Margins Net margin FCF margin0% 10% 20% 30% FY2007 · Net margin 12.4% · FCF margin 13.5% FY07 Net margin 12.4% FCF margin 13.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 10.4% · FCF margin 13.1% FY08 Net margin 10.4% FCF margin 13.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 11.0% · FCF margin 15.5% FY09 Net margin 11.0% FCF margin 15.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 14.3% · FCF margin 15.1% FY10 Net margin 14.3% FCF margin 15.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 13.5% · FCF margin 14.2% FY11 Net margin 13.5% FCF margin 14.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 13.1% · FCF margin 16.2% FY12 Net margin 13.1% FCF margin 16.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 14.7% · FCF margin 16.7% FY13 Net margin 14.7% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 20.2% · FCF margin 25.6% FY14 Net margin 20.2% FCF margin 25.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 23.3% · FCF margin 22.8% FY15 Net margin 23.3% FCF margin 22.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 15.1% · FCF margin 17.4% FY16 Net margin 15.1% FCF margin 17.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 16.1% · FCF margin 18.7% FY17 Net margin 16.1% FCF margin 18.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 15.5% · FCF margin 20.2% FY18 Net margin 15.5% FCF margin 20.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 16.8% · FCF margin 18.5% FY19 Net margin 16.8% FCF margin 18.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 16.4% · FCF margin 24.3% FY20 Net margin 16.4% FCF margin 24.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 25.9% · FCF margin 28.7% FY21 Net margin 25.9% FCF margin 28.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 27.1% · FCF margin 27.8% FY22 Net margin 27.1% FCF margin 27.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 19.9% · FCF margin 24.2% FY23 Net margin 19.9% FCF margin 24.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 16.3% · FCF margin 22.2% FY24 Net margin 16.3% FCF margin 22.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 14.7% · FCF margin 21.4% FY25 Net margin 14.7% FCF margin 21.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 14.7% FCF margin 21.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 14.7% · free cash flow 21.4% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B FY2007 · OCF $1.65B · FCF $1.48B · 0001193125-10-038977 · filed 2010-02-24 FY07 OCF $1.65B FCF $1.48B 0001193125-10-038977 · filed 2010-02-24 FY2008 · OCF $1.86B · FCF $1.67B · 0001193125-11-044412 · filed 2011-02-24 FY08 OCF $1.86B FCF $1.67B 0001193125-11-044412 · filed 2011-02-24 FY2009 · OCF $1.80B · FCF $1.63B · 0001193125-12-076756 · filed 2012-02-24 FY09 OCF $1.80B FCF $1.63B 0001193125-12-076756 · filed 2012-02-24 FY2010 · OCF $2.08B · FCF $1.89B · 0000313616-13-000026 · filed 2013-02-22 FY10 OCF $2.08B FCF $1.89B 0000313616-13-000026 · filed 2013-02-22 FY2011 · OCF $2.63B · FCF $2.29B · 0000313616-14-000023 · filed 2014-02-21 FY11 OCF $2.63B FCF $2.29B 0000313616-14-000023 · filed 2014-02-21 FY2012 · OCF $3.42B · FCF $2.96B · 0000313616-15-000038 · filed 2015-02-25 FY12 OCF $3.42B FCF $2.96B 0000313616-15-000038 · filed 2015-02-25 FY2013 · OCF $3.59B · FCF $3.05B · 0000313616-16-000145 · filed 2016-02-24 FY13 OCF $3.59B FCF $3.05B 0000313616-16-000145 · filed 2016-02-24 FY2014 · OCF $3.76B · FCF $3.29B · 0000313616-17-000066 · filed 2017-02-22 FY14 OCF $3.76B FCF $3.29B 0000313616-17-000066 · filed 2017-02-22 FY2015 · OCF $3.80B · FCF $3.29B · 0000313616-18-000038 · filed 2018-02-21 FY15 OCF $3.80B FCF $3.29B 0000313616-18-000038 · filed 2018-02-21 FY2016 · OCF $3.52B · FCF $2.93B · 0000313616-19-000035 · filed 2019-02-21 FY16 OCF $3.52B FCF $2.93B 0000313616-19-000035 · filed 2019-02-21 FY2017 · OCF $3.48B · FCF $2.91B · 0000313616-20-000041 · filed 2020-02-21 FY17 OCF $3.48B FCF $2.91B 0000313616-20-000041 · filed 2020-02-21 FY2018 · OCF $4.02B · FCF $3.44B · 0000313616-21-000045 · filed 2021-02-25 FY18 OCF $4.02B FCF $3.44B 0000313616-21-000045 · filed 2021-02-25 FY2019 · OCF $3.95B · FCF $3.32B · 0000313616-22-000061 · filed 2022-02-23 FY19 OCF $3.95B FCF $3.32B 0000313616-22-000061 · filed 2022-02-23 FY2020 · OCF $6.21B · FCF $5.42B · 0000313616-23-000087 · filed 2023-02-22 FY20 OCF $6.21B FCF $5.42B 0000313616-23-000087 · filed 2023-02-22 FY2021 · OCF $8.36B · FCF $7.12B · 0000313616-24-000052 · filed 2024-02-21 FY21 OCF $8.36B FCF $7.12B 0000313616-24-000052 · filed 2024-02-21 FY2022 · OCF $8.52B · FCF $7.40B · 0000313616-25-000043 · filed 2025-02-20 FY22 OCF $8.52B FCF $7.40B 0000313616-25-000043 · filed 2025-02-20 FY2023 · OCF $7.16B · FCF $5.78B · 0000313616-26-000062 · filed 2026-02-24 FY23 OCF $7.16B FCF $5.78B 0000313616-26-000062 · filed 2026-02-24 FY2024 · OCF $6.69B · FCF $5.30B · 0000313616-26-000062 · filed 2026-02-24 FY24 OCF $6.69B FCF $5.30B 0000313616-26-000062 · filed 2026-02-24 FY2025 · OCF $6.42B · FCF $5.26B · 0000313616-26-000062 · filed 2026-02-24 FY25 OCF $6.42B FCF $5.26B 0000313616-26-000062 · filed 2026-02-24 FY25 OCF $6.42B FCF $5.26B 0000313616-26-000062 · filed 2026-02-24 ’09 ’13 ’17 ’21 ’25
FY2025: $6.42B operating cash − $1.16B capex = $5.26B free cash flow
Returns on capital Return on equity Return on assets0% 5% 10% 15% FY2008 · ROE 13.4% · ROA 7.5% FY08 ROE 13.4% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 9.9% · ROA 5.9% FY09 ROE 9.9% ROA 5.9% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 13.1% · ROA 8.1% FY10 ROE 13.1% ROA 8.1% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 12.9% · ROA 7.3% FY11 ROE 12.9% ROA 7.3% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 12.6% · ROA 7.3% FY12 ROE 12.6% ROA 7.3% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 12.0% · ROA 7.8% FY13 ROE 12.0% ROA 7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 11.1% · ROA 7.0% FY14 ROE 11.1% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 14.2% · ROA 7.0% FY15 ROE 14.2% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 11.1% · ROA 5.6% FY16 ROE 11.1% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 9.5% · ROA 5.3% FY17 ROE 9.5% ROA 5.3% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 9.4% · ROA 5.5% FY18 ROE 9.4% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 9.9% · ROA 4.8% FY19 ROE 9.9% ROA 4.8% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 9.2% · ROA 4.8% FY20 ROE 9.2% ROA 4.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 14.2% · ROA 7.7% FY21 ROE 14.2% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 14.4% · ROA 8.5% FY22 ROE 14.4% ROA 8.5% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 8.9% · ROA 5.6% FY23 ROE 8.9% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 7.9% · ROA 5.0% FY24 ROE 7.9% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 6.9% · ROA 4.3% FY25 ROE 6.9% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 6.9% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 13% (FY2008) → 7% (FY2025) · on assets 4.3%
Balance sheet Liabilities Equity$0 $10B $20B FY2009 · Liabilities $7.97B · Equity $11.63B FY09 Liabilities $7.97B Equity $11.63B 0001193125-11-044412 · filed 2011-02-24 FY2010 · Liabilities $8.44B · Equity $13.71B FY10 Liabilities $8.44B Equity $13.71B 0001193125-11-044412 · filed 2011-02-24 · 0001193125-12-076756 · filed 2012-02-24 FY10 Liabilities $8.44B Equity $13.71B 0001193125-11-044412 · filed 2011-02-24 · 0001193125-12-076756 · filed 2012-02-24 ’09 ’10