<p>半导体巨头 <strong>英特尔</strong>(INTC 3.34%) 在 2023 年削减了股息，并在 2024 年彻底停止了股息支付，原因是长期的困境和疲弱的财务表现。最初的股息削减帮助公司保留现金，以便将资金投入其制造业务，而股息暂停则伴随着大规模裁员，并在前首席执行官帕特·基尔辛格被解雇的几个月前发生。</p>
<p>虽然英特尔有一位新首席执行官，计划积极削减成本并精简运营，但股息在短期内不太可能恢复。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIyMTQvZ2V0dHktZGl2aWRlbmQtaW5jb21lLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIyMTQvZ2V0dHktZGl2aWRlbmQtaW5jb21lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>资产负债表恶化</h2>
<p>英特尔在过去几年中投资于新的制造设施和新工艺技术，以期重新获得相对于 <strong>台积电</strong> 的制造优势，并建立自己的代工业务。这本来就是一项耗时多年的工作，初期消耗的现金远远超过产生的现金。即使在今天，随着英特尔 18A 工艺向量产迈进，代工业务从外部客户那里获得的收入仍然微乎其微。</p>
<p>这种巨额支出正值英特尔的产品业务遭遇困境之际。疫情期间的繁荣之后，个人电脑需求的严重下滑影响了客户端计算业务，同时也受到 <strong>AMD</strong> 的竞争影响。在数据中心领域，AMD 的强劲产品以及对 AI 加速器支出的转移导致收入下降，利润大幅缩水。</p>
<p>所有这些的净结果是，资产负债表遭受重创。尽管在 2025 年第一季度末，英特尔的现金和短期投资约为 210 亿美元，但其债务超过 500 亿美元。英特尔的债务负担在过去 15 年中不断上升，从 2010 年的几乎为零增长到 2020 年的近 300 亿美元，并在今天超过 500 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d36e83431a84c8f53e6b3ebdaee0ae44.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d36e83431a84c8f53e6b3ebdaee0ae44.png"/></p>
<p>INTC 总长期债务（年度）数据来自 YCharts。</p>
<p>英特尔手头有充足的现金，但需要一个大缓冲来继续其制造投资并应对不确定的经济环境。在英特尔的债务减少之前，股息极不可能恢复。</p>
<h2>利润和现金流问题</h2>
<p>英特尔的产品业务，包括所有第一方 PC CPU、服务器 CPU 和其他产品，仍然是盈利的。在第一季度，产品业务在 117 亿美元的收入中产生了 29 亿美元的营业收入。</p>
<p>问题在于代工业务，目前几乎所有收入都来自英特尔的产品业务。代工业务在第一季度录得 23 亿美元的营业亏损，收入不足 10 亿美元。加上企业运营费用，英特尔在该季度的总营业亏损为 3.01 亿美元。</p>
<p>由于英特尔的资本支出远远超过折旧，现金流状况看起来更糟糕，这要归功于其制造投资。英特尔在第一季度的资本支出超过 50 亿美元，导致调整后的自由现金流损失约 37 亿美元。目前，英特尔的产品业务产生的现金远远不足以支持公司的持续投资。</p>
<p>英特尔正在剥离和出售非核心业务，包括最近出售对 Altera 的控股权，并将 2025 年的总资本支出目标下调 20 亿美元至 180 亿美元。这些举措将有助于改善情况，但产品业务的反弹和代工业务的外部收入流入对于公司考虑恢复股息是必要的。</p>
<h2>股息可能会恢复，但需要时间</h2>
<p>在新任首席执行官林博坦的领导下，英特尔计划削减成本，减少中层管理层，并缩减员工人数。公司还将重新关注工程和倾听客户的声音，后者对于赢得主要代工客户至关重要。英特尔使用 18A 工艺的首批芯片预计将在今年年底前开始发货，可能会通过在性能和效率上赶上台积电来结束 AMD 的制造领先地位。</p>
<p>虽然英特尔的转型可能在 2026 年获得进展，但股息在短期内不太可能恢复。英特尔还有很多工作要做，以稳定并扩大其 CPU 市场份额，并且仍需赢得主要代工客户并提升外部代工收入。</p>
<p>一旦这一切发生，改善资产负债表和减少债务应成为首要任务。股息可能不是当前的优先事项，公司可能需要数年时间才能认真考虑恢复对投资者的股息支付。</p>

英特尔

<p>英特尔因持续的财务困境暂停了股息，包括超过 500 亿美元的重大债务负担和其代工业务的亏损。尽管其产品业务产生了 29 亿美元的营业收入，但由于高额的资本支出，公司面临现金流问题。在新任首席执行官谭立夫的领导下，英特尔专注于削减成本和改善运营，但由于公司优先考虑稳定财务状况和减少债务，近期恢复股息的可能性不大</p>

<p>Semiconductor giant <strong>Intel</strong>(INTC 3.34%) slashed its dividend in 2023 and then pulled the plug completely in 2024 amid chronic struggles and weak financial performance. The initial dividend cut helped the company preserve cash as it plowed capital into its manufacturing operations, while the dividend suspension was coupled with significant layoffs and came a few months before former CEO Pat Gelsinger was shown the door.</p>
<div class="lb-trans"><p>半导体巨头 <strong>英特尔</strong>(INTC 3.34%) 在 2023 年削减了股息，并在 2024 年彻底停止了股息支付，原因是长期的困境和疲弱的财务表现。最初的股息削减帮助公司保留现金，以便将资金投入其制造业务，而股息暂停则伴随着大规模裁员，并在前首席执行官帕特·基尔辛格被解雇的几个月前发生。</p>
</div><p>While Intel has a new CEO with plans to aggressively cut costs and streamline operations, the dividend is unlikely to make a comeback any time soon.</p>
<div class="lb-trans"><p>虽然英特尔有一位新首席执行官，计划积极削减成本并精简运营，但股息在短期内不太可能恢复。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIyMTQvZ2V0dHktZGl2aWRlbmQtaW5jb21lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822214%2Fgetty-dividend-income.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A deteriorating balance sheet</h2>
<div class="lb-trans"><h2>资产负债表恶化</h2>
</div><p>Intel has spent the past few years investing in new manufacturing facilities and new process technologies in a bid to regain its manufacturing advantage against <strong>TSMC</strong> and build out a foundry business of its own. This was always going to be a multiyear endeavor that consumed far more cash than it produced in the beginning. Even today, with the Intel 18A process marching toward volume production, the foundry business generates minimal revenue from external customers.</p>
<div class="lb-trans"><p>英特尔在过去几年中投资于新的制造设施和新工艺技术，以期重新获得相对于 <strong>台积电</strong> 的制造优势，并建立自己的代工业务。这本来就是一项耗时多年的工作，初期消耗的现金远远超过产生的现金。即使在今天，随着英特尔 18A 工艺向量产迈进，代工业务从外部客户那里获得的收入仍然微乎其微。</p>
</div><p>This heavy spending occurred just as Intel's products business hit the skids. A severe downturn in PC demand following a pandemic-era boom hurt the client computing business, as did competition from <strong>AMD</strong>. In the data center segment, strong products from AMD and a shift in spending toward AI accelerators knocked down revenue and decimated profits.</p>
<div class="lb-trans"><p>这种巨额支出正值英特尔的产品业务遭遇困境之际。疫情期间的繁荣之后，个人电脑需求的严重下滑影响了客户端计算业务，同时也受到 <strong>AMD</strong> 的竞争影响。在数据中心领域，AMD 的强劲产品以及对 AI 加速器支出的转移导致收入下降，利润大幅缩水。</p>
</div><p>The net result of all of this is a balance sheet that has taken a beating. While Intel had around $21 billion in cash and short-term investments at the end of the first quarter of 2025, it also had more than $50 billion in debt. Intel's debt load has been climbing for the past 15 years, rising from next to nothing in 2010 to nearly $30 billion in 2020 and topping $50 billion today.</p>
<div class="lb-trans"><p>所有这些的净结果是，资产负债表遭受重创。尽管在 2025 年第一季度末，英特尔的现金和短期投资约为 210 亿美元，但其债务超过 500 亿美元。英特尔的债务负担在过去 15 年中不断上升，从 2010 年的几乎为零增长到 2020 年的近 300 亿美元，并在今天超过 500 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d36e83431a84c8f53e6b3ebdaee0ae44.png" alt="" original-src="https://media.ycharts.com/charts/d36e83431a84c8f53e6b3ebdaee0ae44.png"/></p>
<p>INTC Total Long Term Debt (Annual) data by YCharts.</p>
<div class="lb-trans"><p>INTC 总长期债务（年度）数据来自 YCharts。</p>
</div><p>Intel has plenty of cash on hand but needs a big buffer to continue its manufacturing investments and weather an uncertain economic environment. Until Intel's debt is reduced, a dividend is highly unlikely.</p>
<div class="lb-trans"><p>英特尔手头有充足的现金，但需要一个大缓冲来继续其制造投资并应对不确定的经济环境。在英特尔的债务减少之前，股息极不可能恢复。</p>
</div><h2>Profit and cash-flow troubles</h2>
<div class="lb-trans"><h2>利润和现金流问题</h2>
</div><p>Intel's products business, which includes all its first-party PC CPUs, server CPUs, and other products, is still profitable. In the first quarter, the products business generated an operating income of $2.9 billion on $11.7 billion in revenue.</p>
<div class="lb-trans"><p>英特尔的产品业务，包括所有第一方 PC CPU、服务器 CPU 和其他产品，仍然是盈利的。在第一季度，产品业务在 117 亿美元的收入中产生了 29 亿美元的营业收入。</p>
</div><p>The problem is the foundry business, which currently generates nearly all its revenue internally from Intel's products business. The foundry business registered an operating loss of $2.3 billion and less than $1 billion in revenue in the first quarter. Add in corporate operating expenses, and Intel produced a total operating loss of $301 million for the quarter.</p>
<div class="lb-trans"><p>问题在于代工业务，目前几乎所有收入都来自英特尔的产品业务。代工业务在第一季度录得 23 亿美元的营业亏损，收入不足 10 亿美元。加上企业运营费用，英特尔在该季度的总营业亏损为 3.01 亿美元。</p>
</div><p>The cash-flow situation looks much worse since Intel's capital spending is vastly outpacing depreciation, thanks to its manufacturing investments. Intel poured more than $5 billion into capital expenditures in the first quarter alone, leading to an adjusted free-cash-flow loss of roughly $3.7 billion. At the moment, Intel's products business isn't generating nearly enough cash to fund the company's ongoing investments.</p>
<div class="lb-trans"><p>由于英特尔的资本支出远远超过折旧，现金流状况看起来更糟糕，这要归功于其制造投资。英特尔在第一季度的资本支出超过 50 亿美元，导致调整后的自由现金流损失约 37 亿美元。目前，英特尔的产品业务产生的现金远远不足以支持公司的持续投资。</p>
</div><p>Intel is spinning off and selling off non-core businesses, including the recent sale of a majority stake in Altera, and it reduced its target for gross capital spending in 2025 by $2 billion to $18 billion. Those moves will help the situation, but a rebound in the products business and an influx of external revenue in the foundry business are going to be necessary for the company to even consider restarting its dividend.</p>
<div class="lb-trans"><p>英特尔正在剥离和出售非核心业务，包括最近出售对 Altera 的控股权，并将 2025 年的总资本支出目标下调 20 亿美元至 180 亿美元。这些举措将有助于改善情况，但产品业务的反弹和代工业务的外部收入流入对于公司考虑恢复股息是必要的。</p>
</div><h2>The dividend could return, but it will take a while</h2>
<div class="lb-trans"><h2>股息可能会恢复，但需要时间</h2>
</div><p>Under new CEO Lip-Bu Tan, Intel is planning to slash costs, remove layers of middle management, and downsize its workforce. The company is also putting a renewed focus on engineering and listening to its customers, the latter of which will be critical to winning major foundry customers. Intel's first chips using the Intel 18A process will start shipping by the end of this year, potentially ending AMD's manufacturing lead by catching up to TSMC in terms of performance and efficiency.</p>
<div class="lb-trans"><p>在新任首席执行官林博坦的领导下，英特尔计划削减成本，减少中层管理层，并缩减员工人数。公司还将重新关注工程和倾听客户的声音，后者对于赢得主要代工客户至关重要。英特尔使用 18A 工艺的首批芯片预计将在今年年底前开始发货，可能会通过在性能和效率上赶上台积电来结束 AMD 的制造领先地位。</p>
</div><p>While Intel's turnaround could gain traction in 2026, the dividend isn't likely to return for some time. Intel has a lot of work left to do to stabilize and then grow its CPU market share and still needs to win major foundry customers and ramp up external foundry revenue.</p>
<div class="lb-trans"><p>虽然英特尔的转型可能在 2026 年获得进展，但股息在短期内不太可能恢复。英特尔还有很多工作要做，以稳定并扩大其 CPU 市场份额，并且仍需赢得主要代工客户并提升外部代工收入。</p>
</div><p>Once all that happens, improving the balance sheet and reducing debt should be the top priority. The dividend is probably not a priority right now, and it will likely be years before the company seriously considers restarting dividend payments to investors.</p>
<div class="lb-trans"><p>一旦这一切发生，改善资产负债表和减少债务应成为首要任务。股息可能不是当前的优先事项，公司可能需要数年时间才能认真考虑恢复对投资者的股息支付。</p>
</div>

When Will Intel Reinstate Its Dividend?

- 英特尔在 2023 年削减了股息，并在 2024 年完全暂停。  
- 该公司面临财务困境，债务超过 50 亿美元，现金流状况不佳。  
- 新 CEO 计划削减成本，但股息恢复需时，优先考虑稳定财务。  

英特尔何时会恢复派发股息？