Margins Net margin FCF margin0% 50% FY2008 · Net margin 10.5% · FCF margin 19.2% FY08 Net margin 10.5% FCF margin 19.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin -10.6% · FCF margin 45.2% FY09 Net margin -10.6% FCF margin 45.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 18.2% · FCF margin 27.6% FY10 Net margin 18.2% FCF margin 27.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 17.1% · FCF margin 10.7% FY11 Net margin 17.1% FCF margin 10.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 16.8% · FCF margin 6.7% FY12 Net margin 16.8% FCF margin 6.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 14.1% · FCF margin -8.4% FY13 Net margin 14.1% FCF margin -8.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 16.4% · FCF margin 23.7% FY14 Net margin 16.4% FCF margin 23.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 20.9% · FCF margin 23.3% FY15 Net margin 20.9% FCF margin 23.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 26.3% · FCF margin 22.3% FY17 Net margin 26.3% FCF margin 22.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 26.0% · FCF margin 29.8% FY18 Net margin 26.0% FCF margin 29.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 27.0% · FCF margin -6.8% FY19 Net margin 27.0% FCF margin -6.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 22.9% · FCF margin 24.1% FY20 Net margin 22.9% FCF margin 24.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 23.6% · FCF margin 10.2% FY21 Net margin 23.6% FCF margin 10.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 15.5% · FCF margin 83.0% FY22 Net margin 15.5% FCF margin 83.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 18.7% · FCF margin 26.5% FY23 Net margin 18.7% FCF margin 26.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 24.3% · FCF margin -4.2% FY24 Net margin 24.3% FCF margin -4.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 27.6% · FCF margin 25.8% FY25 Net margin 27.6% FCF margin 25.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 27.6% FCF margin 25.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’08 ’12 ’17 ’21 ’25 FY2025: net 27.6% · free cash flow 25.8% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B $15B FY2007 · OCF $3.97B · FCF $3.66B · 0001193125-10-042948 · filed 2010-02-26 FY07 OCF $3.97B FCF $3.66B 0001193125-10-042948 · filed 2010-02-26 FY2008 · OCF $2.91B · FCF $2.61B · 0001193125-11-049932 · filed 2011-02-28 FY08 OCF $2.91B FCF $2.61B 0001193125-11-049932 · filed 2011-02-28 FY2009 · OCF $3.78B · FCF $3.46B · 0001193125-12-085349 · filed 2012-02-28 FY09 OCF $3.78B FCF $3.46B 0001193125-12-085349 · filed 2012-02-28 FY2010 · OCF $4.05B · FCF $3.82B · 0001193125-13-084562 · filed 2013-02-28 FY10 OCF $4.05B FCF $3.82B 0001193125-13-084562 · filed 2013-02-28 FY2011 · OCF $2.21B · FCF $1.57B · 0001445305-14-000745 · filed 2014-02-28 FY11 OCF $2.21B FCF $1.57B 0001445305-14-000745 · filed 2014-02-28 FY2012 · OCF $1.63B · FCF $977.0M · 0001628280-15-001194 · filed 2015-02-27 FY12 OCF $1.63B FCF $977.0M 0001628280-15-001194 · filed 2015-02-27 FY2013 · OCF −$642.0M · FCF −$1.25B · 0001390777-16-000204 · filed 2016-02-26 FY13 OCF −$642.0M FCF −$1.25B 0001390777-16-000204 · filed 2016-02-26 FY2014 · OCF $4.48B · FCF $3.69B · 0001390777-17-000065 · filed 2017-02-28 FY14 OCF $4.48B FCF $3.69B 0001390777-17-000065 · filed 2017-02-28 FY2015 · OCF $4.13B · FCF $3.53B · 0001390777-18-000069 · filed 2018-02-28 FY15 OCF $4.13B FCF $3.53B 0001390777-18-000069 · filed 2018-02-28 FY2016 · OCF $6.27B · FCF $5.44B · 0001390777-19-000050 · filed 2019-02-27 FY16 OCF $6.27B FCF $5.44B 0001390777-19-000050 · filed 2019-02-27 FY2017 · OCF $4.67B · FCF $3.47B · 0001390777-20-000044 · filed 2020-02-27 FY17 OCF $4.67B FCF $3.47B 0001390777-20-000044 · filed 2020-02-27 FY2018 · OCF $6.00B · FCF $4.89B · 0001390777-21-000037 · filed 2021-02-25 FY18 OCF $6.00B FCF $4.89B 0001390777-21-000037 · filed 2021-02-25 FY2019 · OCF $96.0M · FCF −$1.11B · 0001390777-22-000043 · filed 2022-02-25 FY19 OCF $96.0M FCF −$1.11B 0001390777-22-000043 · filed 2022-02-25 FY2020 · OCF $5.04B · FCF $3.82B · 0001390777-23-000033 · filed 2023-02-27 FY20 OCF $5.04B FCF $3.82B 0001390777-23-000033 · filed 2023-02-27 FY2021 · OCF $2.84B · FCF $1.62B · 0001390777-24-000051 · filed 2024-02-28 FY21 OCF $2.84B FCF $1.62B 0001390777-24-000051 · filed 2024-02-28 FY2022 · OCF $15.07B · FCF $13.72B · 0001390777-25-000046 · filed 2025-02-27 FY22 OCF $15.07B FCF $13.72B 0001390777-25-000046 · filed 2025-02-27 FY2023 · OCF $5.91B · FCF $4.69B · 0001390777-26-000033 · filed 2026-02-25 FY23 OCF $5.91B FCF $4.69B 0001390777-26-000033 · filed 2026-02-25 FY2024 · OCF $687.0M · FCF −$782.0M · 0001390777-26-000033 · filed 2026-02-25 FY24 OCF $687.0M FCF −$782.0M 0001390777-26-000033 · filed 2026-02-25 FY2025 · OCF $6.73B · FCF $5.18B · 0001390777-26-000033 · filed 2026-02-25 FY25 OCF $6.73B FCF $5.18B 0001390777-26-000033 · filed 2026-02-25 FY25 OCF $6.73B FCF $5.18B 0001390777-26-000033 · filed 2026-02-25 ’09 ’13 ’17 ’21 ’25
FY2025: $6.73B operating cash − $1.55B capex = $5.18B free cash flow
Returns on capital Return on equity Return on assets0% 5% 10% FY2008 · ROE 5.1% · ROA 0.6% FY08 ROE 5.1% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE -2.8% · ROA -0.4% FY09 ROE -2.8% ROA -0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 7.8% · ROA 1.0% FY10 ROE 7.8% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 7.5% · ROA 0.8% FY11 ROE 7.5% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 6.7% · ROA 0.7% FY12 ROE 6.7% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 5.6% · ROA 0.6% FY13 ROE 5.6% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 6.9% · ROA 0.7% FY14 ROE 6.9% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 8.3% · ROA 0.8% FY15 ROE 8.3% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 9.1% · ROA 1.1% FY16 ROE 9.1% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 9.9% · ROA 1.1% FY17 ROE 9.9% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 10.5% · ROA 1.2% FY18 ROE 10.5% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 10.7% · ROA 1.2% FY19 ROE 10.7% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 7.9% · ROA 0.8% FY20 ROE 7.9% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 8.7% · ROA 0.8% FY21 ROE 8.7% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 6.3% · ROA 0.6% FY22 ROE 6.3% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 8.1% · ROA 0.8% FY23 ROE 8.1% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 11.0% · ROA 1.1% FY24 ROE 11.0% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 12.5% · ROA 1.2% FY25 ROE 12.5% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 12.5% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 5% (FY2008) → 13% (FY2025) · on assets 1.2%
Balance sheet Liabilities Equity$0 $200B $400B FY2008 · Liabilities $209.42B · Equity $28.05B FY08 Liabilities $209.42B Equity $28.05B 0001193125-10-042948 · filed 2010-02-26 FY2009 · Liabilities $183.22B · Equity $28.98B FY09 Liabilities $183.22B Equity $28.98B 0001193125-11-049932 · filed 2011-02-28 FY2010 · Liabilities $214.10B · Equity $32.35B FY10 Liabilities $214.10B Equity $32.35B 0001193125-12-085349 · filed 2012-02-28 FY2011 · Liabilities $291.06B · Equity $33.42B FY11 Liabilities $291.06B Equity $33.42B 0001193125-13-084562 · filed 2013-02-28 FY2012 · Liabilities $321.55B · Equity $36.43B FY12 Liabilities $321.55B Equity $36.43B 0001445305-14-000745 · filed 2014-02-28 FY2013 · Liabilities $336.01B · Equity $37.50B FY13 Liabilities $336.01B Equity $37.50B 0001628280-15-001194 · filed 2015-02-27 FY2014 · Liabilities $346.60B · Equity $37.44B FY14 Liabilities $346.60B Equity $37.44B 0001390777-16-000204 · filed 2016-02-26 FY2015 · Liabilities $354.81B · Equity $38.04B FY15 Liabilities $354.81B Equity $38.04B 0001390777-17-000065 · filed 2017-02-28 FY2016 · Liabilities $293.89B · Equity $38.81B FY16 Liabilities $293.89B Equity $38.81B 0001390777-18-000069 · filed 2018-02-28 FY2017 · Liabilities $330.01B · Equity $41.25B FY17 Liabilities $330.01B Equity $41.25B 0001390777-19-000050 · filed 2019-02-27 FY2018 · Liabilities $322.00B · Equity $40.64B FY18 Liabilities $322.00B Equity $40.64B 0001390777-20-000044 · filed 2020-02-27 FY2019 · Liabilities $339.78B · Equity $41.48B FY19 Liabilities $339.78B Equity $41.48B 0001390777-21-000037 · filed 2021-02-25 FY2020 · Liabilities $423.51B · Equity $45.80B FY20 Liabilities $423.51B Equity $45.80B 0001390777-22-000043 · filed 2022-02-25 FY2021 · Liabilities $401.05B · Equity $43.03B FY21 Liabilities $401.05B Equity $43.03B 0001390777-23-000033 · filed 2023-02-27 FY2022 · Liabilities $364.93B · Equity $40.73B FY22 Liabilities $364.93B Equity $40.73B 0001390777-24-000051 · filed 2024-02-28 FY2023 · Liabilities $368.97B · Equity $40.77B FY23 Liabilities $368.97B Equity $40.77B 0001390777-25-000046 · filed 2025-02-27 FY2024 · Liabilities $374.30B · Equity $41.32B FY24 Liabilities $374.30B Equity $41.32B 0001390777-26-000033 · filed 2026-02-25 FY2025 · Liabilities $427.49B · Equity $44.31B FY25 Liabilities $427.49B Equity $44.31B 0001390777-26-000033 · filed 2026-02-25 FY25 Liabilities $427.49B Equity $44.31B 0001390777-26-000033 · filed 2026-02-25 ’09 ’13 ’17 ’21 ’25
FY2025: $472.30B assets · $427.49B liabilities · $44.31B equity