Margins Net margin FCF margin-40% -20% 0% 20% FY2014 · Net margin 11.3% FY14 Net margin 11.3% derived: net income ÷ revenue FY2015 · Net margin 21.5% FY15 Net margin 21.5% derived: net income ÷ revenue FY2016 · Net margin 18.8% FY16 Net margin 18.8% derived: net income ÷ revenue FY2017 · Net margin 15.5% FY17 Net margin 15.5% derived: net income ÷ revenue FY2018 · Net margin 15.9% FY18 Net margin 15.9% derived: net income ÷ revenue FY2019 · Net margin 13.4% FY19 Net margin 13.4% derived: net income ÷ revenue FY2020 · Net margin 10.4% FY20 Net margin 10.4% derived: net income ÷ revenue FY2021 · Net margin 14.7% FY21 Net margin 14.7% derived: net income ÷ revenue FY2022 · Net margin -38.2% FY22 Net margin -38.2% derived: net income ÷ revenue FY2023 · Net margin 16.5% FY23 Net margin 16.5% derived: net income ÷ revenue FY2024 · Net margin 16.7% FY24 Net margin 16.7% derived: net income ÷ revenue FY2025 · Net margin 10.6% FY25 Net margin 10.6% derived: net income ÷ revenue FY25 Net margin 10.6% derived: net income ÷ revenue ’16 ’19 ’22 ’25 FY2025: net 10.6% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2014 · OCF $599.0M · 0001527469-17-000011 · filed 2017-03-16 FY14 OCF $599.0M 0001527469-17-000011 · filed 2017-03-16 FY2015 · OCF $1.05B · 0001527469-18-000011 · filed 2018-02-26 FY15 OCF $1.05B 0001527469-18-000011 · filed 2018-02-26 FY2016 · OCF $1.20B · 0001527469-19-000007 · filed 2019-02-27 FY16 OCF $1.20B 0001527469-19-000007 · filed 2019-02-27 FY2017 · OCF $3.17B · 0001527469-20-000007 · filed 2020-02-20 FY17 OCF $3.17B 0001527469-20-000007 · filed 2020-02-20 FY2018 · OCF $2.87B · 0001527469-21-000025 · filed 2021-02-19 FY18 OCF $2.87B 0001527469-21-000025 · filed 2021-02-19 FY2019 · OCF $2.66B · 0001527469-22-000018 · filed 2022-02-25 FY19 OCF $2.66B 0001527469-22-000018 · filed 2022-02-25 FY2020 · OCF $4.15B · 0001527469-23-000014 · filed 2023-03-01 FY20 OCF $4.15B 0001527469-23-000014 · filed 2023-03-01 FY2021 · OCF $10.29B · 0001527469-24-000021 · filed 2024-02-27 FY21 OCF $10.29B 0001527469-24-000021 · filed 2024-02-27 FY2022 · OCF $6.26B · 0001527469-25-000016 · filed 2025-02-24 FY22 OCF $6.26B 0001527469-25-000016 · filed 2025-02-24 FY2023 · OCF $4.98B · 0001527469-26-000013 · filed 2026-02-25 FY23 OCF $4.98B 0001527469-26-000013 · filed 2026-02-25 FY2024 · OCF $1.88B · 0001527469-26-000013 · filed 2026-02-25 FY24 OCF $1.88B 0001527469-26-000013 · filed 2026-02-25 FY2025 · OCF $5.16B · 0001527469-26-000013 · filed 2026-02-25 FY25 OCF $5.16B 0001527469-26-000013 · filed 2026-02-25 FY25 OCF $5.16B 0001527469-26-000013 · filed 2026-02-25 ’16 ’19 ’22 ’25
Returns on capital Return on equity Return on assets0% FY2015 · ROE 10.5% · ROA 0.7% FY15 ROE 10.5% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 11.3% · ROA 0.9% FY16 ROE 11.3% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 14.7% · ROA 1.4% FY17 ROE 14.7% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 12.7% · ROA 0.8% FY18 ROE 12.7% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 16.2% · ROA 1.5% FY19 ROE 16.2% ROA 1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 8.3% · ROA 0.8% FY20 ROE 8.3% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 17.1% · ROA 1.6% FY21 ROE 17.1% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -40.7% · ROA -1.2% FY22 ROE -40.7% ROA -1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 33.7% · ROA 1.6% FY23 ROE 33.7% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 21.2% · ROA 1.0% FY24 ROE 21.2% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 13.2% · ROA 0.6% FY25 ROE 13.2% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 13.2% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets ’16 ’19 ’22 ’25 return on equity 10% (FY2015) → 13% (FY2025) · on assets 0.6%
Balance sheet Liabilities Equity$0 $200B $400B FY2015 · Liabilities $75.49B · Equity $5.36B FY15 Liabilities $75.49B Equity $5.36B 0001527469-17-000011 · filed 2017-03-16 FY2016 · Liabilities $79.84B · Equity $6.86B FY16 Liabilities $79.84B Equity $6.86B 0001527469-18-000011 · filed 2018-02-26 FY2017 · Liabilities $90.98B · Equity $9.21B FY17 Liabilities $90.98B Equity $9.21B 0001527469-19-000007 · filed 2019-02-27 · 0001527469-18-000011 · filed 2018-02-26 FY2018 · Liabilities $117.23B · Equity $8.28B FY18 Liabilities $117.23B Equity $8.28B 0001527469-20-000007 · filed 2020-02-20 FY2019 · Liabilities $132.73B · Equity $13.39B FY19 Liabilities $132.73B Equity $13.39B 0001527469-21-000025 · filed 2021-02-19 FY2020 · Liabilities $182.63B · Equity $18.66B FY20 Liabilities $182.63B Equity $18.66B 0001527469-22-000018 · filed 2022-02-25 FY2021 · Liabilities $212.97B · Equity $22.55B FY21 Liabilities $212.97B Equity $22.55B 0001527469-23-000014 · filed 2023-03-01 FY2022 · Liabilities $233.38B · Equity $7.16B FY22 Liabilities $233.38B Equity $7.16B 0001527469-24-000021 · filed 2024-02-27 FY2023 · Liabilities $279.34B · Equity $13.84B FY23 Liabilities $279.34B Equity $13.84B 0001527469-25-000016 · filed 2025-02-24 FY2024 · Liabilities $337.47B · Equity $16.36B FY24 Liabilities $337.47B Equity $16.36B 0001527469-26-000013 · filed 2026-02-25 FY2025 · Liabilities $406.57B · Equity $20.49B FY25 Liabilities $406.57B Equity $20.49B 0001527469-26-000013 · filed 2026-02-25 FY25 Liabilities $406.57B Equity $20.49B 0001527469-26-000013 · filed 2026-02-25 ’16 ’19 ’22 ’25
FY2025: $442.20B assets · $406.57B liabilities · $20.49B equity