Margins Net margin FCF margin-100% 0% 100% FY2007 · Net margin 15.1% · FCF margin 29.5% FY07 Net margin 15.1% FCF margin 29.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 16.9% · FCF margin -23.9% FY08 Net margin 16.9% FCF margin -23.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin -21.8% · FCF margin -52.7% FY09 Net margin -21.8% FCF margin -52.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 17.4% · FCF margin 6.3% FY10 Net margin 17.4% FCF margin 6.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 20.0% · FCF margin 32.1% FY11 Net margin 20.0% FCF margin 32.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 21.4% · FCF margin 16.4% FY12 Net margin 21.4% FCF margin 16.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 20.8% · FCF margin -24.5% FY13 Net margin 20.8% FCF margin -24.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 19.7% · FCF margin -9.6% FY14 Net margin 19.7% FCF margin -9.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 19.1% · FCF margin -20.3% FY15 Net margin 19.1% FCF margin -20.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 21.0% · FCF margin 16.4% FY16 Net margin 21.0% FCF margin 16.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 19.1% · FCF margin 55.9% FY17 Net margin 19.1% FCF margin 55.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 21.4% · FCF margin 78.9% FY18 Net margin 21.4% FCF margin 78.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 19.1% · FCF margin 42.2% FY19 Net margin 19.1% FCF margin 42.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 20.7% · FCF margin 25.4% FY20 Net margin 20.7% FCF margin 25.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 22.4% · FCF margin -62.5% FY21 Net margin 22.4% FCF margin -62.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 22.8% · FCF margin 92.4% FY22 Net margin 22.8% FCF margin 92.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 16.3% · FCF margin -1.1% FY23 Net margin 16.3% FCF margin -1.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 20.7% · FCF margin -108.7% FY24 Net margin 20.7% FCF margin -108.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 21.1% · FCF margin 77.8% FY25 Net margin 21.1% FCF margin 77.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 21.1% FCF margin 77.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 21.1% · free cash flow 77.8% of revenue
Cash engine Operating cash flow Free cash flow−$10B $0 $10B FY2007 · OCF $2.94B · FCF $2.46B · 0001193125-10-036481 · filed 2010-02-22 FY07 OCF $2.94B FCF $2.46B 0001193125-10-036481 · filed 2010-02-22 FY2008 · OCF −$1.88B · FCF −$2.56B · 0001193125-11-047982 · filed 2011-02-28 FY08 OCF −$1.88B FCF −$2.56B 0001193125-11-047982 · filed 2011-02-28 FY2009 · OCF −$4.23B · FCF −$4.56B · 0001193125-12-079737 · filed 2012-02-27 FY09 OCF −$4.23B FCF −$4.56B 0001193125-12-079737 · filed 2012-02-27 FY2010 · OCF $823.0M · FCF $561.0M · 0000093751-13-000040 · filed 2013-02-22 FY10 OCF $823.0M FCF $561.0M 0000093751-13-000040 · filed 2013-02-22 FY2011 · OCF $3.37B · FCF $3.08B · 0000093751-14-000040 · filed 2014-02-21 FY11 OCF $3.37B FCF $3.08B 0000093751-14-000040 · filed 2014-02-21 FY2012 · OCF $1.93B · FCF $1.58B · 0000093751-15-000042 · filed 2015-02-20 FY12 OCF $1.93B FCF $1.58B 0000093751-15-000042 · filed 2015-02-20 FY2013 · OCF −$2.02B · FCF −$2.41B · 0000093751-16-000446 · filed 2016-02-19 FY13 OCF −$2.02B FCF −$2.41B 0000093751-16-000446 · filed 2016-02-19 FY2014 · OCF −$561.0M · FCF −$988.0M · 0000093751-17-000249 · filed 2017-02-17 FY14 OCF −$561.0M FCF −$988.0M 0000093751-17-000249 · filed 2017-02-17 FY2015 · OCF −$1.40B · FCF −$2.11B · 0000093751-18-000308 · filed 2018-02-26 FY15 OCF −$1.40B FCF −$2.11B 0000093751-18-000308 · filed 2018-02-26 FY2016 · OCF $2.29B · FCF $1.68B · 0000093751-19-000336 · filed 2019-02-21 FY16 OCF $2.29B FCF $1.68B 0000093751-19-000336 · filed 2019-02-21 FY2017 · OCF $6.94B · FCF $6.30B · 0000093751-20-000684 · filed 2020-02-20 FY17 OCF $6.94B FCF $6.30B 0000093751-20-000684 · filed 2020-02-20 FY2018 · OCF $10.18B · FCF $9.57B · 0000093751-21-000476 · filed 2021-02-19 FY18 OCF $10.18B FCF $9.57B 0000093751-21-000476 · filed 2021-02-19 FY2019 · OCF $5.69B · FCF $4.96B · 0000093751-22-000424 · filed 2022-02-17 FY19 OCF $5.69B FCF $4.96B 0000093751-22-000424 · filed 2022-02-17 FY2020 · OCF $3.53B · FCF $2.97B · 0000093751-23-000489 · filed 2023-02-16 FY20 OCF $3.53B FCF $2.97B 0000093751-23-000489 · filed 2023-02-16 FY2021 · OCF −$6.71B · FCF −$7.52B · 0000093751-24-000498 · filed 2024-02-15 FY21 OCF −$6.71B FCF −$7.52B 0000093751-24-000498 · filed 2024-02-15 FY2022 · OCF $11.95B · FCF $11.22B · 0000093751-25-000111 · filed 2025-02-13 FY22 OCF $11.95B FCF $11.22B 0000093751-25-000111 · filed 2025-02-13 FY2023 · OCF $690.0M · FCF −$126.0M · 0000093751-26-000124 · filed 2026-02-19 FY23 OCF $690.0M FCF −$126.0M 0000093751-26-000124 · filed 2026-02-19 FY2024 · OCF −$13.21B · FCF −$14.14B · 0000093751-26-000124 · filed 2026-02-19 FY24 OCF −$13.21B FCF −$14.14B 0000093751-26-000124 · filed 2026-02-19 FY2025 · OCF $11.90B · FCF $10.84B · 0000093751-26-000124 · filed 2026-02-19 FY25 OCF $11.90B FCF $10.84B 0000093751-26-000124 · filed 2026-02-19 FY25 OCF $11.90B FCF $10.84B 0000093751-26-000124 · filed 2026-02-19 ’09 ’13 ’17 ’21 ’25
FY2025: $11.90B operating cash − $1.05B capex = $10.84B free cash flow
Returns on capital Return on equity Return on assets-10% 0% 10% FY2008 · ROE 14.2% · ROA 1.0% FY08 ROE 14.2% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE -13.0% · ROA -1.2% FY09 ROE -13.0% ROA -1.2% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 8.7% · ROA 1.0% FY10 ROE 8.7% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 9.9% · ROA 0.9% FY11 ROE 9.9% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 9.9% · ROA 0.9% FY12 ROE 9.9% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 10.1% · ROA 0.8% FY13 ROE 10.1% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 9.5% · ROA 0.7% FY14 ROE 9.5% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.4% · ROA 0.8% FY15 ROE 9.4% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 10.1% · ROA 0.9% FY16 ROE 10.1% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 9.7% · ROA 0.9% FY17 ROE 9.7% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 10.5% · ROA 1.1% FY18 ROE 10.5% ROA 1.1% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 9.2% · ROA 0.9% FY19 ROE 9.2% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 9.2% · ROA 0.8% FY20 ROE 9.2% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 9.8% · ROA 0.9% FY21 ROE 9.8% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 11.0% · ROA 0.9% FY22 ROE 11.0% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 8.2% · ROA 0.7% FY23 ROE 8.2% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 10.6% · ROA 0.8% FY24 ROE 10.6% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 10.6% · ROA 0.8% FY25 ROE 10.6% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 10.6% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 14% (FY2008) → 11% (FY2025) · on assets 0.8%
Balance sheet Liabilities Equity$0 $100B $200B $300B FY2008 · Liabilities $160.86B · Equity $12.77B FY08 Liabilities $160.86B Equity $12.77B 0001193125-10-036481 · filed 2010-02-22 FY2009 · Liabilities $143.46B · Equity $14.49B FY09 Liabilities $143.46B Equity $14.49B 0001193125-11-047982 · filed 2011-02-28 FY2010 · Liabilities $142.72B · Equity $17.79B FY10 Liabilities $142.72B Equity $17.79B 0001193125-12-079737 · filed 2012-02-27 FY2011 · Liabilities $197.43B · Equity $19.40B FY11 Liabilities $197.43B Equity $19.40B 0000093751-13-000040 · filed 2013-02-22 FY2012 · Liabilities $201.71B · Equity $20.87B FY12 Liabilities $201.71B Equity $20.87B 0000093751-14-000040 · filed 2014-02-21 FY2013 · Liabilities $222.91B · Equity $20.38B FY13 Liabilities $222.91B Equity $20.38B 0000093751-15-000042 · filed 2015-02-20 FY2014 · Liabilities $252.79B · Equity $21.33B FY14 Liabilities $252.79B Equity $21.33B 0000093751-16-000446 · filed 2016-02-19 FY2015 · Liabilities $224.02B · Equity $21.10B FY15 Liabilities $224.02B Equity $21.10B 0000093751-17-000249 · filed 2017-02-17 FY2016 · Liabilities $221.48B · Equity $21.22B FY16 Liabilities $221.48B Equity $21.22B 0000093751-18-000308 · filed 2018-02-26 FY2017 · Liabilities $216.11B · Equity $22.32B FY17 Liabilities $216.11B Equity $22.32B 0000093751-19-000336 · filed 2019-02-21 FY2018 · Liabilities $219.86B · Equity $24.74B FY18 Liabilities $219.86B Equity $24.74B 0000093751-20-000684 · filed 2020-02-20 FY2019 · Liabilities $221.18B · Equity $24.43B FY19 Liabilities $221.18B Equity $24.43B 0000093751-21-000476 · filed 2021-02-19 FY2020 · Liabilities $288.51B · Equity $26.20B FY20 Liabilities $288.51B Equity $26.20B 0000093751-22-000424 · filed 2022-02-17 FY2021 · Liabilities $287.26B · Equity $27.36B FY21 Liabilities $287.26B Equity $27.36B 0000093751-23-000489 · filed 2023-02-16 FY2022 · Liabilities $276.26B · Equity $25.19B FY22 Liabilities $276.26B Equity $25.19B 0000093751-24-000498 · filed 2024-02-15 FY2023 · Liabilities $273.46B · Equity $23.80B FY23 Liabilities $273.46B Equity $23.80B 0000093751-25-000111 · filed 2025-02-13 FY2024 · Liabilities $327.91B · Equity $25.33B FY24 Liabilities $327.91B Equity $25.33B 0000093751-26-000124 · filed 2026-02-19 FY2025 · Liabilities $338.21B · Equity $27.84B FY25 Liabilities $338.21B Equity $27.84B 0000093751-26-000124 · filed 2026-02-19 FY25 Liabilities $338.21B Equity $27.84B 0000093751-26-000124 · filed 2026-02-19 ’09 ’13 ’17 ’21 ’25
FY2025: $366.05B assets · $338.21B liabilities · $27.84B equity