Aslan Research · Chips
INTEL CORP (INTC)
Data as of 2026-09-03 · 25 quarters · filed in USD
Revenue fell 6% per year while expenses fell 1% per year, showing a weaker top line against a slower cost decline. The filings also show $50.5 billion of reported debt against $57.0 billion of trailing-year revenue, putting the debt load close to annual sales.
Earned, collected early, and merely signed
Reports $51B of debt; has promised $51B
Committed money matches reported debt at 1.0x. All $50.5 billion of committed money is reported debt, with no additional lease or purchase commitments in the disclosed split.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The largest near-term pressure is $7.8 billion due in the next 5y against $429 million of future revenue promised over the same period. That gap gives the near-term maturity wall far more weight than the revenue already contracted.
The rates that matter
Expenses as filed vs after cited reconciliation
11 patterns worth a second look
The filings show multiple areas needing close review, led by a regulator challenge that quotes 4 staff comments. They also report customer deposits and supplier prepayments tied to later revenue, unrecognized construction commitments and VIE assets unavailable through SCIP arrangements, and a change in the scope and presentation of capital-expenditure commitments across periods.
circular financing · 1
The filings report customer deposits and supplier prepayments that fund future supply commitments while related revenue is recognized later.
off balance sheet · 1
The filings report unrecognized construction commitments and VIE assets unavailable to Intel through SCIP arrangements.
one time dressing · 1
The filings identify material customer incentives as contributors to reported revenue in separate periods.
redefinition · 1
The filings change the scope and presentation of capital-expenditure commitments across periods.
regulator challenge · 1
A reply to SEC staff was filed on 2025-06-12, answering a staff comment letter dated 2025-06-02; it quotes 4 staff comments.
related party exposure · 1
The filings report substantial commitments, restricted assets, and revenue involving jointly owned or related entities.
subsequent event · 1
The March 2026 filing reports an April 2026 acquisition financed with a newly drawn $6.5 billion term loan.
value revision · 4
The operating-cash-flow revision from $35.384 billion to $35.864 billion is substantive rather than clerical.
The operating-cash-flow revision from $29.991 billion to $29.456 billion is substantive rather than clerical.
The operating-income revision from $3.641 billion to negative $2.484 billion is substantive rather than clerical.
+ 1 more