Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Intel's free cash flow turned positive this quarter, driven by higher operating cash flow compared to the prior quarter and the same quarter last year. The free cash flow margin improved significantly from negative a year ago and from near zero last quarter.
- Revenue was stable sequentially but lower than a year ago. Operating cash flow increased compared to both prior periods, while capital expenditure rose from the previous quarter but fell sharply from the same quarter last year. The resulting free cash flow was positive and higher than both prior periods, with a margin that improved from negative a year ago and from near zero last quarter.
- Compared to the prior quarter, revenue was flat while free cash flow and margin improved. Versus the same quarter a year ago, revenue was lower but free cash flow turned positive from negative, and margin improved from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$4.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$800.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$4.3B
Cash generated by operations before capital spending.
CapEx
$3.5B
Capital spending and related asset purchases.
FCF margin
5.9%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-03-29 | $12.7B | $813.0M | $5.2B | -$4.4B | -34.5% |
| 2025-06-28 | $12.9B | $2.0B | $3.5B | -$1.5B | -11.7% |
| 2025-09-27 | $13.7B | $2.5B | $2.4B | $121.0M | 0.9% |
| 2025-12-27 | $13.7B | $4.3B | $3.5B | $800.0M | 5.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -135.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 25.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$32.3B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating cash flow improvement
Operating cash flow was higher than both the prior quarter and the same quarter last year, providing the primary lift to free cash flow despite an increase in capital expenditure from the prior quarter.
The stronger operating cash flow was the key factor in turning free cash flow positive and expanding the free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable sequentially but lower than a year ago. Operating cash flow increased compared to both prior periods, while capital expenditure rose from the previous quarter but fell sharply from the same quarter last year. The resulting free cash flow was positive and higher than both prior periods, with a margin that improved from negative a year ago and from near zero last quarter.
Compared to the prior quarter, revenue was flat while free cash flow and margin improved. Versus the same quarter a year ago, revenue was lower but free cash flow turned positive from negative, and margin improved from negative to positive.
Monitor capital expenditure levels, as they increased from the prior quarter while revenue remained stable.