Margins Net margin FCF margin0% 200% 400% 600% FY2007 · Net margin 3.9% · FCF margin 37.0% FY07 Net margin 3.9% FCF margin 37.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 21.8% · FCF margin 33.2% FY08 Net margin 21.8% FCF margin 33.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 14.3% · FCF margin 34.3% FY09 Net margin 14.3% FCF margin 34.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 18.8% · FCF margin 34.0% FY10 Net margin 18.8% FCF margin 34.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 16.2% · FCF margin 26.3% FY11 Net margin 16.2% FCF margin 26.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 22.2% · FCF margin 29.4% FY12 Net margin 22.2% FCF margin 29.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 16.4% · FCF margin 26.0% FY13 Net margin 16.4% FCF margin 26.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 20.1% · FCF margin 28.3% FY14 Net margin 20.1% FCF margin 28.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 14.4% · FCF margin 30.5% FY15 Net margin 14.4% FCF margin 30.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 16.5% · FCF margin 34.9% FY16 Net margin 16.5% FCF margin 34.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 18.6% · FCF margin 31.8% FY17 Net margin 18.6% FCF margin 31.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 251.7% · FCF margin 577.1% FY18 Net margin 251.7% FCF margin 577.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 358.1% · FCF margin 523.8% FY19 Net margin 358.1% FCF margin 523.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 341.1% · FCF margin 574.9% FY20 Net margin 341.1% FCF margin 574.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · FCF margin 480.1% FY21 FCF margin 480.1% derived: (ocf − capex) ÷ revenue FY2022 · FCF margin 216.8% FY22 FCF margin 216.8% derived: (ocf − capex) ÷ revenue FY2023 · FCF margin 391.3% FY23 FCF margin 391.3% derived: (ocf − capex) ÷ revenue FY2024 · FCF margin 477.7% FY24 FCF margin 477.7% derived: (ocf − capex) ÷ revenue FY2025 · FCF margin 404.3% FY25 FCF margin 404.3% derived: (ocf − capex) ÷ revenue FY25 FCF margin 404.3% derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2020: net 341.1% · free cash flow 404.3% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2007 · OCF $692.7M · FCF $538.3M · 0001193125-10-044876 · filed 2010-03-01 FY07 OCF $692.7M FCF $538.3M 0001193125-10-044876 · filed 2010-03-01 FY2008 · OCF $773.3M · FCF $529.8M · 0001193125-11-050129 · filed 2011-02-28 FY08 OCF $773.3M FCF $529.8M 0001193125-11-050129 · filed 2011-02-28 FY2009 · OCF $842.1M · FCF $591.9M · 0001193125-12-086162 · filed 2012-02-29 FY09 OCF $842.1M FCF $591.9M 0001193125-12-086162 · filed 2012-02-29 FY2010 · OCF $1.02B · FCF $674.3M · 0001193125-13-077821 · filed 2013-02-27 FY10 OCF $1.02B FCF $674.3M 0001193125-13-077821 · filed 2013-02-27 FY2011 · OCF $1.17B · FCF $642.9M · 0001193125-13-077821 · filed 2013-02-27 FY11 OCF $1.17B FCF $642.9M 0001193125-13-077821 · filed 2013-02-27 FY2012 · OCF $1.41B · FCF $846.3M · 0001193125-13-077821 · filed 2013-02-27 FY12 OCF $1.41B FCF $846.3M 0001193125-13-077821 · filed 2013-02-27 FY2013 · OCF $1.60B · FCF $874.5M · 0001053507-16-000018 · filed 2016-02-26 FY13 OCF $1.60B FCF $874.5M 0001053507-16-000018 · filed 2016-02-26 FY2014 · OCF $2.13B · FCF $1.16B · 0001053507-17-000009 · filed 2017-02-27 FY14 OCF $2.13B FCF $1.16B 0001053507-17-000009 · filed 2017-02-27 FY2015 · OCF $2.18B · FCF $1.45B · 0001053507-17-000009 · filed 2017-02-27 FY15 OCF $2.18B FCF $1.45B 0001053507-17-000009 · filed 2017-02-27 FY2016 · OCF $2.70B · FCF $2.02B · 0001053507-17-000009 · filed 2017-02-27 FY16 OCF $2.70B FCF $2.02B 0001053507-17-000009 · filed 2017-02-27 FY2017 · OCF $2.93B · FCF $2.12B · 0001053507-20-000028 · filed 2020-02-25 FY17 OCF $2.93B FCF $2.12B 0001053507-20-000028 · filed 2020-02-25 FY2018 · OCF $3.75B · FCF $2.84B · 0001053507-21-000026 · filed 2021-02-25 FY18 OCF $3.75B FCF $2.84B 0001053507-21-000026 · filed 2021-02-25 FY2019 · OCF $3.75B · FCF $2.76B · 0001053507-22-000017 · filed 2022-02-25 FY19 OCF $3.75B FCF $2.76B 0001053507-22-000017 · filed 2022-02-25 FY2020 · OCF $3.88B · FCF $2.85B · 0001053507-23-000023 · filed 2023-02-23 FY20 OCF $3.88B FCF $2.85B 0001053507-23-000023 · filed 2023-02-23 FY2021 · OCF $4.82B · FCF $3.44B · 0001053507-24-000011 · filed 2024-02-27 FY21 OCF $4.82B FCF $3.44B 0001053507-24-000011 · filed 2024-02-27 FY2022 · OCF $3.70B · FCF $1.82B · 0001053507-25-000025 · filed 2025-02-25 FY22 OCF $3.70B FCF $1.82B 0001053507-25-000025 · filed 2025-02-25 FY2023 · OCF $4.72B · FCF $2.92B · 0001053507-26-000035 · filed 2026-02-24 FY23 OCF $4.72B FCF $2.92B 0001053507-26-000035 · filed 2026-02-24 FY2024 · OCF $5.29B · FCF $3.70B · 0001053507-26-000035 · filed 2026-02-24 FY24 OCF $5.29B FCF $3.70B 0001053507-26-000035 · filed 2026-02-24 FY2025 · OCF $5.46B · FCF $3.78B · 0001053507-26-000035 · filed 2026-02-24 FY25 OCF $5.46B FCF $3.78B 0001053507-26-000035 · filed 2026-02-24 FY25 OCF $5.46B FCF $3.78B 0001053507-26-000035 · filed 2026-02-24 ’09 ’13 ’17 ’21 ’25
FY2025: $5.46B operating cash − $1.68B capex = $3.78B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% FY2008 · ROE 11.6% · ROA 4.2% FY08 ROE 11.6% ROA 4.2% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 7.4% · ROA 2.9% FY09 ROE 7.4% ROA 2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 10.7% · ROA 3.6% FY10 ROE 10.7% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 12.1% · ROA 3.2% FY11 ROE 12.1% ROA 3.2% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 17.8% · ROA 4.5% FY12 ROE 17.8% ROA 4.5% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 15.6% · ROA 2.7% FY13 ROE 15.6% ROA 2.7% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 20.9% · ROA 3.9% FY14 ROE 20.9% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 10.3% · ROA 2.5% FY15 ROE 10.3% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 14.1% · ROA 3.1% FY16 ROE 14.1% ROA 3.1% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 23.2% · ROA 3.7% FY18 ROE 23.2% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 37.3% · ROA 4.4% FY19 ROE 37.3% ROA 4.4% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 41.3% · ROA 3.6% FY20 ROE 41.3% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets FY20 ROE 41.3% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets ’10 ’13 ’16 ’20 return on equity 12% (FY2008) → 41% (FY2020) · on assets 3.6%
Balance sheet Liabilities Equity$0 $20B $40B $60B FY2008 · Liabilities $5.22B · Equity $2.99B FY08 Liabilities $5.22B Equity $2.99B 0001193125-10-044876 · filed 2010-03-01 FY2009 · Liabilities $5.20B · Equity $3.32B FY09 Liabilities $5.20B Equity $3.32B 0001193125-11-050129 · filed 2011-02-28 FY2010 · Liabilities $6.87B · Equity $3.50B FY10 Liabilities $6.87B Equity $3.50B 0001193125-12-086162 · filed 2012-02-29 FY2011 · Liabilities $8.83B · Equity $3.29B FY11 Liabilities $8.83B Equity $3.29B 0001193125-13-077821 · filed 2013-02-27 FY2012 · Liabilities $10.41B · Equity $3.57B FY12 Liabilities $10.41B Equity $3.57B 0001193125-14-068001 · filed 2014-02-26 FY2013 · Liabilities $16.69B · Equity $3.53B FY13 Liabilities $16.69B Equity $3.53B 0001193125-15-059026 · filed 2015-02-24 FY2014 · Liabilities $17.21B · Equity $3.95B FY14 Liabilities $17.21B Equity $3.95B 0001053507-16-000018 · filed 2016-02-26 FY2015 · Liabilities $20.19B · Equity $6.65B FY15 Liabilities $20.19B Equity $6.65B 0001053507-17-000009 · filed 2017-02-27 FY2016 · Liabilities $22.81B · Equity $6.76B FY16 Liabilities $22.81B Equity $6.76B 0001053507-17-000009 · filed 2017-02-27 FY2018 · Liabilities $26.11B · Equity $5.34B FY18 Liabilities $26.11B Equity $5.34B 0001053507-20-000028 · filed 2020-02-25 FY2019 · Liabilities $36.21B · Equity $5.06B FY19 Liabilities $36.21B Equity $5.06B 0001053507-21-000026 · filed 2021-02-25 FY2020 · Liabilities $42.45B · Equity $4.09B FY20 Liabilities $42.45B Equity $4.09B 0001053507-22-000017 · filed 2022-02-25 FY2021 · Liabilities $60.82B · Equity $5.08B FY21 Liabilities $60.82B Equity $5.08B 0001053507-23-000023 · filed 2023-02-23 FY2022 · Liabilities $54.79B · Equity $5.57B FY22 Liabilities $54.79B Equity $5.57B 0001053507-24-000011 · filed 2024-02-27 FY2023 · Liabilities $55.16B · Equity $4.20B FY23 Liabilities $55.16B Equity $4.20B 0001053507-25-000025 · filed 2025-02-25 FY2024 · Liabilities $51.43B · Equity $3.38B FY24 Liabilities $51.43B Equity $3.38B 0001053507-26-000035 · filed 2026-02-24 FY2025 · Liabilities $52.84B · Equity $3.65B FY25 Liabilities $52.84B Equity $3.65B 0001053507-26-000035 · filed 2026-02-24 FY25 Liabilities $52.84B Equity $3.65B 0001053507-26-000035 · filed 2026-02-24 ’08 ’12 ’16 ’21 ’25
FY2025: $63.19B assets · $52.84B liabilities · $3.65B equity