Margins Net margin FCF margin0% 50% FY2008 · Net margin 3.6% FY08 Net margin 3.6% derived: net income ÷ revenue FY2009 · Net margin 69.3% FY09 Net margin 69.3% derived: net income ÷ revenue FY2010 · Net margin 60.8% FY10 Net margin 60.8% derived: net income ÷ revenue FY2011 · Net margin -5.0% FY11 Net margin -5.0% derived: net income ÷ revenue FY2012 · Net margin 42.2% FY12 Net margin 42.2% derived: net income ÷ revenue FY2013 · Net margin 50.0% FY13 Net margin 50.0% derived: net income ÷ revenue FY2014 · Net margin 42.3% FY14 Net margin 42.3% derived: net income ÷ revenue FY2015 · Net margin 28.5% FY15 Net margin 28.5% derived: net income ÷ revenue FY2016 · Net margin 29.1% FY16 Net margin 29.1% derived: net income ÷ revenue FY2017 · Net margin -10.6% FY17 Net margin -10.6% derived: net income ÷ revenue FY2018 · Net margin 11.0% FY18 Net margin 11.0% derived: net income ÷ revenue FY2019 · Net margin 17.8% FY19 Net margin 17.8% derived: net income ÷ revenue FY2020 · Net margin 14.7% FY20 Net margin 14.7% derived: net income ÷ revenue FY2021 · Net margin -0.8% FY21 Net margin -0.8% derived: net income ÷ revenue FY2022 · Net margin -21.0% FY22 Net margin -21.0% derived: net income ÷ revenue FY2023 · Net margin 28.0% FY23 Net margin 28.0% derived: net income ÷ revenue FY2024 · Net margin 16.0% FY24 Net margin 16.0% derived: net income ÷ revenue FY2025 · Net margin 20.9% FY25 Net margin 20.9% derived: net income ÷ revenue FY25 Net margin 20.9% derived: net income ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 20.9% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2008 · OCF $545.9M · 0001193125-11-045963 · filed 2011-02-25 FY08 OCF $545.9M 0001193125-11-045963 · filed 2011-02-25 FY2009 · OCF $588.9M · 0001445305-12-000423 · filed 2012-02-23 FY09 OCF $588.9M 0001445305-12-000423 · filed 2012-02-23 FY2010 · OCF $494.7M · 0001445305-13-000283 · filed 2013-02-22 FY10 OCF $494.7M 0001445305-13-000283 · filed 2013-02-22 FY2011 · OCF $165.9M · 0001445305-14-000501 · filed 2014-02-21 FY11 OCF $165.9M 0001445305-14-000501 · filed 2014-02-21 FY2012 · OCF $716.9M · 0001628280-15-000861 · filed 2015-02-20 FY12 OCF $716.9M 0001628280-15-000861 · filed 2015-02-20 FY2013 · OCF $795.7M · 0001628280-16-011447 · filed 2016-02-19 FY13 OCF $795.7M 0001628280-16-011447 · filed 2016-02-19 FY2014 · OCF $660.7M · 0000913144-17-000002 · filed 2017-02-23 FY14 OCF $660.7M 0000913144-17-000002 · filed 2017-02-23 FY2015 · OCF $425.0M · 0001628280-18-001312 · filed 2018-02-09 FY15 OCF $425.0M 0001628280-18-001312 · filed 2018-02-09 FY2016 · OCF $484.8M · 0000913144-19-000010 · filed 2019-02-07 FY16 OCF $484.8M 0000913144-19-000010 · filed 2019-02-07 FY2017 · OCF $1.03B · 0000913144-20-000024 · filed 2020-02-07 FY17 OCF $1.03B 0000913144-20-000024 · filed 2020-02-07 FY2018 · OCF $1.22B · 0000913144-21-000029 · filed 2021-02-05 FY18 OCF $1.22B 0000913144-21-000029 · filed 2021-02-05 FY2019 · OCF $2.14B · 0000913144-22-000015 · filed 2022-02-04 FY19 OCF $2.14B 0000913144-22-000015 · filed 2022-02-04 FY2020 · OCF $1.99B · 0000913144-23-000011 · filed 2023-02-08 FY20 OCF $1.99B 0000913144-23-000011 · filed 2023-02-08 FY2021 · OCF $1.23B · 0000913144-24-000019 · filed 2024-02-21 FY21 OCF $1.23B 0000913144-24-000019 · filed 2024-02-21 FY2022 · OCF $1.60B · 0000913144-25-000009 · filed 2025-02-12 FY22 OCF $1.60B 0000913144-25-000009 · filed 2025-02-12 FY2023 · OCF $1.91B · 0000913144-26-000012 · filed 2026-02-11 FY23 OCF $1.91B 0000913144-26-000012 · filed 2026-02-11 FY2024 · OCF $4.16B · 0000913144-26-000012 · filed 2026-02-11 FY24 OCF $4.16B 0000913144-26-000012 · filed 2026-02-11 FY2025 · OCF $3.69B · 0000913144-26-000012 · filed 2026-02-11 FY25 OCF $3.69B 0000913144-26-000012 · filed 2026-02-11 FY25 OCF $3.69B 0000913144-26-000012 · filed 2026-02-11 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets-20% 0% 20% FY2009 · ROE 22.9% · ROA 11.1% FY09 ROE 22.9% ROA 11.1% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 18.9% · ROA 9.2% FY10 ROE 18.9% ROA 9.2% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE -1.6% · ROA -0.7% FY11 ROE -1.6% ROA -0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 17.2% · ROA 7.6% FY12 ROE 17.2% ROA 7.6% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 17.7% · ROA 8.4% FY13 ROE 17.7% ROA 8.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 13.8% · ROA 6.5% FY14 ROE 13.8% ROA 6.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.1% · ROA 3.7% FY15 ROE 9.1% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 10.3% · ROA 4.1% FY16 ROE 10.3% ROA 4.1% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -5.1% · ROA -1.5% FY17 ROE -5.1% ROA -1.5% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 4.5% · ROA 1.2% FY18 ROE 4.5% ROA 1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 12.5% · ROA 2.8% FY19 ROE 12.5% ROA 2.8% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 10.1% · ROA 2.5% FY20 ROE 10.1% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE -0.6% · ROA -0.1% FY21 ROE -0.6% ROA -0.1% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -19.9% · ROA -2.9% FY22 ROE -19.9% ROA -2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 27.1% · ROA 5.2% FY23 ROE 27.1% ROA 5.2% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 17.7% · ROA 3.7% FY24 ROE 17.7% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 23.1% · ROA 5.0% FY25 ROE 23.1% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 23.1% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 23% (FY2009) → 23% (FY2025) · on assets 5.0%
Balance sheet Liabilities Equity$0 $20B $40B FY2009 · Liabilities $3.30B · Equity $3.84B FY09 Liabilities $3.30B Equity $3.84B 0001193125-11-045963 · filed 2011-02-25 FY2010 · Liabilities $3.44B · Equity $3.94B FY10 Liabilities $3.44B Equity $3.94B 0001445305-12-000423 · filed 2012-02-23 FY2011 · Liabilities $3.48B · Equity $3.61B FY11 Liabilities $3.48B Equity $3.61B 0001445305-13-000283 · filed 2013-02-22 FY2012 · Liabilities $3.45B · Equity $3.50B FY12 Liabilities $3.45B Equity $3.50B 0001445305-14-000501 · filed 2014-02-21 FY2013 · Liabilities $3.17B · Equity $3.90B FY13 Liabilities $3.17B Equity $3.90B 0001628280-15-000861 · filed 2015-02-20 · 0001445305-14-000501 · filed 2014-02-21 FY2014 · Liabilities $3.21B · Equity $3.87B FY14 Liabilities $3.21B Equity $3.87B 0001628280-16-011447 · filed 2016-02-19 FY2015 · Liabilities $5.78B · Equity $4.73B FY15 Liabilities $5.78B Equity $4.73B 0000913144-17-000002 · filed 2017-02-23 FY2016 · Liabilities $6.31B · Equity $4.87B FY16 Liabilities $6.31B Equity $4.87B 0001628280-18-001312 · filed 2018-02-09 FY2017 · Liabilities $9.54B · Equity $4.39B FY17 Liabilities $9.54B Equity $4.39B 0000913144-19-000010 · filed 2019-02-07 FY2018 · Liabilities $11.58B · Equity $5.05B FY18 Liabilities $11.58B Equity $5.05B 0000913144-20-000024 · filed 2020-02-07 FY2019 · Liabilities $17.29B · Equity $5.97B FY19 Liabilities $17.29B Equity $5.97B 0000913144-21-000029 · filed 2021-02-05 FY2020 · Liabilities $19.87B · Equity $7.56B FY20 Liabilities $19.87B Equity $7.56B 0000913144-22-000015 · filed 2022-02-04 FY2021 · Liabilities $23.78B · Equity $6.62B FY21 Liabilities $23.78B Equity $6.62B 0000913144-23-000011 · filed 2023-02-08 FY2022 · Liabilities $26.69B · Equity $5.33B FY22 Liabilities $26.69B Equity $5.33B 0000913144-24-000019 · filed 2024-02-21 FY2023 · Liabilities $33.45B · Equity $9.45B FY23 Liabilities $33.45B Equity $9.45B 0000913144-25-000009 · filed 2025-02-12 FY2024 · Liabilities $33.16B · Equity $10.57B FY24 Liabilities $33.16B Equity $10.57B 0000913144-26-000012 · filed 2026-02-11 FY2025 · Liabilities $34.59B · Equity $11.61B FY25 Liabilities $34.59B Equity $11.61B 0000913144-26-000012 · filed 2026-02-11 FY25 Liabilities $34.59B Equity $11.61B 0000913144-26-000012 · filed 2026-02-11 ’09 ’13 ’17 ’21 ’25
FY2025: $53.80B assets · $34.59B liabilities · $11.61B equity