before a partial recovery. Investing activities consistently consumed cash, while financing activities exhibited varied performance, shifting from net cash outflows to inflows and back again.

Operating Activities

Net cash provided by operating activities demonstrated a decreasing trend from US$29,991 million in 2021 to US$8,288 million in 2024. This decline coincided with a substantial decrease in net income, which transitioned from a profit of US$19,868 million in 2021 to a loss of US$19,233 million in 2024. A modest recovery was observed in 2025, with net cash from operations reaching US$9,697 million. Adjustments to reconcile net income to net cash provided by operating activities increased significantly in 2024, suggesting non-cash charges played a larger role in the operating cash flow figure that year. Accounts receivable showed volatility, with increases in 2022 and 2023 followed by decreases in 2024 and 2025. Inventory levels also fluctuated, with a notable increase in 2023 and subsequent decreases in 2024 and 2025.

Investing Activities

Net cash used for investing activities remained consistently negative throughout the period, ranging from US$10,477 million to US$25,167 million. Additions to property, plant, and equipment were the primary driver of cash outflow, remaining substantial each year. Purchase of short-term investments also represented a significant cash outflow. Proceeds from maturities and sales of short-term investments partially offset these outflows, but were insufficient to result in net cash inflow. Government incentives began to contribute to cash inflow in 2023, increasing through 2025. Divestitures provided cash inflows in 2022 and 2025, but were offset by outflows in 2025.

Financing Activities

Financing activities exhibited the most variability. Net cash provided by financing activities was negative in 2021 and 2022, but positive in 2023, 2024, and 2025. Issuance of commercial paper and partner contributions were significant sources of cash inflow in certain years. Repayment of debt and payment of dividends consistently represented cash outflows. The issuance of long-term debt contributed significantly to cash inflow in 2021, 2022, and 2023. Proceeds from sales of common stock through employee equity incentive plans provided a consistent, though smaller, source of cash inflow. A substantial inflow from net proceeds attributed to common stock and Escrowed Shares was observed in 2025.

Cash Position

The net increase or decrease in cash and cash equivalents fluctuated considerably. A decrease was observed in 2021, followed by increases in 2022, 2024, and 2025, and a decrease in 2023. Despite these fluctuations, the company maintained a positive cash balance throughout the period, increasing from US$4,827 million in 2022 to US$14,712 million in 2025.

Overall, the company experienced a period of significant financial volatility. While operating cash flow initially remained strong, the substantial net loss in 2024 negatively impacted cash from operations. The company continued to invest heavily in property, plant, and equipment, and financing activities were used to manage liquidity and capital structure. The cash position ultimately improved over the period, but the underlying trends suggest a challenging operating environment.