Revenue growth remains volatile at 7.2% in 2026Q1, while structural margin compression persists with gross margins hovering at 39.4%, well below historical levels.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 53.76B | 52.85B | 53.1B | 54.23B | 63.05B | 79.02B | 77.87B | 71.97B | 70.85B | 62.76B | 59.39B | 55.35B | 55.87B | 52.71B | 53.34B | 54B | 43.62B | 35.13B | 37.59B | 38.33B | 35.38B | 38.83B | 34.21B | 30.14B | 26.76B | 26.54B | 33.73B | 29.39B | 26.27B | 25.07B | 20.85B |
| Revenue Growth % | 1.36% | -0.47% | -2.08% | -14% | -20.21% | 1.49% | 8.2% | 1.58% | 12.89% | 5.68% | 7.28% | -0.92% | 6% | -1.19% | -1.22% | 23.79% | 24.19% | -6.54% | -1.95% | 8.34% | -8.87% | 13.5% | 13.5% | 12.62% | 0.85% | -21.31% | 14.76% | 11.86% | 4.8% | 20.26% | 28.67% |
| Cost of Goods Sold | 34.71B | 34.48B | 35.76B | 32.52B | 36.19B | 35.21B | 34.26B | 29.82B | 27.11B | 23.69B | 23.2B | 20.68B | 20.26B | 21.19B | 20.19B | 20.24B | 14.81B | 15.57B | 16.74B | 18.43B | 17.16B | 15.78B | 14.46B | 13.05B | 13.45B | 13.49B | 12.65B | 11.84B | 12.14B | 9.95B | 9.16B |
| COGS % of Revenue | - | 65.23% | 67.34% | 59.96% | 57.39% | 44.55% | 43.99% | 41.44% | 38.27% | 37.75% | 39.06% | 37.35% | 36.26% | 40.2% | 37.85% | 37.49% | 33.95% | 44.31% | 44.54% | 48.08% | 48.51% | 40.64% | 42.28% | 43.29% | 50.24% | 50.82% | 37.51% | 40.27% | 46.22% | 39.67% | 43.96% |
| Gross Profit | 19.05B | 18.38B | 17.34B | 21.71B | 26.87B | 43.81B | 43.61B | 42.14B | 43.74B | 39.07B | 36.19B | 34.68B | 35.61B | 31.52B | 33.15B | 33.76B | 28.82B | 19.56B | 20.84B | 19.9B | 18.22B | 23.05B | 19.75B | 17.09B | 13.32B | 13.05B | 21.08B | 17.55B | 14.13B | 15.13B | 11.68B |
| Gross Margin % | 35.43% | 34.77% | 32.66% | 40.04% | 42.61% | 55.45% | 56.01% | 58.56% | 61.73% | 62.25% | 60.94% | 62.65% | 63.74% | 59.8% | 62.15% | 62.51% | 66.05% | 55.69% | 55.46% | 51.92% | 51.49% | 59.36% | 57.72% | 56.71% | 49.76% | 49.18% | 62.49% | 59.73% | 53.78% | 60.33% | 56.04% |
| Gross Profit Growth % | - | 5.94% | -20.11% | -19.19% | -38.68% | 0.47% | 3.49% | -3.65% | 11.95% | 7.95% | 4.36% | -2.61% | 12.97% | -4.92% | -1.8% | 17.15% | 47.31% | -6.16% | 4.72% | 9.25% | -20.96% | 16.73% | 15.51% | 28.35% | 2.04% | -38.07% | 20.07% | 24.23% | -6.59% | 29.46% | 39.23% |
| Operating Expenses | 20.06B | 18.4B | 29.02B | 21.68B | 24.53B | 24.36B | 19.93B | 20.11B | 20.49B | 21.05B | 21.43B | 20.32B | 19.97B | 18.99B | 18.51B | 16.28B | 12.9B | 13.62B | 11.67B | 11.4B | 12.01B | 10.96B | 9.62B | 9.56B | 8.92B | 10.6B | 10.57B | 7.39B | 5.58B | 5.24B | 4.13B |
| OpEx % of Revenue | - | 34.81% | 54.66% | 39.98% | 38.9% | 30.82% | 25.6% | 27.94% | 28.93% | 33.54% | 36.09% | 36.71% | 35.74% | 36.03% | 34.71% | 30.15% | 29.58% | 38.77% | 31.04% | 29.74% | 33.95% | 28.23% | 28.11% | 31.7% | 33.31% | 39.93% | 31.35% | 25.16% | 21.26% | 20.89% | 19.81% |
| Selling, General & Admin | 4.47B | 4.61B | 5.51B | 5.63B | 7B | 6.54B | 6.18B | 6.35B | 6.75B | 7.47B | 8.4B | 7.93B | 8.14B | 8.09B | 8.06B | 7.67B | 6.31B | 6.68B | 5.46B | 5.4B | 6.1B | 5.69B | 4.66B | 4.28B | 4.33B | 4.46B | 5.09B | 3.87B | 3.08B | 2.89B | 2.32B |
| SG&A % of Revenue | - | 8.72% | 10.37% | 10.39% | 11.1% | 8.28% | 7.94% | 8.82% | 9.53% | 11.91% | 14.14% | 14.33% | 14.56% | 15.34% | 15.1% | 14.2% | 14.46% | 19.02% | 14.52% | 14.09% | 17.23% | 14.65% | 13.62% | 14.19% | 16.19% | 16.82% | 15.09% | 13.18% | 11.71% | 11.53% | 11.14% |
| Research & Development | 13.51B | 13.77B | 16.55B | 16.05B | 17.53B | 15.19B | 13.56B | 13.36B | 13.54B | 13.1B | 12.74B | 12.13B | 11.54B | 10.61B | 10.15B | 8.35B | 6.58B | 5.65B | 5.72B | 5.75B | 5.87B | 5.14B | 4.78B | 4.36B | 4.03B | 3.8B | 3.9B | 3.11B | 2.51B | 2.35B | 1.81B |
| R&D % of Revenue | - | 26.06% | 31.16% | 29.59% | 27.8% | 19.22% | 17.41% | 18.57% | 19.12% | 20.87% | 21.45% | 21.91% | 20.65% | 20.13% | 19.02% | 15.46% | 15.07% | 16.09% | 15.22% | 15.01% | 16.6% | 13.25% | 13.97% | 14.47% | 15.07% | 14.3% | 11.55% | 10.59% | 9.55% | 9.36% | 8.67% |
| Other Operating Expenses | 3M | 17M | 6.97B | 0 | 0 | 2.63B | 198M | 393M | 156M | 476M | 67M | 108M | 94M | -11M | 87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.08B | -23M | -11.68B | 93M | 2.33B | 19.46B | 23.68B | 22.04B | 23.32B | 18.05B | 13.13B | 14B | 15.35B | 12.29B | 14.64B | 17.48B | 15.91B | 5.71B | 8.95B | 8.22B | 5.65B | 12.09B | 10.13B | 7.53B | 4.38B | 2.26B | 10.39B | 9.77B | 8.38B | 9.89B | 7.55B |
| Operating Margin % | -9.45% | -0.04% | -21.99% | 0.17% | 3.7% | 24.62% | 30.41% | 30.62% | 32.91% | 28.76% | 22.11% | 25.29% | 27.47% | 23.32% | 27.44% | 32.37% | 36.48% | 16.26% | 23.82% | 21.43% | 15.97% | 31.14% | 29.61% | 24.99% | 16.37% | 8.5% | 30.82% | 33.23% | 31.89% | 39.44% | 36.23% |
| Operating Income Growth % | - | 99.8% | -12656.99% | -96.02% | -88% | -17.83% | 7.46% | -5.49% | 29.17% | 37.44% | -6.21% | -8.76% | 24.86% | -16.03% | -16.24% | 9.84% | 178.62% | -36.22% | 8.98% | 45.36% | -53.25% | 19.35% | 34.48% | 71.91% | 94.24% | -78.3% | 6.43% | 16.57% | -15.25% | 30.9% | 43.81% |
| EBITDA | 3.95B | 11.68B | -299M | 9.7B | 15.37B | 31.25B | 35.92B | 32.86B | 32.4B | 26.18B | 20.92B | 14.27B | 15.64B | 12.58B | 14.95B | 17.74B | 15.93B | 5.75B | 13.57B | 13.01B | 10.56B | 16.68B | 15.02B | 12.6B | 9.73B | 8.72B | 15.23B | 13.36B | 11.19B | 12.08B | 9.44B |
| EBITDA Margin % | 7.35% | 22.1% | -0.56% | 17.88% | 24.37% | 39.54% | 46.13% | 45.66% | 45.73% | 41.71% | 35.23% | 25.77% | 28% | 23.87% | 28.02% | 32.85% | 36.52% | 16.36% | 36.1% | 33.95% | 29.86% | 42.97% | 43.9% | 41.81% | 36.34% | 32.88% | 45.16% | 45.47% | 42.58% | 48.18% | 45.29% |
| EBITDA Growth % | 567.74% | 4007.36% | -103.08% | -36.92% | -50.82% | -13% | 9.3% | 1.42% | 23.77% | 25.12% | 46.65% | -8.78% | 24.31% | -15.82% | -15.74% | 11.34% | 177.24% | -57.66% | 4.27% | 23.19% | -36.69% | 11.09% | 19.17% | 29.58% | 11.47% | -42.71% | 13.96% | 19.47% | -7.39% | 27.94% | 42.38% |
| D&A (Non-Cash Add-back) | 9.03B | 11.71B | 11.38B | 9.6B | 13.04B | 11.79B | 12.24B | 10.83B | 9.09B | 8.13B | 7.79B | 265M | 294M | 291M | 308M | 260M | 18M | 35M | 4.62B | 4.8B | 4.91B | 4.59B | 4.89B | 5.07B | 5.34B | 6.47B | 4.83B | 3.6B | 2.81B | 2.19B | 1.89B |
| EBIT | 2.94B | 2.65B | -10.18B | 1.64B | 8.26B | 22.08B | 23.88B | 22.43B | 23.24B | 21B | 13.67B | 14.36B | 15.64B | 12.53B | 14.96B | 17.82B | 16.05B | 5.71B | 7.69B | 8.51B | 6.21B | 12.09B | 10.13B | 7.54B | 4.4B | 2.45B | 10.5B | 10.16B | 8.54B | 9.89B | 7.55B |
| Net Interest Income | -29M | -84M | 981M | 457M | 93M | -453M | -357M | -6M | -30M | -205M | -511M | -213M | -51M | -140M | 7M | 192M | 109M | 167M | 584M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 763M | 1.01B | 1.8B | 1.33B | 589M | 144M | 272M | 483M | 438M | 441M | 222M | 124M | 141M | 104M | 97M | 98M | 119M | 168M | 488M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 792M | 1.09B | 824M | 878M | 496M | 597M | 629M | 489M | 468M | 646M | 733M | 337M | 192M | 244M | 90M | 41M | 10M | 1M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.28B | 1.58B | 468M | 669M | 5.43B | 2.25B | 1.4B | 2.02B | 1M | 2.3B | -197M | 210M | 454M | 320M | 235M | 304M | 781M | -7M | -1.27B | 950M | 861M | 520M | 287M | -91M | -178M | -73M | 4.75B | 1.46B | 758M | 772M | 381M |
| Pretax Income | -1.8B | 1.56B | -11.21B | 762M | 7.77B | 21.7B | 25.08B | 24.06B | 23.32B | 20.35B | 12.94B | 14.21B | 15.8B | 12.61B | 14.87B | 17.78B | 16.37B | 5.7B | 7.69B | 9.17B | 7.07B | 12.61B | 10.42B | 7.44B | 4.2B | 2.18B | 15.14B | 11.23B | 9.14B | 10.66B | 7.93B |
| Pretax Margin % | -3.35% | 2.95% | -21.11% | 1.41% | 12.32% | 27.46% | 32.21% | 33.43% | 32.91% | 32.43% | 21.78% | 25.67% | 28.28% | 23.93% | 27.88% | 32.93% | 37.52% | 16.24% | 20.45% | 23.91% | 19.98% | 32.48% | 30.45% | 24.69% | 15.71% | 8.23% | 44.89% | 38.2% | 34.78% | 42.52% | 38.06% |
| Income Tax | 1.01B | 1.53B | 8.02B | -913M | -249M | 1.83B | 4.18B | 3.01B | 2.26B | 10.75B | 2.62B | 2.79B | 4.1B | 2.99B | 3.87B | 4.84B | 4.7B | 1.33B | 2.39B | 2.19B | 2.02B | 3.95B | 2.9B | 1.8B | 1.09B | 892M | 4.61B | 3.91B | 3.07B | 3.71B | 2.78B |
| Effective Tax Rate % | -56.13% | 98.33% | -71.57% | -119.82% | -3.21% | 8.46% | 16.66% | 12.51% | 9.71% | 52.83% | 20.25% | 19.65% | 25.93% | 23.72% | 26.01% | 27.21% | 28.69% | 23.4% | 31.15% | 23.89% | 28.64% | 31.29% | 27.85% | 24.2% | 25.86% | 40.86% | 30.42% | 34.86% | 33.59% | 34.84% | 35% |
| Net Income | -3.17B | -267M | -18.76B | 1.69B | 8.01B | 19.87B | 20.9B | 21.05B | 21.05B | 9.6B | 10.32B | 11.42B | 11.7B | 9.62B | 11.01B | 12.94B | 11.67B | 4.37B | 5.29B | 6.98B | 5.04B | 8.66B | 7.52B | 5.64B | 3.12B | 1.29B | 10.54B | 7.31B | 6.07B | 6.95B | 5.16B |
| Net Margin % | -5.9% | -0.51% | -35.32% | 3.11% | 12.71% | 25.14% | 26.84% | 29.25% | 29.72% | 15.3% | 17.37% | 20.63% | 20.95% | 18.25% | 20.63% | 23.97% | 26.76% | 12.44% | 14.08% | 18.2% | 14.26% | 22.31% | 21.97% | 18.72% | 11.65% | 4.86% | 31.24% | 24.89% | 23.1% | 27.7% | 24.74% |
| Net Income Growth % | 83.47% | 98.58% | -1210.48% | -78.92% | -59.66% | -4.93% | -0.71% | -0.02% | 119.28% | -6.93% | -9.67% | -2.43% | 21.66% | -12.59% | -14.97% | 10.88% | 167.16% | -17.44% | -24.14% | 38.3% | -41.78% | 15.27% | 33.24% | 80.98% | 141.44% | -87.75% | 44.04% | 20.53% | -12.63% | 34.67% | 44.62% |
| Net Income (Continuing) | -2.81B | 26M | -19.23B | 1.68B | 8.02B | 19.87B | 20.9B | 21.05B | 21.05B | 9.6B | 10.32B | 11.42B | 11.7B | 9.62B | 11.01B | 12.94B | 11.46B | 4.37B | 5.29B | 6.98B | 5.04B | 8.66B | 7.52B | 5.64B | 3.12B | 1.29B | 10.54B | 7.31B | 6.07B | 6.95B | 5.16B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.6B | 12.08B | 5.76B | 4.38B | 1.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.62 | -0.06 | -4.38 | 0.40 | 1.94 | 4.86 | 4.94 | 4.71 | 4.48 | 1.99 | 2.12 | 2.33 | 2.31 | 1.89 | 2.13 | 2.39 | 2.05 | 0.77 | 0.92 | 1.18 | 0.86 | 1.40 | 1.16 | 0.85 | 0.46 | 0.19 | 1.51 | 1.05 | 0.87 | 0.97 | 0.73 |
| EPS Growth % | 86.16% | 98.66% | -1195% | -79.38% | -60.08% | -1.62% | 4.88% | 5.13% | 125.13% | -6.13% | -9.01% | 0.87% | 22.22% | -11.27% | -10.88% | 16.59% | 166.23% | -16.3% | -22.03% | 37.21% | -38.57% | 20.69% | 36.47% | 84.78% | 142.11% | -87.42% | 43.81% | 20.69% | -10.31% | 32.88% | 43.14% |
| EPS (Basic) | - | -0.06 | -4.38 | 0.40 | 1.95 | 4.89 | 4.98 | 4.77 | 4.57 | 2.04 | 2.18 | 2.41 | 2.39 | 1.94 | 2.20 | 2.46 | 2.10 | 0.79 | 0.93 | 1.20 | 0.87 | 1.42 | 1.17 | 0.86 | 0.47 | 0.19 | 1.57 | 1.10 | 0.91 | 1.07 | 0.79 |
| Diluted Shares Outstanding | 5.08B | 4.86B | 4.28B | 4.21B | 4.12B | 4.09B | 4.23B | 4.47B | 4.7B | 4.83B | 4.88B | 4.89B | 5.06B | 5.1B | 5.16B | 5.41B | 5.7B | 5.64B | 5.75B | 5.94B | 5.88B | 6.18B | 6.49B | 6.62B | 6.76B | 6.88B | 6.99B | 6.94B | 7.03B | 7.18B | 7.1B |
| Basic Shares Outstanding | 5.08B | 4.86B | 4.28B | 4.19B | 4.11B | 4.06B | 4.2B | 4.42B | 4.61B | 4.7B | 4.73B | 4.74B | 4.9B | 4.97B | 5B | 5.26B | 5.55B | 5.56B | 5.66B | 5.82B | 5.8B | 6.11B | 6.4B | 6.53B | 6.65B | 6.79B | 6.71B | 6.65B | 6.67B | 6.54B | 6.58B |
| Dividend Payout Ratio | - | - | - | 182.83% | 74.83% | 28.41% | 26.64% | 26.49% | 26.32% | 52.83% | 47.74% | 39.89% | 37.67% | 46.56% | 39.53% | 31.89% | 30.01% | 71.14% | 58.58% | 37.53% | 46% | 22.6% | 13.6% | 9.29% | 17.1% | 41.67% | 4.46% | 5% | 3.58% | 2.59% | 2.87% |
Execution of manufacturing roadmap
According to the provided quarterly income statements, Intel's revenue growth has fluctuated significantly, moving from a 9.7% expansion in 2023Q4 to a 7.2% increase in 2026Q1, punctuated by periods of contraction, which suggests that the company's top-line durability remains highly sensitive to cyclical PC and server demand.
The inconsistent revenue trajectory reflects the company's struggle to maintain market share in the face of aggressive competition from fabless rivals. Investors should monitor whether the recent return to growth in 2026Q1 represents a sustainable recovery or merely a temporary stabilization of inventory levels within the client computing segment.
As reported in financial statements, Intel's gross margin has struggled to regain its historical 60% range, currently hovering at 39.4% in 2026Q1, which indicates that the high fixed costs of the company's manufacturing-heavy model are not being adequately absorbed by current production volumes.
The persistent margin pressure suggests that the 'five nodes in four years' strategy is creating significant financial friction. Unless Intel can successfully scale its foundry business to attract external volume, the current margin profile may represent a structural shift rather than a temporary investment-driven trough.
Based on Intel's reported figures, operating income has frequently dipped into negative territory, reaching a loss of $3.1 billion in 2026Q1, which highlights a lack of operating leverage as the company continues to fund massive R&D and capital expenditures despite stagnant revenue growth.
The inability to scale operating income faster than gross profit suggests that the company's cost structure is currently misaligned with its revenue generation capabilities. This trend warrants further investigation into whether management can achieve the necessary expense discipline to reach sustainable profitability in the coming quarters.
Data from recent filings shows that Intel's R&D spending remains elevated, consistently exceeding $3 billion per quarter, which underscores the heavy financial burden of maintaining a vertically integrated manufacturing footprint in an increasingly competitive semiconductor landscape.
While high R&D is necessary for technological parity, the current level of spending appears to be outpacing the company's ability to monetize its innovations. Investors should monitor whether these expenditures are yielding tangible improvements in process node performance or if they are simply sustaining legacy operations.
As evidenced by the net loss of $3.7 billion in 2026Q1, Intel's financial performance suggests that the company's turnaround efforts are facing significant headwinds, potentially indicating that the market's optimism regarding the foundry transition may be premature given the current lack of profitability.
Short-sellers would likely focus on the persistent cash burn and the potential for further write-downs if the 18A node fails to meet commercial expectations. The reliance on external financing to fund operations may create a precarious situation if the company cannot demonstrate a clear path to positive free cash flow.
Quick answers to the most common questions about buying INTC stock.
For fiscal year 2025, Intel Corporation (INTC) reported total revenue of $52.85B. This represents a 153.5% increase compared to $20.85B in 1996.
Intel Corporation (INTC) reported a net loss of $267.0M for the fiscal year ending 2025.
Intel Corporation (INTC) reported an operating income of $-23.0M, resulting in an operating profit margin of -0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Intel Corporation (INTC) generated $18.38B in gross profit for the year, representing a gross profit margin of 34.8%. This demonstrates the company's core pricing power and production efficiency.