Historical source-based research. Compilation date and financial period are different dates.
Observation
Across 18 eligible technology companies, the equal-weight median operating cash-flow margin was 37.89% for the latest selected annual periods.
Data context
The eligible sample covers 18 of 18 selected companies. The latest selected annual periods span 2025-08-28 to 2026-07-31. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.
Company evidence
NVDA 47.57% (period 2026-01-25); AAPL 26.79% (period 2025-09-27); MSFT 55.13% (period 2026-06-30); AVGO 43.10% (period 2025-11-02); MU 46.89% (period 2025-08-28); AMD 22.26% (period 2025-12-27); INTC 18.35% (period 2025-12-27); ORCL 47.47% (period 2026-05-31); CSCO 22.39% (period 2026-07-25); PLTR 47.69% (period 2025-12-31); DELL 9.85% (period 2026-01-30); AMAT 28.05% (period 2025-10-26); PANW 39.66% (period 2026-07-31); CRWD 33.51% (period 2026-01-31); ANET 48.55% (period 2025-12-31); TXN 40.45% (period 2025-12-31); IBM 19.54% (period 2025-12-31); CRM 36.11% (period 2026-01-31).
Distribution
The sample range is 9.85% (DELL) to 55.13% (MSFT). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.
Interpretation
Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures. The numerator is operatingCashFlow; the denominator is revenue. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.
What to watch
Revenue mix, research spending, inventory and cash conversion.
Research limitations
Customer concentration, product transitions, export restrictions and the durability of capital spending. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.
| Company | Value | Period end |
|---|---|---|
| NVDA | 47.57% | 2026-01-25 |
| AAPL | 26.79% | 2025-09-27 |
| MSFT | 55.13% | 2026-06-30 |
| AVGO | 43.10% | 2025-11-02 |
| MU | 46.89% | 2025-08-28 |
| AMD | 22.26% | 2025-12-27 |
| INTC | 18.35% | 2025-12-27 |
| ORCL | 47.47% | 2026-05-31 |
| CSCO | 22.39% | 2026-07-25 |
| PLTR | 47.69% | 2025-12-31 |
| DELL | 9.85% | 2026-01-30 |
| AMAT | 28.05% | 2025-10-26 |
| PANW | 39.66% | 2026-07-31 |
| CRWD | 33.51% | 2026-01-31 |
| ANET | 48.55% | 2025-12-31 |
| TXN | 40.45% | 2025-12-31 |
| IBM | 19.54% | 2025-12-31 |
| CRM | 36.11% | 2026-01-31 |
Sources & dates
- NVDA · period 2026-01-25 ↗Source date 2026-02-25
- AAPL · period 2025-09-27 ↗Source date 2025-10-31
- MSFT · period 2026-06-30 ↗Source date 2026-07-29
- AVGO · period 2025-11-02 ↗Source date 2025-12-18
- MU · period 2025-08-28 ↗Source date 2025-10-03
- AMD · period 2025-12-27 ↗Source date 2026-02-04
- INTC · period 2025-12-27 ↗Source date 2026-01-23
- ORCL · period 2026-05-31 ↗Source date 2026-06-22
- CSCO · period 2026-07-25 ↗Source date 2026-09-02
- PLTR · period 2025-12-31 ↗Source date 2026-02-17
- DELL · period 2026-01-30 ↗Source date 2026-03-16
- AMAT · period 2025-10-26 ↗Source date 2025-12-12
- PANW · period 2026-07-31 ↗Source date 2026-09-10
- CRWD · period 2026-01-31 ↗Source date 2026-03-05
- ANET · period 2025-12-31 ↗Source date 2026-02-17
- TXN · period 2025-12-31 ↗Source date 2026-02-06
- IBM · period 2025-12-31 ↗Source date 2026-02-24
- CRM · period 2026-01-31 ↗Source date 2026-03-02