Intel reported $52.9 billion of revenue in its fiscal year ended 27 December 2025. Advanced Micro Devices (AMD) reported $34.6 billion. On 26 October 2026 AMD was worth $867 billion. Intel was worth $456 billion. AMD's market value is 1.9 times Intel's.
Revenue and market value point in opposite directions, so this post puts the two companies side by side. We use their annual filings for personal computer (PC) chips, server chips, margins and valuation, then their share prices over five years.
AMD vs Intel: which company is bigger? Intel is bigger by revenue, with $52.9 billion against AMD's $34.6 billion in fiscal 2025. AMD is bigger by market value, with $867 billion against Intel's $456 billion on 26 October 2026.
In server and data centre chips, fiscal 2025 revenue was almost level: $16.6 billion for AMD and $16.9 billion for Intel. In PC chips, Intel sold $27.6 billion and AMD $10.6 billion.
AMD made an operating profit of 10.7% of revenue under US accounting rules (GAAP). Intel made an operating loss of 4.2%.
Over five years, $10,000 in AMD became $43,218 and $10,000 in Intel became $20,353. Over the last year, Intel gained 128.8% and AMD 104.6%.
How we compared AMD and Intel
Both companies design x86 processors, the chip design used in most PCs and servers. Their fiscal years both ended on 27 December 2025, so fiscal 2025 covers the same weeks for each.
Company figures come from each company's Form 10-K for fiscal 2025 and its Form 10-Q for the quarter ended 27 June 2026. A Form 10-K is the annual report. A Form 10-Q is the quarterly report. Both go to the US Securities and Exchange Commission.
All profit figures use GAAP, which stands for Generally Accepted Accounting Principles. We use no adjusted (non-GAAP) figures.
Prices run from the close on 26 October 2021 to the close on 26 October 2026, which is 1,255 trading days. Returns count dividends as though they were reinvested, before costs and tax. Market values use the share count on each company's latest 10-Q cover page, multiplied by the 26 October 2026 close.
How fast has each company's revenue grown?
Source: AMD and Intel Form 10-K filings, fiscal 2020 to 2025
AMD's revenue rose from $9.8 billion in fiscal 2020 to $34.6 billion in fiscal 2025. That is 3.55 times the money (34,639 million divided by 9,763 million), or 28.8% a year.
Intel's revenue fell from $77.9 billion to $52.9 billion over the same five fiscal years. That is a fall of 32.1%, or 7.5% a year.
Intel is still the larger seller. In the twelve months to 27 June 2026, its revenue was $57.0 billion against $41.3 billion for AMD. That is fiscal 2025 plus the first half of 2026, less the first half of 2025.
Who sells more PC chips and server chips?
Fiscal 2025 (year ended 27 December 2025) | AMD | Intel |
|---|---|---|
PC chips: segment | Client and Gaming | Client Computing Group |
Segment revenue | $14.6 billion | $32.2 billion |
Of which notebook and desktop processors | Client: $10.6 billion | Client: $27.6 billion |
Segment revenue growth | +50.8% | −3.4% |
Segment operating margin | 19.6% | 28.9% |
Data centre chips: segment | Data Center | Data Center and AI |
Segment revenue | $16.6 billion | $16.9 billion |
Segment revenue growth | +32.2% | +4.9% |
Segment operating margin | 21.7% | 20.2% |
Other reported segment | Embedded: $3.5 billion, margin 36.0% | Intel Foundry: $17.8 billion revenue, operating loss of $10.3 billion |
GAAP segment figures from each company's Form 10-K for fiscal 2025. Segment operating margin is segment operating income divided by segment revenue. Source: AMD and Intel Form 10-K filings
Each company reports its businesses in segments. The table shows the closest matches. Intel is far larger in PC chips. Its client business, which covers notebook and desktop processors, brought in $27.6 billion in fiscal 2025. AMD's Client segment brought in $10.6 billion.
In data centre chips, the two are level. AMD's Data Center segment sold $16.6 billion, up 32.2%. Intel's Data Center and AI segment (DCAI) sold $16.9 billion, up 4.9%.
The segments differ in what they hold. AMD's 10-K says its Data Center segment includes server processors, graphics processors, AI accelerators and programmable chips. Intel's 10-K describes DCAI as server processors, AI accelerators and networking products.
Segment profit leaves out some costs.
AMD's "All Other" includes two large costs.
One is $2.3 billion of acquisition-related amortisation, the gradual write-off of the price paid for acquired businesses. The other is $1.6 billion of share-based pay, meaning shares given to staff. Intel keeps share-based pay, restructuring and acquisition costs in "Corporate Unallocated".
Which company earns more on each dollar of sales?
Source: AMD and Intel Form 10-K filings, fiscal 2020 to 2025
Gross margin is the share of revenue left after the direct cost of making the product. In fiscal 2025 it was 49.5% for AMD and 34.8% for Intel. Operating margin deducts running costs such as research and sales. It also deducts restructuring charges.
AMD's GAAP operating margin was 10.7% in fiscal 2025. Intel's was negative 4.2%.
Intel's fell from 30.4% in fiscal 2020. AMD's was 14.0% in fiscal 2020, peaked at 22.2% in 2021 and has stayed below 14.0% since 2022. AMD's GAAP figure includes $2.3 billion of acquisition-related amortisation.
Over the twelve months to 27 June 2026, the operating margin was 15.7% for AMD and negative 0.1% for Intel.
Who makes the chips?
AMD's 10-K says it relies on Taiwan Semiconductor Manufacturing Company (TSMC) to make its leading processor and graphics chips. Intel's 10-K describes Intel Foundry as its manufacturing arm.
Intel Foundry had $17.8 billion of segment revenue in fiscal 2025.
Of that, $17.5 billion was intersegment, meaning it was charged to Intel's own product businesses. External customers paid $307 million. The segment's operating loss was $10.3 billion. That loss explains part of the gap between the two margins.
Our explainer on what TSMC does covers the factory side of the chip business. The semiconductor value chain shows where each company sits.
How do the valuation multiples compare?
Valuation on 26 October 2026 | AMD | Intel |
|---|---|---|
Share price (close) | $531.28 | $90.47 |
Shares outstanding (latest 10-Q cover page) | 1,632 million (29 July 2026) | 5,044 million (17 July 2026) |
Market value | $867.3 billion | $456.3 billion |
Revenue, twelve months to 27 June 2026 | $41.3 billion | $57.0 billion |
Price to sales | 21.0 | 8.0 |
GAAP net income, twelve months to 27 June 2026 | $6.4 billion | −$11.3 billion (loss) |
Price to earnings (GAAP) | 134.8 | Not meaningful, GAAP loss |
Market value is shares outstanding times the closing price. Twelve months to 27 June 2026 is fiscal 2025 plus the first six months of 2026 minus the first six months of 2025. Intel's net income is the amount attributable to Intel. Source: AMD and Intel Form 10-K and Form 10-Q filings; YX Insights price data
A multiple divides a company's market value by a measure of what it earns. Price to sales divides market value by twelve-month revenue. The price-to-earnings ratio divides it by twelve-month profit.
AMD trades at 21.0 times sales and 134.8 times GAAP earnings. Intel trades at 8.0 times sales. Its price-to-earnings ratio has no value, because Intel's GAAP earnings are negative.
Intel's twelve-month net loss of $11.3 billion includes a $13.6 billion non-cash charge from the first six months of 2026. It comes from restating the value of shares that Intel placed in escrow (held by a third party until conditions are met) for the US government.
Source: YX Insights price data (AMD, INTC, SPY)
A $10,000 stake in AMD at the close on 26 October 2021 was worth $43,218 on 26 October 2026, a return of 34.0% a year. The same stake in Intel was worth $20,353, or 15.3% a year. SPY (the S&P 500 ETF) turned $10,000 into $17,950, or 12.4% a year.
Both stocks swung widely. Volatility is how far a price moves from day to day, scaled to a year. We measure it as the standard deviation of simple daily returns, times the square root of 252. It was 57.7% a year for AMD and 55.5% for Intel, against 17.2% for SPY.
The window matters. Over three years AMD gained 467.2% and Intel 182.9%. Over the year to 26 October 2026, Intel's 128.8% beat AMD's 104.6%.
How bad were the falls?
Source: YX Insights price data (AMD, INTC)
We searched the five years for each stock's deepest fall from a previous high. AMD fell 65.4% between 29 November 2021 and 14 October 2022. It regained the old high on 18 January 2024, which is 2.14 years after the high.
Intel fell 65.0%, between 11 January 2022 and 8 April 2025. It regained its old high on 21 January 2026, 4.03 years after the high. This is a drawdown, a fall from a peak to a low.
Calendar years differ sharply. In 2024 Intel lost 59.6% and AMD lost 18.1%. In 2026, to 26 October, AMD gained 148.1% and Intel 145.2%.
What does this comparison leave out?
A different start date changes the ranking, as the one-year and three-year figures show. The filings give one fiscal year of segment detail here.
The comparison makes no forecast. Both are covered by our Multi-model Signals, our daily long-or-flat calls on the names we cover.
Intel sells more than AMD. AMD earns a higher margin. Intel Foundry's $10.3 billion operating loss is part of the gap. The market values AMD at 1.9 times Intel.
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Common questions about AMD vs Intel
Is AMD bigger than Intel?
AMD is bigger by market value and smaller by revenue. On 26 October 2026 AMD's shares were worth $867 billion against $456 billion for Intel. In fiscal 2025, which ended on 27 December 2025, AMD's revenue was $34.6 billion and Intel's was $52.9 billion.
Does AMD or Intel make more money?
AMD makes more profit. Its GAAP operating income was $3.7 billion in fiscal 2025, while Intel's was a loss of $2.2 billion. AMD's GAAP operating margin, which is operating income divided by revenue, is higher even though its revenue is smaller: 10.7% against negative 4.2%.
Which has been the better stock over five years?
AMD, over five years to 26 October 2026. A $10,000 stake in AMD became $43,218 and in Intel became $20,353, with dividends counted. Over the last year to 26 October 2026, Intel did better, up 128.8% against 104.6% for AMD.
Do AMD and Intel make the same chips?
Partly. Both design x86 processors, the chip design used in most PCs and servers. They differ in manufacturing. AMD relies on outside factories such as TSMC, while Intel manufactures through its own arm, Intel Foundry. Both report AI accelerators in their data centre segments: AMD in Data Center, Intel in DCAI.
DISCLAIMER: This article is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.
