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., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial data reveals several notable trends and fluctuations across the reported quarters.
- Net Income (Loss)
- Net income exhibits high volatility with periods of significant gains followed by sharp losses. After peaking at 8,113 million USD in April 2022, the company experienced multiple negative quarters, including substantial losses reaching nearly -17,000 million USD in September 2024. This pattern indicates substantial swings in profitability over time, with no consistent upward or downward trajectory.
- Depreciation
- Depreciation expenses are relatively stable, fluctuating moderately around the 2,000 to 3,200 million USD range. A notable increase is seen in late 2024, suggesting elevated asset base depreciation, potentially linked to capital expenditures.
- Share-based Compensation
- This expense generally trends upward, with some quarter-to-quarter variation. The increase may reflect rising employee incentives or adjustments to compensation policies.
- Restructuring and Other Charges
- These charges are irregular with spikes in certain quarters, such as 2,209 million USD in March 2021 and 3,407 million USD in September 2024, implying episodic restructuring activities or other one-time costs.
- Amortization of Intangibles
- Amortization remains steady, with a slight downward trend from around 450 million USD to approximately 225 million USD by the end of the period, possibly reflecting asset amortization nearing completion or asset base changes.
- Gains and Losses on Equity Investments
- This line shows substantial fluctuations with large negative and positive amounts, indicating variable investment performance and market conditions impacting equity holdings.
- Deferred Taxes
- Data for deferred taxes appears intermittently, showing considerable negative and positive variations, suggesting changes in tax positions or valuation allowances.
- Impairments and Net Gain (Loss) on Retirement of Property, Plant, and Equipment
- Limited data shows some impairments and gains/losses related to capital assets, including a large positive impact in early 2025, potentially due to asset disposals or write-downs.
- Accounts Receivable, Inventories, and Accounts Payable
- Working capital components exhibit high variability. Accounts receivable and inventories swing between positive and negative changes, reflecting fluctuations in sales and inventory management. Accounts payable similarly varies, indicating changing supplier payment patterns or procurement timing.
- Accrued Compensation and Benefits
- This liability shows wide swings, with large negative changes interspersed with positive increments, possibly due to timing of payroll or benefit accruals and payments.
- Income Taxes
- Income tax figures are highly volatile, with significant positive and negative amounts. This variability aligns with fluctuating profitability and possibly changing tax strategies or obligations.
- Other Assets and Liabilities & Changes in Assets and Liabilities
- Both lines show considerable movement, indicating dynamic changes in various balance sheet components affecting cash flow.
- Operating Cash Flow
- Net cash provided by operating activities fluctuates widely. Notably strong cash generation occurred in mid-2020 and late 2022, contrasted by negative cash flows in early 2023 and parts of 2024, highlighting inconsistent operational cash performance.
- Capital Expenditures
- Significant and consistently large investments in property, plant, and equipment are evident throughout all periods, with amounts often exceeding 3,000 million USD quarterly and peaking above 7,000 million USD, indicating aggressive capacity expansion or asset renewal programs.
- Investing Activities
- Cash flows from investing activities are predominantly negative, reflecting ongoing capital expenditures and acquisitions, with intermittent proceeds from divestitures and sales of investments providing partial offsets at times.
- Financing Activities
- The company’s financing activities show mixed patterns, including issuance and repayment of debt and commercial paper, fluctuations in stock-related transactions, repurchases of stock, and dividend payments. Notably, share repurchases occur sporadically and early on but appear absent in later quarters. Dividends are relatively stable, suggesting steady shareholder distributions.
- Cash and Cash Equivalents
- The net change in cash and cash equivalents fluctuates substantially, with periods of significant increases followed by declines. This volatility mirrors the irregularities in operating, investing, and financing activities, highlighting a dynamic cash management environment.
In summary, the financial data illustrates a company experiencing significant operational and financial volatility with large fluctuations in earnings, cash flows, and balance sheet components. Substantial capital investments are ongoing, accompanied by active management of financing sources and obligations. The variability in key income and cash flow measures suggests sensitivity to external and internal factors impacting business performance across quarters.