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Definitive Analysis

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Industry

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Page: Industry Financials

NA-PC.TO

Industry Analysis

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Industry Enterprise Value

Metric MRQ 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Stock Price 84.01 50.88 23.76 18.74 17.74 22.04 16.07 20.62 19.02 24.47 21.39 20.72 22.53 20.64 15.66 13.24 16.92 15.81 13.68 27.83 29.12 30.76 29.08 26.58 20.94 29.15 31.35 24.52 18.58 20.95 16.49
Market Capitalization 108,445.74M 95,446.79M 88,790.72M 74,538.87M 64,665.47M 67,963.87M 55,995.92M 75,991.58M 71,771.55M 86,528.93M 77,881.76M 76,195.63M 79,836.41M 74,404.02M 67,993.81M 63,957.80M 76,096.02M 69,780.39M 51,241.16M 82,804.63M 94,206.11M 90,332.27M 87,798.75M 77,470.09M 63,718.07M 68,912.88M 68,471.28M 56,397.37M 47,936.32M 44,004.70M 39,114.00M
(-) Cash & Equivalents 41,812.69M 31,063.88M 124,210.20M 150,199.17M 132,663.91M 140,513.08M 118,904.21M 80,685.21M 88,359.36M 90,387.71M 63,507.82M 54,326.83M 53,141.52M 45,952.77M 52,046.30M 60,228.81M 37,218.38M 35,285.78M 31,337.25M 23,640.04M 21,996.40M 24,946.46M 23,629.80M 22,032.53M 16,480.04M 15,110.51M 18,579.41M 13,026.89M 10,673.64M 8,954.80M 7,941.38M
(+) Total Debt 357,118.02M 186,434.48M 194,795.62M 170,813.93M 136,372.08M 126,139.42M 108,427.10M 110,261.32M 109,740.07M 108,544.11M 104,489.53M 103,175.66M 96,564.95M 86,802.79M 86,283.80M 83,853.57M 104,423.95M 96,263.50M 108,156.91M 109,002.34M 86,256.81M 79,435.82M 63,059.64M 50,676.81M 49,275.52M 60,076.86M 56,768.61M 48,323.03M 44,999.41M 49,673.25M 23,954.30M
Enterprise Value 423,751,072,487.38 135,903,015,067.53 122,901,476,688.77 77,788,141,501.84 73,294,484,369.88 61,416,209,352.01 62,280,914,995.18 93,059,420,648.01 88,801,367,568.35 98,889,484,628.48 108,327,756,533.05 110,590,064,001.32 117,078,929,880.13 106,914,358,342.15 99,707,896,206.95 95,308,160,560.61 134,493,289,879.18 146,619,712,801.55 131,333,691,126.10 175,030,087,784.38 157,395,090,610.57 129,007,289,620.47 119,121,893,145.11 101,054,175,396.36 110,915,131,383.29 126,624,312,741.75 121,613,906,445.96 114,706,313,780.69 91,490,791,861.51 104,671,885,425.45 72,565,587,612.20

Industry Income Statement

Metric TTM 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Revenue 55,753.09M 49,766.35M 43,348.27M 41,355.59M 34,009.97M 29,830.92M 26,875.44M 28,122.92M 27,506.84M 31,775.29M 29,826.44M 31,702.44M 31,221.88M 29,080.36M 27,095.15M 31,224.36M 27,677.45M 27,587.59M 22,820.32M 24,957.14M 22,904.77M 30,134.06M 24,708.46M 20,869.29M 18,052.12M 22,658.17M 22,428.14M 11,515.84M 9,673.34M 12,301.90M 7,701.49M
Cost of Revenue 24,360.88M 22,086.94M 22,324.86M 14,854.06M 6,303.34M 1,955.23M 2,267.19M 2,858.48M 2,162.45M 2,086.69M 1,770.69M 1,644.19M 1,557.56M 1,946.59M 1,964.35M 2,053.37M 1,763.63M 2,346.09M 3,689.76M 3,718.22M 2,214.64M 2,200.02M 1,916.22M 1,696.23M 2,332.75M 3,953.52M 3,863.68M 3,050.27M 3,237.83M 4,091.07M 3,361.05M
Gross Profit 31,392.21M 27,679.41M 21,023.41M 26,501.52M 27,706.63M 27,875.70M 24,608.25M 25,264.44M 25,344.39M 29,688.60M 28,055.75M 30,058.24M 29,664.32M 27,133.76M 25,130.79M 29,170.99M 25,913.83M 25,241.50M 19,130.56M 21,238.91M 20,690.14M 27,934.05M 22,792.25M 19,173.07M 15,719.37M 18,704.65M 18,564.46M 8,465.57M 6,435.51M 8,210.83M 4,340.44M
Gross Margin 56.3% 55.6% 48.5% 64.1% 81.5% 93.4% 91.6% 89.8% 92.1% 93.4% 94.1% 94.8% 95.0% 93.3% 92.8% 93.4% 93.6% 91.5% 83.8% 85.1% 90.3% 92.7% 92.2% 91.9% 87.1% 82.6% 82.8% 73.5% 66.5% 66.7% 56.4%
R&D Expenses 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
SG&A Expenses 9,900.67M 6,822.67M 7,307.49M 7,391.34M 8,404.89M 8,243.86M 7,918.93M 8,326.74M 8,450.19M 8,908.72M 9,160.50M 8,900.66M 9,377.71M 8,648.23M 8,239.89M 9,578.68M 9,622.23M 9,374.85M 8,142.08M 7,766.33M 6,723.93M 7,509.64M 6,531.03M 4,182.70M 3,991.31M 4,215.34M 3,784.10M 2,719.95M 1,826.67M 2,190.51M 1,965.58M
Operating Expenses 9,900.67M 6,822.67M 7,307.49M 7,391.34M 8,404.89M 8,243.86M 7,918.93M 8,326.74M 8,450.19M 8,908.72M 9,160.50M 8,900.66M 9,377.71M 8,648.23M 8,239.89M 9,578.68M 9,622.23M 9,374.85M 8,142.08M 7,766.33M 6,723.93M 7,509.64M 6,531.03M 4,182.70M 3,991.31M 4,215.34M 3,784.10M 2,719.95M 1,826.67M 2,190.51M 1,965.58M
Operating Income 21,491.55M 20,856.74M 13,715.92M 19,110.19M 19,301.74M 19,631.84M 16,689.33M 16,937.70M 16,894.21M 20,779.88M 18,895.26M 21,157.58M 20,286.61M 18,485.53M 16,890.90M 19,592.31M 16,291.60M 15,866.64M 10,988.49M 13,472.58M 13,966.21M 20,424.40M 16,261.22M 14,990.36M 11,728.06M 14,489.31M 14,780.36M 5,745.63M 4,608.84M 6,020.32M 2,374.86M
Operating Margin 38.5% 41.9% 31.6% 46.2% 56.8% 65.8% 62.1% 60.2% 61.4% 65.4% 63.4% 66.7% 65.0% 63.6% 62.3% 62.7% 58.9% 57.5% 48.2% 54.0% 61.0% 67.8% 65.8% 71.8% 65.0% 63.9% 65.9% 49.9% 47.6% 48.9% 30.8%
Interest Income 35,615.69M 32,639.07M 56,133.51M 48,968.69M 27,058.14M 19,607.39M 21,288.13M 26,939.14M 26,680.36M 25,367.89M 24,155.02M 24,311.26M 24,732.16M 25,674.76M 27,787.58M 30,971.04M 29,035.50M 28,819.26M 34,476.87M 32,671.88M 26,353.00M 24,347.46M 17,474.84M 14,119.68M 12,546.84M 16,538.24M 15,492.13M 11,161.00M 9,626.82M 11,470.27M 9,670.66M
Interest Expense 22,967.05M 21,139.86M 35,817.79M 28,327.17M 9,803.31M 3,890.48M 6,113.74M 11,258.74M 10,041.95M 8,279.13M 7,716.47M 8,338.52M 9,028.49M 8,783.86M 9,833.56M 11,750.47M 10,806.35M 12,528.62M 19,746.86M 19,105.08M 15,513.17M 12,774.68M 7,985.20M 6,241.03M 6,016.49M 10,649.52M 11,901.48M 7,198.21M 6,164.79M 7,112.35M 6,319.15M
Net Interest Income 12,648.64M 11,499.21M 20,315.73M 20,641.52M 17,254.83M 15,716.90M 15,174.39M 15,680.40M 16,638.42M 17,088.77M 16,438.55M 15,972.74M 15,703.66M 16,890.91M 17,954.02M 19,220.57M 18,229.14M 16,290.63M 14,730.01M 13,566.80M 10,839.82M 11,572.78M 9,489.64M 7,878.65M 6,530.35M 5,888.72M 3,590.64M 3,962.79M 3,462.03M 4,357.92M 3,351.50M
Other Income / Expense -24,266.04M -23,208.85M -24,273.26M -28,960.96M -28,435.64M -25,561.23M -27,247.64M -25,160.03M -24,488.52M -28,997.45M -27,669.87M -28,293.23M -29,475.76M -27,802.05M -30,215.82M -30,708.08M -27,178.85M -27,635.16M -22,759.04M -20,156.97M -18,286.23M -25,890.23M -20,293.10M -18,916.90M -15,660.83M -17,364.43M -13,970.37M -6,377.06M -5,959.49M -7,757.91M -3,733.86M
Pre-Tax Income 9,874.14M 9,147.11M 9,758.39M 10,790.74M 8,120.93M 9,787.52M 4,616.08M 7,458.08M 9,044.10M 8,871.19M 7,663.94M 8,837.09M 6,514.51M 7,574.39M 4,629.11M 8,104.80M 7,341.89M 4,522.12M 2,959.46M 6,882.41M 6,519.81M 6,106.95M 5,457.76M 3,952.12M 2,597.59M 3,013.60M 4,400.63M 3,331.36M 2,111.37M 2,620.34M 1,992.50M
Pre-Tax Margin 17.7% 18.4% 22.5% 26.1% 23.9% 32.8% 17.2% 26.5% 32.9% 27.9% 25.7% 27.9% 20.9% 26.0% 17.1% 26.0% 26.5% 16.4% 13.0% 27.6% 28.5% 20.3% 22.1% 18.9% 14.4% 13.3% 19.6% 28.9% 21.8% 21.3% 25.9%
Income Tax Expense 2,199.47M 2,137.30M 1,938.58M 1,694.95M 1,662.29M 2,053.52M 949.81M 1,948.67M 2,236.09M 2,612.42M 2,190.60M 2,237.88M 2,129.51M 2,166.10M 1,111.07M 1,956.67M 1,652.97M 951.15M 370.77M 1,909.19M 1,755.77M 1,741.16M 1,598.80M 1,078.54M 589.33M 878.34M 1,263.15M 984.11M 668.88M 897.27M 733.74M
Tax Rate 22.3% 23.4% 19.9% 15.7% 20.5% 21.0% 20.6% 26.1% 24.7% 29.4% 28.6% 25.3% 32.7% 28.6% 24.0% 24.1% 22.5% 21.0% 12.5% 27.7% 26.9% 28.5% 29.3% 27.3% 22.7% 29.1% 28.7% 29.5% 31.7% 34.2% 35.0%
Net Income 7,674.67M 7,009.80M 7,819.81M 9,095.79M 6,458.64M 7,733.99M 3,666.27M 5,509.41M 6,808.00M 6,258.77M 5,473.34M 6,599.21M 4,385.00M 5,408.29M 3,518.03M 6,148.13M 5,688.93M 3,570.98M 2,588.68M 4,973.22M 4,764.03M 4,365.78M 3,858.96M 2,873.58M 2,008.26M 2,135.26M 3,137.48M 2,347.26M 1,442.49M 1,723.07M 1,258.76M
Net Margin 13.8% 14.1% 18.0% 22.0% 19.0% 25.9% 13.6% 19.6% 24.8% 19.7% 18.4% 20.8% 14.0% 18.6% 13.0% 19.7% 20.6% 12.9% 11.3% 19.9% 20.8% 14.5% 15.6% 13.8% 11.1% 9.4% 14.0% 20.4% 14.9% 14.0% 16.3%
EBIT 21,491.55M 20,856.74M 13,715.92M 19,110.19M 19,301.74M 19,631.84M 16,689.33M 16,937.70M 16,894.21M 20,779.88M 18,895.26M 21,157.58M 20,286.61M 18,485.53M 16,890.90M 19,592.31M 16,291.60M 15,866.64M 10,988.49M 13,472.58M 13,966.21M 20,424.40M 16,261.22M 14,990.36M 11,728.06M 14,489.31M 14,780.36M 5,745.63M 4,608.84M 6,020.32M 2,374.86M
Depreciation & Amortization 811.54M 943.59M 1,091.86M 1,003.98M 961.51M 927.07M 760.65M 683.47M 684.63M 789.14M 761.77M 891.75M 827.04M 776.70M 797.06M 977.71M 1,067.60M 1,237.24M 965.27M 811.79M 943.23M 914.74M 971.28M 904.49M 818.54M 927.19M 815.39M 695.08M 462.70M 412.17M 545.10M
EBITDA 22,303.09M 21,800.33M 14,807.78M 20,114.17M 20,263.25M 20,558.91M 17,449.98M 17,621.18M 17,578.84M 21,569.02M 19,657.02M 22,049.33M 21,113.65M 19,262.23M 17,687.96M 20,570.02M 17,359.20M 17,103.88M 11,953.76M 14,284.37M 14,909.45M 21,339.14M 17,232.50M 15,894.85M 12,546.60M 15,416.51M 15,595.75M 6,440.70M 5,071.54M 6,432.49M 2,919.96M
EBITDA Margin 40.0% 43.8% 34.2% 48.6% 59.6% 68.9% 64.9% 62.7% 63.9% 67.9% 65.9% 69.6% 67.6% 66.2% 65.3% 65.9% 62.7% 62.0% 52.4% 57.2% 65.1% 70.8% 69.7% 76.2% 69.5% 68.0% 69.5% 55.9% 52.4% 52.3% 37.9%
NOPAT 16,704.29M 15,983.38M 10,991.14M 16,108.46M 15,350.82M 15,512.87M 13,255.32M 12,512.17M 12,717.22M 14,660.54M 13,494.39M 15,799.69M 13,655.17M 13,199.10M 12,836.77M 14,862.32M 12,623.68M 12,529.39M 9,611.81M 9,735.26M 10,205.13M 14,601.17M 11,497.65M 10,899.46M 9,067.26M 10,266.28M 10,537.84M 4,048.33M 3,148.76M 3,958.81M 1,543.66M
NOPAT Margin 30.0% 32.1% 25.4% 39.0% 45.1% 52.0% 49.3% 44.5% 46.2% 46.1% 45.2% 49.8% 43.7% 45.4% 47.4% 47.6% 45.6% 45.4% 42.1% 39.0% 44.6% 48.5% 46.5% 52.2% 50.2% 45.3% 47.0% 35.2% 32.6% 32.2% 20.0%
Owner's Earnings 8,486.21M 7,953.39M 8,911.67M 10,099.77M 7,420.16M 8,661.06M 4,426.92M 6,192.88M 7,492.64M 7,047.91M 6,235.10M 7,490.96M 5,212.04M 6,184.99M 4,315.09M 7,125.84M 6,756.53M 4,808.22M 3,553.96M 5,785.00M 5,707.26M 5,280.52M 4,830.24M 3,778.06M 2,826.79M 3,062.46M 3,952.88M 3,042.33M 1,905.20M 2,135.24M 1,803.86M
Owner's Earnings Margin 15.2% 16.0% 20.6% 24.4% 21.8% 29.0% 16.5% 22.0% 27.2% 22.2% 20.9% 23.6% 16.7% 21.3% 15.9% 22.8% 24.4% 17.4% 15.6% 23.2% 24.9% 17.5% 19.5% 18.1% 15.7% 13.5% 17.6% 26.4% 19.7% 17.4% 23.4%
EPS 5.46 3.94 1.29 1.51 1.08 1.27 0.71 1.04 1.24 1.03 0.93 1.08 0.76 0.95 0.64 0.99 0.95 0.64 0.53 1.05 1.02 0.70 0.62 0.67 0.49 0.84 1.29 1.09 0.73 0.82 0.67
EPS (Diluted) 5.46 3.94 1.29 1.51 1.08 1.27 0.71 1.04 1.24 1.03 0.93 1.08 0.76 0.95 0.64 0.99 0.95 0.64 0.53 1.05 1.02 0.70 0.62 0.67 0.49 0.84 1.29 1.09 0.73 0.82 0.67
Shares (Diluted) 1,406.77M 1,781.00M 6,056.31M 6,043.06M 5,958.88M 6,092.22M 5,139.02M 5,313.80M 5,507.79M 6,095.72M 5,878.77M 6,088.25M 5,758.90M 5,691.89M 5,487.83M 6,182.03M 5,962.85M 5,536.60M 4,873.37M 4,728.76M 4,647.96M 6,248.23M 6,273.05M 4,306.27M 4,130.75M 2,541.36M 2,432.18M 2,144.17M 1,965.68M 2,099.59M 1,866.73M

Industry Balance Sheet

Metric MRQ 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Cash & Cash Equivalents 54,068.13M 48,650.49M 124,210.20M 150,176.01M 132,670.72M 140,513.08M 118,963.62M 80,741.49M 88,515.69M 90,047.56M 62,189.98M 54,326.83M 53,141.52M 45,952.77M 52,046.30M 60,388.18M 37,327.90M 31,948.70M 28,126.99M 20,882.32M 19,417.57M 23,840.60M 23,629.80M 22,032.53M 17,640.97M 15,110.51M 18,579.41M 13,026.89M 10,673.64M 8,954.80M 7,941.38M
Short-Term Investments 29,815.26M 16,198.75M 66,764.09M 38,397.91M 40,284.92M 37,202.18M 51,278.32M 56,197.83M 56,939.53M 66,558.28M 16,200.56M 11,966.19M 24,410.01M 15,643.45M 6,510.70M 27,783.16M 27,802.57M 32,812.81M 24,023.92M 16,111.84M 9,464.77M 12,836.20M 6,496.18M 4,946.81M 5,795.37M 97.65M 1,968.26M 1,592.49M 854.29M 1,371.33M 1,829.13M
Cash & Short-Term Investments 83,883.39M 64,849.24M 190,974.29M 188,573.93M 172,955.63M 177,715.26M 170,241.94M 136,939.32M 145,455.22M 156,605.83M 78,390.54M 66,293.02M 77,551.52M 61,596.23M 58,557.00M 88,171.34M 65,130.47M 64,761.52M 52,150.91M 36,994.16M 28,882.35M 36,676.81M 30,125.98M 26,979.35M 23,436.34M 15,208.16M 20,547.67M 14,619.38M 11,527.93M 10,326.13M 9,770.51M
Net Receivables 19,582.93M 8,038.98M 3,322.16M 3,130.23M 4,012.78M 3,395.40M 4,230.70M 4,633.71M 3,963.80M 11,872.96M 11,955.17M 14,348.74M 12,696.78M 12,542.61M 13,497.87M 16,845.16M 16,005.04M 19,777.87M 19,480.62M 10,610.84M 8,155.92M 6,488.82M 3,224.31M 1,221.43M 3,947.84M 4,909.26M 5,892.57M 1,520.95M 1,994.52M 4,218.71M 2,489.18M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -1,677.46M -6,907.65M -896.56M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 0.00M 0.00M 0.00M 305.56M 9.65M 0.00M 1.22M 0.00M 176.36M 125.76M 575.87M 9.88M 0.00M 0.00M 0.00M 159.35M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 65,856.06M 64,355.12M 43,167.80M 41,789.01M 29,019.73M 18,199.37M
Total Current Assets 103,466.32M 72,888.22M 194,296.45M 192,009.72M 176,978.07M 181,110.66M 174,473.86M 141,573.02M 147,917.92M 161,696.90M 90,025.01M 80,651.64M 90,248.30M 74,138.84M 72,054.87M 105,175.85M 81,135.51M 84,539.39M 71,631.53M 47,605.00M 37,038.27M 43,165.63M 33,350.29M 28,200.78M 27,384.18M 85,973.48M 90,795.36M 59,308.13M 55,311.46M 43,564.58M 30,459.06M
Property, Plant & Equipment 4,350.47M 3,284.67M 7,527.12M 8,004.64M 7,407.98M 7,481.30M 6,591.62M 6,468.55M 4,814.54M 5,160.16M 5,148.69M 4,987.18M 4,730.15M 4,650.35M 5,164.43M 5,800.05M 5,965.58M 5,787.08M 5,333.99M 4,623.57M 4,208.41M 4,781.19M 4,476.73M 4,261.52M 3,840.25M 3,338.09M 3,070.34M 2,324.99M 2,174.27M 2,150.18M 1,702.14M
Goodwill 9,078.62M 5,504.94M 2,996.81M 2,873.00M 2,617.12M 2,652.21M 2,952.59M 3,041.91M 3,260.12M 3,336.78M 3,319.50M 3,443.35M 4,023.93M 3,971.71M 3,975.80M 5,567.92M 4,495.49M 4,711.82M 6,964.56M 5,412.85M 5,107.45M 1,664.97M 88.03M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 3,652.23M 2,713.86M 1,840.68M 1,802.42M 1,782.64M 1,476.04M 1,424.57M 1,392.03M 1,564.43M 1,570.59M 1,650.30M 1,631.62M 1,668.92M 1,686.75M 1,538.03M 1,636.70M 2,370.40M 2,495.22M 2,386.06M 2,294.94M 1,322.84M 1,962.80M 2,291.52M 1,683.26M 1,541.32M 4,179.72M 1,726.20M 820.30M 683.84M 960.55M 188.13M
Long-Term Investments 800,752.13M 560,719.88M 557,812.74M 536,655.73M 456,888.88M 394,161.27M 342,217.65M 348,591.43M 301,492.55M 306,251.92M 301,157.62M 283,941.31M 263,796.68M 247,659.28M 251,578.55M 283,025.23M 290,407.49M 277,919.21M 287,143.91M 266,760.39M 214,839.29M 176,878.78M 200,449.52M 140,374.40M 127,008.62M 127,105.54M 137,841.71M 108,890.55M 96,940.03M 83,900.88M 41,989.05M
Tax Assets 2,585.19M 1,820.13M 1,053.45M 841.06M 836.11M 603.19M 563.41M 496.70M 1,010.29M 597.89M 608.97M 397.34M 166.65M 176.36M 77.00M 38.44M 58.69M 14.00M 16.31M 0.00M 0.00M 0.04M 0.00M 0.00M 0.00M 0.00M -324.57M -639.18M 0.00M 0.00M 0.00M
Other Non-Current Assets 246,450.78M 187,760.27M 391,555.54M 356,164.99M 156,766.05M 137,375.43M 102,301.71M 61,133.21M 47,885.65M 70,531.24M 90,772.06M 35,573.73M 13,041.41M 35,036.94M -51,453.48M 2,079.89M -41,199.82M -6,249.45M -29,234.31M -33,513.94M 445.41M 23,781.81M 61,387.13M 11,128.21M -6,385.53M 1,634.29M 1,990.59M 12,535.50M 19,334.48M 20,734.79M 7,979.07M
Other Assets 0.00M 51,923.83M 0.00M 6,083.89M 163,721.17M 161,276.17M 184,420.97M 196,917.69M 195,664.99M 217,131.24M 232,050.57M 224,482.89M 224,257.76M 203,994.47M 335,082.12M 298,134.86M 307,378.17M 329,498.50M 291,116.22M 244,806.67M 229,437.19M 237,467.44M 199,678.00M 163,051.93M 125,650.35M 14,300.76M 0.00M 16,811.95M 14,954.50M 13,703.11M 11,974.90M
Total Non-Current Assets 1,066,869.43M 813,727.58M 962,786.34M 912,425.73M 790,019.95M 705,025.60M 640,472.52M 618,041.53M 555,692.56M 604,579.82M 634,707.71M 554,457.42M 511,685.49M 497,175.85M 545,962.46M 596,283.08M 569,475.99M 614,176.38M 563,726.73M 490,384.49M 455,360.58M 446,537.02M 468,370.94M 320,499.32M 251,655.00M 150,558.41M 144,304.27M 140,744.11M 134,087.12M 121,449.52M 63,833.29M
Total Assets 1,170,335.74M 886,615.80M 1,157,082.79M 1,104,435.45M 966,998.03M 886,136.26M 814,946.38M 759,614.56M 703,610.48M 766,276.72M 724,732.73M 635,109.07M 601,933.79M 571,314.69M 618,017.33M 701,458.93M 650,611.50M 698,715.77M 635,358.26M 537,989.49M 492,398.85M 489,702.65M 501,721.23M 348,700.10M 279,039.18M 236,531.89M 235,099.63M 200,052.24M 189,398.58M 165,014.09M 94,292.35M
Accounts Payable 16,237.85M 5,937.21M 1,468.45M 1,335.91M 1,061.41M 1,624.35M 1,580.72M 1,655.58M 1,546.35M 3,915.17M 3,468.34M 5,340.26M 4,073.92M 3,283.12M 3,948.09M 4,323.20M 4,154.78M 3,843.62M 3,667.72M 2,822.40M 2,157.15M 2,123.70M 483.12M 104.48M 261.00M 276.76M 689.57M 343.91M 439.68M 537.96M 89.91M
Short-Term Debt 238,711.17M 137,949.29M 46,102.05M 28,752.28M 29,377.83M 27,458.99M 28,394.85M 22,224.55M 17,539.31M 27,457.90M 23,107.39M 22,775.69M 15,010.97M 14,020.45M 12,768.01M 15,434.62M 25,816.41M 21,961.53M 26,516.82M 19,684.85M 20,105.96M 14,767.52M 10,757.37M 11,631.96M 12,280.71M 16,640.02M 18,519.08M 25,245.10M 26,026.45M 29,609.28M 7,896.74M
Tax Payables 775.12M 258.49M 541.46M 653.62M 511.22M 444.58M 328.21M 466.54M 360.76M 494.69M 431.33M 482.36M 526.33M 508.90M 621.93M 691.83M 799.76M 742.80M 792.03M 1,166.39M 739.79M 111.76M 84.95M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.80M 2.41M 1.00M 9.88M 0.62M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 595,817.41M 512,885.49M 528,414.47M 454,113.03M 279,143.64M 250,098.78M 130,339.48M 128,165.59M 96,598.79M 100,615.51M 128,309.89M 88,635.21M 84,313.99M 103,801.95M 86,524.41M 129,856.63M 118,950.31M 104,659.54M 100,077.79M 85,152.58M 75,962.75M 87,890.13M 77,117.55M 52,729.44M 46,518.26M 57,139.14M 41,966.04M 38,540.51M 34,523.25M 59,058.83M 40,402.03M
Total Current Liabilities 851,541.55M 657,030.49M 576,526.43M 484,854.83M 310,094.10M 279,626.69M 160,645.06M 152,514.66M 116,046.20M 132,493.16M 155,317.56M 117,233.52M 103,925.22M 121,614.42M 103,862.43M 150,306.29M 149,721.26M 131,207.49M 131,054.36M 108,826.23M 98,965.65M 104,893.10M 88,442.97M 64,465.88M 59,059.98M 74,055.92M 61,174.68M 64,129.52M 60,989.37M 89,206.07M 48,388.68M
Long-Term Debt 149,097.32M 107,193.14M 126,775.57M 98,111.55M 84,571.34M 84,487.16M 62,766.78M 62,407.85M 66,552.76M 53,545.99M 71,931.34M 65,842.55M 62,328.37M 58,568.26M 69,601.84M 65,353.68M 73,856.02M 63,931.26M 77,491.92M 69,063.71M 58,578.16M 55,681.14M 45,644.97M 31,382.46M 30,182.02M 29,808.61M 24,936.79M 15,097.58M 10,021.63M 15,766.91M 6,839.02M
Capital Lease Obligations 2,454.46M 926.23M 72.26M 710.06M 802.84M 969.19M 1,087.56M 554.35M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 457.82M 353.56M 11.53M 6.70M 80.64M 137.10M 171.34M 111.10M 115.23M 122.51M 126.59M 47.66M 19.05M 6.23M 6.22M 15.19M 24.80M 23.78M 0.00M 0.00M 0.12M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 92,734.10M 84,611.93M 139,058.90M 119,403.85M 95,965.61M 74,258.30M 35,903.53M 10,866.79M 14,048.67M 15,724.94M 15,802.15M 13,895.14M 25,125.24M 27,835.07M 2,709.14M 13,458.49M 21,823.70M 10,407.60M 14,757.82M 14,493.64M 6,803.12M 5,909.97M 15,753.40M 8,463.20M 10,019.59M 17,560.07M 13,926.01M 10,112.66M 12,394.37M 15,511.99M 9,417.78M
Total Non-Current Liabilities 244,743.70M 193,084.87M 265,918.26M 218,232.16M 181,420.43M 159,851.74M 99,929.20M 73,940.09M 80,716.67M 69,393.45M 87,860.08M 79,785.35M 87,472.66M 86,409.56M 72,317.20M 78,827.36M 95,704.53M 74,362.63M 92,249.74M 83,557.35M 65,381.40M 61,591.11M 61,398.37M 39,845.66M 40,201.61M 47,368.67M 38,862.80M 25,210.24M 22,416.00M 31,278.90M 16,256.80M
Total Liabilities 1,096,285.25M 850,115.35M 842,444.69M 703,086.99M 491,514.53M 439,478.43M 260,574.26M 226,454.75M 196,762.87M 201,886.61M 243,177.65M 197,018.87M 191,397.87M 208,023.98M 176,179.63M 229,133.64M 245,425.79M 205,570.12M 223,304.10M 192,383.58M 164,347.04M 166,484.21M 149,841.34M 104,311.55M 99,261.59M 121,424.59M 100,037.48M 89,339.76M 83,405.37M 120,484.97M 64,645.48M
Preferred Stock 6,313.57M 2,524.12M 2,525.72M 2,484.50M 2,412.97M 2,300.56M 1,760.42M 3,059.00M 2,266.22M 2,922.63M 2,185.97M 1,302.66M 1,376.26M 1,074.80M 809.69M 658.03M 692.89M 804.00M 653.89M 171.96M 253.53M 367.30M 357.82M 406.62M 458.66M 602.40M 571.15M 549.43M 374.51M 370.43M 255.98M
Common Stock 14,055.90M 14,751.14M 9,178.31M 9,208.63M 9,066.53M 9,230.70M 7,594.15M 8,646.35M 8,885.73M 9,638.23M 9,293.15M 8,758.53M 7,988.95M 7,781.77M 6,975.94M 7,806.88M 7,259.64M 7,034.54M 4,907.86M 3,481.61M 3,320.17M 3,323.90M 3,141.99M 2,405.67M 1,869.24M 2,139.33M 1,474.83M 1,163.22M 0.00M 245.94M 256.80M
Retained Earnings 46,151.92M 36,563.25M 67,533.11M 65,287.32M 58,919.03M 56,118.58M 49,924.21M 49,159.32M 43,334.54M 42,621.78M 37,685.69M 33,224.39M 28,035.98M 23,044.66M 21,484.30M 22,048.63M 20,619.61M 16,292.79M 14,079.43M 12,647.00M 11,820.73M 12,459.15M 11,119.86M 10,089.00M 8,084.90M 10,558.87M 8,034.55M 5,026.31M 3,276.36M 5,236.88M 4,009.72M
Accumulated OCI 1,650.87M 2,091.57M 1,404.43M 677.97M 102.12M 2,170.75M 3,035.79M 2,497.56M 1,519.27M 155.57M 1,630.41M 1,083.48M 501.67M -124.00M -348.48M -297.30M -272.09M -357.20M -432.74M -199.99M -341.11M -43.42M -117.58M -166.40M 365.81M 182.33M 341.04M 257.43M 128.95M 257.50M 97.39M
Minority Interest 322.74M 336.69M 566.76M 551.62M 536.50M 531.69M 446.18M 487.80M 406.05M 460.35M 484.91M 616.32M 560.25M 512.88M 553.59M 676.47M 815.06M 897.11M 1,132.84M 827.15M 809.88M 834.41M 832.97M 622.33M 444.91M 547.10M 727.75M 221.50M 232.54M 226.26M 185.97M
Total Shareholders’ Equity 68,172.26M 55,930.09M 80,641.57M 77,658.41M 70,500.65M 69,820.58M 62,314.57M 63,362.23M 56,005.77M 55,338.21M 50,795.22M 44,369.07M 37,902.85M 31,777.23M 28,921.46M 30,216.23M 28,300.05M 23,774.14M 19,208.44M 16,100.57M 15,053.33M 16,106.92M 14,502.09M 12,734.88M 10,778.61M 13,482.94M 10,421.57M 6,996.39M 3,779.82M 6,110.76M 4,619.90M
Total Equity 68,495.00M 56,266.78M 81,208.33M 78,210.03M 71,037.15M 70,352.27M 62,760.75M 63,850.04M 56,411.82M 55,798.56M 51,280.13M 44,985.38M 38,463.10M 32,290.11M 29,475.05M 30,892.70M 29,115.11M 24,671.25M 20,341.28M 16,927.72M 15,863.21M 16,941.33M 15,335.06M 13,357.21M 11,223.52M 14,030.04M 11,149.32M 7,217.89M 4,012.35M 6,337.02M 4,805.87M
Total Liabilities & Equity 1,164,780.25M 906,382.13M 923,653.02M 781,297.02M 562,551.68M 509,830.71M 323,335.02M 290,304.79M 253,174.69M 257,685.17M 294,457.78M 242,004.26M 229,860.97M 240,314.08M 205,654.69M 260,026.34M 274,540.89M 230,241.38M 243,645.39M 209,311.30M 180,210.25M 183,425.55M 165,176.40M 117,668.75M 110,485.11M 135,454.63M 111,186.80M 96,557.66M 87,417.72M 126,821.99M 69,451.35M
Tangible Assets 1,157,604.89M 878,397.00M 1,152,245.31M 1,099,760.03M 962,598.27M 882,008.01M 810,569.22M 755,180.61M 698,785.94M 761,369.35M 719,762.92M 630,034.09M 596,240.94M 565,656.23M 612,503.49M 694,254.32M 643,745.61M 691,508.72M 626,007.65M 530,281.69M 485,968.57M 486,074.89M 499,341.68M 347,016.84M 277,497.86M 232,352.16M 233,373.43M 199,231.94M 188,714.74M 164,053.54M 94,104.22M
Tangible Equity 55,764.15M 48,047.97M 76,370.85M 73,534.60M 66,637.39M 66,224.02M 58,383.60M 59,416.09M 51,587.28M 50,891.19M 46,310.33M 39,910.41M 32,770.26M 26,631.65M 23,961.22M 23,688.09M 22,249.22M 17,464.21M 10,990.67M 9,219.92M 9,432.92M 13,313.57M 12,955.51M 11,673.95M 9,682.20M 9,850.32M 9,423.12M 6,397.60M 3,328.51M 5,376.47M 4,617.74M
Tangible Book Value 55,764,153,510.00 48,047,974,158.67 76,370,849,009.33 73,534,604,459.93 66,637,391,122.62 66,224,019,770.59 58,383,595,772.98 59,416,092,932.43 51,587,276,507.40 50,891,194,544.85 46,310,327,600.91 39,910,410,123.69 32,770,257,490.57 26,631,648,750.18 23,961,218,008.48 23,688,086,130.75 22,249,215,516.44 17,464,210,720.48 10,990,665,538.11 9,219,924,322.96 9,432,920,976.68 13,313,565,277.06 12,955,505,693.17 11,673,948,393.61 9,682,199,559.45 9,850,317,435.64 9,423,121,977.41 6,397,596,500.70 3,328,510,780.16 5,376,467,434.05 4,617,736,655.65
Total Investments 830,567.39M 578,295.11M 594,935.29M 555,158.78M 471,045.98M 439,048.36M 372,555.16M 390,244.35M 325,365.20M 322,388.66M 315,802.56M 295,366.60M 274,043.45M 258,395.97M 303,978.54M 358,700.81M 353,827.72M 359,074.65M 364,553.94M 291,262.93M 226,817.64M 220,942.61M 200,263.07M 141,042.88M 127,889.59M 126,702.95M 139,303.66M 109,276.34M 96,765.06M 84,936.65M 43,033.85M
Net Debt 333,740.36M 196,491.95M 48,667.43M -23,312.19M -18,721.55M -28,566.93M -27,802.00M 3,890.91M -4,423.63M -9,043.66M 32,848.75M 34,291.41M 24,197.82M 26,635.94M 30,323.55M 20,400.12M 62,344.53M 53,944.08M 75,881.75M 67,866.25M 59,266.54M 46,608.05M 32,772.54M 20,981.89M 24,821.76M 31,338.12M 24,876.46M 27,315.79M 25,374.44M 36,421.39M 6,794.38M

Industry Capital Metrics

Metric MRQ 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Working Capital -750,774.28M -589,885.28M -459,472.82M -286,424.31M -170,229.61M -156,158.85M -15,437.82M -23,242.21M -4,542.54M 24,446.47M -63,032.45M -83,608.31M -26,315.31M -50,239.40M -15,623.51M -48,060.88M -58,161.62M -43,358.82M -41,582.91M -48,115.88M -44,973.88M -64,830.73M -52,261.66M -38,352.94M -22,809.86M 15,712.71M 16,051.03M -3,626.99M 2,414.59M -34,947.46M -18,121.51M
Total Capital 460,532.30M 310,584.81M 276,407.70M 248,338.43M 211,552.22M 200,464.76M 178,162.56M 180,610.79M 178,144.54M 179,606.49M 177,724.81M 174,931.60M 158,071.63M 144,020.45M 140,574.34M 144,658.90M 161,733.50M 143,518.76M 147,503.46M 142,352.16M 116,693.49M 102,284.02M 84,958.09M 69,480.61M 70,889.79M 78,873.14M 78,491.15M 60,657.52M 57,118.17M 61,739.49M 32,213.03M
Capital Employed 316,095.14M 296,810.23M 504,527.25M 625,087.97M 683,654.43M 662,126.25M 757,983.77M 717,852.95M 714,164.77M 747,201.77M 727,570.38M 724,907.93M 780,735.25M 744,509.64M 783,802.84M 838,501.70M 809,522.81M 765,333.92M 780,353.04M 680,622.93M 573,752.26M 547,819.08M 478,538.82M 363,671.57M 353,304.13M 308,769.79M 295,833.00M 193,670.73M 173,094.47M 156,344.30M 106,915.24M
Invested Capital 406,464.17M 261,934.33M 152,197.50M 98,162.41M 78,881.51M 59,951.68M 59,198.94M 99,869.30M 89,628.85M 89,558.94M 115,534.83M 120,604.77M 104,930.11M 98,067.67M 88,528.04M 84,270.72M 124,405.60M 111,570.06M 119,376.47M 121,469.84M 97,275.91M 78,443.42M 61,328.29M 47,448.08M 53,248.81M 63,762.63M 59,911.74M 47,630.63M 46,444.53M 52,784.69M 24,271.65M

Industry Cash Flow

Metric TTM 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
Depreciation & Amortization 890.62M 838.98M 1,568.37M 1,544.51M 1,400.33M 1,443.21M 1,383.99M 1,139.15M 1,014.48M 1,039.71M 1,082.18M 1,158.47M 1,050.73M 993.10M 958.05M 960.49M 1,114.87M 1,237.58M 972.74M 818.01M 775.16M 904.67M 933.15M 931.39M 913.42M 882.80M 836.70M 722.60M 653.06M 355.01M 314.42M
Deferred Income Tax 100.19M -39.16M -29.71M -145.16M 11.30M 49.12M -219.13M -70.66M 63.71M 24.49M 93.16M 287.48M 36.56M 197.98M -22.96M 82.89M 140.53M 61.48M -418.80M -29.11M 26.50M -19.43M -12.99M 56.51M -88.90M -94.26M -18.78M 20.11M -37.91M 1.68M 42.65M
Stock-Based Compensation 4.48M 2.18M 5.22M 10.83M 15.44M 9.68M 7.63M 12.14M 11.54M 5.65M 25.46M 16.46M 21.96M 28.24M 41.85M 3.16M 2.66M 1.61M 1.88M 1.12M 4.61M 0.73M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital -7,725.35M 372.32M -5,392.69M -1,676.14M 6,002.79M 11,415.80M 15,981.95M -1,082.13M 1,375.20M -332.74M 1,249.06M 3,504.16M -1,737.75M -6,020.42M -1,691.33M 6,667.41M 2,661.55M 270.35M 4,740.09M -2,114.70M -1,986.80M -5,055.46M -1,975.64M -373.99M -2,792.90M -1,940.52M -1,782.96M 1,302.19M -3.71M 261.06M 247.09M
Accounts Receivable 0.00M 0.00M -38.30M -0.79M -12.47M 0.00M 0.00M -6.41M 0.00M 0.00M 0.00M 0.29M -9.04M 0.00M 1.14M -21.94M -16.93M 30.15M -1.85M -27.45M -14.13M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -7,725.35M 372.32M -5,253.67M -1,309.76M 7,027.93M 11,349.66M 15,496.40M -1,785.68M -1,671.72M -6,329.87M -2,555.42M 2,181.17M -483.86M -2,739.55M 245.88M 2,918.74M 690.91M 3,628.82M 389.64M -663.98M -3,501.30M -195.10M -1,825.69M -15.38M -1,523.56M -1,179.18M -1,385.73M 45.55M -47.73M -17.21M -41.64M
Other Non-Cash Items 1,152.10M 1,271.70M -1,891.28M -1,500.91M -2,548.65M -997.02M 1,089.67M 1,033.95M 667.12M 1,702.32M 1,502.30M 872.08M 236.87M 2,047.00M 1,462.64M 2,312.35M 1,357.92M 4,923.05M 2,777.92M 692.84M 796.74M 248.80M 1,083.01M 5,055.67M 3,811.04M 1,726.18M 813.46M 493.98M -1,687.00M -226.60M -663.08M
Net Cash from Operating Activities 1,280.04M 5,177.48M -286.26M 10,804.21M 12,095.16M 19,084.83M 26,797.92M 3,663.52M 8,175.90M 4,015.71M 9,403.43M 11,073.95M 5,691.93M 4,927.39M 2,646.04M 18,054.69M 11,002.48M 14,853.88M 13,841.30M 6,291.51M 7,279.12M 5,251.71M 4,582.47M 7,784.67M 8,640.99M 2,246.45M 1,265.36M 4,824.78M 1,069.57M 2,857.81M 1,851.70M
Capital Expenditures (PPE) -724.51M -439.31M -1,068.69M -936.93M -896.05M -921.87M -965.60M -885.38M -862.05M -757.46M -866.88M -1,005.76M -907.93M -781.01M -752.46M -864.07M -1,045.31M -991.02M -1,134.09M -949.45M -626.89M -917.74M -681.02M -495.99M -641.26M -635.30M -794.90M -418.22M -342.42M -465.75M -450.07M
Acquisitions (Net) 170.96M 29.70M -64.44M 39.31M 36.79M -20.70M 19.88M -9.07M -42.59M -65.38M -45.78M -29.13M -102.67M -27.22M -71.73M -179.23M -297.85M 9.31M -58.45M -854.06M -197.15M -73.64M -228.41M -228.12M -254.49M -332.06M -1,402.76M -1.38M -124.99M 12.22M 51.26M
Purchases of Investments -65,144.05M -48,070.43M -92,906.46M -72,481.16M -53,921.15M -100,291.81M -93,118.51M -54,794.03M -37,885.66M -39,831.50M -49,664.84M -51,344.29M -48,400.09M -55,508.89M -50,100.98M -69,498.54M -89,894.76M -93,551.38M -76,191.49M -61,733.52M -80,821.71M -61,369.35M -71,104.65M -74,994.61M -58,018.35M -45,709.93M -45,211.59M -26,790.20M -32,218.71M -24,655.14M -12,701.87M
Sales / Maturities of Investments 62,516.02M 60,392.93M 90,360.78M 77,336.76M 65,538.95M 80,561.69M 67,467.38M 39,802.90M 34,336.54M 55,264.52M 44,981.95M 45,846.73M 45,643.67M 49,565.00M 47,090.70M 72,314.40M 83,254.12M 82,757.17M 68,037.28M 55,223.67M 66,512.79M 57,871.99M 61,391.14M 69,185.53M 72,721.28M 58,010.19M 46,549.04M 25,599.04M 29,277.71M 22,027.39M 13,039.67M
Other Investing Activities 851.02M 1,900.05M -933.06M -765.24M -967.68M -585.57M -1,150.68M 40.11M -560.76M -659.11M -1,936.95M -2,490.63M -609.70M -756.22M -963.27M -127.49M -1,769.70M 1,948.30M -2,919.82M -9,785.64M -4,565.58M -7,373.05M -6,702.65M -3,830.06M -5,233.44M -3,263.36M -10,343.06M -3,833.45M -6,232.85M -4,525.66M -5,467.51M
Net Cash from Investing Activities -13,058.73M -6,473.11M -21,217.74M -10,296.23M -14,048.74M -11,368.89M -13,996.89M -9,545.97M -5,614.93M -4,555.39M -16,032.19M -17,144.50M -6,362.79M -7,410.26M -5,730.93M -4,335.78M -11,190.74M -7,056.20M -10,103.34M -17,906.97M -13,443.57M -21,898.71M -19,916.20M -9,998.32M -8,840.69M -10,208.19M -8,981.27M -10,151.76M -10,179.22M -7,905.79M -5,943.19M
Net Debt Issuance 968.04M 1,387.96M 5,050.80M 4,646.19M 4,230.04M 568.06M -972.00M 287.93M 2,059.51M 2,396.46M 1,915.31M 584.28M 1,878.85M -755.31M 1,005.67M 576.32M 679.13M -1,095.71M 1,700.65M 2,584.80M 6,803.79M 9,777.37M 5,570.10M 2,981.31M 1,772.51M 1,408.93M 1,803.34M 2,948.76M 1,871.76M 2,679.05M 3,031.35M
Long-Term Debt Issuance -141.60M 1,242.25M 4,861.47M 4,576.68M 4,559.41M 586.20M -359.85M 169.33M 2,289.22M 1,965.55M 1,934.22M 945.98M 2,113.54M -449.87M 259.61M -281.82M 535.78M 224.88M 2,594.48M 2,678.72M 6,611.73M 4,383.08M 3,894.16M 2,950.20M 531.97M 1,088.42M 1,907.71M 1,711.73M 1,025.84M 748.90M 729.44M
Short-Term Debt Issuance 883.37M 0.00M 21.16M 0.00M 0.00M -2.26M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -168.67M 0.00M -40.44M -1,708.14M -116.83M 392.55M 174.36M 3,101.25M -196.23M 92.93M 443.50M -284.93M -158.44M 413.44M 635.51M 1,635.80M 2,189.51M
Net Stock Issuance -685.57M -233.59M -1,592.33M -1,021.46M -759.48M -284.83M -25.41M -338.07M -517.37M -140.64M -251.53M 235.54M -85.97M -64.92M -10.91M -21.92M 1,498.87M 1,535.95M 5,201.87M -33.02M -80.72M 47.55M 105.76M 187.21M -220.82M -246.81M -249.96M -211.43M -32.73M -405.07M -218.33M
Common Stock Issuance 2,821.34M 1,594.03M 610.22M 52.20M 24.08M 693.61M 872.37M 168.58M 287.41M 336.66M 679.54M 1,082.98M 152.61M 299.85M 144.68M 510.50M 2,329.24M 4,295.19M 4,344.01M 668.54M 639.69M 394.77M 497.31M 49.38M 18.49M 17.11M 6.48M 111.50M 71.42M 145.45M 6.88M
Common Stock Repurchased -3,931.74M -976.57M -2,662.13M -1,216.16M -1,183.72M -922.35M -514.40M -1,144.33M -1,115.41M -743.37M -714.61M -899.07M -529.32M -437.37M -366.17M -545.65M -516.55M -340.50M -372.73M -948.44M -1,154.57M -341.66M -379.64M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 582.67M 221.20M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.04M -0.13M -0.95M 0.00M 0.00M 0.00M 77.75M 68.05M 0.00M 0.00M 127.63M 0.00M 0.00M 0.00M 0.00M 28.85M 0.00M 58.67M 0.00M 45.29M
Net Dividends Paid -3,781.07M -3,134.17M -3,331.05M -3,025.21M -2,490.49M -2,013.53M -1,939.40M -2,652.43M -2,466.57M -2,290.40M -2,105.74M -2,026.16M -1,798.28M -1,565.36M -1,237.79M -1,322.39M -1,888.85M -1,530.02M -2,418.17M -1,886.86M -1,599.68M -1,242.71M -938.80M -830.74M -1,173.16M -1,040.83M -673.92M -450.47M -450.01M -446.12M -353.41M
Common Dividends Paid -3,750.39M -3,097.47M -3,297.53M -2,998.67M -2,416.67M -1,986.64M -1,900.41M -2,652.79M -2,466.48M -2,290.36M -2,145.63M -2,026.16M -1,835.91M -1,478.49M -1,103.62M -1,270.34M -1,859.14M -1,323.68M -2,429.90M -1,866.26M -1,755.21M -1,375.49M -1,209.34M -821.77M -1,163.43M -1,040.83M -673.92M -450.47M -450.01M -446.12M -315.94M
Preferred Dividends Paid -20.85M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 4,065.56M 1,326.95M 1,512.12M -494.55M 330.84M 4,352.64M 9,349.78M 4,480.96M 5,163.80M 6,069.43M 9,242.62M 7,097.98M 3,794.18M 3,810.78M 13,373.35M 1,824.28M 4,346.74M 1,680.56M 4,801.60M 12,062.40M 6,249.06M 9,545.09M 7,764.92M 9,016.67M 5,375.95M 7,737.29M 6,650.89M 1,579.53M 6,133.71M 2,698.38M 3,629.65M
Net Cash from Financing Activities -1,988.43M 231.88M 1,965.56M 739.03M -1,871.41M 1,584.71M 3,144.92M -810.43M 856.07M 3,238.27M 6,676.12M 1,983.54M 2,474.00M -1,132.30M 1,724.54M 1,387.67M 4,598.02M 498.67M 8,171.67M 21,199.69M 14,530.56M 17,486.15M 15,170.77M 6,917.60M 7,265.28M 7,041.22M 8,108.57M 5,276.34M 7,668.11M 5,434.40M 4,769.56M
Effect of FX on Cash 97.28M 515.10M -498.79M 304.99M 247.31M -791.19M -525.96M 318.50M 159.25M -207.86M -11.82M 365.24M 350.45M -253.31M -271.37M -390.63M -50.82M -9.30M -538.14M -164.39M -11.81M -146.58M -82.50M -709.79M -43.59M -37.03M -93.51M -167.79M 85.68M -136.86M -236.44M
Net Change in Cash 1,687.83M -591.67M -15,205.50M 2,202.40M 2,954.27M 9,460.58M 24,088.56M -3,236.37M 3,080.78M 8,957.32M 4,563.29M 2,221.45M 561.61M -2,313.86M 1,980.07M 10,970.43M 3,023.96M -3,602.39M 9,419.53M 3,132.10M 3,491.62M 2,865.08M 655.90M 1,247.91M 424.20M 645.39M 555.23M 259.06M -444.86M 400.51M 503.69M
Cash at Beginning of Period 6,361.42M 34,625.19M 124,771.97M 107,870.74M 103,259.66M 98,419.23M 65,338.09M 70,448.87M 66,377.55M 62,331.02M 54,603.90M 40,261.50M 41,451.61M 47,943.50M 44,394.41M 32,794.83M 28,854.16M 35,082.22M 20,591.64M 19,292.06M 16,889.68M 14,578.79M 15,483.12M 9,975.64M 5,718.71M 5,304.55M 5,740.42M 5,830.44M 6,152.54M 4,690.87M 3,900.71M
Cash at End of Period 14,996.20M 33,902.43M 107,107.27M 124,771.97M 104,801.90M 103,259.66M 97,841.19M 66,871.61M 72,112.15M 70,179.58M 62,506.25M 43,855.56M 40,264.33M 41,665.73M 49,005.16M 47,935.81M 34,731.73M 28,870.98M 35,114.44M 20,591.63M 19,088.82M 18,930.58M 14,729.93M 11,740.12M 9,668.00M 6,522.60M 5,815.35M 6,678.10M 5,469.04M 5,270.96M 3,236.52M
Operating Cash Flow 1,280.04M 5,177.48M 1,008.09M 9,619.57M 12,535.31M 19,084.83M 25,760.06M 3,649.72M 8,187.18M 4,091.46M 9,403.43M 9,677.30M 5,689.58M 4,924.94M 2,653.99M 18,064.64M 11,002.48M 14,232.37M 15,813.66M 5,234.62M 5,542.05M 5,339.51M 4,592.64M 7,784.67M 8,640.99M 2,246.45M 1,265.36M 4,824.77M 1,069.57M 2,857.81M 1,851.70M
Capital Expenditure -705.07M -662.60M -1,158.09M -927.87M -897.36M -922.39M -965.94M -891.93M -871.31M -755.85M -869.47M -1,007.89M -917.59M -781.64M -753.21M -864.07M -999.62M -990.99M -1,084.24M -949.45M -734.74M -952.93M -612.89M -495.99M -641.26M -635.30M -794.90M -418.22M -342.42M -465.75M -450.07M
Free Cash Flow -430.97M 4,590.10M -723.05M 8,353.36M 11,213.45M 18,052.45M 23,567.36M 2,783.67M 6,321.87M 3,290.41M 8,730.57M 8,322.16M 4,255.18M 4,237.40M 1,693.31M 16,922.12M 10,003.35M 12,585.19M 15,025.81M 3,831.45M 4,918.14M 2,622.59M 3,596.21M 6,945.95M 7,291.63M 1,111.20M 252.35M 4,253.48M 680.81M 2,032.87M 1,519.62M

Industry Free Cash Flow

Metric TTM 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
EBITDA 10,760.12M 10,201.21M 7,890.50M 6,595.13M 8,072.64M 6,405.59M 3,125.30M 3,804.66M 4,021.75M 3,997.10M 2,984.25M 3,546.29M 3,020.65M 2,491.60M 2,671.64M 8,350.56M 4,529.03M 1,776.64M 1,795.26M 3,850.83M 4,907.40M 4,535.54M 4,708.11M 4,306.58M 3,810.13M 3,952.37M 6,559.61M 4,808.27M 3,518.44M 2,481.06M 2,097.73M
(-) Tax Adjustment 2,396.82M 2,383.61M 1,567.51M 1,035.93M 1,652.41M 1,343.96M 643.06M 994.09M 994.35M 1,177.08M 852.99M 898.05M 987.41M 712.54M 641.24M 2,016.00M 1,019.67M 373.68M 224.92M 1,068.23M 1,321.56M 1,293.13M 1,379.20M 1,175.28M 864.42M 1,151.95M 1,882.85M 1,420.39M 1,114.64M 849.58M 772.49M
(-) Change In Working Capital -7,725.35M 372.32M -5,392.69M -1,676.14M 6,002.79M 11,415.80M 15,981.95M -1,082.13M 1,375.20M -332.74M 1,249.06M 3,504.16M -1,737.75M -6,020.42M -1,691.33M 6,667.41M 2,661.55M 270.35M 4,740.09M -2,114.70M -1,986.80M -5,055.46M -1,975.64M -373.99M -2,792.90M -1,940.52M -1,782.96M 1,302.19M -3.71M 261.06M 247.09M
(-) Capital Expenditure 705.07M 662.60M 1,158.09M 927.87M 897.36M 922.39M 965.94M 891.93M 871.31M 755.85M 869.47M 1,007.89M 917.59M 781.64M 753.21M 864.07M 999.62M 990.99M 1,084.24M 949.45M 734.74M 952.93M 612.89M 495.99M 641.26M 635.30M 794.90M 418.22M 342.42M 465.75M 450.07M
Unlevered Free Cash Flow 15,383.58M 6,782.68M 10,557.59M 6,307.48M -479.91M -7,276.56M -14,465.65M 3,000.77M 780.89M 2,396.90M 12.73M -1,863.81M 2,853.40M 7,017.84M 2,968.52M -1,196.92M -151.81M 141.61M -4,253.98M 3,947.85M 4,837.90M 7,344.93M 4,691.66M 3,009.31M 5,097.35M 4,105.64M 5,664.82M 1,667.46M 2,065.09M 904.67M 628.08M
(-) Net Interest Income After Taxes 9,831.15M 8,812.32M 16,279.85M 17,399.25M 13,722.91M 12,419.33M 12,052.10M 11,583.38M 12,524.67M 12,056.40M 11,739.89M 11,927.84M 10,570.33M 12,060.50M 13,644.72M 14,580.33M 14,125.00M 12,864.20M 12,884.58M 9,803.35M 7,920.67M 8,273.24M 6,709.74M 5,728.55M 5,048.78M 4,172.41M 2,559.99M 2,792.16M 2,365.26M 2,865.66M 2,117.30M
Net Debt Issuance 968.04M 1,387.96M 5,050.80M 4,646.19M 4,230.04M 568.06M -972.00M 287.93M 2,059.51M 2,396.46M 1,915.31M 584.28M 1,878.85M -755.31M 1,005.67M 576.32M 679.13M -1,095.71M 1,700.65M 2,584.80M 6,803.79M 9,777.37M 5,570.10M 2,981.31M 1,772.51M 1,408.93M 1,803.34M 2,948.76M 1,871.76M 2,679.05M 3,031.35M
Levered Free Cash Flow 6,520.47M -641.67M -671.46M -6,445.58M -9,972.78M -19,127.83M -27,489.75M -8,294.68M -9,684.28M -7,263.04M -9,811.85M -13,207.37M -5,838.07M -5,797.97M -9,670.52M -15,200.93M -13,597.69M -13,818.29M -15,437.91M -3,270.70M 3,721.01M 8,849.05M 3,552.02M 262.07M 1,821.08M 1,342.16M 4,908.16M 1,824.06M 1,571.58M 718.05M 1,542.13M