Margins Net margin FCF margin0% 10% 20% 30% FY2016 · Net margin 14.2% · FCF margin 12.6% FY16 Net margin 14.2% FCF margin 12.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 11.0% · FCF margin 15.2% FY17 Net margin 11.0% FCF margin 15.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 29.5% · FCF margin 11.9% FY18 Net margin 29.5% FCF margin 11.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 8.1% · FCF margin 8.6% FY19 Net margin 8.1% FCF margin 8.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 9.2% · FCF margin 14.8% FY20 Net margin 9.2% FCF margin 14.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 12.4% · FCF margin 21.6% FY21 Net margin 12.4% FCF margin 21.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 12.4% · FCF margin 17.1% FY22 Net margin 12.4% FCF margin 17.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 18.9% · FCF margin 16.8% FY23 Net margin 18.9% FCF margin 16.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 19.9% · FCF margin 14.9% FY24 Net margin 19.9% FCF margin 14.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 20.3% · FCF margin 15.0% FY25 Net margin 20.3% FCF margin 15.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 20.3% FCF margin 15.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’17 ’19 ’21 ’23 ’25 FY2025: net 20.3% · free cash flow 15.0% of revenue
Cash engine Operating cash flow Free cash flow$0 $5B $10B FY2016 · OCF $2.79B · FCF $1.32B · 0001628280-19-003050 · filed 2019-03-18 FY16 OCF $2.79B FCF $1.32B 0001628280-19-003050 · filed 2019-03-18 FY2017 · OCF $3.04B · FCF $1.73B · 0001707925-20-000015 · filed 2020-03-02 FY17 OCF $3.04B FCF $1.73B 0001707925-20-000015 · filed 2020-03-02 FY2018 · OCF $3.65B · FCF $1.77B · 0001628280-21-003574 · filed 2021-03-01 FY18 OCF $3.65B FCF $1.77B 0001628280-21-003574 · filed 2021-03-01 FY2019 · OCF $6.12B · FCF $2.44B · 0001628280-22-004180 · filed 2022-02-28 FY19 OCF $6.12B FCF $2.44B 0001628280-22-004180 · filed 2022-02-28 FY2020 · OCF $7.43B · FCF $4.03B · 0001628280-23-005434 · filed 2023-02-28 FY20 OCF $7.43B FCF $4.03B 0001628280-23-005434 · filed 2023-02-28 FY2021 · OCF $9.72B · FCF $6.64B · 0001628280-24-007424 · filed 2024-02-28 FY21 OCF $9.72B FCF $6.64B 0001628280-24-007424 · filed 2024-02-28 FY2022 · OCF $8.86B · FCF $5.69B · 0001628280-25-007990 · filed 2025-02-26 FY22 OCF $8.86B FCF $5.69B 0001628280-25-007990 · filed 2025-02-26 FY2023 · OCF $9.30B · FCF $5.52B · 0001628280-26-011430 · filed 2026-02-25 FY23 OCF $9.30B FCF $5.52B 0001628280-26-011430 · filed 2026-02-25 FY2024 · OCF $9.42B · FCF $4.93B · 0001628280-26-011430 · filed 2026-02-25 FY24 OCF $9.42B FCF $4.93B 0001628280-26-011430 · filed 2026-02-25 FY2025 · OCF $10.35B · FCF $5.09B · 0001628280-26-011430 · filed 2026-02-25 FY25 OCF $10.35B FCF $5.09B 0001628280-26-011430 · filed 2026-02-25 FY25 OCF $10.35B FCF $5.09B 0001628280-26-011430 · filed 2026-02-25 ’17 ’19 ’21 ’23 ’25
FY2025: $10.35B operating cash − $5.26B capex = $5.09B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% FY2017 · ROE 20.7% · ROA 6.1% FY17 ROE 20.7% ROA 6.1% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 8.5% · ROA 4.7% FY18 ROE 8.5% ROA 4.7% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 4.7% · ROA 2.6% FY19 ROE 4.7% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 5.3% · ROA 2.8% FY20 ROE 5.3% ROA 2.8% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 8.7% · ROA 4.7% FY21 ROE 8.7% ROA 4.7% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 10.4% · ROA 5.2% FY22 ROE 10.4% ROA 5.2% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 15.6% · ROA 7.7% FY23 ROE 15.6% ROA 7.7% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 17.2% · ROA 8.2% FY24 ROE 17.2% ROA 8.2% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 18.0% · ROA 7.9% FY25 ROE 18.0% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 18.0% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets ’17 ’19 ’21 ’23 ’25 return on equity 21% (FY2017) → 18% (FY2025) · on assets 7.9%
Balance sheet Liabilities Equity$0 $50B FY2017 · Liabilities $13.91B · Equity $6.02B FY17 Liabilities $13.91B Equity $6.02B 0001628280-19-003050 · filed 2019-03-18 FY2018 · Liabilities $36.29B · Equity $51.60B FY18 Liabilities $36.29B Equity $51.60B 0001707925-20-000015 · filed 2020-03-02 FY2019 · Liabilities $34.98B · Equity $49.07B FY19 Liabilities $34.98B Equity $49.07B 0001628280-21-003574 · filed 2021-03-01 FY2020 · Liabilities $38.65B · Equity $47.32B FY20 Liabilities $38.65B Equity $47.32B 0001628280-22-004180 · filed 2022-02-28 FY2021 · Liabilities $36.16B · Equity $44.03B FY21 Liabilities $36.16B Equity $44.03B 0001628280-23-005434 · filed 2023-02-28 FY2022 · Liabilities $38.27B · Equity $40.03B FY22 Liabilities $38.27B Equity $40.03B 0001628280-24-007424 · filed 2024-02-28 FY2023 · Liabilities $39.72B · Equity $39.72B FY23 Liabilities $39.72B Equity $39.72B 0001628280-25-007990 · filed 2025-02-26 FY2024 · Liabilities $40.66B · Equity $38.09B FY24 Liabilities $40.66B Equity $38.09B 0001628280-26-011430 · filed 2026-02-25 FY2025 · Liabilities $47.08B · Equity $38.24B FY25 Liabilities $47.08B Equity $38.24B 0001628280-26-011430 · filed 2026-02-25 FY25 Liabilities $47.08B Equity $38.24B 0001628280-26-011430 · filed 2026-02-25 ’17 ’19 ’21 ’23 ’25
FY2025: $86.82B assets · $47.08B liabilities · $38.24B equity