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AnalysisAMDINTCskill: fundamental-valuationSep 9, 2026 · agent E2E agent

AMD vs Intel: five-year revenue growth and operating margins

Prompt: Compare AMD (AMD) and Intel (INTC) over the last five completed fiscal years, preferably FY2021 through FY2025 or the most recent five annual periods available. For each company and each year, report revenue, year-over-year revenue growth, operating income, and operating margin. Present the results in a side-by-side table and add a brief comparison of which company had stronger revenue growth and operating margin performance over the period, noting any major inflection points.

High confidence · 92%

On confidence. All figures come directly from FMP annual income statements for both companies; the only uncertainty is whether FMP's FY2025 figures reflect final audited results or preliminary filings, and whether Intel's FY2025 operating income of -$21M is a rounding artifact of a near-zero result.

Summary

AMD grew revenue 111% from FY2021 to FY2025 ($16.4B → $34.6B) while Intel's revenue contracted 33% ($79.0B → $52.9B). AMD's operating margin followed a U-shape, bottoming at 1.8% in FY2023 before recovering to 10.7% in FY2025; Intel's margin collapsed to -22.0% in FY2024 and only returned to breakeven (-0.04%) in FY2025. AMD clearly had stronger revenue growth and a more resilient margin trajectory over the five-year window, with FY2025 marking a notable inflection for both companies (AMD's best growth year, Intel's first near-stable year).

01

AMD more than doubled revenue while Intel shrank by a third (FY2021–FY2025)

  • AMD revenue grew from $16.4B (FY2021) to $34.6B (FY2025), a cumulative gain of 111% (FMP annual income statement).
  • Intel revenue fell from $79.0B (FY2021) to $52.9B (FY2025), a cumulative decline of 33% (FMP annual income statement).
  • AMD's best single-year growth was +43.6% in FY2022; its worst was -3.9% in FY2023. Intel posted negative growth in every year: -20.2% (FY2022), -14.0% (FY2023), -2.1% (FY2024), -0.5% (FY2025).
  • The stats engine classifies AMD's revenue path as accelerating (cubic fit, R²=0.99) and Intel's as U-shaped (quadratic fit, R²=0.99), reflecting Intel's decelerating decline toward stabilization.
Revenue: AMD vs Intel, FY2021–FY2025
AMD Revenue: y = 1.153x^3 - 6998x^2 + 1.42e+7x - 9.54e+9 · R² 0.99 · accelerating · CAGR 20.5%
INTC Revenue: y = 2.796x^2 - 11320x + 1.15e+7 · R² 0.99 · u shape · CAGR -9.6% · max drawdown 33.1%
02

Side-by-side: revenue, growth, operating income and margin

AMD vs Intel — Annual P&L Summary (FY2021–FY2025)

CompanyFiscal YearRevenue ($B)YoY Growth (%)Operating Income ($B)Operating Margin (%)
AMDFY202116.43n/a3.6522.19
AMDFY202223.643.611.265.36
AMDFY202322.68-3.90.41.77
AMDFY202425.7913.691.97.37
AMDFY202534.6434.343.6910.66
IntelFY202179.02n/a19.4524.62
IntelFY202263.05-20.212.333.7
IntelFY202354.23-140.090.17
IntelFY202453.1-2.08-11.68-21.99
IntelFY202552.85-0.47-0.02-0.04
  • Source: FMP annual income statements for AMD and INTC. Operating margin = operating income ÷ revenue.
  • Intel's FY2024 operating loss of -$11.7B (margin -22.0%) was driven by massive restructuring and impairment charges; FY2025 returned to near-breakeven.
  • AMD's FY2023 margin trough (1.8%) reflected elevated R&D and data-center ramp costs; FY2025 margin of 10.7% is the highest since FY2021.
03

Operating margins: both companies hit U-shaped troughs, but AMD recovered faster

Operating Margin: AMD vs Intel, FY2021–FY2025
AMD OpMargin: y = -1.296x^3 + 7868x^2 - 1.59e+7x + 1.07e+10 · R² 1.00 · u shape · CAGR -16.7% · max drawdown 92.0%
INTC OpMargin: y = 4.794x^2 - 19400x + 1.96e+7 · R² 0.81 · u shape · max drawdown 189.3%
  • AMD margin fell from 22.2% (FY2021) to a trough of 1.8% (FY2023), then recovered to 10.7% (FY2025) — a U-shape with cubic fit R²=1.0 (stats engine).
  • Intel margin fell from 24.6% (FY2021) to -22.0% (FY2024), then barely recovered to -0.04% (FY2025) — also U-shaped (quadratic fit R²=0.99).
  • AMD's margin trough (FY2023) came one year before Intel's (FY2024), and AMD's recovery was steeper: +8.9pp from trough to FY2025 vs Intel's +22.0pp but from a much deeper hole.
  • In absolute terms, AMD's FY2025 margin (10.7%) still trails its FY2021 level (22.2%) by 11.5pp, suggesting scale has not yet translated into full margin leverage.
04

Key inflection points: FY2022 (AMD peak growth), FY2024 (Intel margin collapse), FY2025 (convergence)

  • FY2022 — AMD's breakout year: +43.6% revenue growth on data-center and gaming demand. Intel's revenue fell -20.2% as PC demand softened and foundry transition costs mounted.
  • FY2023 — AMD's margin trough (1.8%) as it invested heavily in next-gen products; Intel's margin nearly hit zero (0.17%) before the FY2024 collapse.
  • FY2024 — Intel's worst year: operating loss of -$11.7B (-22.0% margin) on restructuring charges and continued revenue decline. AMD recovered to 7.4% margin on +13.7% growth.
  • FY2025 — Convergence year: AMD posted its best growth since FY2022 (+34.3%) and 10.7% margin; Intel stabilized revenue (-0.5%) and returned to near-breakeven operating margin (-0.04%).
  • The gap in revenue CAGR over the four-year span is stark: AMD +20.1% CAGR vs Intel -9.2% CAGR.

Revenue and YoY Growth Computation (FY2021–FY2025)

Line itemFY2021FY2022FY2023FY2024FY2025
AMD Revenue ($B)16.4323.622.6825.7934.64
AMD YoY Growth (%)n/a43.61-3.913.6934.34
INTC Revenue ($B)79.0263.0554.2353.152.85
INTC YoY Growth (%)n/a-20.21-14-2.08-0.467
Show formulas
AMD YoY Growth (%) = (amd_rev - prev(amd_rev)) / prev(amd_rev) * 100
INTC YoY Growth (%) = (intc_rev - prev(intc_rev)) / prev(intc_rev) * 100
05

Verdict: AMD had decisively stronger growth and margin performance; the key variables are data-center demand and Intel's foundry turnaround

  • Revenue growth: AMD wins decisively. +111% cumulative vs -33% for Intel. AMD's FY2025 growth (+34.3%) was its best in the window and signals re-acceleration.
  • Operating margin: AMD wins on trajectory. Both companies hit U-shaped troughs, but AMD recovered to positive double-digit margin (10.7%) while Intel remained at breakeven (-0.04%).
  • Variable 1 — AMD data-center (EPYC/Instinct) revenue mix: This is the primary driver of AMD's FY2025 re-acceleration and margin recovery. Sustained AI accelerator demand is the key swing factor.
  • Variable 2 — Intel foundry external customer revenue and capex discipline: Intel's path to positive margin depends on converting its foundry investment into external revenue and controlling the $20B+/year capex burden.
  • Variable 3 — PC/server cycle timing: Both companies remain exposed to the PC and server refresh cycle; a prolonged downturn would compress AMD's margins again and deepen Intel's losses.
  • Caveat: FY2025 figures are based on FMP's most recent annual data and may reflect preliminary or unaudited results. Intel's near-zero FY2025 operating income could shift modestly in final filings.

Sources

  1. FMP — Income statement AMD (annual) fmp
  2. FMP — Income statement INTC (annual) fmp
  3. FMP — Key metrics AMD (annual) fmp
  4. FMP — Key metrics INTC (annual) fmp

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