Margins Net margin FCF margin0% 5% 10% 15% FY2010 · Net margin 6.8% · FCF margin 6.5% FY10 Net margin 6.8% FCF margin 6.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · FCF margin 10.5% FY16 FCF margin 10.5% derived: (ocf − capex) ÷ revenue FY2017 · FCF margin 10.5% FY17 FCF margin 10.5% derived: (ocf − capex) ÷ revenue FY2018 · Net margin 9.9% · FCF margin 9.7% FY18 Net margin 9.9% FCF margin 9.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 10.3% · FCF margin 13.4% FY19 Net margin 10.3% FCF margin 13.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 7.9% · FCF margin 14.3% FY20 Net margin 7.9% FCF margin 14.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 10.9% · FCF margin 8.1% FY21 Net margin 10.9% FCF margin 8.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 11.9% · FCF margin 9.3% FY22 Net margin 11.9% FCF margin 9.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 13.9% · FCF margin 12.4% FY23 Net margin 13.9% FCF margin 12.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 15.3% · FCF margin 14.1% FY24 Net margin 15.3% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 14.9% · FCF margin 12.9% FY25 Net margin 14.9% FCF margin 12.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 14.9% FCF margin 12.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’16 ’19 ’22 ’25 FY2025: net 14.9% · free cash flow 12.9% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2010 · OCF $1.28B · FCF $888.0M · 0001551182-13-000005 · filed 2013-02-28 FY10 OCF $1.28B FCF $888.0M 0001551182-13-000005 · filed 2013-02-28 FY2011 · OCF $1.25B · FCF $680.0M · 0001551182-14-000011 · filed 2014-02-26 FY11 OCF $1.25B FCF $680.0M 0001551182-14-000011 · filed 2014-02-26 FY2012 · OCF $1.66B · FCF $1.07B · 0001551182-15-000007 · filed 2015-02-26 FY12 OCF $1.66B FCF $1.07B 0001551182-15-000007 · filed 2015-02-26 FY2013 · OCF $2.29B · FCF $1.67B · 0001551182-16-000041 · filed 2016-02-24 FY13 OCF $2.29B FCF $1.67B 0001551182-16-000041 · filed 2016-02-24 FY2014 · OCF $1.88B · FCF $1.25B · 0001551182-17-000014 · filed 2017-02-22 FY14 OCF $1.88B FCF $1.25B 0001551182-17-000014 · filed 2017-02-22 FY2015 · OCF $2.41B · FCF $1.90B · 0001551182-18-000074 · filed 2018-02-28 FY15 OCF $2.41B FCF $1.90B 0001551182-18-000074 · filed 2018-02-28 FY2016 · OCF $2.57B · FCF $2.07B · 0001551182-19-000045 · filed 2019-02-27 FY16 OCF $2.57B FCF $2.07B 0001551182-19-000045 · filed 2019-02-27 FY2017 · OCF $2.67B · FCF $2.15B · 0001551182-20-000050 · filed 2020-02-26 FY17 OCF $2.67B FCF $2.15B 0001551182-20-000050 · filed 2020-02-26 FY2018 · OCF $2.66B · FCF $2.09B · 0001551182-21-000022 · filed 2021-02-24 FY18 OCF $2.66B FCF $2.09B 0001551182-21-000022 · filed 2021-02-24 FY2019 · OCF $3.45B · FCF $2.86B · 0001551182-22-000004 · filed 2022-02-23 FY19 OCF $3.45B FCF $2.86B 0001551182-22-000004 · filed 2022-02-23 FY2020 · OCF $2.94B · FCF $2.56B · 0001551182-23-000004 · filed 2023-02-23 FY20 OCF $2.94B FCF $2.56B 0001551182-23-000004 · filed 2023-02-23 FY2021 · OCF $2.16B · FCF $1.59B · 0001551182-24-000006 · filed 2024-02-29 FY21 OCF $2.16B FCF $1.59B 0001551182-24-000006 · filed 2024-02-29 FY2022 · OCF $2.53B · FCF $1.94B · 0001551182-25-000006 · filed 2025-02-27 FY22 OCF $2.53B FCF $1.94B 0001551182-25-000006 · filed 2025-02-27 FY2023 · OCF $3.62B · FCF $2.87B · 0001551182-26-000007 · filed 2026-02-26 FY23 OCF $3.62B FCF $2.87B 0001551182-26-000007 · filed 2026-02-26 FY2024 · OCF $4.33B · FCF $3.52B · 0001551182-26-000007 · filed 2026-02-26 FY24 OCF $4.33B FCF $3.52B 0001551182-26-000007 · filed 2026-02-26 FY2025 · OCF $4.47B · FCF $3.55B · 0001551182-26-000007 · filed 2026-02-26 FY25 OCF $4.47B FCF $3.55B 0001551182-26-000007 · filed 2026-02-26 FY25 OCF $4.47B FCF $3.55B 0001551182-26-000007 · filed 2026-02-26 ’13 ’17 ’21 ’25
FY2025: $4.47B operating cash − $919.0M capex = $3.55B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% FY2011 · ROE 18.1% · ROA 7.6% FY11 ROE 18.1% ROA 7.6% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 8.1% · ROA 3.4% FY12 ROE 8.1% ROA 3.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 13.3% · ROA 6.9% FY18 ROE 13.3% ROA 6.9% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 13.7% · ROA 6.7% FY19 ROE 13.7% ROA 6.7% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 9.4% · ROA 4.4% FY20 ROE 9.4% ROA 4.4% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 13.1% · ROA 6.3% FY21 ROE 13.1% ROA 6.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 14.5% · ROA 7.0% FY22 ROE 14.5% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 16.9% · ROA 8.4% FY23 ROE 16.9% ROA 8.4% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 20.5% · ROA 9.9% FY24 ROE 20.5% ROA 9.9% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 21.0% · ROA 9.9% FY25 ROE 21.0% ROA 9.9% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 21.0% ROA 9.9% derived: net income ÷ equity · derived: net income ÷ assets ’12 ’19 ’21 ’23 ’25 return on equity 18% (FY2011) → 21% (FY2025) · on assets 9.9%