Margins Net margin FCF margin0% 10% 20% FY2007 · Net margin 11.9% · FCF margin 15.1% FY07 Net margin 11.9% FCF margin 15.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 19.4% · FCF margin 11.5% FY08 Net margin 19.4% FCF margin 11.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 9.8% · FCF margin 4.7% FY09 Net margin 9.8% FCF margin 4.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 8.3% · FCF margin 7.1% FY10 Net margin 8.3% FCF margin 7.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · FCF margin 6.9% FY11 FCF margin 6.9% derived: (ocf − capex) ÷ revenue FY2012 · FCF margin 10.0% FY12 FCF margin 10.0% derived: (ocf − capex) ÷ revenue FY2013 · FCF margin 12.9% FY13 FCF margin 12.9% derived: (ocf − capex) ÷ revenue FY2014 · FCF margin 12.9% FY14 FCF margin 12.9% derived: (ocf − capex) ÷ revenue FY2015 · FCF margin 19.1% FY15 FCF margin 19.1% derived: (ocf − capex) ÷ revenue FY2016 · FCF margin 23.1% FY16 FCF margin 23.1% derived: (ocf − capex) ÷ revenue FY2017 · FCF margin 5.5% FY17 FCF margin 5.5% derived: (ocf − capex) ÷ revenue FY2018 · FCF margin 13.4% FY18 FCF margin 13.4% derived: (ocf − capex) ÷ revenue FY2019 · Net margin 13.9% · FCF margin 14.6% FY19 Net margin 13.9% FCF margin 14.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 17.8% · FCF margin 23.9% FY20 Net margin 17.8% FCF margin 23.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 10.3% · FCF margin 16.8% FY21 Net margin 10.3% FCF margin 16.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 20.7% · FCF margin 24.2% FY22 Net margin 20.7% FCF margin 24.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 19.2% · FCF margin 23.8% FY23 Net margin 19.2% FCF margin 23.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 16.9% · FCF margin 17.9% FY24 Net margin 16.9% FCF margin 17.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 21.5% · FCF margin 18.7% FY25 Net margin 21.5% FCF margin 18.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 21.5% FCF margin 18.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 21.5% · free cash flow 18.7% of revenue
Cash engine Operating cash flow Free cash flow$0 $1B $2B $3B FY2007 · OCF $1.26B · FCF $1.09B · 0001047469-10-001535 · filed 2010-02-26 FY07 OCF $1.26B FCF $1.09B 0001047469-10-001535 · filed 2010-02-26 FY2008 · OCF $968.0M · FCF $865.0M · 0001047469-11-001427 · filed 2011-02-25 FY08 OCF $968.0M FCF $865.0M 0001047469-11-001427 · filed 2011-02-25 FY2009 · OCF $500.0M · FCF $360.0M · 0001047469-12-001478 · filed 2012-02-24 FY09 OCF $500.0M FCF $360.0M 0001047469-12-001478 · filed 2012-02-24 FY2010 · OCF $783.0M · FCF $603.0M · 0001047469-13-001494 · filed 2013-02-22 FY10 OCF $783.0M FCF $603.0M 0001047469-13-001494 · filed 2013-02-22 FY2011 · OCF $1.02B · FCF $777.0M · 0001445305-14-000476 · filed 2014-02-18 FY11 OCF $1.02B FCF $777.0M 0001445305-14-000476 · filed 2014-02-18 FY2012 · OCF $1.42B · FCF $1.15B · 0001628280-15-000950 · filed 2015-02-24 FY12 OCF $1.42B FCF $1.15B 0001628280-15-000950 · filed 2015-02-24 FY2013 · OCF $1.75B · FCF $1.52B · 0001628280-16-011485 · filed 2016-02-22 FY13 OCF $1.75B FCF $1.52B 0001628280-16-011485 · filed 2016-02-22 FY2014 · OCF $1.81B · FCF $1.56B · 0001628280-17-001652 · filed 2017-02-23 FY14 OCF $1.81B FCF $1.56B 0001628280-17-001652 · filed 2017-02-23 FY2015 · OCF $2.01B · FCF $1.81B · 0001628280-18-001923 · filed 2018-02-20 FY15 OCF $2.01B FCF $1.81B 0001628280-18-001923 · filed 2018-02-20 FY2016 · OCF $2.33B · FCF $2.17B · 0001628280-19-001558 · filed 2019-02-19 FY16 OCF $2.33B FCF $2.17B 0001628280-19-001558 · filed 2019-02-19 FY2017 · OCF $734.0M · FCF $551.0M · 0001628280-20-001607 · filed 2020-02-14 FY17 OCF $734.0M FCF $551.0M 0001628280-20-001607 · filed 2020-02-14 FY2018 · OCF $1.69B · FCF $1.45B · 0001628280-21-002574 · filed 2021-02-19 FY18 OCF $1.69B FCF $1.45B 0001628280-21-002574 · filed 2021-02-19 FY2019 · OCF $1.83B · FCF $1.61B · 0001628280-22-003180 · filed 2022-02-18 FY19 OCF $1.83B FCF $1.61B 0001628280-22-003180 · filed 2022-02-18 FY2020 · OCF $2.78B · FCF $2.64B · 0001628280-23-004087 · filed 2023-02-17 FY20 OCF $2.78B FCF $2.64B 0001628280-23-004087 · filed 2023-02-17 FY2021 · OCF $2.18B · FCF $2.04B · 0001628280-24-005392 · filed 2024-02-16 FY21 OCF $2.18B FCF $2.04B 0001628280-24-005392 · filed 2024-02-16 FY2022 · OCF $3.22B · FCF $3.02B · 0001628280-25-006093 · filed 2025-02-18 FY22 OCF $3.22B FCF $3.02B 0001628280-25-006093 · filed 2025-02-18 FY2023 · OCF $3.44B · FCF $3.18B · 0001628280-26-008116 · filed 2026-02-13 FY23 OCF $3.44B FCF $3.18B 0001628280-26-008116 · filed 2026-02-13 FY2024 · OCF $3.04B · FCF $2.82B · 0001628280-26-008116 · filed 2026-02-13 FY24 OCF $3.04B FCF $2.82B 0001628280-26-008116 · filed 2026-02-13 FY2025 · OCF $3.48B · FCF $3.22B · 0001628280-26-008116 · filed 2026-02-13 FY25 OCF $3.48B FCF $3.22B 0001628280-26-008116 · filed 2026-02-13 FY25 OCF $3.48B FCF $3.22B 0001628280-26-008116 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
FY2025: $3.48B operating cash − $263.0M capex = $3.22B free cash flow
Returns on capital Return on equity Return on assets-400% -200% 0% FY2008 · ROE 27.5% · ROA 6.4% FY08 ROE 27.5% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 13.9% · ROA 3.3% FY09 ROE 13.9% ROA 3.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 8.6% · ROA 2.4% FY10 ROE 8.6% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 45.4% · ROA 5.2% FY19 ROE 45.4% ROA 5.2% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 56.3% · ROA 6.1% FY20 ROE 56.3% ROA 6.1% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 118.3% · ROA 3.9% FY21 ROE 118.3% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -489.4% · ROA 7.9% FY22 ROE -489.4% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE -310.4% · ROA 7.6% FY23 ROE -310.4% ROA 7.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 43.4% · ROA 5.4% FY24 ROE 43.4% ROA 5.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 39.5% · ROA 7.3% FY25 ROE 39.5% ROA 7.3% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 39.5% ROA 7.3% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’19 ’21 ’23 ’25 return on equity 28% (FY2008) → 40% (FY2025) · on assets 7.3%
Balance sheet Liabilities Equity$0 $20B $40B FY2008 · Liabilities $17.52B · Equity $5.31B FY08 Liabilities $17.52B Equity $5.31B 0001047469-10-001535 · filed 2010-02-26 FY2009 · Liabilities $17.53B · Equity $5.38B FY09 Liabilities $17.53B Equity $5.38B 0001047469-11-001427 · filed 2011-02-25 FY2010 · Liabilities $20.68B · Equity $8.25B FY10 Liabilities $20.68B Equity $8.25B 0001047469-12-001478 · filed 2012-02-24 FY2011 · Liabilities $21.43B · Equity $8.08B FY11 Liabilities $21.43B Equity $8.08B 0001047469-13-001494 · filed 2013-02-22 FY2012 · Liabilities $22.68B · Equity $7.76B FY12 Liabilities $22.68B Equity $7.76B 0001445305-14-000476 · filed 2014-02-18 FY2013 · Liabilities $22.06B · Equity $8.14B FY13 Liabilities $22.06B Equity $8.14B 0001628280-15-000950 · filed 2015-02-24 FY2014 · Liabilities $23.14B · Equity $6.57B FY14 Liabilities $23.14B Equity $6.57B 0001628280-16-011485 · filed 2016-02-22 FY2015 · Liabilities $20.82B · Equity $6.00B FY15 Liabilities $20.82B Equity $6.00B 0001628280-17-001652 · filed 2017-02-23 FY2016 · Liabilities $21.08B · Equity $5.47B FY16 Liabilities $21.08B Equity $5.47B 0001628280-18-001923 · filed 2018-02-20 FY2017 · Liabilities $21.44B · Equity $5.16B FY17 Liabilities $21.44B Equity $5.16B 0001628280-19-001558 · filed 2019-02-19 FY2018 · Liabilities $22.20B · Equity $4.15B FY18 Liabilities $22.20B Equity $4.15B 0001628280-20-001607 · filed 2020-02-14 FY2019 · Liabilities $25.96B · Equity $3.38B FY19 Liabilities $25.96B Equity $3.38B 0001628280-21-002574 · filed 2021-02-19 FY2020 · Liabilities $28.53B · Equity $3.50B FY20 Liabilities $28.53B Equity $3.50B 0001628280-22-003180 · filed 2022-02-18 FY2021 · Liabilities $30.76B · Equity $1.06B FY21 Liabilities $30.76B Equity $1.06B 0001628280-23-004087 · filed 2023-02-17 FY2022 · Liabilities $33.13B · Equity −$529.0M FY22 Liabilities $33.13B Equity −$529.0M 0001628280-24-005392 · filed 2024-02-16 FY2023 · Liabilities $34.70B · Equity −$826.0M FY23 Liabilities $34.70B Equity −$826.0M 0001628280-25-006093 · filed 2025-02-18 FY2024 · Liabilities $42.53B · Equity $6.12B FY24 Liabilities $42.53B Equity $6.12B 0001628280-26-008116 · filed 2026-02-13 FY2025 · Liabilities $41.24B · Equity $9.35B FY25 Liabilities $41.24B Equity $9.35B 0001628280-26-008116 · filed 2026-02-13 FY25 Liabilities $41.24B Equity $9.35B 0001628280-26-008116 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
FY2025: $50.78B assets · $41.24B liabilities · $9.35B equity