Margins Net margin FCF margin0% 500% 1000% 1500% FY2007 · Net margin 6.0% · FCF margin 30.8% FY07 Net margin 6.0% FCF margin 30.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 1451.6% · FCF margin 16.7% FY08 Net margin 1451.6% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin -14.5% · FCF margin 24.2% FY09 Net margin -14.5% FCF margin 24.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 13.8% · FCF margin 22.4% FY10 Net margin 13.8% FCF margin 22.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 31.7% FY11 Net margin 31.7% derived: net income ÷ revenue FY2012 · Net margin 4.8% · FCF margin 1.2% FY12 Net margin 4.8% FCF margin 1.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 13.2% · FCF margin 4.5% FY13 Net margin 13.2% FCF margin 4.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 11.7% · FCF margin 4.9% FY14 Net margin 11.7% FCF margin 4.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 3.8% · FCF margin 2.0% FY15 Net margin 3.8% FCF margin 2.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin -1.6% · FCF margin 4.6% FY16 Net margin -1.6% FCF margin 4.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin -12.3% · FCF margin -16.8% FY17 Net margin -12.3% FCF margin -16.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin -0.0% · FCF margin -1.6% FY18 Net margin -0.0% FCF margin -1.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 6.7% · FCF margin -4.2% FY19 Net margin 6.7% FCF margin -4.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin -13.6% · FCF margin 1.6% FY20 Net margin -13.6% FCF margin 1.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 19.9% · FCF margin 11.3% FY21 Net margin 19.9% FCF margin 11.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 34.1% · FCF margin 13.1% FY22 Net margin 34.1% FCF margin 13.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 13.0% · FCF margin 21.5% FY23 Net margin 13.0% FCF margin 21.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin -5.2% FY24 Net margin -5.2% derived: net income ÷ revenue FY2025 · Net margin 11.6% FY25 Net margin 11.6% derived: net income ÷ revenue FY25 Net margin 11.6% derived: net income ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 11.6% · free cash flow 21.5% of revenue
Cash engine Operating cash flow Free cash flow$0 $20B FY2007 · OCF $32.79B · FCF $31.94B · 0001047469-10-001465 · filed 2010-02-26 FY07 OCF $32.79B FCF $31.94B 0001047469-10-001465 · filed 2010-02-26 FY2008 · OCF −$122.0M · FCF −$1.15B · 0001047469-11-001283 · filed 2011-02-24 FY08 OCF −$122.0M FCF −$1.15B 0001047469-11-001283 · filed 2011-02-24 FY2009 · OCF $18.58B · FCF $18.24B · 0001047469-12-001369 · filed 2012-02-23 FY09 OCF $18.58B FCF $18.24B 0001047469-12-001369 · filed 2012-02-23 FY2010 · OCF $16.60B · FCF $16.33B · 0001047469-13-001390 · filed 2013-02-21 FY10 OCF $16.60B FCF $16.33B 0001047469-13-001390 · filed 2013-02-21 FY2011 · OCF −$81.0M · 0001047469-14-001096 · filed 2014-02-20 FY11 OCF −$81.0M 0001047469-14-001096 · filed 2014-02-20 FY2012 · OCF $3.68B · FCF $825.0M · 0000005272-15-000002 · filed 2015-02-20 FY12 OCF $3.68B FCF $825.0M 0000005272-15-000002 · filed 2015-02-20 FY2013 · OCF $5.87B · FCF $3.13B · 0000005272-16-000035 · filed 2016-02-19 FY13 OCF $5.87B FCF $3.13B 0000005272-16-000035 · filed 2016-02-19 FY2014 · OCF $5.01B · FCF $3.17B · 0000005272-17-000017 · filed 2017-02-23 FY14 OCF $5.01B FCF $3.17B 0000005272-17-000017 · filed 2017-02-23 FY2015 · OCF $2.88B · FCF $1.16B · 0000005272-18-000022 · filed 2018-02-16 FY15 OCF $2.88B FCF $1.16B 0000005272-18-000022 · filed 2018-02-16 FY2016 · OCF $3.50B · FCF $2.38B · 0000005272-19-000023 · filed 2019-02-15 FY16 OCF $3.50B FCF $2.38B 0000005272-19-000023 · filed 2019-02-15 FY2017 · OCF −$7.82B · FCF −$8.30B · 0001104659-20-023889 · filed 2020-02-21 FY17 OCF −$7.82B FCF −$8.30B 0001104659-20-023889 · filed 2020-02-21 FY2018 · OCF −$394.0M · FCF −$762.0M · 0001104659-21-025742 · filed 2021-02-19 FY18 OCF −$394.0M FCF −$762.0M 0001104659-21-025742 · filed 2021-02-19 FY2019 · OCF −$1.81B · FCF −$2.11B · 0001104659-22-024701 · filed 2022-02-17 FY19 OCF −$1.81B FCF −$2.11B 0001104659-22-024701 · filed 2022-02-17 FY2020 · OCF $1.04B · FCF $685.0M · 0000005272-23-000007 · filed 2023-02-17 FY20 OCF $1.04B FCF $685.0M 0000005272-23-000007 · filed 2023-02-17 FY2021 · OCF $6.22B · FCF $5.88B · 0000005272-24-000023 · filed 2024-02-14 FY21 OCF $6.22B FCF $5.88B 0000005272-24-000023 · filed 2024-02-14 FY2022 · OCF $4.13B · FCF $3.92B · 0000005272-25-000012 · filed 2025-02-13 FY22 OCF $4.13B FCF $3.92B 0000005272-25-000012 · filed 2025-02-13 FY2023 · OCF $6.24B · FCF $6.00B · 0000005272-26-000023 · filed 2026-02-12 FY23 OCF $6.24B FCF $6.00B 0000005272-26-000023 · filed 2026-02-12 FY2024 · OCF $3.27B · 0000005272-26-000023 · filed 2026-02-12 FY24 OCF $3.27B 0000005272-26-000023 · filed 2026-02-12 FY2025 · OCF $3.31B · 0000005272-26-000023 · filed 2026-02-12 FY25 OCF $3.31B 0000005272-26-000023 · filed 2026-02-12 FY25 OCF $3.31B 0000005272-26-000023 · filed 2026-02-12 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets-200% -100% 0% FY2008 · ROE -188.4% · ROA -11.5% FY08 ROE -188.4% ROA -11.5% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE -15.7% · ROA -1.3% FY09 ROE -15.7% ROA -1.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 11.8% · ROA 1.5% FY10 ROE 11.8% ROA 1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 20.3% · ROA 3.7% FY11 ROE 20.3% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 3.5% · ROA 0.6% FY12 ROE 3.5% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 9.0% · ROA 1.7% FY13 ROE 9.0% ROA 1.7% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 7.0% · ROA 1.5% FY14 ROE 7.0% ROA 1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 2.4% · ROA 0.4% FY15 ROE 2.4% ROA 0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -1.1% · ROA -0.2% FY16 ROE -1.1% ROA -0.2% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -9.3% · ROA -1.2% FY17 ROE -9.3% ROA -1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE -0.0% · ROA -0.0% FY18 ROE -0.0% ROA -0.0% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 5.1% · ROA 0.6% FY19 ROE 5.1% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE -9.0% · ROA -1.0% FY20 ROE -9.0% ROA -1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 15.7% · ROA 1.7% FY21 ROE 15.7% ROA 1.7% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 25.0% · ROA 2.0% FY22 ROE 25.0% ROA 2.0% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 8.0% · ROA 0.7% FY23 ROE 8.0% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE -3.3% · ROA -0.9% FY24 ROE -3.3% ROA -0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 7.5% · ROA 1.9% FY25 ROE 7.5% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 7.5% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity -188% (FY2008) → 8% (FY2025) · on assets 1.9%
Balance sheet Liabilities Equity$0 $500B FY2008 · Liabilities $797.69B · Equity $52.71B FY08 Liabilities $797.69B Equity $52.71B 0001047469-10-001465 · filed 2010-02-26 FY2009 · Liabilities $748.55B · Equity $69.82B FY09 Liabilities $748.55B Equity $69.82B 0001047469-11-001283 · filed 2011-02-24 FY2010 · Liabilities $569.77B · Equity $85.32B FY10 Liabilities $569.77B Equity $85.32B 0001047469-12-001369 · filed 2012-02-23 FY2011 · Liabilities $442.14B · Equity $101.54B FY11 Liabilities $442.14B Equity $101.54B 0001047469-13-001390 · filed 2013-02-21 FY2012 · Liabilities $449.63B · Equity $98.00B FY12 Liabilities $449.63B Equity $98.00B 0001047469-14-001096 · filed 2014-02-20 FY2013 · Liabilities $440.22B · Equity $100.47B FY13 Liabilities $440.22B Equity $100.47B 0000005272-15-000002 · filed 2015-02-20 FY2014 · Liabilities $408.31B · Equity $106.90B FY14 Liabilities $408.31B Equity $106.90B 0000005272-16-000035 · filed 2016-02-19 FY2015 · Liabilities $406.63B · Equity $89.66B FY15 Liabilities $406.63B Equity $89.66B 0000005272-17-000017 · filed 2017-02-23 FY2016 · Liabilities $421.41B · Equity $76.30B FY16 Liabilities $421.41B Equity $76.30B 0000005272-18-000022 · filed 2018-02-16 FY2017 · Liabilities $432.59B · Equity $65.17B FY17 Liabilities $432.59B Equity $65.17B 0000005272-19-000023 · filed 2019-02-15 FY2018 · Liabilities $434.68B · Equity $56.36B FY18 Liabilities $434.68B Equity $56.36B 0001104659-20-023889 · filed 2020-02-21 FY2019 · Liabilities $457.64B · Equity $65.67B FY19 Liabilities $457.64B Equity $65.67B 0001104659-21-025742 · filed 2021-02-19 FY2020 · Liabilities $519.28B · Equity $66.36B FY20 Liabilities $519.28B Equity $66.36B 0001104659-22-024701 · filed 2022-02-17 FY2021 · Liabilities $527.20B · Equity $65.96B FY21 Liabilities $527.20B Equity $65.96B 0000005272-23-000007 · filed 2023-02-17 FY2022 · Liabilities $478.77B · Equity $40.97B FY22 Liabilities $478.77B Equity $40.97B 0000005272-24-000023 · filed 2024-02-14 FY2023 · Liabilities $488.00B · Equity $45.35B FY23 Liabilities $488.00B Equity $45.35B 0000005272-25-000012 · filed 2025-02-13 FY2024 · Liabilities $118.77B · Equity $42.52B FY24 Liabilities $118.77B Equity $42.52B 0000005272-26-000023 · filed 2026-02-12 FY2025 · Liabilities $120.09B · Equity $41.14B FY25 Liabilities $120.09B Equity $41.14B 0000005272-26-000023 · filed 2026-02-12 FY25 Liabilities $120.09B Equity $41.14B 0000005272-26-000023 · filed 2026-02-12 ’09 ’13 ’17 ’21 ’25
FY2025: $161.25B assets · $120.09B liabilities · $41.14B equity