Margins Net margin FCF margin0% 5% 10% FY2007 · Net margin 3.2% · FCF margin 8.0% FY07 Net margin 3.2% FCF margin 8.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 3.4% · FCF margin 7.1% FY08 Net margin 3.4% FCF margin 7.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 3.7% · FCF margin 11.9% FY09 Net margin 3.7% FCF margin 11.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 3.4% · FCF margin 7.4% FY10 Net margin 3.4% FCF margin 7.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 1.3% · FCF margin 4.4% FY11 Net margin 1.3% FCF margin 4.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin -0.1% · FCF margin 0.6% FY12 Net margin -0.1% FCF margin 0.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 0.4% · FCF margin 2.7% FY13 Net margin 0.4% FCF margin 2.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin -0.3% · FCF margin 2.2% FY14 Net margin -0.3% FCF margin 2.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 0.6% · FCF margin 7.0% FY15 Net margin 0.6% FCF margin 7.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 1.7% · FCF margin 7.7% FY16 Net margin 1.7% FCF margin 7.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 1.7% · FCF margin 3.6% FY17 Net margin 1.7% FCF margin 3.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 4.3% · FCF margin 7.4% FY18 Net margin 4.3% FCF margin 7.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 4.1% · FCF margin 7.7% FY19 Net margin 4.1% FCF margin 7.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 5.5% · FCF margin 6.7% FY20 Net margin 5.5% FCF margin 6.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 7.1% · FCF margin -3.1% FY21 Net margin 7.1% FCF margin -3.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin -0.5% · FCF margin -3.3% FY22 Net margin -0.5% FCF margin -3.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 5.3% · FCF margin 5.6% FY23 Net margin 5.3% FCF margin 5.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 9.3% · FCF margin 5.2% FY24 Net margin 9.3% FCF margin 5.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 10.8% · FCF margin 1.1% FY25 Net margin 10.8% FCF margin 1.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 10.8% FCF margin 1.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 10.8% · free cash flow 1.1% of revenue
Cash engine Operating cash flow Free cash flow$0 $50B $100B $150B FY2007 · OCF $1.41B · FCF $1.18B · 0001193125-10-016098 · filed 2010-01-29 FY07 OCF $1.41B FCF $1.18B 0001193125-10-016098 · filed 2010-01-29 FY2008 · OCF $1.70B · FCF $1.36B · 0001193125-11-016253 · filed 2011-01-28 FY08 OCF $1.70B FCF $1.36B 0001193125-11-016253 · filed 2011-01-28 FY2009 · OCF $3.29B · FCF $2.92B · 0001193125-12-032846 · filed 2012-02-01 FY09 OCF $3.29B FCF $2.92B 0001193125-12-032846 · filed 2012-02-01 FY2010 · OCF $3.50B · FCF $2.52B · 0001193125-13-028520 · filed 2013-01-30 FY10 OCF $3.50B FCF $2.52B 0001193125-13-028520 · filed 2013-01-30 FY2011 · OCF $3.90B · FCF $2.09B · 0001018724-14-000006 · filed 2014-01-31 FY11 OCF $3.90B FCF $2.09B 0001018724-14-000006 · filed 2014-01-31 FY2012 · OCF $4.18B · FCF $395.0M · 0001018724-15-000006 · filed 2015-01-30 FY12 OCF $4.18B FCF $395.0M 0001018724-15-000006 · filed 2015-01-30 FY2013 · OCF $5.47B · FCF $2.03B · 0001018724-16-000172 · filed 2016-01-29 FY13 OCF $5.47B FCF $2.03B 0001018724-16-000172 · filed 2016-01-29 FY2014 · OCF $6.84B · FCF $1.95B · 0001018724-17-000011 · filed 2017-02-10 FY14 OCF $6.84B FCF $1.95B 0001018724-17-000011 · filed 2017-02-10 FY2015 · OCF $12.04B · FCF $7.45B · 0001018724-18-000005 · filed 2018-02-02 FY15 OCF $12.04B FCF $7.45B 0001018724-18-000005 · filed 2018-02-02 FY2016 · OCF $17.20B · FCF $10.47B · 0001018724-19-000004 · filed 2019-02-01 FY16 OCF $17.20B FCF $10.47B 0001018724-19-000004 · filed 2019-02-01 FY2017 · OCF $18.36B · FCF $6.41B · 0001018724-20-000004 · filed 2020-01-31 FY17 OCF $18.36B FCF $6.41B 0001018724-20-000004 · filed 2020-01-31 FY2018 · OCF $30.72B · FCF $17.30B · 0001018724-21-000004 · filed 2021-02-03 FY18 OCF $30.72B FCF $17.30B 0001018724-21-000004 · filed 2021-02-03 FY2019 · OCF $38.51B · FCF $21.65B · 0001018724-22-000005 · filed 2022-02-04 FY19 OCF $38.51B FCF $21.65B 0001018724-22-000005 · filed 2022-02-04 FY2020 · OCF $66.06B · FCF $25.92B · 0001018724-23-000004 · filed 2023-02-03 FY20 OCF $66.06B FCF $25.92B 0001018724-23-000004 · filed 2023-02-03 FY2021 · OCF $46.33B · FCF −$14.73B · 0001018724-24-000008 · filed 2024-02-02 FY21 OCF $46.33B FCF −$14.73B 0001018724-24-000008 · filed 2024-02-02 FY2022 · OCF $46.75B · FCF −$16.89B · 0001018724-25-000004 · filed 2025-02-07 FY22 OCF $46.75B FCF −$16.89B 0001018724-25-000004 · filed 2025-02-07 FY2023 · OCF $84.95B · FCF $32.22B · 0001018724-26-000004 · filed 2026-02-06 FY23 OCF $84.95B FCF $32.22B 0001018724-26-000004 · filed 2026-02-06 FY2024 · OCF $115.88B · FCF $32.88B · 0001018724-26-000004 · filed 2026-02-06 FY24 OCF $115.88B FCF $32.88B 0001018724-26-000004 · filed 2026-02-06 FY2025 · OCF $139.51B · FCF $7.70B · 0001018724-26-000004 · filed 2026-02-06 FY25 OCF $139.51B FCF $7.70B 0001018724-26-000004 · filed 2026-02-06 FY25 OCF $139.51B FCF $7.70B 0001018724-26-000004 · filed 2026-02-06 ’09 ’13 ’17 ’21 ’25
FY2025: $139.51B operating cash − $131.82B capex = $7.70B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% FY2008 · ROE 24.1% · ROA 7.8% FY08 ROE 24.1% ROA 7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 17.2% · ROA 6.5% FY09 ROE 17.2% ROA 6.5% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 16.8% · ROA 6.1% FY10 ROE 16.8% ROA 6.1% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 8.1% · ROA 2.5% FY11 ROE 8.1% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -0.5% · ROA -0.1% FY12 ROE -0.5% ROA -0.1% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 2.8% · ROA 0.7% FY13 ROE 2.8% ROA 0.7% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE -2.2% · ROA -0.4% FY14 ROE -2.2% ROA -0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 4.5% · ROA 0.9% FY15 ROE 4.5% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 12.3% · ROA 2.8% FY16 ROE 12.3% ROA 2.8% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 10.9% · ROA 2.3% FY17 ROE 10.9% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 23.1% · ROA 6.2% FY18 ROE 23.1% ROA 6.2% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 18.7% · ROA 5.1% FY19 ROE 18.7% ROA 5.1% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 22.8% · ROA 6.6% FY20 ROE 22.8% ROA 6.6% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 24.1% · ROA 7.9% FY21 ROE 24.1% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -1.9% · ROA -0.6% FY22 ROE -1.9% ROA -0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 15.1% · ROA 5.8% FY23 ROE 15.1% ROA 5.8% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 20.7% · ROA 9.5% FY24 ROE 20.7% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 18.9% · ROA 9.5% FY25 ROE 18.9% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 18.9% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 24% (FY2008) → 19% (FY2025) · on assets 9.5%