Margins Net margin FCF margin0% 10% 20% 30% FY2007 · Net margin 20.7% · FCF margin 19.1% FY07 Net margin 20.7% FCF margin 19.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 18.2% · FCF margin 17.5% FY08 Net margin 18.2% FCF margin 17.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 22.0% · FCF margin 20.0% FY09 Net margin 22.0% FCF margin 20.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 33.6% · FCF margin 20.8% FY10 Net margin 33.6% FCF margin 20.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 18.4% · FCF margin 14.1% FY11 Net margin 18.4% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 18.8% · FCF margin 16.4% FY12 Net margin 18.8% FCF margin 16.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 18.3% · FCF margin 17.1% FY13 Net margin 18.3% FCF margin 17.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 15.4% · FCF margin 17.8% FY14 Net margin 15.4% FCF margin 17.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 16.6% · FCF margin 18.0% FY15 Net margin 16.6% FCF margin 18.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 15.6% · FCF margin 15.6% FY16 Net margin 15.6% FCF margin 15.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 3.4% · FCF margin 14.6% FY17 Net margin 3.4% FCF margin 14.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 18.8% · FCF margin 17.7% FY18 Net margin 18.8% FCF margin 17.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 23.9% · FCF margin 22.6% FY19 Net margin 23.9% FCF margin 22.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 23.5% · FCF margin 26.3% FY20 Net margin 23.5% FCF margin 26.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 25.3% · FCF margin 29.1% FY21 Net margin 25.3% FCF margin 29.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 22.2% · FCF margin 22.2% FY22 Net margin 22.2% FCF margin 22.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 23.4% · FCF margin 21.3% FY23 Net margin 23.4% FCF margin 21.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 22.6% · FCF margin 10.1% FY24 Net margin 22.6% FCF margin 10.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 27.3% · FCF margin 11.0% FY25 Net margin 27.3% FCF margin 11.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 27.3% FCF margin 11.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 27.3% · free cash flow 11.0% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2007 · OCF $7.15B · FCF $5.50B · 0001047469-10-001476 · filed 2010-02-26 FY07 OCF $7.15B FCF $5.50B 0001047469-10-001476 · filed 2010-02-26 FY2008 · OCF $7.57B · FCF $5.60B · 0001047469-11-001506 · filed 2011-02-28 FY08 OCF $7.57B FCF $5.60B 0001047469-11-001506 · filed 2011-02-28 FY2009 · OCF $8.19B · FCF $6.19B · 0000021344-12-000007 · filed 2012-02-23 FY09 OCF $8.19B FCF $6.19B 0000021344-12-000007 · filed 2012-02-23 FY2010 · OCF $9.53B · FCF $7.32B · 0000021344-13-000007 · filed 2013-02-27 FY10 OCF $9.53B FCF $7.32B 0000021344-13-000007 · filed 2013-02-27 FY2011 · OCF $9.47B · FCF $6.55B · 0000021344-14-000008 · filed 2014-02-27 FY11 OCF $9.47B FCF $6.55B 0000021344-14-000008 · filed 2014-02-27 FY2012 · OCF $10.64B · FCF $7.87B · 0000021344-15-000005 · filed 2015-02-25 FY12 OCF $10.64B FCF $7.87B 0000021344-15-000005 · filed 2015-02-25 FY2013 · OCF $10.54B · FCF $7.99B · 0000021344-16-000050 · filed 2016-02-25 FY13 OCF $10.54B FCF $7.99B 0000021344-16-000050 · filed 2016-02-25 FY2014 · OCF $10.62B · FCF $8.21B · 0000021344-17-000009 · filed 2017-02-24 FY14 OCF $10.62B FCF $8.21B 0000021344-17-000009 · filed 2017-02-24 FY2015 · OCF $10.53B · FCF $7.97B · 0000021344-18-000008 · filed 2018-02-23 FY15 OCF $10.53B FCF $7.97B 0000021344-18-000008 · filed 2018-02-23 FY2016 · OCF $8.79B · FCF $6.53B · 0000021344-19-000014 · filed 2019-02-21 FY16 OCF $8.79B FCF $6.53B 0000021344-19-000014 · filed 2019-02-21 FY2017 · OCF $7.04B · FCF $5.29B · 0000021344-20-000006 · filed 2020-02-24 FY17 OCF $7.04B FCF $5.29B 0000021344-20-000006 · filed 2020-02-24 FY2018 · OCF $7.63B · FCF $6.08B · 0000021344-21-000008 · filed 2021-02-25 FY18 OCF $7.63B FCF $6.08B 0000021344-21-000008 · filed 2021-02-25 FY2019 · OCF $10.47B · FCF $8.42B · 0000021344-22-000009 · filed 2022-02-22 FY19 OCF $10.47B FCF $8.42B 0000021344-22-000009 · filed 2022-02-22 FY2020 · OCF $9.84B · FCF $8.67B · 0000021344-23-000011 · filed 2023-02-21 FY20 OCF $9.84B FCF $8.67B 0000021344-23-000011 · filed 2023-02-21 FY2021 · OCF $12.63B · FCF $11.26B · 0000021344-24-000009 · filed 2024-02-20 FY21 OCF $12.63B FCF $11.26B 0000021344-24-000009 · filed 2024-02-20 FY2022 · OCF $11.02B · FCF $9.53B · 0000021344-25-000011 · filed 2025-02-20 FY22 OCF $11.02B FCF $9.53B 0000021344-25-000011 · filed 2025-02-20 FY2023 · OCF $11.60B · FCF $9.75B · 0001628280-26-010047 · filed 2026-02-20 FY23 OCF $11.60B FCF $9.75B 0001628280-26-010047 · filed 2026-02-20 FY2024 · OCF $6.80B · FCF $4.74B · 0001628280-26-010047 · filed 2026-02-20 FY24 OCF $6.80B FCF $4.74B 0001628280-26-010047 · filed 2026-02-20 FY2025 · OCF $7.41B · FCF $5.30B · 0001628280-26-010047 · filed 2026-02-20 FY25 OCF $7.41B FCF $5.30B 0001628280-26-010047 · filed 2026-02-20 FY25 OCF $7.41B FCF $5.30B 0001628280-26-010047 · filed 2026-02-20 ’09 ’13 ’17 ’21 ’25
FY2025: $7.41B operating cash − $2.11B capex = $5.30B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% FY2008 · ROE 28.4% · ROA 14.3% FY08 ROE 28.4% ROA 14.3% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 27.5% · ROA 14.0% FY09 ROE 27.5% ROA 14.0% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 38.0% · ROA 16.2% FY10 ROE 38.0% ROA 16.2% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 27.1% · ROA 10.7% FY11 ROE 27.1% ROA 10.7% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 27.5% · ROA 10.5% FY12 ROE 27.5% ROA 10.5% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 25.9% · ROA 9.5% FY13 ROE 25.9% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 23.4% · ROA 7.7% FY14 ROE 23.4% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 28.8% · ROA 8.2% FY15 ROE 28.8% ROA 8.2% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 28.3% · ROA 7.5% FY16 ROE 28.3% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 7.3% · ROA 1.4% FY17 ROE 7.3% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 37.9% · ROA 7.7% FY18 ROE 37.9% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 47.0% · ROA 10.3% FY19 ROE 47.0% ROA 10.3% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 40.1% · ROA 8.9% FY20 ROE 40.1% ROA 8.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 42.5% · ROA 10.4% FY21 ROE 42.5% ROA 10.4% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 39.6% · ROA 10.3% FY22 ROE 39.6% ROA 10.3% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 41.3% · ROA 11.0% FY23 ROE 41.3% ROA 11.0% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 42.8% · ROA 10.6% FY24 ROE 42.8% ROA 10.6% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 40.7% · ROA 12.5% FY25 ROE 40.7% ROA 12.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 40.7% ROA 12.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 28% (FY2008) → 41% (FY2025) · on assets 12.5%