Delivers Record Quarterly and Full-Year Revenue
News Summary
• Fourth-quarter GAAP revenue was $20.5 billion, exceeding October guidance by $1.3 billion and up 3 percent year-over-year (YoY). Fourth-quarter non-GAAP revenue was $19.5 billion, exceeding October guidance by $1.2 billion. Full-year GAAP revenue set an all-time Intel record of $79.0 billion, up 1 percent YoY.
• Delivered GAAP fourth-quarter earnings per share (EPS) of $1.13, exceeding October guidance by 35 cents. Fourth-quarter non-GAAP EPS was $1.09, exceeding October guidance by 19 cents.
• In 2021, Intel generated $30.0 billion of cash from operations and $11.3 billion of free cash flow (FCF).
• Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80).
• Announces five percent increase to quarterly cash dividend.
SANTA CLARA, Calif., January 26, 2022 -- Intel Corporation today reported fourth-quarter and full-year 2021 financial results. The company also announced that its board of directors approved a cash dividend increase of five percent to $1.46 per share on an annual basis. The board declared a quarterly dividend of $0.365 per share on the company’s common stock, which will be payable on March 1 to shareholders of record as of February 7.
“Q4 represented a great finish to a great year. We exceeded top-line quarterly guidance by over $1 billion and delivered the best quarterly and full-year revenue in the company's history," said Pat Gelsinger, Intel CEO. “Our disciplined focus on execution across technology development, manufacturing, and our traditional and emerging businesses is reflected in our results. We remain committed to driving long-term, sustainable growth as we relentlessly execute our IDM 2.0 strategy.”
Q4 2021 Financial Highlights
|
|
GAAP |
|
Non-GAAP |
||||
|
|
Q4 2021 |
Q4 2020 |
vs. Q4 2020 |
|
Q4 2021 |
Q4 2020 |
vs. Q4 2020 |
|
Revenue ($B) |
$20.5 |
$20.0 |
up 3% |
|
$19.5 |
$18.9 |
up 4% |
|
Gross margin |
53.6% |
56.8% |
down 3.2 ppt |
|
55.4% |
60.0% |
down 4.6 ppt |
|
R&D and MG&A ($B) |
$6.0 |
$5.4 |
up 11% |
|
$5.8 |
$5.2 |
up 11% |
|
Operating margin |
24.3% |
29.5% |
down 5.1 ppt |
|
25.9% |
32.4% |
down 6.6 ppt |
|
Tax rate |
11.0% |
21.8% |
down 10.8 ppt |
|
11.7% |
21.7% |
down 10 ppt |
|
Net income ($B) |
$4.6 |
$5.9 |
down 21% |
|
$4.5 |
$6.1 |
down 27% |
|
Earnings per share |
$1.13 |
$1.42 |
down 21% |
|
$1.09 |
$1.48 |
down 26% |
In the fourth quarter, the company generated $5.8 billion in cash from operations and paid dividends of $1.4 billion.
Full-Year 2021 Financial Highlights
|
|
GAAP |
|
Non-GAAP |
||||
|
|
2021 |
2020 |
vs. 2020 |
|
2021 |
2020 |
vs. 2020 |
|
Revenue ($B) |
$79.0 |
$77.9 |
up 1% |
|
$74.7 |
$72.9 |
up 2% |
|
Gross margin |
55.4% |
56.0% |
down 0.5 ppt |
|
57.7% |
59.4% |
down 1.7 ppt |
|
R&D and MG&A ($B) |
$21.7 |
$19.7 |
up 10% |
|
$20.9 |
$18.9 |
up 10% |
|
Operating margin |
24.6% |
30.4% |
down 5.8 ppt |
|
29.7% |
33.4% |
down 3.7 ppt |
|
Tax rate |
8.5% |
16.7% |
down 8.2 ppt |
|
9.1% |
16.6% |
down 7.5 ppt |
|
Net income ($B) |
$19.9 |
$20.9 |
down 5% |
|
$22.4 |
$21.6 |
up 4% |
|
Earnings per share |
$4.86 |
$4.94 |
down 2% |
|
$5.47 |
$5.10 |
up 7% |
