Analysis of Geographic Areas
Intel Corp. operates in 2 regions: United States and Other countries.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Area Asset Turnover
Intel Corp., asset turnover by geographic area
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other countries |
Based on: 10-K (reporting date: 2025-12-27), 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).
An examination of area asset turnover reveals distinct trends between the United States and other countries. The United States demonstrates a consistent decline in asset turnover, while other countries exhibit a more volatile pattern with an overall decreasing trend, albeit at a slower rate.
- United States
- Asset turnover in the United States experienced a gradual decrease from 0.32 in 2021 to a low of 0.18 in 2024. A slight recovery to 0.22 is observed in 2025, but remains below the initial value. This suggests a diminishing efficiency in utilizing assets to generate revenue within the United States.
- Other Countries
- Asset turnover for other countries began at a significantly higher level of 3.28 in 2021. A substantial decline occurred in 2022, falling to 1.71, and continued to decrease, reaching 1.08 in 2025. While the initial value is considerably larger, the trend indicates a decreasing ability to generate sales from assets in these regions. The rate of decline appears to moderate in the later years, stabilizing around 1.10.
- Comparative Analysis
- The difference in asset turnover between the two areas is substantial. Throughout the period, other countries consistently demonstrate a higher asset turnover ratio than the United States. However, the gap narrows as the United States’ ratio declines less rapidly in 2025, and other countries’ ratio continues to fall. This suggests differing operational efficiencies or asset utilization strategies between the two geographic areas.
The observed trends warrant further investigation into the underlying factors driving these changes. Potential areas of inquiry include changes in sales strategies, asset composition, and economic conditions within each geographic area.
Area Asset Turnover: United States
Intel Corp.; United States; area asset turnover calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenue | |||||
| Property, plant, and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
The financial performance within the United States reveals fluctuating trends in revenue and asset utilization between 2021 and 2025. Net revenue experienced initial growth followed by declines and a subsequent recovery, while property, plant, and equipment, net consistently increased before stabilizing. These movements are reflected in the area asset turnover ratio, which demonstrates a decreasing trend followed by a slight improvement.
- Net Revenue
- Net revenue increased from US$14,107 million in 2021 to US$16,529 million in 2022, representing a growth of approximately 17.1%. A subsequent decrease was observed in 2023, with revenue falling to US$13,958 million. This decline continued into 2024, reaching US$12,994 million. However, revenue rebounded in 2025, increasing to US$15,757 million.
- Property, Plant, and Equipment, Net
- Property, plant, and equipment, net exhibited a consistent upward trend from 2021 to 2024. The value increased from US$43,428 million in 2021 to US$53,681 million in 2022, US$63,234 million in 2023, and peaked at US$72,068 million in 2024. In 2025, this figure stabilized slightly, decreasing to US$71,158 million.
- Area Asset Turnover
- The area asset turnover ratio decreased from 0.32 in 2021 to 0.31 in 2022, indicating a slight reduction in the efficiency of asset utilization. A more pronounced decline occurred in 2023, with the ratio falling to 0.22. This downward trend continued into 2024, reaching a low of 0.18. The ratio experienced a modest recovery in 2025, increasing to 0.22, though remaining below the levels observed in 2021 and 2022. The decreasing trend suggests a growing investment in assets relative to revenue generation, while the 2025 increase indicates a potential stabilization of this relationship.
The combination of increasing fixed assets and fluctuating revenue resulted in a declining asset turnover ratio for much of the period. The recovery in revenue during 2025 partially offset this trend, suggesting a potential for improved asset utilization in the future, contingent on sustained revenue growth.
Area Asset Turnover: Other countries
Intel Corp.; Other countries; area asset turnover calculation
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net revenue | |||||
| Property, plant, and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-27), 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).
1 2025 Calculation
Area asset turnover = Net revenue ÷ Property, plant, and equipment, net
= ÷ =
The financial performance related to assets in areas categorized as "Other countries" demonstrates a declining trend in efficiency from 2021 to 2025. This assessment is based on the observed movements in net revenue, property, plant, and equipment, net, and the resulting area asset turnover ratio.
- Net Revenue
- Net revenue originating from these areas decreased substantially from US$64,917 million in 2021 to US$37,096 million in 2025. The most significant decline occurred between 2021 and 2022, with a subsequent, albeit less dramatic, decrease each year through 2025. This suggests a consistent contraction in sales within these geographic regions.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment in these areas increased from US$19,817 million in 2021 to US$33,413 million in 2023, before leveling off at US$35,851 million in 2024 and decreasing slightly to US$34,256 million in 2025. This indicates an initial period of investment in fixed assets, followed by stabilization and a minor reduction. The increase in fixed assets did not correlate with revenue growth.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, experienced a consistent decline. Starting at 3.28 in 2021, the ratio decreased to 1.71 in 2022, then to 1.21 in 2023, 1.12 in 2024, and finally to 1.08 in 2025. This downward trend suggests that the company is generating less revenue for each dollar of assets invested in these areas. The decreasing ratio aligns with the observed decline in net revenue and the initial increase in property, plant, and equipment, net, indicating a potential inefficiency in asset utilization.
In summary, the combination of decreasing revenue and fluctuating, but ultimately high, asset values resulted in a significant reduction in asset turnover. This suggests a need to evaluate the effectiveness of asset allocation and revenue generation strategies within these geographic areas.
Net revenue
Intel Corp., net revenue by geographic area
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other countries | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-27), 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).
The geographic revenue distribution exhibits notable shifts over the five-year period. Total revenue decreased from US$79.024 billion in 2021 to US$52.853 billion in 2025, indicating an overall contraction in sales. This decline is driven by performance in both the United States and other countries, though the patterns differ.
- United States Revenue
- Revenue from the United States initially increased from US$14.107 billion in 2021 to US$16.529 billion in 2022. However, this was followed by a consistent decline, reaching US$12.994 billion in 2024 before a partial recovery to US$15.757 billion in 2025. The 2025 figure, while representing an increase from 2024, remains below the 2021 level.
- Other Countries Revenue
- Revenue from areas outside the United States experienced a more substantial and consistent decrease. Starting at US$64.917 billion in 2021, revenue fell to US$46.525 billion in 2022, then continued downward to US$40.270 billion in 2023, US$40.107 billion in 2024, and finally US$37.096 billion in 2025. This represents a significant reduction in international sales over the period.
- Relative Contribution
- In 2021, revenue from other countries comprised approximately 82.1% of total revenue. By 2025, this proportion had increased to roughly 70.2%, despite the absolute decline in revenue from those regions. This indicates that the United States became a comparatively larger contributor to overall revenue as international sales decreased more rapidly.
The overall trend suggests a weakening global performance, with a particularly pronounced decline in revenue from regions outside of the United States. While the United States experienced a temporary recovery in 2025, it did not fully offset the cumulative declines observed over the five-year period. The increasing relative contribution of the United States to total revenue highlights a shift in the company’s geographic revenue mix.
Property, plant, and equipment, net
Intel Corp., property, plant, and equipment, net by geographic area
US$ in millions
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Other countries | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-27), 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).
Property, plant, and equipment, net, exhibited a consistent upward trend across all geographic areas examined between 2021 and 2025. However, the rate of increase varied between the United States and other countries, and a slight deceleration in growth is observed in the most recent year presented.
- United States
- The value of property, plant, and equipment, net, in the United States increased substantially from US$43,428 million in 2021 to US$72,068 million in 2024, representing a significant expansion of assets. Growth slowed in 2025, with a decrease to US$71,158 million. This suggests a potential stabilization or reallocation of assets within the United States.
- Other Countries
- Property, plant, and equipment, net, in other countries also demonstrated growth, rising from US$19,817 million in 2021 to US$35,851 million in 2024. While the absolute increase was less than that observed in the United States, the percentage growth was considerable. Similar to the United States, growth decelerated in 2025, with a value of US$34,256 million.
- Total
- The combined value of property, plant, and equipment, net, increased from US$63,245 million in 2021 to US$107,919 million in 2024. The 2025 value of US$105,414 million indicates a slight decrease from the prior year, suggesting a possible company-wide adjustment in capital expenditure or asset valuation. The overall trend remains positive, but the deceleration in 2025 warrants further investigation.
The consistent growth in property, plant, and equipment, net, across both geographic areas suggests ongoing investment and expansion. The slowdown in growth observed in 2025 could be attributable to a variety of factors, including completed investment projects, changes in strategic priorities, or macroeconomic conditions. Further analysis, incorporating information on capital expenditure, depreciation, and asset impairment, would be necessary to fully understand the implications of this recent trend.