Margins Net margin FCF margin0% 20% 40% FY2011 · FCF margin 33.8% FY11 FCF margin 33.8% derived: (ocf − capex) ÷ revenue FY2012 · FCF margin 32.7% FY12 FCF margin 32.7% derived: (ocf − capex) ÷ revenue FY2013 · FCF margin 30.7% FY13 FCF margin 30.7% derived: (ocf − capex) ÷ revenue FY2014 · Net margin 8.9% · FCF margin 14.7% FY14 Net margin 8.9% FCF margin 14.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 22.5% · FCF margin 30.6% FY15 Net margin 22.5% FCF margin 30.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 23.2% · FCF margin 25.6% FY16 Net margin 23.2% FCF margin 25.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 18.8% · FCF margin 33.4% FY17 Net margin 18.8% FCF margin 33.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 17.4% · FCF margin 39.0% FY18 Net margin 17.4% FCF margin 39.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 23.7% · FCF margin 38.4% FY19 Net margin 23.7% FCF margin 38.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 10.1% · FCF margin 36.7% FY20 Net margin 10.1% FCF margin 36.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 20.5% · FCF margin 39.1% FY21 Net margin 20.5% FCF margin 39.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 20.4% · FCF margin 41.8% FY22 Net margin 20.4% FCF margin 41.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 9.0% · FCF margin 40.6% FY23 Net margin 9.0% FCF margin 40.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 7.6% · FCF margin 31.7% FY24 Net margin 7.6% FCF margin 31.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 6.9% · FCF margin 29.1% FY25 Net margin 6.9% FCF margin 29.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 6.9% FCF margin 29.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’13 ’16 ’19 ’22 ’25 FY2025: net 6.9% · free cash flow 29.1% of revenue
Cash engine Operating cash flow Free cash flow$0 $10B $20B FY2011 · OCF $6.25B · FCF $5.89B · 0001047469-14-001154 · filed 2014-02-21 FY11 OCF $6.25B FCF $5.89B 0001047469-14-001154 · filed 2014-02-21 FY2012 · OCF $6.34B · FCF $6.01B · 0001047469-15-000995 · filed 2015-02-20 FY12 OCF $6.34B FCF $6.01B 0001047469-15-000995 · filed 2015-02-20 FY2013 · OCF $6.27B · FCF $5.78B · 0001047469-16-010239 · filed 2016-02-19 FY13 OCF $6.27B FCF $5.78B 0001047469-16-010239 · filed 2016-02-19 FY2014 · OCF $3.55B · FCF $2.94B · 0001551152-17-000004 · filed 2017-02-17 FY14 OCF $3.55B FCF $2.94B 0001551152-17-000004 · filed 2017-02-17 FY2015 · OCF $7.54B · FCF $7.00B · 0001551152-18-000014 · filed 2018-02-16 FY15 OCF $7.54B FCF $7.00B 0001551152-18-000014 · filed 2018-02-16 FY2016 · OCF $7.04B · FCF $6.56B · 0001551152-19-000008 · filed 2019-02-27 FY16 OCF $7.04B FCF $6.56B 0001551152-19-000008 · filed 2019-02-27 FY2017 · OCF $9.96B · FCF $9.43B · 0001551152-20-000007 · filed 2020-02-21 FY17 OCF $9.96B FCF $9.43B 0001551152-20-000007 · filed 2020-02-21 FY2018 · OCF $13.43B · FCF $12.79B · 0001551152-21-000008 · filed 2021-02-19 FY18 OCF $13.43B FCF $12.79B 0001551152-21-000008 · filed 2021-02-19 FY2019 · OCF $13.32B · FCF $12.77B · 0001551152-22-000007 · filed 2022-02-18 FY19 OCF $13.32B FCF $12.77B 0001551152-22-000007 · filed 2022-02-18 FY2020 · OCF $17.59B · FCF $16.79B · 0001551152-23-000011 · filed 2023-02-17 FY20 OCF $17.59B FCF $16.79B 0001551152-23-000011 · filed 2023-02-17 FY2021 · OCF $22.78B · FCF $21.99B · 0001551152-24-000011 · filed 2024-02-20 FY21 OCF $22.78B FCF $21.99B 0001551152-24-000011 · filed 2024-02-20 FY2022 · OCF $24.94B · FCF $24.25B · 0001551152-25-000020 · filed 2025-02-14 FY22 OCF $24.94B FCF $24.25B 0001551152-25-000020 · filed 2025-02-14 FY2023 · OCF $22.84B · FCF $22.06B · 0001551152-26-000008 · filed 2026-02-20 FY23 OCF $22.84B FCF $22.06B 0001551152-26-000008 · filed 2026-02-20 FY2024 · OCF $18.81B · FCF $17.83B · 0001551152-26-000008 · filed 2026-02-20 FY24 OCF $18.81B FCF $17.83B 0001551152-26-000008 · filed 2026-02-20 FY2025 · OCF $19.03B · FCF $17.82B · 0001551152-26-000008 · filed 2026-02-20 FY25 OCF $19.03B FCF $17.82B 0001551152-26-000008 · filed 2026-02-20 FY25 OCF $19.03B FCF $17.82B 0001551152-26-000008 · filed 2026-02-20 ’13 ’16 ’19 ’22 ’25
FY2025: $19.03B operating cash − $1.21B capex = $17.82B free cash flow
Returns on capital Return on equity Return on assets-100% 0% 100% FY2014 · ROE 101.8% · ROA 6.4% FY14 ROE 101.8% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 130.4% · ROA 9.7% FY15 ROE 130.4% ROA 9.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 128.4% · ROA 9.0% FY16 ROE 128.4% ROA 9.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 104.2% · ROA 7.5% FY17 ROE 104.2% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE -67.3% · ROA 9.6% FY18 ROE -67.3% ROA 9.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE -96.5% · ROA 8.8% FY19 ROE -96.5% ROA 8.8% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 35.3% · ROA 3.1% FY20 ROE 35.3% ROA 3.1% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 74.9% · ROA 7.9% FY21 ROE 74.9% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 68.6% · ROA 8.5% FY22 ROE 68.6% ROA 8.5% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 46.9% · ROA 3.6% FY23 ROE 46.9% ROA 3.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 128.7% · ROA 3.2% FY24 ROE 128.7% ROA 3.2% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE -129.2% · ROA 3.2% FY25 ROE -129.2% ROA 3.2% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE -129.2% ROA 3.2% derived: net income ÷ equity · derived: net income ÷ assets ’16 ’19 ’22 ’25 return on equity 102% (FY2014) → -129% (FY2025) · on assets 3.2%