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This article presents Intel’s operating expenses breakdown. Let’s look at the details!
For other key statistics of Intel Corporation, you may find more resources on this page: Intel key stats.
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Table Of Contents
Definitions And Overview
Insight & Summary of Observed Trends
Z1. Insight & Summary of Intel’s Operating Expenses Breakdown
Intel Operating Expenses Statistics
A1. Operating expenses breakdown by type
A2. Operating expenses mix by type
A3. Operating expenses growth by type
A4. Operating expenses to revenue ratio
Reference, Credits, and Disclosure
S1. References and Credits
S2. Disclosure
Definitions
To help readers understand the content better, the following terms and glossaries have been provided.
Operating Expenses to Revenue Ratio: The Operating Expense to Revenue Ratio (often just called the Operating Expense Ratio or OER) is a financial metric that measures how much of a company’s total revenue is consumed by its day-to-day operating expenses.
In simple terms, it tells you what percentage of every dollar earned goes directly toward running the business (like paying salaries, rent, and marketing), before factoring in things like taxes, interest, or the direct cost of creating a product.
The Formula
How to Interpret the Ratio
The OER is a primary indicator of operational efficiency and scalability:
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A Low Ratio: Generally implies strong operational efficiency. The company is successfully controlling its overhead costs, meaning more of its revenue is retained as operating profit. It also suggests the business can scale revenue without proportionally exploding its fixed costs.
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A High Ratio: Indicates that a large chunk of the company’s income is being eaten up by everyday expenses. If this ratio continually increases, it may signal inefficiencies, poor cost control, or an unfavorable cost structure that is hurting profitability.
Insight & Summary of Intel’s Operating Expenses Breakdown
The following analysis consolidates the trends observed across Intel’s operating expenses, expenses breakdown, expenses mix, expenses growth, and ratio to revenue for the 2017–2025 period.
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Intel’s total operating expenses remained relatively stable in absolute terms, ranging between $20–29 billion, but the ratio to revenue rose sharply, peaking at 55% in 2024 before easing to 39% in 2025. This reflects pressure from declining revenue rather than uncontrolled expense growth.
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R&D consistently dominated the expense mix, accounting for 60–74% of total operating expenses, underscoring Intel’s heavy innovation focus.
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MG&A steadily declined as a share of expenses, falling from over 36% in 2017 to below 23% by 2025, highlighting efficiency gains in administrative spending.
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Restructuring costs were volatile, spiking to 24% of expenses in 2024 before normalizing, reflecting Intel’s ongoing transformation efforts.
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Growth trends show R&D rising strongly in 2021–2022, with double-digit increases, before contracting in 2024–2025. MG&A consistently declined across most years, reinforcing Intel’s cost discipline.
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Ratios to revenue reveal R&D intensity climbing to over 30% in 2023–2024, while MG&A fell below 10%, further emphasizing the strategic prioritization of technology investment.
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In summary, Intel’s expense profile reflects a deliberate pivot toward R&D, supported by reductions in MG&A, but challenged by revenue compression that inflated expense ratios.
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In essence, The trends highlight Intel’s commitment to innovation, balanced against the need to restore revenue growth to sustain profitability and absorb high R&D intensity.
The table below combines all key Intel’s operating expenses metrics into a single view for the latest three fiscal years.
Intel's Operating Expenses Analysis — Averages
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Intel's Operating Expenses Breakdown by Type (3-Year Average (FY2023–FY2025)) | |
| Research & Development | $15,455M |
| Marketing, General, & Administrative | $5,255M |
| Restructuring and Other | $3,033M |
| Total Operating Expenses | $23,743M |
| Intel's Operating Expenses Mix by Type (3-Year Average (FY2023–FY2025)) | |
| Research & Development | 66.0% |
| Marketing, General, & Administrative | 22.5% |
| Restructuring and Other | 11.4% |
| Total Operating Expenses | 100.0% |
| Intel's Operating Expenses Growth by Type (3-Year Average (FY2023–FY2025)) | |
| Research & Development | -7.4% |
| Marketing, General, & Administrative | -12.6% |
| Restructuring and Other | n.a. |
| Total Operating Expenses | -2.2% |
| Intel's Operating Expenses to Revenue Ratio (3-Year Average (FY2023–FY2025)) | |
| Research & Development | 29.0% |
| Marketing, General, & Administrative | 9.8% |
| Restructuring and Other | 5.7% |
| Total Operating Expenses | 44.5% |
This table covers FY2023–FY2025. Expense averages rounded to the nearest million US dollars. Mix averages rounded to one decimal place. Growth averages rounded to one decimal place. Restructuring and Other is excluded, as its year-over-year growth is not applicable (n.a.) -- its underlying dollar base crosses zero across fiscal years, making a percentage-growth average not meaningful. Ratio averages rounded to one decimal place.
Operating expenses breakdown by type
View data as table
Intel Operating Expenses Breakdown by Type — All Metrics by Fiscal Year
| Fiscal Year | Research & Development | Marketing, General, & Administrative | Restructuring and Other | Total Operating Expenses |
|---|---|---|---|---|
| 2017 | $13,035M | $7,629M | $384M | $21,048M |
| 2018 | $13,543M | $6,950M | $-72M | $20,421M |
| 2019 | $13,362M | $6,350M | $393M | $20,105M |
| 2020 | $13,556M | $6,180M | $198M | $19,934M |
| 2021 | $15,190M | $6,543M | $2,626M | $24,359M |
| 2022 | $17,528M | $7,002M | $2M | $24,532M |
| 2023 | $16,046M | $5,634M | $-62M | $21,618M |
| 2024 | $16,546M | $5,507M | $6,970M | $29,023M |
| 2025 | $13,774M | $4,624M | $2,191M | $20,589M |
Intel's Operating Expenses Breakdown by Type — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Research & Development | $15,455M |
| Marketing, General, & Administrative | $5,255M |
| Restructuring and Other | $3,033M |
| Total Operating Expenses | $23,743M |
Expense averages rounded to the nearest million US dollars.
Operating expenses mix by type
View data as table
Intel Operating Expenses Mix by Type — All Metrics by Fiscal Year
| Fiscal Year | Research & Development | Marketing, General, & Administrative | Restructuring and Other |
|---|---|---|---|
| 2017 | 61.9% | 36.2% | 1.8% |
| 2018 | 66.3% | 34.0% | -0.4% |
| 2019 | 66.5% | 31.6% | 2.0% |
| 2020 | 68.0% | 31.0% | 1.0% |
| 2021 | 62.4% | 26.9% | 10.8% |
| 2022 | 71.4% | 28.5% | 0.0% |
| 2023 | 74.2% | 26.1% | -0.3% |
| 2024 | 57.0% | 19.0% | 24.0% |
| 2025 | 66.9% | 22.5% | 10.6% |
Intel's Operating Expenses Mix by Type — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Research & Development | 66.0% |
| Marketing, General, & Administrative | 22.5% |
| Restructuring and Other | 11.4% |
| Total Operating Expenses | 100.0% |
Mix averages rounded to one decimal place.
Operating expenses growth by type
View data as table
Intel Operating Expenses Growth by Type — All Metrics by Fiscal Year
| Fiscal Year | Research & Development | Marketing, General, & Administrative | Total Operating Expenses |
|---|---|---|---|
| 2018 | 3.9% | -8.9% | -3.0% |
| 2019 | -1.3% | -8.6% | -1.5% |
| 2020 | 1.5% | -2.7% | -0.9% |
| 2021 | 12.1% | 5.9% | 22.2% |
| 2022 | 15.4% | 7.0% | 0.7% |
| 2023 | -8.5% | -19.5% | -11.9% |
| 2024 | 3.1% | -2.3% | 34.3% |
| 2025 | -16.8% | -16.0% | -29.1% |
Intel's Operating Expenses Growth by Type — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Research & Development | -7.4% |
| Marketing, General, & Administrative | -12.6% |
| Restructuring and Other | n.a. |
| Total Operating Expenses | -2.2% |
Growth averages rounded to one decimal place. Restructuring and Other is excluded, as its year-over-year growth is not applicable (n.a.) -- its underlying dollar base crosses zero across fiscal years, making a percentage-growth average not meaningful.
Operating expenses to revenue ratio
View data as table
Intel Operating Expenses to Revenue Ratio — All Metrics by Fiscal Year
| Fiscal Year | Research & Development | Marketing, General, & Administrative | Restructuring and Other | Total Operating Expenses |
|---|---|---|---|---|
| 2017 | 20.8% | 12.2% | 0.6% | 33.5% |
| 2018 | 19.1% | 9.8% | -0.1% | 28.8% |
| 2019 | 18.6% | 8.8% | 0.5% | 27.9% |
| 2020 | 17.4% | 7.9% | 0.3% | 25.6% |
| 2021 | 19.2% | 8.3% | 3.3% | 30.8% |
| 2022 | 27.8% | 11.1% | 0.0% | 38.9% |
| 2023 | 29.6% | 10.4% | -0.1% | 39.9% |
| 2024 | 31.2% | 10.4% | 13.1% | 54.7% |
| 2025 | 26.1% | 8.7% | 4.1% | 39.0% |
The definition of the expenses to revenue ratio is available here: Expenses to Revenue Ratio.
Intel's Operating Expenses to Revenue Ratio — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| Research & Development | 29.0% |
| Marketing, General, & Administrative | 9.8% |
| Restructuring and Other | 5.7% |
| Total Operating Expenses | 44.5% |
Ratio averages rounded to one decimal place.
References and Credits
1. All financial figures presented were obtained and referenced from Inte’s quarterly and annual reports published on the company’s investor relations page: Intel Annual Reports.
2. Pexels Images.
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