Tech companies ranked by free cash flow
Which tech companies generate the most free cash flow?
Apple leads with $98.8B (FY2025)
Method and sources
Operating cash flow − capital expenditures (one formula for all companies, not the company’s own non-GAAP definition). Latest fiscal year per company (FY2025, FY2026); fiscal years end on different dates, so years are not calendar-aligned.
Amounts are never converted between currencies. Only companies reporting in US dollars are ranked; 6 companies reporting in another currency are listed below the table in their own currency.
Not ranked: ADP, AppLovin, Cerebras, Corning, Infosys, Micron, Nokia, SAP, STMicroelectronics, Twilio, Veeva (no SEC value for the latest fiscal year in the data).
Equal rounded values share a rank (marked “=”).
Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. Each row links to the filing. SEC filings only, no market data.
All 83 companies (USD)
Not ranked: reported in another currency
Shown in the filing currency; not converted, not comparable with the USD ranking.
| Company | Free cash flow | Currency | Fiscal year | Filing |
|---|---|---|---|---|
| ASML | €11.1B | EUR | FY2025 | 20-F · Feb 25, 2026 |
| Spotify | €2.9B | EUR | FY2025 | 20-F · Feb 10, 2026 |
| Ericsson | SEK 30.3B | SEK | FY2025 | 20-F · Mar 12, 2026 |
| TSMC | NT$1.00T | TWD | FY2025 | 20-F · Apr 16, 2026 |
| UMC | NT$52.1B | TWD | FY2025 | 20-F · Apr 30, 2026 |
| ASE Technology | −NT$22.4B | TWD | FY2025 | 20-F · Apr 1, 2026 |
More rankings: Revenue · Net income · Gross margin · Operating margin · Net margin · 3-year revenue growth · R&D spending · R&D as % of revenue · Stock-based compensation as % of revenue · Share buybacks