Margins Net margin FCF margin0% 50% FY2007 · Net margin 9.7% · FCF margin 16.7% FY07 Net margin 9.7% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 10.2% · FCF margin 10.9% FY08 Net margin 10.2% FCF margin 10.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 8.6% · FCF margin 12.7% FY09 Net margin 8.6% FCF margin 12.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 10.3% · FCF margin 13.2% FY10 Net margin 10.3% FCF margin 13.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 10.2% · FCF margin 10.7% FY11 Net margin 10.2% FCF margin 10.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 8.1% · FCF margin 9.8% FY12 Net margin 8.1% FCF margin 9.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 8.1% · FCF margin 12.0% FY13 Net margin 8.1% FCF margin 12.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 12.1% · FCF margin 17.1% FY14 Net margin 12.1% FCF margin 17.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 16.7% · FCF margin 11.9% FY15 Net margin 16.7% FCF margin 11.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 11.3% · FCF margin 16.8% FY16 Net margin 11.3% FCF margin 16.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 9.9% · FCF margin 9.4% FY17 Net margin 9.9% FCF margin 9.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 12.7% · FCF margin 13.1% FY18 Net margin 12.7% FCF margin 13.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 12.6% · FCF margin 13.1% FY19 Net margin 12.6% FCF margin 13.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 11.7% · FCF margin 15.2% FY20 Net margin 11.7% FCF margin 15.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 17.8% · FCF margin 24.5% FY21 Net margin 17.8% FCF margin 24.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 23.4% · FCF margin 19.0% FY22 Net margin 23.4% FCF margin 19.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 87.2% · FCF margin 1.8% FY23 Net margin 87.2% FCF margin 1.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 11.3% · FCF margin 16.7% FY24 Net margin 11.3% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 12.7% · FCF margin 14.8% FY25 Net margin 12.7% FCF margin 14.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 12.7% FCF margin 14.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.7% · free cash flow 14.8% of revenue
Cash engine Operating cash flow Free cash flow$0 $1B $2B $3B FY2007 · OCF $3.02B · FCF $3.70B · 0001144204-09-061535 · filed 2009-11-23 FY07 OCF $3.02B FCF $3.70B 0001144204-09-061535 · filed 2009-11-23 FY2008 · OCF $3.29B · FCF $2.58B · 0001144204-10-063258 · filed 2010-11-23 FY08 OCF $3.29B FCF $2.58B 0001144204-10-063258 · filed 2010-11-23 FY2009 · OCF $3.09B · FCF $2.56B · 0001144204-11-066373 · filed 2011-11-22 FY09 OCF $3.09B FCF $2.56B 0001144204-11-066373 · filed 2011-11-22 FY2010 · OCF $3.29B · FCF $2.77B · 0000032604-12-000012 · filed 2012-11-20 FY10 OCF $3.29B FCF $2.77B 0000032604-12-000012 · filed 2012-11-20 FY2011 · OCF $3.23B · FCF $2.59B · 0000032604-13-000044 · filed 2013-11-19 FY11 OCF $3.23B FCF $2.59B 0000032604-13-000044 · filed 2013-11-19 FY2012 · OCF $3.05B · FCF $2.39B · 0000032604-14-000048 · filed 2014-11-19 FY12 OCF $3.05B FCF $2.39B 0000032604-14-000048 · filed 2014-11-19 FY2013 · OCF $3.65B · FCF $2.97B · 0000032604-15-000051 · filed 2015-11-18 FY13 OCF $3.65B FCF $2.97B 0000032604-15-000051 · filed 2015-11-18 FY2014 · OCF $3.69B · FCF $3.04B · 0000032604-16-000105 · filed 2016-11-16 FY14 OCF $3.69B FCF $3.04B 0000032604-16-000105 · filed 2016-11-16 FY2015 · OCF $2.53B · FCF $1.94B · 0000032604-17-000046 · filed 2017-11-20 FY15 OCF $2.53B FCF $1.94B 0000032604-17-000046 · filed 2017-11-20 FY2016 · OCF $2.88B · FCF $2.43B · 0000032604-18-000044 · filed 2018-11-19 FY16 OCF $2.88B FCF $2.43B 0000032604-18-000044 · filed 2018-11-19 FY2017 · OCF $1.91B · FCF $1.44B · 0000032604-19-000048 · filed 2019-11-18 FY17 OCF $1.91B FCF $1.44B 0000032604-19-000048 · filed 2019-11-18 FY2018 · OCF $2.89B · FCF $2.27B · 0000032604-20-000041 · filed 2020-11-16 FY18 OCF $2.89B FCF $2.27B 0000032604-20-000041 · filed 2020-11-16 FY2019 · OCF $3.01B · FCF $2.41B · 0000032604-21-000038 · filed 2021-11-15 FY19 OCF $3.01B FCF $2.41B 0000032604-21-000038 · filed 2021-11-15 FY2020 · OCF $3.08B · FCF $2.54B · 0000032604-22-000041 · filed 2022-11-14 FY20 OCF $3.08B FCF $2.54B 0000032604-22-000041 · filed 2022-11-14 FY2021 · OCF $3.58B · FCF $3.17B · 0000032604-23-000044 · filed 2023-11-13 FY21 OCF $3.58B FCF $3.17B 0000032604-23-000044 · filed 2023-11-13 FY2022 · OCF $2.92B · FCF $2.62B · 0000032604-24-000041 · filed 2024-11-12 FY22 OCF $2.92B FCF $2.62B 0000032604-24-000041 · filed 2024-11-12 FY2023 · OCF $637.0M · FCF $274.0M · 0000032604-25-000087 · filed 2025-11-10 FY23 OCF $637.0M FCF $274.0M 0000032604-25-000087 · filed 2025-11-10 FY2024 · OCF $3.33B · FCF $2.91B · 0000032604-25-000087 · filed 2025-11-10 FY24 OCF $3.33B FCF $2.91B 0000032604-25-000087 · filed 2025-11-10 FY2025 · OCF $3.10B · FCF $2.67B · 0000032604-25-000087 · filed 2025-11-10 FY25 OCF $3.10B FCF $2.67B 0000032604-25-000087 · filed 2025-11-10 FY25 OCF $3.10B FCF $2.67B 0000032604-25-000087 · filed 2025-11-10 ’09 ’13 ’17 ’21 ’25
FY2025: $3.10B operating cash − $431.0M capex = $2.67B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% 60% FY2008 · ROE 26.5% · ROA 11.5% FY08 ROE 26.5% ROA 11.5% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 20.2% · ROA 8.7% FY09 ROE 20.2% ROA 8.7% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 22.1% · ROA 9.5% FY10 ROE 22.1% ROA 9.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 23.8% · ROA 10.4% FY11 ROE 23.8% ROA 10.4% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 19.1% · ROA 8.3% FY12 ROE 19.1% ROA 8.3% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 18.9% · ROA 8.1% FY13 ROE 18.9% ROA 8.1% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 21.2% · ROA 8.9% FY14 ROE 21.2% ROA 8.9% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 33.5% · ROA 12.3% FY15 ROE 33.5% ROA 12.3% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 21.6% · ROA 7.5% FY16 ROE 21.6% ROA 7.5% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 17.4% · ROA 7.7% FY17 ROE 17.4% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 24.6% · ROA 10.8% FY18 ROE 24.6% ROA 10.8% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 28.0% · ROA 11.3% FY19 ROE 28.0% ROA 11.3% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 23.4% · ROA 8.6% FY20 ROE 23.4% ROA 8.6% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 23.3% · ROA 9.3% FY21 ROE 23.3% ROA 9.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 31.2% · ROA 9.1% FY22 ROE 31.2% ROA 9.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 63.9% · ROA 30.9% FY23 ROE 63.9% ROA 30.9% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 9.1% · ROA 4.4% FY24 ROE 9.1% ROA 4.4% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 11.3% · ROA 5.5% FY25 ROE 11.3% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 11.3% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 26% (FY2008) → 11% (FY2025) · on assets 5.5%