Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Intel Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Goodwill	24,693)	27,591)	27,591)	26,963)	26,971)
Developed technology	8,007)	10,520)	10,964)	11,102)	10,188)
Customer relationships and brands	1,907)	1,986)	1,986)	2,110)	2,110)
Licensed technology and patents	3,387)	3,088)	3,219)	2,893)	2,836)
Internal-use software	128)	—)	—)	—)	—)
Identified intangible assets subject to amortization, gross assets	13,429)	15,594)	16,169)	16,105)	15,134)
Accumulated amortization	(9,742)	(11,010)	(10,151)	(8,835)	(7,363)
Identified intangible assets subject to amortization, net	3,687)	4,584)	6,018)	7,270)	7,771)
In-process R&D	—)	—)	—)	—)	954)
Other non-amortizing intangibles	4)	5)	—)	—)	301)
Identified intangible assets not subject to amortization	4)	5)	—)	—)	1,255)
Identified intangible assets	3,691)	4,589)	6,018)	7,270)	9,026)
Goodwill and identified intangible assets	28,384)	32,180)	33,609)	34,233)	35,997)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Identified intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Intel Corp. identified intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and identified intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Intel Corp. goodwill and identified intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Intel Corp., adjustments to financial statements

US$ in millions

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Adjustment to Total Assets
Total assets (as reported)	196,485)	191,572)	182,103)	168,406)	153,091)
Less: Goodwill	24,693)	27,591)	27,591)	26,963)	26,971)
Total assets (adjusted)	171,792)	163,981)	154,512)	141,443)	126,120)
Adjustment to Total Intel Stockholders’ Equity
Total Intel stockholders’ equity (as reported)	99,270)	105,590)	101,423)	95,391)	81,038)
Less: Goodwill	24,693)	27,591)	27,591)	26,963)	26,971)
Total Intel stockholders’ equity (adjusted)	74,577)	77,999)	73,832)	68,428)	54,067)
Adjustment to Net Income (loss) Attributable To Intel
Net income (loss) attributable to Intel (as reported)	(18,756)	1,689)	8,014)	19,868)	20,899)
Add: Goodwill impairment	2,984)	—)	—)	—)	—)
Net income (loss) attributable to Intel (adjusted)	(15,772)	1,689)	8,014)	19,868)	20,899)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Intel Corp., Financial Data: Reported vs. Adjusted

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Intel Corp., adjusted financial ratios

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net Profit Margin
Reported net profit margin	-35.32%	3.11%	12.71%	25.14%	26.84%
Adjusted net profit margin	-29.70%	3.11%	12.71%	25.14%	26.84%
Total Asset Turnover
Reported total asset turnover	0.27	0.28	0.35	0.47	0.51
Adjusted total asset turnover	0.31	0.33	0.41	0.56	0.62
Financial Leverage
Reported financial leverage	1.98	1.81	1.80	1.77	1.89
Adjusted financial leverage	2.30	2.10	2.09	2.07	2.33
Return on Equity (ROE)
Reported ROE	-18.89%	1.60%	7.90%	20.83%	25.79%
Adjusted ROE	-21.15%	2.17%	10.85%	29.03%	38.65%
Return on Assets (ROA)
Reported ROA	-9.55%	0.88%	4.40%	11.80%	13.65%
Adjusted ROA	-9.18%	1.03%	5.19%	14.05%	16.57%

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Intel Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intel Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intel Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intel Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intel Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Intel Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Intel	(18,756)	1,689)	8,014)	19,868)	20,899)
Net revenue	53,101)	54,228)	63,054)	79,024)	77,867)
Profitability Ratio
Net profit margin¹	-35.32%	3.11%	12.71%	25.14%	26.84%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Intel	(15,772)	1,689)	8,014)	19,868)	20,899)
Net revenue	53,101)	54,228)	63,054)	79,024)	77,867)
Profitability Ratio
Adjusted net profit margin²	-29.70%	3.11%	12.71%	25.14%	26.84%

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

2024 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Intel ÷ Net revenue
= 100 × -18,756 ÷ 53,101 = -35.32%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Intel ÷ Net revenue
= 100 × -15,772 ÷ 53,101 = -29.70%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Intel Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net revenue	53,101)	54,228)	63,054)	79,024)	77,867)
Total assets	196,485)	191,572)	182,103)	168,406)	153,091)
Activity Ratio
Total asset turnover¹	0.27	0.28	0.35	0.47	0.51
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net revenue	53,101)	54,228)	63,054)	79,024)	77,867)
Adjusted total assets	171,792)	163,981)	154,512)	141,443)	126,120)
Activity Ratio
Adjusted total asset turnover²	0.31	0.33	0.41	0.56	0.62

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

2024 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 53,101 ÷ 196,485 = 0.27

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 53,101 ÷ 171,792 = 0.31

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intel Corp. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	196,485)	191,572)	182,103)	168,406)	153,091)
Total Intel stockholders’ equity	99,270)	105,590)	101,423)	95,391)	81,038)
Solvency Ratio
Financial leverage¹	1.98	1.81	1.80	1.77	1.89
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	171,792)	163,981)	154,512)	141,443)	126,120)
Adjusted total Intel stockholders’ equity	74,577)	77,999)	73,832)	68,428)	54,067)
Solvency Ratio
Adjusted financial leverage²	2.30	2.10	2.09	2.07	2.33

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Intel stockholders’ equity
= 196,485 ÷ 99,270 = 1.98

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Intel stockholders’ equity
= 171,792 ÷ 74,577 = 2.30

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intel Corp. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Intel	(18,756)	1,689)	8,014)	19,868)	20,899)
Total Intel stockholders’ equity	99,270)	105,590)	101,423)	95,391)	81,038)
Profitability Ratio
ROE¹	-18.89%	1.60%	7.90%	20.83%	25.79%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Intel	(15,772)	1,689)	8,014)	19,868)	20,899)
Adjusted total Intel stockholders’ equity	74,577)	77,999)	73,832)	68,428)	54,067)
Profitability Ratio
Adjusted ROE²	-21.15%	2.17%	10.85%	29.03%	38.65%

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to Intel ÷ Total Intel stockholders’ equity
= 100 × -18,756 ÷ 99,270 = -18.89%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Intel ÷ Adjusted total Intel stockholders’ equity
= 100 × -15,772 ÷ 74,577 = -21.15%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intel Corp. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Intel	(18,756)	1,689)	8,014)	19,868)	20,899)
Total assets	196,485)	191,572)	182,103)	168,406)	153,091)
Profitability Ratio
ROA¹	-9.55%	0.88%	4.40%	11.80%	13.65%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Intel	(15,772)	1,689)	8,014)	19,868)	20,899)
Adjusted total assets	171,792)	163,981)	154,512)	141,443)	126,120)
Profitability Ratio
Adjusted ROA²	-9.18%	1.03%	5.19%	14.05%	16.57%

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to Intel ÷ Total assets
= 100 × -18,756 ÷ 196,485 = -9.55%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Intel ÷ Adjusted total assets
= 100 × -15,772 ÷ 171,792 = -9.18%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intel Corp. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Intel Corp. (NASDAQ:INTC)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Intel Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Intel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)