Margins Net margin FCF margin0% 20% 40% 60% FY2008 · Net margin 19.5% FY08 Net margin 19.5% derived: net income ÷ revenue FY2009 · Net margin -0.9% FY09 Net margin -0.9% derived: net income ÷ revenue FY2010 · Net margin -2.0% · FCF margin 12.3% FY10 Net margin -2.0% FCF margin 12.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 7.1% · FCF margin 16.3% FY11 Net margin 7.1% FCF margin 16.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 14.5% · FCF margin 19.3% FY12 Net margin 14.5% FCF margin 19.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 13.1% FY13 Net margin 13.1% derived: net income ÷ revenue FY2014 · Net margin 10.7% FY14 Net margin 10.7% derived: net income ÷ revenue FY2015 · Net margin 13.5% FY15 Net margin 13.5% derived: net income ÷ revenue FY2016 · Net margin 12.3% FY16 Net margin 12.3% derived: net income ÷ revenue FY2017 · Net margin 24.1% FY17 Net margin 24.1% derived: net income ÷ revenue FY2018 · Net margin 31.4% FY18 Net margin 31.4% derived: net income ÷ revenue FY2019 · Net margin 35.3% FY19 Net margin 35.3% derived: net income ÷ revenue FY2020 · Net margin 25.6% FY20 Net margin 25.6% derived: net income ÷ revenue FY2021 · Net margin 26.0% FY21 Net margin 26.0% derived: net income ÷ revenue FY2022 · Net margin 36.2% · FCF margin 30.2% FY22 Net margin 36.2% FCF margin 30.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 16.2% · FCF margin 14.1% FY23 Net margin 16.2% FCF margin 14.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 48.8% · FCF margin 44.4% FY24 Net margin 48.8% FCF margin 44.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 55.8% · FCF margin 46.6% FY25 Net margin 55.8% FCF margin 46.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2026 · Net margin 55.6% · FCF margin 44.8% FY26 Net margin 55.6% FCF margin 44.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY26 Net margin 55.6% FCF margin 44.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’10 ’14 ’18 ’22 ’26 FY2026: net 55.6% · free cash flow 44.8% of revenue
Cash engine Operating cash flow Free cash flow$0 $50B $100B FY2008 · OCF $1.27B · 0001045810-10-000006 · filed 2010-03-18 FY08 OCF $1.27B 0001045810-10-000006 · filed 2010-03-18 FY2009 · OCF $249.4M · 0001045810-11-000015 · filed 2011-03-16 FY09 OCF $249.4M 0001045810-11-000015 · filed 2011-03-16 FY2010 · OCF $487.8M · FCF $410.2M · 0001045810-12-000013 · filed 2012-03-13 FY10 OCF $487.8M FCF $410.2M 0001045810-12-000013 · filed 2012-03-13 FY2011 · OCF $675.8M · FCF $577.9M · 0001045810-13-000008 · filed 2013-03-12 FY11 OCF $675.8M FCF $577.9M 0001045810-13-000008 · filed 2013-03-12 FY2012 · OCF $909.2M · FCF $770.4M · 0001045810-14-000030 · filed 2014-03-13 FY12 OCF $909.2M FCF $770.4M 0001045810-14-000030 · filed 2014-03-13 FY2013 · OCF $824.2M · 0001045810-15-000036 · filed 2015-03-12 FY13 OCF $824.2M 0001045810-15-000036 · filed 2015-03-12 FY2014 · OCF $835.0M · 0001045810-16-000205 · filed 2016-03-17 FY14 OCF $835.0M 0001045810-16-000205 · filed 2016-03-17 FY2015 · OCF $906.0M · 0001045810-17-000027 · filed 2017-03-01 FY15 OCF $906.0M 0001045810-17-000027 · filed 2017-03-01 FY2016 · OCF $1.18B · 0001045810-18-000010 · filed 2018-02-28 FY16 OCF $1.18B 0001045810-18-000010 · filed 2018-02-28 FY2017 · OCF $1.67B · 0001045810-19-000023 · filed 2019-02-21 FY17 OCF $1.67B 0001045810-19-000023 · filed 2019-02-21 FY2018 · OCF $3.50B · 0001045810-20-000010 · filed 2020-02-20 FY18 OCF $3.50B 0001045810-20-000010 · filed 2020-02-20 FY2019 · OCF $3.74B · 0001045810-21-000010 · filed 2021-02-26 FY19 OCF $3.74B 0001045810-21-000010 · filed 2021-02-26 FY2020 · OCF $4.76B · 0001045810-22-000036 · filed 2022-03-18 FY20 OCF $4.76B 0001045810-22-000036 · filed 2022-03-18 FY2021 · OCF $5.82B · 0001045810-23-000017 · filed 2023-02-24 FY21 OCF $5.82B 0001045810-23-000017 · filed 2023-02-24 FY2022 · OCF $9.11B · FCF $8.13B · 0001045810-24-000029 · filed 2024-02-21 FY22 OCF $9.11B FCF $8.13B 0001045810-24-000029 · filed 2024-02-21 FY2023 · OCF $5.64B · FCF $3.81B · 0001045810-25-000023 · filed 2025-02-26 FY23 OCF $5.64B FCF $3.81B 0001045810-25-000023 · filed 2025-02-26 FY2024 · OCF $28.09B · FCF $27.02B · 0001045810-26-000021 · filed 2026-02-25 FY24 OCF $28.09B FCF $27.02B 0001045810-26-000021 · filed 2026-02-25 FY2025 · OCF $64.09B · FCF $60.85B · 0001045810-26-000021 · filed 2026-02-25 FY25 OCF $64.09B FCF $60.85B 0001045810-26-000021 · filed 2026-02-25 FY2026 · OCF $102.72B · FCF $96.68B · 0001045810-26-000021 · filed 2026-02-25 FY26 OCF $102.72B FCF $96.68B 0001045810-26-000021 · filed 2026-02-25 FY26 OCF $102.72B FCF $96.68B 0001045810-26-000021 · filed 2026-02-25 ’10 ’14 ’18 ’22 ’26
FY2026: $102.72B operating cash − $6.04B capex = $96.68B free cash flow
Returns on capital Return on equity Return on assets0% 50% FY2009 · ROE -1.3% · ROA -0.9% FY09 ROE -1.3% ROA -0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE -2.6% · ROA -1.9% FY10 ROE -2.6% ROA -1.9% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 8.0% · ROA 5.6% FY11 ROE 8.0% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 14.0% · ROA 10.5% FY12 ROE 14.0% ROA 10.5% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 11.7% · ROA 8.8% FY13 ROE 11.7% ROA 8.8% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 9.9% · ROA 6.1% FY14 ROE 9.9% ROA 6.1% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 14.3% · ROA 8.8% FY15 ROE 14.3% ROA 8.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 13.7% · ROA 8.3% FY16 ROE 13.7% ROA 8.3% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 28.9% · ROA 16.9% FY17 ROE 28.9% ROA 16.9% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 40.8% · ROA 27.1% FY18 ROE 40.8% ROA 27.1% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 44.3% · ROA 31.2% FY19 ROE 44.3% ROA 31.2% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 22.9% · ROA 16.1% FY20 ROE 22.9% ROA 16.1% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 25.6% · ROA 15.0% FY21 ROE 25.6% ROA 15.0% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 36.6% · ROA 22.1% FY22 ROE 36.6% ROA 22.1% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 19.8% · ROA 10.6% FY23 ROE 19.8% ROA 10.6% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 69.2% · ROA 45.3% FY24 ROE 69.2% ROA 45.3% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 91.9% · ROA 65.3% FY25 ROE 91.9% ROA 65.3% derived: net income ÷ equity · derived: net income ÷ assets FY2026 · ROE 76.3% · ROA 58.1% FY26 ROE 76.3% ROA 58.1% derived: net income ÷ equity · derived: net income ÷ assets FY26 ROE 76.3% ROA 58.1% derived: net income ÷ equity · derived: net income ÷ assets ’10 ’14 ’18 ’22 ’26 return on equity -1% (FY2009) → 76% (FY2026) · on assets 58.1%
Balance sheet Liabilities Equity$0 $100B $200B FY2015 · Liabilities $2.78B · Equity $4.42B FY15 Liabilities $2.78B Equity $4.42B 0001045810-16-000205 · filed 2016-03-17 FY2016 · Liabilities $2.81B · Equity $4.47B FY16 Liabilities $2.81B Equity $4.47B 0001045810-17-000027 · filed 2017-03-01 FY2017 · Liabilities $4.05B · Equity $5.76B FY17 Liabilities $4.05B Equity $5.76B 0001045810-18-000010 · filed 2018-02-28 FY2018 · Liabilities $3.77B · Equity $7.47B FY18 Liabilities $3.77B Equity $7.47B 0001045810-19-000023 · filed 2019-02-21 FY2019 · Liabilities $3.95B · Equity $9.34B FY19 Liabilities $3.95B Equity $9.34B 0001045810-20-000010 · filed 2020-02-20 FY2020 · Liabilities $5.11B · Equity $12.20B FY20 Liabilities $5.11B Equity $12.20B 0001045810-21-000010 · filed 2021-02-26 FY2021 · Liabilities $11.90B · Equity $16.89B FY21 Liabilities $11.90B Equity $16.89B 0001045810-22-000036 · filed 2022-03-18 FY2022 · Liabilities $17.57B · Equity $26.61B FY22 Liabilities $17.57B Equity $26.61B 0001045810-23-000017 · filed 2023-02-24 FY2023 · Liabilities $19.08B · Equity $22.10B FY23 Liabilities $19.08B Equity $22.10B 0001045810-24-000029 · filed 2024-02-21 FY2024 · Liabilities $22.75B · Equity $42.98B FY24 Liabilities $22.75B Equity $42.98B 0001045810-25-000023 · filed 2025-02-26 FY2025 · Liabilities $32.27B · Equity $79.33B FY25 Liabilities $32.27B Equity $79.33B 0001045810-26-000021 · filed 2026-02-25 FY2026 · Liabilities $49.51B · Equity $157.29B FY26 Liabilities $49.51B Equity $157.29B 0001045810-26-000021 · filed 2026-02-25 FY26 Liabilities $49.51B Equity $157.29B 0001045810-26-000021 · filed 2026-02-25 ’17 ’20 ’23 ’26
FY2026: $206.80B assets · $49.51B liabilities · $157.29B equity