AXA vs Intel: Revenue, Profit and Business Model
AXA reported ~$131.1B of revenue in FY2025 and ~$11.1B of net income. Intel reported $52.9B of revenue in FY2025 and a net loss of $267M.
Latest financial snapshot
Financial summary
AXA
AXA's results combine large, slow-moving premium income with investment income on the reserves it holds. In 2025 gross written premiums and other revenues rose 6% to ~$131 billion (EUR 116 billion), underlying earnings rose 6% to ~$9.49 billion (EUR 8.4 billion), underlying earnings per share rose 8% to EUR 3.86 and net income rose to ~$11.1 billion (EUR 9.80 billion), helped by the gain on the sale of AXA Investment Managers. The property and casualty combined ratio improved 0.3 points to 90.6%, so underwriting itself was profitable before investment income. The Solvency II ratio ended 2025 at 224%, and 215% on January 1, 2026 once capital instruments under Solvency II transitional measures stopped qualifying. AXA proposed a dividend of EUR 2.32 per share for 2025, up 8%, alongside an annual buyback of up to $1.41 billion (EUR 1.25 billion).
Intel
Intel's revenue peaked at $79.0 billion in 2021 and fell to $53.1 billion in 2024, when it posted an $18.8 billion net loss driven by restructuring and impairments. FY2025 revenue was $52.9 billion with a much smaller $267 million net loss, and the year ended with $37.4 billion in cash and short-term investments. Q2 2026 revenue rose 25% to $16.1 billion with a 41.8% non-GAAP gross margin and $0.42 non-GAAP EPS. GAAP net loss for the quarter was $11.0 billion, almost all from a $12.5 billion non-cash mark-to-market charge on shares escrowed for the U.S. Department of Commerce. Intel guided Q3 2026 revenue to $15.8-16.8 billion.
Revenue and profit by year
AXA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$131.1B | ~$11.1B | 8.4% | +5.2% | Source |
| FY2024 | ~$124.6B | ~$8.9B | 7.2% | +7.4% | Source |
| FY2023 | ~$116.1B | ~$8.1B | 7.0% | +0.7% | Source |
| FY2022 | ~$115.3B | — | 0.0% | +2.1% | Source |
| FY2021 | ~$112.9B | ~$8.2B | 7.3% | +3.0% | Source |
| FY2020 | ~$109.6B | — | 0.0% | -6.3% | Source |
| FY2019 | ~$117B | — | 0.0% | +0.6% | Source |
| FY2018 | ~$116.3B | — | 0.0% | — | Source |
| FY2016 | ~$113B | — | 0.0% | — | Source |
Intel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52.9B | -$267M | -0.5% | -0.5% | Source |
| FY2024 | $53.1B | -$18.8B | -35.3% | -2.1% | Source |
| FY2023 | $54.2B | $1.7B | 3.1% | -14.0% | Source |
| FY2022 | $63.1B | $8B | 12.7% | -20.2% | Source |
| FY2021 | $79B | $19.9B | 25.1% | +1.5% | Source |
| FY2020 | $77.9B | $20.9B | 26.8% | +8.2% | Source |
| FY2019 | $72B | $21B | 29.2% | +1.6% | Source |
| FY2018 | $70.8B | $21.1B | 29.7% | +12.9% | Source |
| FY2017 | $62.8B | $9.6B | 15.3% | +5.7% | Source |
| FY2016 | $59.4B | $10.3B | 17.4% | — | Source |
Where the revenue comes from
AXA
- Property & Casualty Insurance~50%
Gross written premiums and revenues of ~$65.5 billion (EUR 58 billion) in 2025, up 5%, including personal lines of ~$22.3 billion (EUR 19.7 billion) and AXA XL Reinsurance of ~$2.94 billion (EUR 2.6 billion). The 90.6% combined ratio means the book was profitable before investment income.
- Life & Savings Insurance~32%
~$42.4 billion (EUR 37.5 billion) of 2025 premiums and revenues, up 9%, with unit-linked business up 13%. Capital-light savings and protection contracts have replaced much of the traditional guaranteed savings book.
- Health Insurance~16%
~$21.5 billion (EUR 19 billion) of 2025 premiums and revenues, up 5% on pricing, spanning individual cover, group schemes and employee benefits. Health earnings grew 17% in 2025.
- Asset Management (divested July 2025)~1%
AXA Investment Managers contributed revenues only until July 1, 2025, when it was sold to BNP Paribas Cardif for ~$5.76 billion (EUR 5.1 billion) in cash out of a ~$6.1 billion (EUR 5.4 billion) total transaction value.
Intel
- Client Computing and Physical AI Group~55%
Core and Core Ultra PC processors, chipsets, and edge platforms; $8.9B in Q2 2026, up 13% year over year.
- Data Center and AI~39%
Xeon server CPUs, AI accelerators, and data-center platforms; $6.3B in Q2 2026, up 59% year over year.
- Intel Foundry (external)small
Wafer manufacturing and advanced packaging for outside customers; most foundry revenue is internal sales to Intel Products and eliminates in consolidation.
- Mobileye and Other~6%
Mobileye ADAS chips and other businesses.
Business model and strategy
AXA
How it makes money
AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits).
Growth strategy
AXA grows mostly organically in insurance lines it can price, supplemented by bolt-on deals: Laya Healthcare in Ireland and GACM España in 2023, and a 51% stake in the Italian direct insurer Prima announced in 2025 for ~$565 million (EUR 500 million). The bigger strategic move has been simplification.
Competitive advantage
AXA's main advantage is a diversified risk pool. Writing motor, home, commercial property, liability, health and life cover in 52 countries lets one bad year in a single market or line be absorbed elsewhere: in 2025 growth in health and European commercial lines offset pressure in other portfolios. Its balance sheet supports that spread, with a Solvency II ratio of 224% at the end of 2025.
Intel
How it makes money
Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel. Since 2024 it reports two halves. Intel Products (client CPUs, Xeon data-center CPUs, AI accelerators) sells to OEMs, hyperscalers, and enterprises. Intel Foundry manufactures wafers and packages for Intel Products and for external customers, competing with TSMC and Samsung.
Growth strategy
Under Lip-Bu Tan, Intel has cut layers and headcount, slowed some fab projects such as Ohio, and tied foundry spending to committed customer demand.
Competitive advantage
Intel's advantages are the installed base of x86 software, deep OEM and enterprise relationships, leading-edge U.S. fabs, and advanced packaging (EMIB, Foveros) that AI chip designers increasingly need. Its role as the main American maker of leading-edge logic chips also brings policy support: the U.S. government became its largest shareholder in August 2025.
Questions about AXA vs Intel
Which company has higher revenue — AXA SA or Intel Corporation?
AXA SA reported ~$131.1B (FY2025), while Intel Corporation reported $52.9B (FY2025). By last reported revenue, AXA SA is the larger business, with Intel Corporation reporting a smaller revenue base.
What is the market cap of AXA SA vs Intel Corporation?
AXA SA's market capitalisation stands at $90.3B, while Intel Corporation's is $639.9B. Intel Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AXA SA.
Which is more financially efficient — AXA SA or Intel Corporation?
AXA SA generates $840k / employee in revenue per employee, while Intel Corporation generates $621k / employee. AXA SA shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do AXA SA and Intel Corporation make money?
AXA SA and Intel Corporation generate revenue in fundamentally different ways. AXA SA: AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits). Intel Corporation: Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel.
Which company is valued higher relative to revenue — AXA SA or Intel Corporation?
On a price-to-sales (P/S) basis, AXA SA trades at 0.7x P/S and Intel Corporation at 12.1x P/S. Intel Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AXA SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AXA SA bigger than Intel Corporation?
By last reported revenue, AXA SA (~$131.1B (FY2025)) is the larger company compared to Intel Corporation ($52.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AXA vs Intel overview