AMD reckons it's about to finally take the lead over Intel in total revenue

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AMD has just posted another record quarter, with revenue topping $13 billion and its net income sitting at $2.4 billion. That is a lot of billions, and my brain is slightly struggling to comprehend it. But AMD’s CFO and treasurer, Jean Hu, is projecting that this success will continue into the next quarter, predicting revenue figures of around $17 billion for Q4. Let’s just compare that to Intel, which is expecting to continue posting flat, or slightly down, revenue figures of $15 – $16 billion itself.

Such a result would represent the first time that AMD has actually generated higher revenue figures than Intel for its lifetime. Or as far back as I can find the actual revenue figures for anyways.

Whether that will necessarily translate into a higher net income figure for AMD, I’m not entirely sure. Maths is not my strong point, and whether AMD’s total revenue going up by another $3 billion will push its net income over the $3 billion mark where Intel currently sits I’m not sure. But it’s going to be mighty close for sure.

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But net income is not really the significant thing in terms of making history; AMD has been consistently turning a profit since 2018, and in the years up to now there have definitely been times when it has beaten Intel on that score, most notably in 2024 where Intel reported a staggering $18.7 billion loss for the year. AMD made $1.6 billion in that same timeframe. And last year AMD beat Intel again in the profit stakes.

Despite it being a punishing last quarter for Intel in terms of its stock price collapsing, the company did at least return to profitability.

(Image credit: Future)

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Intel vs. AMD quarterly revenue and profit
Quarter	Intel Revenue ($M)	Intel Net Income ($M)	AMD Revenue ($M)	AMD Net Income ($M)
Q1 2021	19,673	3,360	3,445	555
Q2 2021	19,631	5,060	3,850	710
Q3 2021	19,192	6,823	4,313	923
Q4 2021	20,528	4,623	4,826	974
Q1 2022	18,353	8,113	5,887	786
Q2 2022	15,321	−454	6,550	447
Q3 2022	15,338	1,019	5,565	66
Q4 2022	14,042	−664	5,599	21
Q1 2023	11,715	−2,758	5,353	−139
Q2 2023	12,949	1,481	5,359	27
Q3 2023	14,158	297	5,800	299
Q4 2023	15,406	2,669	6,168	667
Q1 2024	12,724	−381	5,473	123
Q2 2024	12,833	−1,610	5,835	265
Q3 2024	13,284	−16,639	6,819	771
Q4 2024	14,260	−126	7,658	482
Q1 2025	12,667	−821	7,438	709
Q2 2025	12,859	−2,918	7,685	872
Q3 2025	13,653	4,063	9,246	1,243
Q4 2025	13,674	−591	10,270	1,511
Q1 2026	13,577	−3,728	10,253	1,383
Q2 2026	16,128	−11,033	11,536	2,297
Q3 2026	16,513	3,320	13,377	2,428

But total revenue is still something else entirely. Intel has remained relatively flat in terms of its own revenue figures, while AMD has surged on the inside. Its recent earnings call puts AMD at roughly twice what it was reporting just two years ago.

For the fabless company to be where it is, and where it’s expected to be by the end of the year, is quite staggering. Especially for any of us who watched AMD flailing around in the mid-2010s. You’ve got to hand it to Dr. Su, the turnaround for AMD has been little short of miraculous.