Margins Net margin FCF margin0% 5% FY2008 · Net margin 3.0% · FCF margin 1.4% FY08 Net margin 3.0% FCF margin 1.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 0.3% · FCF margin 0.8% FY09 Net margin 0.3% FCF margin 0.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 3.4% · FCF margin 0.9% FY10 Net margin 3.4% FCF margin 0.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 3.7% · FCF margin 1.5% FY11 Net margin 3.7% FCF margin 1.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 4.8% · FCF margin 1.9% FY12 Net margin 4.8% FCF margin 1.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 6.1% · FCF margin 3.0% FY13 Net margin 6.1% FCF margin 3.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 5.1% · FCF margin 1.6% FY14 Net margin 5.1% FCF margin 1.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 2.2% · FCF margin 2.1% FY15 Net margin 2.2% FCF margin 2.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 3.6% · FCF margin 1.8% FY16 Net margin 3.6% FCF margin 1.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 5.0% · FCF margin -0.3% FY17 Net margin 5.0% FCF margin -0.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 7.0% · FCF margin -1.5% FY18 Net margin 7.0% FCF margin -1.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 0.8% · FCF margin 0.2% FY19 Net margin 0.8% FCF margin 0.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 1.9% · FCF margin -1.1% FY20 Net margin 1.9% FCF margin -1.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 6.2% · FCF margin 5.1% FY21 Net margin 6.2% FCF margin 5.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 4.1% · FCF margin 3.3% FY22 Net margin 4.1% FCF margin 3.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 4.4% · FCF margin 3.0% FY23 Net margin 4.4% FCF margin 3.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 4.9% · FCF margin 3.6% FY24 Net margin 4.9% FCF margin 3.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 4.7% · FCF margin 3.4% FY25 Net margin 4.7% FCF margin 3.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 4.7% FCF margin 3.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 4.7% · free cash flow 3.4% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2008 · OCF $3.46B · FCF $518.0M · 0000950123-10-065730 · filed 2010-07-15 FY08 OCF $3.46B FCF $518.0M 0000950123-10-065730 · filed 2010-07-15 FY2009 · OCF $2.75B · FCF $294.0M · 0000950123-11-065246 · filed 2011-07-12 FY09 OCF $2.75B FCF $294.0M 0000950123-11-065246 · filed 2011-07-12 FY2010 · OCF $3.14B · FCF $322.0M · 0001193125-12-303558 · filed 2012-07-16 FY10 OCF $3.14B FCF $322.0M 0001193125-12-303558 · filed 2012-07-16 FY2011 · OCF $4.04B · FCF $607.0M · 0001193125-13-290858 · filed 2013-07-15 FY11 OCF $4.04B FCF $607.0M 0001193125-13-290858 · filed 2013-07-15 FY2012 · OCF $4.83B · FCF $828.0M · 0001193125-14-267851 · filed 2014-07-14 FY12 OCF $4.83B FCF $828.0M 0001193125-14-267851 · filed 2014-07-14 FY2013 · OCF $4.69B · FCF $1.31B · 0001193125-15-252494 · filed 2015-07-14 FY13 OCF $4.69B FCF $1.31B 0001193125-15-252494 · filed 2015-07-14 FY2014 · OCF $4.26B · FCF $731.0M · 0001193125-15-252494 · filed 2015-07-14 FY14 OCF $4.26B FCF $731.0M 0001193125-15-252494 · filed 2015-07-14 FY2015 · OCF $5.37B · FCF $1.02B · 0001193125-15-252494 · filed 2015-07-14 FY15 OCF $5.37B FCF $1.02B 0001193125-15-252494 · filed 2015-07-14 FY2016 · OCF $5.71B · FCF $890.0M · 0001564590-18-016877 · filed 2018-07-16 FY16 OCF $5.71B FCF $890.0M 0001564590-18-016877 · filed 2018-07-16 FY2017 · OCF $4.93B · FCF −$186.0M · 0001564590-19-025065 · filed 2019-07-16 FY17 OCF $4.93B FCF −$186.0M 0001564590-19-025065 · filed 2019-07-16 FY2018 · OCF $4.67B · FCF −$989.0M · 0001564590-20-032775 · filed 2020-07-20 FY18 OCF $4.67B FCF −$989.0M 0001564590-20-032775 · filed 2020-07-20 FY2019 · OCF $5.61B · FCF $123.0M · 0001564590-21-037031 · filed 2021-07-19 FY19 OCF $5.61B FCF $123.0M 0001564590-21-037031 · filed 2021-07-19 FY2020 · OCF $5.10B · FCF −$771.0M · 0000950170-22-012762 · filed 2022-07-18 FY20 OCF $5.10B FCF −$771.0M 0000950170-22-012762 · filed 2022-07-18 FY2021 · OCF $10.13B · FCF $4.25B · 0000950170-23-033201 · filed 2023-07-17 FY21 OCF $10.13B FCF $4.25B 0000950170-23-033201 · filed 2023-07-17 FY2022 · OCF $9.83B · FCF $3.07B · 0000950170-24-083577 · filed 2024-07-15 FY22 OCF $9.83B FCF $3.07B 0000950170-24-083577 · filed 2024-07-15 FY2023 · OCF $8.85B · FCF $2.67B · 0001048911-25-000011 · filed 2025-07-21 FY23 OCF $8.85B FCF $2.67B 0001048911-25-000011 · filed 2025-07-21 FY2024 · OCF $8.31B · FCF $3.14B · 0001048911-25-000011 · filed 2025-07-21 FY24 OCF $8.31B FCF $3.14B 0001048911-25-000011 · filed 2025-07-21 FY2025 · OCF $7.04B · FCF $2.98B · 0001048911-25-000011 · filed 2025-07-21 FY25 OCF $7.04B FCF $2.98B 0001048911-25-000011 · filed 2025-07-21 FY25 OCF $7.04B FCF $2.98B 0001048911-25-000011 · filed 2025-07-21 ’09 ’13 ’17 ’21 ’25
FY2025: $7.04B operating cash − $4.05B capex = $2.98B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% FY2009 · ROE 0.7% · ROA 0.4% FY09 ROE 0.7% ROA 0.4% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 8.6% · ROA 4.8% FY10 ROE 8.6% ROA 4.8% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 9.5% · ROA 5.3% FY11 ROE 9.5% ROA 5.3% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 13.8% · ROA 6.8% FY12 ROE 13.8% ROA 6.8% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 15.6% · ROA 8.1% FY13 ROE 15.6% ROA 8.1% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 15.2% · ROA 7.0% FY14 ROE 15.2% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 7.0% · ROA 2.9% FY15 ROE 7.0% ROA 2.9% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 13.2% · ROA 4.0% FY16 ROE 13.2% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 18.6% · ROA 6.2% FY17 ROE 18.6% ROA 6.2% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 23.5% · ROA 8.7% FY18 ROE 23.5% ROA 8.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 3.0% · ROA 1.0% FY19 ROE 3.0% ROA 1.0% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 7.0% · ROA 1.7% FY20 ROE 7.0% ROA 1.7% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 21.6% · ROA 6.3% FY21 ROE 21.6% ROA 6.3% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 15.3% · ROA 4.4% FY22 ROE 15.3% ROA 4.4% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 15.2% · ROA 4.6% FY23 ROE 15.2% ROA 4.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 15.7% · ROA 5.0% FY24 ROE 15.7% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 14.6% · ROA 4.7% FY25 ROE 14.6% ROA 4.7% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 14.6% ROA 4.7% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 1% (FY2009) → 15% (FY2025) · on assets 4.7%