INTEL
INTC · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 27
INTEL reported revenue of $52.9B in the fiscal year ended Dec 2025, down 0.5% from the year before. Operating income was −$2.2B, an operating margin of −4.2%, and net income was −$267M. Operating cash flow of $9.7B less capital expenditure of $14.6B left free cash flow of −$4.9B. Net debt was $32.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $79B | $63.1B | $54.2B | $53.1B | $52.9B |
| Cost of revenue | $35.2B | $36.2B | $32.5B | $35.8B | $34.5B |
| Gross profit | $43.8B | $26.9B | $21.7B | $17.3B | $18.4B |
| Research & development | $15.2B | $17.5B | $16B | $16.5B | $13.8B |
| Selling, general & admin | $6.5B | $7B | $5.6B | $5.5B | $4.6B |
| Operating income | $19.5B | $2.3B | $93M | −$11.7B | −$2.2B |
| Interest expense | $597M | $496M | $878M | $1B | $1.1B |
| Pre-tax income | $21.7B | $7.8B | $762M | −$11.2B | $1.6B |
| Income tax | $1.8B | −$249M | −$913M | $8B | $1.5B |
| Net income | $19.9B | $8B | $1.7B | −$18.8B | −$267M |
| Diluted EPS | 4.86 | 1.94 | 0.40 | −4.38 | −0.06 |
| Diluted shares | 4,090M | 4,123M | 4,212M | 4,280M | 4,530M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.8B | $11.1B | $7.1B | $8.2B | $14.3B |
| Receivables | $9.5B | $4.1B | $3.4B | $3.5B | $3.8B |
| Inventory | $10.8B | $13.2B | $11.1B | $12.2B | $11.6B |
| Current assets | $58.6B | $50.4B | $43.3B | $47.3B | $63.7B |
| Net PP&E | $63.2B | $80.9B | – | – | – |
| Goodwill | $27B | $27.6B | $27.6B | $24.7B | $23.9B |
| Total assets | $168B | $182B | $192B | $196B | $211B |
| Payables | $5.7B | $9.6B | $8.6B | $12.6B | $9.9B |
| Deferred revenue | $498M | – | – | – | – |
| Current liabilities | $27.5B | $32.2B | $28.1B | $35.7B | $31.6B |
| Short-term debt | $4.6B | $423M | $2.3B | $3.7B | $2.5B |
| Long-term debt | $33.5B | $37.7B | $47B | $46.3B | $44.1B |
| Shareholders' equity | $95.4B | $101B | $106B | $99.3B | $114B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $29.5B | $15.4B | $11.5B | $8.3B | $9.7B |
| Capital expenditure | $18.7B | $24.8B | $25.8B | $23.9B | $14.6B |
| Free cash flow | $10.7B | −$9.4B | −$14.3B | −$15.7B | −$4.9B |
| Depreciation & amortisation | $10B | $11.1B | $7.8B | $10B | $10.8B |
| Stock-based compensation | $2B | $3.1B | $3.2B | $3.4B | $2.4B |
| Acquisitions | $209M | $681M | $13M | $82M | – |
| Share buybacks | $2.4B | $0 | $0 | – | – |
| Dividends paid | $5.6B | $6B | $3.1B | $1.6B | $0 |
| Dividend per share | – | 1.46 | 0.74 | 0.38 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −20.2% | −14.0% | −2.1% | −0.5% |
| Operating income growth (YoY) | – | −88.0% | −96.0% | −12657.0% | – |
| EPS growth (YoY) | – | −60.1% | −79.4% | −1195.0% | – |
| Gross margin | 55.4% | 42.6% | 40.0% | 32.7% | 34.8% |
| Operating margin | 24.6% | 3.7% | 0.2% | −22.0% | −4.2% |
| Net margin | 25.1% | 12.7% | 3.1% | −35.3% | −0.5% |
| Return on equityBlank when equity is negative | 20.8% | 7.9% | 1.6% | −18.9% | −0.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.8% | 1.6% | 0.1% | −7.3% | −1.2% |
| Free cash flow margin | 13.6% | −14.9% | −26.3% | −29.5% | −9.4% |
| Cash conversion (CFO ÷ net income) | 1.48x | 1.93x | 6.79x | −0.44x | −36.3x |
| Receivable days | 44 | 24 | 23 | 24 | 27 |
| Inventory days | 112 | 133 | 125 | 125 | 123 |
| Payable days | 60 | 97 | 96 | 128 | 105 |
| Interest cover | 32.6x | 4.71x | 0.11x | −11.3x | −2.03x |
| Debt ÷ equity | 0.40x | 0.38x | 0.47x | 0.50x | 0.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $33.3B | $27B | $42.2B | $41.8B | $32.3B |
| Current ratio | 2.13x | 1.57x | 1.54x | 1.33x | 2.02x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.