Forecasting and Estimating Share Value Using the DCF Model Following are the income statement and balance sheet for Intel Corporation. INTEL CORPORATION Consolidated Statements of Income Year Ended (In millions) Dec. 25, 2010 Dec. 26, 2009 Dec. 27, 2008 Net revenue $ 44,223 $ 35,127 $ 37,586 Cost of sales 15,132 15.566 16,742 Gross margin 29,091 19,561 20,844 Research and development 6,576 5.653 5,722 Marketing, general and administrative 6,309 7,931 5,452 Restructuring and asset impairment charges 231 710 Amortization of acquisition-related intangibles 18 35 6 Operating expenses 12,903 13,850 11,890 Operating income 16,188 5,711 8,954 Gains (losses) on equity method investments, net* 117 (147) (1,380) Gains (losses) on other equity investments, net 231 (23) (376) Interest and other, net 109 163 488 Income before taxes 16,645 5,704 7,686 Provisions for taxes 4,581 1,335 2,394 $ 12,064 $ 4,369 $ 5,292 Net income *This should be considered as operating income.