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This article compares the research and development (R&D) spending of Advanced Micro Devices (AMD) and Intel Corporation.
AMD operates as a fabless semiconductor company, designing its own chips while outsourcing manufacturing entirely to third-party foundries — primarily TSMC — allowing it to remain capital-light and agile in product development.
Intel, by contrast, has historically operated as an integrated device manufacturer (IDM), designing and fabricating its own chips through an extensive global network of proprietary fabs, a model that demands substantial capital investment but offers greater control over manufacturing processes.
Despite their distinct business models, both AMD and Intel have consistently invested heavily in research and development, competing to advance leadership in microchip design, high-performance computing, and graphics technologies.
Let’s look at both companies’ R&D expenditures.
For other statistics of AMD, Inc. and Intel Corporation, you may find more information on this page: AMD key stats and Intel key stats.
Please use the table of contents to navigate this page.
Table Of Contents
Definitions And Overview
Insight & Summary of Observed Trends
Z1. Insight & Summary of AMD and Intel’s R&D Comparison
AMD vs Nvidia in R&D Statistics
A1. R&D spending
A2. R&D Growth
A3. R&D to Revenue Ratio
A4. R&D to Gross Profit Ratio
A5. R&D to OpEx Ratio
Reference, Credits, and Disclosure
S1. References and Credits
S2. Disclosure
Definitions Of Ratio
To help readers understand the content better, the following terms and glossaries have been provided.
R&D to Revenue Ratio: The R&D to revenue ratio is a financial metric measuring the proportion of a company’s revenue that is spent on research and development (R&D).
It is calculated by dividing the total R&D expenditures by the total revenue, usually expressed as a percentage. This ratio helps investors and analysts understand how much a company is investing in innovation and future growth relative to its sales.
The formula for the R&D to revenue ratio is:
\[\text{R&D to Revenue Ratio} = \left( \frac{\text{R&D Expenditures}}{\text{Total Revenue}} \right) \times 100\%\]
A higher R&D to revenue ratio indicates a stronger commitment to innovation and development, which can be crucial for long-term growth and competitiveness.
R&D to Gross Profit Ratio: The R&D to gross profit ratio is a financial metric measuring the proportion of a company’s gross profit that is spent on research and development (R&D).
This ratio helps investors and analysts evaluate how much of a company’s gross profit is being reinvested into innovation and future growth.
The formula for the R&D to gross profit ratio is:
\[\text{R&D to Gross Profit Ratio} = \left( \frac{\text{R&D Expenditures}}{\text{Gross Profit}} \right) \times 100\%\]
A higher R&D to gross profit ratio indicates a greater investment in innovation relative to the company’s profitability, which can be a sign of a commitment to long-term growth and competitiveness.
R&D to Operating Expenses Ratio: The R&D to operating expenses ratio is a financial metric measuring the proportion of a company’s operating expenses that are spent on research and development (R&D).
This ratio helps evaluate how much of the company’s total expenses are dedicated to innovation and future growth efforts.
The formula for the R&D to operating expenses ratio is:
\[\text{R&D to Operating Expenses Ratio} = \left( \frac{\text{R&D Expenditures}}{\text{Total Operating Expenses}} \right) \times 100\%\]
A higher R&D to operating expenses ratio indicates a greater commitment to innovation relative to the company’s overall spending, which can be a positive indicator of future growth potential. Comparing this ratio with industry peers can provide additional insights into a company’s investment in research and development.
Insight & Summary of AMD and Intel’s R&D Comparison
The following analysis consolidates the trends observed for AMD and Intel’s research and development comparison for the 2019–2025 period.
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AMD’s R&D spending grew aggressively, rising more than fivefold from $1.5 billion in 2019 to over $8 billion in 2025, with consistent double-digit growth rates across most years.
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Intel, while maintaining far higher absolute spending — peaking above $17 billion — saw stagnation and even contraction in later years, reflecting a less dynamic trajectory.
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Relative to revenue, Intel consistently allocated a larger share to R&D, with ratios climbing above 30% in 2023–2024, compared to AMD’s ~20–26%.
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However, AMD’s R&D intensity relative to gross profit remained structurally higher, often exceeding 45%, signaling a leaner model where innovation is tightly linked to profitability.
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Both companies devoted substantial portions of operating expenses to R&D, with Intel trending higher at ~65–74% versus AMD’s ~53–69%. Yet Intel’s efficiency weakened as R&D consumed up to 95% of gross profit in 2024, underscoring margin pressure, while AMD maintained a more balanced profile.
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In summary, AMD demonstrates rapid scaling of R&D investment with disciplined intensity, while Intel’s larger but less efficient spending reflects structural challenges. The contrast highlights AMD’s innovation-driven growth momentum versus Intel’s struggle to translate massive R&D outlays into sustained profitability.
The table below combines all key Research and Development metrics into a single view for the latest three fiscal years.
AMD vs Intel Research & Development Analysis — 3-Year Average (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D Spend | $6,806M | $15,455M |
| R&D Growth | 17.5% | -7.4% |
| R&D to Revenue Ratio | 24.8% | 29.0% |
| R&D to Gross Profit Ratio | 51.3% | 81.4% |
| R&D to Total Operating Expenses Ratio | 59.4% | 66.0% |
Dollar averages rounded to the nearest million US dollars; growth and ratio averages rounded to one decimal place.
AMD vs Intel in R&D Spending
View data as table
AMD vs Intel R&D Spend — By Year
| Fiscal Year | R&D Spend ($ Millions) | |
|---|---|---|
| AMD | Intel | |
| 2019 | $1,547M | $13,362M |
| 2020 | $1,983M | $13,556M |
| 2021 | $2,845M | $15,190M |
| 2022 | $5,005M | $17,528M |
| 2023 | $5,872M | $16,046M |
| 2024 | $6,456M | $16,546M |
| 2025 | $8,091M | $13,774M |
AMD vs Intel R&D Spend — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D Spend | $6,806M | $15,455M |
Dollar averages rounded to the nearest million US dollars.
AMD vs Intel in R&D Growth
View data as table
AMD vs Intel R&D Growth — By Year
| Fiscal Year | R&D Growth (%) | |
|---|---|---|
| AMD | Intel | |
| 2020 | 28.2% | 1.5% |
| 2021 | 43.5% | 12.1% |
| 2022 | 75.9% | 15.4% |
| 2023 | 17.3% | -8.5% |
| 2024 | 9.9% | 3.1% |
| 2025 | 25.3% | -16.8% |
AMD vs Intel R&D Growth — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D Growth | 17.5% | -7.4% |
Growth averages are the simple average of the annual year-over-year growth rates, rounded to one decimal place.
AMD vs Intel in R&D to Revenue Ratio
View data as table
AMD vs Intel R&D to Revenue Ratio — By Year
| Fiscal Year | R&D to Revenue Ratio (%) | |
|---|---|---|
| AMD | Intel | |
| 2019 | 23.0% | 18.6% |
| 2020 | 20.3% | 17.4% |
| 2021 | 17.3% | 19.2% |
| 2022 | 21.2% | 27.8% |
| 2023 | 25.9% | 29.6% |
| 2024 | 25.0% | 31.2% |
| 2025 | 23.4% | 26.1% |
You can find the definition of the R&D to revenue ratio here: R&D To Revenue Ratio.
AMD vs Intel R&D to Revenue Ratio — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D to Revenue Ratio | 24.8% | 29.0% |
Ratio averages rounded to one decimal place.
AMD vs Intel in R&D to Gross Profit Ratio
View data as table
AMD vs Intel R&D to Gross Profit Ratio — By Year
| Fiscal Year | R&D to Gross Profit Ratio (%) | |
|---|---|---|
| AMD | Intel | |
| 2019 | 53.9% | 31.7% |
| 2020 | 45.6% | 31.1% |
| 2021 | 35.9% | 34.7% |
| 2022 | 47.2% | 65.2% |
| 2023 | 56.1% | 73.9% |
| 2024 | 50.7% | 95.4% |
| 2025 | 47.2% | 75.0% |
You can find the definition of the R&D to gross profit ratio here: R&D To Gross Profit Ratio.
AMD vs Intel R&D to Gross Profit Ratio — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D to Gross Profit Ratio | 51.3% | 81.4% |
Ratio averages rounded to one decimal place.
AMD vs Intel in R&D to Operating Expenses (OpEx) Ratio
View data as table
AMD vs Intel R&D to Total Operating Expenses Ratio — By Year
| Fiscal Year | R&D to Total Operating Expenses Ratio (%) | |
|---|---|---|
| AMD | Intel | |
| 2019 | 69.2% | 66.5% |
| 2020 | 66.6% | 68.0% |
| 2021 | 66.5% | 62.4% |
| 2022 | 53.6% | 71.4% |
| 2023 | 58.4% | 74.2% |
| 2024 | 59.6% | 57.0% |
| 2025 | 60.1% | 66.9% |
You can find the definition of the R&D to OPEX ratio here: R&D To Operating Expenses Ratio.
AMD vs Intel R&D to Total Operating Expenses Ratio — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) | |
|---|---|---|
| AMD | Intel | |
| R&D to Total Operating Expenses Ratio | 59.4% | 66.0% |
Ratio averages rounded to one decimal place.
References and Credits
1. All financial figures presented in this article were obtained and referenced from AMD and Intel’s annual reports published in the company’s investors relation pages: AMD Financial Reports and Intel Investor Relations.
2. Pexels Images.
Disclosure
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