Margins Net margin FCF margin-10% 0% 10% FY2009 · Net margin 6.4% · FCF margin 2.0% FY09 Net margin 6.4% FCF margin 2.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 8.2% · FCF margin 5.8% FY10 Net margin 8.2% FCF margin 5.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 8.8% · FCF margin 5.2% FY11 Net margin 8.8% FCF margin 5.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 9.9% · FCF margin 4.9% FY12 Net margin 9.9% FCF margin 4.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 7.7% · FCF margin 2.7% FY13 Net margin 7.7% FCF margin 2.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 8.3% · FCF margin 3.1% FY14 Net margin 8.3% FCF margin 3.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 6.7% · FCF margin 1.6% FY15 Net margin 6.7% FCF margin 1.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 3.9% · FCF margin 3.0% FY16 Net margin 3.9% FCF margin 3.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 8.3% · FCF margin 6.2% FY17 Net margin 8.3% FCF margin 6.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 7.5% · FCF margin 5.9% FY18 Net margin 7.5% FCF margin 5.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 5.6% · FCF margin 2.1% FY19 Net margin 5.6% FCF margin 2.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin -12.6% · FCF margin -1.5% FY20 Net margin -12.6% FCF margin -1.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 8.3% · FCF margin 13.0% FY21 Net margin 8.3% FCF margin 13.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 13.5% · FCF margin 14.1% FY22 Net margin 13.5% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 10.5% · FCF margin 9.7% FY23 Net margin 10.5% FCF margin 9.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 9.6% · FCF margin 8.8% FY24 Net margin 9.6% FCF margin 8.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 8.7% · FCF margin 7.1% FY25 Net margin 8.7% FCF margin 7.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 8.7% FCF margin 7.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 8.7% · free cash flow 7.1% of revenue
Cash engine Operating cash flow Free cash flow$0 $50B FY2007 · OCF $52.00B · FCF $36.62B · 0001193125-10-042929 · filed 2010-02-26 FY07 OCF $52.00B FCF $36.62B 0001193125-10-042929 · filed 2010-02-26 FY2008 · OCF $59.73B · FCF $40.41B · 0001193125-11-047394 · filed 2011-02-25 FY08 OCF $59.73B FCF $40.41B 0001193125-11-047394 · filed 2011-02-25 FY2009 · OCF $28.44B · FCF $5.95B · 0001193125-12-078102 · filed 2012-02-24 FY09 OCF $28.44B FCF $5.95B 0001193125-12-078102 · filed 2012-02-24 FY2010 · OCF $48.41B · FCF $21.54B · 0000034088-13-000011 · filed 2013-02-27 FY10 OCF $48.41B FCF $21.54B 0000034088-13-000011 · filed 2013-02-27 FY2011 · OCF $55.34B · FCF $24.37B · 0000034088-13-000011 · filed 2013-02-27 FY11 OCF $55.34B FCF $24.37B 0000034088-13-000011 · filed 2013-02-27 FY2012 · OCF $56.17B · FCF $21.90B · 0000034088-13-000011 · filed 2013-02-27 FY12 OCF $56.17B FCF $21.90B 0000034088-13-000011 · filed 2013-02-27 FY2013 · OCF $44.91B · FCF $11.24B · 0000034088-16-000065 · filed 2016-02-24 FY13 OCF $44.91B FCF $11.24B 0000034088-16-000065 · filed 2016-02-24 FY2014 · OCF $45.12B · FCF $12.16B · 0000034088-17-000017 · filed 2017-02-22 FY14 OCF $45.12B FCF $12.16B 0000034088-17-000017 · filed 2017-02-22 FY2015 · OCF $30.34B · FCF $3.85B · 0000034088-18-000015 · filed 2018-02-28 FY15 OCF $30.34B FCF $3.85B 0000034088-18-000015 · filed 2018-02-28 FY2016 · OCF $22.08B · FCF $5.92B · 0000034088-19-000010 · filed 2019-02-27 FY16 OCF $22.08B FCF $5.92B 0000034088-19-000010 · filed 2019-02-27 FY2017 · OCF $30.07B · FCF $14.66B · 0000034088-20-000016 · filed 2020-02-26 FY17 OCF $30.07B FCF $14.66B 0000034088-20-000016 · filed 2020-02-26 FY2018 · OCF $36.01B · FCF $16.44B · 0000034088-21-000012 · filed 2021-02-24 FY18 OCF $36.01B FCF $16.44B 0000034088-21-000012 · filed 2021-02-24 FY2019 · OCF $29.72B · FCF $5.36B · 0000034088-22-000011 · filed 2022-02-23 FY19 OCF $29.72B FCF $5.36B 0000034088-22-000011 · filed 2022-02-23 FY2020 · OCF $14.67B · FCF −$2.61B · 0000034088-23-000020 · filed 2023-02-22 FY20 OCF $14.67B FCF −$2.61B 0000034088-23-000020 · filed 2023-02-22 FY2021 · OCF $48.13B · FCF $36.05B · 0000034088-24-000018 · filed 2024-02-28 FY21 OCF $48.13B FCF $36.05B 0000034088-24-000018 · filed 2024-02-28 FY2022 · OCF $76.80B · FCF $58.39B · 0000034088-25-000010 · filed 2025-02-19 FY22 OCF $76.80B FCF $58.39B 0000034088-25-000010 · filed 2025-02-19 FY2023 · OCF $55.37B · FCF $33.45B · 0000034088-26-000045 · filed 2026-02-18 FY23 OCF $55.37B FCF $33.45B 0000034088-26-000045 · filed 2026-02-18 FY2024 · OCF $55.02B · FCF $30.72B · 0000034088-26-000045 · filed 2026-02-18 FY24 OCF $55.02B FCF $30.72B 0000034088-26-000045 · filed 2026-02-18 FY2025 · OCF $51.97B · FCF $23.61B · 0000034088-26-000045 · filed 2026-02-18 FY25 OCF $51.97B FCF $23.61B 0000034088-26-000045 · filed 2026-02-18 FY25 OCF $51.97B FCF $23.61B 0000034088-26-000045 · filed 2026-02-18 ’09 ’13 ’17 ’21 ’25
FY2025: $51.97B operating cash − $28.36B capex = $23.61B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% FY2008 · ROE 40.0% · ROA 19.8% FY08 ROE 40.0% ROA 19.8% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 17.4% · ROA 8.3% FY09 ROE 17.4% ROA 8.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 20.7% · ROA 10.1% FY10 ROE 20.7% ROA 10.1% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 26.6% · ROA 12.4% FY11 ROE 26.6% ROA 12.4% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 27.1% · ROA 13.4% FY12 ROE 27.1% ROA 13.4% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 18.7% · ROA 9.4% FY13 ROE 18.7% ROA 9.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 18.6% · ROA 9.3% FY14 ROE 18.6% ROA 9.3% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.5% · ROA 4.8% FY15 ROE 9.5% ROA 4.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 4.7% · ROA 2.4% FY16 ROE 4.7% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 10.5% · ROA 5.7% FY17 ROE 10.5% ROA 5.7% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 10.9% · ROA 6.0% FY18 ROE 10.9% ROA 6.0% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 7.5% · ROA 4.0% FY19 ROE 7.5% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE -14.3% · ROA -6.7% FY20 ROE -14.3% ROA -6.7% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 13.7% · ROA 6.8% FY21 ROE 13.7% ROA 6.8% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 28.6% · ROA 15.1% FY22 ROE 28.6% ROA 15.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 17.6% · ROA 9.6% FY23 ROE 17.6% ROA 9.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 12.8% · ROA 7.4% FY24 ROE 12.8% ROA 7.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 11.1% · ROA 6.4% FY25 ROE 11.1% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 11.1% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 40% (FY2008) → 11% (FY2025) · on assets 6.4%
Balance sheet Liabilities Equity$0 $200B $400B FY2008 · Liabilities $110.53B · Equity $112.97B FY08 Liabilities $110.53B Equity $112.97B 0001193125-10-042929 · filed 2010-02-26 FY2009 · Liabilities $117.93B · Equity $110.57B FY09 Liabilities $117.93B Equity $110.57B 0001193125-11-047394 · filed 2011-02-25 FY2010 · Liabilities $149.83B · Equity $146.84B FY10 Liabilities $149.83B Equity $146.84B 0001193125-12-078102 · filed 2012-02-24 FY2011 · Liabilities $170.31B · Equity $154.40B FY11 Liabilities $170.31B Equity $154.40B 0000034088-13-000011 · filed 2013-02-27 FY2012 · Liabilities $162.13B · Equity $165.86B FY12 Liabilities $162.13B Equity $165.86B 0000034088-14-000012 · filed 2014-02-26 FY2013 · Liabilities $166.31B · Equity $174.00B FY13 Liabilities $166.31B Equity $174.00B 0000034088-15-000013 · filed 2015-02-25 FY2014 · Liabilities $168.43B · Equity $174.40B FY14 Liabilities $168.43B Equity $174.40B 0000034088-16-000065 · filed 2016-02-24 FY2015 · Liabilities $159.95B · Equity $170.81B FY15 Liabilities $159.95B Equity $170.81B 0000034088-17-000017 · filed 2017-02-22 FY2016 · Liabilities $156.48B · Equity $167.32B FY16 Liabilities $156.48B Equity $167.32B 0000034088-18-000015 · filed 2018-02-28 FY2017 · Liabilities $154.19B · Equity $187.69B FY17 Liabilities $154.19B Equity $187.69B 0000034088-19-000010 · filed 2019-02-27 FY2018 · Liabilities $147.67B · Equity $191.79B FY18 Liabilities $147.67B Equity $191.79B 0000034088-20-000016 · filed 2020-02-26 FY2019 · Liabilities $163.66B · Equity $191.65B FY19 Liabilities $163.66B Equity $191.65B 0000034088-21-000012 · filed 2021-02-24 FY2020 · Liabilities $168.62B · Equity $157.15B FY20 Liabilities $168.62B Equity $157.15B 0000034088-22-000011 · filed 2022-02-23 FY2021 · Liabilities $163.24B · Equity $168.58B FY21 Liabilities $163.24B Equity $168.58B 0000034088-23-000020 · filed 2023-02-22 FY2022 · Liabilities $166.59B · Equity $195.05B FY22 Liabilities $166.59B Equity $195.05B 0000034088-24-000018 · filed 2024-02-28 FY2023 · Liabilities $163.78B · Equity $204.80B FY23 Liabilities $163.78B Equity $204.80B 0000034088-25-000010 · filed 2025-02-19 FY2024 · Liabilities $182.87B · Equity $263.70B FY24 Liabilities $182.87B Equity $263.70B 0000034088-26-000045 · filed 2026-02-18 FY2025 · Liabilities $182.35B · Equity $259.39B FY25 Liabilities $182.35B Equity $259.39B 0000034088-26-000045 · filed 2026-02-18 FY25 Liabilities $182.35B Equity $259.39B 0000034088-26-000045 · filed 2026-02-18 ’09 ’13 ’17 ’21 ’25
FY2025: $448.98B assets · $182.35B liabilities · $259.39B equity