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.

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.

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.

Intel, quarter ended September 26, 2026

79%

Share of operating cash flow

Below 100%: covered by operations

Capital spending, quarter: $4.0B; +65.9% against the same quarter a year earlier
Free cash flow, quarter: $1.1B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $13.7B; −19.4% against the four quarters before
Long-term debt, change: −$2.2B; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 1.3×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

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

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.

Financing the build

The five hyperscalers combined

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

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 dollars	Dec 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 flow	3,165	813	2,050	2,546	4,288	1,096	7,006	5,082
Long-term debt issued	0	0	0	0	0	0	13,000	0
Short-term borrowing, net	0	1,496	501	(1,997)	0	0	0	0
Stock issued	0	0	0	0	0	0	0	22,617
Capital spending	5,834	5,183	3,550	2,425	3,488	3,636	2,556	4,024
Finance-lease principal	0	0	9	94	0	0	832	119
Long-term debt repaid	0	1,500	0	2,250	0	1,500	7,500	0
Share repurchases	0	0	0	0	0	0	0	0
Dividends	0	0	0	0	0	0	0	0
Free cash flow	(2,669)	(4,370)	(1,500)	121	800	(2,540)	4,450	1,058
Net long-term debt issued	0	(1,500)	0	(2,250)	0	(1,500)	5,500	0
Returned to shareholders	0	0	0	0	0	0	0	0
Outside funding needed	2,669	4,370	1,509	(27)	(800)	2,540	(3,618)	(939)
Change in cash	(536)	698	746	1,448	3,571	2,983	(4,098)	8,801
Interest expense	234	299	227	282	283	264	321	324
Stock-based compensation	651	684	664	548	538	621	686	587

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

The balance sheet

The five hyperscalers combined

Intel, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Sep 2026Net cash $3.9BGross debt $50.1B

Net debtNet cashGross debt

Intel balance sheet, millions of US dollars
Millions of dollars	Dec 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 equivalents	8,249	—	9,643	11,141	14,265	17,247	12,874	21,846
Short-term investments	13,813	12,101	11,563	19,794	23,151	15,542	16,853	32,159
Long-term investments	—	—	—	—	—	—	—	—
Cash and investments	22,062	—	21,206	30,935	37,416	32,789	29,727	54,005
Long-term debt	46,282	44,911	44,026	44,057	44,086	43,027	48,549	46,317
Current debt	3,729	5,240	6,731	2,496	2,499	2,004	1,988	3,817
Commercial paper	0	1,500	2,000	—	0	—	—	—
Gross debt	50,011	50,151	50,757	46,553	46,585	45,031	50,537	50,134
Net debt	27,949	—	29,551	15,618	9,169	12,242	20,810	(3,871)
Property and equipment, net, as reported	107,919	109,763	109,510	105,047	105,414	104,458	105,741	105,314
Accumulated depreciation	102,193	103,036	103,572	105,063	106,464	107,896	109,918	111,913
Inventory	12,198	12,281	11,377	11,489	11,618	12,426	12,492	13,068
Inventory days	128 days	140 days	111 days	124 days	121 days	138 days	119 days	127 days
Total assets	196,485	192,242	192,520	204,514	211,429	205,332	202,439	228,574
Shareholders’ equity	99,270	99,756	97,883	106,376	114,281	111,394	87,542	114,914
Interest expense	234	299	227	282	283	264	321	324
Interest paid	(112)	635	(121)	642	(50)	600	(69)	557
Effective interest cost	1.9%	2.4%	1.8%	2.4%	2.4%	2.4%	2.5%	2.6%
Stock-based compensation	651	684	664	548	538	621	686	587
Shares outstanding, millions	4,330	4,362	4,377	4,766	4,994	5,023	5,043	5,310

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

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

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

Machinery and equipmentLand and buildingsConstruction in progress

Intel property and equipment by class, millions of US dollars
Millions of dollars	Dec 2022 Q4 FY2022	Dec 2023 Q4 FY2023	Dec 2024 Q4 FY2024	Dec 2025 Q4 FY2025
Machinery and equipment	92,711	100,033	103,150	111,940
Land and buildings	44,808	51,182	56,544	65,395
Construction in progress	36,727	43,442	50,418	34,543
Classes combined	174,246	194,657	210,112	211,878
Property and equipment, gross, as reported	174,246	194,657	210,112	211,878
Accumulated depreciation	93,386	98,010	102,193	106,464
Share of the balance the classes explain	100.0%	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

Period	Customer	Benchmark	Share	Filing
Year to Dec 2025	Three Largest Customers	Accounts receivable	47.0%	10-K
Year to Dec 2025	Three Largest Customers	Revenue	43.0%	10-K
Year to Dec 2025	Dell Inc	Revenue	19.0%	10-K
Year to Dec 2025	HPInc.	Revenue	12.0%	10-K
Year to Dec 2025	Lenovo Group Limited	Revenue	12.0%	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.

Debt issued

The ledger across all companies

Intel bonds, notes, term loans and facilities since 2024
Priced	Type	Tranches and maturities	Coupons	Amount, $ millions	Confidence	Filing
Apr 27, 2026	Registered notes	5 tranches, 2031 to 2066	4.65 to 6.20%	6,500	High: term sheet	FWP
Feb 15, 2024	Registered notes	3 tranches, 2031 to 2054	5.00 to 5.60%	2,550	High: term sheet	FWP

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 dollars	Dec 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
Revenue	14,260	12,667	12,859	13,653	13,674	13,577	16,128	16,513
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

Depreciation of property and equipmentCapital spending

Intel capital spending and depreciation, millions of US dollars
Millions of dollars	Dec 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 spending	5,834	5,183	3,550	2,425	3,488	3,636	2,556	4,024
Depreciation of property and equipment	2,300	2,425	2,788	2,758	2,786	2,902	2,989	3,042
Capex to depreciation	2.5×	2.1×	1.3×	0.9×	1.3×	1.3×	0.9×	1.3×
Amortization of intangibles	347	249	225	234	241	234	235	190
Depreciation and amortization, as reported	2,647	2,674	3,013	2,992	3,027	3,136	3,224	3,232
Property and equipment, net, as reported	107,919	109,763	109,510	105,047	105,414	104,458	105,741	105,314
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.

The statement

Download the source data

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
Millions of dollars	Dec 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
Revenue	14,260	12,667	12,859	13,653	13,674	13,577	16,128	16,513
Operating cash flow	3,165	813	2,050	2,546	4,288	1,096	7,006	5,082
Capital spending	5,834	5,183	3,550	2,425	3,488	3,636	2,556	4,024
Free cash flow	(2,669)	(4,370)	(1,500)	121	800	(2,540)	4,450	1,058
Depreciation and amortization	2,647	2,674	3,013	2,992	3,027	3,136	3,224	3,232
Long-term debt	46,282	44,911	44,026	44,057	44,086	43,027	48,549	46,317
First filed / release date	Jan 31, 2025	Apr 25, 2025	Jul 24, 2025	Nov 6, 2025	Jan 23, 2026	Apr 24, 2026	Jul 24, 2026	Oct 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 flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

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