Margins Net margin FCF margin0% 20% 40% FY2007 · Net margin 11.2% · FCF margin 6.1% FY07 Net margin 11.2% FCF margin 6.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 4.6% · FCF margin 4.7% FY08 Net margin 4.6% FCF margin 4.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 7.2% · FCF margin 9.7% FY09 Net margin 7.2% FCF margin 9.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 9.5% · FCF margin 8.7% FY10 Net margin 9.5% FCF margin 8.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 7.1% · FCF margin 8.5% FY11 Net margin 7.1% FCF margin 8.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 9.1% · FCF margin 6.9% FY12 Net margin 9.1% FCF margin 6.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 10.7% · FCF margin 9.1% FY13 Net margin 10.7% FCF margin 9.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 10.2% · FCF margin 8.6% FY14 Net margin 10.2% FCF margin 8.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 11.4% · FCF margin 7.3% FY15 Net margin 11.4% FCF margin 7.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 11.2% · FCF margin 9.2% FY16 Net margin 11.2% FCF margin 9.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 18.7% · FCF margin 14.2% FY17 Net margin 18.7% FCF margin 14.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 2.3% · FCF margin 13.0% FY18 Net margin 2.3% FCF margin 13.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 46.1% · FCF margin 12.9% FY19 Net margin 46.1% FCF margin 12.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 25.5% · FCF margin 16.1% FY20 Net margin 25.5% FCF margin 16.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 47.0% · FCF margin 13.7% FY21 Net margin 47.0% FCF margin 13.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin -11.0% · FCF margin 10.5% FY22 Net margin -11.0% FCF margin 10.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 37.7% · FCF margin 11.7% FY23 Net margin 37.7% FCF margin 11.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 35.6% · FCF margin 4.7% FY24 Net margin 35.6% FCF margin 4.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 27.1% · FCF margin 10.1% FY25 Net margin 27.1% FCF margin 10.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 27.1% FCF margin 10.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 27.1% · free cash flow 10.1% of revenue
Cash engine Operating cash flow Free cash flow$0 $20B $40B FY2007 · OCF $12.55B · FCF $7.18B · 0001193125-10-043450 · filed 2010-03-01 FY07 OCF $12.55B FCF $7.18B 0001193125-10-043450 · filed 2010-03-01 FY2008 · OCF $11.25B · FCF $5.11B · 0001193125-11-048914 · filed 2011-02-28 FY08 OCF $11.25B FCF $5.11B 0001193125-11-048914 · filed 2011-02-28 FY2009 · OCF $15.85B · FCF $10.91B · 0001193125-11-048914 · filed 2011-02-28 FY09 OCF $15.85B FCF $10.91B 0001193125-11-048914 · filed 2011-02-28 FY2010 · OCF $17.89B · FCF $11.91B · 0001193125-11-048914 · filed 2011-02-28 FY10 OCF $17.89B FCF $11.91B 0001193125-11-048914 · filed 2011-02-28 FY2011 · OCF $20.48B · FCF $12.29B · 0001193125-14-078778 · filed 2014-03-03 FY11 OCF $20.48B FCF $12.29B 0001193125-14-078778 · filed 2014-03-03 FY2012 · OCF $20.95B · FCF $11.18B · 0001193125-15-070966 · filed 2015-03-02 FY12 OCF $20.95B FCF $11.18B 0001193125-15-070966 · filed 2015-03-02 FY2013 · OCF $27.70B · FCF $16.62B · 0001193125-16-483023 · filed 2016-02-29 FY13 OCF $27.70B FCF $16.62B 0001193125-16-483023 · filed 2016-02-29 FY2014 · OCF $32.01B · FCF $16.82B · 0001193125-17-056969 · filed 2017-02-27 FY14 OCF $32.01B FCF $16.82B 0001193125-17-056969 · filed 2017-02-27 FY2015 · OCF $31.49B · FCF $15.41B · 0001193125-18-057033 · filed 2018-02-26 FY15 OCF $31.49B FCF $15.41B 0001193125-18-057033 · filed 2018-02-26 FY2016 · OCF $32.65B · FCF $19.69B · 0001193125-19-048926 · filed 2019-02-25 FY16 OCF $32.65B FCF $19.69B 0001193125-19-048926 · filed 2019-02-25 FY2017 · OCF $45.73B · FCF $34.02B · 0001564590-20-005874 · filed 2020-02-24 FY17 OCF $45.73B FCF $34.02B 0001564590-20-005874 · filed 2020-02-24 FY2018 · OCF $37.40B · FCF $22.86B · 0001564590-21-009611 · filed 2021-03-01 FY18 OCF $37.40B FCF $22.86B 0001564590-21-009611 · filed 2021-03-01 FY2019 · OCF $38.69B · FCF $22.71B · 0001564590-22-007322 · filed 2022-02-28 FY19 OCF $38.69B FCF $22.71B 0001564590-22-007322 · filed 2022-02-28 FY2020 · OCF $39.77B · FCF $26.76B · 0000950170-23-004451 · filed 2023-02-27 FY20 OCF $39.77B FCF $26.76B 0000950170-23-004451 · filed 2023-02-27 FY2021 · OCF $39.43B · FCF $26.15B · 0000950170-24-019719 · filed 2024-02-26 FY21 OCF $39.43B FCF $26.15B 0000950170-24-019719 · filed 2024-02-26 FY2022 · OCF $37.35B · FCF $21.89B · 0000950170-25-025210 · filed 2025-02-24 FY22 OCF $37.35B FCF $21.89B 0000950170-25-025210 · filed 2025-02-24 FY2023 · OCF $49.20B · FCF $29.79B · 0001193125-26-083899 · filed 2026-03-02 FY23 OCF $49.20B FCF $29.79B 0001193125-26-083899 · filed 2026-03-02 FY2024 · OCF $30.59B · FCF $11.62B · 0001193125-26-083899 · filed 2026-03-02 FY24 OCF $30.59B FCF $11.62B 0001193125-26-083899 · filed 2026-03-02 FY2025 · OCF $45.97B · FCF $25.04B · 0001193125-26-083899 · filed 2026-03-02 FY25 OCF $45.97B FCF $25.04B 0001193125-26-083899 · filed 2026-03-02 FY25 OCF $45.97B FCF $25.04B 0001193125-26-083899 · filed 2026-03-02 ’09 ’13 ’17 ’21 ’25
FY2025: $45.97B operating cash − $20.93B capex = $25.04B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% FY2008 · ROE 4.6% · ROA 1.9% FY08 ROE 4.6% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 6.1% · ROA 2.7% FY09 ROE 6.1% ROA 2.7% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 8.2% · ROA 3.5% FY10 ROE 8.2% ROA 3.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 6.2% · ROA 2.6% FY11 ROE 6.2% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 7.9% · ROA 3.5% FY12 ROE 7.9% ROA 3.5% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 8.8% · ROA 4.0% FY13 ROE 8.8% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 8.3% · ROA 3.8% FY14 ROE 8.3% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 9.4% · ROA 4.4% FY15 ROE 9.4% ROA 4.4% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 8.5% · ROA 3.9% FY16 ROE 8.5% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 12.9% · ROA 6.4% FY17 ROE 12.9% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 1.2% · ROA 0.6% FY18 ROE 1.2% ROA 0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 19.2% · ROA 10.0% FY19 ROE 19.2% ROA 10.0% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 9.6% · ROA 4.9% FY20 ROE 9.6% ROA 4.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 17.8% · ROA 9.4% FY21 ROE 17.8% ROA 9.4% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE -4.8% · ROA -2.4% FY22 ROE -4.8% ROA -2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 17.1% · ROA 9.0% FY23 ROE 17.1% ROA 9.0% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 13.7% · ROA 7.7% FY24 ROE 13.7% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 9.3% · ROA 5.5% FY25 ROE 9.3% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 9.3% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 5% (FY2008) → 9% (FY2025) · on assets 5.5%
Balance sheet Liabilities Equity$0 $500B $1T FY2008 · Liabilities $153.69B · Equity $109.27B FY08 Liabilities $153.69B Equity $109.27B 0001193125-10-043450 · filed 2010-03-01 FY2009 · Liabilities $161.33B · Equity $131.10B FY09 Liabilities $161.33B Equity $131.10B 0001193125-11-048914 · filed 2011-02-28 FY2010 · Liabilities $209.29B · Equity $157.32B FY10 Liabilities $209.29B Equity $157.32B 0001193125-12-079022 · filed 2012-02-27 FY2011 · Liabilities $223.69B · Equity $164.85B FY11 Liabilities $223.69B Equity $164.85B 0001193125-13-087679 · filed 2013-03-01 FY2012 · Liabilities $235.86B · Equity $187.65B FY12 Liabilities $235.86B Equity $187.65B 0001193125-14-078778 · filed 2014-03-03 FY2013 · Liabilities $260.45B · Equity $221.89B FY13 Liabilities $260.45B Equity $221.89B 0001193125-15-070966 · filed 2015-03-02 FY2014 · Liabilities $282.84B · Equity $240.17B FY14 Liabilities $282.84B Equity $240.17B 0001193125-16-483023 · filed 2016-02-29 FY2015 · Liabilities $293.63B · Equity $255.55B FY15 Liabilities $293.63B Equity $255.55B 0001193125-17-056969 · filed 2017-02-27 FY2016 · Liabilities $335.43B · Equity $282.07B FY16 Liabilities $335.43B Equity $282.07B 0001193125-18-057033 · filed 2018-02-26 FY2017 · Liabilities $350.14B · Equity $348.30B FY17 Liabilities $350.14B Equity $348.30B 0001193125-19-048926 · filed 2019-02-25 FY2018 · Liabilities $355.29B · Equity $348.70B FY18 Liabilities $355.29B Equity $348.70B 0001564590-20-005874 · filed 2020-02-24 FY2019 · Liabilities $389.17B · Equity $424.79B FY19 Liabilities $389.17B Equity $424.79B 0001564590-21-009611 · filed 2021-03-01 FY2020 · Liabilities $422.39B · Equity $443.16B FY20 Liabilities $422.39B Equity $443.16B 0001564590-21-009611 · filed 2021-03-01 · 0001564590-22-007322 · filed 2022-02-28 FY2022 · Liabilities $466.78B · Equity $473.42B FY22 Liabilities $466.78B Equity $473.42B 0000950170-24-019719 · filed 2024-02-26 FY2023 · Liabilities $499.21B · Equity $561.27B FY23 Liabilities $499.21B Equity $561.27B 0000950170-25-025210 · filed 2025-02-24 FY2024 · Liabilities $502.23B · Equity $649.37B FY24 Liabilities $502.23B Equity $649.37B 0001193125-26-083899 · filed 2026-03-02 FY2025 · Liabilities $502.47B · Equity $717.42B FY25 Liabilities $502.47B Equity $717.42B 0001193125-26-083899 · filed 2026-03-02 FY25 Liabilities $502.47B Equity $717.42B 0001193125-26-083899 · filed 2026-03-02 ’08 ’12 ’16 ’20 ’25
FY2025: $1.22T assets · $502.47B liabilities · $717.42B equity