Margins Net margin FCF margin0% 10% 20% 30% FY2008 · Net margin 6.0% · FCF margin 31.3% FY08 Net margin 6.0% FCF margin 31.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 7.0% · FCF margin 6.4% FY09 Net margin 7.0% FCF margin 6.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 9.4% · FCF margin 8.5% FY10 Net margin 9.4% FCF margin 8.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 7.6% · FCF margin 12.1% FY11 Net margin 7.6% FCF margin 12.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 8.8% · FCF margin 10.9% FY12 Net margin 8.8% FCF margin 10.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 7.8% · FCF margin 11.8% FY13 Net margin 7.8% FCF margin 11.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 9.1% · FCF margin 9.7% FY14 Net margin 9.1% FCF margin 9.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 7.0% · FCF margin 11.3% FY15 Net margin 7.0% FCF margin 11.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 7.9% · FCF margin 10.4% FY16 Net margin 7.9% FCF margin 10.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 7.1% · FCF margin 7.7% FY17 Net margin 7.1% FCF margin 7.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 8.3% · FCF margin 7.4% FY18 Net margin 8.3% FCF margin 7.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 8.6% · FCF margin 13.7% FY19 Net margin 8.6% FCF margin 13.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 6.6% FY20 Net margin 6.6% derived: net income ÷ revenue FY2021 · Net margin 10.8% FY21 Net margin 10.8% derived: net income ÷ revenue FY2022 · Net margin 12.4% FY22 Net margin 12.4% derived: net income ÷ revenue FY2023 · Net margin 11.4% FY23 Net margin 11.4% derived: net income ÷ revenue FY2024 · Net margin 12.9% FY24 Net margin 12.9% derived: net income ÷ revenue FY2025 · Net margin 12.1% FY25 Net margin 12.1% derived: net income ÷ revenue FY25 Net margin 12.1% derived: net income ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.1% · free cash flow 13.7% of revenue
Cash engine Operating cash flow Free cash flow$0 $1B $2B $3B FY2008 · OCF $1.55B · FCF $1.47B · 0000950123-11-019708 · filed 2011-02-28 FY08 OCF $1.55B FCF $1.47B 0000950123-11-019708 · filed 2011-02-28 FY2009 · OCF $316.1M · FCF $285.6M · 0000011544-12-000021 · filed 2012-02-28 FY09 OCF $316.1M FCF $285.6M 0000011544-12-000021 · filed 2012-02-28 FY2010 · OCF $451.3M · FCF $401.7M · 0000011544-13-000018 · filed 2013-02-28 FY10 OCF $451.3M FCF $401.7M 0000011544-13-000018 · filed 2013-02-28 FY2011 · OCF $670.3M · FCF $625.0M · 0000011544-14-000012 · filed 2014-02-28 FY11 OCF $670.3M FCF $625.0M 0000011544-14-000012 · filed 2014-02-28 FY2012 · OCF $675.5M · FCF $634.9M · 0000011544-15-000010 · filed 2015-02-27 FY12 OCF $675.5M FCF $634.9M 0000011544-15-000010 · filed 2015-02-27 FY2013 · OCF $819.8M · FCF $756.6M · 0000011544-16-000086 · filed 2016-02-22 FY13 OCF $819.8M FCF $756.6M 0000011544-16-000086 · filed 2016-02-22 FY2014 · OCF $734.8M · FCF $692.9M · 0000011544-17-000009 · filed 2017-02-28 FY14 OCF $734.8M FCF $692.9M 0000011544-17-000009 · filed 2017-02-28 FY2015 · OCF $881.3M · FCF $817.7M · 0000011544-18-000012 · filed 2018-02-23 FY15 OCF $881.3M FCF $817.7M 0000011544-18-000012 · filed 2018-02-23 FY2016 · OCF $848.4M · FCF $797.5M · 0000011544-19-000016 · filed 2019-02-22 FY16 OCF $848.4M FCF $797.5M 0000011544-19-000016 · filed 2019-02-22 FY2017 · OCF $710.9M · FCF $595.2M · 0000011544-20-000016 · filed 2020-02-20 FY17 OCF $710.9M FCF $595.2M 0000011544-20-000016 · filed 2020-02-20 FY2018 · OCF $620.2M · FCF $570.3M · 0000011544-21-000013 · filed 2021-02-18 FY18 OCF $620.2M FCF $570.3M 0000011544-21-000013 · filed 2021-02-18 FY2019 · OCF $1.14B · FCF $1.08B · 0000011544-22-000007 · filed 2022-02-24 FY19 OCF $1.14B FCF $1.08B 0000011544-22-000007 · filed 2022-02-24 FY2020 · OCF $1.62B · 0000011544-23-000004 · filed 2023-02-24 FY20 OCF $1.62B 0000011544-23-000004 · filed 2023-02-24 FY2021 · OCF $2.18B · 0000011544-24-000005 · filed 2024-02-23 FY21 OCF $2.18B 0000011544-24-000005 · filed 2024-02-23 FY2022 · OCF $2.57B · 0000011544-25-000005 · filed 2025-02-24 FY22 OCF $2.57B 0000011544-25-000005 · filed 2025-02-24 FY2023 · OCF $2.93B · 0000011544-26-000005 · filed 2026-02-27 FY23 OCF $2.93B 0000011544-26-000005 · filed 2026-02-27 FY2024 · OCF $3.68B · 0000011544-26-000005 · filed 2026-02-27 FY24 OCF $3.68B 0000011544-26-000005 · filed 2026-02-27 FY2025 · OCF $3.58B · 0000011544-26-000005 · filed 2026-02-27 FY25 OCF $3.58B 0000011544-26-000005 · filed 2026-02-27 FY25 OCF $3.58B 0000011544-26-000005 · filed 2026-02-27 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets0% 10% 20% FY2009 · ROE 8.6% · ROA 1.8% FY09 ROE 8.6% ROA 1.8% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 12.1% · ROA 2.5% FY10 ROE 12.1% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 9.9% · ROA 2.1% FY11 ROE 9.9% ROA 2.1% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 11.9% · ROA 2.5% FY12 ROE 11.9% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 11.5% · ROA 2.4% FY13 ROE 11.5% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 14.1% · ROA 3.0% FY14 ROE 14.1% ROA 3.0% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 10.9% · ROA 2.3% FY15 ROE 10.9% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 11.9% · ROA 2.6% FY16 ROE 11.9% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 10.1% · ROA 2.3% FY17 ROE 10.1% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 11.8% · ROA 2.6% FY18 ROE 11.8% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 11.2% · ROA 2.6% FY19 ROE 11.2% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 8.4% · ROA 1.9% FY20 ROE 8.4% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 15.4% · ROA 3.2% FY21 ROE 15.4% ROA 3.2% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 20.5% · ROA 4.1% FY22 ROE 20.5% ROA 4.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 18.5% · ROA 3.7% FY23 ROE 18.5% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 20.9% · ROA 4.3% FY24 ROE 20.9% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 18.3% · ROA 4.0% FY25 ROE 18.3% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 18.3% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 9% (FY2009) → 18% (FY2025) · on assets 4.0%
Balance sheet Liabilities Equity$0 $20B $40B FY2009 · Liabilities $13.73B · Equity $3.60B FY09 Liabilities $13.73B Equity $3.60B 0000950123-11-019708 · filed 2011-02-28 FY2010 · Liabilities $13.82B · Equity $3.70B FY10 Liabilities $13.82B Equity $3.70B 0000011544-12-000021 · filed 2012-02-28 FY2011 · Liabilities $14.44B · Equity $3.95B FY11 Liabilities $14.44B Equity $3.95B 0000011544-13-000018 · filed 2013-02-28 FY2012 · Liabilities $15.82B · Equity $4.31B FY12 Liabilities $15.82B Equity $4.31B 0000011544-14-000012 · filed 2014-02-28 FY2013 · Liabilities $16.18B · Equity $4.34B FY13 Liabilities $16.18B Equity $4.34B 0000011544-15-000010 · filed 2015-02-27 FY2014 · Liabilities $17.09B · Equity $4.59B FY14 Liabilities $17.09B Equity $4.59B 0000011544-16-000086 · filed 2016-02-22 FY2015 · Liabilities $17.10B · Equity $4.60B FY15 Liabilities $17.10B Equity $4.60B 0000011544-17-000009 · filed 2017-02-28 FY2016 · Liabilities $18.28B · Equity $5.05B FY16 Liabilities $18.28B Equity $5.05B 0000011544-18-000012 · filed 2018-02-23 FY2017 · Liabilities $18.85B · Equity $5.41B FY17 Liabilities $18.85B Equity $5.41B 0000011544-19-000016 · filed 2019-02-22 FY2018 · Liabilities $19.42B · Equity $5.44B FY18 Liabilities $19.42B Equity $5.44B 0000011544-20-000016 · filed 2020-02-20 FY2019 · Liabilities $20.54B · Equity $6.07B FY19 Liabilities $20.54B Equity $6.07B 0000011544-21-000013 · filed 2021-02-18 FY2020 · Liabilities $22.28B · Equity $6.31B FY20 Liabilities $22.28B Equity $6.31B 0000011544-22-000007 · filed 2022-02-24 FY2021 · Liabilities $25.42B · Equity $6.65B FY21 Liabilities $25.42B Equity $6.65B 0000011544-23-000004 · filed 2023-02-24 FY2022 · Liabilities $27.09B · Equity $6.75B FY22 Liabilities $27.09B Equity $6.75B 0000011544-24-000005 · filed 2024-02-23 FY2023 · Liabilities $29.73B · Equity $7.46B FY23 Liabilities $29.73B Equity $7.46B 0000011544-25-000005 · filed 2025-02-24 FY2024 · Liabilities $32.16B · Equity $8.40B FY24 Liabilities $32.16B Equity $8.40B 0000011544-26-000005 · filed 2026-02-27 FY2025 · Liabilities $34.36B · Equity $9.70B FY25 Liabilities $34.36B Equity $9.70B 0000011544-26-000005 · filed 2026-02-27 FY25 Liabilities $34.36B Equity $9.70B 0000011544-26-000005 · filed 2026-02-27 ’09 ’13 ’17 ’21 ’25
FY2025: $44.07B assets · $34.36B liabilities · $9.70B equity