The TSIA T&S 50 Q4 Index

Forty-nine large-cap technology and services companies posted a 16.8% median GAAP operating margin this quarter, and thirty-nine of them are GAAP profitable — on the income statement, this cohort looks healthy. But follow the same companies down to cash, and a different quarter shows up: the most profitable constituents in the index are the ones funding AI infrastructure out of their own balance sheets. If you're approving your AI investment case on operating margin alone, that statement won't show you where the cost actually landed.

This eBook is TSIA's quarterly GAAP scorecard for the T&S 50 Index — fifty large-cap technology, hardware, software, and services companies, benchmarked using the numbers each one reports to regulators rather than the numbers in a press release. Inside, you'll find why the most profitable companies in the index are also the ones funding AI infrastructure off their own balance sheets, a cohort-by-cohort breakdown of how hardware, software, and services margins actually compare. The operating margin says this cohort is healthy. The cash flow statement says something else.