Top Technology Stocks by Free Cash Flow
Top technology companies ranked by free cash flow, latest annual filings.
What Free Cash Flow Means for Technology Companies
Free cash flow in technology tends to split the sector cleanly in two. Mature platform and enterprise-software firms, once infrastructure is built, often convert revenue into cash at rates few other sectors can match. Hypergrowth firms still hiring sales teams, funding cloud buildouts, or burning through customer acquisition budgets often show thin or negative free cash flow despite strong revenue growth, which is why the metric reads differently across the sector's life stages.
Why It Matters in Technology
For a mature tech business, strong free cash flow tends to reflect compound operating leverage on a built platform, and it is what funds the buybacks and dividends category leaders are known for. For a younger firm, the metric is less meaningful on a single-period basis because heavy reinvestment into growth can be rational even when it means negative cash flow today. Reading free cash flow alongside the stage and growth rate matters more here than almost anywhere else.
What to Read Alongside
Pair free cash flow with Net Income to gauge earnings quality and accrual health, Share Buybacks to see how excess cash is returned to shareholders, and Revenue for the conversion rate from top-line sales into actual cash generation.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc. | Technology | $98.77B | $5.03T |
| 2 | NVDA | NVIDIA Corporation | Technology | $96.68B | $4.94T |
| 3 | MSFT | Microsoft Corporation | Technology | $66.99B | $3.88T |
| 4 | MU | Micron Technology, Inc. | Technology | $58.96B | $1.00T |
| 5 | TSM | Taiwan Semiconductor Manufacturing Company Limited | Technology | $31.96B | $2.11T |
| 6 | AVGO | Broadcom Inc. | Technology | $26.91B | $1.56T |
| 7 | CRM | Salesforce, Inc. | Technology | $14.40B | $188.61B |
| 8 | ASML | ASML Holding N.V. | Technology | $13.01B | $603.53B |
| 9 | QCOM | QUALCOMM Incorporated | Technology | $12.82B | $175.97B |
| 10 | CSCO | Cisco Systems, Inc. | Technology | $12.77B | $412.04B |
| 11 | IBM | International Business Machines Corporation | Technology | $12.10B | $243.66B |
| 12 | ACN | Accenture plc | Technology | $11.62B | $158.03B |
| 13 | SNDK | Sandisk Corporation | Technology | $11.49B | $165.73B |
| 14 | ADBE | Adobe Inc. | Technology | $9.85B | $97.39B |
| 15 | UBER | Uber Technologies, Inc. | Technology | $9.76B | $133.28B |
| 16 | INTU | Intuit Inc. | Technology | $8.66B | $91.15B |
| 17 | DELL | Dell Technologies Inc. | Technology | $8.55B | $269.78B |
| 18 | WSE | Wise Group plc | Technology | $7.53B | $10.32B |
| 19 | AMD | Advanced Micro Devices, Inc. | Technology | $6.74B | $824.07B |
| 20 | AMAT | Applied Materials, Inc. | Technology | $5.70B | $309.57B |
| 21 | LRCX | Lam Research Corporation | Technology | $4.89B | $299.23B |
| 22 | NOW | ServiceNow, Inc. | Technology | $4.58B | $109.11B |
| 23 | APH | Amphenol Corporation | Technology | $4.38B | $195.55B |
| 24 | ADI | Analog Devices, Inc. | Technology | $4.28B | $202.12B |
| 25 | ANET | Arista Networks, Inc. | Technology | $4.25B | $212.97B |
| 26 | PANW | Palo Alto Networks, Inc. | Technology | $4.11B | $299.44B |
| 27 | KLAC | KLA Corporation | Technology | $3.77B | $205.75B |
| 28 | WDC | Western Digital Corporation | Technology | $3.51B | $137.04B |
| 29 | ERIC | Telefonaktiebolaget LM Ericsson (publ) | Technology | $3.29B | $36.23B |
| 30 | TEL | TE Connectivity plc | Technology | $3.20B | $61.25B |
| 31 | STX | Seagate Technology Holdings plc | Technology | $3.10B | $147.97B |
| 32 | HPQ | HP Inc. | Technology | $2.80B | $25.95B |
| 33 | WDAY | Workday, Inc. | Technology | $2.78B | $47.67B |
| 34 | TXN | Texas Instruments Incorporated | Technology | $2.60B | $275.04B |
| 35 | CTSH | Cognizant Technology Solutions Corporation | Technology | $2.60B | $29.11B |
| 36 | MSI | Motorola Solutions, Inc. | Technology | $2.57B | $81.35B |
| 37 | FIS | Fidelity National Information Services, Inc. | Technology | $2.45B | $19.88B |
| 38 | XYZ | Block, Inc. | Technology | $2.42B | $45.79B |
| 39 | NXPI | NXP Semiconductors N.V. | Technology | $2.42B | $65.44B |
| 40 | ADSK | Autodesk, Inc. | Technology | $2.41B | $52.17B |
| 41 | PAYX | Paychex, Inc. | Technology | $2.32B | $39.91B |
| 42 | FTNT | Fortinet, Inc. | Technology | $2.23B | $99.98B |
| 43 | PLTR | Palantir Technologies Inc. | Technology | $2.10B | $442.43B |
| 44 | SHOP | Shopify Inc. | Technology | $2.01B | $202.63B |
| 45 | ZM | Zoom Communications, Inc. | Technology | $1.92B | $27.87B |
| 46 | NTAP | NetApp, Inc. | Technology | $1.87B | $39.12B |
| 47 | SSNC | SS&C Technologies Holdings, Inc. | Technology | $1.66B | $18.86B |
| 48 | UMC | United Microelectronics Corporation | Technology | $1.66B | $41.83B |
| 49 | LDOS | Leidos Holdings, Inc. | Technology | $1.63B | $17.94B |
| 50 | CDNS | Cadence Design Systems, Inc. | Technology | $1.59B | $89.97B |
| 51 | GDDY | GoDaddy Inc. | Technology | $1.58B | $14.22B |
| 52 | GEN | Gen Digital Inc. | Technology | $1.52B | $17.28B |
| 53 | WIT | Wipro Limited | Technology | $1.43B | $21.37B |
| 54 | ON | ON Semiconductor Corporation | Technology | $1.42B | $27.90B |
| 55 | GLW | Corning Incorporated | Technology | $1.41B | $106.22B |
| 56 | MRVL | Marvell Technology, Inc. | Technology | $1.40B | $176.51B |
| 57 | SNX | TD SYNNEX Corporation | Technology | $1.39B | $18.88B |
| 58 | JBL | Jabil Inc. | Technology | $1.37B | $28.08B |
| 59 | GRMN | Garmin Ltd. | Technology | $1.36B | $52.54B |
| 60 | SNPS | Synopsys, Inc. | Technology | $1.35B | $89.61B |
| 61 | TEAM | Atlassian Corporation | Technology | $1.32B | $48.53B |
| 62 | CRWD | CrowdStrike Holdings, Inc. | Technology | $1.31B | $256.42B |
| 63 | CPAY | Corpay, Inc. | Technology | $1.30B | $26.33B |
| 64 | KEYS | Keysight Technologies, Inc. | Technology | $1.28B | $52.30B |
| 65 | BR | Broadridge Financial Solutions, Inc. | Technology | $1.28B | $20.19B |
| 66 | FSLR | First Solar, Inc. | Technology | $1.19B | $18.74B |
| 67 | IT | Gartner, Inc. | Technology | $1.18B | $14.45B |
| 68 | CHKP | Check Point Software Technologies Ltd. | Technology | $1.17B | $15.53B |
| 69 | SNOW | Snowflake Inc. | Technology | $1.12B | $107.99B |
| 70 | SWKS | Skyworks Solutions, Inc. | Technology | $1.11B | $20.60B |
| 71 | CDW | CDW Corporation | Technology | $1.09B | $19.23B |
| 72 | TDY | Teledyne Technologies Incorporated | Technology | $1.07B | $30.51B |
| 73 | VRSN | VeriSign, Inc. | Technology | $1.07B | $27.56B |
| 74 | DOCU | DocuSign, Inc. | Technology | $1.06B | $15.36B |
| 75 | FLEX | Flex Ltd. | Technology | $1.05B | $31.95B |
| 76 | DXC | DXC Technology Company | Technology | $1.04B | $2.39B |
| 77 | AKAM | Akamai Technologies, Inc. | Technology | $1.01B | $13.33B |
| 78 | GFS | GLOBALFOUNDRIES Inc. | Technology | $1.01B | $23.36B |
| 79 | DDOG | Datadog, Inc. | Technology | $1.00B | $84.48B |
| 80 | Q | Qnity Electronics, Inc. | Technology | $988.00M | $24.41B |
| 81 | ARM | Arm Holdings plc | Technology | $979.00M | $219.98B |
| 82 | FTV | Fortive Corporation | Technology | $978.10M | $19.42B |
| 83 | LOGI | Logitech International S.A. | Technology | $975.64M | $13.55B |
| 84 | DBX | Dropbox, Inc. | Technology | $930.80M | $7.88B |
| 85 | UI | Ubiquiti Inc. | Technology | $908.94M | $34.11B |
| 86 | FFIV | F5, Inc. | Technology | $906.41M | $19.22B |
| 87 | OKTA | Okta, Inc. | Technology | $875.00M | $36.40B |
| 88 | MCHP | Microchip Technology Incorporated | Technology | $871.00M | $42.00B |
| 89 | PTC | PTC Inc. | Technology | $856.69M | $21.24B |
| 90 | ZS | Zscaler, Inc. | Technology | $852.35M | $38.78B |
| 91 | NTNX | Nutanix, Inc. | Technology | $840.67M | $18.19B |
| 92 | ZBRA | Zebra Technologies Corporation | Technology | $831.00M | $17.09B |
| 93 | OTEX | Open Text Corporation | Technology | $807.52M | $6.44B |
| 94 | INGM | Ingram Micro Holding Corporation | Technology | $785.37M | $6.53B |
| 95 | CACI | CACI International Inc | Technology | $780.06M | $14.93B |
| 96 | FICO | Fair Isaac Corporation | Technology | $769.88M | $15.36B |
| 97 | G | Genpact Limited | Technology | $734.65M | $6.63B |
| 98 | HUBS | HubSpot, Inc. | Technology | $707.55M | $11.71B |
| 99 | NICE | NICE Ltd. | Technology | $697.63M | $6.53B |
| 100 | JKHY | Jack Henry & Associates, Inc. | Technology | $694.86M | $11.31B |
No companies match this search.
How this ranking is built
Companies are ranked by free cash flow as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.
Frequently asked questions
Why do mature software companies generate such high free cash flow?
Once a software platform is built, the incremental cost to serve another subscription customer is small, which means a large share of new revenue flows through to operating cash. Capital expenditures for mature software firms are typically modest relative to revenue, often limited to data centers, office space, and ongoing engineering infrastructure. The combination of high gross margins, limited capex needs, and often favorable working capital dynamics from upfront subscription billing produces free cash flow margins that are structurally higher than most other sectors.
Why can a fast-growing tech company show negative free cash flow for years?
Growth in technology often requires heavy upfront spending on sales teams, customer acquisition, cloud capacity, and research before the associated revenue materializes. Stock-based compensation, when paid in cash-equivalent terms, further weighs on the figure. A firm pursuing a large market opportunity can rationally run negative free cash flow while building the franchise, though the trajectory tends to eventually show improving cash conversion as scale arrives. Persistent negative free cash flow without visible margin progress warrants closer scrutiny of unit economics.