Compiled 2026-09-26Data through 2025-07-262 min read
Dated source-based research · No live market data

Observation

Across 15 eligible technology companies, the equal-weight median capital expenditure as a share of revenue was 2.77% for the prior selected annual periods.

Data context

The eligible sample covers 15 of 18 selected companies. The prior selected annual periods span 2024-01-31 to 2025-07-26. 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

AAPL 2.42% (period 2024-09-28); MSFT 22.91% (period 2025-06-30); AVGO 1.06% (period 2024-11-03); MU 33.40% (period 2024-08-29); AMD 2.47% (period 2024-12-28); INTC 45.09% (period 2024-12-28); ORCL 36.96% (period 2025-05-31); CSCO 1.60% (period 2025-07-26); PLTR 0.44% (period 2024-12-31); DELL 2.77% (period 2025-01-31); AMAT 4.38% (period 2024-10-27); CRWD 6.45% (period 2025-01-31); TXN 30.82% (period 2024-12-31); IBM 1.67% (period 2024-12-31); CRM 2.11% (period 2024-01-31).

Distribution

The sample range is 0.44% (PLTR) to 45.09% (INTC). 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 capex; 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
AAPL2.42%2024-09-28
MSFT22.91%2025-06-30
AVGO1.06%2024-11-03
MU33.40%2024-08-29
AMD2.47%2024-12-28
INTC45.09%2024-12-28
ORCL36.96%2025-05-31
CSCO1.60%2025-07-26
PLTR0.44%2024-12-31
DELL2.77%2025-01-31
AMAT4.38%2024-10-27
CRWD6.45%2025-01-31
TXN30.82%2024-12-31
IBM1.67%2024-12-31
CRM2.11%2024-01-31

Sources & dates