Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 33.66% is in line with its 5-year average of 32.01%, around the middle of its 5-year range (12.49%–80.60%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.35% above its 12-month average of 32.26%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
33.66%
OPERATING MARGIN AVG TTM
32.26%
OPERATING MARGIN AVG 3Y
30.73%
OPERATING MARGIN AVG 5Y
30.48%
OPERATING MARGIN AVG 10Y
32.98%
OPERATING MARGIN AVG 15Y
34.33%
OPERATING MARGIN AVG 20Y
N/A
CURRENT VS TTM AVG
+4.35%
CURRENT VS 3Y AVG
+9.53%
CURRENT VS 5Y AVG
+10.44%
CURRENT VS 10Y AVG
+2.05%
CURRENT VS 15Y AVG
-1.96%
CURRENT VS 20Y AVG
N/A
SECTOR MEDIAN · COMMUNICATION SERVICES
14.48%
median of 28 covered companies
CURRENT VS SECTOR MEDIAN
+132.44%
vs the sector median at left
Tencent Holdings Limited
Market Cap
$535.86B
Operating Margin
33.66%
TTM Avg
32.26%
3Y Avg
30.73%
5Y Avg
30.48%
Market Cap
$302.84B
Operating Margin
29.68%
TTM Avg
28.10%
3Y Avg
23.66%
5Y Avg
22.31%
Market Cap
$200.66B
Operating Margin
21.22%
TTM Avg
21.94%
3Y Avg
21.92%
5Y Avg
22.48%
Market Cap
$193.97B
Operating Margin
20.30%
TTM Avg
21.68%
3Y Avg
17.44%
5Y Avg
14.67%
Market Cap
$171.18B
Operating Margin
14.30%
TTM Avg
13.84%
3Y Avg
11.49%
5Y Avg
9.54%
Market Cap
$106.30B
Operating Margin
13.70%
TTM Avg
10.75%
3Y Avg
3.13%
5Y Avg
1.63%
Market Cap
$87.07B
Operating Margin
14.66%
TTM Avg
17.77%
3Y Avg
18.34%
5Y Avg
18.02%
Market Cap
$84.85B
Operating Margin
4.88%
TTM Avg
2.46%
3Y Avg
-4.72%
5Y Avg
-7.20%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Tencent Holdings Limited (TCEHY) | $535.86B | 33.66% | 32.26% | 30.73% | 30.48% |
| Netflix, Inc. (NFLX)vs › | $302.84B | 29.68% | 28.10% | 23.66% | 22.31% |
| Verizon Communications Inc. (VZ)vs › | $200.66B | 21.22% | 21.94% | 21.92% | 22.48% |
| T-Mobile US, Inc. (TMUS)vs › | $193.97B | 20.30% | 21.68% | 17.44% | 14.67% |
| The Walt Disney Company (DIS)vs › | $171.18B | 14.30% | 13.84% | 11.49% | 9.54% |
| AT&T Inc. (T)vs › | $167.20B | 20.38% | 19.53% | 13.87% | 14.96% |
| Spotify Technology S.A. (SPOT)vs › | $106.30B | 13.70% | 10.75% | 3.13% | 1.63% |
| Comcast Corporation (CMCSA)vs › | $87.07B | 14.66% | 17.77% | 18.34% | 18.02% |
| DoorDash, Inc. (DASH)vs › | $84.85B | 4.88% | 2.46% | -4.72% | -7.20% |
| Warner Bros. Discovery, Inc. (WBD)vs › | $64.15B | 4.06% | -11.00% | -11.88% | -1.25% |
Gross Margin
55.4%
Operating Margin
33.7%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 33.66% |
| 2025-12-31 | 30.37% |
| 2025-09-30 | 32.70% |
| 2025-06-30 | 32.58% |
| 2025-03-31 | 31.98% |
| 2024-12-31 | 29.85% |
| 2024-09-30 | 31.90% |
| 2024-06-30 | 31.49% |
| 2024-03-31 | 32.95% |
| 2023-12-31 | 26.68% |
| 2023-09-30 | 31.35% |
| 2023-06-30 | 27.01% |
| 2023-03-31 | 26.96% |
| 2022-12-31 | 80.60% |
| 2022-09-30 | 20.21% |
| 2022-06-30 | 22.43% |
| 2022-03-31 | 20.08% |
| 2021-12-31 | 12.49% |
| 2021-09-30 | 37.32% |
| 2021-06-30 | 37.96% |
| 2021-03-31 | 41.59% |
| 2020-12-31 | 47.66% |
| 2020-09-30 | 35.04% |
| 2020-06-30 | 34.22% |
| 2020-03-31 | 34.48% |
| 2019-12-31 | 27.04% |
| 2019-09-30 | 26.56% |
| 2019-06-30 | 30.98% |
| 2019-03-31 | 42.99% |
| 2018-12-31 | 20.36% |
| 2018-09-30 | 34.57% |
| 2018-06-30 | 29.60% |
| 2018-03-31 | 41.74% |
| 2017-12-31 | 38.75% |
| 2017-09-30 | 34.88% |
| 2017-06-30 | 39.85% |
| 2017-03-31 | 38.89% |
| 2016-12-31 | 31.76% |
| 2016-09-30 | 35.80% |
| 2016-06-30 | 40.15% |
| 2016-03-31 | 41.88% |
| 2015-12-31 | 35.77% |
| 2015-09-30 | 38.85% |
| 2015-06-30 | 42.84% |
| 2015-03-31 | 41.84% |
| 2014-12-31 | 35.25% |
| 2014-09-30 | 37.94% |
| 2014-06-30 | 39.72% |
| 2014-03-31 | 42.34% |
| 2013-12-31 | 27.99% |
| 2013-09-30 | 31.00% |
| 2013-06-30 | 31.74% |
| 2013-03-31 | 37.37% |
| 2012-12-31 | 30.66% |
| 2012-09-30 | 35.66% |
| 2012-06-30 | 37.40% |
| 2012-03-31 | 38.26% |
| 2011-12-31 | 39.02% |
| 2011-09-30 | 39.91% |
| 2011-06-30 | 41.31% |
| 2011-03-31 | 53.43% |
| 2010-06-30 | 50.79% |
| 2009-06-30 | 48.60% |
