Margins Net margin FCF margin0% 5% 10% 15% FY2008 · Net margin 6.7% · FCF margin 9.8% FY08 Net margin 6.7% FCF margin 9.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 6.9% · FCF margin 12.6% FY09 Net margin 6.9% FCF margin 12.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 7.7% · FCF margin 12.4% FY10 Net margin 7.7% FCF margin 12.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 8.3% · FCF margin 11.1% FY11 Net margin 8.3% FCF margin 11.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 8.6% · FCF margin 13.0% FY12 Net margin 8.6% FCF margin 13.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 10.8% · FCF margin 9.7% FY13 Net margin 10.8% FCF margin 9.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 9.2% · FCF margin 9.9% FY14 Net margin 9.2% FCF margin 9.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 9.3% · FCF margin 11.5% FY15 Net margin 9.3% FCF margin 11.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 11.8% · FCF margin 12.0% FY16 Net margin 11.8% FCF margin 12.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 9.5% · FCF margin 12.3% FY17 Net margin 9.5% FCF margin 12.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 9.9% · FCF margin 13.2% FY18 Net margin 9.9% FCF margin 13.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 11.1% · FCF margin 13.9% FY19 Net margin 11.1% FCF margin 13.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 11.5% · FCF margin 17.2% FY20 Net margin 11.5% FCF margin 17.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 11.7% · FCF margin 16.6% FY21 Net margin 11.7% FCF margin 16.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 11.2% · FCF margin 14.3% FY22 Net margin 11.2% FCF margin 14.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 10.7% · FCF margin 14.0% FY23 Net margin 10.7% FCF margin 14.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 11.2% · FCF margin 13.3% FY24 Net margin 11.2% FCF margin 13.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 11.0% · FCF margin 15.6% FY25 Net margin 11.0% FCF margin 15.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 11.0% FCF margin 15.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 11.0% · free cash flow 15.6% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2008 · OCF $2.80B · FCF $2.48B · 0001193125-10-235847 · filed 2010-10-26 FY08 OCF $2.80B FCF $2.48B 0001193125-10-235847 · filed 2010-10-26 FY2009 · OCF $3.16B · FCF $2.92B · 0001193125-11-277309 · filed 2011-10-21 FY09 OCF $3.16B FCF $2.92B 0001193125-11-277309 · filed 2011-10-21 FY2010 · OCF $3.09B · FCF $2.85B · 0001467373-12-000170 · filed 2012-10-30 FY10 OCF $3.09B FCF $2.85B 0001467373-12-000170 · filed 2012-10-30 FY2011 · OCF $3.44B · FCF $3.04B · 0001467373-13-000482 · filed 2013-10-29 FY11 OCF $3.44B FCF $3.04B 0001467373-13-000482 · filed 2013-10-29 FY2012 · OCF $4.26B · FCF $3.88B · 0001467373-14-000467 · filed 2014-10-24 FY12 OCF $4.26B FCF $3.88B 0001467373-14-000467 · filed 2014-10-24 FY2013 · OCF $3.30B · FCF $2.93B · 0001467373-15-000457 · filed 2015-10-30 FY13 OCF $3.30B FCF $2.93B 0001467373-15-000457 · filed 2015-10-30 FY2014 · OCF $3.49B · FCF $3.16B · 0001467373-16-001080 · filed 2016-10-28 FY14 OCF $3.49B FCF $3.16B 0001467373-16-001080 · filed 2016-10-28 FY2015 · OCF $4.18B · FCF $3.78B · 0001467373-17-000430 · filed 2017-10-26 FY15 OCF $4.18B FCF $3.78B 0001467373-17-000430 · filed 2017-10-26 FY2016 · OCF $4.67B · FCF $4.17B · 0001467373-18-000318 · filed 2018-10-24 FY16 OCF $4.67B FCF $4.17B 0001467373-18-000318 · filed 2018-10-24 FY2017 · OCF $4.97B · FCF $4.46B · 0001467373-19-000339 · filed 2019-10-29 FY17 OCF $4.97B FCF $4.46B 0001467373-19-000339 · filed 2019-10-29 FY2018 · OCF $6.03B · FCF $5.41B · 0001467373-20-000376 · filed 2020-10-22 FY18 OCF $6.03B FCF $5.41B 0001467373-20-000376 · filed 2020-10-22 FY2019 · OCF $6.63B · FCF $6.03B · 0001467373-21-000229 · filed 2021-10-15 FY19 OCF $6.63B FCF $6.03B 0001467373-21-000229 · filed 2021-10-15 FY2020 · OCF $8.22B · FCF $7.62B · 0001467373-22-000295 · filed 2022-10-12 FY20 OCF $8.22B FCF $7.62B 0001467373-22-000295 · filed 2022-10-12 FY2021 · OCF $8.98B · FCF $8.40B · 0001467373-23-000324 · filed 2023-10-12 FY21 OCF $8.98B FCF $8.40B 0001467373-23-000324 · filed 2023-10-12 FY2022 · OCF $9.54B · FCF $8.82B · 0001467373-24-000278 · filed 2024-10-10 FY22 OCF $9.54B FCF $8.82B 0001467373-24-000278 · filed 2024-10-10 FY2023 · OCF $9.52B · FCF $9.00B · 0001467373-25-000217 · filed 2025-10-10 FY23 OCF $9.52B FCF $9.00B 0001467373-25-000217 · filed 2025-10-10 FY2024 · OCF $9.13B · FCF $8.61B · 0001467373-25-000217 · filed 2025-10-10 FY24 OCF $9.13B FCF $8.61B 0001467373-25-000217 · filed 2025-10-10 FY2025 · OCF $11.47B · FCF $10.87B · 0001467373-25-000217 · filed 2025-10-10 FY25 OCF $11.47B FCF $10.87B 0001467373-25-000217 · filed 2025-10-10 FY25 OCF $11.47B FCF $10.87B 0001467373-25-000217 · filed 2025-10-10 ’09 ’13 ’17 ’21 ’25
FY2025: $11.47B operating cash − $600.0M capex = $10.87B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% 60% FY2009 · ROE 56.1% · ROA 13.0% FY09 ROE 56.1% ROA 13.0% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 62.8% · ROA 13.9% FY10 ROE 62.8% ROA 13.9% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 58.7% · ROA 14.5% FY11 ROE 58.7% ROA 14.5% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 61.6% · ROA 15.3% FY12 ROE 61.6% ROA 15.3% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 66.2% · ROA 19.5% FY13 ROE 66.2% ROA 19.5% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 51.3% · ROA 16.4% FY14 ROE 51.3% ROA 16.4% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 49.8% · ROA 16.8% FY15 ROE 49.8% ROA 16.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 54.4% · ROA 20.0% FY16 ROE 54.4% ROA 20.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 38.5% · ROA 15.2% FY17 ROE 38.5% ROA 15.2% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 39.2% · ROA 16.6% FY18 ROE 39.2% ROA 16.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 33.2% · ROA 16.0% FY19 ROE 33.2% ROA 16.0% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 30.0% · ROA 13.8% FY20 ROE 30.0% ROA 13.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 30.2% · ROA 13.7% FY21 ROE 30.2% ROA 13.7% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 31.1% · ROA 14.6% FY22 ROE 31.1% ROA 14.6% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 26.7% · ROA 13.4% FY23 ROE 26.7% ROA 13.4% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 25.7% · ROA 13.0% FY24 ROE 25.7% ROA 13.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 24.6% · ROA 11.7% FY25 ROE 24.6% ROA 11.7% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 24.6% ROA 11.7% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 56% (FY2009) → 25% (FY2025) · on assets 11.7%