Margins Net margin FCF margin0% 20% 40% FY2007 · FCF margin 13.6% FY07 FCF margin 13.6% derived: (ocf − capex) ÷ revenue FY2008 · FCF margin 19.3% FY08 FCF margin 19.3% derived: (ocf − capex) ÷ revenue FY2009 · FCF margin 20.1% FY09 FCF margin 20.1% derived: (ocf − capex) ÷ revenue FY2010 · FCF margin 22.0% FY10 FCF margin 22.0% derived: (ocf − capex) ÷ revenue FY2011 · Net margin 22.1% · FCF margin 34.9% FY11 Net margin 22.1% FCF margin 34.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 31.3% · FCF margin 39.5% FY12 Net margin 31.3% FCF margin 39.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 13.1% · FCF margin 11.1% FY13 Net margin 13.1% FCF margin 11.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 11.3% · FCF margin 12.8% FY14 Net margin 11.3% FCF margin 12.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 21.7% · FCF margin 9.1% FY15 Net margin 21.7% FCF margin 9.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 6.7% · FCF margin 10.0% FY16 Net margin 6.7% FCF margin 10.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 1.7% · FCF margin 16.2% FY17 Net margin 1.7% FCF margin 16.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 7.7% · FCF margin 16.0% FY18 Net margin 7.7% FCF margin 16.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 11.6% · FCF margin 14.1% FY19 Net margin 11.6% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 13.0% · FCF margin 16.5% FY20 Net margin 13.0% FCF margin 16.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 16.4% · FCF margin 20.1% FY21 Net margin 16.4% FCF margin 20.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 15.9% · FCF margin 17.9% FY22 Net margin 15.9% FCF margin 17.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 14.3% · FCF margin 12.6% FY23 Net margin 14.3% FCF margin 12.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 31.9% · FCF margin 15.1% FY24 Net margin 31.9% FCF margin 15.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 14.7% · FCF margin 16.7% FY25 Net margin 14.7% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 14.7% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 14.7% · free cash flow 16.7% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2007 · OCF $5.18B · FCF $3.53B · 0001047469-10-001018 · filed 2010-02-19 FY07 OCF $5.18B FCF $3.53B 0001047469-10-001018 · filed 2010-02-19 FY2008 · OCF $6.99B · FCF $5.71B · 0001047469-11-001056 · filed 2011-02-18 FY08 OCF $6.99B FCF $5.71B 0001047469-11-001056 · filed 2011-02-18 FY2009 · OCF $7.28B · FCF $6.19B · 0001047469-12-001216 · filed 2012-02-21 FY09 OCF $7.28B FCF $6.19B 0001047469-12-001216 · filed 2012-02-21 FY2010 · OCF $8.74B · FCF $7.72B · 0001047469-13-001180 · filed 2013-02-15 FY10 OCF $8.74B FCF $7.72B 0001047469-13-001180 · filed 2013-02-15 FY2011 · OCF $8.97B · FCF $7.48B · 0001047469-14-001176 · filed 2014-02-21 FY11 OCF $8.97B FCF $7.48B 0001047469-14-001176 · filed 2014-02-21 FY2012 · OCF $9.31B · FCF $7.52B · 0001047469-15-001377 · filed 2015-02-27 FY12 OCF $9.31B FCF $7.52B 0001047469-15-001377 · filed 2015-02-27 FY2013 · OCF $3.32B · FCF $2.18B · 0001047469-16-010246 · filed 2016-02-19 FY13 OCF $3.32B FCF $2.18B 0001047469-16-010246 · filed 2016-02-19 FY2014 · OCF $3.67B · FCF $2.60B · 0001047469-17-000744 · filed 2017-02-17 FY14 OCF $3.67B FCF $2.60B 0001047469-17-000744 · filed 2017-02-17 FY2015 · OCF $2.97B · FCF $1.86B · 0001047469-18-000856 · filed 2018-02-16 FY15 OCF $2.97B FCF $1.86B 0001047469-18-000856 · filed 2018-02-16 FY2016 · OCF $3.20B · FCF $2.08B · 0001047469-19-000624 · filed 2019-02-22 FY16 OCF $3.20B FCF $2.08B 0001047469-19-000624 · filed 2019-02-22 FY2017 · OCF $5.57B · FCF $4.43B · 0001104659-20-023904 · filed 2020-02-21 FY17 OCF $5.57B FCF $4.43B 0001104659-20-023904 · filed 2020-02-21 FY2018 · OCF $6.30B · FCF $4.91B · 0001104659-21-025751 · filed 2021-02-19 FY18 OCF $6.30B FCF $4.91B 0001104659-21-025751 · filed 2021-02-19 FY2019 · OCF $6.14B · FCF $4.50B · 0001104659-22-025141 · filed 2022-02-18 FY19 OCF $6.14B FCF $4.50B 0001104659-22-025141 · filed 2022-02-18 FY2020 · OCF $7.90B · FCF $5.72B · 0001628280-23-004026 · filed 2023-02-17 FY20 OCF $7.90B FCF $5.72B 0001628280-23-004026 · filed 2023-02-17 FY2021 · OCF $10.53B · FCF $8.65B · 0001628280-24-005348 · filed 2024-02-16 FY21 OCF $10.53B FCF $8.65B 0001628280-24-005348 · filed 2024-02-16 FY2022 · OCF $9.58B · FCF $7.80B · 0001628280-25-007110 · filed 2025-02-21 FY22 OCF $9.58B FCF $7.80B 0001628280-25-007110 · filed 2025-02-21 FY2023 · OCF $7.26B · FCF $5.06B · 0001628280-26-010185 · filed 2026-02-20 FY23 OCF $7.26B FCF $5.06B 0001628280-26-010185 · filed 2026-02-20 FY2024 · OCF $8.56B · FCF $6.35B · 0001628280-26-010185 · filed 2026-02-20 FY24 OCF $8.56B FCF $6.35B 0001628280-26-010185 · filed 2026-02-20 FY2025 · OCF $9.57B · FCF $7.39B · 0001628280-26-010185 · filed 2026-02-20 FY25 OCF $9.57B FCF $7.39B 0001628280-26-010185 · filed 2026-02-20 FY25 OCF $9.57B FCF $7.39B 0001628280-26-010185 · filed 2026-02-20 ’09 ’13 ’17 ’21 ’25
FY2025: $9.57B operating cash − $2.17B capex = $7.39B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% 30% FY2011 · ROE 19.3% · ROA 7.8% FY11 ROE 19.3% ROA 7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 22.3% · ROA 8.9% FY12 ROE 22.3% ROA 8.9% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 10.2% · ROA 6.0% FY13 ROE 10.2% ROA 6.0% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 10.6% · ROA 5.5% FY14 ROE 10.6% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 20.9% · ROA 10.7% FY15 ROE 20.9% ROA 10.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 6.8% · ROA 2.7% FY16 ROE 6.8% ROA 2.7% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 1.5% · ROA 0.6% FY17 ROE 1.5% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 7.8% · ROA 3.5% FY18 ROE 7.8% ROA 3.5% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 11.9% · ROA 5.4% FY19 ROE 11.9% ROA 5.4% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 13.7% · ROA 6.2% FY20 ROE 13.7% ROA 6.2% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 19.8% · ROA 9.4% FY21 ROE 19.8% ROA 9.4% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 18.9% · ROA 9.3% FY22 ROE 18.9% ROA 9.3% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 14.8% · ROA 7.8% FY23 ROE 14.8% ROA 7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 28.1% · ROA 16.5% FY24 ROE 28.1% ROA 16.5% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 12.5% · ROA 7.5% FY25 ROE 12.5% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 12.5% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’16 ’19 ’22 ’25 return on equity 19% (FY2011) → 13% (FY2025) · on assets 7.5%