Margins Net margin FCF margin0% 10% 20% FY2007 · Net margin 18.2% FY07 Net margin 18.2% derived: net income ÷ revenue FY2008 · Net margin 8.8% FY08 Net margin 8.8% derived: net income ÷ revenue FY2009 · Net margin 16.9% FY09 Net margin 16.9% derived: net income ÷ revenue FY2010 · Net margin 19.3% FY10 Net margin 19.3% derived: net income ÷ revenue FY2011 · Net margin 9.1% FY11 Net margin 9.1% derived: net income ÷ revenue FY2012 · Net margin 15.1% FY12 Net margin 15.1% derived: net income ÷ revenue FY2013 · Net margin 19.5% FY13 Net margin 19.5% derived: net income ÷ revenue FY2014 · Net margin 14.9% FY14 Net margin 14.9% derived: net income ÷ revenue FY2015 · Net margin 14.9% FY15 Net margin 14.9% derived: net income ÷ revenue FY2016 · Net margin 13.1% FY16 Net margin 13.1% derived: net income ÷ revenue FY2017 · Net margin 12.0% FY17 Net margin 12.0% derived: net income ÷ revenue FY2018 · Net margin 12.1% FY18 Net margin 12.1% derived: net income ÷ revenue FY2019 · Net margin 13.0% FY19 Net margin 13.0% derived: net income ÷ revenue FY2020 · Net margin 9.8% FY20 Net margin 9.8% derived: net income ÷ revenue FY2021 · Net margin 20.9% FY21 Net margin 20.9% derived: net income ÷ revenue FY2022 · Net margin 12.2% FY22 Net margin 12.2% derived: net income ÷ revenue FY2023 · Net margin 18.2% FY23 Net margin 18.2% derived: net income ÷ revenue FY2024 · Net margin 16.6% FY24 Net margin 16.6% derived: net income ÷ revenue FY2025 · Net margin 17.4% FY25 Net margin 17.4% derived: net income ÷ revenue FY25 Net margin 17.4% derived: net income ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 17.4% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B $15B FY2007 · OCF $4.70B · 0001193125-10-040605 · filed 2010-02-25 FY07 OCF $4.70B 0001193125-10-040605 · filed 2010-02-25 FY2008 · OCF $4.10B · 0001193125-11-047473 · filed 2011-02-25 FY08 OCF $4.10B 0001193125-11-047473 · filed 2011-02-25 FY2009 · OCF $3.33B · 0001193125-12-078111 · filed 2012-02-24 FY09 OCF $3.33B 0001193125-12-078111 · filed 2012-02-24 FY2010 · OCF $3.55B · 0000896159-13-000003 · filed 2013-02-28 FY10 OCF $3.55B 0000896159-13-000003 · filed 2013-02-28 FY2011 · OCF $3.47B · 0000896159-14-000003 · filed 2014-02-28 FY11 OCF $3.47B 0000896159-14-000003 · filed 2014-02-28 FY2012 · OCF $4.00B · 0000896159-15-000006 · filed 2015-02-27 FY12 OCF $4.00B 0000896159-15-000006 · filed 2015-02-27 FY2013 · OCF $4.02B · 0000896159-16-000027 · filed 2016-02-26 FY13 OCF $4.02B 0000896159-16-000027 · filed 2016-02-26 FY2014 · OCF $4.50B · 0000896159-16-000027 · filed 2016-02-26 FY14 OCF $4.50B 0000896159-16-000027 · filed 2016-02-26 FY2015 · OCF $3.86B · 0000896159-16-000027 · filed 2016-02-26 FY15 OCF $3.86B 0000896159-16-000027 · filed 2016-02-26 FY2016 · OCF $5.29B · 0000896159-19-000005 · filed 2019-02-28 FY16 OCF $5.29B 0000896159-19-000005 · filed 2019-02-28 FY2017 · OCF $4.50B · 0000896159-20-000003 · filed 2020-02-27 FY17 OCF $4.50B 0000896159-20-000003 · filed 2020-02-27 FY2018 · OCF $5.48B · 0000896159-21-000003 · filed 2021-02-25 FY18 OCF $5.48B 0000896159-21-000003 · filed 2021-02-25 FY2019 · OCF $6.34B · 0000896159-22-000005 · filed 2022-02-24 FY19 OCF $6.34B 0000896159-22-000005 · filed 2022-02-24 FY2020 · OCF $9.79B · 0000896159-23-000007 · filed 2023-02-24 FY20 OCF $9.79B 0000896159-23-000007 · filed 2023-02-24 FY2021 · OCF $11.15B · 0000896159-24-000003 · filed 2024-02-23 FY21 OCF $11.15B 0000896159-24-000003 · filed 2024-02-23 FY2022 · OCF $11.26B · 0000896159-25-000004 · filed 2025-02-27 FY22 OCF $11.26B 0000896159-25-000004 · filed 2025-02-27 FY2023 · OCF $12.63B · 0000896159-26-000005 · filed 2026-02-27 FY23 OCF $12.63B 0000896159-26-000005 · filed 2026-02-27 FY2024 · OCF $16.18B · 0000896159-26-000005 · filed 2026-02-27 FY24 OCF $16.18B 0000896159-26-000005 · filed 2026-02-27 FY2025 · OCF $12.82B · 0000896159-26-000005 · filed 2026-02-27 FY25 OCF $12.82B 0000896159-26-000005 · filed 2026-02-27 FY25 OCF $12.82B 0000896159-26-000005 · filed 2026-02-27 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets0% 5% 10% 15% FY2008 · ROE 8.3% · ROA 1.7% FY08 ROE 8.3% ROA 1.7% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 13.0% · ROA 3.3% FY09 ROE 13.0% ROA 3.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 13.4% · ROA 3.7% FY10 ROE 13.4% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 6.3% · ROA 1.8% FY11 ROE 6.3% ROA 1.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 9.8% · ROA 2.9% FY12 ROE 9.8% ROA 2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 13.0% · ROA 4.0% FY13 ROE 13.0% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 9.6% · ROA 2.9% FY14 ROE 9.6% ROA 2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.7% · ROA 2.8% FY15 ROE 9.7% ROA 2.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 8.6% · ROA 2.6% FY16 ROE 8.6% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 7.5% · ROA 2.3% FY17 ROE 7.5% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 7.9% · ROA 2.4% FY18 ROE 7.9% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 8.0% · ROA 2.5% FY19 ROE 8.0% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 5.9% · ROA 1.9% FY20 ROE 5.9% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 14.3% · ROA 4.3% FY21 ROE 14.3% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 10.4% · ROA 2.6% FY22 ROE 10.4% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 15.2% · ROA 3.9% FY23 ROE 15.2% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 14.5% · ROA 3.8% FY24 ROE 14.5% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 14.0% · ROA 3.8% FY25 ROE 14.0% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 14.0% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 8% (FY2008) → 14% (FY2025) · on assets 3.8%
Balance sheet Liabilities Equity$0 $100B $200B FY2008 · Liabilities $57.61B · Equity $14.45B FY08 Liabilities $57.61B Equity $14.45B 0001193125-10-040605 · filed 2010-02-25 FY2009 · Liabilities $58.31B · Equity $19.67B FY09 Liabilities $58.31B Equity $19.67B 0001193125-11-047473 · filed 2011-02-25 FY2010 · Liabilities $60.38B · Equity $22.97B FY10 Liabilities $60.38B Equity $22.97B 0001193125-12-078111 · filed 2012-02-24 FY2011 · Liabilities $62.99B · Equity $24.33B FY11 Liabilities $62.99B Equity $24.33B 0000896159-13-000003 · filed 2013-02-28 FY2012 · Liabilities $65.01B · Equity $27.53B FY12 Liabilities $65.01B Equity $27.53B 0000896159-14-000003 · filed 2014-02-28 FY2013 · Liabilities $65.69B · Equity $28.82B FY13 Liabilities $65.69B Equity $28.82B 0000896159-15-000006 · filed 2015-02-27 FY2014 · Liabilities $68.66B · Equity $29.59B FY14 Liabilities $68.66B Equity $29.59B 0000896159-16-000027 · filed 2016-02-26 FY2015 · Liabilities $73.17B · Equity $29.14B FY15 Liabilities $73.17B Equity $29.14B 0000896159-17-000004 · filed 2017-02-28 FY2016 · Liabilities $111.51B · Equity $48.27B FY16 Liabilities $111.51B Equity $48.27B 0000896159-18-000002 · filed 2018-02-23 FY2017 · Liabilities $115.85B · Equity $51.17B FY17 Liabilities $115.85B Equity $51.17B 0000896159-19-000005 · filed 2019-02-28 FY2018 · Liabilities $117.46B · Equity $50.31B FY18 Liabilities $117.46B Equity $50.31B 0000896159-20-000003 · filed 2020-02-27 FY2019 · Liabilities $121.61B · Equity $55.33B FY19 Liabilities $121.61B Equity $55.33B 0000896159-21-000003 · filed 2021-02-25 FY2020 · Liabilities $131.33B · Equity $59.44B FY20 Liabilities $131.33B Equity $59.44B 0000896159-22-000005 · filed 2022-02-24 FY2021 · Liabilities $140.34B · Equity $59.71B FY21 Liabilities $140.34B Equity $59.71B 0000896159-23-000007 · filed 2023-02-24 FY2022 · Liabilities $148.50B · Equity $50.52B FY22 Liabilities $148.50B Equity $50.52B 0000896159-24-000003 · filed 2024-02-23 FY2023 · Liabilities $166.99B · Equity $59.51B FY23 Liabilities $166.99B Equity $59.51B 0000896159-25-000004 · filed 2025-02-27 FY2024 · Liabilities $178.15B · Equity $64.02B FY24 Liabilities $178.15B Equity $64.02B 0000896159-26-000005 · filed 2026-02-27 FY2025 · Liabilities $192.55B · Equity $73.76B FY25 Liabilities $192.55B Equity $73.76B 0000896159-26-000005 · filed 2026-02-27 FY25 Liabilities $192.55B Equity $73.76B 0000896159-26-000005 · filed 2026-02-27 ’09 ’13 ’17 ’21 ’25
FY2025: $272.33B assets · $192.55B liabilities · $73.76B equity