INTEL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTEL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	59,387	62,761	70,848	71,965	77,867	79,024	63,054	54,228	53,101	52,853
Cost of revenue	23,154	23,663	27,111	29,825	34,255	35,209	36,188	32,517	35,756	34,478
Gross profit	36,233	39,098	43,737	42,140	43,612	43,815	26,866	21,711	17,345	18,375
Research and development	12,685	13,035	13,543	13,362	13,556	15,190	17,528	16,046	16,546	13,774
Selling, general and administrative	8,377	7,452	6,950	6,350	6,180	6,543	7,002	5,634	5,507	4,624
Operating expenses	23,100	21,048	20,421	20,105	19,934	24,359	24,532	21,618	29,023	20,589
Operating income	13,133	18,050	23,316	22,035	23,678	19,456	2,334	93	-11,678	-2,214
Interest expense	733	646	468	489	629	597	496	878	1,034	1,091
Interest income	222	441	438	483	272	144	589	1,335	1,245	1,007
Other non-operating income	-703	-349	126	484	-504	-482	1,166	629	226	3,257
Pre-tax income	12,936	20,352	23,317	24,058	25,078	21,703	7,768	762	-11,210	1,557
Income tax	2,620	10,751	2,264	3,010	4,179	1,835	-249	-913	8,023	1,531
Net income to minority interests					0	0	3	-14	-477	293
Net income	10,316	9,601	21,053	21,048	20,899	19,868	8,014	1,689	-18,756	-267
EBITDA	13,427	18,227	23,516	22,235	34,160	29,409	13,462	7,940	-1,727	8,543
EPS, basic	2.18	2.04	4.57	4.77	4.98	4.89	1.95	0.40	-4.38	-0.06
EPS, diluted	2.12	1.99	4.48	4.71	4.94	4.86	1.94	0.40	-4.38	-0.06
Shares, basic (weighted)	4,730	4,701	4,611	4,417	4,199	4,059	4,108	4,190	4,280	4,530
Shares, diluted (weighted)	4,875	4,835	4,701	4,473	4,232	4,090	4,123	4,212	4,280	4,530
Dividend per share							1.46	0.74	0.38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,560	3,433	3,019	4,194	5,865	4,827	11,144	7,079	8,249	14,265
Short-term investments	3,225	1,814	2,788	1,082	2,292	24,426	17,194	17,955	13,813	23,151
Receivables	4,690	5,607	6,722	7,659	6,782	9,457	4,133	3,402	3,478	3,839
Inventory	5,553	6,983	7,253	8,744	8,427	10,776	13,224	11,127	12,198	11,618
Other current assets	2,956	2,908	3,162	1,713	2,745	2,130	4,712	3,706	9,586	10,815
Total current assets	35,508	29,500	28,787	31,239	47,249	58,558	50,407	43,269	47,324	63,688
Property, plant and equipment	36,171	41,109	48,976	55,386	56,584	63,245	80,860	96,647	107,919	105,414
Lease right-of-use assets							487	505	457	421
Goodwill	14,099	24,389	24,513	26,276	26,971	26,963	27,591	27,591	24,693	23,912
Intangible assets	9,494	12,745	11,836	10,827	9,026	7,270	6,018	4,589	3,691	2,772
Long-term investments	4,716	3,712	3,388	3,276	2,192	840
Other non-current assets	7,159	3,215	4,421	5,553	5,917	6,072	11,315	13,647	7,475	7,131
Total assets	113,327	123,249	127,963	136,524	153,091	168,406	182,103	191,572	196,485	211,429
Accounts payable	2,475	2,928	3,824	4,128	5,581	5,747	9,595	8,578	12,556	9,882
Accrued liabilities	3,465	3,526	3,622	3,853	3,999	4,535	4,084	3,655	3,343	3,990
Deferred revenue	1,718	1,656	0
Short-term debt	4,634	1,776	1,261	3,693	2,504	4,591	4,367	2,288	3,729	2,499
Total current liabilities	20,302	17,421	16,626	22,310	24,754	27,462	32,155	28,053	35,666	31,575
Long-term debt	20,649	25,037	25,098	25,308	33,897	33,510	37,684	46,978	46,282	44,086
Other non-current liabilities	3,538	3,791	2,646	2,916	3,614	5,071	8,978	6,576	9,505	9,408
Total liabilities	47,101	53,596	53,400	59,020	72,053	73,015	78,817	81,607	91,453	85,069
Total debt	25,258	26,776	25,859	29,003	36,401	38,101	38,107	49,266	50,011	46,585
Paid-in capital	25,373	26,074	25,365	25,261	25,556	28,006	31,580	36,649	50,949	65,185
Retained earnings	40,747	42,083	50,172	53,523	56,233	68,265	70,405	69,156	49,032	48,983
Other comprehensive income	106	862	-974	-1,280	-751	-880	-562	-215	-711	113
Shareholders' equity	66,226	69,653	74,563	77,504	81,073	95,391	101,423	105,590	99,270	114,281
Minority interests						0	1,863	4,375	5,762	12,079
Total equity	66,226	69,653	74,563	77,504	81,038	95,391	103,286	109,965	105,032	126,360
Total liabilities and equity	113,327	123,249	127,963	136,524	153,091	168,406	182,103	191,572	196,485	211,429
Shares outstanding	4,730	4,687	4,516	4,290	4,062	4,070	4,137	4,228	4,330	4,994

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10,316	9,601	21,053	21,048	20,899	19,868	8,017	1,675	-19,233	26
Depreciation and amortization	294	177	200	200	10,482	9,953	11,128	7,847	9,951	10,757
Stock-based compensation	1,444	1,358	1,546	1,705	1,854	2,036	3,128	3,229	3,410	2,434
Deferred income tax	532	1,518	-1,608	522	1,769	-742	-5,158	-2,009	6,067	329
Change in receivables	65	-781	-1,714	-935	883	-2,674	5,327	731	-75	-449
Change in inventory	119	-1,300	-214	-1,481	-687	-2,339	-2,436	2,097	-1,105	-138
Change in payables	182	191	211	696	405	1,190	-29	-801	634	297
Cash from operations	21,808	22,110	29,432	33,145	35,864	29,456	15,433	11,471	8,288	9,697
Capital expenditures	-9,625	-11,778	-15,181	-16,213	-14,259	-18,733	-24,844	-25,750	-23,944	-14,646
Acquisitions	-15,470	-14,499	-190	-1,958	-837	-209	-681	-13	-82
Purchases of investments	-9,269	-2,746	-3,843	-2,268	-29,239	-40,554	-43,647	-44,414	-37,940	-24,319
Sales and maturities of investments	5,654	3,687	3,163	4,226	6,781	6,467	48,730	44,077	41,463	15,387
Cash from investing	-25,817	-15,762	-11,239	-14,405	-21,524	-24,283	-10,231	-24,041	-18,256	-14,821
Debt issued	2,734	7,716	423	3,392	10,247	4,974	6,548	11,391	2,975	0
Debt repaid	-1,500	-8,080	-3,026	-2,627	-4,525	-2,500	-4,984	-423	-2,288	-3,750
Share buybacks	-2,587	-3,615	-10,730	-13,576	-14,229	-2,415	0	0
Dividends paid	-4,925	-5,072	-5,541	-5,576	-5,568	-5,644	-5,997	-3,088	-1,599	0
Cash from financing	-5,739	-8,475	-18,607	-17,565	-12,669	-6,211	1,115	8,505	11,138	11,587
Net change in cash	-9,748	-2,127	-414	1,175	1,671	-1,038	6,317	-4,065	1,170	6,463
Free cash flow	12,183	10,332	14,251	16,932	21,605	10,723	-9,411	-14,279	-15,656	-4,949
Interest paid	682	624	448	469	594	545	459	613	987	1,106
Income taxes paid	877	3,824	3,813	2,110	2,436	2,263	4,282	2,621	2,202	2,299

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $123.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.6%	Gross profit / revenue.
Operating margin	-0.1%	Operating income / revenue.
EBITDA margin	19.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-17.3%	Pre-tax income / revenue.
Net margin	-19.8%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	26.2%	Cash from operations / revenue.
Return on equity (ROE)	-12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.6%	Net income / average total assets.
Return on invested capital (ROIC)	-0.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	23.1%	Research and development expense / revenue.
SG&A / revenue	7.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	21.2%	Capital expenditures / revenue.
D&A / revenue	20.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-15.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-14.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-24.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-23.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.60x	Current assets / current liabilities.
Quick ratio	0.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.83x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.0%	Total debt / total assets.
Liabilities / assets	49.0%	Total liabilities / total assets.
Net debt	$18.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.07x	Operating income / interest expense.
Working capital	$21.54B	Current assets - current liabilities.
Goodwill and intangibles / assets	11.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$64.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	0.54x	Revenue / average property, plant and equipment.
Inventory turnover	2.80x	Cost of revenue / average inventory.
Days inventory	130 days	365 x average inventory / cost of revenue.
Receivables turnover	14.1x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	91 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	65 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	81.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.21	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.17	Revenue / diluted weighted shares.
FCF per share	$0.55	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.93	Cash from operations / diluted weighted shares.
Book value per share	$17.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.80	Tangible book value / shares outstanding.
Cash per share	$5.89	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$650.06B	Share price x shares outstanding.
Enterprise value	$668.89B	Market cap + total debt - cash - short-term investments.
P/S	11.4x	Market cap / revenue.
P/B	7.43x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.1x	Market cap / tangible book value, when positive.
P/FCF	230x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	43.5x	Market cap / cash from operations, when positive.
EV/Sales	11.7x	Enterprise value / revenue.
EV/EBITDA	58.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	236x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	-1.7%	Net income / market cap (the inverse of P/E).

What was INTEL CORP's revenue in fiscal 2025?

INTEL CORP reported revenue of $52.85B for fiscal 2025, 0.5% lower than the year before.

Was INTEL CORP profitable in fiscal 2025?

No. It reported a net loss of $267.0M.

How much free cash flow did INTEL CORP generate in fiscal 2025?

Cash from operations of $9.70B minus capital expenditures of $14.65B left free cash flow of -$4.95B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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