Compare · Technology
AMD vs. Intel: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
AMD
1 · What it sells
AMD designs processors and graphics chips for data centers, PCs, game consoles and embedded uses, and had $34.6 billion of revenue in FY2025.
Sources and detail on the AMD page2 · Who pays it
In FY2025, data center customers paid 48.0% of AMD's revenue, PC makers and distributors 30.7%, console and graphics card customers 11.3% and embedded chip buyers 10.0%.
Sources and detail on the AMD page3 · What it keeps from $100
Of every $100 that came in during FY2025, AMD kept $12.2 as net income, including a $103 million net tax benefit with an $853 million one-off release of uncertain tax positions, investment gains and $66 million from discontinued operations, while its operating income, before interest and tax, was $10.7 per $100 of revenue.
Sources and detail on the AMD page4 · Where the operating profit comes from
In FY2025 Data Center earned $3.6 billion of segment operating income, Client and Gaming $2.9 billion and Embedded $1.2 billion, before $4.0 billion of company-wide items.
Sources and detail on the AMD page5 · The one thing to watch
OpenAI and Meta hold warrants for up to 320 million AMD shares at $0.01 each, equal to 19.6% of shares outstanding on Jul 29, 2026, and none had vested on Jun 27, 2026.
Sources and detail on the AMD page
Intel
1 · What it sells
Intel designs and makes CPUs, the main processor chips in PCs and servers, with net revenue of $52.9 billion in FY2025.
Sources and detail on the Intel page2 · Who pays it
In FY2025 Intel's three largest customers, which it does not name, paid 19%, 12% and 12% of net revenue, and all other customers paid 57%.
Sources and detail on the Intel page3 · What it keeps from $100
Of every $100 that came in during FY2025, Intel's shareholders lost $0.5 even with a one-off $5.6 billion Altera gain, and the operating loss was $4.2 per $100 of revenue.
Sources and detail on the Intel page4 · Where the operating profit comes from
In FY2025 Intel Products earned $12.7 billion of operating income, while Intel Foundry lost $10.3 billion and unallocated corporate costs took $5.5 billion.
Sources and detail on the Intel page5 · The one thing to watch
In Q3 FY2026 Intel Foundry lost $1.9 billion on $6.7 billion of revenue, of which $411 million came from outside customers.
Sources and detail on the Intel page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
AMD
Where $100 went · FY2025
| Research and development | $22.8 |
|---|---|
| Making the chips (cost of sales) | $46.5 |
| Marketing and administration | $11.7 |
| Amortization of acquired intangibles | $6.4 |
| Interest | $0.4 |
| Kept as net income | $12.2 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income, a tax benefit, equity income and discontinued operations): each line = line ÷ $35.4 billion × 100. There is no tax line because AMD had a net tax benefit of $103 million, which includes an $853 million one-off release of uncertain tax positions.
Intel
Where $100 went · FY2025
| Research and development | $24.3 |
|---|---|
| Making and buying chips (cost of sales) | $60.9 |
| Marketing, general and admin | $8.2 |
| Restructuring and other charges | $3.9 |
| Owed to noncontrolling holders | $0.5 |
| Income tax | $2.7 |
| Net loss for Intel's shareholders | −$0.5 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (net revenue plus $3.8 billion of investment gains, interest and other): each line = line ÷ $56.6 billion × 100. The money in includes a one-off $5.6 billion gain on selling 51% of Altera. Noncontrolling holders are outside owners of parts of Intel's units.
Line items differ because each company groups its costs its own way in its filings. Only on AMD's receipt: Making the chips (cost of sales); Marketing and administration; Amortization of acquired intangibles; Interest; Kept as net income. Only on Intel's receipt: Making and buying chips (cost of sales); Marketing, general and admin; Restructuring and other charges; Income tax; Owed to noncontrolling holders; Net loss for Intel's shareholders.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
AMD
Intel
See the numbers
Net income
AMD
Intel
See the numbers
Free cash flow
AMD
Intel
See the numbers
Who pays each company
AMD
- Data center customers · 48.0% of revenueVery large cloud and data center operators, server makers, system builders and distributors.
- PC makers and distributors · 30.7% of revenueCompanies that build and sell desktop and notebook PCs, and independent distributors.
- Console and graphics card customers · 11.3% of revenueConsole and handheld makers, and makers of graphics cards. AMD chips power the PlayStation 5 and Xbox Series S and X.
- Embedded chip buyers · 10.0% of revenueMakers of equipment for aerospace and defense, cars, factories, healthcare and communications, directly or through distributors.
Intel
- Largest customer · 19.0% of revenueUnnamed in the filing (Customer A). Substantially all revenue from the top three comes from Intel Products.
- Second-largest customer · 12.0% of revenueUnnamed in the filing (Customer B).
- Third-largest customer · 12.0% of revenueUnnamed in the filing (Customer C).
- All other customers · 57.0% of revenueOther PC makers, distributors, cloud companies and equipment makers. Intel does not report revenue by type of customer.
Revenue by segment
AMD
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Data Center | $16.6B | 48.0% |
| Client | $10.6B | 30.7% |
| Gaming | $3.9B | 11.3% |
| Embedded | $3.5B | 10.0% |
Intel
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Client Computing and Physical AI (CCPG) | $32.2B | 61.0% |
| Data Center and AI (DCAI) | $16.9B | 32.0% |
| Intel Foundry | $17.8B | 0.6% |
| All other (Mobileye, IMS and others) | $3.6B | 6.7% |
Debt and cash
AMD
- Debt
- $3.2B
- Cash and investments
- $13.1B
On Jun 27, 2026.
At Jun 27, 2026 AMD held $13.1 billion of cash and short-term investments and owed $3.2 billion of debt: $9.9 billion of net cash.
Intel
- Debt
- $50.1B
- Cash and investments
- $54.0B
On Sep 26, 2026.
At Sep 26, 2026 Intel's cash and short-term investments were $3.9 billion more than its $50.1 billion of debt; at Dec 27, 2025 debt was $9.2 billion more than cash.
Who owns each company
AMD
- One class of shares.
- Officers and directors as a group: 0.5% of shares (as of Mar 19, 2026).
- Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
- BlackRock, Inc.: 7.7% (as of Feb 1, 2024).
- The Vanguard Group (parent): 0.0% (as of Mar 13, 2026).
- 1 more holders on the AMD page.
Intel
- One class of shares.
- US Government (Department of Commerce): 8.4% (as of Mar 20, 2026).
- The Vanguard Group: 8.1% (as of Dec 31, 2025).
- BlackRock, Inc.: 6.8% (as of Jan 25, 2024).
- 1 more holders on the Intel page.
Sources: AMD S7, S23, S25, S24 · Intel S24, S6, S29, S1, S28, S27
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: demand, customer or supplier concentration, competition, execution. Every risk is on each company's page.
AMD
- Warrants and stock deals could add shares (other)AMD gave OpenAI and Meta warrants for up to 160 million shares each at $0.01 a share. They vest on GPU purchase milestones, conditions tied to AMD's share price and other conditions. Fully vested, the 320 million shares equal 19.6% of the 1,632.5 million shares outstanding on Jul 29, 2026. None had vested at Jun 27, 2026. The World Labs deal, about $8.2 billion in stock, would also add shares if it closes.
- US limits on chip exports to China (regulation)A US license requirement from April 2025 on MI308 GPUs led to about $800 million of charges in Q2 FY2025. About $360 million was reversed in Q4. AMD's 10-K says US officials expressed an expectation of 15% of licensed MI308 China revenue, with no regulation published at that time. Customers billed in China and Hong Kong were 22.4% of FY2025 revenue; billing location is not where chips end up.
- Larger commitments for supply and data centers (liquidity)Unconditional commitments rose from $12.2 billion at Dec 27, 2025 to $30.3 billion at Jun 27, 2026. AMD also had $4.5 billion of leases not yet started, signed $9.5 billion more after that date, and had up to $4.1 billion of lease guarantees. After the quarter it agreed to up to $5.0 billion of investment commitments and sold $4.75 billion of notes.
Intel
- Net income moves with Intel's own share price (other)Shares in escrow for the US Government are a liability that is revalued each quarter. A rising share price brings a non-cash loss and a falling price a gain: −$12.5 billion in Q2 FY2026, +$1.0 billion in Q3 FY2026.
- Israel factory and regional conflict (other)A mid-October 2026 accident at Intel's Kiryat Gat factory caused casualties and halted output for about two weeks. The 10-Q says a significant part of revenue comes from Intel 7 chips made there, and Intel is not insured for war-related interruption. It also describes the conflict with Iran as a risk to that factory.
- Debt, patent cases and a Mobileye writedown (legal cases)Debt was $50.1 billion at Sep 26, 2026. Intel accrued about $1.0 billion for VLSI patent cases, where one Texas jury awarded about $949 million with no final judgment yet. After a $3.9 billion charge in Q1 FY2026, Mobileye's goodwill (the premium paid for an acquisition) is $4.3 billion, with fair value less than 10% above carrying value.
Sources: AMD S7, S26, S30, S35, S1, S15, S39, S28 · Intel S6, S7, S1
Key facts
- How does AMD make money compared with Intel?
- AMD's revenue by segment in FY2025: Data Center 48.0%, Client 30.7%, Gaming 11.3%, Embedded 10.0%. Intel's revenue by segment in FY2025: Client Computing and Physical AI (CCPG) 61.0%, Data Center and AI (DCAI) 32.0%, Intel Foundry 0.6%, All other (Mobileye, IMS and others) 6.7%.
- Which is bigger by revenue, AMD or Intel?
- AMD reported $34.6B of revenue in FY2025, and Intel reported $52.9B in FY2025.
- How much net income did AMD and Intel report?
- AMD reported net income of $4.3B in FY2025, and Intel reported −$267M in FY2025.
- How much of every $100 did AMD and Intel keep as net income?
- AMD kept $12.2 of every $100 that came in during FY2025, and Intel kept −$0.5 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do AMD and Intel have?
- AMD had $3.2B of debt and $13.1B of cash and investments on Jun 27, 2026. Intel had $50.1B of debt and $54.0B of cash and investments on Sep 26, 2026.
- When do AMD's and Intel's fiscal years end?
- AMD: Last Saturday of December, a 52- or 53-week year: FY2025 ended Dec 27, 2025, FY2022 had 53 weeks, and Q2 FY2026 ended Jun 27, 2026. Intel: Fiscal year ends on the last Saturday of December (FY2022 had 53 weeks).
Built from each company's page. AMD updated Nov 1, 2026; Intel updated Nov 1, 2026.
Sources
AMD
- S1Form 10-K, fiscal year 2025 (ended Dec 27, 2025), Advanced Micro Devices, Inc. (SEC EDGAR), Feb 4, 2026
- S4Form 10-K, fiscal year 2023 (ended Dec 30, 2023), Advanced Micro Devices, Inc. (SEC EDGAR), Jan 31, 2024
- S7Form 10-Q, Q2 FY2026 (quarter ended Jun 27, 2026), Advanced Micro Devices, Inc. (SEC EDGAR), Aug 5, 2026
- S13Earnings release, Q2 FY2026 (Form 8-K, Ex. 99.1), Advanced Micro Devices, Inc. (SEC EDGAR), Aug 4, 2026
- S15Earnings release, Q4 and full year FY2025 (Form 8-K, Ex. 99.1), Advanced Micro Devices, Inc. (SEC EDGAR), Feb 3, 2026
- S23Proxy statement (DEF 14A) for the May 13, 2026 annual meeting, Advanced Micro Devices, Inc. (SEC EDGAR), Mar 27, 2026
- S24Schedule 13G/A (Amendment 13), The Vanguard Group, event date Mar 13, 2026, Advanced Micro Devices, Inc. (SEC EDGAR), Mar 26, 2026
- S25Schedule 13G, Vanguard Capital Management, event date Mar 31, 2026, Advanced Micro Devices, Inc. (SEC EDGAR), Apr 29, 2026
- S26Form 8-K, Sep 28, 2026: agreement to acquire World Labs (Item 3.02), Advanced Micro Devices, Inc. (SEC EDGAR), Sep 28, 2026
- S28Form 8-K, Aug 17, 2026: $4.75 billion senior notes (Items 1.01, 2.03), Advanced Micro Devices, Inc. (SEC EDGAR), Aug 17, 2026
- S30Form 8-K, Feb 24, 2026: Meta warrant and purchase arrangement (Items 1.01, 3.02), Advanced Micro Devices, Inc. (SEC EDGAR), Feb 24, 2026
- S35Form 8-K, Oct 6, 2025: OpenAI warrant and purchase agreement (Items 1.01, 3.02), Advanced Micro Devices, Inc. (SEC EDGAR), Oct 6, 2025
- S39Form 8-K, Apr 16, 2025: export license requirement on MI308, up to about $800 million of charges (Item 8.01), Advanced Micro Devices, Inc. (SEC EDGAR), Apr 16, 2025
Intel
- S1Form 10-K, fiscal 2025 (ended Dec 27, 2025), Intel Corporation (SEC EDGAR), Jan 23, 2026
- S3Form 10-K, fiscal 2023 (ended Dec 30, 2023), Intel Corporation (SEC EDGAR), Jan 26, 2024
- S6Form 10-Q, Q3 2026 (ended Sep 26, 2026), Intel Corporation (SEC EDGAR), Oct 30, 2026
- S7Form 10-Q, Q2 2026 (ended Jun 27, 2026), Intel Corporation (SEC EDGAR), Jul 24, 2026
- S14Earnings release, Q3 2026 (8-K Ex. 99.1), Intel Corporation (SEC EDGAR), Oct 29, 2026
- S24Proxy statement (DEF 14A), 2026 annual meeting, Intel Corporation (SEC EDGAR), Mar 23, 2026
- S27Schedule 13G/A, The Vanguard Group (realignment, zero shares), SEC EDGAR, Mar 27, 2026
- S28Schedule 13G/A, The Vanguard Group (Dec 31, 2025), SEC EDGAR, Jan 30, 2026
- S29Form 8-K, US Government Warrant and Common Stock Agreement, Intel Corporation (SEC EDGAR), Aug 25, 2025
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