Margins Net margin FCF margin0% 20% 40% FY2007 · Net margin 20.8% · FCF margin 28.0% FY07 Net margin 20.8% FCF margin 28.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 27.0% · FCF margin 35.4% FY08 Net margin 27.0% FCF margin 35.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 31.5% · FCF margin 39.7% FY09 Net margin 31.5% FCF margin 39.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 30.7% · FCF margin 34.6% FY10 Net margin 30.7% FCF margin 34.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 23.6% · FCF margin 29.2% FY11 Net margin 23.6% FCF margin 29.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 25.2% · FCF margin 30.1% FY12 Net margin 25.2% FCF margin 30.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 27.2% · FCF margin 30.0% FY13 Net margin 27.2% FCF margin 30.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 25.7% · FCF margin 41.0% FY14 Net margin 25.7% FCF margin 41.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 32.0% · FCF margin 42.2% FY15 Net margin 32.0% FCF margin 42.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 33.6% · FCF margin 41.8% FY16 Net margin 33.6% FCF margin 41.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 8.7% · FCF margin 46.0% FY17 Net margin 8.7% FCF margin 46.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 35.3% · FCF margin 44.5% FY18 Net margin 35.3% FCF margin 44.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 33.6% · FCF margin 36.5% FY19 Net margin 33.6% FCF margin 36.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 28.6% · FCF margin 38.9% FY20 Net margin 28.6% FCF margin 38.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 22.7% · FCF margin 32.3% FY21 Net margin 22.7% FCF margin 32.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 24.9% · FCF margin 33.4% FY22 Net margin 24.9% FCF margin 33.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 23.8% · FCF margin 26.1% FY23 Net margin 23.8% FCF margin 26.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 12.2% · FCF margin 31.1% FY24 Net margin 12.2% FCF margin 31.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 21.0% · FCF margin 22.0% FY25 Net margin 21.0% FCF margin 22.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 21.0% FCF margin 22.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 21.0% · free cash flow 22.0% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2007 · OCF $5.40B · FCF $4.13B · 0001193125-10-044311 · filed 2010-03-01 FY07 OCF $5.40B FCF $4.13B 0001193125-10-044311 · filed 2010-03-01 FY2008 · OCF $5.99B · FCF $5.32B · 0000950123-11-018800 · filed 2011-02-25 FY08 OCF $5.99B FCF $5.32B 0000950123-11-018800 · filed 2011-02-25 FY2009 · OCF $6.34B · FCF $5.81B · 0001193125-12-086670 · filed 2012-02-29 FY09 OCF $6.34B FCF $5.81B 0001193125-12-086670 · filed 2012-02-29 FY2010 · OCF $5.79B · FCF $5.21B · 0001445305-13-000364 · filed 2013-02-27 FY10 OCF $5.79B FCF $5.21B 0001445305-13-000364 · filed 2013-02-27 FY2011 · OCF $5.12B · FCF $4.55B · 0000318154-14-000004 · filed 2014-02-24 FY11 OCF $5.12B FCF $4.55B 0000318154-14-000004 · filed 2014-02-24 FY2012 · OCF $5.88B · FCF $5.19B · 0000318154-15-000005 · filed 2015-02-19 FY12 OCF $5.88B FCF $5.19B 0000318154-15-000005 · filed 2015-02-19 FY2013 · OCF $6.29B · FCF $5.60B · 0000318154-16-000031 · filed 2016-02-16 FY13 OCF $6.29B FCF $5.60B 0000318154-16-000031 · filed 2016-02-16 FY2014 · OCF $8.95B · FCF $8.23B · 0000318154-17-000004 · filed 2017-02-14 FY14 OCF $8.95B FCF $8.23B 0000318154-17-000004 · filed 2017-02-14 FY2015 · OCF $9.73B · FCF $9.14B · 0000318154-18-000004 · filed 2018-02-13 FY15 OCF $9.73B FCF $9.14B 0000318154-18-000004 · filed 2018-02-13 FY2016 · OCF $10.35B · FCF $9.62B · 0000318154-19-000008 · filed 2019-02-13 FY16 OCF $10.35B FCF $9.62B 0000318154-19-000008 · filed 2019-02-13 FY2017 · OCF $11.18B · FCF $10.51B · 0000318154-20-000017 · filed 2020-02-12 FY17 OCF $11.18B FCF $10.51B 0000318154-20-000017 · filed 2020-02-12 FY2018 · OCF $11.30B · FCF $10.56B · 0000318154-21-000010 · filed 2021-02-09 FY18 OCF $11.30B FCF $10.56B 0000318154-21-000010 · filed 2021-02-09 FY2019 · OCF $9.15B · FCF $8.53B · 0000318154-22-000010 · filed 2022-02-16 FY19 OCF $9.15B FCF $8.53B 0000318154-22-000010 · filed 2022-02-16 FY2020 · OCF $10.50B · FCF $9.89B · 0000318154-23-000017 · filed 2023-02-09 FY20 OCF $10.50B FCF $9.89B 0000318154-23-000017 · filed 2023-02-09 FY2021 · OCF $9.26B · FCF $8.38B · 0000318154-24-000011 · filed 2024-02-14 FY21 OCF $9.26B FCF $8.38B 0000318154-24-000011 · filed 2024-02-14 FY2022 · OCF $9.72B · FCF $8.79B · 0000318154-25-000010 · filed 2025-02-14 FY22 OCF $9.72B FCF $8.79B 0000318154-25-000010 · filed 2025-02-14 FY2023 · OCF $8.47B · FCF $7.36B · 0000318154-26-000010 · filed 2026-02-13 FY23 OCF $8.47B FCF $7.36B 0000318154-26-000010 · filed 2026-02-13 FY2024 · OCF $11.49B · FCF $10.39B · 0000318154-26-000010 · filed 2026-02-13 FY24 OCF $11.49B FCF $10.39B 0000318154-26-000010 · filed 2026-02-13 FY2025 · OCF $9.96B · FCF $8.10B · 0000318154-26-000010 · filed 2026-02-13 FY25 OCF $9.96B FCF $8.10B 0000318154-26-000010 · filed 2026-02-13 FY25 OCF $9.96B FCF $8.10B 0000318154-26-000010 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
FY2025: $9.96B operating cash − $1.86B capex = $8.10B free cash flow
Returns on capital Return on equity Return on assets0% 50% 100% 150% FY2008 · ROE 19.4% · ROA 11.1% FY08 ROE 19.4% ROA 11.1% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 20.3% · ROA 11.6% FY09 ROE 20.3% ROA 11.6% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 19.3% · ROA 10.6% FY10 ROE 19.3% ROA 10.6% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 19.4% · ROA 7.5% FY11 ROE 19.4% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 22.8% · ROA 8.0% FY12 ROE 22.8% ROA 8.0% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 23.0% · ROA 7.7% FY13 ROE 23.0% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 20.0% · ROA 7.5% FY14 ROE 20.0% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 24.7% · ROA 9.7% FY15 ROE 24.7% ROA 9.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 25.8% · ROA 9.9% FY16 ROE 25.8% ROA 9.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 7.8% · ROA 2.5% FY17 ROE 7.8% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 67.2% · ROA 12.6% FY18 ROE 67.2% ROA 12.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 81.1% · ROA 13.1% FY19 ROE 81.1% ROA 13.1% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 77.2% · ROA 11.5% FY20 ROE 77.2% ROA 11.5% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 88.0% · ROA 9.6% FY21 ROE 88.0% ROA 9.6% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 179.0% · ROA 10.1% FY22 ROE 179.0% ROA 10.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 107.8% · ROA 6.9% FY23 ROE 107.8% ROA 6.9% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 69.6% · ROA 4.5% FY24 ROE 69.6% ROA 4.5% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 89.1% · ROA 8.5% FY25 ROE 89.1% ROA 8.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 89.1% ROA 8.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 19% (FY2008) → 89% (FY2025) · on assets 8.5%