Margins Net margin FCF margin-20% -10% 0% 10% FY2007 · Net margin 11.8% · FCF margin 0.7% FY07 Net margin 11.8% FCF margin 0.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 10.3% · FCF margin -8.0% FY08 Net margin 10.3% FCF margin -8.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 8.4% · FCF margin -6.5% FY09 Net margin 8.4% FCF margin -6.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 9.2% · FCF margin -2.0% FY10 Net margin 9.2% FCF margin -2.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 11.7% · FCF margin -4.8% FY11 Net margin 11.7% FCF margin -4.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 9.0% · FCF margin -1.3% FY12 Net margin 9.0% FCF margin -1.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 11.7% · FCF margin 3.8% FY13 Net margin 11.7% FCF margin 3.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 8.4% · FCF margin 5.3% FY14 Net margin 8.4% FCF margin 5.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 12.6% · FCF margin -0.3% FY15 Net margin 12.6% FCF margin -0.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 9.5% · FCF margin -4.6% FY16 Net margin 9.5% FCF margin -4.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 11.2% · FCF margin -9.3% FY18 Net margin 11.2% FCF margin -9.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 15.4% · FCF margin -12.0% FY19 Net margin 15.4% FCF margin -12.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 5.9% · FCF margin -4.5% FY20 Net margin 5.9% FCF margin -4.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 16.0% · FCF margin -5.8% FY21 Net margin 16.0% FCF margin -5.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 8.9% · FCF margin -19.0% FY22 Net margin 8.9% FCF margin -19.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 9.9% · FCF margin -9.5% FY23 Net margin 9.9% FCF margin -9.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 15.1% · FCF margin 0.2% FY24 Net margin 15.1% FCF margin 0.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 15.7% · FCF margin -5.3% FY25 Net margin 15.7% FCF margin -5.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 15.7% FCF margin -5.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’08 ’12 ’16 ’21 ’25 FY2025: net 15.7% · free cash flow -5.3% of revenue
Cash engine Operating cash flow Free cash flow$0 $10B FY2007 · OCF $3.21B · FCF $83.0M · 0001193125-10-043083 · filed 2010-02-26 FY07 OCF $3.21B FCF $83.0M 0001193125-10-043083 · filed 2010-02-26 FY2008 · OCF $3.33B · FCF −$1.06B · 0001193125-11-047229 · filed 2011-02-25 FY08 OCF $3.33B FCF −$1.06B 0001193125-11-047229 · filed 2011-02-25 FY2009 · OCF $3.46B · FCF −$833.0M · 0001193125-12-085533 · filed 2012-02-28 FY09 OCF $3.46B FCF −$833.0M 0001193125-12-085533 · filed 2012-02-28 FY2010 · OCF $4.51B · FCF −$292.0M · 0001326160-13-000009 · filed 2013-03-01 FY10 OCF $4.51B FCF −$292.0M 0001326160-13-000009 · filed 2013-03-01 FY2011 · OCF $3.67B · FCF −$691.0M · 0001326160-14-000003 · filed 2014-02-28 FY11 OCF $3.67B FCF −$691.0M 0001326160-14-000003 · filed 2014-02-28 FY2012 · OCF $5.24B · FCF −$257.0M · 0001326160-15-000008 · filed 2015-03-02 FY12 OCF $5.24B FCF −$257.0M 0001326160-15-000008 · filed 2015-03-02 FY2013 · OCF $6.38B · FCF $856.0M · 0001326160-16-000221 · filed 2016-02-25 FY13 OCF $6.38B FCF $856.0M 0001326160-16-000221 · filed 2016-02-25 FY2014 · OCF $6.59B · FCF $1.20B · 0001326160-17-000016 · filed 2017-02-24 FY14 OCF $6.59B FCF $1.20B 0001326160-17-000016 · filed 2017-02-24 FY2015 · OCF $6.70B · FCF −$66.0M · 0001326160-18-000036 · filed 2018-02-23 FY15 OCF $6.70B FCF −$66.0M 0001326160-18-000036 · filed 2018-02-23 FY2016 · OCF $6.86B · FCF −$1.04B · 0001326160-19-000057 · filed 2019-02-28 FY16 OCF $6.86B FCF −$1.04B 0001326160-19-000057 · filed 2019-02-28 FY2017 · OCF $6.62B · FCF −$1.43B · 0001326160-20-000034 · filed 2020-02-20 FY17 OCF $6.62B FCF −$1.43B 0001326160-20-000034 · filed 2020-02-20 FY2018 · OCF $7.19B · FCF −$2.20B · 0001326160-21-000063 · filed 2021-02-25 FY18 OCF $7.19B FCF −$2.20B 0001326160-21-000063 · filed 2021-02-25 FY2019 · OCF $8.21B · FCF −$2.91B · 0001326160-22-000072 · filed 2022-02-24 FY19 OCF $8.21B FCF −$2.91B 0001326160-22-000072 · filed 2022-02-24 FY2020 · OCF $8.86B · FCF −$1.05B · 0001326160-23-000073 · filed 2023-02-27 FY20 OCF $8.86B FCF −$1.05B 0001326160-23-000073 · filed 2023-02-27 FY2021 · OCF $8.29B · FCF −$1.43B · 0001326160-24-000037 · filed 2024-02-23 FY21 OCF $8.29B FCF −$1.43B 0001326160-24-000037 · filed 2024-02-23 FY2022 · OCF $5.93B · FCF −$5.44B · 0001326160-25-000072 · filed 2025-02-27 FY22 OCF $5.93B FCF −$5.44B 0001326160-25-000072 · filed 2025-02-27 FY2023 · OCF $9.88B · FCF −$2.73B · 0001326160-26-000014 · filed 2026-02-26 FY23 OCF $9.88B FCF −$2.73B 0001326160-26-000014 · filed 2026-02-26 FY2024 · OCF $12.33B · FCF $48.0M · 0001326160-26-000014 · filed 2026-02-26 FY24 OCF $12.33B FCF $48.0M 0001326160-26-000014 · filed 2026-02-26 FY2025 · OCF $12.33B · FCF −$1.69B · 0001326160-26-000014 · filed 2026-02-26 FY25 OCF $12.33B FCF −$1.69B 0001326160-26-000014 · filed 2026-02-26 FY25 OCF $12.33B FCF −$1.69B 0001326160-26-000014 · filed 2026-02-26 ’09 ’13 ’17 ’21 ’25
FY2025: $12.33B operating cash − $14.02B capex = −$1.69B free cash flow
Returns on capital Return on equity Return on assets0% 5% 10% FY2008 · ROE 6.5% · ROA 2.6% FY08 ROE 6.5% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 4.9% · ROA 1.9% FY09 ROE 4.9% ROA 1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 5.9% · ROA 2.2% FY10 ROE 5.9% ROA 2.2% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 7.5% · ROA 2.7% FY11 ROE 7.5% ROA 2.7% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 4.3% · ROA 1.6% FY12 ROE 4.3% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 6.4% · ROA 2.3% FY13 ROE 6.4% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 4.6% · ROA 1.6% FY14 ROE 4.6% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 7.1% · ROA 2.3% FY15 ROE 7.1% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 5.2% · ROA 1.6% FY16 ROE 5.2% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 7.3% · ROA 2.2% FY17 ROE 7.3% ROA 2.2% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 6.1% · ROA 1.8% FY18 ROE 6.1% ROA 1.8% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 8.0% · ROA 2.4% FY19 ROE 8.0% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 2.9% · ROA 0.8% FY20 ROE 2.9% ROA 0.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 7.9% · ROA 2.3% FY21 ROE 7.9% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 5.2% · ROA 1.4% FY22 ROE 5.2% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 5.8% · ROA 1.6% FY23 ROE 5.8% ROA 1.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 9.0% · ROA 2.4% FY24 ROE 9.0% ROA 2.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 9.6% · ROA 2.5% FY25 ROE 9.6% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 9.6% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 6% (FY2008) → 10% (FY2025) · on assets 2.5%