profitability
Tracked on R40
GM Gross Margin
The percentage of revenue remaining after subtracting the direct cost of goods sold (COGS). Shows how much profit a company makes on its core product before overhead.
Gross Margin by Company
All 75 tracked stocks with reported Gross Margin, ranked highest first on the latest quarter each has reported.
| # | Company | GM | YoY | Quarter |
|---|---|---|---|---|
| 1 | HOOD Robinhood Markets Inc. | 95.3% | +0.1 pp | 2026Q2 |
| 2 | LLY Eli Lilly and Company | 85.8% | +1.5 pp | 2026Q2 |
| 3 | PLTR Palantir Technologies Inc. | 84.7% | +3.9 pp | 2026Q2 |
| 4 | SNDK Sandisk Corporation | 84.6% | — | 2026Q4 |
| 5 | MU Micron Technology, Inc. | 84.6% | +46.8 pp | 2026Q3 |
| 6 | COIN Coinbase Global, Inc. | 83.6% | +0.8 pp | 2026Q2 |
| 7 | SKHY SK hynix Inc. | 83.2% | +29.3 pp | 2026Q2 |
| 8 | UPST Upstart Holdings, Inc. | 83.2% | +1.2 pp | 2026Q2 |
| 9 | META Meta Platforms, Inc. | 81.4% | -0.8 pp | 2026Q2 |
| 10 | OXY Occidental Petroleum Corporation | 81.0% | +18.1 pp | 2026Q2 |
| 11 | OKTA Okta, Inc. | 79.6% | +2.7 pp | 2026Q3 |
| 12 | U Unity Software Inc. | 79.6% | +5.4 pp | 2026Q2 |
| 13 | DDOG Datadog, Inc. | 78.6% | -1.3 pp | 2026Q2 |
| 14 | NBIS Nebius | 77.1% | +5.7 pp | 2026Q2 |
| 15 | CRM Salesforce, Inc. | 76.7% | -1.4 pp | 2026Q3 |
| 16 | IREN Iris Energy Limited | 75.7% | +4.0 pp | 2026Q2 |
| 17 | NVDA NVIDIA Corporation | 75.0% | +2.6 pp | 2026Q3 |
| 18 | ABBV AbbVie Inc. | 74.7% | +2.9 pp | 2026Q2 |
| 19 | SCHW The Charles Schwab Corporation | 74.7% | +0.9 pp | 2026Q2 |
| 20 | CRWD CrowdStrike Holdings, Inc. | 74.6% | +1.1 pp | 2027Q2 |
| 21 | MDB MongoDB, Inc. | 72.2% | +1.0 pp | 2027Q1 |
| 22 | NET Cloudflare, Inc. | 71.8% | -3.1 pp | 2026Q2 |
| 23 | NOW ServiceNow, Inc. | 70.7% | -6.8 pp | 2026Q2 |
| 24 | JPM JPMorgan Chase & Co. | 69.5% | +5.3 pp | 2026Q2 |
| 25 | AVGO Broadcom Inc. | 69.5% | +1.5 pp | 2026Q2 |
| 26 | JNJ Johnson & Johnson | 68.2% | +0.3 pp | 2026Q2 |
| 27 | TSM Taiwan Semiconductor Manufacturing Company Limited | 67.7% | +9.1 pp | 2026Q2 |
| 28 | PANW Palo Alto Networks, Inc. | 67.5% | -5.4 pp | 2026Q3 |
| 29 | MSFT Microsoft Corporation | 67.2% | -1.4 pp | 2026Q2 |
| 30 | SNOW Snowflake Inc. | 66.6% | +0.1 pp | FY2027Q1 |
| 31 | CRWV CoreWeave, Inc. | 65.9% | -8.4 pp | 2026Q2 |
| 32 | ORCL Oracle Corporation | 65.2% | -5.0 pp | 2026Q4 |
| 33 | CSCO Cisco Systems, Inc. | 64.1% | +0.9 pp | FY2026Q4 |
| 34 | HIMS Hims & Hers Health, Inc. | 63.8% | -12.6 pp | 2026Q2 |
| 35 | KO The Coca-Cola Company | 62.9% | +0.5 pp | 2026Q2 |
| 36 | GOOGL Alphabet Inc. | 61.6% | +2.1 pp | 2026Q2 |
| 37 | VST Vistra Corp. | 55.8% | +2.3 pp | 2026Q2 |
| 38 | SPCX SpaceX | 55.3% | +11.3 pp | 2026Q2 |
| 39 | AMD Advanced Micro Devices, Inc. | 53.8% | +4.8 pp | 2026Q2 |
| 40 | MRVL Marvell Technology, Inc. | 53.1% | +2.8 pp | FY2027Q2 |
| 41 | QCOM QUALCOMM Incorporated | 53.0% | -2.5 pp | 2026Q3 |
| 42 | DASH DoorDash, Inc. | 52.7% | +1.9 pp | 2026Q2 |
| 43 | AMZN Amazon.com, Inc. | 52.3% | +0.4 pp | 2026Q2 |
| 44 | NFLX Netflix, Inc. | 51.9% | +0.0 pp | 2026Q2 |
| 45 | AAPL Apple Inc. | 50.1% | +3.6 pp | 2026Q2 |
| 46 | PG The Procter & Gamble Company | 48.5% | -0.6 pp | 2026Q2 |
| 47 | XYZ Block, Inc. | 47.8% | +5.7 pp | 2026Q2 |
| 48 | SHOP Shopify Inc. | 47.7% | -0.9 pp | 2026Q2 |
| 49 | CVX Chevron Corporation | 45.5% | +6.1 pp | 2026Q2 |
| 50 | UBER Uber Technologies, Inc. | 44.9% | +5.1 pp | 2026Q2 |
| 51 | NOK Nokia Corporation | 44.6% | +1.2 pp | 2026Q2 |
| 52 | GRAB Grab Holdings Limited | 43.6% | +0.4 pp | 2026Q2 |
| 53 | KLAR Klarna Group plc | 42.8% | +4.5 pp | 2026Q2 |
| 54 | INTC Intel Corporation | 40.4% | +12.8 pp | 2026Q2 |
| 55 | BIDU Baidu, Inc. | 39.0% | -4.9 pp | 2026Q2 |
| 56 | BABA Alibaba Group Holding Limited | 38.2% | -6.7 pp | 2026Q2 |
| 57 | VRT Vertiv Holdings Co | 37.7% | +3.7 pp | 2026Q2 |
| 58 | RKLB Rocket Lab Corporation | 36.1% | +4.0 pp | 2026Q2 |
| 59 | GLW Corning Incorporated | 36.1% | +0.1 pp | 2026Q2 |
| 60 | MRNA Moderna, Inc. | 35.9% | +19.7 pp | 2026Q2 |
| 61 | HD The Home Depot, Inc. | 33.7% | +0.3 pp | 2026Q3 |
| 62 | BE Bloom Energy Corporation | 33.4% | +6.7 pp | 2026Q2 |
| 63 | WMT Walmart Inc. | 26.1% | +1.0 pp | 2027Q2 |
| 64 | ASTS AST SpaceMobile, Inc. | 25.2% | — | 2026Q2 |
| 65 | XOM Exxon Mobil Corporation | 23.8% | +0.4 pp | 2025Q4 |
| 66 | AMCR Amcor plc | 20.9% | +3.3 pp | 2026Q4 |
| 67 | XPEV XPeng Inc. | 20.7% | +3.4 pp | 2026Q2 |
| 68 | XIACY Xiaomi Corporation | 19.8% | -2.7 pp | 2026Q2 |
| 69 | CVNA Carvana Co. | 18.8% | -3.2 pp | 2026Q2 |
| 70 | DELL Dell Technologies Inc. | 17.8% | -3.4 pp | FY2027Q1 |
| 71 | SMCI Super Micro Computer, Inc. | 17.5% | +8.0 pp | FY2026Q4 |
| 72 | TSLA Tesla, Inc. | 16.8% | -0.7 pp | 2026Q2 |
| 73 | UNH UnitedHealth Group Incorporated | 16.3% | -4.8 pp | 2025Q4 |
| 74 | CBRS Cerebras Systems Inc. | 14.2% | -16.9 pp | 2026Q2 |
| 75 | COST Costco Wholesale Corporation | 12.8% | -0.2 pp | 2026Q3 |
FY — quarters on the company's own off-calendar fiscal year; unprefixed quarters follow the calendar year.
Formula
Gross Margin = ((Revenue − COGS) / Revenue) × 100
How to Interpret
Software companies typically have 70-90% gross margins (low marginal cost per user). Hardware companies 30-50%. Retail 20-40%. Higher margins mean more room for R&D, sales, and profit.
Why It Matters
Gross margin is the ceiling for profitability. A company with 30% gross margin can never have 40% operating margin. It reveals the fundamental economics of the business model — software scales better than hardware because of this.
Example
If a company records $100M in revenue and $35M in direct costs, $65M remains after COGS. Its gross margin is 65% (($100M − $35M) ÷ $100M × 100).