Intel (INTC) financial statements
Intel reported revenue of $52.9B in fiscal 2025, down 1.3% a year over 9 years.
Net income was -$267M and the operating margin -4.2%, against 22.1% in 2016.
Free cash flow was -$4.9B.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Intel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.4B | $62.8B | $70.8B | $72.0B | $77.9B | $79.0B | $63.1B | $54.2B | $53.1B | $52.9B |
| Cost of revenue | $23.2B | $23.7B | $27.1B | $29.8B | $34.3B | $35.2B | $36.2B | $32.5B | $35.8B | $34.5B |
| Gross profit | $36.2B | $39.1B | $43.7B | $42.1B | $43.6B | $43.8B | $26.9B | $21.7B | $17.3B | $18.4B |
| Research and development | $12.7B | $13.0B | $13.5B | $13.4B | $13.6B | $15.2B | $17.5B | $16.0B | $16.5B | $13.8B |
| Selling, general and admin | $8.4B | $7.5B | $7.0B | $6.3B | $6.2B | $6.5B | $7.0B | $5.6B | $5.5B | $4.6B |
| Operating income | $13.1B | $18.1B | $23.3B | $22.0B | $23.7B | $19.5B | $2.3B | $93M | -$11.7B | -$2.2B |
| Interest expense | $733M | $646M | $468M | $489M | $629M | $597M | $496M | $878M | $1.0B | $1.1B |
| Pre-tax income | $12.9B | $20.4B | $23.3B | $24.1B | $25.1B | $21.7B | $7.8B | $762M | -$11.2B | $1.6B |
| Income tax | $2.6B | $10.8B | $2.3B | $3.0B | $4.2B | $1.8B | -$249M | -$913M | $8.0B | $1.5B |
| Net income | $10.3B | $9.6B | $21.1B | $21.0B | $20.9B | $19.9B | $8.0B | $1.7B | -$18.8B | -$267M |
| EPS (diluted) | $2.12 | $1.99 | $4.48 | $4.71 | $4.94 | $4.86 | $1.94 | $0.40 | -$4.38 | -$0.06 |
| Diluted shares | 4.88B | 4.83B | 4.70B | 4.47B | 4.23B | 4.09B | 4.12B | 4.21B | 4.28B | 4.53B |
| Gross margin | 61.0% | 62.3% | 61.7% | 58.6% | 56.0% | 55.4% | 42.6% | 40.0% | 32.7% | 34.8% |
| Operating margin | 22.1% | 28.8% | 32.9% | 30.6% | 30.4% | 24.6% | 3.7% | 0.2% | -22.0% | -4.2% |
| Net margin | 17.4% | 15.3% | 29.7% | 29.2% | 26.8% | 25.1% | 12.7% | 3.1% | -35.3% | -0.5% |
Balance sheet
Fiscal years, from Intel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8.8B | $5.2B | $5.8B | $5.3B | $8.2B | $29.3B | $28.3B | $25.0B | $22.1B | $37.4B |
| Receivables | $4.7B | $5.6B | $6.7B | $7.7B | $6.8B | $9.5B | $4.1B | $3.4B | $3.5B | $3.8B |
| Inventory | $5.6B | $7.0B | $7.3B | $8.7B | $8.4B | $10.8B | $13.2B | $11.1B | $12.2B | $11.6B |
| Total current assets | $35.5B | $29.5B | $28.8B | $31.2B | $47.2B | $58.6B | $50.4B | $43.3B | $47.3B | $63.7B |
| Property, plant and equipment | $36.2B | $41.1B | $49.0B | $55.4B | $56.6B | $63.2B | $80.9B | $96.6B | $107.9B | $105.4B |
| Goodwill | $14.1B | $24.4B | $24.5B | $26.3B | $27.0B | $27.0B | $27.6B | $27.6B | $24.7B | $23.9B |
| Total assets | $113.3B | $123.2B | $128.0B | $136.5B | $153.1B | $168.4B | $182.1B | $191.6B | $196.5B | $211.4B |
| Total current liabilities | $20.3B | $17.4B | $16.6B | $22.3B | $24.8B | $27.5B | $32.2B | $28.1B | $35.7B | $31.6B |
| Long-term debt | $20.6B | $25.0B | $25.1B | $25.3B | $33.9B | $33.5B | $37.7B | $47.0B | $46.3B | $44.1B |
| Total liabilities | $47.1B | $53.6B | $53.4B | $59.0B | $72.1B | $73.0B | $78.8B | $81.6B | $91.5B | $85.1B |
| Shareholders' equity | $66.2B | $69.7B | $74.6B | $77.5B | $81.1B | $95.4B | $101.4B | $105.6B | $99.3B | $114.3B |
| Net debt | $19.7B | $23.4B | $23.3B | $24.8B | $30.5B | $33.3B | $30.9B | $42.2B | $41.8B | $32.3B |
Cash flow
Fiscal years, from Intel's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.8B | $22.1B | $29.4B | $33.1B | $35.9B | $29.5B | $15.4B | $11.5B | $8.3B | $9.7B |
| Capital spending | $9.6B | $11.8B | $15.2B | $16.2B | $14.3B | $18.7B | $24.8B | $25.8B | $23.9B | $14.6B |
| Free cash flow | $12.2B | $10.3B | $14.3B | $16.9B | $21.6B | $10.7B | -$9.4B | -$14.3B | -$15.7B | -$4.9B |
| Stock-based compensation | $1.4B | $1.4B | $1.5B | $1.7B | $1.9B | $2.0B | $3.1B | $3.2B | $3.4B | $2.4B |
| Dividends paid | $4.9B | $5.1B | $5.5B | $5.6B | $5.6B | $5.6B | $6.0B | $3.1B | $1.6B | $0 |
| Share buybacks (net) | -$2.6B | -$3.6B | -$10.7B | -$13.6B | -$14.2B | -$2.4B | $0 | $0 | — | — |
| Net borrowing | $1.2B | -$352M | -$2.1B | $765M | $5.7B | $2.5B | $1.6B | $11.0B | $687M | -$3.8B |
| Free cash flow margin | 20.5% | 16.5% | 20.1% | 23.5% | 27.7% | 13.6% | -14.9% | -26.3% | -29.5% | -9.4% |
| Dividends per share | $1.01 | $1.05 | $1.18 | $1.25 | $1.32 | $1.38 | $1.45 | $0.73 | $0.37 | — |
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Open INTC in InvestinglyQuestions
What was Intel's revenue in 2025?
$52.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Intel generate?
-$4.9B in fiscal 2025 (operating cash flow minus capital spending).
From Intel's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.