Subject. The article addresses relationship between intellectual capital and operating efficiency of IT companies. Objectives. Our aim is to conduct econometric analysis of the impact of intellectual capital and its individual elements on the profit margin of Russian IT companies. Methods. We employ methods of econometric analysis. The sample comprised 323 IT companies operating in Russia from 2016 to 2020. Results. We built two blocks of linear regression models with random and fixed annual and panel effects. For models of the first block, were selected indicators of structural (SCE), human (HCE), relational (RCE) capital efficiency and capital employed efficiency (CEE) as exogenous variables. The regression analysis showed that CEE and SCE have a significant positive effect on profit marginality. For models of the second block, we used a complex indicator, combining SCE, HCE, and RCE. We established that intellectual capital in general is positively associated with gross profit marginality of Russian IT companies. Conclusions. The study revealed that Russian IT companies effectively use the supporting intangible infrastructure and total assets. However, human capital, being the most significant resource of this industry, is used inefficiently and provides no potential for profit. Relationships with counterparties (consumers, suppliers, and other stakeholders), expressed in RCE, did not show a significant relationship with profitability either. Practical application of the findings may help improve business processes and management of intangible resources of IT companies.