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Intel cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $3.8B over twelve months

Operating cash flow$5.1B
Capital spending−$4.0B
Free cash flow+$1.1B
Cash / net income1.4×
Cash conversion cycle61 days

Analysis

In Q3 2026, Intel generated $5.1B of operating cash flow and spent $4.0B on capital projects, leaving free cash flow of $1.1B.

Over the twelve months to Sep 26, 2026, operating cash flow was $17.5B; the largest uses were capital spending ($13.7B), other investing ($13.1B), taxes on employees’ shares ($1.0B); besides operations, cash came from other financing ($10.4B), partners ($6.5B); the cash balance rose by $11.3B.

Operating cash flow was $5.1B against net income of $3.5B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$3.2B, other operating capital −$1.1B, stock-based pay +$587M.

Its cash conversion cycle was 61 days (receivables 22 + inventory 123 − payables 85).

Free cash flow

Intel: free cash flow by quarterIntel: free cash flow by quarter−$2.7BQ4 2024−$4.4BQ1 2025−$1.5BQ2 2025$121MQ3 2025$800MQ4 2025−$2.5BQ1 2026$4.5BQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Intel: operating cash flow against capital spendingIntel: operating cash flow against capital spendingOperating cash flowCapital spending$3.2B$5.8BQ4 2024$813M$5.2BQ1 2025$2.0B$3.5BQ2 2025$2.5B$2.4BQ3 2025$4.3B$3.5BQ4 2025$1.1B$3.6BQ1 2026$7.0B$2.6BQ2 2026$5.1B$4.0BQ3 2026
Latest (Q3 2026): Operating cash flow $5.1B, Capital spending $4.0B.

Capital allocation, year by year

Intel: where the cash came from (up) and went (down), by fiscal yearIntel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $29.5BFY2021: Net borrowing $2.5BFY2021: Shares issued $1.0BFY2021: Capital spending −$18.7BFY2021: Acquisitions −$209MFY2021: Buybacks −$2.4BFY2021: Dividends −$5.6B$33.0BFY2021FY2022: Operating cash flow $15.4BFY2022: Net borrowing $5.5BFY2022: Shares issued $2.0BFY2022: Asset sales $6.6BFY2022: Capital spending −$24.8BFY2022: Acquisitions −$681MFY2022: Dividends −$6.0B$29.5BFY2022FY2023: Operating cash flow $11.5BFY2023: Net borrowing $7.0BFY2023: Shares issued $4.0BFY2023: Capital spending −$25.8BFY2023: Acquisitions −$13.0MFY2023: Dividends −$3.1B$22.5BFY2023FY2024: Operating cash flow $8.3BFY2024: Net borrowing $687MFY2024: Shares issued $987MFY2024: Capital spending −$23.9BFY2024: Acquisitions −$82.0MFY2024: Dividends −$1.6B$10.0BFY2024FY2025: Operating cash flow $9.7BFY2025: Net borrowing −$3.8BFY2025: Shares issued $1.7BFY2025: Asset sales $6.2BFY2025: Capital spending −$14.6B$17.5BFY2025
Over these 5 years operating cash flow totalled $74.3B; the largest uses were capital spending ($107.9B) and dividends ($16.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$54.0B
Debt$46.6B
Net cash$7.4B
Due within a year$2.5B

Intel funds itself: free cash flow was $3.8B over the last twelve months, and $54.0B of cash and investments stands against $46.6B of debt ($2.5B due within a year, 21.6× covered by cash).

Intel: debt maturities by year (FY2025)Intel: debt maturities by year (FY2025)$2.5BYear 1$3.8BYear 2$3.2BYear 3$3.3BYear 4$2.8BYear 5$31.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $54.0B of cash and investments now.

Where the cash came from and went

Intel: sources (+) and uses (−) of cash, Q3 2026Intel: sources (+) and uses (−) of cash, Q3 2026Other financing$22.6BOther investing−$15.6BCash drawn (+) / kept (−)−$8.8BOperating cash flow$5.1BCapital spending−$4.0BPartners$847MShares issued$309MTaxes on employees’ shares−$290MNet borrowing (+) / repaid (−)−$119M
Intel: sources (+) and uses (−) of cash, TTM to Q3 2026Intel: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$17.5BCapital spending−$13.7BOther investing−$13.1BCash drawn (+) / kept (−)−$11.3BOther financing$10.4BPartners$6.5BNet borrowing (+) / repaid (−)$4.0BTaxes on employees’ shares−$1.0BShares issued$730MAsset & business sales−$29.0M

From profit to cash

Intel: net income to operating cash flow, Q3 2026Intel: net income to operating cash flow, Q3 2026Net income$3.5BDepreciation & amortization$3.2BStock-based pay$587MDeferred taxes$83.0MImpairments−$23.0MReceivables−$60.0MInventory−$576MPayables$511MEmployee-related liabilities$165MIncome taxes payable$72.0MOther operating capital−$1.1BOperating cash flow$5.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026221238561
Q2 2026231187565
Q1 2026261339465
Q4 20252312010539
Q3 20251912311329
Q2 20251911610529
Q1 20252313913329
Q4 20242112712424

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.1B−$4.0B—−$119M$309M−$8.8B$1.1B
Q2 2026$7.0B−$2.6B—−$7.5B—$4.1B$4.5B
Q1 2026$1.1B−$3.6B−$596M−$1.5B$427M−$3.0B−$2.5B
Q4 2025$4.3B−$3.5B——−$6.0M−$3.6B$800M
Q3 2025$2.5B−$2.4B—−$4.3B$286M−$1.4B$121M
Q2 2025$2.0B−$3.5B—$2.0B—−$746M−$1.5B
Q1 2025$813M−$5.2B—−$4.0M$491M−$698M−$4.4B
Q4 2024$3.2B−$5.8B——$1.0M$536M−$2.7B

Intel: income statement and cash flow

Intel, Q3 2026: revenue $16.5B (+21% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Intel: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.