Margins Net margin FCF margin0% 20% 40% FY2007 · Net margin 16.8% · FCF margin 23.7% FY07 Net margin 16.8% FCF margin 23.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 16.8% · FCF margin 34.2% FY08 Net margin 16.8% FCF margin 34.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 17.5% · FCF margin 31.2% FY09 Net margin 17.5% FCF margin 31.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 12.7% · FCF margin 15.3% FY10 Net margin 12.7% FCF margin 15.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 16.4% · FCF margin 30.4% FY11 Net margin 16.4% FCF margin 30.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 26.7% · FCF margin 28.2% FY12 Net margin 26.7% FCF margin 28.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 42.7% · FCF margin 31.9% FY13 Net margin 42.7% FCF margin 31.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 18.4% · FCF margin 32.0% FY14 Net margin 18.4% FCF margin 32.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 14.2% · FCF margin 27.2% FY15 Net margin 14.2% FCF margin 27.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 13.7% · FCF margin 27.2% FY16 Net margin 13.7% FCF margin 27.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 40.6% · FCF margin 28.3% FY17 Net margin 40.6% FCF margin 28.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 27.3% · FCF margin 33.9% FY18 Net margin 27.3% FCF margin 33.9% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 39.2% · FCF margin 25.8% FY19 Net margin 39.2% FCF margin 25.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 22.0% · FCF margin 29.2% FY20 Net margin 22.0% FCF margin 29.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 29.8% · FCF margin 40.6% FY21 Net margin 29.8% FCF margin 40.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 34.2% · FCF margin 28.4% FY22 Net margin 34.2% FCF margin 28.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 4.2% · FCF margin 9.4% FY23 Net margin 4.2% FCF margin 9.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 12.6% · FCF margin 15.5% FY24 Net margin 12.6% FCF margin 15.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 12.4% · FCF margin 14.5% FY25 Net margin 12.4% FCF margin 14.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 12.4% FCF margin 14.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.4% · free cash flow 14.5% of revenue
Cash engine Operating cash flow Free cash flow$0 $10B $20B $30B FY2007 · OCF $13.35B · FCF $11.47B · 0001193125-10-042425 · filed 2010-02-26 FY07 OCF $13.35B FCF $11.47B 0001193125-10-042425 · filed 2010-02-26 FY2008 · OCF $18.24B · FCF $16.54B · 0001193125-11-048877 · filed 2011-02-28 FY08 OCF $18.24B FCF $16.54B 0001193125-11-048877 · filed 2011-02-28 FY2009 · OCF $16.59B · FCF $15.38B · 0001193125-12-085703 · filed 2012-02-28 FY09 OCF $16.59B FCF $15.38B 0001193125-12-085703 · filed 2012-02-28 FY2010 · OCF $11.45B · FCF $9.94B · 0000078003-13-000006 · filed 2013-02-28 FY10 OCF $11.45B FCF $9.94B 0000078003-13-000006 · filed 2013-02-28 FY2011 · OCF $20.24B · FCF $18.58B · 0000078003-14-000018 · filed 2014-02-28 FY11 OCF $20.24B FCF $18.58B 0000078003-14-000018 · filed 2014-02-28 FY2012 · OCF $16.75B · FCF $15.42B · 0000078003-15-000014 · filed 2015-02-27 FY12 OCF $16.75B FCF $15.42B 0000078003-15-000014 · filed 2015-02-27 FY2013 · OCF $17.68B · FCF $16.48B · 0000078003-16-000077 · filed 2016-02-29 FY13 OCF $17.68B FCF $16.48B 0000078003-16-000077 · filed 2016-02-29 FY2014 · OCF $17.08B · FCF $15.88B · 0000078003-17-000014 · filed 2017-02-23 FY14 OCF $17.08B FCF $15.88B 0000078003-17-000014 · filed 2017-02-23 FY2015 · OCF $14.69B · FCF $13.29B · 0000078003-18-000027 · filed 2018-02-22 FY15 OCF $14.69B FCF $13.29B 0000078003-18-000027 · filed 2018-02-22 FY2016 · OCF $16.19B · FCF $14.37B · 0000078003-19-000015 · filed 2019-02-28 FY16 OCF $16.19B FCF $14.37B 0000078003-19-000015 · filed 2019-02-28 FY2017 · OCF $16.80B · FCF $14.85B · 0000078003-20-000014 · filed 2020-02-27 FY17 OCF $16.80B FCF $14.85B 0000078003-20-000014 · filed 2020-02-27 FY2018 · OCF $15.83B · FCF $13.84B · 0000078003-21-000038 · filed 2021-02-25 FY18 OCF $15.83B FCF $13.84B 0000078003-21-000038 · filed 2021-02-25 FY2019 · OCF $12.59B · FCF $10.54B · 0000078003-22-000027 · filed 2022-02-24 FY19 OCF $12.59B FCF $10.54B 0000078003-22-000027 · filed 2022-02-24 FY2020 · OCF $14.40B · FCF $12.18B · 0000078003-23-000024 · filed 2023-02-23 FY20 OCF $14.40B FCF $12.18B 0000078003-23-000024 · filed 2023-02-23 FY2021 · OCF $32.58B · FCF $29.87B · 0000078003-24-000039 · filed 2024-02-22 FY21 OCF $32.58B FCF $29.87B 0000078003-24-000039 · filed 2024-02-22 FY2022 · OCF $29.27B · FCF $26.03B · 0000078003-25-000054 · filed 2025-02-27 FY22 OCF $29.27B FCF $26.03B 0000078003-25-000054 · filed 2025-02-27 FY2023 · OCF $8.70B · FCF $4.79B · 0000078003-26-000026 · filed 2026-02-26 FY23 OCF $8.70B FCF $4.79B 0000078003-26-000026 · filed 2026-02-26 FY2024 · OCF $12.74B · FCF $9.84B · 0000078003-26-000026 · filed 2026-02-26 FY24 OCF $12.74B FCF $9.84B 0000078003-26-000026 · filed 2026-02-26 FY2025 · OCF $11.70B · FCF $9.07B · 0000078003-26-000026 · filed 2026-02-26 FY25 OCF $11.70B FCF $9.07B 0000078003-26-000026 · filed 2026-02-26 FY25 OCF $11.70B FCF $9.07B 0000078003-26-000026 · filed 2026-02-26 ’09 ’13 ’17 ’21 ’25
FY2025: $11.70B operating cash − $2.63B capex = $9.07B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% 30% FY2008 · ROE 14.1% · ROA 7.3% FY08 ROE 14.1% ROA 7.3% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 9.6% · ROA 4.1% FY09 ROE 9.6% ROA 4.1% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 9.4% · ROA 4.2% FY10 ROE 9.4% ROA 4.2% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 12.2% · ROA 5.3% FY11 ROE 12.2% ROA 5.3% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 17.9% · ROA 7.8% FY12 ROE 17.9% ROA 7.8% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 28.8% · ROA 12.8% FY13 ROE 28.8% ROA 12.8% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 12.8% · ROA 5.5% FY14 ROE 12.8% ROA 5.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 10.8% · ROA 4.2% FY15 ROE 10.8% ROA 4.2% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 12.1% · ROA 4.2% FY16 ROE 12.1% ROA 4.2% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 29.9% · ROA 12.4% FY17 ROE 29.9% ROA 12.4% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 17.6% · ROA 7.0% FY18 ROE 17.6% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 25.4% · ROA 9.6% FY19 ROE 25.4% ROA 9.6% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 14.5% · ROA 5.9% FY20 ROE 14.5% ROA 5.9% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 28.5% · ROA 12.1% FY21 ROE 28.5% ROA 12.1% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 32.8% · ROA 15.9% FY22 ROE 32.8% ROA 15.9% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 2.4% · ROA 0.9% FY23 ROE 2.4% ROA 0.9% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 9.1% · ROA 3.8% FY24 ROE 9.1% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 9.0% · ROA 3.7% FY25 ROE 9.0% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 9.0% ROA 3.7% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 14% (FY2008) → 9% (FY2025) · on assets 3.7%
Balance sheet Liabilities Equity$0 $100B $200B FY2008 · Liabilities $53.41B · Equity $57.56B FY08 Liabilities $53.41B Equity $57.56B 0001193125-10-042425 · filed 2010-02-26 FY2009 · Liabilities $122.50B · Equity $90.01B FY09 Liabilities $122.50B Equity $90.01B 0001193125-11-048877 · filed 2011-02-28 FY2010 · Liabilities $106.75B · Equity $87.81B FY10 Liabilities $106.75B Equity $87.81B 0001193125-12-085703 · filed 2012-02-28 FY2011 · Liabilities $105.38B · Equity $82.19B FY11 Liabilities $105.38B Equity $82.19B 0000078003-13-000006 · filed 2013-02-28 FY2012 · Liabilities $104.12B · Equity $81.26B FY12 Liabilities $104.12B Equity $81.26B 0000078003-14-000018 · filed 2014-02-28 FY2013 · Liabilities $95.48B · Equity $76.31B FY13 Liabilities $95.48B Equity $76.31B 0000078003-15-000014 · filed 2015-02-27 FY2014 · Liabilities $95.94B · Equity $71.30B FY14 Liabilities $95.94B Equity $71.30B 0000078003-16-000077 · filed 2016-02-29 FY2015 · Liabilities $102.38B · Equity $64.72B FY15 Liabilities $102.38B Equity $64.72B 0000078003-17-000014 · filed 2017-02-23 FY2016 · Liabilities $111.78B · Equity $59.54B FY16 Liabilities $111.78B Equity $59.54B 0000078003-18-000027 · filed 2018-02-22 FY2017 · Liabilities $100.14B · Equity $71.31B FY17 Liabilities $100.14B Equity $71.31B 0000078003-19-000015 · filed 2019-02-28 FY2018 · Liabilities $95.66B · Equity $63.41B FY18 Liabilities $95.66B Equity $63.41B 0000078003-20-000014 · filed 2020-02-27 FY2019 · Liabilities $104.15B · Equity $63.14B FY19 Liabilities $104.15B Equity $63.14B 0000078003-21-000038 · filed 2021-02-25 FY2020 · Liabilities $90.76B · Equity $63.24B FY20 Liabilities $90.76B Equity $63.24B 0000078003-22-000027 · filed 2022-02-24 FY2021 · Liabilities $104.01B · Equity $77.20B FY21 Liabilities $104.01B Equity $77.20B 0000078003-23-000024 · filed 2023-02-23 FY2022 · Liabilities $101.29B · Equity $95.66B FY22 Liabilities $101.29B Equity $95.66B 0000078003-24-000039 · filed 2024-02-22 FY2023 · Liabilities $137.21B · Equity $89.01B FY23 Liabilities $137.21B Equity $89.01B 0000078003-25-000054 · filed 2025-02-27 FY2024 · Liabilities $124.90B · Equity $88.20B FY24 Liabilities $124.90B Equity $88.20B 0000078003-26-000026 · filed 2026-02-26 FY2025 · Liabilities $121.39B · Equity $86.48B FY25 Liabilities $121.39B Equity $86.48B 0000078003-26-000026 · filed 2026-02-26 FY25 Liabilities $121.39B Equity $86.48B 0000078003-26-000026 · filed 2026-02-26 ’09 ’13 ’17 ’21 ’25
FY2025: $208.16B assets · $121.39B liabilities · $86.48B equity