Margins Net margin FCF margin0% 20% 40% 60% FY2016 · Net margin 47.8% FY16 Net margin 47.8% derived: net income ÷ revenue FY2017 · Net margin 63.1% FY17 Net margin 63.1% derived: net income ÷ revenue FY2018 · Net margin 58.8% FY18 Net margin 58.8% derived: net income ÷ revenue FY2019 · Net margin 47.2% FY19 Net margin 47.2% derived: net income ÷ revenue FY2020 · Net margin 33.4% FY20 Net margin 33.4% derived: net income ÷ revenue FY2021 · Net margin 61.8% FY21 Net margin 61.8% derived: net income ÷ revenue FY2022 · Net margin 56.3% FY22 Net margin 56.3% derived: net income ÷ revenue FY2023 · Net margin 38.1% FY23 Net margin 38.1% derived: net income ÷ revenue FY2024 · Net margin 45.5% FY24 Net margin 45.5% derived: net income ÷ revenue FY2025 · Net margin 37.9% FY25 Net margin 37.9% derived: net income ÷ revenue FY25 Net margin 37.9% derived: net income ÷ revenue ’17 ’19 ’21 ’23 ’25 FY2025: net 37.9% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2009 · OCF $89.1M · 0001193125-12-087643 · filed 2012-02-29 FY09 OCF $89.1M 0001193125-12-087643 · filed 2012-02-29 FY2010 · OCF $240.8M · 0001193125-13-081863 · filed 2013-02-28 FY10 OCF $240.8M 0001193125-13-081863 · filed 2013-02-28 FY2011 · OCF $207.1M · 0001193125-14-070012 · filed 2014-02-26 FY11 OCF $207.1M 0001193125-14-070012 · filed 2014-02-26 FY2012 · OCF $463.5M · 0001193125-15-062622 · filed 2015-02-25 FY12 OCF $463.5M 0001193125-15-062622 · filed 2015-02-25 FY2013 · OCF $485.0M · 0001193125-15-062622 · filed 2015-02-25 FY13 OCF $485.0M 0001193125-15-062622 · filed 2015-02-25 FY2014 · OCF $704.5M · 0001193125-15-062622 · filed 2015-02-25 FY14 OCF $704.5M 0001193125-15-062622 · filed 2015-02-25 FY2015 · OCF $1.12B · 0001564590-18-002228 · filed 2018-02-15 FY15 OCF $1.12B 0001564590-18-002228 · filed 2018-02-15 FY2016 · OCF $1.42B · 0001564590-19-002872 · filed 2019-02-13 FY16 OCF $1.42B 0001564590-19-002872 · filed 2019-02-13 FY2017 · OCF $1.69B · 0001564590-20-004096 · filed 2020-02-11 FY17 OCF $1.69B 0001564590-20-004096 · filed 2020-02-11 FY2018 · OCF $1.80B · 0001564590-21-005312 · filed 2021-02-11 FY18 OCF $1.80B 0001564590-21-005312 · filed 2021-02-11 FY2019 · OCF $2.26B · 0001564590-22-004436 · filed 2022-02-09 FY19 OCF $2.26B 0001564590-22-004436 · filed 2022-02-09 FY2020 · OCF $2.94B · 0001564590-23-001902 · filed 2023-02-14 FY20 OCF $2.94B 0001564590-23-001902 · filed 2023-02-14 FY2021 · OCF $3.00B · 0000950170-24-014539 · filed 2024-02-13 FY21 OCF $3.00B 0000950170-24-014539 · filed 2024-02-13 FY2022 · OCF $4.13B · 0000950170-25-021272 · filed 2025-02-14 FY22 OCF $4.13B 0000950170-25-021272 · filed 2025-02-14 FY2023 · OCF $5.37B · 0001193125-26-051453 · filed 2026-02-13 FY23 OCF $5.37B 0001193125-26-051453 · filed 2026-02-13 FY2024 · OCF $4.91B · 0001193125-26-051453 · filed 2026-02-13 FY24 OCF $4.91B 0001193125-26-051453 · filed 2026-02-13 FY2025 · OCF $5.01B · 0001193125-26-051453 · filed 2026-02-13 FY25 OCF $5.01B 0001193125-26-051453 · filed 2026-02-13 FY25 OCF $5.01B 0001193125-26-051453 · filed 2026-02-13 ’09 ’13 ’17 ’21 ’25
Returns on capital Return on equity Return on assets-10% 0% 10% FY2010 · ROE -16.9% · ROA -8.5% FY10 ROE -16.9% ROA -8.5% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE -1.1% · ROA -0.6% FY11 ROE -1.1% ROA -0.6% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE -0.3% · ROA -0.1% FY12 ROE -0.3% ROA -0.1% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 2.5% · ROA 1.4% FY13 ROE 2.5% ROA 1.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 4.6% · ROA 2.5% FY14 ROE 4.6% ROA 2.5% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 5.9% · ROA 2.8% FY15 ROE 5.9% ROA 2.8% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 8.1% · ROA 4.0% FY16 ROE 8.1% ROA 4.0% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 10.6% · ROA 5.6% FY17 ROE 10.6% ROA 5.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 7.4% · ROA 4.3% FY18 ROE 7.4% ROA 4.3% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 6.9% · ROA 3.9% FY19 ROE 6.9% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 4.6% · ROA 2.6% FY20 ROE 4.6% ROA 2.6% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 8.8% · ROA 5.0% FY21 ROE 8.8% ROA 5.0% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 6.3% · ROA 3.8% FY22 ROE 6.3% ROA 3.8% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 5.8% · ROA 3.3% FY23 ROE 5.8% ROA 3.3% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 6.9% · ROA 3.9% FY24 ROE 6.9% ROA 3.9% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 6.3% · ROA 3.4% FY25 ROE 6.3% ROA 3.4% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 6.3% ROA 3.4% derived: net income ÷ equity · derived: net income ÷ assets ’13 ’17 ’21 ’25 return on equity -17% (FY2010) → 6% (FY2025) · on assets 3.4%
Balance sheet Liabilities Equity$0 $50B $100B FY2010 · Liabilities $7.38B · Equity $7.51B FY10 Liabilities $7.38B Equity $7.51B 0001193125-12-087643 · filed 2012-02-29 FY2011 · Liabilities $13.27B · Equity $13.66B FY11 Liabilities $13.27B Equity $13.66B 0001193125-13-081863 · filed 2013-02-28 FY2012 · Liabilities $13.54B · Equity $13.07B FY12 Liabilities $13.54B Equity $13.07B 0001193125-14-070012 · filed 2014-02-26 FY2013 · Liabilities $10.40B · Equity $13.71B FY13 Liabilities $10.40B Equity $13.71B 0001193125-15-062622 · filed 2015-02-25 FY2014 · Liabilities $10.59B · Equity $13.98B FY14 Liabilities $10.59B Equity $13.98B 0001564590-16-012933 · filed 2016-02-19 FY2015 · Liabilities $12.97B · Equity $14.67B FY15 Liabilities $12.97B Equity $14.67B 0001564590-17-001559 · filed 2017-02-15 FY2016 · Liabilities $11.79B · Equity $14.99B FY16 Liabilities $11.79B Equity $14.99B 0001564590-18-002228 · filed 2018-02-15 FY2017 · Liabilities $10.78B · Equity $15.63B FY17 Liabilities $10.78B Equity $15.63B 0001564590-19-002872 · filed 2019-02-13 FY2018 · Liabilities $12.62B · Equity $22.30B FY18 Liabilities $12.62B Equity $22.30B 0001564590-20-004096 · filed 2020-02-11 FY2019 · Liabilities $13.96B · Equity $22.65B FY19 Liabilities $13.96B Equity $22.65B 0001564590-21-005312 · filed 2021-02-11 FY2020 · Liabilities $19.74B · Equity $31.97B FY20 Liabilities $19.74B Equity $31.97B 0001564590-22-004436 · filed 2022-02-09 FY2021 · Liabilities $20.74B · Equity $33.43B FY21 Liabilities $20.74B Equity $33.43B 0001564590-23-001902 · filed 2023-02-14 FY2022 · Liabilities $30.03B · Equity $53.24B FY22 Liabilities $30.03B Equity $53.24B 0000950170-24-014539 · filed 2024-02-13 FY2023 · Liabilities $35.20B · Equity $53.18B FY23 Liabilities $35.20B Equity $53.18B 0000950170-25-021272 · filed 2025-02-14 FY2024 · Liabilities $36.71B · Equity $53.95B FY24 Liabilities $36.71B Equity $53.95B 0001193125-26-051453 · filed 2026-02-13 FY2025 · Liabilities $40.97B · Equity $53.19B FY25 Liabilities $40.97B Equity $53.19B 0001193125-26-051453 · filed 2026-02-13 FY25 Liabilities $40.97B Equity $53.19B 0001193125-26-051453 · filed 2026-02-13 ’13 ’17 ’21 ’25
FY2025: $98.72B assets · $40.97B liabilities · $53.19B equity