Compiled 2026-09-26Data through 2025-07-312 min read
Dated source-based research · No live market data

Observation

Across 17 eligible technology companies, the equal-weight median operating margin was 20.76% for the prior selected annual periods.

Data context

The eligible sample covers 17 of 18 selected companies. The prior selected annual periods span 2024-01-31 to 2025-07-31. 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 62.42% (period 2025-01-26); AAPL 31.51% (period 2024-09-28); MSFT 45.62% (period 2025-06-30); AVGO 26.10% (period 2024-11-03); MU 5.19% (period 2024-08-29); AMD 7.37% (period 2024-12-28); INTC -21.99% (period 2024-12-28); ORCL 30.80% (period 2025-05-31); CSCO 20.76% (period 2025-07-26); PLTR 10.83% (period 2024-12-31); DELL 6.53% (period 2025-01-31); AMAT 28.95% (period 2024-10-27); PANW 13.48% (period 2025-07-31); CRWD -2.94% (period 2025-01-31); ANET 42.05% (period 2024-12-31); TXN 34.94% (period 2024-12-31); CRM 14.38% (period 2024-01-31).

Distribution

The sample range is -21.99% (INTC) to 62.42% (NVDA). 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 operatingIncome; 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-level observations · percent
CompanyValuePeriod end
NVDA62.42%2025-01-26
AAPL31.51%2024-09-28
MSFT45.62%2025-06-30
AVGO26.10%2024-11-03
MU5.19%2024-08-29
AMD7.37%2024-12-28
INTC-21.99%2024-12-28
ORCL30.80%2025-05-31
CSCO20.76%2025-07-26
PLTR10.83%2024-12-31
DELL6.53%2025-01-31
AMAT28.95%2024-10-27
PANW13.48%2025-07-31
CRWD-2.94%2025-01-31
ANET42.05%2024-12-31
TXN34.94%2024-12-31
CRM14.38%2024-01-31

Sources & dates