Compute, memory and networkingINTCFilings through October 30, 2026

Intel capital spending

In the quarter ended September 26, 2026, Intel spent $4.0 billion on capital equipment, 79% of its $5.1 billion of operating cash flow and up 66% from a year earlier. Free cash flow was $1.1 billion, and long-term debt fell by $2.2 billion.

Next report: January 20, 2027, after the close. Provider schedule, not yet confirmed by the company. The full calendar.

Sources, method and freshnessFilings through October 30, 2026

Intel’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.

Cite as The Capex Report, Intel capital spending, filings through October 30, 2026.

Spending against cash flow

$ billion, quarterly
Intel, quarterly capital spending and operating cash flow through Sep 2026
Sep 2026Capital spending $4.0BOperating cash flow $5.1BFree cash flow $1.1B
-10-50510$ billionDec 2022Jul 2023Dec 2023Jun 2024Dec 2024Jun 2025Dec 2025Sep 2026

Bars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.

Intel’s quarterly capital spending has been above the same quarter a year earlier for one consecutive quarter. Over the latest four quarters it generated $17.5 billion from operations and spent $13.7 billion, leaving $3.8 billion of free cash flow against −$8.4 billion over the four before.

Intel, sources and uses of cash by quarter through Sep 2026
$ billion, quarterly. Sources above the axis, uses below.
Sep 2026Operating cash flow $5.1BLong-term debt issued $0.0MShort-term borrowing, net $0.0MCapital spending $4.0BFinance-lease principal $119.0MLong-term debt repaid $0.0MReturned to shareholders $0.0MChange in cash $8.8B
20100102030Jun 2024Mar 2025Dec 2025Sep 2026
Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
Millions of dollarsDec 2024
Q4 FY2024
Mar 2025
Q1 FY2025
Jun 2025
Q2 FY2025
Sep 2025
Q3 FY2025
Dec 2025
Q4 FY2025
Mar 2026
Q1 FY2026
Jun 2026
Q2 FY2026
Sep 2026
Q3 FY2026
Operating cash flow3,1658132,0502,5464,2881,0967,0065,082
Long-term debt issued00000013,0000
Short-term borrowing, net01,496501(1,997)0000
Stock issued000000022,617
Capital spending5,8345,1833,5502,4253,4883,6362,5564,024
Finance-lease principal0099400832119
Long-term debt repaid01,50002,25001,5007,5000
Share repurchases00000000
Dividends00000000
Free cash flow(2,669)(4,370)(1,500)121800(2,540)4,4501,058
Net long-term debt issued0(1,500)0(2,250)0(1,500)5,5000
Returned to shareholders00000000
Outside funding needed2,6694,3701,509(27)(800)2,540(3,618)(939)
Change in cash(536)6987461,4483,5712,983(4,098)8,801
Interest expense234299227282283264321324
Stock-based compensation651684664548538621686587

Millions of dollars, outflows positive as reported in the cash flow statement.

Intel, net debt by fiscal quarter; below zero is net cash
$ billion at quarter end
Sep 2026Net cash $3.9BGross debt $50.1B
−200204060Dec 2022Sep 2023Jun 2024Mar 2025Dec 2025Sep 2026
Net debtNet cashGross debt
Intel balance sheet, millions of US dollars
Millions of dollarsDec 2024
Q4 FY2024
Mar 2025
Q1 FY2025
Jun 2025
Q2 FY2025
Sep 2025
Q3 FY2025
Dec 2025
Q4 FY2025
Mar 2026
Q1 FY2026
Jun 2026
Q2 FY2026
Sep 2026
Q3 FY2026
Cash and equivalents8,249—9,64311,14114,26517,24712,87421,846
Short-term investments13,81312,10111,56319,79423,15115,54216,85332,159
Long-term investments————————
Cash and investments22,062—21,20630,93537,41632,78929,72754,005
Long-term debt46,28244,91144,02644,05744,08643,02748,54946,317
Current debt3,7295,2406,7312,4962,4992,0041,9883,817
Commercial paper01,5002,000—0———
Gross debt50,01150,15150,75746,55346,58545,03150,53750,134
Net debt27,949—29,55115,6189,16912,24220,810(3,871)
Property and equipment, net, as reported107,919109,763109,510105,047105,414104,458105,741105,314
Accumulated depreciation102,193103,036103,572105,063106,464107,896109,918111,913
Inventory12,19812,28111,37711,48911,61812,42612,49213,068
Inventory days128 days140 days111 days124 days121 days138 days119 days127 days
Total assets196,485192,242192,520204,514211,429205,332202,439228,574
Shareholders’ equity99,27099,75697,883106,376114,281111,39487,542114,914
Interest expense234299227282283264321324
Interest paid(112)635(121)642(50)600(69)557
Effective interest cost1.9%2.4%1.8%2.4%2.4%2.4%2.5%2.6%
Stock-based compensation651684664548538621686587
Shares outstanding, millions4,3304,3624,3774,7664,9945,0235,0435,310

Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.

Where the revenue is

Across the companies
Intel, Data Center and AI segment revenue (bars) and operating income (line), by fiscal quarter
$ billion, quarterly
Sep 2026Data Center and AI segment revenue $7.3BOperating income $3.0B
−202468Oct 2022Sep 2023Sep 2024Sep 2025Sep 2026
Data Center and AI segment revenueOperating income

Data Center and AI segment: $7.3B of revenue in Sep 2026, $3.0B of operating income (41.5% margin). Members read: StatementBusinessSegmentsAxis=DatacenterAndAIMember.

Intel, Intel Foundry segment revenue (bars) and operating income (line), by fiscal quarter
$ billion, quarterly
Sep 2026Intel Foundry segment revenue $6.7BOperating income −$1.9B
−10−50510Oct 2022Sep 2023Sep 2024Sep 2025Sep 2026
Intel Foundry segment revenueOperating income

Intel Foundry segment: $6.7B of revenue in Sep 2026, −$1.9B of operating income (-27.7% margin). Members read: StatementBusinessSegmentsAxis=IntelFoundryMember.

Segments are the company’s own, as tagged in its segment note, and are not comparable across companies. Operating income is reported only for reportable segments.

What the asset base is made of

Across the hyperscalers
Intel, property and equipment at cost by class, by fiscal quarter
$ billion at quarter end
Dec 2025Machinery and equipment $111.9BLand and buildings $65.4BConstruction in progress $34.5B
050100150200250Dec 2022Dec 2025
Machinery and equipmentLand and buildingsConstruction in progress
Intel property and equipment by class, millions of US dollars
Millions of dollarsDec 2022
Q4 FY2022
Dec 2023
Q4 FY2023
Dec 2024
Q4 FY2024
Dec 2025
Q4 FY2025
Machinery and equipment92,711100,033103,150111,940
Land and buildings44,80851,18256,54465,395
Construction in progress36,72743,44250,41834,543
Classes combined174,246194,657210,112211,878
Property and equipment, gross, as reported174,246194,657210,112211,878
Accumulated depreciation93,38698,010102,193106,464
Share of the balance the classes explain100.0%100.0%100.0%100.0%

Gross cost before depreciation, by the classes the company reports, with finance-lease right-of-use assets included in the reported total. Classes read: Construction In Progress, Land and Building, Machinery and Equipment.

Largest customers

Share of revenue or receivables, as disclosed
PeriodCustomerBenchmarkShareFiling
Year to Dec 2025Three Largest CustomersAccounts receivable47.0%10-K
Year to Dec 2025Three Largest CustomersRevenue43.0%10-K
Year to Dec 2025Dell IncRevenue19.0%10-K
Year to Dec 2025HPInc.Revenue12.0%10-K
Year to Dec 2025Lenovo Group LimitedRevenue12.0%10-K

Intel does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 4 customer labels seen in filings since 2023.

Intel bonds, notes, term loans and facilities since 2024
PricedTypeTranches and maturitiesCouponsAmount, $ millionsConfidenceFiling
Apr 27, 2026Registered notes5 tranches, 2031 to 20664.65 to 6.20%6,500High: term sheetFWP
Feb 15, 2024Registered notes3 tranches, 2031 to 20545.00 to 5.60%2,550High: term sheetFWP

In 2026 Intel has priced $6.5B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.

Demand behind the capex

All companies, side by side
Intel contracted revenue, millions of US dollars
Millions of dollarsDec 2024
Q4 FY2024
Mar 2025
Q1 FY2025
Jun 2025
Q2 FY2025
Sep 2025
Q3 FY2025
Dec 2025
Q4 FY2025
Mar 2026
Q1 FY2026
Jun 2026
Q2 FY2026
Sep 2026
Q3 FY2026
Revenue14,26012,66712,85913,65313,67413,57716,12816,513
Remaining performance obligations————————
Backlog over trailing revenue————————
Deferred revenue, current————————
Deferred revenue————————

At Dec 2019 Intel carried $1.8B of remaining performance obligations, 0.0× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.

Depreciation against capex

The five hyperscalers combined
Intel, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter
$ billion, quarterly
Sep 2026Depreciation of property and equipment $3.0BCapital spending $4.0B
02468Dec 2022Sep 2023Jun 2024Mar 2025Dec 2025Sep 2026
Depreciation of property and equipmentCapital spending
Intel capital spending and depreciation, millions of US dollars
Millions of dollarsDec 2024
Q4 FY2024
Mar 2025
Q1 FY2025
Jun 2025
Q2 FY2025
Sep 2025
Q3 FY2025
Dec 2025
Q4 FY2025
Mar 2026
Q1 FY2026
Jun 2026
Q2 FY2026
Sep 2026
Q3 FY2026
Capital spending5,8345,1833,5502,4253,4883,6362,5564,024
Depreciation of property and equipment2,3002,4252,7882,7582,7862,9022,9893,042
Capex to depreciation2.5×2.1×1.3×0.9×1.3×1.3×0.9×1.3×
Amortization of intangibles347249225234241234235190
Depreciation and amortization, as reported2,6472,6743,0132,9923,0273,1363,2243,232
Property and equipment, net, as reported107,919109,763109,510105,047105,414104,458105,741105,314
Property and equipment, gross————————

In Sep 2026 Intel spent 1.3× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 73 of 76 quarters on file.

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollarsDec 2024
Q4 FY2024
Mar 2025
Q1 FY2025
Jun 2025
Q2 FY2025
Sep 2025
Q3 FY2025
Dec 2025
Q4 FY2025
Mar 2026
Q1 FY2026
Jun 2026
Q2 FY2026
Sep 2026
Q3 FY2026
Revenue14,26012,66712,85913,65313,67413,57716,12816,513
Operating cash flow3,1658132,0502,5464,2881,0967,0065,082
Capital spending5,8345,1833,5502,4253,4883,6362,5564,024
Free cash flow(2,669)(4,370)(1,500)121800(2,540)4,4501,058
Depreciation and amortization2,6472,6743,0132,9923,0273,1363,2243,232
Long-term debt46,28244,91144,02644,05744,08643,02748,54946,317
First filed / release dateJan 31, 2025Apr 25, 2025Jul 24, 2025Nov 6, 2025Jan 23, 2026Apr 24, 2026Jul 24, 2026Oct 30, 2026

Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.

Questions this page answers

How much did Intel spend on capital expenditures last quarter?
Intel spent $4.0 billion on purchases of property and equipment in the quarter ended September 26, 2026, up 66% from the same quarter a year earlier. Over its latest four reported quarters it spent $13.7 billion.
Did Intel's capital spending exceed its operating cash flow?
No. In the quarter ended September 26, 2026 capital spending was 79% of Intel's $5.1 billion of operating cash flow, leaving free cash flow of $1.1 billion.
What is Intel's free cash flow?
$1.1 billion in the quarter ended September 26, 2026, and $3.8 billion over the latest four reported quarters, against −$8.4 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. One of the last four quarters was negative.
Is Intel's capital spending still rising?
Yes. Intel's quarterly capital spending has been above the same quarter a year earlier for one consecutive quarter. The latest four quarters' spending is 19% below the four before.
Did Intel borrow to fund its spending?
Intel's long-term debt fell by $2.2 billion over the quarter ended September 26, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
Is this Intel's AI spending?
No. These are Intel's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.

Terms used on this page

Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.