Margins Net margin FCF margin0% 20% 40% FY2010 · Net margin 30.7% · FCF margin 20.5% FY10 Net margin 30.7% FCF margin 20.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 26.9% · FCF margin 25.4% FY11 Net margin 26.9% FCF margin 25.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 1.0% · FCF margin 7.4% FY12 Net margin 1.0% FCF margin 7.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 19.1% · FCF margin 36.3% FY13 Net margin 19.1% FCF margin 36.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 23.6% · FCF margin 44.1% FY14 Net margin 23.6% FCF margin 44.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 20.6% · FCF margin 43.5% FY15 Net margin 20.6% FCF margin 43.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 37.0% · FCF margin 42.0% FY16 Net margin 37.0% FCF margin 42.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 39.2% · FCF margin 43.0% FY17 Net margin 39.2% FCF margin 43.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 39.6% · FCF margin 27.5% FY18 Net margin 39.6% FCF margin 27.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 26.1% · FCF margin 30.0% FY19 Net margin 26.1% FCF margin 30.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 33.9% · FCF margin 27.4% FY20 Net margin 33.9% FCF margin 27.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 33.4% · FCF margin 33.1% FY21 Net margin 33.4% FCF margin 33.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 19.9% · FCF margin 16.5% FY22 Net margin 19.9% FCF margin 16.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 29.0% · FCF margin 32.7% FY23 Net margin 29.0% FCF margin 32.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 37.9% · FCF margin 32.9% FY24 Net margin 37.9% FCF margin 32.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 30.1% · FCF margin 22.9% FY25 Net margin 30.1% FCF margin 22.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 30.1% FCF margin 22.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’13 ’17 ’21 ’25 FY2025: net 30.1% · free cash flow 22.9% of revenue
Cash engine Operating cash flow Free cash flow$0 $50B $100B FY2010 · OCF $698.0M · FCF $405.0M · 0001326801-13-000003 · filed 2013-02-01 FY10 OCF $698.0M FCF $405.0M 0001326801-13-000003 · filed 2013-02-01 FY2011 · OCF $1.55B · FCF $943.0M · 0001326801-14-000007 · filed 2014-01-31 FY11 OCF $1.55B FCF $943.0M 0001326801-14-000007 · filed 2014-01-31 FY2012 · OCF $1.61B · FCF $377.0M · 0001326801-15-000006 · filed 2015-01-29 FY12 OCF $1.61B FCF $377.0M 0001326801-15-000006 · filed 2015-01-29 FY2013 · OCF $4.22B · FCF $2.86B · 0001326801-16-000043 · filed 2016-01-28 FY13 OCF $4.22B FCF $2.86B 0001326801-16-000043 · filed 2016-01-28 FY2014 · OCF $7.33B · FCF $5.50B · 0001326801-17-000007 · filed 2017-02-03 FY14 OCF $7.33B FCF $5.50B 0001326801-17-000007 · filed 2017-02-03 FY2015 · OCF $10.32B · FCF $7.80B · 0001326801-18-000009 · filed 2018-02-01 FY15 OCF $10.32B FCF $7.80B 0001326801-18-000009 · filed 2018-02-01 FY2016 · OCF $16.11B · FCF $11.62B · 0001326801-19-000009 · filed 2019-01-31 FY16 OCF $16.11B FCF $11.62B 0001326801-19-000009 · filed 2019-01-31 FY2017 · OCF $24.22B · FCF $17.48B · 0001326801-20-000013 · filed 2020-01-30 FY17 OCF $24.22B FCF $17.48B 0001326801-20-000013 · filed 2020-01-30 FY2018 · OCF $29.27B · FCF $15.36B · 0001326801-21-000014 · filed 2021-01-28 FY18 OCF $29.27B FCF $15.36B 0001326801-21-000014 · filed 2021-01-28 FY2019 · OCF $36.31B · FCF $21.21B · 0001326801-22-000018 · filed 2022-02-03 FY19 OCF $36.31B FCF $21.21B 0001326801-22-000018 · filed 2022-02-03 FY2020 · OCF $38.75B · FCF $23.58B · 0001326801-23-000013 · filed 2023-02-02 FY20 OCF $38.75B FCF $23.58B 0001326801-23-000013 · filed 2023-02-02 FY2021 · OCF $57.68B · FCF $38.99B · 0001326801-24-000012 · filed 2024-02-02 FY21 OCF $57.68B FCF $38.99B 0001326801-24-000012 · filed 2024-02-02 FY2022 · OCF $50.48B · FCF $19.29B · 0001326801-25-000017 · filed 2025-01-30 FY22 OCF $50.48B FCF $19.29B 0001326801-25-000017 · filed 2025-01-30 FY2023 · OCF $71.11B · FCF $44.07B · 0001628280-26-003942 · filed 2026-01-29 FY23 OCF $71.11B FCF $44.07B 0001628280-26-003942 · filed 2026-01-29 FY2024 · OCF $91.33B · FCF $54.07B · 0001628280-26-003942 · filed 2026-01-29 FY24 OCF $91.33B FCF $54.07B 0001628280-26-003942 · filed 2026-01-29 FY2025 · OCF $115.80B · FCF $46.11B · 0001628280-26-003942 · filed 2026-01-29 FY25 OCF $115.80B FCF $46.11B 0001628280-26-003942 · filed 2026-01-29 FY25 OCF $115.80B FCF $46.11B 0001628280-26-003942 · filed 2026-01-29 ’13 ’17 ’21 ’25
FY2025: $115.80B operating cash − $69.69B capex = $46.11B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% 30% FY2011 · ROE 20.4% · ROA 15.8% FY11 ROE 20.4% ROA 15.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 0.5% · ROA 0.4% FY12 ROE 0.5% ROA 0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 9.7% · ROA 8.4% FY13 ROE 9.7% ROA 8.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 8.1% · ROA 7.4% FY14 ROE 8.1% ROA 7.4% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 8.3% · ROA 7.5% FY15 ROE 8.3% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 17.3% · ROA 15.7% FY16 ROE 17.3% ROA 15.7% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 21.4% · ROA 18.9% FY17 ROE 21.4% ROA 18.9% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 26.3% · ROA 22.7% FY18 ROE 26.3% ROA 22.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 18.3% · ROA 13.9% FY19 ROE 18.3% ROA 13.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 22.7% · ROA 18.3% FY20 ROE 22.7% ROA 18.3% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 31.5% · ROA 23.7% FY21 ROE 31.5% ROA 23.7% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 18.5% · ROA 12.5% FY22 ROE 18.5% ROA 12.5% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 25.5% · ROA 17.0% FY23 ROE 25.5% ROA 17.0% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 34.1% · ROA 22.6% FY24 ROE 34.1% ROA 22.6% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 27.8% · ROA 16.5% FY25 ROE 27.8% ROA 16.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 27.8% ROA 16.5% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’16 ’19 ’22 ’25 return on equity 20% (FY2011) → 28% (FY2025) · on assets 16.5%
Balance sheet Liabilities Equity$0 $100B $200B $300B FY2011 · Liabilities $1.43B · Equity $4.90B FY11 Liabilities $1.43B Equity $4.90B 0001326801-13-000003 · filed 2013-02-01 FY2012 · Liabilities $3.35B · Equity $11.76B FY12 Liabilities $3.35B Equity $11.76B 0001326801-14-000007 · filed 2014-01-31 FY2013 · Liabilities $2.42B · Equity $15.47B FY13 Liabilities $2.42B Equity $15.47B 0001326801-15-000006 · filed 2015-01-29 FY2014 · Liabilities $3.87B · Equity $36.10B FY14 Liabilities $3.87B Equity $36.10B 0001326801-16-000043 · filed 2016-01-28 FY2015 · Liabilities $5.19B · Equity $44.22B FY15 Liabilities $5.19B Equity $44.22B 0001326801-17-000007 · filed 2017-02-03 FY2016 · Liabilities $5.77B · Equity $59.19B FY16 Liabilities $5.77B Equity $59.19B 0001326801-18-000009 · filed 2018-02-01 FY2017 · Liabilities $10.18B · Equity $74.35B FY17 Liabilities $10.18B Equity $74.35B 0001326801-19-000009 · filed 2019-01-31 FY2018 · Liabilities $13.21B · Equity $84.13B FY18 Liabilities $13.21B Equity $84.13B 0001326801-20-000013 · filed 2020-01-30 FY2019 · Liabilities $32.32B · Equity $101.05B FY19 Liabilities $32.32B Equity $101.05B 0001326801-21-000014 · filed 2021-01-28 FY2020 · Liabilities $31.03B · Equity $128.29B FY20 Liabilities $31.03B Equity $128.29B 0001326801-22-000018 · filed 2022-02-03 FY2021 · Liabilities $41.11B · Equity $124.88B FY21 Liabilities $41.11B Equity $124.88B 0001326801-23-000013 · filed 2023-02-02 FY2022 · Liabilities $60.01B · Equity $125.71B FY22 Liabilities $60.01B Equity $125.71B 0001326801-24-000012 · filed 2024-02-02 FY2023 · Liabilities $76.45B · Equity $153.17B FY23 Liabilities $76.45B Equity $153.17B 0001326801-25-000017 · filed 2025-01-30 FY2024 · Liabilities $93.42B · Equity $182.64B FY24 Liabilities $93.42B Equity $182.64B 0001628280-26-003942 · filed 2026-01-29 FY2025 · Liabilities $148.78B · Equity $217.24B FY25 Liabilities $148.78B Equity $217.24B 0001628280-26-003942 · filed 2026-01-29 FY25 Liabilities $148.78B Equity $217.24B 0001628280-26-003942 · filed 2026-01-29 ’13 ’16 ’19 ’22 ’25
FY2025: $366.02B assets · $148.78B liabilities · $217.24B equity