Margins Net margin FCF margin0% 20% 40% FY2007 · Net margin 21.5% FY07 Net margin 21.5% derived: net income ÷ revenue FY2008 · Net margin 8.3% FY08 Net margin 8.3% derived: net income ÷ revenue FY2009 · Net margin 11.7% FY09 Net margin 11.7% derived: net income ÷ revenue FY2010 · Net margin 16.9% FY10 Net margin 16.9% derived: net income ÷ revenue FY2011 · Net margin 19.5% FY11 Net margin 19.5% derived: net income ÷ revenue FY2012 · Net margin 21.9% FY12 Net margin 21.9% derived: net income ÷ revenue FY2013 · Net margin 18.4% FY13 Net margin 18.4% derived: net income ÷ revenue FY2014 · Net margin 22.9% FY14 Net margin 22.9% derived: net income ÷ revenue FY2015 · Net margin 26.1% FY15 Net margin 26.1% derived: net income ÷ revenue FY2016 · Net margin 25.6% FY16 Net margin 25.6% derived: net income ÷ revenue FY2017 · Net margin 24.3% FY17 Net margin 24.3% derived: net income ÷ revenue FY2018 · Net margin 29.9% FY18 Net margin 29.9% derived: net income ÷ revenue FY2019 · Net margin 31.5% FY19 Net margin 31.5% derived: net income ÷ revenue FY2020 · Net margin 24.3% FY20 Net margin 24.3% derived: net income ÷ revenue FY2021 · Net margin 39.7% FY21 Net margin 39.7% derived: net income ÷ revenue FY2022 · Net margin 29.3% FY22 Net margin 29.3% derived: net income ÷ revenue FY2023 · Net margin 31.3% FY23 Net margin 31.3% derived: net income ÷ revenue FY2024 · Net margin 32.9% FY24 Net margin 32.9% derived: net income ÷ revenue FY2025 · Net margin 31.3% FY25 Net margin 31.3% derived: net income ÷ revenue FY25 Net margin 31.3% derived: net income ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 31.3% of revenue
Cash engine Operating cash flow Free cash flow−$100B $0 $100B FY2007 · OCF −$110.56B · 0000950123-10-016029 · filed 2010-02-24 FY07 OCF −$110.56B 0000950123-10-016029 · filed 2010-02-24 FY2008 · OCF $23.93B · 0000950123-11-019773 · filed 2011-02-28 FY08 OCF $23.93B 0000950123-11-019773 · filed 2011-02-28 FY2009 · OCF $122.80B · 0000019617-12-000163 · filed 2012-02-29 FY09 OCF $122.80B 0000019617-12-000163 · filed 2012-02-29 FY2010 · OCF −$3.75B · 0000019617-13-000221 · filed 2013-02-28 FY10 OCF −$3.75B 0000019617-13-000221 · filed 2013-02-28 FY2011 · OCF $95.93B · 0000019617-14-000289 · filed 2014-02-20 FY11 OCF $95.93B 0000019617-14-000289 · filed 2014-02-20 FY2012 · OCF $25.08B · 0000019617-15-000272 · filed 2015-02-24 FY12 OCF $25.08B 0000019617-15-000272 · filed 2015-02-24 FY2013 · OCF $107.95B · 0000019617-16-000902 · filed 2016-02-23 FY13 OCF $107.95B 0000019617-16-000902 · filed 2016-02-23 FY2014 · OCF $36.59B · 0000019617-17-000314 · filed 2017-02-28 FY14 OCF $36.59B 0000019617-17-000314 · filed 2017-02-28 FY2015 · OCF $73.47B · 0000019617-18-000057 · filed 2018-02-27 FY15 OCF $73.47B 0000019617-18-000057 · filed 2018-02-27 FY2016 · OCF $21.88B · 0000019617-19-000054 · filed 2019-02-26 FY16 OCF $21.88B 0000019617-19-000054 · filed 2019-02-26 FY2017 · OCF −$10.83B · 0000019617-20-000257 · filed 2020-02-25 FY17 OCF −$10.83B 0000019617-20-000257 · filed 2020-02-25 FY2018 · OCF $15.61B · 0000019617-21-000236 · filed 2021-02-23 FY18 OCF $15.61B 0000019617-21-000236 · filed 2021-02-23 FY2019 · OCF $4.09B · 0000019617-22-000272 · filed 2022-02-22 FY19 OCF $4.09B 0000019617-22-000272 · filed 2022-02-22 FY2020 · OCF −$79.91B · 0000019617-23-000231 · filed 2023-02-21 FY20 OCF −$79.91B 0000019617-23-000231 · filed 2023-02-21 FY2021 · OCF $78.08B · 0000019617-24-000225 · filed 2024-02-16 FY21 OCF $78.08B 0000019617-24-000225 · filed 2024-02-16 FY2022 · OCF $107.12B · 0000019617-25-000270 · filed 2025-02-14 FY22 OCF $107.12B 0000019617-25-000270 · filed 2025-02-14 FY2023 · OCF $12.97B · 0001628280-26-008131 · filed 2026-02-13 FY23 OCF $12.97B 0001628280-26-008131 · filed 2026-02-13 FY2024 · OCF −$42.01B · 0001628280-26-008131 · filed 2026-02-13 FY24 OCF −$42.01B 0001628280-26-008131 · filed 2026-02-13 FY2025 · OCF −$147.78B · 0001628280-26-008131 · filed 2026-02-13 FY25 OCF −$147.78B 0001628280-26-008131 · filed 2026-02-13 FY25 OCF −$147.78B 0001628280-26-008131 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets0% 5% 10% 15% FY2008 · ROE 3.4% · ROA 0.3% FY08 ROE 3.4% ROA 0.3% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 7.3% · ROA 0.6% FY09 ROE 7.3% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 9.9% · ROA 0.8% FY10 ROE 9.9% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 10.3% · ROA 0.8% FY11 ROE 10.3% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 10.4% · ROA 0.9% FY12 ROE 10.4% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 8.5% · ROA 0.7% FY13 ROE 8.5% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 9.4% · ROA 0.8% FY14 ROE 9.4% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.9% · ROA 1.0% FY15 ROE 9.9% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 9.7% · ROA 1.0% FY16 ROE 9.7% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 9.6% · ROA 1.0% FY17 ROE 9.6% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 12.7% · ROA 1.2% FY18 ROE 12.7% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 13.9% · ROA 1.4% FY19 ROE 13.9% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 10.4% · ROA 0.9% FY20 ROE 10.4% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 16.4% · ROA 1.3% FY21 ROE 16.4% ROA 1.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 12.9% · ROA 1.0% FY22 ROE 12.9% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 15.1% · ROA 1.3% FY23 ROE 15.1% ROA 1.3% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 17.0% · ROA 1.5% FY24 ROE 17.0% ROA 1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 15.7% · ROA 1.3% FY25 ROE 15.7% ROA 1.3% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 15.7% ROA 1.3% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 3% (FY2008) → 16% (FY2025) · on assets 1.3%
Balance sheet Liabilities Equity$0 $2T $4T FY2008 · Liabilities $2.01T · Equity $166.88B FY08 Liabilities $2.01T Equity $166.88B 0000950123-10-016029 · filed 2010-02-24 FY2009 · Liabilities $1.96T · Equity $160.84B FY09 Liabilities $1.96T Equity $160.84B 0000950123-11-019773 · filed 2011-02-28 FY2010 · Liabilities $1.94T · Equity $176.11B FY10 Liabilities $1.94T Equity $176.11B 0000019617-12-000163 · filed 2012-02-29 FY2011 · Liabilities $2.08T · Equity $183.57B FY11 Liabilities $2.08T Equity $183.57B 0000019617-13-000221 · filed 2013-02-28 FY2012 · Liabilities $2.16T · Equity $204.07B FY12 Liabilities $2.16T Equity $204.07B 0000019617-14-000289 · filed 2014-02-20 FY2013 · Liabilities $2.20T · Equity $211.18B FY13 Liabilities $2.20T Equity $211.18B 0000019617-15-000272 · filed 2015-02-24 FY2014 · Liabilities $2.34T · Equity $231.73B FY14 Liabilities $2.34T Equity $231.73B 0000019617-16-000902 · filed 2016-02-23 FY2015 · Liabilities $2.10T · Equity $247.57B FY15 Liabilities $2.10T Equity $247.57B 0000019617-17-000314 · filed 2017-02-28 FY2016 · Liabilities $2.24T · Equity $254.19B FY16 Liabilities $2.24T Equity $254.19B 0000019617-18-000057 · filed 2018-02-27 FY2017 · Liabilities $2.28T · Equity $255.69B FY17 Liabilities $2.28T Equity $255.69B 0000019617-19-000054 · filed 2019-02-26 FY2018 · Liabilities $2.37T · Equity $256.51B FY18 Liabilities $2.37T Equity $256.51B 0000019617-20-000257 · filed 2020-02-25 FY2019 · Liabilities $2.43T · Equity $261.33B FY19 Liabilities $2.43T Equity $261.33B 0000019617-21-000236 · filed 2021-02-23 FY2020 · Liabilities $3.11T · Equity $279.35B FY20 Liabilities $3.11T Equity $279.35B 0000019617-22-000272 · filed 2022-02-22 FY2021 · Liabilities $3.45T · Equity $294.13B FY21 Liabilities $3.45T Equity $294.13B 0000019617-23-000231 · filed 2023-02-21 FY2022 · Liabilities $3.37T · Equity $292.33B FY22 Liabilities $3.37T Equity $292.33B 0000019617-24-000225 · filed 2024-02-16 FY2023 · Liabilities $3.55T · Equity $327.88B FY23 Liabilities $3.55T Equity $327.88B 0000019617-25-000270 · filed 2025-02-14 FY2024 · Liabilities $3.66T · Equity $344.76B FY24 Liabilities $3.66T Equity $344.76B 0001628280-26-008131 · filed 2026-02-13 FY2025 · Liabilities $4.06T · Equity $362.44B FY25 Liabilities $4.06T Equity $362.44B 0001628280-26-008131 · filed 2026-02-13 FY25 Liabilities $4.06T Equity $362.44B 0001628280-26-008131 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
FY2025: $4.42T assets · $4.06T liabilities · $362.44B equity