Intel Corp. (NASDAQ:INTC)

The financial performance, as indicated by the income statement items, exhibits considerable fluctuation over the period from 2005 to 2025. Net revenue initially declined from 2005 to 2006, then demonstrated a generally increasing trend until 2021, followed by a significant contraction in 2022 and continued decline through 2025. Operating income and net income attributable to Intel display even more pronounced volatility.

Net Revenue Trend

Net revenue peaked in 2021 at US$79.024 billion, representing a substantial increase from the US$38.826 billion recorded in 2005. However, a sharp decrease occurred in 2022, falling to US$63.054 billion, and this downward trend persisted through 2025, reaching US$52.853 billion. The period between 2010 and 2021 generally showed growth, albeit with some year-over-year variations.

Operating Income Volatility

Operating income experienced significant swings. After a peak of US$12.090 billion in 2005, it declined substantially in 2006, and remained relatively volatile through 2009. A period of recovery and growth followed from 2010 to 2018, culminating in a high of US$23.316 billion in 2018. However, operating income then plummeted into a substantial loss of US$11.678 billion in 2023, followed by a smaller loss of US$2.214 billion in 2025.

Net Income Performance

Net income attributable to Intel mirrored the trends observed in operating income. It decreased from US$8.664 billion in 2005 to US$4.369 billion in 2009. Growth was then observed through 2018, reaching US$21.053 billion. Similar to operating income, net income experienced a dramatic decline, resulting in a significant loss of US$18.756 billion in 2023, and a loss of US$267 million in 2025. The period from 2011 to 2018 generally showed positive and increasing net income.

The divergence between revenue and profitability is particularly noteworthy in the later years of the period. While revenue remained substantial even during the decline, the significant losses in operating and net income suggest increasing cost pressures or declining margins. The substantial negative results in 2023 and 2025 represent a marked departure from the generally positive performance observed in the preceding years.

Over the period from 2005 to 2025, both current assets and total assets exhibited significant fluctuations and overall growth. A general upward trend is discernible, though punctuated by periods of decline and stabilization.

Current Assets Trend

Current assets began at US$21.194 billion in 2005, decreased to US$18.280 billion in 2006, and then increased to US$23.885 billion in 2007. A subsequent decline to US$19.871 billion occurred in 2008, followed by a recovery to US$21.157 billion in 2009. A substantial increase was observed in 2010, reaching US$31.611 billion. After a decrease to US$25.872 billion in 2011, current assets rose again, peaking at US$32.084 billion in 2013. A moderate decline followed in 2014 to US$27.730 billion, before a significant surge to US$40.356 billion in 2015. Fluctuations continued, with values of US$35.508 billion, US$29.500 billion, US$28.787 billion, US$31.239 billion, US$47.249 billion, US$57.718 billion, US$50.407 billion, US$43.269 billion, US$47.324 billion, US$63.688 billion in the subsequent years.

Total Assets Trend

Total assets started at US$48.314 billion in 2005 and remained relatively stable at US$48.368 billion in 2006. A notable increase to US$55.651 billion occurred in 2007, followed by a decrease to US$50.715 billion in 2008. Total assets then increased to US$53.095 billion in 2009 and continued to rise substantially, reaching US$63.186 billion in 2010. Further growth was observed, with values of US$71.119 billion, US$84.351 billion, US$92.358 billion, US$91.956 billion, US$103.065 billion, US$113.327 billion, US$123.249 billion, US$127.963 billion, US$136.524 billion, US$153.091 billion, US$168.406 billion, US$182.103 billion, US$191.572 billion, US$196.485 billion, and US$211.429 billion in the following years.

Relationship between Current and Total Assets

Throughout the observed period, current assets consistently represented a substantial portion of total assets, generally ranging between approximately 40% and 55%. The proportion fluctuated annually, but no significant long-term shift in this relationship was apparent. The largest proportion of total assets held as current assets occurred in 2015, at approximately 53.5%. The lowest proportion occurred in 2006, at approximately 37.7%.

Overall Growth

From 2005 to 2025, total assets more than quadrupled, increasing from US$48.314 billion to US$211.429 billion. Current assets also demonstrated substantial growth, more than tripling from US$21.194 billion to US$63.688 billion over the same period. This indicates a significant expansion in the scale of the entity’s operations and asset base.

An examination of the provided financial information reveals notable trends in liabilities and stockholders’ equity over the period from 2005 to 2025. Current liabilities generally increased throughout the period, with fluctuations occurring in several years. Total debt exhibited a more pronounced increase, particularly from 2011 onwards, while stockholders’ equity demonstrated a generally upward trajectory, though not without periods of relative stagnation or decline.

Current Liabilities

Current liabilities began at US$9,234 million in 2005 and decreased to US$8,514 million in 2006. They remained relatively stable for the next few years, fluctuating between approximately US$7,500 million and US$9,300 million. A significant increase is observed from 2011, rising to US$12,028 million, and continued to climb, reaching US$32,155 million in 2022 before decreasing to US$31,575 million in 2025. This suggests a growing reliance on short-term financing or an increase in operational obligations.

Total Debt

Total debt remained relatively low and stable, fluctuating around US$2,000 million, from 2005 to 2010. A substantial increase began in 2011, reaching US$7,331 million, and continued to rise significantly, peaking at US$49,266 million in 2022. While decreasing slightly to US$46,585 million in 2025, the overall trend indicates a considerable increase in debt financing over the observed period. This could be attributed to strategic investments, acquisitions, or a shift in capital structure.

Total Stockholders’ Equity

Total stockholders’ equity showed a general upward trend throughout the period. Starting at US$36,182 million in 2005, it increased to US$49,430 million by 2010. After a slight dip in 2011, it resumed its upward trajectory, reaching US$105,590 million in 2022. A decrease to US$99,270 million in 2023 was followed by a recovery to US$114,281 million in 2025. This indicates a strengthening of the company’s financial position from the perspective of ownership, despite fluctuations.

The increasing trend in both current liabilities and total debt, coupled with the growth in stockholders’ equity, suggests a period of expansion and investment. The substantial rise in debt, particularly after 2011, warrants further investigation to determine the associated terms and the company’s ability to service these obligations. The continued growth in stockholders’ equity provides a buffer against increased liabilities, but the rate of equity growth should be monitored relative to the rate of debt accumulation.

The period between 2005 and 2025 demonstrates significant fluctuations in cash flow patterns. Overall, operating activities consistently generated positive cash flow, while investing activities consistently required cash outflows. Financing activities exhibited the most variability, shifting between net cash inflows and outflows throughout the analyzed timeframe.

Operating Activities

Net cash provided by operating activities generally increased from 2005 to 2020, peaking at US$35.384 billion. A substantial decrease is observed in 2021, falling to US$29.991 billion, followed by a more dramatic decline to US$11.471 billion in 2022 and US$8.288 billion in 2023. A modest recovery to US$9.697 billion is noted in 2024 and a further increase to US$9.697 billion in 2025, but levels remain significantly below the peak values.

Investing Activities

Net cash used for investing activities remained consistently negative throughout the period, indicating ongoing investments. The magnitude of these outflows fluctuated, with a peak outflow of US$25.817 billion in 2016 and a subsequent decrease to US$15.762 billion in 2017. Outflows increased again, reaching US$25.167 billion in 2021, before decreasing to US$18.256 billion in 2023 and US$14.821 billion in 2025. The range of outflows suggests varying levels of capital expenditure and potentially acquisitions or divestitures.

Financing Activities

Net cash provided by (used for) financing activities exhibited the most pronounced volatility. Significant net cash outflows were recorded in the earlier years of the period (2005-2009), followed by periods of both inflows and outflows. A notable inflow of US$1.912 billion occurred in 2015, but was followed by a return to outflows. The period from 2018 to 2020 saw substantial outflows, peaking at US$18.607 billion in 2018. A shift to inflows is observed in 2021 and 2022, reaching US$8.505 billion in 2022. This trend continues into 2023 and 2024 with inflows of US$11.138 billion and US$11.587 billion respectively, suggesting increased reliance on debt or equity financing, or potentially share repurchases.

The combined effect of these cash flow patterns suggests a company that consistently invests in its operations and growth, funded by a combination of operating cash flow and external financing. The recent decline in operating cash flow, coupled with continued investment, has led to increased reliance on financing activities. The fluctuations in financing activities indicate dynamic capital management strategies.

The per share financial information reveals distinct trends in earnings and dividends over the period examined. Basic and diluted earnings per share exhibited volatility, while dividends per share generally increased before a recent decline.

Earnings Per Share (EPS)

From 2005 to 2008, both basic and diluted EPS experienced a decline, reaching a low point in 2009. A subsequent recovery occurred between 2009 and 2015, with both metrics peaking around $2.40. A significant increase in EPS was then observed in 2018 and 2019, reaching approximately $4.70. However, 2022 saw a substantial decrease to $1.95, followed by a loss in 2023 (-$4.38) and a minimal loss in 2024 (-$0.06). The values for 2025 are not available.

Dividend Per Share

Dividend per share demonstrated a consistent upward trend from 2005 to 2020, increasing from $0.32 to $1.39. This represents a substantial increase in shareholder returns over this period. However, 2022 witnessed a significant reduction in the dividend to $0.74, and a further decrease to $0.38 in 2023. Dividend information for 2025 is unavailable.

The divergence between EPS and dividend trends is notable. While EPS experienced fluctuations, the dividend maintained a steady increase for a considerable duration. The recent decline in EPS, coupled with the corresponding reduction in dividends, suggests a potential shift in the company’s profitability and capital allocation strategy. The negative earnings per share in 2023 and 2024, combined with the dividend cuts, may indicate financial challenges or a deliberate effort to conserve cash.

EPS and Dividend Relationship

Historically, the dividend payout ratio (dividends/EPS) appeared sustainable, but the recent decline in earnings raises concerns about the long-term viability of the dividend at previous levels. The company’s ability to restore earnings to prior levels will be crucial for maintaining shareholder confidence and supporting future dividend payments.

The absence of information for 2025 limits a complete assessment of the most recent trends. Further investigation into the factors driving the recent declines in both earnings and dividends is warranted.