Margins Net margin FCF margin-20% 0% 20% FY2008 · FCF margin -22.7% FY08 FCF margin -22.7% derived: (ocf − capex) ÷ revenue FY2009 · FCF margin 0.1% FY09 FCF margin 0.1% derived: (ocf − capex) ÷ revenue FY2010 · Net margin 7.3% · FCF margin -8.6% FY10 Net margin 7.3% FCF margin -8.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 7.5% · FCF margin 2.0% FY11 Net margin 7.5% FCF margin 2.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin -21.8% · FCF margin -8.7% FY12 Net margin -21.8% FCF margin -8.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin -1.6% · FCF margin -4.4% FY13 Net margin -1.6% FCF margin -4.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin -7.3% · FCF margin -3.5% FY14 Net margin -7.3% FCF margin -3.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin -16.5% · FCF margin -8.1% FY15 Net margin -16.5% FCF margin -8.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin -11.5% · FCF margin 0.1% FY16 Net margin -11.5% FCF margin 0.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin -0.6% · FCF margin -1.9% FY17 Net margin -0.6% FCF margin -1.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 5.2% · FCF margin -2.0% FY18 Net margin 5.2% FCF margin -2.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 5.1% · FCF margin 4.1% FY19 Net margin 5.1% FCF margin 4.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 25.5% · FCF margin 8.0% FY20 Net margin 25.5% FCF margin 8.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 19.2% · FCF margin 19.6% FY21 Net margin 19.2% FCF margin 19.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 5.6% · FCF margin 13.2% FY22 Net margin 5.6% FCF margin 13.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 3.8% · FCF margin 4.9% FY23 Net margin 3.8% FCF margin 4.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 6.4% · FCF margin 9.3% FY24 Net margin 6.4% FCF margin 9.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 12.5% · FCF margin 19.4% FY25 Net margin 12.5% FCF margin 19.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 12.5% FCF margin 19.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.5% · free cash flow 19.4% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B FY2008 · OCF −$692.0M · FCF −$1.32B · 0001193125-11-040392 · filed 2011-02-18 FY08 OCF −$692.0M FCF −$1.32B 0001193125-11-040392 · filed 2011-02-18 FY2009 · OCF $473.0M · FCF $7.0M · 0001193125-12-075837 · filed 2012-02-24 FY09 OCF $473.0M FCF $7.0M 0001193125-12-075837 · filed 2012-02-24 FY2010 · OCF −$412.0M · FCF −$560.0M · 0001193125-13-069422 · filed 2013-02-21 FY10 OCF −$412.0M FCF −$560.0M 0001193125-13-069422 · filed 2013-02-21 FY2011 · OCF $382.0M · FCF $132.0M · 0001193125-14-057240 · filed 2014-02-18 FY11 OCF $382.0M FCF $132.0M 0001193125-14-057240 · filed 2014-02-18 FY2012 · OCF −$338.0M · FCF −$471.0M · 0001193125-15-054362 · filed 2015-02-19 FY12 OCF −$338.0M FCF −$471.0M 0001193125-15-054362 · filed 2015-02-19 FY2013 · OCF −$148.0M · FCF −$232.0M · 0000002488-16-000111 · filed 2016-02-18 FY13 OCF −$148.0M FCF −$232.0M 0000002488-16-000111 · filed 2016-02-18 FY2014 · OCF −$98.0M · FCF −$193.0M · 0000002488-17-000043 · filed 2017-02-21 FY14 OCF −$98.0M FCF −$193.0M 0000002488-17-000043 · filed 2017-02-21 FY2015 · OCF −$226.0M · FCF −$322.0M · 0000002488-18-000042 · filed 2018-02-27 FY15 OCF −$226.0M FCF −$322.0M 0000002488-18-000042 · filed 2018-02-27 FY2016 · OCF $81.0M · FCF $4.0M · 0000002488-19-000011 · filed 2019-02-08 FY16 OCF $81.0M FCF $4.0M 0000002488-19-000011 · filed 2019-02-08 FY2017 · OCF $12.0M · FCF −$101.0M · 0000002488-20-000008 · filed 2020-02-04 FY17 OCF $12.0M FCF −$101.0M 0000002488-20-000008 · filed 2020-02-04 FY2018 · OCF $34.0M · FCF −$129.0M · 0001628280-21-001185 · filed 2021-01-29 FY18 OCF $34.0M FCF −$129.0M 0001628280-21-001185 · filed 2021-01-29 FY2019 · OCF $493.0M · FCF $276.0M · 0000002488-22-000016 · filed 2022-02-03 FY19 OCF $493.0M FCF $276.0M 0000002488-22-000016 · filed 2022-02-03 FY2020 · OCF $1.07B · FCF $777.0M · 0000002488-23-000047 · filed 2023-02-27 FY20 OCF $1.07B FCF $777.0M 0000002488-23-000047 · filed 2023-02-27 FY2021 · OCF $3.52B · FCF $3.22B · 0000002488-24-000012 · filed 2024-01-31 FY21 OCF $3.52B FCF $3.22B 0000002488-24-000012 · filed 2024-01-31 FY2022 · OCF $3.56B · FCF $3.12B · 0000002488-25-000012 · filed 2025-02-05 FY22 OCF $3.56B FCF $3.12B 0000002488-25-000012 · filed 2025-02-05 FY2023 · OCF $1.67B · FCF $1.12B · 0000002488-26-000018 · filed 2026-02-04 FY23 OCF $1.67B FCF $1.12B 0000002488-26-000018 · filed 2026-02-04 FY2024 · OCF $3.04B · FCF $2.40B · 0000002488-26-000018 · filed 2026-02-04 FY24 OCF $3.04B FCF $2.40B 0000002488-26-000018 · filed 2026-02-04 FY2025 · OCF $7.71B · FCF $6.74B · 0000002488-26-000018 · filed 2026-02-04 FY25 OCF $7.71B FCF $6.74B 0000002488-26-000018 · filed 2026-02-04 FY25 OCF $7.71B FCF $6.74B 0000002488-26-000018 · filed 2026-02-04 ’09 ’13 ’17 ’21 ’25
FY2025: $7.71B operating cash − $974.0M capex = $6.74B free cash flow
Returns on capital Return on equity Return on assets-200% 0% FY2010 · ROE 46.5% · ROA 9.5% FY10 ROE 46.5% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 30.9% · ROA 9.9% FY11 ROE 30.9% ROA 9.9% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -219.9% · ROA -29.6% FY12 ROE -219.9% ROA -29.6% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE -15.3% · ROA -1.9% FY13 ROE -15.3% ROA -1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE -215.5% · ROA -10.7% FY14 ROE -215.5% ROA -10.7% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 160.2% · ROA -21.4% FY15 ROE 160.2% ROA -21.4% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE -119.7% · ROA -15.0% FY16 ROE -119.7% ROA -15.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE -5.5% · ROA -0.9% FY17 ROE -5.5% ROA -0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 26.6% · ROA 7.4% FY18 ROE 26.6% ROA 7.4% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 12.1% · ROA 5.7% FY19 ROE 12.1% ROA 5.7% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 42.7% · ROA 27.8% FY20 ROE 42.7% ROA 27.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 42.2% · ROA 25.5% FY21 ROE 42.2% ROA 25.5% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 2.4% · ROA 2.0% FY22 ROE 2.4% ROA 2.0% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 1.5% · ROA 1.3% FY23 ROE 1.5% ROA 1.3% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 2.9% · ROA 2.4% FY24 ROE 2.9% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 6.9% · ROA 5.6% FY25 ROE 6.9% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 6.9% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’17 ’21 ’25 return on equity 46% (FY2010) → 7% (FY2025) · on assets 5.6%