Intel Corporation (INTC) Cash Flow Statement
Where INTC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.70B +17.0% vs 2024
- Capital expenditures
- $14.65B 27.7% of revenue
- Free cash flow
- −$4.95B −9.4% margin
- Returned to shareholders
- —
- Change in cash
- $6.46B cash at year-end $14.71B
Cash from operations
$9.70B
Capital expenditures
−$14.65B
Investments (net)
−$8.26B
Acquisitions & other
+$8.09B
Share buybacks (net)
+$14.40B
Net borrowing (repayment)
−$3.75B
Other financing
+$939.0M
Change in cash
$6.46B
Drawn to scale: where the cash came from and how it was used. Hover for values.
INTC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
INTC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $21.81B2016 | $9.70B2025 | −8.6%/yr | |
| Capital expenditures | $9.62B2016 | $14.65B2025 | +4.8%/yr | |
| Free cash flow | $12.18B2016 | −$4.95B2025 | — | |
| Free cash flow margin | 20.5%2016 | −9.4%2025 | −29.9 pts | |
| Operating cash flow / net income | 2.112016 | 372.962025 | +370.85 | |
| Stock-based compensation | $1.44B2016 | $2.43B2025 | +6.0%/yr | |
| Dividends paid | $4.92B2016 | $02025 | −100.0% | |
| Share buybacks (net) | $2.59B2016 | $02025 | −100.0% | |
| Capex / revenue | 16.2%2016 | 27.7%2025 | +11.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
INTC cash flow by activity
OperatingInvestingFinancingChange in cash
INTC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
INTC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $26.0M | −$19.23B | $1.68B | $8.02B | $19.87B | $20.90B | $21.05B | $21.05B | $9.60B | $10.32B |
| Depreciation & amortization | $11.71B | $11.38B | $9.60B | $13.04B | $11.79B | $12.24B | $10.83B | $9.09B | $8.13B | $7.79B |
| Stock-based compensation | $2.43B | $3.41B | $3.23B | $3.13B | $2.04B | $1.85B | $1.71B | $1.55B | $1.36B | $1.44B |
| Change in working capital | −$1.75B | $1.10B | −$569.0M | −$4.51B | −$4.87B | $2.18B | $1.15B | −$421.0M | $3.58B | $668.0M |
| Other non-cash items | −$2.72B | $11.63B | −$2.47B | −$4.24B | $1.17B | −$1.79B | −$1.58B | −$1.83B | −$562.0M | $1.59B |
| Cash from operating activities | $9.70B | $8.29B | $11.47B | $15.43B | $29.99B | $35.38B | $33.15B | $29.43B | $22.11B | $21.81B |
| Investing activities | ||||||||||
| Capital expenditures | −$14.65B | −$23.94B | −$25.75B | −$25.05B | −$20.33B | −$14.45B | −$16.21B | −$15.18B | −$11.78B | −$9.62B |
| Investments (net) | −$8.26B | −$18.26B | −$22.21B | $9.53B | −$5.29B | −$6.89B | $2.14B | $3.86B | $6.58B | −$2.06B |
| Acquisitions & other investing | $8.09B | $23.94B | $23.92B | $5.04B | $449.0M | $548.0M | −$332.0M | $86.0M | −$10.56B | −$14.14B |
| Cash from investing activities | −$14.82B | −$18.26B | −$24.04B | −$10.48B | −$25.17B | −$20.80B | −$14.40B | −$11.24B | −$15.76B | −$25.82B |
| Financing activities | ||||||||||
| Dividends paid | $0 | −$1.60B | −$3.09B | −$6.00B | −$5.64B | −$5.57B | −$5.58B | −$5.54B | −$5.07B | −$4.92B |
| Share repurchases & issuance (net) | $14.40B | $987.0M | $11.39B | $2.88B | −$2.42B | −$14.23B | −$13.58B | −$10.73B | −$3.62B | −$2.59B |
| Net borrowing (repayment) | −$3.75B | $687.0M | $7.02B | $5.51B | $2.47B | $5.72B | $765.0M | −$2.14B | −$364.0M | $1.22B |
| Shares issued | $0 | $12.71B | $1.51B | $1.03B | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $939.0M | −$1.65B | −$8.33B | −$2.07B | −$277.0M | $1.16B | $822.0M | −$193.0M | $576.0M | $554.0M |
| Cash from financing activities | $11.59B | $11.14B | $8.51B | $1.36B | −$5.86B | −$12.92B | −$17.57B | −$18.61B | −$8.47B | −$5.74B |
| Summary | ||||||||||
| Net change in cash | $6.46B | $1.17B | −$4.07B | $6.32B | −$1.04B | $1.67B | $1.18B | −$414.0M | −$2.13B | −$9.75B |
| Cash at end of period | $14.71B | $8.25B | $7.08B | $11.14B | $4.83B | $5.87B | $4.19B | $3.02B | $3.43B | $5.56B |
| Free cash flow | −$4.95B | −$15.66B | −$14.28B | −$9.62B | $9.66B | $20.93B | $16.93B | $14.25B | $10.33B | $12.18B |
| Free cash flow margin | −9.4% | −29.5% | −26.3% | −15.3% | 12.2% | 26.9% | 23.5% | 20.1% | 16.5% | 20.5% |
| Capex / revenue | 27.7% | 45.1% | 47.5% | 39.7% | 25.7% | 18.6% | 22.5% | 21.4% | 18.8% | 16.2% |
| Operating cash flow / net income | 372.96 | — | 6.85 | 1.93 | 1.51 | 1.69 | 1.57 | 1.40 | 2.30 | 2.11 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$11.03B | −$3.73B | −$333.0M | $4.27B | −$3.02B | −$887.0M | −$153.0M | −$16.99B | −$1.65B | −$437.0M | $2.66B | $310.0M |
| Depreciation & amortization | $3.22B | $3.14B | $3.03B | $2.99B | $3.01B | $2.67B | $2.65B | $3.61B | $2.57B | $2.55B | $2.51B | $2.45B |
| Stock-based compensation | $686.0M | $621.0M | $538.0M | $548.0M | $664.0M | $684.0M | $651.0M | $800.0M | $780.0M | $1.18B | $796.0M | $772.0M |
| Change in working capital | $1.23B | −$3.50B | $459.0M | −$1.36B | $948.0M | −$1.79B | $750.0M | $5.48B | −$1.16B | −$3.96B | −$114.0M | $1.64B |
| Other non-cash items | $12.90B | $4.57B | $597.0M | −$3.90B | $449.0M | $131.0M | −$730.0M | $11.15B | $1.76B | −$554.0M | −$1.23B | $656.0M |
| Cash from operating activities | $7.01B | $1.10B | $4.29B | $2.55B | $2.05B | $813.0M | $3.17B | $4.05B | $2.29B | −$1.22B | $4.62B | $5.82B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.56B | −$3.64B | −$3.49B | −$2.42B | −$3.55B | −$5.18B | −$5.83B | −$6.46B | −$5.68B | −$5.97B | −$6.70B | −$5.75B |
| Investments (net) | −$1.26B | $7.26B | −$2.82B | −$6.25B | −$2.09B | $81.0M | −$3.76B | −$2.76B | −$9.16B | −$2.56B | −$5.32B | −$7.39B |
| Acquisitions & other investing | $56.0M | −$529.0M | −$254.0M | $2.42B | $3.55B | $5.18B | $5.83B | $6.46B | $5.68B | $5.97B | $6.70B | −$5.58B |
| Cash from investing activities | −$3.76B | $3.09B | −$6.57B | −$6.25B | −$2.09B | $81.0M | −$3.76B | −$2.76B | −$9.16B | −$2.56B | −$5.32B | −$18.72B |
| Financing activities | ||||||||||||
| Dividends paid | −$14.34B | — | $0 | $0 | $0 | $0 | −$1.60B | −$536.0M | −$534.0M | −$529.0M | −$527.0M | −$525.0M |
| Share repurchases & issuance (net) | −$617.0M | — | $14.40B | $5.44B | −$181.0M | $491.0M | $987.0M | $986.0M | — | — | −$534.0M | $2.42B |
| Net borrowing (repayment) | $4.67B | −$1.50B | $0 | −$4.25B | $501.0M | −$4.0M | $0 | −$3.19B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.95B | $294.0M | −$8.55B | $3.96B | $462.0M | −$683.0M | $675.0M | −$1.05B | $11.77B | $4.16B | $1.21B | −$1.06B |
| Cash from financing activities | −$7.34B | −$1.21B | $5.85B | $5.15B | $782.0M | −$196.0M | $63.0M | −$3.79B | $11.24B | $3.63B | $152.0M | $842.0M |
| Summary | ||||||||||||
| Net change in cash | −$4.10B | $2.98B | $3.57B | $1.45B | $746.0M | $698.0M | −$536.0M | −$2.50B | $4.36B | −$156.0M | −$542.0M | −$728.0M |
| Cash at end of period | $13.60B | $17.70B | $14.71B | $11.14B | $9.69B | $8.95B | $8.25B | $8.79B | $11.29B | $6.92B | $7.08B | $7.62B |
| Free cash flow | $4.45B | −$2.54B | $800.0M | $121.0M | −$1.50B | −$4.37B | −$2.67B | −$2.40B | −$3.39B | −$7.19B | −$2.07B | $71.0M |
| Free cash flow margin | 27.6% | −18.7% | 5.9% | 0.9% | −11.7% | −34.5% | −18.7% | −18.1% | −26.4% | −56.5% | −13.4% | 0.5% |
| Capex / revenue | 15.8% | 26.8% | 25.5% | 17.8% | 27.6% | 40.9% | 40.9% | 48.6% | 44.3% | 46.9% | 43.5% | 40.6% |
| Operating cash flow / net income | — | — | — | 0.60 | — | — | — | — | — | — | 1.74 | 18.79 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
INTC cash generation
In fiscal 2025 (ended December 31, 2025), Intel generated $9.7 billion of cash from operations (up 17.0%) and spent $14.6 billion on capital expenditures, leaving free cash flow of -$4.9 billion, −9.4% of revenue. Cash and equivalents rose by $6.5 billion over the year.
Related: INTC income statement, INTC balance sheet. See the INTC stock overview for the latest quote and news.
INTC cash flow FAQ
What is Intel's free cash flow?
Intel's free cash flow was -$4.9 billion in fiscal 2025: $9.7 billion of operating cash flow minus $14.6 billion of capital expenditures It was -$15.7 billion a year earlier..
How much cash does Intel generate from operations?
Intel generated $9.7 billion of cash from operating activities in fiscal 2025, 372.96 times its net income of $26.0 million.
How much does Intel spend on capital expenditures?
Intel spent $14.6 billion on capital expenditures in fiscal 2025, 27.7% of revenue, compared with $23.9 billion the year before.