Intel (INTC) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue, gross margin, and EPS exceeded guidance, reflecting improved execution, operational efficiency, and progress in rebuilding product and process competitiveness.

• Interim co-CEOs are driving business simplification, focused investments, and cost management, with a renewed emphasis on innovation and x86 ecosystem strengths.

• Full-year 2024 revenue was $53.1 billion, down 2.1% year-over-year; Q4 revenue was $14.3 billion, down 7% year-over-year.

• Generated $3.2 billion in Q4 and $8.3 billion in full-year cash from operations; paid $1.6 billion in dividends in 2024.

• Strategic focus on client edge, traditional data center, and AI data center, with Panther Lake launch in 2H'25 and strong AI PC innovation pipeline.

Financial highlights

• Q4 2024 revenue was $14.3 billion, up 7% sequentially, at the high end of guidance but down 7% year-over-year.

• Non-GAAP gross margin for Q4 was 42.1%, 260 bps above guidance, but down 6.7 points YoY; GAAP gross margin was 39.2%.

• Q4 EPS was $0.13 (non-GAAP), above guidance; GAAP EPS was $(0.03); full-year non-GAAP EPS was $(0.13).

• Adjusted free cash flow for Q4 was $(1.5) billion; full-year adjusted free cash flow was $(1.5) billion.

• Q4 operating cash flow was $3.2 billion; year-end cash and short-term investments totaled $22.1 billion.

Outlook and guidance

• Q1 2025 revenue guidance is $11.7–$12.7 billion, down 11–18% sequentially, reflecting seasonality and macro uncertainty.

• Q1 2025 gross margin expected at ~36% (non-GAAP), with break-even EPS at midpoint guidance.

• Full-year 2025 net capital spending expected at $8.0–$11.0 billion after incentives and partner contributions.

• 2025 gross capital investments guided at ~$20 billion, at the low end of prior range.

• Continued focus on cash flow from operations, lower CapEx, and monetization of non-core assets.