Margins Net margin FCF margin0% 10% 20% FY2007 · Net margin 17.0% · FCF margin 14.0% FY07 Net margin 17.0% FCF margin 14.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2008 · Net margin 17.1% · FCF margin 15.2% FY08 Net margin 17.1% FCF margin 15.2% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2009 · Net margin 16.5% · FCF margin 19.8% FY09 Net margin 16.5% FCF margin 19.8% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2010 · Net margin 17.4% · FCF margin 18.6% FY10 Net margin 17.4% FCF margin 18.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2011 · Net margin 16.2% · FCF margin 14.5% FY11 Net margin 16.2% FCF margin 14.5% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2012 · Net margin 15.0% · FCF margin 16.7% FY12 Net margin 15.0% FCF margin 16.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2013 · Net margin 11.2% · FCF margin 18.7% FY13 Net margin 11.2% FCF margin 18.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2014 · Net margin 5.3% · FCF margin 16.0% FY14 Net margin 5.3% FCF margin 16.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2015 · Net margin 14.5% · FCF margin 7.1% FY15 Net margin 14.5% FCF margin 7.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2016 · Net margin 14.5% · FCF margin 12.6% FY16 Net margin 14.5% FCF margin 12.6% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2017 · Net margin 8.2% · FCF margin 7.7% FY17 Net margin 8.2% FCF margin 7.7% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2018 · Net margin 26.1% · FCF margin 15.0% FY18 Net margin 26.1% FCF margin 15.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2019 · Net margin 14.0% · FCF margin 10.4% FY19 Net margin 14.0% FCF margin 10.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2020 · Net margin 11.1% · FCF margin 19.4% FY20 Net margin 11.1% FCF margin 19.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2021 · Net margin 11.7% · FCF margin 16.0% FY21 Net margin 11.7% FCF margin 16.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2022 · Net margin 12.8% · FCF margin 11.0% FY22 Net margin 12.8% FCF margin 11.0% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2023 · Net margin 15.4% · FCF margin 15.3% FY23 Net margin 15.4% FCF margin 15.3% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2024 · Net margin 13.2% · FCF margin 15.4% FY24 Net margin 13.2% FCF margin 15.4% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY2025 · Net margin 12.9% · FCF margin 17.1% FY25 Net margin 12.9% FCF margin 17.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue FY25 Net margin 12.9% FCF margin 17.1% derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue ’09 ’13 ’17 ’21 ’25 FY2025: net 12.9% · free cash flow 17.1% of revenue
Cash engine Operating cash flow Free cash flow$0 $2B $4B FY2007 · OCF $1.03B · FCF $840.6M · 0001193125-10-042997 · filed 2010-02-26 FY07 OCF $1.03B FCF $840.6M 0001193125-10-042997 · filed 2010-02-26 FY2008 · OCF $1.18B · FCF $1.02B · 0001193125-11-039845 · filed 2011-02-18 FY08 OCF $1.18B FCF $1.02B 0001193125-11-039845 · filed 2011-02-18 FY2009 · OCF $1.46B · FCF $1.33B · 0000310764-12-000031 · filed 2012-02-13 FY09 OCF $1.46B FCF $1.33B 0000310764-12-000031 · filed 2012-02-13 FY2010 · OCF $1.55B · FCF $1.36B · 0000310764-13-000054 · filed 2013-02-27 FY10 OCF $1.55B FCF $1.36B 0000310764-13-000054 · filed 2013-02-27 FY2011 · OCF $1.43B · FCF $1.21B · 0000310764-14-000021 · filed 2014-02-13 FY11 OCF $1.43B FCF $1.21B 0000310764-14-000021 · filed 2014-02-13 FY2012 · OCF $1.66B · FCF $1.45B · 0000310764-15-000022 · filed 2015-02-12 FY12 OCF $1.66B FCF $1.45B 0000310764-15-000022 · filed 2015-02-12 FY2013 · OCF $1.89B · FCF $1.69B · 0000310764-16-000226 · filed 2016-02-11 FY13 OCF $1.89B FCF $1.69B 0000310764-16-000226 · filed 2016-02-11 FY2014 · OCF $1.78B · FCF $1.55B · 0000310764-17-000034 · filed 2017-02-09 FY14 OCF $1.78B FCF $1.55B 0000310764-17-000034 · filed 2017-02-09 FY2015 · OCF $981.0M · FCF $711.0M · 0000310764-18-000031 · filed 2018-02-08 FY15 OCF $981.0M FCF $711.0M 0000310764-18-000031 · filed 2018-02-08 FY2016 · OCF $1.92B · FCF $1.43B · 0000310764-19-000014 · filed 2019-02-07 FY16 OCF $1.92B FCF $1.43B 0000310764-19-000014 · filed 2019-02-07 FY2017 · OCF $1.56B · FCF $961.0M · 0000310764-20-000014 · filed 2020-02-06 FY17 OCF $1.56B FCF $961.0M 0000310764-20-000014 · filed 2020-02-06 FY2018 · OCF $2.61B · FCF $2.04B · 0000310764-21-000027 · filed 2021-02-11 FY18 OCF $2.61B FCF $2.04B 0000310764-21-000027 · filed 2021-02-11 FY2019 · OCF $2.19B · FCF $1.54B · 0000310764-22-000028 · filed 2022-02-11 FY19 OCF $2.19B FCF $1.54B 0000310764-22-000028 · filed 2022-02-11 FY2020 · OCF $3.28B · FCF $2.79B · 0000310764-23-000017 · filed 2023-02-10 FY20 OCF $3.28B FCF $2.79B 0000310764-23-000017 · filed 2023-02-10 FY2021 · OCF $3.26B · FCF $2.74B · 0000310764-24-000024 · filed 2024-02-14 FY21 OCF $3.26B FCF $2.74B 0000310764-24-000024 · filed 2024-02-14 FY2022 · OCF $2.62B · FCF $2.04B · 0000310764-25-000023 · filed 2025-02-12 FY22 OCF $2.62B FCF $2.04B 0000310764-25-000023 · filed 2025-02-12 FY2023 · OCF $3.71B · FCF $3.14B · 0000310764-26-000010 · filed 2026-02-11 FY23 OCF $3.71B FCF $3.14B 0000310764-26-000010 · filed 2026-02-11 FY2024 · OCF $4.24B · FCF $3.49B · 0000310764-26-000010 · filed 2026-02-11 FY24 OCF $4.24B FCF $3.49B 0000310764-26-000010 · filed 2026-02-11 FY2025 · OCF $5.04B · FCF $4.28B · 0000310764-26-000010 · filed 2026-02-11 FY25 OCF $5.04B FCF $4.28B 0000310764-26-000010 · filed 2026-02-11 FY25 OCF $5.04B FCF $4.28B 0000310764-26-000010 · filed 2026-02-11 ’09 ’13 ’17 ’21 ’25
FY2025: $5.04B operating cash − $761.0M capex = $4.28B free cash flow
Returns on capital Return on equity Return on assets0% 10% 20% 30% FY2008 · ROE 21.2% · ROA 15.1% FY08 ROE 21.2% ROA 15.1% derived: net income ÷ equity · derived: net income ÷ assets FY2009 · ROE 16.8% · ROA 12.2% FY09 ROE 16.8% ROA 12.2% derived: net income ÷ equity · derived: net income ÷ assets FY2010 · ROE 17.7% · ROA 11.7% FY10 ROE 17.7% ROA 11.7% derived: net income ÷ equity · derived: net income ÷ assets FY2011 · ROE 17.5% · ROA 11.1% FY11 ROE 17.5% ROA 11.1% derived: net income ÷ equity · derived: net income ÷ assets FY2012 · ROE 15.1% · ROA 9.8% FY12 ROE 15.1% ROA 9.8% derived: net income ÷ equity · derived: net income ÷ assets FY2013 · ROE 11.1% · ROA 6.4% FY13 ROE 11.1% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2014 · ROE 6.0% · ROA 3.0% FY14 ROE 6.0% ROA 3.0% derived: net income ÷ equity · derived: net income ÷ assets FY2015 · ROE 16.9% · ROA 8.9% FY15 ROE 16.9% ROA 8.9% derived: net income ÷ equity · derived: net income ÷ assets FY2016 · ROE 17.2% · ROA 8.1% FY16 ROE 17.2% ROA 8.1% derived: net income ÷ equity · derived: net income ÷ assets FY2017 · ROE 10.2% · ROA 4.6% FY17 ROE 10.2% ROA 4.6% derived: net income ÷ equity · derived: net income ÷ assets FY2018 · ROE 30.3% · ROA 13.0% FY18 ROE 30.3% ROA 13.0% derived: net income ÷ equity · derived: net income ÷ assets FY2019 · ROE 16.3% · ROA 6.9% FY19 ROE 16.3% ROA 6.9% derived: net income ÷ equity · derived: net income ÷ assets FY2020 · ROE 12.2% · ROA 4.7% FY20 ROE 12.2% ROA 4.7% derived: net income ÷ equity · derived: net income ÷ assets FY2021 · ROE 13.4% · ROA 5.8% FY21 ROE 13.4% ROA 5.8% derived: net income ÷ equity · derived: net income ÷ assets FY2022 · ROE 14.2% · ROA 6.4% FY22 ROE 14.2% ROA 6.4% derived: net income ÷ equity · derived: net income ÷ assets FY2023 · ROE 17.0% · ROA 7.9% FY23 ROE 17.0% ROA 7.9% derived: net income ÷ equity · derived: net income ÷ assets FY2024 · ROE 14.5% · ROA 7.0% FY24 ROE 14.5% ROA 7.0% derived: net income ÷ equity · derived: net income ÷ assets FY2025 · ROE 14.5% · ROA 6.8% FY25 ROE 14.5% ROA 6.8% derived: net income ÷ equity · derived: net income ÷ assets FY25 ROE 14.5% ROA 6.8% derived: net income ÷ equity · derived: net income ÷ assets ’09 ’13 ’17 ’21 ’25 return on equity 21% (FY2008) → 14% (FY2025) · on assets 6.8%
Balance sheet Liabilities Equity$0 $20B $40B FY2015 · Liabilities $7.71B · Equity $8.51B FY15 Liabilities $7.71B Equity $8.51B 0000310764-17-000034 · filed 2017-02-09 FY2016 · Liabilities $10.88B · Equity $9.55B FY16 Liabilities $10.88B Equity $9.55B 0000310764-18-000031 · filed 2018-02-08 FY2017 · Liabilities $12.22B · Equity $9.97B FY17 Liabilities $12.22B Equity $9.97B 0000310764-19-000014 · filed 2019-02-07 FY2018 · Liabilities $15.50B · Equity $11.73B FY18 Liabilities $15.50B Equity $11.73B 0000310764-20-000014 · filed 2020-02-06 · 0000310764-19-000014 · filed 2019-02-07 FY2019 · Liabilities $17.36B · Equity $12.81B FY19 Liabilities $17.36B Equity $12.81B 0000310764-21-000027 · filed 2021-02-11 FY2020 · Liabilities $21.25B · Equity $13.08B FY20 Liabilities $21.25B Equity $13.08B 0000310764-22-000028 · filed 2022-02-11 FY2021 · Liabilities $19.75B · Equity $14.88B FY21 Liabilities $19.75B Equity $14.88B 0000310764-23-000017 · filed 2023-02-10 FY2022 · Liabilities $20.27B · Equity $16.62B FY22 Liabilities $20.27B Equity $16.62B 0000310764-24-000024 · filed 2024-02-14 FY2023 · Liabilities $21.32B · Equity $18.59B FY23 Liabilities $21.32B Equity $18.59B 0000310764-25-000023 · filed 2025-02-12 FY2024 · Liabilities $22.34B · Equity $20.63B FY24 Liabilities $22.34B Equity $20.63B 0000310764-26-000010 · filed 2026-02-11 FY2025 · Liabilities $25.42B · Equity $22.42B FY25 Liabilities $25.42B Equity $22.42B 0000310764-26-000010 · filed 2026-02-11 FY25 Liabilities $25.42B Equity $22.42B 0000310764-26-000010 · filed 2026-02-11 ’16 ’19 ’22 ’25
FY2025: $47.84B assets · $25.42B liabilities · $22.42B equity