Intel vs Target: Revenue, Profit and Business Model
Intel reported $52.9B of revenue in FY2025 and a net loss of $267M. Target reported $104.8B of revenue in FY2025 and $3.7B of net income.
Latest financial snapshot
Financial summary
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.
Target
Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.
Revenue and profit by year
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 |
Target
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $104.8B | $3.7B | 3.5% | -1.7% | Source |
| FY2024 | $106.6B | $4.1B | 3.8% | -0.8% | Source |
| FY2023 | $107.4B | $4.1B | 3.9% | -1.6% | Source |
| FY2022 | $109.1B | $2.8B | 2.5% | +2.9% | Source |
| FY2021 | $106B | $6.9B | 6.6% | +13.3% | Source |
| FY2020 | $93.6B | $4.4B | 4.7% | +19.8% | Source |
| FY2019 | $78.1B | $3.3B | 4.2% | +3.7% | Source |
| FY2018 | $75.4B | $2.9B | 3.9% | +3.6% | Source |
| FY2017 | $72.7B | $2.9B | 4.0% | +3.5% | Source |
| FY2016 | $70.3B | $2.7B | 3.9% | — | Source |
Where the revenue comes from
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.
Target
- Stores and digital merchandise
Primary revenue source
Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.
- Owned brands
Strategic margin driver
Target-owned and exclusive brands that support margin and differentiation.
- Same-day services and Shipt
Growth and retention stream
Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.
- Roundel retail media
High-margin supplemental stream
Advertising revenue from brands using Target's retail media network.
Business model and strategy
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.
Target
How it makes money
Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Growth strategy
Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.
Competitive advantage
Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.
Questions about Intel vs Target
Which company has higher revenue — Intel Corporation or Target Corporation?
Intel Corporation reported $52.9B (FY2025), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Target Corporation is the larger business, with Intel Corporation reporting a smaller revenue base.
What is the market cap of Intel Corporation vs Target Corporation?
Intel Corporation's market capitalisation stands at $639.9B, while Target Corporation's is $72.0B. Intel Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Target Corporation.
Which is more financially efficient — Intel Corporation or Target Corporation?
Intel Corporation generates $621k / employee in revenue per employee, while Target Corporation generates $252k / employee. Intel Corporation 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 Intel Corporation and Target Corporation make money?
Intel Corporation and Target Corporation generate revenue in fundamentally different ways. 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. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Which company is valued higher relative to revenue — Intel Corporation or Target Corporation?
On a price-to-sales (P/S) basis, Intel Corporation trades at 12.1x P/S and Target Corporation at 0.7x P/S. Intel Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Intel Corporation bigger than Target Corporation?
By last reported revenue, Target Corporation ($104.8B (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 Intel vs Target overview