Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Intel Corp. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Intel Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Net Income (Loss)
- The net income demonstrated significant volatility over the periods, with peaks in early 2022 reaching above 8 billion USD and troughs with considerable losses particularly in late 2024, including a substantial loss near 17 billion USD. Margin variability indicates fluctuating operational performance and possibly extraordinary items impacting profitability.
- Depreciation
- Depreciation expenses remained relatively stable with minor fluctuations, generally ranging between 2.4 billion and 3.2 billion USD. There was a notable increase towards the end of 2024, suggesting higher capital asset base or changes in asset mix.
- Share-Based Compensation
- This expense showed an overall upward trend, peaking at over 1.1 billion USD during 2023-2024 periods, indicative of increased employee incentive costs or higher share prices affecting valuation of compensation plans.
- Restructuring and Other Charges
- The charges fluctuated significantly, with spikes such as a 2.2 billion USD charge in early 2021 and a sharp negative adjustment exceeding 1 billion USD in late 2023. Large positive and negative movements suggest periodic restructuring activities and one-time charges or reversals.
- Amortization of Intangibles
- The amortization expense was stable, with a gradual decline from approximately 480 million USD down to around 230 million USD by late 2025, likely reflecting the amortization schedule of acquired intangible assets.
- Gains and Losses on Equity Investments
- These values were highly volatile, with large gains and losses through the periods, including a significant loss exceeding 4 billion USD in early 2022, followed by multiple smaller gains and losses, reflecting variable market conditions or asset revaluations.
- Accounts Receivable, Inventories, Accounts Payable, and Accrued Compensation
- Working capital components were volatile. Accounts receivable and inventories oscillated between positive and negative changes, showing inconsistent collection and inventory management. Accounts payable and accrued compensation also fluctuated, indicative of varying supplier payments and compensation accruals, possibly a result of cyclical business operations or cash flow management.
- Income Taxes
- Income tax payments and benefits fluctuated widely with large negative amounts especially from mid-2022 onwards, aligning with periods of net losses and indicating tax credits or reduced tax liabilities.
- Cash Flows from Operating Activities
- Operating cash flow showed strong performance in early periods, exceeding 11 billion USD in mid-2020, but dropped substantially in some later quarters with negative values in early 2023 and 2024. This pattern signifies varying operating profitability and potential working capital impacts.
- Capital Expenditures and Investments
- Capital expenditures remained substantial throughout, mostly ranging between 3 billion and 7 billion USD per quarter, with a notable surge to over 7 billion USD towards late 2021 and multiple peaks in subsequent years. Purchases of short-term investments consistently outpaced maturities, suggesting significant deployment of cash into investments, while divestitures and sale proceeds fluctuated significantly, reflecting active portfolio management.
- Financing Activities
- Financing cash flows reflected mixed activity, with notable issuance and repayment of debt and commercial paper indicating active capital structure management. The company also engaged in significant share repurchases, particularly in early 2020 and 2021, and distributed consistent dividends around 1.4 to 1.5 billion USD per quarter until early 2023, when dividend payments declined sharply, possibly reflecting financial strategy adjustments. Partner contributions and proceeds from sales of subsidiary shares occasionally provided inflows. Overall, financing showed episodic inflows and outflows aligned with investment and operational funding needs.
- Cash and Cash Equivalents
- Cash levels experienced large swings, with strong increases in early 2020 but frequent decreases and increases thereafter, culminating in a moderately positive ending trend by mid-2025. This volatility is consistent with the observed cash flows from operations, investing, and financing activities, indicative of active liquidity management amid business fluctuations.
- Summary
- Overall, the financial trends reveal a company navigating considerable operational and strategic shifts, evident in volatile net income, strong yet variable operating cash flows, aggressive capital expenditures, and active financing maneuvers including debt and equity transactions. The company appears to balance investment in growth against restructuring and market challenges, with working capital and tax variances adding to the financial complexity. The large fluctuations in income and cash flows in recent years suggest exposure to cyclical or market-driven impacts, as well as possible restructuring or one-time events significantly influencing financial performance.