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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
- Aggregate Accruals
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Intel Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-28), 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 trajectory is characterized by significant volatility in net earnings and a sustained, high-intensity capital expenditure program. While net income has experienced extreme fluctuations, including a substantial loss in the third quarter of 2024, operating cash flows have remained generally positive, though they exhibit a cyclical and unstable pattern. The overall strategy reflects a transition from organic funding to a reliance on external capital and government incentives to support infrastructure expansion.
- Operating Cash Flow Dynamics
- Net income demonstrates extreme instability, shifting from strong gains in 2021 to deep losses in 2024 and 2026. A notable anomaly occurred in September 2024, where a net loss of approximately 16.9 billion US dollars was largely offset by non-cash adjustments totaling over 21 billion US dollars, preventing a total collapse in operating cash flow for that period. Depreciation and amortization remain steady, providing a consistent non-cash add-back that supports liquidity despite accounting losses.
- Investment and Capital Expenditure Trends
- A consistent commitment to capacity expansion is evident through the additions to property, plant, and equipment, which typically range between 3 billion and 7 billion US dollars per quarter. To mitigate these costs, there is a visible increase in proceeds from capital-related government incentives starting in 2023, peaking at 1.2 billion US dollars in December 2024. Investing activities are further characterized by active management of short-term investments, with frequent multi-billion dollar purchases and maturities used to balance immediate cash needs.
- Financing and Liquidity Strategy
- The financing profile shows a strategic pivot toward external funding sources. Partner contributions became a significant source of liquidity, particularly in June 2024 with a contribution of 11.4 billion US dollars. Long-term debt issuance was utilized heavily in early 2023 to bolster the balance sheet. Simultaneously, shareholder returns were aggressively scaled back; quarterly dividend payments decreased from approximately 1.4 billion US dollars in 2021-2022 to roughly 530 million US dollars in 2023, eventually ceasing by late 2024 to preserve cash for operational requirements.
- Working Capital and Asset Management
- Changes in assets and liabilities have contributed sporadically to cash flow, with significant fluctuations in accounts receivable and accrued compensation. Inventory management has shown periodic volatility, with substantial cash outflows for inventory buildup followed by periods of liquidation. The overall trend suggests a complex operational environment where working capital requirements vary significantly by quarter.