Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Intel Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
The financial performance from April 2022 through September 2026 is characterized by a prolonged period of margin compression and systemic profitability decline, followed by a partial recovery in operational efficiency during the final year of the period.
- Gross Profit Margin
- A sustained downward trajectory is observed from a peak of 54.32% in April 2022, reaching a trough of 29.76% by June 2025. This decline indicates a significant increase in the cost of sales relative to revenue over a three-year span. A recovery phase began in late 2025, with the margin trending upward to conclude at 39.90% by September 2026.
- Operating Profit Margin
- Operational profitability experienced a severe contraction, transitioning from a positive 25.87% in early 2022 to negative territory by April 2023. The most acute decline occurred in June 2025, where the margin reached -22.84%, signaling substantial operating losses. A turnaround is evident toward the end of the period, as the margin returned to a positive 2.94% by September 2026.
- Net Profit Margin
- Net profitability followed a similar path of erosion but displayed deeper volatility and a slower recovery than the operating margin. After starting at 31.68% in April 2022, the margin fell to a minimum of -38.64% in June 2025. Despite the operational recovery seen in 2026, the net profit margin remained significantly negative, ending the period at -20.09% in September 2026.
- Return on Equity (ROE) and Return on Assets (ROA)
- Both ROE and ROA transitioned from positive returns in 2022 to consistent negative values starting in 2023. ROE reached its lowest point of -20.95% in June 2025, while ROA hit a low of -10.65% during the same quarter. Although both metrics showed signs of stabilization and modest improvement in 2026, they remained negative, closing at -10.47% for ROE and -5.26% for ROA, indicating that the entity has not yet restored positive value generation from its assets or equity base.
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Gross Profit Margin
Intel Corp., gross profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 7,096) | 6,509) | 5,347) | 4,943) | 5,218) | 3,542) | 4,672) | 5,584) | 1,997) | 4,547) | 5,217) | 7,047) | 6,018) | 4,638) | 4,008) | 5,500) | 6,535) | 5,587) | 9,244) | ||||||
| Net revenue | 16,513) | 16,128) | 13,577) | 13,674) | 13,653) | 12,859) | 12,667) | 14,260) | 13,284) | 12,833) | 12,724) | 15,406) | 14,158) | 12,949) | 11,715) | 14,042) | 15,338) | 15,321) | 18,353) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 39.90% | 38.60% | 35.43% | 34.77% | 35.58% | 29.76% | 31.67% | 32.66% | 34.67% | 41.42% | 41.49% | 40.04% | 38.14% | 38.27% | 38.34% | 42.61% | 46.56% | 49.85% | 54.32% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 53.72% | 53.20% | 50.28% | 49.52% | 48.26% | 47.62% | 50.09% | 49.35% | 48.38% | 47.61% | 46.76% | 46.12% | 45.01% | 43.70% | 43.98% | 44.93% | 46.55% | 48.01% | 48.53% | ||||||
| Analog Devices Inc. | 65.80% | 64.49% | 62.84% | 61.47% | 60.15% | 58.76% | 57.16% | 57.08% | 57.85% | 59.84% | 62.47% | 64.01% | 65.23% | 65.69% | 65.62% | 62.70% | 58.63% | 58.33% | 57.81% | ||||||
| Applied Materials Inc. | 49.40% | 48.96% | 48.72% | 48.67% | 48.50% | 48.14% | 47.73% | 47.46% | 47.41% | 47.18% | 46.98% | 46.70% | 46.40% | 46.35% | 46.39% | 46.51% | 47.05% | 47.51% | 47.67% | ||||||
| Broadcom Inc. | 68.77% | 68.28% | 67.82% | 67.77% | 66.83% | 66.09% | 64.70% | 63.03% | 63.90% | 65.05% | 67.06% | 68.93% | 68.28% | 67.71% | 66.98% | 66.55% | 65.68% | 64.42% | 62.95% | ||||||
| KLA Corp. | 61.45% | 61.57% | 61.30% | 60.91% | 60.56% | 59.68% | 59.75% | 59.97% | 59.57% | 59.76% | 59.44% | 59.81% | 60.16% | 60.69% | 61.23% | 61.00% | 60.86% | 60.77% | 60.27% | ||||||
| Lam Research Corp. | 49.98% | 49.80% | 49.31% | 48.71% | 48.03% | 47.60% | 47.47% | 47.32% | 46.84% | 45.23% | 44.80% | 44.62% | 44.65% | 45.31% | 45.74% | 45.69% | 45.93% | 46.30% | 46.19% | ||||||
| Marvell Technology Inc. | 50.69% | 44.64% | 43.17% | 41.31% | 39.60% | 44.15% | 42.35% | 41.64% | 41.87% | 45.01% | 48.22% | 50.47% | 51.34% | 50.94% | 47.21% | 46.26% | 45.92% | 46.07% | 50.83% | ||||||
| Micron Technology Inc. | 72.57% | 58.44% | 45.31% | 39.79% | 37.13% | 34.73% | 30.92% | 22.35% | 11.42% | -0.32% | -14.49% | -9.11% | 9.03% | 27.51% | 41.34% | 45.18% | 46.89% | 45.81% | 41.37% | ||||||
| NVIDIA Corp. | 70.05% | 69.85% | 70.11% | 74.99% | 75.86% | 75.98% | 75.29% | 72.72% | 69.85% | 64.62% | 56.31% | 56.93% | 57.84% | 60.45% | 65.26% | 64.93% | 64.40% | 63.76% | 62.43% | ||||||
| Qualcomm Inc. | 54.23% | 54.80% | 55.10% | 55.43% | 55.68% | 55.68% | 55.99% | 56.21% | 55.90% | 55.80% | 55.54% | 55.70% | 56.31% | 56.46% | 57.22% | 57.84% | 57.99% | 58.51% | 58.16% | ||||||
| Texas Instruments Inc. | 60.24% | 58.33% | 57.32% | 57.02% | 57.48% | 58.03% | 58.02% | 58.14% | 58.63% | 59.36% | 61.01% | 62.90% | 64.46% | 66.29% | 67.64% | 68.76% | 69.51% | 69.26% | 68.68% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (7,096 + 6,509 + 5,347 + 4,943)
÷ (16,513 + 16,128 + 13,577 + 13,674)
= 39.90%
2 Click competitor name to see calculations.
The analyzed period is characterized by a significant long-term contraction in gross profit margins followed by a gradual recovery phase. A sustained decline in profitability is observed starting from the second quarter of 2022, with margins dropping from a peak of 54.32% to a multi-year low of 29.76% by mid-2025.
- Initial Margin Contraction (2022 - 2023)
- A sharp downward trend occurred throughout 2022, where the gross profit margin decreased from 54.32% in April to 42.61% by December. This erosion continued into early 2023, reaching a stabilization point near 38% between April and September 2023, coinciding with a notable decrease in net revenue from 18,353 million to 11,715 million.
- Period of Volatility and Trough (2024 - 2025)
- After a brief recovery to approximately 41% in the first half of 2024, a secondary and more severe deterioration in profitability is observed. The gross profit margin fell sharply to 34.67% in September 2024 and reached its lowest recorded level of 29.76% in June 2025. This period is marked by the lowest absolute gross profit figures, specifically the drop to 1,997 million in September 2024.
- Recovery and Stabilization (2025 - 2026)
- A consistent upward trajectory began in the second half of 2025. The margin recovered from 29.76% in June 2025 to 39.90% by September 2026. This recovery is supported by a corresponding increase in net revenue, which rose from 12,859 million in March 2025 to 16,513 million by September 2026, indicating an improvement in operational efficiency or product mix.
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Operating Profit Margin
Intel Corp., operating profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income (loss) | 2,522) | 1,796) | (3,136) | 580) | 683) | (3,176) | (301) | 412) | (9,057) | (1,964) | (1,069) | 2,585) | (8) | (1,016) | (1,468) | (1,132) | (175) | (700) | 4,341) | ||||||
| Net revenue | 16,513) | 16,128) | 13,577) | 13,674) | 13,653) | 12,859) | 12,667) | 14,260) | 13,284) | 12,833) | 12,724) | 15,406) | 14,158) | 12,949) | 11,715) | 14,042) | 15,338) | 15,321) | 18,353) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 2.94% | -0.14% | -9.39% | -4.19% | -4.46% | -22.84% | -20.57% | -21.99% | -17.52% | -0.83% | 0.89% | 0.17% | -6.86% | -7.01% | -6.16% | 3.70% | 12.16% | 18.88% | 25.87% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 17.72% | 15.71% | 11.65% | 10.66% | 8.78% | 7.66% | 9.62% | 7.37% | 5.64% | 3.74% | 2.55% | 1.77% | -0.41% | -1.73% | 0.73% | 5.36% | 11.48% | 16.83% | 20.86% | ||||||
| Analog Devices Inc. | 35.55% | 32.50% | 29.24% | 26.61% | 24.61% | 22.71% | 20.76% | 21.56% | 21.63% | 24.23% | 28.34% | 31.07% | 33.43% | 33.06% | 32.15% | 27.29% | 20.49% | 20.42% | 18.87% | ||||||
| Applied Materials Inc. | 29.64% | 28.59% | 28.16% | 29.22% | 30.14% | 29.66% | 29.22% | 28.95% | 29.02% | 28.87% | 28.89% | 28.86% | 28.92% | 29.28% | 29.64% | 30.20% | 31.03% | 31.80% | 31.37% | ||||||
| Broadcom Inc. | 48.05% | 43.39% | 40.69% | 39.89% | 37.72% | 35.94% | 32.35% | 26.10% | 27.93% | 30.84% | 36.50% | 45.25% | 45.00% | 45.19% | 44.23% | 42.84% | 40.47% | 37.37% | 34.35% | ||||||
| KLA Corp. | 41.68% | 41.99% | 39.86% | 39.28% | 38.10% | 35.37% | 34.78% | 34.10% | 33.27% | 34.30% | 37.20% | 38.06% | 39.00% | 39.86% | 40.05% | 39.67% | 39.30% | 38.90% | 37.26% | ||||||
| Lam Research Corp. | 34.26% | 33.76% | 33.00% | 32.01% | 30.85% | 29.50% | 28.89% | 28.61% | 28.03% | 27.08% | 28.42% | 29.69% | 30.76% | 31.76% | 31.71% | 31.24% | 31.18% | 31.60% | 31.06% | ||||||
| Marvell Technology Inc. | 14.80% | 1.29% | -4.57% | -12.49% | -18.39% | -8.19% | -10.05% | -10.31% | -9.29% | -4.61% | -0.25% | 4.02% | 4.27% | 2.00% | -3.85% | -7.79% | -9.80% | -10.42% | -7.87% | ||||||
| Micron Technology Inc. | 65.63% | 48.34% | 32.45% | 26.14% | 22.59% | 19.76% | 15.83% | 5.19% | -7.91% | -22.77% | -41.18% | -36.97% | -15.14% | 8.73% | 25.27% | 31.54% | 34.38% | 31.86% | 27.17% | ||||||
| NVIDIA Corp. | 58.84% | 58.09% | 58.03% | 62.42% | 62.71% | 61.87% | 59.85% | 54.12% | 45.94% | 33.04% | 17.37% | 15.66% | 20.79% | 26.93% | 33.69% | 37.31% | 35.34% | 33.36% | 28.62% | ||||||
| Qualcomm Inc. | 23.19% | 25.52% | 27.12% | 27.90% | 27.78% | 27.14% | 26.29% | 25.85% | 23.83% | 23.35% | 22.74% | 21.74% | 26.03% | 30.91% | 33.66% | 35.88% | 35.82% | 32.65% | 30.88% | ||||||
| Texas Instruments Inc. | 40.76% | 37.29% | 35.29% | 34.06% | 34.33% | 34.89% | 34.29% | 34.94% | 35.78% | 37.03% | 39.78% | 41.85% | 44.03% | 46.54% | 48.77% | 50.63% | 51.84% | 51.52% | 50.55% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (2,522 + 1,796 + -3,136 + 580)
÷ (16,513 + 16,128 + 13,577 + 13,674)
= 2.94%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a period of significant volatility and structural decline followed by a gradual recovery phase between April 2022 and September 2026. The period is characterized by a transition from strong profitability to deep operating losses, eventually returning to a positive margin by the end of the analyzed timeframe.
- Initial Margin Contraction (2022)
- A sharp downward trajectory is observed throughout 2022. The operating profit margin fell from a peak of 25.87% in April 2022 to 3.70% by December 2022. This rapid decline occurred despite net revenues remaining relatively stable, indicating a substantial increase in operating expenses relative to income.
- Period of Operating Losses (2023 – mid-2025)
- The margin entered negative territory in early 2023, fluctuating between -6.16% and -7.01% for much of the year before a brief return to a marginal positive of 0.17% in December 2023. A severe contraction occurred between September 2024 and June 2025, where the operating profit margin plummeted to its lowest point of -22.84%. This phase represents the most critical period of operating inefficiency, with operating losses peaking at 9,057 million US$ in September 2024.
- Recovery and Return to Profitability (late 2025 – 2026)
- A recovery trend began in September 2025, with the margin improving to -4.46% and remaining relatively stable through December 2025. Despite a temporary dip to -9.39% in March 2026, a strong upward trend followed. By September 2026, the operating profit margin returned to positive territory at 2.94%, supported by a recovery in net revenue to 16,513 million US$.
Overall, the data reflects a cyclical pattern of severe operational distress followed by a stabilization process. The return to a positive operating margin in late 2026 suggests a successful realignment of operating costs or a recovery in revenue generation capacity after a multi-year period of instability.
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Net Profit Margin
Intel Corp., net profit margin calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Intel | 3,320) | (11,033) | (3,728) | (591) | 4,063) | (2,918) | (821) | (126) | (16,639) | (1,610) | (381) | 2,669) | 297) | 1,481) | (2,758) | (664) | 1,019) | (454) | 8,113) | ||||||
| Net revenue | 16,513) | 16,128) | 13,577) | 13,674) | 13,653) | 12,859) | 12,667) | 14,260) | 13,284) | 12,833) | 12,724) | 15,406) | 14,158) | 12,949) | 11,715) | 14,042) | 15,338) | 15,321) | 18,353) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | -20.09% | -19.79% | -5.90% | -0.51% | 0.37% | -38.64% | -36.19% | -35.32% | -29.42% | 1.77% | 7.36% | 3.11% | -3.11% | -1.71% | -5.06% | 12.71% | 19.13% | 26.03% | 31.68% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 16.77% | 15.58% | 13.37% | 12.51% | 10.32% | 9.57% | 8.03% | 6.36% | 7.52% | 5.82% | 4.89% | 3.77% | 0.94% | -0.11% | 1.71% | 5.59% | 9.96% | 14.51% | 17.98% | ||||||
| Analog Devices Inc. | 29.79% | 26.01% | 23.02% | 20.58% | 18.85% | 18.65% | 16.75% | 17.35% | 17.07% | 20.45% | 24.34% | 26.94% | 29.23% | 28.16% | 27.27% | 22.88% | 17.00% | 16.84% | 15.18% | ||||||
| Applied Materials Inc. | 30.05% | 29.31% | 27.78% | 24.67% | 23.88% | 24.06% | 22.95% | 26.41% | 27.74% | 27.56% | 27.03% | 25.86% | 24.27% | 24.36% | 24.57% | 25.31% | 26.42% | 27.20% | 27.10% | ||||||
| Broadcom Inc. | 42.94% | 38.85% | 36.57% | 36.20% | 31.59% | 22.64% | 18.47% | 11.43% | 10.88% | 24.10% | 29.93% | 39.31% | 39.25% | 39.06% | 37.19% | 34.62% | 31.96% | 29.76% | 27.47% | ||||||
| KLA Corp. | 35.66% | 35.76% | 33.83% | 33.41% | 31.99% | 29.58% | 28.92% | 28.15% | 27.19% | 27.98% | 30.51% | 32.27% | 33.01% | 33.77% | 33.28% | 36.06% | 36.41% | 36.57% | 36.52% | ||||||
| Lam Research Corp. | 30.94% | 30.22% | 29.66% | 29.06% | 27.19% | 26.49% | 26.02% | 25.68% | 25.35% | 24.15% | 25.08% | 25.88% | 26.08% | 26.91% | 26.96% | 26.73% | 27.13% | 27.78% | 27.07% | ||||||
| Marvell Technology Inc. | 31.75% | -1.43% | -7.56% | -15.35% | -27.49% | -18.30% | -18.33% | -16.95% | -10.11% | -6.74% | -2.88% | -2.76% | -2.43% | -3.95% | -9.82% | -9.44% | -10.48% | -10.74% | -8.13% | ||||||
| Micron Technology Inc. | 55.91% | 41.49% | 28.15% | 22.84% | 18.41% | 14.92% | 13.34% | 3.10% | -7.20% | -20.57% | -42.47% | -37.54% | -16.02% | 6.99% | 22.78% | 28.24% | 30.61% | 28.95% | 24.86% | ||||||
| NVIDIA Corp. | 53.01% | 52.41% | 51.69% | 55.85% | 55.69% | 55.04% | 53.40% | 48.85% | 42.09% | 31.59% | 18.52% | 16.19% | 20.85% | 26.03% | 32.02% | 36.23% | 33.81% | 32.33% | 27.66% | ||||||
| Qualcomm Inc. | 21.01% | 22.31% | 11.96% | 12.51% | 26.76% | 26.11% | 25.94% | 26.03% | 23.33% | 23.03% | 21.39% | 20.19% | 22.33% | 25.67% | 27.40% | 29.27% | 30.52% | 28.42% | 27.71% | ||||||
| Texas Instruments Inc. | 34.25% | 31.11% | 29.11% | 28.28% | 29.21% | 30.23% | 30.36% | 30.68% | 31.60% | 33.01% | 35.16% | 37.16% | 39.21% | 40.84% | 42.33% | 43.68% | 44.21% | 43.78% | 43.34% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss) attributable to IntelQ3 2026
+ Net income (loss) attributable to IntelQ2 2026
+ Net income (loss) attributable to IntelQ1 2026
+ Net income (loss) attributable to IntelQ4 2025)
÷ (Net revenueQ3 2026
+ Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025)
= 100 × (3,320 + -11,033 + -3,728 + -591)
÷ (16,513 + 16,128 + 13,577 + 13,674)
= -20.09%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by a severe erosion of profitability and extreme volatility in net margins. Starting from a peak of 31.68% in April 2022, the net profit margin experienced a consistent decline throughout the remainder of that year, eventually transitioning into negative territory by the second quarter of 2023.
- Profitability Trend and Volatility
- A pattern of extreme instability is observed in the net profit margin, which fluctuated sharply between positive and negative values. After a brief recovery to 3.11% in December 2023, the margin entered a period of significant contraction, plummeting to -29.42% by September 2024. The lowest point of profitability was reached in June 2025, where the net profit margin fell to -38.64%.
- Net Income Analysis
- The volatility is most evident in the net income figures, which exhibit substantial swings. Large-scale losses were recorded in September 2024 (-$16,639 million) and June 2026 (-$11,033 million). These deep losses contrast sharply with sporadic quarterly gains, such as the $4,063 million reported in September 2025 and $3,320 million in September 2026, suggesting a highly unstable earnings environment.
- Revenue vs. Margin Divergence
- Net revenue remained relatively resilient, fluctuating within a range of approximately $11.7 billion to $16.5 billion. The disconnect between the stability of revenue and the erratic nature of the net profit margin indicates that the losses were not primarily driven by a collapse in sales, but rather by significant increases in operating costs, non-recurring charges, or structural impairments.
- Terminal Trend
- Despite a late-period increase in net revenue to $16,513 million by September 2026, profitability failed to stabilize. The period concluded with a net profit margin of -20.09%, confirming a long-term departure from the high-margin levels observed in early 2022.
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Return on Equity (ROE)
Intel Corp., ROE calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Intel | 3,320) | (11,033) | (3,728) | (591) | 4,063) | (2,918) | (821) | (126) | (16,639) | (1,610) | (381) | 2,669) | 297) | 1,481) | (2,758) | (664) | 1,019) | (454) | 8,113) | ||||||
| Total Intel stockholders’ equity | 114,914) | 87,542) | 111,394) | 114,281) | 106,376) | 97,883) | 99,756) | 99,270) | 99,532) | 115,229) | 105,973) | 105,590) | 101,813) | 101,017) | 98,059) | 101,423) | 99,885) | 101,218) | 103,136) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | -10.47% | -12.90% | -2.85% | -0.23% | 0.19% | -20.95% | -19.24% | -18.89% | -16.04% | 0.85% | 3.84% | 1.60% | -1.61% | -0.91% | -2.91% | 7.90% | 13.32% | 18.88% | 23.87% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 11.14% | 9.57% | 7.77% | 6.88% | 5.44% | 4.75% | 3.85% | 2.85% | 3.20% | 2.39% | 1.99% | 1.53% | 0.38% | -0.05% | 0.72% | 2.41% | 4.17% | 5.67% | 6.13% | ||||||
| Analog Devices Inc. | 12.32% | 9.82% | 8.01% | 6.70% | 5.74% | 5.23% | 4.46% | 4.65% | 4.70% | 6.07% | 7.92% | 9.32% | 10.45% | 10.06% | 9.39% | 7.54% | 5.15% | 4.43% | 3.43% | ||||||
| Applied Materials Inc. | 36.16% | 35.58% | 36.10% | 34.28% | 35.03% | 35.64% | 34.06% | 37.77% | 39.54% | 40.14% | 41.07% | 41.94% | 42.69% | 45.93% | 48.06% | 53.51% | 55.06% | 58.35% | 55.09% | ||||||
| Broadcom Inc. | 38.38% | 33.43% | 31.27% | 28.45% | 25.84% | 18.56% | 14.43% | 8.71% | 7.76% | 14.68% | 16.55% | 58.70% | 63.03% | 62.20% | 54.90% | 50.62% | 48.50% | 42.58% | 34.09% | ||||||
| KLA Corp. | 80.11% | 83.39% | 84.99% | 86.56% | 92.27% | 89.51% | 83.33% | 82.00% | 84.34% | 88.92% | 103.76% | 116.01% | 130.76% | 136.01% | 156.01% | 237.04% | 77.19% | 73.76% | 70.61% | ||||||
| Lam Research Corp. | 63.38% | 61.24% | 57.01% | 54.33% | 48.98% | 48.75% | 47.89% | 44.82% | 45.00% | 42.06% | 49.36% | 54.94% | 58.49% | 61.71% | 65.45% | 73.35% | 75.35% | 70.88% | 73.28% | ||||||
| Marvell Technology Inc. | 17.60% | -0.77% | -3.69% | -6.59% | -11.05% | -6.80% | -6.77% | -6.29% | -3.65% | -2.46% | -1.08% | -1.05% | -0.91% | -1.40% | -3.22% | -2.68% | -2.62% | -2.52% | -1.70% | ||||||
| Micron Technology Inc. | 50.11% | 33.28% | 20.25% | 15.76% | 12.27% | 9.61% | 8.30% | 1.72% | -3.48% | -8.59% | -16.02% | -13.22% | -6.41% | 3.41% | 12.55% | 17.41% | 20.12% | 18.86% | 16.04% | ||||||
| NVIDIA Corp. | 83.43% | 86.48% | 91.57% | 91.87% | 95.71% | 91.15% | 86.68% | 69.24% | 56.78% | 37.54% | 19.55% | 19.76% | 27.90% | 32.45% | 35.93% | 36.65% | 34.49% | 33.48% | 28.37% | ||||||
| Qualcomm Inc. | 33.48% | 36.38% | 23.25% | 26.13% | 42.55% | 39.82% | 39.27% | 38.60% | 35.31% | 34.27% | 33.67% | 33.51% | 41.68% | 53.52% | 62.58% | 71.81% | 80.15% | 83.73% | 88.12% | ||||||
| Texas Instruments Inc. | 37.08% | 33.61% | 31.99% | 30.73% | 30.33% | 30.73% | 29.70% | 28.39% | 28.75% | 30.86% | 34.78% | 38.53% | 42.70% | 48.22% | 54.16% | 60.02% | 61.52% | 60.86% | 58.62% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income (loss) attributable to IntelQ3 2026
+ Net income (loss) attributable to IntelQ2 2026
+ Net income (loss) attributable to IntelQ1 2026
+ Net income (loss) attributable to IntelQ4 2025)
÷ Total Intel stockholders’ equity
= 100 × (3,320 + -11,033 + -3,728 + -591)
÷ 114,914 = -10.47%
2 Click competitor name to see calculations.
The analysis of profitability reveals a significant deterioration in Return on Equity (ROE) over the observed period, transitioning from a high positive return to a state of sustained volatility and predominantly negative values. This trend indicates a diminishing ability to generate profit relative to the shareholders' equity base.
- Return on Equity (ROE) Trends
- A sharp decline is observed beginning in early 2022, where ROE started at 23.87% and dropped to 7.90% by December 2022. The ratio entered negative territory in April 2023 (-2.91%) and remained largely unstable. A severe contraction occurred between September 2024 and June 2025, with ROE reaching a trough of -20.95%. While some intermittent recoveries occurred, the period concluded with a negative ROE of -10.47% in September 2026.
- Net Income Volatility
- The fluctuations in ROE are primarily driven by extreme volatility in net income. The company shifted from a peak quarterly net income of 8,113 million USD in April 2022 to substantial losses, most notably a loss of 16,639 million USD in September 2024 and 11,033 million USD in June 2026. These large-scale losses exert downward pressure on the ROE, outweighing the periods of modest profitability.
- Stockholders' Equity Stability
- Total stockholders' equity remained relatively stable throughout the majority of the period, generally fluctuating between 97,000 million USD and 115,000 million USD. The stability of the equity base confirms that the collapse in ROE is a direct result of operational losses rather than a significant reduction in the company's capital structure, although a notable dip to 87,542 million USD was observed in March 2026.
- Profitability Correlation
- A strong correlation exists between the net loss spikes and the ROE troughs. The period from September 2024 through June 2025 represents the most critical phase of decline, where the combination of heavy losses and a steady equity base resulted in the lowest recorded ROE values. The inconsistent nature of net income throughout 2025 and 2026 suggests a lack of stabilized profitability.
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Return on Assets (ROA)
Intel Corp., ROA calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) attributable to Intel | 3,320) | (11,033) | (3,728) | (591) | 4,063) | (2,918) | (821) | (126) | (16,639) | (1,610) | (381) | 2,669) | 297) | 1,481) | (2,758) | (664) | 1,019) | (454) | 8,113) | ||||||
| Total assets | 228,574) | 202,439) | 205,332) | 211,429) | 204,514) | 192,520) | 192,242) | 196,485) | 193,542) | 206,205) | 192,733) | 191,572) | 188,837) | 185,629) | 185,303) | 182,103) | 174,841) | 170,418) | 176,356) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | -5.26% | -5.58% | -1.55% | -0.13% | 0.10% | -10.65% | -9.99% | -9.55% | -8.25% | 0.47% | 2.11% | 0.88% | -0.87% | -0.50% | -1.54% | 4.40% | 7.61% | 11.21% | 13.96% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 8.04% | 7.62% | 6.29% | 5.64% | 4.30% | 3.79% | 3.11% | 2.37% | 2.62% | 1.99% | 1.64% | 1.26% | 0.31% | -0.04% | 0.58% | 1.95% | 3.35% | 4.64% | 5.07% | ||||||
| Analog Devices Inc. | 8.54% | 6.91% | 5.64% | 4.72% | 4.06% | 3.87% | 3.26% | 3.39% | 3.41% | 4.38% | 5.82% | 6.79% | 7.60% | 7.32% | 6.83% | 5.46% | 3.75% | 3.23% | 2.50% | ||||||
| Applied Materials Inc. | 21.29% | 21.12% | 20.82% | 19.28% | 19.97% | 20.09% | 19.03% | 20.86% | 22.14% | 22.86% | 22.69% | 22.31% | 21.19% | 22.31% | 23.07% | 24.41% | 25.40% | 26.54% | 25.76% | ||||||
| Broadcom Inc. | 20.34% | 16.36% | 14.70% | 13.52% | 11.43% | 7.85% | 6.09% | 3.56% | 3.03% | 5.86% | 6.54% | 19.33% | 19.44% | 19.10% | 17.54% | 15.69% | 14.20% | 12.45% | 10.69% | ||||||
| KLA Corp. | 27.68% | 27.26% | 25.96% | 25.28% | 24.33% | 21.39% | 18.92% | 17.90% | 17.45% | 18.95% | 21.95% | 24.07% | 25.64% | 25.79% | 24.99% | 26.37% | 26.21% | 25.57% | 24.46% | ||||||
| Lam Research Corp. | 32.26% | 29.05% | 26.53% | 25.10% | 23.33% | 21.64% | 20.77% | 20.42% | 19.75% | 18.41% | 21.43% | 24.02% | 25.55% | 26.68% | 25.91% | 26.78% | 27.37% | 27.51% | 27.40% | ||||||
| Marvell Technology Inc. | 11.47% | -0.50% | -2.45% | -4.38% | -7.50% | -4.76% | -4.78% | -4.40% | -2.56% | -1.74% | -0.75% | -0.73% | -0.63% | -0.98% | -2.26% | -1.90% | -1.87% | -1.78% | -1.19% | ||||||
| Micron Technology Inc. | 37.63% | 23.75% | 13.85% | 10.31% | 7.94% | 6.40% | 5.43% | 1.12% | -2.32% | -5.73% | -10.78% | -9.08% | -4.43% | 2.42% | 9.11% | 13.11% | 15.18% | 14.17% | 12.02% | ||||||
| NVIDIA Corp. | 61.56% | 61.53% | 61.29% | 65.30% | 65.69% | 62.20% | 55.27% | 45.28% | 34.88% | 20.84% | 10.78% | 10.61% | 14.71% | 17.80% | 20.92% | 22.07% | 20.20% | 18.32% | 17.30% | ||||||
| Qualcomm Inc. | 16.14% | 17.37% | 10.12% | 11.05% | 21.10% | 19.94% | 18.99% | 18.39% | 16.52% | 15.77% | 14.89% | 14.17% | 17.58% | 21.80% | 23.54% | 26.39% | 27.35% | 25.19% | 23.32% | ||||||
| Texas Instruments Inc. | 19.31% | 16.87% | 15.60% | 14.46% | 14.41% | 14.43% | 14.44% | 13.51% | 14.06% | 15.16% | 16.93% | 20.12% | 22.44% | 24.85% | 28.25% | 32.16% | 34.25% | 34.69% | 32.51% | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income (loss) attributable to IntelQ3 2026
+ Net income (loss) attributable to IntelQ2 2026
+ Net income (loss) attributable to IntelQ1 2026
+ Net income (loss) attributable to IntelQ4 2025)
÷ Total assets
= 100 × (3,320 + -11,033 + -3,728 + -591)
÷ 228,574 = -5.26%
2 Click competitor name to see calculations.
Analysis of the financial performance indicates a substantial deterioration in Return on Assets (ROA) over the evaluated period, characterized by a transition from strong positive returns to persistent negative values.
- ROA Trend Analysis
- The ROA exhibited a consistent downward trajectory starting from a peak of 13.96% in April 2022. By December 2022, the ratio had fallen to 4.40%, subsequently entering negative territory in early 2023. Despite intermittent recoveries, the ratio reached a critical low of -10.65% by June 2025, reflecting a severe decline in the efficiency of asset utilization to generate net income.
- Net Income Volatility
- The volatility of net income serves as the primary driver for the ROA fluctuations. Significant losses were recorded in September 2024 (-16,639 million) and June 2026 (-11,033 million). These sharp declines in profitability occurred despite periodic returns to profitability, such as in September 2025 and September 2026, suggesting instability in core earnings operations.
- Asset Base Expansion
- A general expansion of the total asset base is observed, growing from 176,356 million in April 2022 to 228,574 million by September 2026. The fact that ROA decreased while total assets increased indicates that the growth in assets did not translate into proportional revenue or profit growth, instead contributing to a lower rate of return on the invested capital.
- Operational Efficiency Insights
- The divergence between growing assets and falling ROA suggests a period of heavy investment or asset accumulation that has not yielded immediate positive financial returns. The repeated oscillations between deep net losses and modest gains indicate a struggle to achieve sustainable operational profitability relative to the increasing scale of the balance sheet.
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