Margins Net margin FCF margin0% 20% FY2007 · Net margin 2.5% · FCF margin 21.5% FY07 Net margin 2.5% FCF margin 21.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 4.0% · FCF margin 15.6% FY08 Net margin 4.0% FCF margin 15.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 6.2% · FCF margin 17.0% FY09 Net margin 6.2% FCF margin 17.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 3.9% · FCF margin 22.2% FY10 Net margin 3.9% FCF margin 22.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin -0.5% · FCF margin 19.4% FY11 Net margin -0.5% FCF margin 19.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin -8.9% · FCF margin 18.4% FY12 Net margin -8.9% FCF margin 18.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin -5.7% · FCF margin 14.2% FY13 Net margin -5.7% FCF margin 14.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin -4.9% · FCF margin 16.6% FY14 Net margin -4.9% FCF margin 16.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin -0.7% · FCF margin 20.8% FY15 Net margin -0.7% FCF margin 20.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 3.8% · FCF margin 20.1% FY16 Net margin 3.8% FCF margin 20.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 3.4% · FCF margin 20.9% FY17 Net margin 3.4% FCF margin 20.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 8.4% · FCF margin 21.1% FY18 Net margin 8.4% FCF margin 21.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 0.7% · FCF margin 21.6% FY19 Net margin 0.7% FCF margin 21.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 19.2% · FCF margin 19.2% FY20 Net margin 19.2% FCF margin 19.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 5.5% · FCF margin 19.9% FY21 Net margin 5.5% FCF margin 19.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 0.7% · FCF margin 20.1% FY22 Net margin 0.7% FCF margin 20.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 11.9% · FCF margin 27.2% FY23 Net margin 11.9% FCF margin 27.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 16.4% · FCF margin 32.8% FY24 Net margin 16.4% FCF margin 32.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 18.0% · FCF margin 34.7% FY25 Net margin 18.0% FCF margin 34.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 18.0% FCF margin 34.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 18.0% · free cash flow 34.7% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B $15B FY2007 · OCF $204.3M · FCF $160.7M · 0001193125-10-053838 · filed 2010-03-11 FY07 OCF $204.3M FCF $160.7M 0001193125-10-053838 · filed 2010-03-11 FY2008 · OCF $229.6M · FCF $168.5M · 0001193125-11-075314 · filed 2011-03-23 FY08 OCF $229.6M FCF $168.5M 0001193125-11-075314 · filed 2011-03-23 FY2009 · OCF $270.9M · FCF $221.4M · 0001193125-12-107281 · filed 2012-03-09 FY09 OCF $270.9M FCF $221.4M 0001193125-12-107281 · filed 2012-03-09 FY2010 · OCF $459.1M · FCF $368.2M · 0001193125-13-098852 · filed 2013-03-08 FY10 OCF $459.1M FCF $368.2M 0001193125-13-098852 · filed 2013-03-08 FY2011 · OCF $591.5M · FCF $439.9M · 0001193125-14-084762 · filed 2014-03-05 FY11 OCF $591.5M FCF $439.9M 0001193125-14-084762 · filed 2014-03-05 FY2012 · OCF $736.9M · FCF $561.3M · 0001108524-15-000008 · filed 2015-03-06 FY12 OCF $736.9M FCF $561.3M 0001108524-15-000008 · filed 2015-03-06 FY2013 · OCF $875.5M · FCF $576.4M · 0001108524-16-000053 · filed 2016-03-07 FY13 OCF $875.5M FCF $576.4M 0001108524-16-000053 · filed 2016-03-07 FY2014 · OCF $1.18B · FCF $891.0M · 0001108524-17-000006 · filed 2017-03-06 FY14 OCF $1.18B FCF $891.0M 0001108524-17-000006 · filed 2017-03-06 FY2015 · OCF $1.67B · FCF $1.39B · 0001108524-18-000011 · filed 2018-03-09 FY15 OCF $1.67B FCF $1.39B 0001108524-18-000011 · filed 2018-03-09 FY2016 · OCF $2.16B · FCF $1.70B · 0001108524-19-000009 · filed 2019-03-08 FY16 OCF $2.16B FCF $1.70B 0001108524-19-000009 · filed 2019-03-08 FY2017 · OCF $2.74B · FCF $2.20B · 0001108524-20-000014 · filed 2020-03-05 FY17 OCF $2.74B FCF $2.20B 0001108524-20-000014 · filed 2020-03-05 FY2018 · OCF $3.40B · FCF $2.80B · 0001108524-21-000014 · filed 2021-03-17 FY18 OCF $3.40B FCF $2.80B 0001108524-21-000014 · filed 2021-03-17 FY2019 · OCF $4.33B · FCF $3.69B · 0001108524-22-000013 · filed 2022-03-11 FY19 OCF $4.33B FCF $3.69B 0001108524-22-000013 · filed 2022-03-11 FY2020 · OCF $4.80B · FCF $4.09B · 0001108524-23-000011 · filed 2023-03-08 FY20 OCF $4.80B FCF $4.09B 0001108524-23-000011 · filed 2023-03-08 FY2021 · OCF $6.00B · FCF $5.28B · 0001108524-24-000005 · filed 2024-03-06 FY21 OCF $6.00B FCF $5.28B 0001108524-24-000005 · filed 2024-03-06 FY2022 · OCF $7.11B · FCF $6.31B · 0001108524-25-000006 · filed 2025-03-05 FY22 OCF $7.11B FCF $6.31B 0001108524-25-000006 · filed 2025-03-05 FY2023 · OCF $10.23B · FCF $9.50B · 0001108524-26-000060 · filed 2026-03-02 FY23 OCF $10.23B FCF $9.50B 0001108524-26-000060 · filed 2026-03-02 FY2024 · OCF $13.09B · FCF $12.43B · 0001108524-26-000060 · filed 2026-03-02 FY24 OCF $13.09B FCF $12.43B 0001108524-26-000060 · filed 2026-03-02 FY2025 · OCF $15.00B · FCF $14.40B · 0001108524-26-000060 · filed 2026-03-02 FY25 OCF $15.00B FCF $14.40B 0001108524-26-000060 · filed 2026-03-02 FY25 OCF $15.00B FCF $14.40B 0001108524-26-000060 · filed 2026-03-02 ’09 ’13 ’17 ’21 ’25
FY2025: $15.00B operating cash − $594.0M capex = $14.40B free cash flow
Returns on capital Return on equity Return on assets-10% 0% 10% FY2008 · ROE 6.5% · ROA 2.9% FY08 ROE 6.5% ROA 2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 7.7% · ROA 3.3% FY09 ROE 7.7% ROA 3.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 5.1% · ROA 2.1% FY10 ROE 5.1% ROA 2.1% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE -0.7% · ROA -0.3% FY11 ROE -0.7% ROA -0.3% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -11.7% · ROA -4.9% FY12 ROE -11.7% ROA -4.9% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE -7.6% · ROA -2.5% FY13 ROE -7.6% ROA -2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE -6.6% · ROA -2.5% FY14 ROE -6.6% ROA -2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE -0.9% · ROA -0.4% FY15 ROE -0.9% ROA -0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 4.3% · ROA 1.8% FY16 ROE 4.3% ROA 1.8% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 3.5% · ROA 1.6% FY17 ROE 3.5% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 7.1% · ROA 3.6% FY18 ROE 7.1% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 0.4% · ROA 0.2% FY19 ROE 0.4% ROA 0.2% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 9.8% · ROA 6.1% FY20 ROE 9.8% ROA 6.1% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 2.5% · ROA 1.5% FY21 ROE 2.5% ROA 1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 0.4% · ROA 0.2% FY22 ROE 0.4% ROA 0.2% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 6.9% · ROA 4.1% FY23 ROE 6.9% ROA 4.1% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 10.1% · ROA 6.0% FY24 ROE 10.1% ROA 6.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 12.6% · ROA 6.6% FY25 ROE 12.6% ROA 6.6% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 12.6% ROA 6.6% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 6% (FY2008) → 13% (FY2025) · on assets 6.6%
Balance sheet Liabilities Equity$0 $50B $100B FY2008 · Liabilities $797.3M · Equity $671.8M FY08 Liabilities $797.3M Equity $671.8M 0001193125-10-053838 · filed 2010-03-11 FY2009 · Liabilities $1.40B · Equity $1.04B FY09 Liabilities $1.40B Equity $1.04B 0001193125-11-075314 · filed 2011-03-23 FY2010 · Liabilities $1.81B · Equity $1.28B FY10 Liabilities $1.81B Equity $1.28B 0001193125-12-107281 · filed 2012-03-09 · 0001193125-11-075314 · filed 2011-03-23 FY2011 · Liabilities $2.50B · Equity $1.59B FY11 Liabilities $2.50B Equity $1.59B 0001193125-13-098852 · filed 2013-03-08 FY2012 · Liabilities $3.16B · Equity $2.32B FY12 Liabilities $3.16B Equity $2.32B 0001193125-14-084762 · filed 2014-03-05 FY2013 · Liabilities $6.09B · Equity $3.04B FY13 Liabilities $6.09B Equity $3.04B 0001108524-15-000008 · filed 2015-03-06 FY2014 · Liabilities $6.69B · Equity $3.98B FY14 Liabilities $6.69B Equity $3.98B 0001108524-16-000053 · filed 2016-03-07 FY2015 · Liabilities $7.76B · Equity $5.00B FY15 Liabilities $7.76B Equity $5.00B 0001108524-17-000006 · filed 2017-03-06 FY2016 · Liabilities $10.08B · Equity $7.50B FY16 Liabilities $10.08B Equity $7.50B 0001108524-18-000011 · filed 2018-03-09 FY2017 · Liabilities $11.61B · Equity $10.38B FY17 Liabilities $11.61B Equity $10.38B 0001108524-19-000009 · filed 2019-03-08 FY2018 · Liabilities $15.13B · Equity $15.61B FY18 Liabilities $15.13B Equity $15.61B 0001108524-20-000014 · filed 2020-03-05 FY2019 · Liabilities $21.24B · Equity $33.88B FY19 Liabilities $21.24B Equity $33.88B 0001108524-21-000014 · filed 2021-03-17 FY2020 · Liabilities $24.81B · Equity $41.49B FY20 Liabilities $24.81B Equity $41.49B 0001108524-22-000013 · filed 2022-03-11 FY2021 · Liabilities $37.08B · Equity $58.13B FY21 Liabilities $37.08B Equity $58.13B 0001108524-23-000011 · filed 2023-03-08 FY2022 · Liabilities $40.49B · Equity $58.36B FY22 Liabilities $40.49B Equity $58.36B 0001108524-24-000005 · filed 2024-03-06 FY2023 · Liabilities $40.18B · Equity $59.65B FY23 Liabilities $40.18B Equity $59.65B 0001108524-25-000006 · filed 2025-03-05 FY2024 · Liabilities $41.76B · Equity $61.17B FY24 Liabilities $41.76B Equity $61.17B 0001108524-26-000060 · filed 2026-03-02 FY2025 · Liabilities $53.16B · Equity $59.14B FY25 Liabilities $53.16B Equity $59.14B 0001108524-26-000060 · filed 2026-03-02 FY25 Liabilities $53.16B Equity $59.14B 0001108524-26-000060 · filed 2026-03-02 ’09 ’13 ’17 ’21 ’25
FY2025: $112.31B assets · $53.16B liabilities · $59.14B equity