Margins Net margin FCF margin0% 10% 20% 30% FY2007 · Net margin 10.9% · FCF margin 8.1% FY07 Net margin 10.9% FCF margin 8.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 10.8% · FCF margin 10.7% FY08 Net margin 10.8% FCF margin 10.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 10.2% · FCF margin 11.5% FY09 Net margin 10.2% FCF margin 11.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 10.7% · FCF margin 12.9% FY10 Net margin 10.7% FCF margin 12.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 11.3% · FCF margin 12.6% FY11 Net margin 11.3% FCF margin 12.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 11.4% · FCF margin 10.8% FY12 Net margin 11.4% FCF margin 10.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 10.7% · FCF margin 11.2% FY13 Net margin 10.7% FCF margin 11.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 9.4% · FCF margin 8.2% FY14 Net margin 9.4% FCF margin 8.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 9.3% · FCF margin 9.3% FY15 Net margin 9.3% FCF margin 9.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 26.1% · FCF margin 25.9% FY16 Net margin 26.1% FCF margin 25.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 21.0% · FCF margin 25.6% FY17 Net margin 21.0% FCF margin 25.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 26.7% · FCF margin 27.1% FY18 Net margin 26.7% FCF margin 27.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 24.1% · FCF margin 31.0% FY19 Net margin 24.1% FCF margin 31.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 28.1% · FCF margin 32.1% FY20 Net margin 28.1% FCF margin 32.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 29.0% · FCF margin 35.7% FY21 Net margin 29.0% FCF margin 35.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 28.5% · FCF margin 30.6% FY22 Net margin 28.5% FCF margin 30.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 22.2% · FCF margin 22.4% FY23 Net margin 22.2% FCF margin 22.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 18.6% · FCF margin 28.4% FY24 Net margin 18.6% FCF margin 28.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 27.9% · FCF margin 26.2% FY25 Net margin 27.9% FCF margin 26.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 27.9% FCF margin 26.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 27.9% · free cash flow 26.2% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2007 · OCF $5.55B · FCF $4.48B · 0001193125-10-041735 · filed 2010-02-26 FY07 OCF $5.55B FCF $4.48B 0001193125-10-041735 · filed 2010-02-26 FY2008 · OCF $7.93B · FCF $6.84B · 0001193125-11-046772 · filed 2011-02-25 FY08 OCF $7.93B FCF $6.84B 0001193125-11-046772 · filed 2011-02-25 FY2009 · OCF $7.88B · FCF $7.17B · 0001193125-12-076983 · filed 2012-02-24 FY09 OCF $7.88B FCF $7.17B 0001193125-12-076983 · filed 2012-02-24 FY2010 · OCF $9.44B · FCF $8.72B · 0001413329-13-000019 · filed 2013-02-22 FY10 OCF $9.44B FCF $8.72B 0001413329-13-000019 · filed 2013-02-22 FY2011 · OCF $10.53B · FCF $9.63B · 0001413329-14-000012 · filed 2014-02-21 FY11 OCF $10.53B FCF $9.63B 0001413329-14-000012 · filed 2014-02-21 FY2012 · OCF $9.42B · FCF $8.37B · 0001413329-15-000016 · filed 2015-02-20 FY12 OCF $9.42B FCF $8.37B 0001413329-15-000016 · filed 2015-02-20 FY2013 · OCF $10.13B · FCF $8.94B · 0001413329-16-000076 · filed 2016-02-17 FY13 OCF $10.13B FCF $8.94B 0001413329-16-000076 · filed 2016-02-17 FY2014 · OCF $7.74B · FCF $6.59B · 0001413329-17-000014 · filed 2017-02-14 FY14 OCF $7.74B FCF $6.59B 0001413329-17-000014 · filed 2017-02-14 FY2015 · OCF $7.87B · FCF $6.91B · 0001413329-18-000007 · filed 2018-02-13 FY15 OCF $7.87B FCF $6.91B 0001413329-18-000007 · filed 2018-02-13 FY2016 · OCF $8.08B · FCF $6.91B · 0001413329-19-000007 · filed 2019-02-07 FY16 OCF $8.08B FCF $6.91B 0001413329-19-000007 · filed 2019-02-07 FY2017 · OCF $8.91B · FCF $7.36B · 0001413329-20-000007 · filed 2020-02-07 FY17 OCF $8.91B FCF $7.36B 0001413329-20-000007 · filed 2020-02-07 FY2018 · OCF $9.48B · FCF $8.04B · 0001413329-21-000007 · filed 2021-02-09 FY18 OCF $9.48B FCF $8.04B 0001413329-21-000007 · filed 2021-02-09 FY2019 · OCF $10.09B · FCF $9.24B · 0001413329-22-000011 · filed 2022-02-11 FY19 OCF $10.09B FCF $9.24B 0001413329-22-000011 · filed 2022-02-11 FY2020 · OCF $9.81B · FCF $9.21B · 0001413329-23-000025 · filed 2023-02-10 FY20 OCF $9.81B FCF $9.21B 0001413329-23-000025 · filed 2023-02-10 FY2021 · OCF $11.97B · FCF $11.22B · 0001413329-24-000013 · filed 2024-02-08 FY21 OCF $11.97B FCF $11.22B 0001413329-24-000013 · filed 2024-02-08 FY2022 · OCF $10.80B · FCF $9.73B · 0001413329-25-000013 · filed 2025-02-06 FY22 OCF $10.80B FCF $9.73B 0001413329-25-000013 · filed 2025-02-06 FY2023 · OCF $9.20B · FCF $7.88B · 0001628280-26-005939 · filed 2026-02-06 FY23 OCF $9.20B FCF $7.88B 0001628280-26-005939 · filed 2026-02-06 FY2024 · OCF $12.22B · FCF $10.77B · 0001628280-26-005939 · filed 2026-02-06 FY24 OCF $12.22B FCF $10.77B 0001628280-26-005939 · filed 2026-02-06 FY2025 · OCF $12.23B · FCF $10.66B · 0001628280-26-005939 · filed 2026-02-06 FY25 OCF $12.23B FCF $10.66B 0001628280-26-005939 · filed 2026-02-06 FY25 OCF $12.23B FCF $10.66B 0001628280-26-005939 · filed 2026-02-06 ’09 ’13 ’17 ’21 ’25
FY2025: $12.23B operating cash − $1.57B capex = $10.66B free cash flow
Returns on capital Return on equity Return on assets0% 2000% 4000% FY2008 · ROE 91.9% · ROA 20.9% FY08 ROE 91.9% ROA 20.9% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 111.0% · ROA 18.4% FY09 ROE 111.0% ROA 18.4% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 207.0% · ROA 20.7% FY10 ROE 207.0% ROA 20.7% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 3751.5% · ROA 24.2% FY11 ROE 3751.5% ROA 24.2% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -253.2% · ROA 23.4% FY12 ROE -253.2% ROA 23.4% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE -110.4% · ROA 22.5% FY13 ROE -110.4% ROA 22.5% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE -59.3% · ROA 21.3% FY14 ROE -59.3% ROA 21.3% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE -51.9% · ROA 20.2% FY15 ROE -51.9% ROA 20.2% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -54.9% · ROA 18.9% FY16 ROE -54.9% ROA 18.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -49.9% · ROA 14.0% FY17 ROE -49.9% ROA 14.0% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE -63.5% · ROA 19.9% FY18 ROE -63.5% ROA 19.9% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE -62.1% · ROA 16.8% FY19 ROE -62.1% ROA 16.8% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE -64.1% · ROA 18.0% FY20 ROE -64.1% ROA 18.0% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE -90.1% · ROA 22.1% FY21 ROE -90.1% ROA 22.1% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -101.0% · ROA 14.7% FY22 ROE -101.0% ROA 14.7% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE -69.6% · ROA 12.0% FY23 ROE -69.6% ROA 12.0% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE -60.1% · ROA 11.4% FY24 ROE -60.1% ROA 11.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE -113.5% · ROA 16.4% FY25 ROE -113.5% ROA 16.4% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE -113.5% ROA 16.4% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 92% (FY2008) → -114% (FY2025) · on assets 16.4%
Balance sheet Liabilities Equity$0 $50B FY2008 · Liabilities $25.07B · Equity $7.50B FY08 Liabilities $25.07B Equity $7.50B 0001193125-10-041735 · filed 2010-02-26 FY2009 · Liabilities $28.41B · Equity $5.72B FY09 Liabilities $28.41B Equity $5.72B 0001193125-11-046772 · filed 2011-02-25 FY2010 · Liabilities $29.93B · Equity $3.51B FY10 Liabilities $29.93B Equity $3.51B 0001193125-12-076983 · filed 2012-02-24 FY2011 · Liabilities $33.73B · Equity $229.0M FY11 Liabilities $33.73B Equity $229.0M 0001413329-13-000019 · filed 2013-02-22 FY2012 · Liabilities $39.52B · Equity −$3.48B FY12 Liabilities $39.52B Equity −$3.48B 0001413329-14-000012 · filed 2014-02-21 FY2013 · Liabilities $44.44B · Equity −$7.77B FY13 Liabilities $44.44B Equity −$7.77B 0001413329-15-000016 · filed 2015-02-20 FY2014 · Liabilities $46.39B · Equity −$12.63B FY14 Liabilities $46.39B Equity −$12.63B 0001413329-16-000076 · filed 2016-02-17 FY2015 · Liabilities $45.43B · Equity −$13.24B FY15 Liabilities $45.43B Equity −$13.24B 0001413329-17-000014 · filed 2017-02-14 FY2016 · Liabilities $47.75B · Equity −$12.69B FY16 Liabilities $47.75B Equity −$12.69B 0001413329-18-000007 · filed 2018-02-13 FY2017 · Liabilities $53.20B · Equity −$12.09B FY17 Liabilities $53.20B Equity −$12.09B 0001413329-19-000007 · filed 2019-02-07 FY2018 · Liabilities $50.54B · Equity −$12.46B FY18 Liabilities $50.54B Equity −$12.46B 0001413329-20-000007 · filed 2020-02-07 FY2019 · Liabilities $52.47B · Equity −$11.58B FY19 Liabilities $52.47B Equity −$11.58B 0001413329-21-000007 · filed 2021-02-09 FY2020 · Liabilities $55.45B · Equity −$12.57B FY20 Liabilities $55.45B Equity −$12.57B 0001413329-22-000011 · filed 2022-02-11 FY2021 · Liabilities $49.50B · Equity −$10.11B FY21 Liabilities $49.50B Equity −$10.11B 0001413329-23-000025 · filed 2023-02-10 FY2022 · Liabilities $67.99B · Equity −$8.96B FY22 Liabilities $67.99B Equity −$8.96B 0001413329-24-000013 · filed 2024-02-08 FY2023 · Liabilities $74.75B · Equity −$11.22B FY23 Liabilities $74.75B Equity −$11.22B 0001413329-25-000013 · filed 2025-02-06 FY2024 · Liabilities $71.65B · Equity −$11.75B FY24 Liabilities $71.65B Equity −$11.75B 0001628280-26-005939 · filed 2026-02-06 FY2025 · Liabilities $77.21B · Equity −$9.99B FY25 Liabilities $77.21B Equity −$9.99B 0001628280-26-005939 · filed 2026-02-06 FY25 Liabilities $77.21B Equity −$9.99B 0001628280-26-005939 · filed 2026-02-06 ’09 ’13 ’17 ’21 ’25
FY2025: $69.19B assets · $77.21B liabilities · −$9.99B equity