Margins Net margin FCF margin0% 10% FY2007 · Net margin 8.5% · FCF margin 3.8% FY07 Net margin 8.5% FCF margin 3.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 8.8% · FCF margin 3.7% FY08 Net margin 8.8% FCF margin 3.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 6.1% · FCF margin -0.3% FY09 Net margin 6.1% FCF margin -0.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 9.3% · FCF margin 5.7% FY10 Net margin 9.3% FCF margin 5.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 10.6% · FCF margin 5.8% FY11 Net margin 10.6% FCF margin 5.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 10.8% · FCF margin 3.3% FY12 Net margin 10.8% FCF margin 3.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 9.4% · FCF margin -1.3% FY13 Net margin 9.4% FCF margin -1.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 9.1% · FCF margin -1.9% FY14 Net margin 9.1% FCF margin -1.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 3.3% · FCF margin -7.3% FY15 Net margin 3.3% FCF margin -7.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin -0.4% · FCF margin -4.7% FY16 Net margin -0.4% FCF margin -4.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 6.5% · FCF margin 4.9% FY17 Net margin 6.5% FCF margin 4.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 9.3% · FCF margin 10.6% FY18 Net margin 9.3% FCF margin 10.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 2.1% · FCF margin 9.4% FY19 Net margin 2.1% FCF margin 9.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin -5.9% · FCF margin 1.8% FY20 Net margin -5.9% FCF margin 1.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 10.0% · FCF margin 13.6% FY21 Net margin 10.0% FCF margin 13.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 15.0% · FCF margin 16.0% FY22 Net margin 15.0% FCF margin 16.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 10.9% · FCF margin 10.0% FY23 Net margin 10.9% FCF margin 10.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 9.1% · FCF margin 7.8% FY24 Net margin 9.1% FCF margin 7.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 6.7% · FCF margin 9.0% FY25 Net margin 6.7% FCF margin 9.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 6.7% FCF margin 9.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 6.7% · free cash flow 9.0% of revenue
Cash engine Operating cash flow Free cash flow$0 $20B $40B FY2007 · OCF $24.98B · FCF $8.30B · 0000950123-10-016846 · filed 2010-02-25 FY07 OCF $24.98B FCF $8.30B 0000950123-10-016846 · filed 2010-02-25 FY2008 · OCF $29.63B · FCF $9.97B · 0000950123-11-017688 · filed 2011-02-24 FY08 OCF $29.63B FCF $9.97B 0000950123-11-017688 · filed 2011-02-24 FY2009 · OCF $19.37B · FCF −$470.0M · 0000950123-12-002976 · filed 2012-02-23 FY09 OCF $19.37B FCF −$470.0M 0000950123-12-002976 · filed 2012-02-23 FY2010 · OCF $31.35B · FCF $11.74B · 0000093410-13-000003 · filed 2013-02-22 FY10 OCF $31.35B FCF $11.74B 0000093410-13-000003 · filed 2013-02-22 FY2011 · OCF $41.09B · FCF $14.60B · 0000093410-14-000011 · filed 2014-02-21 FY11 OCF $41.09B FCF $14.60B 0000093410-14-000011 · filed 2014-02-21 FY2012 · OCF $38.81B · FCF $7.87B · 0000093410-15-000010 · filed 2015-02-20 FY12 OCF $38.81B FCF $7.87B 0000093410-15-000010 · filed 2015-02-20 FY2013 · OCF $35.00B · FCF −$2.98B · 0000093410-16-000049 · filed 2016-02-25 FY13 OCF $35.00B FCF −$2.98B 0000093410-16-000049 · filed 2016-02-25 FY2014 · OCF $31.48B · FCF −$3.93B · 0000093410-17-000013 · filed 2017-02-23 FY14 OCF $31.48B FCF −$3.93B 0000093410-17-000013 · filed 2017-02-23 FY2015 · OCF $19.46B · FCF −$10.05B · 0000093410-18-000010 · filed 2018-02-22 FY15 OCF $19.46B FCF −$10.05B 0000093410-18-000010 · filed 2018-02-22 FY2016 · OCF $12.69B · FCF −$5.42B · 0000093410-19-000008 · filed 2019-02-22 FY16 OCF $12.69B FCF −$5.42B 0000093410-19-000008 · filed 2019-02-22 FY2017 · OCF $20.34B · FCF $6.93B · 0000093410-20-000010 · filed 2020-02-21 FY17 OCF $20.34B FCF $6.93B 0000093410-20-000010 · filed 2020-02-21 FY2018 · OCF $30.62B · FCF $16.83B · 0000093410-21-000009 · filed 2021-02-25 FY18 OCF $30.62B FCF $16.83B 0000093410-21-000009 · filed 2021-02-25 FY2019 · OCF $27.31B · FCF $13.20B · 0000093410-22-000019 · filed 2022-02-24 FY19 OCF $27.31B FCF $13.20B 0000093410-22-000019 · filed 2022-02-24 FY2020 · OCF $10.58B · FCF $1.66B · 0000093410-23-000009 · filed 2023-02-23 FY20 OCF $10.58B FCF $1.66B 0000093410-23-000009 · filed 2023-02-23 FY2021 · OCF $29.19B · FCF $21.13B · 0000093410-24-000013 · filed 2024-02-26 FY21 OCF $29.19B FCF $21.13B 0000093410-24-000013 · filed 2024-02-26 FY2022 · OCF $49.60B · FCF $37.63B · 0000093410-25-000009 · filed 2025-02-21 FY22 OCF $49.60B FCF $37.63B 0000093410-25-000009 · filed 2025-02-21 FY2023 · OCF $35.61B · FCF $19.78B · 0000093410-26-000078 · filed 2026-02-24 FY23 OCF $35.61B FCF $19.78B 0000093410-26-000078 · filed 2026-02-24 FY2024 · OCF $31.49B · FCF $15.04B · 0000093410-26-000078 · filed 2026-02-24 FY24 OCF $31.49B FCF $15.04B 0000093410-26-000078 · filed 2026-02-24 FY2025 · OCF $33.94B · FCF $16.59B · 0000093410-26-000078 · filed 2026-02-24 FY25 OCF $33.94B FCF $16.59B 0000093410-26-000078 · filed 2026-02-24 FY25 OCF $33.94B FCF $16.59B 0000093410-26-000078 · filed 2026-02-24 ’09 ’13 ’17 ’21 ’25
FY2025: $33.94B operating cash − $17.35B capex = $16.59B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% 30% FY2008 · ROE 27.6% · ROA 14.8% FY08 ROE 27.6% ROA 14.8% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 11.4% · ROA 6.4% FY09 ROE 11.4% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 18.1% · ROA 10.3% FY10 ROE 18.1% ROA 10.3% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 22.2% · ROA 12.8% FY11 ROE 22.2% ROA 12.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 19.2% · ROA 11.2% FY12 ROE 19.2% ROA 11.2% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 14.4% · ROA 8.4% FY13 ROE 14.4% ROA 8.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 12.4% · ROA 7.2% FY14 ROE 12.4% ROA 7.2% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 3.0% · ROA 1.7% FY15 ROE 3.0% ROA 1.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -0.3% · ROA -0.2% FY16 ROE -0.3% ROA -0.2% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 6.2% · ROA 3.6% FY17 ROE 6.2% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 9.6% · ROA 5.8% FY18 ROE 9.6% ROA 5.8% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 2.0% · ROA 1.2% FY19 ROE 2.0% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE -4.2% · ROA -2.3% FY20 ROE -4.2% ROA -2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 11.2% · ROA 6.5% FY21 ROE 11.2% ROA 6.5% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 22.3% · ROA 13.8% FY22 ROE 22.3% ROA 13.8% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 13.3% · ROA 8.2% FY23 ROE 13.3% ROA 8.2% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 11.6% · ROA 6.9% FY24 ROE 11.6% ROA 6.9% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 6.6% · ROA 3.8% FY25 ROE 6.6% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 6.6% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 28% (FY2008) → 7% (FY2025) · on assets 3.8%
Balance sheet Liabilities Equity$0 $100B $200B $300B FY2008 · Liabilities $74.05B · Equity $86.65B FY08 Liabilities $74.05B Equity $86.65B 0000950123-10-016846 · filed 2010-02-25 FY2009 · Liabilities $72.06B · Equity $91.91B FY09 Liabilities $72.06B Equity $91.91B 0000950123-11-017688 · filed 2011-02-24 FY2010 · Liabilities $78.96B · Equity $105.08B FY10 Liabilities $78.96B Equity $105.08B 0000950123-12-002976 · filed 2012-02-23 FY2011 · Liabilities $87.29B · Equity $121.38B FY11 Liabilities $87.29B Equity $121.38B 0000093410-13-000003 · filed 2013-02-22 FY2012 · Liabilities $95.15B · Equity $136.52B FY12 Liabilities $95.15B Equity $136.52B 0000093410-14-000011 · filed 2014-02-21 FY2013 · Liabilities $103.33B · Equity $149.11B FY13 Liabilities $103.33B Equity $149.11B 0000093410-15-000010 · filed 2015-02-20 FY2014 · Liabilities $109.83B · Equity $155.03B FY14 Liabilities $109.83B Equity $155.03B 0000093410-16-000049 · filed 2016-02-25 FY2015 · Liabilities $110.65B · Equity $152.72B FY15 Liabilities $110.65B Equity $152.72B 0000093410-17-000013 · filed 2017-02-23 FY2016 · Liabilities $113.36B · Equity $145.56B FY16 Liabilities $113.36B Equity $145.56B 0000093410-18-000010 · filed 2018-02-22 FY2017 · Liabilities $104.49B · Equity $148.12B FY17 Liabilities $104.49B Equity $148.12B 0000093410-19-000008 · filed 2019-02-22 FY2018 · Liabilities $98.22B · Equity $154.55B FY18 Liabilities $98.22B Equity $154.55B 0000093410-20-000010 · filed 2020-02-21 FY2019 · Liabilities $92.22B · Equity $144.21B FY19 Liabilities $92.22B Equity $144.21B 0000093410-21-000009 · filed 2021-02-25 FY2020 · Liabilities $107.06B · Equity $131.69B FY20 Liabilities $107.06B Equity $131.69B 0000093410-22-000019 · filed 2022-02-24 FY2021 · Liabilities $99.59B · Equity $139.07B FY21 Liabilities $99.59B Equity $139.07B 0000093410-23-000009 · filed 2023-02-23 FY2022 · Liabilities $97.47B · Equity $159.28B FY22 Liabilities $97.47B Equity $159.28B 0000093410-24-000013 · filed 2024-02-26 FY2023 · Liabilities $99.70B · Equity $160.96B FY23 Liabilities $99.70B Equity $160.96B 0000093410-25-000009 · filed 2025-02-21 FY2024 · Liabilities $103.78B · Equity $152.32B FY24 Liabilities $103.78B Equity $152.32B 0000093410-26-000078 · filed 2026-02-24 FY2025 · Liabilities $131.84B · Equity $186.45B FY25 Liabilities $131.84B Equity $186.45B 0000093410-26-000078 · filed 2026-02-24 FY25 Liabilities $131.84B Equity $186.45B 0000093410-26-000078 · filed 2026-02-24 ’09 ’13 ’17 ’21 ’25
FY2025: $324.01B assets · $131.84B liabilities · $186.45B equity