Margins Net margin FCF margin-20% 0% 20% FY2007 · Net margin 12.9% · FCF margin 14.8% FY07 Net margin 12.9% FCF margin 14.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 9.6% · FCF margin 18.0% FY08 Net margin 9.6% FCF margin 18.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 7.1% · FCF margin 10.2% FY09 Net margin 7.1% FCF margin 10.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 7.8% · FCF margin 17.6% FY10 Net margin 7.8% FCF margin 17.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 9.7% · FCF margin 14.1% FY11 Net margin 9.7% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 9.3% · FCF margin 11.1% FY12 Net margin 9.3% FCF margin 11.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 11.5% · FCF margin 19.2% FY13 Net margin 11.5% FCF margin 19.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 13.0% · FCF margin 17.6% FY14 Net margin 13.0% FCF margin 17.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin -5.2% · FCF margin 10.7% FY15 Net margin -5.2% FCF margin 10.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 6.8% · FCF margin -5.5% FY16 Net margin 6.8% FCF margin -5.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin -7.6% · FCF margin -0.1% FY17 Net margin -7.6% FCF margin -0.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin -19.7% · FCF margin -1.5% FY18 Net margin -19.7% FCF margin -1.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin -5.5% · FCF margin 7.2% FY19 Net margin -5.5% FCF margin 7.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 7.5% · FCF margin 2.6% FY20 Net margin 7.5% FCF margin 2.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin -11.2% · FCF margin 4.0% FY21 Net margin -11.2% FCF margin 4.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 1.2% · FCF margin 15.6% FY22 Net margin 1.2% FCF margin 15.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 26.8% · FCF margin 12.2% FY23 Net margin 26.8% FCF margin 12.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 16.9% · FCF margin 9.5% FY24 Net margin 16.9% FCF margin 9.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 19.0% · FCF margin 15.8% FY25 Net margin 19.0% FCF margin 15.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 19.0% FCF margin 15.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 19.0% · free cash flow 15.8% of revenue
Cash engine Operating cash flow Free cash flow$0 $20B $40B FY2007 · OCF $43.32B · FCF $25.52B · 0000040545-10-000010 · filed 2010-02-19 FY07 OCF $43.32B FCF $25.52B 0000040545-10-000010 · filed 2010-02-19 FY2008 · OCF $48.65B · FCF $32.64B · 0001193125-11-047479 · filed 2011-02-25 FY08 OCF $48.65B FCF $32.64B 0001193125-11-047479 · filed 2011-02-25 FY2009 · OCF $24.42B · FCF $15.78B · 0000040545-12-000016 · filed 2012-02-24 FY09 OCF $24.42B FCF $15.78B 0000040545-12-000016 · filed 2012-02-24 FY2010 · OCF $36.12B · FCF $26.32B · 0000040545-13-000036 · filed 2013-02-26 FY10 OCF $36.12B FCF $26.32B 0000040545-13-000036 · filed 2013-02-26 FY2011 · OCF $33.36B · FCF $20.72B · 0000040554-14-000023 · filed 2014-02-27 FY11 OCF $33.36B FCF $20.72B 0000040554-14-000023 · filed 2014-02-27 FY2012 · OCF $31.33B · FCF $16.21B · 0000040554-14-000023 · filed 2014-02-27 FY12 OCF $31.33B FCF $16.21B 0000040554-14-000023 · filed 2014-02-27 FY2013 · OCF $28.51B · FCF $21.76B · 0000040545-16-000145 · filed 2016-02-26 FY13 OCF $28.51B FCF $21.76B 0000040545-16-000145 · filed 2016-02-26 FY2014 · OCF $27.71B · FCF $20.57B · 0000040545-17-000010 · filed 2017-02-24 FY14 OCF $27.71B FCF $20.57B 0000040545-17-000010 · filed 2017-02-24 FY2015 · OCF $19.89B · FCF $12.58B · 0000040545-18-000014 · filed 2018-02-23 FY15 OCF $19.89B FCF $12.58B 0000040545-18-000014 · filed 2018-02-23 FY2016 · OCF $1.16B · FCF −$6.04B · 0000040545-19-000014 · filed 2019-02-26 FY16 OCF $1.16B FCF −$6.04B 0000040545-19-000014 · filed 2019-02-26 FY2017 · OCF $6.55B · FCF −$88.0M · 0000040545-20-000009 · filed 2020-02-24 FY17 OCF $6.55B FCF −$88.0M 0000040545-20-000009 · filed 2020-02-24 FY2018 · OCF $4.98B · FCF −$1.65B · 0000040545-21-000011 · filed 2021-02-12 FY18 OCF $4.98B FCF −$1.65B 0000040545-21-000011 · filed 2021-02-12 FY2019 · OCF $8.73B · FCF $6.52B · 0000040545-22-000008 · filed 2022-02-11 FY19 OCF $8.73B FCF $6.52B 0000040545-22-000008 · filed 2022-02-11 FY2020 · OCF $3.57B · FCF $1.99B · 0000040545-23-000023 · filed 2023-02-10 FY20 OCF $3.57B FCF $1.99B 0000040545-23-000023 · filed 2023-02-10 FY2021 · OCF $3.48B · FCF $2.23B · 0000040545-24-000027 · filed 2024-02-02 FY21 OCF $3.48B FCF $2.23B 0000040545-24-000027 · filed 2024-02-02 FY2022 · OCF $5.92B · FCF $4.55B · 0000040545-25-000015 · filed 2025-02-03 FY22 OCF $5.92B FCF $4.55B 0000040545-25-000015 · filed 2025-02-03 FY2023 · OCF $5.19B · FCF $4.33B · 0000040545-26-000008 · filed 2026-01-29 FY23 OCF $5.19B FCF $4.33B 0000040545-26-000008 · filed 2026-01-29 FY2024 · OCF $4.71B · FCF $3.68B · 0000040545-26-000008 · filed 2026-01-29 FY24 OCF $4.71B FCF $3.68B 0000040545-26-000008 · filed 2026-01-29 FY2025 · OCF $8.54B · FCF $7.26B · 0000040545-26-000008 · filed 2026-01-29 FY25 OCF $8.54B FCF $7.26B 0000040545-26-000008 · filed 2026-01-29 FY25 OCF $8.54B FCF $7.26B 0000040545-26-000008 · filed 2026-01-29 ’09 ’13 ’17 ’21 ’25
FY2025: $8.54B operating cash − $1.27B capex = $7.26B free cash flow
Returns on capital Return on equity Return on assets-50% 0% 50% FY2008 · ROE 16.6% · ROA 2.2% FY08 ROE 16.6% ROA 2.2% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 9.4% · ROA 1.4% FY09 ROE 9.4% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 9.8% · ROA 1.6% FY10 ROE 9.8% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 12.2% · ROA 2.0% FY11 ROE 12.2% ROA 2.0% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 11.1% · ROA 2.0% FY12 ROE 11.1% ROA 2.0% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 10.0% · ROA 2.0% FY13 ROE 10.0% ROA 2.0% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 11.9% · ROA 2.3% FY14 ROE 11.9% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE -6.2% · ROA -1.2% FY15 ROE -6.2% ROA -1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 9.9% · ROA 2.1% FY16 ROE 9.9% ROA 2.1% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -15.1% · ROA -2.3% FY17 ROE -15.1% ROA -2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE -72.2% · ROA -7.2% FY18 ROE -72.2% ROA -7.2% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE -17.6% · ROA -1.9% FY19 ROE -17.6% ROA -1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 16.0% · ROA 2.2% FY20 ROE 16.0% ROA 2.2% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE -15.7% · ROA -3.2% FY21 ROE -15.7% ROA -3.2% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 1.0% · ROA 0.2% FY22 ROE 1.0% ROA 0.2% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 34.6% · ROA 5.5% FY23 ROE 34.6% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 33.9% · ROA 5.3% FY24 ROE 33.9% ROA 5.3% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 46.6% · ROA 6.7% FY25 ROE 46.6% ROA 6.7% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 46.6% ROA 6.7% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 17% (FY2008) → 47% (FY2025) · on assets 6.7%
Balance sheet Liabilities Equity$0 $500B FY2008 · Liabilities $684.16B · Equity $104.67B FY08 Liabilities $684.16B Equity $104.67B 0000040545-10-000010 · filed 2010-02-19 FY2009 · Liabilities $656.76B · Equity $117.29B FY09 Liabilities $656.76B Equity $117.29B 0001193125-11-047479 · filed 2011-02-25 FY2010 · Liabilities $623.60B · Equity $118.94B FY10 Liabilities $623.60B Equity $118.94B 0000040545-12-000016 · filed 2012-02-24 FY2011 · Liabilities $600.05B · Equity $116.44B FY11 Liabilities $600.05B Equity $116.44B 0000040545-13-000036 · filed 2013-02-26 FY2012 · Liabilities $556.53B · Equity $123.03B FY12 Liabilities $556.53B Equity $123.03B 0000040554-14-000023 · filed 2014-02-27 FY2013 · Liabilities $519.78B · Equity $130.57B FY13 Liabilities $519.78B Equity $130.57B 0000040554-14-000023 · filed 2014-02-27 FY2014 · Liabilities $518.02B · Equity $128.16B FY14 Liabilities $518.02B Equity $128.16B 0000040545-16-000145 · filed 2016-02-26 FY2015 · Liabilities $389.96B · Equity $98.27B FY15 Liabilities $389.96B Equity $98.27B 0000040545-17-000010 · filed 2017-02-24 FY2016 · Liabilities $284.67B · Equity $75.83B FY16 Liabilities $284.67B Equity $75.83B 0000040545-18-000014 · filed 2018-02-23 FY2017 · Liabilities $292.36B · Equity $56.03B FY17 Liabilities $292.36B Equity $56.03B 0000040545-19-000014 · filed 2019-02-26 FY2018 · Liabilities $259.59B · Equity $30.98B FY18 Liabilities $259.59B Equity $30.98B 0000040545-20-000009 · filed 2020-02-24 FY2019 · Liabilities $235.32B · Equity $28.32B FY19 Liabilities $235.32B Equity $28.32B 0000040545-21-000011 · filed 2021-02-12 FY2020 · Liabilities $219.14B · Equity $35.55B FY20 Liabilities $219.14B Equity $35.55B 0000040545-22-000008 · filed 2022-02-11 FY2021 · Liabilities $157.26B · Equity $40.31B FY21 Liabilities $157.26B Equity $40.31B 0000040545-23-000023 · filed 2023-02-10 FY2022 · Liabilities $153.94B · Equity $33.70B FY22 Liabilities $153.94B Equity $33.70B 0000040545-24-000027 · filed 2024-02-02 FY2023 · Liabilities $144.69B · Equity $27.40B FY23 Liabilities $144.69B Equity $27.40B 0000040545-25-000015 · filed 2025-02-03 FY2024 · Liabilities $103.58B · Equity $19.34B FY24 Liabilities $103.58B Equity $19.34B 0000040545-26-000008 · filed 2026-01-29 FY2025 · Liabilities $111.27B · Equity $18.68B FY25 Liabilities $111.27B Equity $18.68B 0000040545-26-000008 · filed 2026-01-29 FY25 Liabilities $111.27B Equity $18.68B 0000040545-26-000008 · filed 2026-01-29 ’09 ’13 ’17 ’21 ’25
FY2025: $130.17B assets · $111.27B liabilities · $18.68B equity