Margins Net margin FCF margin0% 5% 10% 15% FY2007 · Net margin 7.1% · FCF margin 13.5% FY07 Net margin 7.1% FCF margin 13.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 2.2% · FCF margin 8.0% FY08 Net margin 2.2% FCF margin 8.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 5.2% · FCF margin 11.2% FY09 Net margin 5.2% FCF margin 11.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 6.3% · FCF margin 11.0% FY10 Net margin 6.3% FCF margin 11.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 5.7% · FCF margin 5.6% FY11 Net margin 5.7% FCF margin 5.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 7.8% · FCF margin 7.0% FY12 Net margin 7.8% FCF margin 7.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 10.0% · FCF margin 8.7% FY13 Net margin 10.0% FCF margin 8.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 10.5% · FCF margin 9.9% FY14 Net margin 10.5% FCF margin 9.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 12.4% · FCF margin 11.5% FY15 Net margin 12.4% FCF margin 11.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 12.2% · FCF margin 11.2% FY16 Net margin 12.2% FCF margin 11.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 3.8% · FCF margin 12.2% FY17 Net margin 3.8% FCF margin 12.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 16.2% · FCF margin 13.4% FY18 Net margin 16.2% FCF margin 13.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 16.7% · FCF margin 16.5% FY19 Net margin 16.7% FCF margin 16.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 14.6% · FCF margin 16.2% FY20 Net margin 14.6% FCF margin 16.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 16.1% · FCF margin 15.0% FY21 Net margin 16.1% FCF margin 15.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 14.0% · FCF margin 12.7% FY22 Net margin 14.0% FCF margin 12.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 17.1% · FCF margin 13.9% FY23 Net margin 17.1% FCF margin 13.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 16.4% · FCF margin 15.1% FY24 Net margin 16.4% FCF margin 15.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 12.6% · FCF margin 14.5% FY25 Net margin 12.6% FCF margin 14.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 12.6% FCF margin 14.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.6% · free cash flow 14.5% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B $6B FY2007 · OCF $3.91B · FCF $4.68B · 0000930413-10-000784 · filed 2010-02-12 FY07 OCF $3.91B FCF $4.68B 0000930413-10-000784 · filed 2010-02-12 FY2008 · OCF $3.79B · FCF $2.91B · 0000930413-11-000961 · filed 2011-02-11 FY08 OCF $3.79B FCF $2.91B 0000930413-11-000961 · filed 2011-02-11 FY2009 · OCF $3.95B · FCF $3.34B · 0000930413-12-000976 · filed 2012-02-17 FY09 OCF $3.95B FCF $3.34B 0000930413-12-000976 · filed 2012-02-17 FY2010 · OCF $4.20B · FCF $3.56B · 0000930413-13-000907 · filed 2013-02-15 FY10 OCF $4.20B FCF $3.56B 0000930413-13-000907 · filed 2013-02-15 FY2011 · OCF $2.83B · FCF $2.04B · 0000930413-14-000634 · filed 2014-02-14 FY11 OCF $2.83B FCF $2.04B 0000930413-14-000634 · filed 2014-02-14 FY2012 · OCF $3.52B · FCF $2.63B · 0000930413-13-000907 · filed 2013-02-15 FY12 OCF $3.52B FCF $2.63B 0000930413-13-000907 · filed 2013-02-15 FY2013 · OCF $4.33B · FCF $3.39B · 0000930413-16-005457 · filed 2016-02-12 FY13 OCF $4.33B FCF $3.39B 0000930413-16-005457 · filed 2016-02-12 FY2014 · OCF $5.08B · FCF $3.99B · 0000930413-17-000391 · filed 2017-02-10 FY14 OCF $5.08B FCF $3.99B 0000930413-17-000391 · filed 2017-02-10 FY2015 · OCF $5.52B · FCF $4.45B · 0000930413-18-000292 · filed 2018-02-09 FY15 OCF $5.52B FCF $4.45B 0000930413-18-000292 · filed 2018-02-09 FY2016 · OCF $5.50B · FCF $4.40B · 0000930413-19-000366 · filed 2019-02-08 FY16 OCF $5.50B FCF $4.40B 0000930413-19-000366 · filed 2019-02-08 FY2017 · OCF $5.97B · FCF $4.93B · 0000773840-20-000009 · filed 2020-02-14 FY17 OCF $5.97B FCF $4.93B 0000773840-20-000009 · filed 2020-02-14 FY2018 · OCF $6.43B · FCF $5.61B · 0000773840-21-000015 · filed 2021-02-12 FY18 OCF $6.43B FCF $5.61B 0000773840-21-000015 · filed 2021-02-12 FY2019 · OCF $6.90B · FCF $6.06B · 0000773840-22-000018 · filed 2022-02-11 FY19 OCF $6.90B FCF $6.06B 0000773840-22-000018 · filed 2022-02-11 FY2020 · OCF $6.21B · FCF $5.30B · 0000773840-23-000013 · filed 2023-02-10 FY20 OCF $6.21B FCF $5.30B 0000773840-23-000013 · filed 2023-02-10 FY2021 · OCF $6.04B · FCF $5.14B · 0000773840-24-000014 · filed 2024-02-16 FY21 OCF $6.04B FCF $5.14B 0000773840-24-000014 · filed 2024-02-16 FY2022 · OCF $5.27B · FCF $4.51B · 0000773840-25-000010 · filed 2025-02-14 FY22 OCF $5.27B FCF $4.51B 0000773840-25-000010 · filed 2025-02-14 FY2023 · OCF $5.34B · FCF $4.60B · 0000773840-26-000013 · filed 2026-02-17 FY23 OCF $5.34B FCF $4.60B 0000773840-26-000013 · filed 2026-02-17 FY2024 · OCF $6.10B · FCF $5.23B · 0000773840-26-000013 · filed 2026-02-17 FY24 OCF $6.10B FCF $5.23B 0000773840-26-000013 · filed 2026-02-17 FY2025 · OCF $6.41B · FCF $5.42B · 0000773840-26-000013 · filed 2026-02-17 FY25 OCF $6.41B FCF $5.42B 0000773840-26-000013 · filed 2026-02-17 FY25 OCF $6.41B FCF $5.42B 0000773840-26-000013 · filed 2026-02-17 ’09 ’13 ’17 ’21 ’25
FY2025: $6.41B operating cash − $986.0M capex = $5.42B free cash flow
Returns on capital Return on equity Return on assets0% 20% 40% FY2008 · ROE 11.2% · ROA 2.3% FY08 ROE 11.2% ROA 2.3% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 17.5% · ROA 4.3% FY09 ROE 17.5% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 19.0% · ROA 5.3% FY10 ROE 19.0% ROA 5.3% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 19.1% · ROA 5.2% FY11 ROE 19.1% ROA 5.2% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 22.6% · ROA 7.0% FY12 ROE 22.6% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 22.5% · ROA 8.6% FY13 ROE 22.5% ROA 8.6% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 24.0% · ROA 9.3% FY14 ROE 24.0% ROA 9.3% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 26.1% · ROA 9.7% FY15 ROE 26.1% ROA 9.7% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 24.8% · ROA 8.9% FY16 ROE 24.8% ROA 8.9% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 9.4% · ROA 2.6% FY17 ROE 9.4% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 37.2% · ROA 11.7% FY18 ROE 37.2% ROA 11.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 33.2% · ROA 10.5% FY19 ROE 33.2% ROA 10.5% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 27.2% · ROA 7.4% FY20 ROE 27.2% ROA 7.4% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 29.8% · ROA 8.6% FY21 ROE 29.8% ROA 8.6% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 29.7% · ROA 8.0% FY22 ROE 29.7% ROA 8.0% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 35.7% · ROA 9.2% FY23 ROE 35.7% ROA 9.2% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 30.6% · ROA 7.6% FY24 ROE 30.6% ROA 7.6% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 34.0% · ROA 6.4% FY25 ROE 34.0% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 34.0% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 11% (FY2008) → 34% (FY2025) · on assets 6.4%