Aslan Research · Chips
INTEL CORP (INTC)
Data as of 2026-08-21 · 25 quarters · filed in USD
Revenue fell 5% per year while expenses fell 1% per year, leaving less room between the two. The scale is notable against $50.5 billion of reported debt and $57.0 billion of trailing-year revenue.
Earned, collected early, and merely signed
Reports $51B of debt; has promised $51B
Committed money matches reported debt at 1.0x. The filing identifies the full $50.5 billion of committed money as debt, with no additional lease or purchase commitments in this comparison.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $20.2 billion of debt maturities against just $429 million of future revenue promised for that period. That mismatch is 47.2x, while another $31.8 billion is due after year five.
The rates that matter
Expenses as filed vs after cited reconciliation
15 patterns worth a second look
The largest disclosed off-balance-sheet item is Intel's unrecognized $29.0 billion commitment for its share of Arizona SCIP construction costs. The filing also reports $1.7 billion of customer deposits supporting future supply and $934 million prepaid to suppliers in the same period, plus $1.5 billion of receivables sold through non-recourse factoring in the first six months of 2023.
circular financing · 1
Intel reports customer deposits and supplier prepayments in the same period, with $1.7 billion of customer deposits supporting future supply and $934 million prepaid to suppliers.
off balance sheet · 2
Intel reports an unrecognized $29.0 billion commitment for its share of Arizona SCIP construction costs while Arizona SCIP assets are restricted to the VIE's obligations.
Intel reports $1.5 billion of first-six-month 2023 receivables sold under non-recourse factoring arrangements.
one time dressing · 2
Intel reports customer incentives contributing approximately $1.0 billion to Q2 2022 revenue and approximately $900 million to Q1 2023 revenue.
Intel reports a $1.1 billion special McAfee dividend and $228 million from a partial sale in 2021 investment results.
redefinition · 1
The commercial-paper authorization remains $10.0 billion, while later filings separately report drawn commercial paper and changing credit-facility commitments.
related party exposure · 2
Intel reports recurring receivables and service reimbursements with the deconsolidated NAND OpCo Business.
Intel reports $3.2 billion invested in related-party Altera and $320 million of wafer-manufacturing revenue from Altera in the first six months of 2026.
subsequent event · 3
The FY2025 filing reports that Intel subsequently received $922 million from a July 11, 2025 Mobileye secondary offering.
The FY2026 first-quarter filing reports Intel's April 8, 2026 acquisition of Apollo's 49% Ireland SCIP interest for $14.2 billion.
The FY2026 first-quarter filing reports an April 2026 draw of $6.5 billion under a senior unsecured term loan facility.
value revision · 4
The FY2020 filing reports SG&A of $6.35 billion for the comparative period versus $6.15 billion in the FY2019 filing.
The FY2023 filing reports operating cash flow of $29.456 billion for FY2021 versus $29.991 billion in the FY2022 filing.
The FY2024 filing reports revenue of $24.664 billion for the six months ended July 2, 2022 versus $33.674 billion in the FY2022 filing.
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