INTCHIGH SIGNALFINANCIAL10-K

Intel achieved a dramatic 98.6% reduction in net losses while significantly strengthening its balance sheet with 73% higher cash reserves and reduced capital expenditures.

This represents a substantial operational turnaround, with Intel moving from an $18.8B net loss to just $267M while maintaining positive operating cash flow and building a stronger financial foundation. The 39% reduction in capital expenditures alongside improved cash generation suggests management has successfully implemented cost discipline while preserving liquidity for strategic investments.

Comparing 2026-01-23 vs 2025-01-31View on EDGAR →
FINANCIAL ANALYSIS

Intel demonstrated remarkable financial improvement across nearly all metrics, with net losses shrinking by 98.6% and operating losses decreasing 81% despite higher interest expenses. The balance sheet strengthened considerably with cash increasing 73% to $14.3B and stockholders' equity growing 15%, while management reduced both R&D (-17%) and SG&A (-16%) expenses and cut capital expenditures by 39%. This combination of dramatically improved profitability, enhanced liquidity, and disciplined cost management signals a company successfully navigating through a major operational restructuring.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+98.6%
-$18.8B-$267.0M

Net income grew 98.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+81%
-$11.7B-$2.2B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+77%
$496.0M$878.0M

Interest expense surged 77% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+72.9%
$8.2B$14.3B

Cash position surged 72.9% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
-38.8%
$23.9B$14.6B

Capex reduced 38.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+34.6%
$47.3B$63.7B

Current assets grew 34.6% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+17%
$8.3B$9.7B

Operating cash flow grew 17% — strong conversion of earnings to cash, healthy business fundamentals.

R&D Expense
P&L
-16.8%
$16.5B$13.8B

R&D spending cut 16.8% — could signal cost discipline or concerning reduction in innovation investment.

SG&A Expense
P&L
-16%
$5.5B$4.6B

SG&A reduced 16% — improved cost efficiency or headcount reduction improving operating margins.

Stockholders Equity
Balance Sheet
+15.1%
$99.3B$114.3B

Equity base grew 15.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-01-23
PRIOR — 2025-01-31
ADDED
4,995 million shares of common stock were outstanding as of January 16, 2026.
The preparation of our Consolidated Financial Statements is in conformity with U.S.
Our Form 10-K includes Adjusted Free Cash Flow, a non-GAAP financial measure we use to evaluate the cash flow trends of our business.
See "Liquidity and Capital Resources" within MD A for a description of this measure, including why management uses it and why we believe it provides investors with useful supplemental information.
government's acquisition of significant equity interests in us; changes in product demand and margins; macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the U.S.
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REMOVED
4,330 million shares of common stock were outstanding as of January 24, 2025.
The preparation of our Consolidated Financial Statements is in conformity with US GAAP.
Our Form 10-K includes key metrics that we use to measure our business, some of which are non-GAAP measures.
See "Non-GAAP Financial Measures" within MD A for an explanation of these measures and why management uses them and believes they provide investors with useful supplemental information.
Intel believes these third-party reports to be reputable, but has not independently verified the underlying data sources, methodologies, or assumptions.
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