Direct Answer
140 SEC filers are classified under the Standard Industrial Classification code that describes the devops platforms industry, and their latest annual reports show $630.2 billion of combined revenue and a median operating margin of -5.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
DevOps platform companies sell integrated tools for building, securing and releasing software, from source control to pipelines. Teams standardize on platforms for consistency, and revenue is subscription-based. The first numbers to compare across companies here are annual recurring revenue, net retention and customers over a spend threshold.
Key Industry Metrics
- Annual recurring revenue: Annualized value of subscriptions for build, security and release tools. It shows how much revenue repeats, and growth reflects standardization on a single platform.
- Net retention: Spending from existing customers versus a year earlier. Above 100% shows teams adding users and modules, while declines show seat cuts or moves to cheaper tools.
- Customers over a spend threshold: Accounts paying above a stated annual amount. It shows deployments scaling across large organizations, but each company sets its own cutoff, so compare it within one firm.
- Gross margin: Revenue left after hosting, runners and support. Platforms that run builds or store artifacts have hosting costs, so margin shows how much of subscription revenue is retained.
- Cash flow: Cash generated from operations after investment. It shows whether growth converts to cash, and prepaid annual contracts can lift it above reported profit.
Primary Macro Drivers
- Software delivery modernization: Companies rebuilding how they ship software buy integrated pipelines, supporting recurring revenue growth and new large customers.
- Security integration: Embedding security checks in pipelines creates reasons to buy more modules from one platform, raising spend per customer.
- AI-assisted development: Tools that help generate and review code increase delivery volume, lifting usage and supporting higher-priced tiers.
- Enterprise standardization: Organizations choosing one platform for all teams cut tool sprawl, which supports larger contracts and customer retention.
Major Risks
- Competition from large cloud and suite vendors: Cloud providers and big suites bundle similar tools, pressuring price and winning large deals; watch net retention and customer growth by size.
- Seat compression: If automation lets teams do the same with fewer licensed users, revenue per customer may soften; watch paid seats against usage and net retention.
- Open source: Free community tools let capable teams assemble their own pipeline, capping paid conversion; watch growth in lower spend customer tiers.
- Budget scrutiny: Tight budgets slow expansion and extend sales cycles; watch customers over a spend threshold, net retention and cash flow.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Low |
| Regulatory Intensity | Low |
| Industry Maturity | Growth |
| Geographic Importance | U.S. / Global |
DevOps Platforms Filers in the SEC Record
140 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 7372. Their latest fiscal years end between 2024 and 2026, and together they reported $630.2 billion of revenue. Median revenue growth over the prior year was 13.5%. Median operating margin was -5.5% and median net margin -2.3%. Median total liabilities were 44% of total assets, and 65 of 140 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Microsoft Corp | $281.7 billion | 14.9% | 45.6% | 36.1% | FY 2025 |
| Oracle Corp | $67.4 billion | 17.3% | 30.6% | 25.2% | FY 2026 |
| Salesforce, Inc. | $41.5 billion | 9.6% | 20.1% | 18.0% | FY 2026 |
| Block, Inc. | $24.2 billion | 0.3% | 7.1% | 5.4% | FY 2025 |
| Adobe Inc. | $23.8 billion | 10.5% | 36.6% | 30.0% | FY 2025 |
| Intuit Inc. | $18.8 billion | 15.6% | 26.1% | 20.5% | FY 2025 |
| Servicenow, Inc. | $13.3 billion | 20.9% | 13.7% | 13.2% | FY 2025 |
| Shopify Inc. | $11.6 billion | 30.1% | 12.7% | 10.7% | FY 2025 |
The 8 largest of 140 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The DevOps Platforms guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
More in Information Technology
- Information Technology sector overview
- Digital Transformation Services
- Developer Tools
- Edge AI Semiconductors
- Design & Engineering Software
- Electronic Components
- Deposition Equipment
- Electronic Equipment, Instruments & Components
- Database Software
Put it to work
Frequently Asked Questions
What are the main KPIs for the DevOps Platforms industry?
Key performance indicators for the DevOps Platforms industry include: Annual recurring revenue, Net retention, Customers over a spend threshold, Gross margin, Cash flow. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the DevOps Platforms industry?
The DevOps Platforms industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the DevOps Platforms industry?
The primary risks for DevOps Platforms companies include: Competition from large cloud and suite vendors, Seat compression, Open source, Budget scrutiny. Investors should assess each company's exposure to these factors and its track record of navigating them.