Margins Net margin FCF margin0% 50% FY2009 · Net margin -39.2% · FCF margin 14.9% FY09 Net margin -39.2% FCF margin 14.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 21.8% · FCF margin 29.2% FY10 Net margin 21.8% FCF margin 29.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 1.9% · FCF margin -0.8% FY11 Net margin 1.9% FCF margin -0.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin -12.5% · FCF margin 5.0% FY12 Net margin -12.5% FCF margin 5.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 13.1% · FCF margin 4.1% FY13 Net margin 13.1% FCF margin 4.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 18.6% · FCF margin 15.8% FY14 Net margin 18.6% FCF margin 15.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 17.9% · FCF margin 7.3% FY15 Net margin 17.9% FCF margin 7.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin -2.2% · FCF margin -21.4% FY16 Net margin -2.2% FCF margin -21.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 25.0% · FCF margin 16.8% FY17 Net margin 25.0% FCF margin 16.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 46.5% · FCF margin 28.0% FY18 Net margin 46.5% FCF margin 28.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 27.0% · FCF margin 14.6% FY19 Net margin 27.0% FCF margin 14.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 12.5% · FCF margin 0.4% FY20 Net margin 12.5% FCF margin 0.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 21.2% · FCF margin 8.8% FY21 Net margin 21.2% FCF margin 8.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 28.2% · FCF margin 10.1% FY22 Net margin 28.2% FCF margin 10.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin -37.5% · FCF margin -39.4% FY23 Net margin -37.5% FCF margin -39.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 3.1% · FCF margin 0.5% FY24 Net margin 3.1% FCF margin 0.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 22.8% · FCF margin 4.5% FY25 Net margin 22.8% FCF margin 4.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 22.8% FCF margin 4.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 22.8% · free cash flow 4.5% of revenue
Cash engine Operating cash flow Free cash flow$0 $10B FY2009 · OCF $1.21B · FCF $718.0M · 0000723125-11-000189 · filed 2011-10-25 FY09 OCF $1.21B FCF $718.0M 0000723125-11-000189 · filed 2011-10-25 FY2010 · OCF $3.10B · FCF $2.48B · 0000723125-12-000156 · filed 2012-10-29 FY10 OCF $3.10B FCF $2.48B 0000723125-12-000156 · filed 2012-10-29 FY2011 · OCF $2.48B · FCF −$66.0M · 0000723125-12-000156 · filed 2012-10-29 FY11 OCF $2.48B FCF −$66.0M 0000723125-12-000156 · filed 2012-10-29 FY2012 · OCF $2.11B · FCF $415.0M · 0000723125-12-000156 · filed 2012-10-29 FY12 OCF $2.11B FCF $415.0M 0000723125-12-000156 · filed 2012-10-29 FY2013 · OCF $1.81B · FCF $369.0M · 0000723125-15-000112 · filed 2015-10-27 FY13 OCF $1.81B FCF $369.0M 0000723125-15-000112 · filed 2015-10-27 FY2014 · OCF $5.70B · FCF $2.59B · 0000723125-16-000269 · filed 2016-10-28 FY14 OCF $5.70B FCF $2.59B 0000723125-16-000269 · filed 2016-10-28 FY2015 · OCF $5.21B · FCF $1.19B · 0000723125-17-000131 · filed 2017-10-26 FY15 OCF $5.21B FCF $1.19B 0000723125-17-000131 · filed 2017-10-26 FY2016 · OCF $3.17B · FCF −$2.65B · 0000723125-18-000092 · filed 2018-10-15 FY16 OCF $3.17B FCF −$2.65B 0000723125-18-000092 · filed 2018-10-15 FY2017 · OCF $8.15B · FCF $3.42B · 0000723125-19-000094 · filed 2019-10-17 FY17 OCF $8.15B FCF $3.42B 0000723125-19-000094 · filed 2019-10-17 FY2018 · OCF $17.40B · FCF $8.52B · 0000723125-20-000082 · filed 2020-10-19 FY18 OCF $17.40B FCF $8.52B 0000723125-20-000082 · filed 2020-10-19 FY2019 · OCF $13.19B · FCF $3.41B · 0000723125-21-000065 · filed 2021-10-08 FY19 OCF $13.19B FCF $3.41B 0000723125-21-000065 · filed 2021-10-08 FY2020 · OCF $8.31B · FCF $83.0M · 0000723125-22-000048 · filed 2022-10-07 FY20 OCF $8.31B FCF $83.0M 0000723125-22-000048 · filed 2022-10-07 FY2021 · OCF $12.47B · FCF $2.44B · 0000723125-23-000054 · filed 2023-10-06 FY21 OCF $12.47B FCF $2.44B 0000723125-23-000054 · filed 2023-10-06 FY2022 · OCF $15.18B · FCF $3.11B · 0000723125-24-000027 · filed 2024-10-04 FY22 OCF $15.18B FCF $3.11B 0000723125-24-000027 · filed 2024-10-04 FY2023 · OCF $1.56B · FCF −$6.12B · 0000723125-25-000028 · filed 2025-10-03 FY23 OCF $1.56B FCF −$6.12B 0000723125-25-000028 · filed 2025-10-03 FY2024 · OCF $8.51B · FCF $121.0M · 0000723125-25-000028 · filed 2025-10-03 FY24 OCF $8.51B FCF $121.0M 0000723125-25-000028 · filed 2025-10-03 FY2025 · OCF $17.52B · FCF $1.67B · 0000723125-25-000028 · filed 2025-10-03 FY25 OCF $17.52B FCF $1.67B 0000723125-25-000028 · filed 2025-10-03 FY25 OCF $17.52B FCF $1.67B 0000723125-25-000028 · filed 2025-10-03 ’09 ’13 ’17 ’21 ’25
FY2025: $17.52B operating cash − $15.86B capex = $1.67B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% FY2010 · ROE 23.1% · ROA 12.6% FY10 ROE 23.1% ROA 12.6% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 2.0% · ROA 1.1% FY11 ROE 2.0% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -13.4% · ROA -7.2% FY12 ROE -13.4% ROA -7.2% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 13.0% · ROA 6.2% FY13 ROE 13.0% ROA 6.2% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 28.3% · ROA 13.6% FY14 ROE 28.3% ROA 13.6% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 23.6% · ROA 12.0% FY15 ROE 23.6% ROA 12.0% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -2.3% · ROA -1.0% FY16 ROE -2.3% ROA -1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 27.3% · ROA 14.4% FY17 ROE 27.3% ROA 14.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 43.8% · ROA 32.6% FY18 ROE 43.8% ROA 32.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 17.6% · ROA 12.9% FY19 ROE 17.6% ROA 12.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 6.9% · ROA 5.0% FY20 ROE 6.9% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 13.3% · ROA 10.0% FY21 ROE 13.3% ROA 10.0% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 17.4% · ROA 13.1% FY22 ROE 17.4% ROA 13.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE -13.2% · ROA -9.1% FY23 ROE -13.2% ROA -9.1% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 1.7% · ROA 1.1% FY24 ROE 1.7% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 15.8% · ROA 10.3% FY25 ROE 15.8% ROA 10.3% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 15.8% ROA 10.3% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’17 ’21 ’25 return on equity 23% (FY2010) → 16% (FY2025) · on assets 10.3%
Balance sheet Liabilities Equity$0 $50B FY2010 · Liabilities $4.88B · Equity $8.02B FY10 Liabilities $4.88B Equity $8.02B 0000723125-11-000189 · filed 2011-10-25 FY2011 · Liabilities $4.90B · Equity $8.47B FY11 Liabilities $4.90B Equity $8.47B 0000723125-12-000156 · filed 2012-10-29 FY2012 · Liabilities $5.91B · Equity $7.70B FY12 Liabilities $5.91B Equity $7.70B 0000723125-13-000228 · filed 2013-10-28 FY2013 · Liabilities $9.11B · Equity $9.14B FY13 Liabilities $9.11B Equity $9.14B 0000723125-14-000195 · filed 2014-10-27 FY2014 · Liabilities $10.79B · Equity $10.76B FY14 Liabilities $10.79B Equity $10.76B 0000723125-15-000112 · filed 2015-10-27 FY2015 · Liabilities $10.86B · Equity $12.30B FY15 Liabilities $10.86B Equity $12.30B 0000723125-16-000269 · filed 2016-10-28 FY2016 · Liabilities $14.61B · Equity $12.08B FY16 Liabilities $14.61B Equity $12.08B 0000723125-17-000131 · filed 2017-10-26 FY2017 · Liabilities $15.85B · Equity $18.62B FY17 Liabilities $15.85B Equity $18.62B 0000723125-18-000092 · filed 2018-10-15 FY2018 · Liabilities $10.11B · Equity $32.29B FY18 Liabilities $10.11B Equity $32.29B 0000723125-19-000094 · filed 2019-10-17 FY2019 · Liabilities $12.02B · Equity $35.88B FY19 Liabilities $12.02B Equity $35.88B 0000723125-20-000082 · filed 2020-10-19 FY2020 · Liabilities $14.68B · Equity $39.00B FY20 Liabilities $14.68B Equity $39.00B 0000723125-21-000065 · filed 2021-10-08 FY2021 · Liabilities $14.92B · Equity $43.93B FY21 Liabilities $14.92B Equity $43.93B 0000723125-22-000048 · filed 2022-10-07 FY2022 · Liabilities $16.38B · Equity $49.91B FY22 Liabilities $16.38B Equity $49.91B 0000723125-23-000054 · filed 2023-10-06 FY2023 · Liabilities $20.13B · Equity $44.12B FY23 Liabilities $20.13B Equity $44.12B 0000723125-24-000027 · filed 2024-10-04 FY2024 · Liabilities $24.29B · Equity $45.13B FY24 Liabilities $24.29B Equity $45.13B 0000723125-25-000028 · filed 2025-10-03 FY2025 · Liabilities $28.63B · Equity $54.16B FY25 Liabilities $28.63B Equity $54.16B 0000723125-25-000028 · filed 2025-10-03 FY25 Liabilities $28.63B Equity $54.16B 0000723125-25-000028 · filed 2025-10-03 ’13 ’17 ’21 ’25
FY2025: $82.80B assets · $28.63B liabilities · $54.16B equity