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Income Statement Margins

Metric 3Y Avg 5Y Avg 10Y Avg 15Y Avg 20Y Avg 25Y Avg 30Y Avg TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-10-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 38,144M 35,403M 30,755M 27,187M 23,410M 19,674M 16,718M 41,357M 39,875M 41,030M 36,282M 37,121M 33,376M 29,207M 28,680M 27,518M 25,758M 24,127M 24,455M 22,826M 22,989M 20,597M 17,695M 16,151M 14,214M 15,568M 15,517M 8,041M 7,045M 5,995M 4,894M 4,241M 4,317M 4,200M 3,091M 2,554M 2,083M 1,592M 388M
Cost of Revenue 26,128M 24,237M 21,302M 18,407M 15,790M 13,250M 11,231M 25,389M 25,563M 27,623M 25,467M 25,294M 22,060M 20,743M 20,066M 19,665M 18,476M 16,709M 16,912M 15,552M 14,027M 12,828M 10,889M 9,787M 9,491M 10,147M 9,634M 5,601M 4,834M 4,038M 3,250M 2,788M 2,857M 2,501M 1,866M 1,597M 1,168M 851M 216M
Cost of Revenue Margin 68.55% 68.55% 69.43% 67.19% 67.01% 66.62% 65.12% 61.39% 64.11% 67.32% 70.19% 68.14% 66.10% 71.02% 69.96% 71.46% 71.73% 69.25% 69.15% 68.14% 61.01% 62.28% 61.54% 60.59% 66.77% 65.18% 62.08% 69.66% 68.61% 67.36% 66.40% 65.73% 66.18% 59.55% 60.36% 62.55% 56.06% 53.45% 55.86%
Gross Profit 11,270M 10,396M 8,817M 7,757M 6,765M 5,709M 4,865M 12,888M 11,643M 12,063M 10,574M 11,172M 9,872M 8,301M 7,871M 8,063M 6,959M 6,440M 6,861M 6,381M 6,248M 5,537M 5,119M 4,888M 4,408M 4,871M 4,584M 2,608M 2,490M 1,929M 1,433M 1,203M 1,312M 1,545M 990M 800M 694M 552M 184M
Gross Profit Margin 29.55% 29.33% 28.51% 28.42% 29.30% 29.72% 30.72% 31.16% 29.20% 29.40% 29.14% 30.10% 29.58% 28.42% 27.44% 29.30% 27.02% 26.69% 28.06% 27.96% 27.18% 26.88% 28.93% 30.27% 31.01% 31.29% 29.54% 32.44% 35.34% 32.17% 29.28% 28.36% 30.39% 36.78% 32.02% 31.32% 33.31% 34.66% 47.38%
R&D Expenses 2,014M 1,793M 1,452M 1,213M 1,038M 865M 733M 2,175M 1,995M 2,129M 2,014M 1,899M 1,544M 1,380M 1,348M 1,138M 1,073M 1,052M 949M 864M 792M 793M 585M 642M 633M 652M 578M 399M 303M 231M 163M 163M 159M 139M 120M 112M 76M 54M 6M
R&D Expenses Margin 5.28% 5.04% 4.64% 4.32% 4.32% 4.18% 4.04% 5.26% 5.00% 5.19% 5.55% 5.12% 4.63% 4.72% 4.70% 4.13% 4.17% 4.36% 3.88% 3.78% 3.45% 3.85% 3.30% 3.98% 4.45% 4.19% 3.72% 4.97% 4.29% 3.86% 3.34% 3.85% 3.68% 3.31% 3.87% 4.40% 3.63% 3.40% 1.45%
SG&A Expenses 4,122M 3,760M 3,390M 3,006M 2,581M 2,194M 1,878M 4,826M 4,857M 4,494M 4,010M 3,863M 3,276M 3,155M 3,369M 3,068M 2,982M 3,007M 2,676M 2,633M 2,642M 2,214M 1,887M 1,822M 1,687M 1,604M 1,452M 971M 817M 818M 636M 589M 613M 574M 525M 372M 290M 232M 72M
SG&A Expenses Margin 10.80% 10.61% 11.09% 11.11% 11.09% 11.61% 12.29% 11.67% 12.18% 10.95% 11.05% 10.41% 9.81% 10.80% 11.75% 11.15% 11.58% 12.46% 10.94% 11.53% 11.49% 10.75% 10.66% 11.28% 11.87% 10.30% 9.36% 12.07% 11.60% 13.64% 13.00% 13.88% 14.20% 13.66% 17.00% 14.55% 13.92% 14.60% 18.55%
Operating Expenses 7,868M 7,188M 6,187M 5,434M 4,717M 4,007M 3,420M 8,538M 7,969M 8,493M 7,855M 7,255M 6,511M 5,824M 5,862M 5,524M 5,157M 4,746M 4,639M 4,431M 4,422M 4,022M 3,544M 3,223M 3,262M 3,390M 3,106M 1,627M 1,453M 1,266M 1,034M 1,187M 1,366M 968M 780M 626M 501M 398M 135M
Operating Expenses Margin 20.63% 20.27% 20.05% 19.91% 20.21% 21.17% 22.09% 20.64% 19.98% 20.70% 21.65% 19.55% 19.51% 19.94% 20.44% 20.07% 20.02% 19.67% 18.97% 19.41% 19.24% 19.53% 20.03% 19.95% 22.95% 21.77% 20.02% 20.23% 20.63% 21.12% 21.12% 27.98% 31.65% 23.05% 25.23% 24.52% 24.03% 25.02% 34.86%
Operating Income (EBIT) 3,383M 3,228M 2,653M 2,320M 1,987M 1,651M 1,401M 4,350M 3,467M 3,208M 2,793M 4,149M 3,775M 2,215M 2,476M 2,117M 2,151M 1,647M 1,996M 1,870M 1,953M 1,519M 1,621M 1,305M 747M 1,362M 1,377M 779M 684M 544M 316M 101M 189M 371M 218M 190M 184M 124M 43M
Operating Income (EBIT) Margin 8.90% 9.12% 8.53% 8.44% 8.44% 8.00% 8.07% 10.52% 8.69% 7.82% 7.70% 11.18% 11.31% 7.59% 8.63% 7.69% 8.35% 6.82% 8.16% 8.19% 8.50% 7.38% 9.16% 8.08% 5.25% 8.75% 8.87% 9.69% 9.70% 9.08% 6.46% 2.38% 4.37% 8.83% 7.05% 7.43% 8.83% 7.78% 11.21%
Interest Income 263M 194M 141M 108M 92M 74M 61M 280M 346M 341M 298M 151M 77M 102M 161M 108M 75M 50M 48M 39M 43M 37M 53M 38M 55M 107M 49M 5M 2M 1M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Interest Income Margin 0.69% 0.53% 0.43% 0.36% 0.34% 0.27% 0.23% 0.68% 0.87% 0.83% 0.82% 0.41% 0.23% 0.35% 0.56% 0.39% 0.29% 0.21% 0.20% 0.17% 0.19% 0.18% 0.30% 0.23% 0.39% 0.69% 0.32% 0.07% 0.03% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Interest Expense 360M 318M 260M 213M 174M 140M 117M 383M 357M 393M 380M 309M 258M 250M 271M 240M 205M 165M 125M 148M 118M 120M 113M 107M 116M 92M 55M 17M 8M 6M 2M 1M 1M 1M 1M 0M 0M 1M 0M
Interest Expense Margin 0.95% 0.89% 0.83% 0.75% 0.67% 0.54% 0.46% 0.93% 0.90% 0.96% 1.05% 0.83% 0.77% 0.86% 0.94% 0.87% 0.80% 0.68% 0.51% 0.65% 0.51% 0.58% 0.64% 0.66% 0.82% 0.59% 0.35% 0.21% 0.12% 0.09% 0.04% 0.02% 0.01% 0.03% 0.04% 0.01% 0.02% 0.05% 0.12%
Net Interest Income -77M -105M -105M -94M -76M -61M -50M -82M -38M -36M -84M -112M -159M -132M -113M -118M -117M -107M -76M -90M -78M -67M -62M -67M -51M -8M -23M -6M -5M -2M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Net Interest Income Margin -0.21% -0.31% -0.36% -0.36% -0.31% -0.25% -0.21% -0.20% -0.09% -0.09% -0.23% -0.30% -0.48% -0.45% -0.39% -0.43% -0.45% -0.44% -0.31% -0.39% -0.34% -0.32% -0.35% -0.41% -0.36% -0.05% -0.15% -0.08% -0.07% -0.03% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.06%
Unusual Items 280M 307M 249M 205M 178M 152M 128M 218M 420M 194M -109M 753M 215M 482M 559M 107M 322M 85M -122M 70M 134M 151M 171M 69M 278M 188M -87M 23M 75M 93M 102M 46M 61M -53M -23M 46M -15M 12M 3M
Unusual Items Margin 0.73% 0.90% 0.79% 0.73% 0.75% 0.79% 0.72% 0.53% 1.05% 0.47% -0.30% 2.03% 0.64% 1.65% 1.95% 0.39% 1.25% 0.35% -0.50% 0.31% 0.58% 0.73% 0.97% 0.42% 1.95% 1.21% -0.56% 0.29% 1.06% 1.55% 2.09% 1.08% 1.42% -1.27% -0.76% 1.81% -0.71% 0.76% 0.75%
EBT Excluding Unusual Items 2,921M 2,738M 2,274M 2,014M 1,714M 1,412M 1,201M 4,018M 2,638M 2,871M 3,092M 2,800M 3,526M 1,400M 1,468M 2,036M 1,636M 1,592M 2,316M 1,839M 1,760M 1,300M 1,340M 1,237M 252M 971M 1,556M 744M 541M 363M 114M 11M 67M 479M 266M 98M 214M 100M 38M
EBT Excluding Unusual Items Margin 7.69% 7.68% 7.34% 7.37% 7.28% 6.69% 6.87% 9.72% 6.62% 7.00% 8.52% 7.54% 10.57% 4.79% 5.12% 7.40% 6.35% 6.60% 9.47% 8.06% 7.66% 6.31% 7.57% 7.66% 1.77% 6.24% 10.03% 9.26% 7.67% 6.06% 2.32% 0.25% 1.55% 11.39% 8.60% 3.83% 10.26% 6.30% 9.83%
Pre-Tax Income 3,201M 3,045M 2,522M 2,220M 1,892M 1,565M 1,328M 4,236M 3,058M 3,065M 2,983M 3,553M 3,741M 1,881M 2,027M 2,143M 1,958M 1,677M 2,194M 1,909M 1,894M 1,451M 1,511M 1,306M 530M 1,159M 1,469M 768M 615M 456M 216M 56M 128M 425M 243M 144M 199M 112M 41M
Pre-Tax Income Margin 8.42% 8.58% 8.13% 8.10% 8.02% 7.48% 7.59% 10.24% 7.67% 7.47% 8.22% 9.57% 11.21% 6.44% 7.07% 7.79% 7.60% 6.95% 8.97% 8.36% 8.24% 7.04% 8.54% 8.08% 3.73% 7.44% 9.47% 9.54% 8.73% 7.61% 4.41% 1.33% 2.96% 10.13% 7.85% 5.63% 9.55% 7.07% 10.58%
Income Tax Expense 547M 506M 476M 437M 389M 329M 282M 756M 552M 668M 475M 499M 505M 385M 314M 533M 489M 425M 468M 447M 430M 326M 307M 279M 183M 279M 366M 200M 202M 156M 63M 39M 54M 122M 75M 56M 68M 49M 13M
Income Tax Expense Margin 1.43% 1.42% 1.57% 1.64% 1.77% 1.77% 1.96% 1.83% 1.38% 1.63% 1.31% 1.34% 1.51% 1.32% 1.09% 1.94% 1.90% 1.76% 1.91% 1.96% 1.87% 1.58% 1.74% 1.73% 1.29% 1.79% 2.36% 2.48% 2.86% 2.59% 1.28% 0.92% 1.26% 2.91% 2.43% 2.18% 3.27% 3.06% 3.46%
Net Income 2,579M 2,519M 2,057M 1,797M 1,517M 1,249M 1,056M 3,310M 2,474M 2,454M 2,438M 2,845M 2,942M 1,914M 1,703M 1,667M 1,558M 1,303M 1,742M 1,560M 1,625M 1,043M 1,191M 975M 381M 857M 1,125M 550M 472M 356M 164M 16M 85M 258M 141M 103M 127M 63M 25M
Net Income Margin 6.79% 7.15% 6.63% 6.54% 6.35% 5.79% 5.66% 8.00% 6.21% 5.98% 6.72% 7.66% 8.82% 6.55% 5.94% 6.06% 6.05% 5.40% 7.12% 6.83% 7.07% 5.06% 6.73% 6.04% 2.68% 5.50% 7.25% 6.84% 6.70% 5.94% 3.35% 0.37% 1.96% 6.15% 4.55% 4.05% 6.10% 3.94% 6.51%
Depreciation and Amortization 2,041M 1,954M 1,664M 1,412M 1,229M 1,056M 898M 1,606M 2,017M 2,250M 1,947M 1,926M 1,959M 1,688M 1,566M 1,400M 1,433M 1,328M 1,146M 1,014M 963M 940M 792M 827M 897M 890M 764M 422M 423M 385M 343M 379M 397M 319M 209M 143M 102M 75M 13M
Depreciation and Amortization Margin 5.35% 5.54% 5.40% 5.12% 5.25% 5.77% 5.65% 3.88% 5.06% 5.48% 5.37% 5.19% 5.87% 5.78% 5.46% 5.09% 5.56% 5.50% 4.69% 4.44% 4.19% 4.57% 4.48% 5.12% 6.31% 5.72% 4.92% 5.25% 6.01% 6.41% 7.00% 8.94% 9.20% 7.60% 6.77% 5.61% 4.89% 4.71% 3.42%
EBITDA 5,463M 5,293M 4,425M 3,840M 3,298M 2,782M 2,365M 6,990M 5,273M 5,501M 5,077M 5,812M 5,675M 4,401M 4,059M 3,892M 3,480M 3,025M 3,331M 2,980M 2,932M 2,646M 2,567M 2,220M 1,428M 2,233M 2,328M 1,213M 1,160M 995M 727M 487M 539M 844M 460M 372M 301M 216M 54M
EBITDA Margin 14.35% 15.03% 14.31% 14.00% 14.05% 14.26% 14.26% 16.90% 13.22% 13.41% 13.99% 15.66% 17.00% 15.07% 14.15% 14.14% 13.51% 12.54% 13.62% 13.05% 12.75% 12.85% 14.51% 13.74% 10.04% 14.34% 15.01% 15.09% 16.47% 16.59% 14.86% 11.49% 12.48% 20.11% 14.88% 14.57% 14.45% 13.59% 13.87%
NOPAT 2,807M 2,690M 2,155M 1,866M 1,579M 1,303M 1,102M 3,574M 2,841M 2,509M 2,348M 3,566M 3,265M 1,763M 2,093M 1,591M 1,613M 1,229M 1,570M 1,432M 1,510M 1,178M 1,292M 1,026M 489M 1,033M 1,034M 577M 460M 359M 224M 31M 108M 264M 150M 116M 121M 70M 29M
NOPAT Margin 7.40% 7.60% 6.89% 6.74% 6.58% 6.06% 5.96% 8.64% 7.12% 6.11% 6.47% 9.61% 9.78% 6.03% 7.30% 5.78% 6.26% 5.09% 6.42% 6.27% 6.57% 5.72% 7.30% 6.35% 3.44% 6.64% 6.67% 7.17% 6.52% 5.98% 4.58% 0.74% 2.51% 6.29% 4.86% 4.56% 5.81% 4.41% 7.54%
Owner's Earnings 2,822M 2,787M 2,240M 1,935M 1,612M 1,338M 1,126M 3,419M 2,886M 2,889M 2,754M 2,824M 3,462M 2,004M 1,804M 1,591M 1,660M 1,507M 1,909M 1,560M 1,733M 1,070M 1,205M 1,054M 638M 751M 917M 489M 416M 420M 243M 132M 147M 265M 116M 67M 108M 44M 13M
Owner's Earnings Margin 7.41% 7.89% 7.20% 7.00% 6.61% 6.28% 5.82% 8.27% 7.24% 7.04% 7.59% 7.61% 10.37% 6.86% 6.29% 5.78% 6.44% 6.24% 7.81% 6.84% 7.54% 5.19% 6.81% 6.53% 4.49% 4.82% 5.91% 6.08% 5.91% 7.01% 4.96% 3.10% 3.42% 6.30% 3.76% 2.62% 5.18% 2.79% 3.38%

Balance Sheet Margins

Metric 3Y Avg 5Y Avg 10Y Avg 15Y Avg 20Y Avg 25Y Avg 30Y Avg 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-10-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 38,144M 35,403M 30,755M 27,187M 23,410M 19,674M 16,718M 41,030M 36,282M 37,121M 33,376M 29,207M 28,680M 27,518M 25,758M 24,127M 24,455M 22,826M 22,989M 20,597M 17,695M 16,151M 14,214M 15,568M 15,517M 8,041M 7,045M 5,995M 4,894M 4,241M 4,317M 4,200M 3,091M 2,554M 2,083M 1,592M 388M
Cash & Cash Equivalents 6,132M 5,879M 5,175M 4,394M 3,680M 3,084M 2,600M 6,607M 5,995M 5,795M 5,615M 5,380M 4,861M 5,166M 4,665M 3,895M 3,766M 3,388M 2,963M 2,860M 2,589M 2,357M 1,902M 1,804M 1,731M 1,231M 1,032M 936M 779M 744M 568M 468M 315M 232M 202M 114M 37M
Cash & Cash Equivalents Margin 16.08% 16.70% 16.89% 15.98% 15.29% 15.17% 14.16% 16.10% 16.52% 15.61% 16.82% 18.42% 16.95% 18.78% 18.11% 16.15% 15.40% 14.84% 12.89% 13.88% 14.63% 14.59% 13.38% 11.59% 11.16% 15.31% 14.65% 15.61% 15.92% 17.53% 13.17% 11.14% 10.19% 9.07% 9.70% 7.15% 9.44%
Short-Term Investments 2,391M 2,035M 1,648M 1,350M 1,154M 965M 810M 3,041M 2,028M 2,104M 1,817M 1,186M 1,028M 1,398M 1,369M 1,431M 1,081M 934M 704M 855M 594M 682M 637M 651M 697M 385M 461M 303M 189M 173M 212M 172M 116M 23M 15M 8M 0M
Short-Term Investments Margin 6.22% 5.63% 5.25% 4.76% 4.79% 4.71% 4.12% 7.41% 5.59% 5.67% 5.44% 4.06% 3.58% 5.08% 5.31% 5.93% 4.42% 4.09% 3.06% 4.15% 3.35% 4.22% 4.48% 4.18% 4.49% 4.79% 6.54% 5.06% 3.87% 4.07% 4.90% 4.10% 3.76% 0.90% 0.71% 0.50% 0.00%
Cash & Short-Term Investments 9,251M 9,165M 7,967M 6,843M 5,776M 4,845M 4,083M 9,597M 9,087M 9,068M 9,583M 8,488M 6,895M 6,905M 7,160M 6,498M 6,393M 5,179M 5,287M 4,538M 4,053M 3,912M 3,342M 3,013M 3,034M 1,764M 1,724M 1,471M 1,282M 1,094M 947M 801M 568M 287M 282M 196M 39M
Cash & Short-Term Investments Margin 24.29% 26.13% 26.06% 25.03% 24.22% 24.07% 22.25% 23.39% 25.05% 24.43% 28.71% 29.06% 24.04% 25.09% 27.80% 26.93% 26.14% 22.69% 23.00% 22.03% 22.91% 24.22% 23.51% 19.35% 19.55% 21.93% 24.47% 24.54% 26.19% 25.80% 21.93% 19.08% 18.38% 11.24% 13.54% 12.34% 10.06%
Net Receivables 6,798M 6,291M 5,396M 4,652M 3,976M 3,332M 2,833M 7,564M 6,074M 6,755M 5,989M 5,074M 5,185M 4,662M 4,592M 4,075M 3,993M 3,684M 3,819M 3,032M 2,632M 2,645M 2,507M 2,491M 2,283M 1,392M 1,065M 947M 733M 620M 653M 837M 597M 436M 334M 264M 69M
Net Receivables Margin 17.79% 17.74% 17.48% 16.90% 16.71% 16.59% 16.72% 18.44% 16.74% 18.20% 17.95% 17.37% 18.08% 16.94% 17.83% 16.89% 16.33% 16.14% 16.61% 14.72% 14.88% 16.38% 17.64% 16.00% 14.71% 17.32% 15.11% 15.80% 14.98% 14.62% 15.13% 19.94% 19.32% 17.07% 16.03% 16.59% 17.82%
Inventory 3,572M 3,203M 2,659M 2,253M 1,929M 1,628M 1,386M 3,709M 3,424M 3,582M 2,887M 2,411M 2,402M 2,331M 2,157M 1,845M 1,839M 1,761M 1,595M 1,498M 1,257M 1,104M 1,004M 1,315M 1,207M 690M 573M 480M 402M 402M 413M 412M 272M 203M 188M 159M 63M
Inventory Margin 9.38% 9.01% 8.54% 8.08% 8.06% 8.25% 8.61% 9.04% 9.44% 9.65% 8.65% 8.25% 8.37% 8.47% 8.38% 7.65% 7.52% 7.71% 6.94% 7.27% 7.10% 6.83% 7.06% 8.45% 7.78% 8.58% 8.13% 8.01% 8.21% 9.47% 9.58% 9.81% 8.79% 7.94% 9.02% 9.99% 16.33%
Other Current Assets 1,468M 1,792M 1,661M 1,453M 1,249M 1,039M 880M 1,179M 1,158M 2,069M 2,373M 2,181M 1,915M 1,522M 1,081M 1,576M 1,557M 1,313M 1,439M 1,060M 830M 552M 544M 885M 1,166M 301M 284M 251M 224M 218M 156M 138M 115M 106M 105M 78M 34M
Other Current Assets Margin 3.88% 5.24% 5.55% 5.38% 5.28% 5.06% 5.09% 2.87% 3.19% 5.57% 7.11% 7.47% 6.68% 5.53% 4.19% 6.53% 6.37% 5.75% 6.26% 5.15% 4.69% 3.42% 3.82% 5.68% 7.51% 3.75% 4.03% 4.18% 4.58% 5.14% 3.62% 3.29% 3.72% 4.17% 5.03% 4.88% 8.66%
Total Current Assets 22,927M 22,143M 19,324M 16,924M 14,468M 12,125M 10,270M 23,798M 22,534M 22,448M 22,859M 19,075M 18,044M 17,911M 16,290M 15,296M 14,986M 13,295M 13,519M 12,391M 10,433M 10,987M 9,074M 9,043M 8,633M 4,483M 4,250M 3,425M 2,976M 2,632M 2,397M 2,335M 1,713M 1,225M 1,059M 757M 219M
Total Current Assets Margin 60.19% 62.88% 63.03% 62.30% 61.41% 60.77% 59.25% 58.00% 62.11% 60.47% 68.49% 65.31% 62.91% 65.09% 63.24% 63.40% 61.28% 58.25% 58.81% 60.16% 58.96% 68.03% 63.84% 58.09% 55.64% 55.75% 60.32% 57.13% 60.80% 62.05% 55.52% 55.60% 55.42% 47.95% 50.85% 47.56% 56.43%
Property, Plant & Equipment 7,664M 7,412M 6,659M 5,652M 4,836M 4,047M 3,431M 7,958M 7,564M 7,469M 7,204M 6,866M 7,843M 5,947M 5,478M 5,314M 4,946M 4,438M 4,146M 3,736M 2,971M 2,899M 2,910M 3,176M 3,025M 1,510M 1,321M 1,037M 909M 910M 867M 729M 604M 436M 379M 257M 68M
Property, Plant & Equipment Margin 20.12% 21.09% 21.79% 20.55% 20.31% 20.04% 19.65% 19.40% 20.85% 20.12% 21.58% 23.51% 27.35% 21.61% 21.27% 22.03% 20.23% 19.44% 18.03% 18.14% 16.79% 17.95% 20.47% 20.40% 19.50% 18.78% 18.75% 17.29% 18.58% 21.46% 20.07% 17.35% 19.54% 17.06% 18.21% 16.12% 17.50%
Goodwill 4,562M 4,109M 3,315M 2,700M 2,209M 1,768M 1,474M 4,892M 4,306M 4,488M 3,623M 3,236M 2,989M 2,797M 2,520M 2,294M 2,006M 1,790M 1,472M 1,336M 1,426M 1,322M 1,012M 988M 844M 727M 121M 19M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Goodwill Margin 11.96% 11.56% 10.59% 9.52% 8.63% 6.91% 5.76% 11.92% 11.87% 12.09% 10.85% 11.08% 10.42% 10.16% 9.78% 9.51% 8.20% 7.84% 6.40% 6.48% 8.06% 8.18% 7.12% 6.35% 5.44% 9.04% 1.72% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Intangible Assets 2,019M 1,844M 1,625M 1,392M 1,141M 965M 810M 2,190M 1,944M 1,923M 1,587M 1,577M 1,387M 1,471M 1,464M 1,389M 1,318M 1,116M 1,004M 962M 871M 675M 538M 423M 380M 225M 369M 311M 332M 307M 211M 141M 102M 43M 19M 11M 4M
Intangible Assets Margin 5.29% 5.21% 5.30% 5.07% 4.65% 4.82% 4.27% 5.34% 5.36% 5.18% 4.75% 5.40% 4.84% 5.35% 5.69% 5.76% 5.39% 4.89% 4.37% 4.67% 4.92% 4.18% 3.78% 2.72% 2.45% 2.79% 5.24% 5.19% 6.77% 7.23% 4.90% 3.35% 3.30% 1.69% 0.89% 0.70% 0.96%
Long-Term Investments 1,209M 1,136M 910M 727M 594M 477M 397M 1,059M 1,271M 1,296M 1,094M 959M 930M 664M 693M 551M 583M 413M 327M 332M 320M 419M 333M 332M 204M 62M 43M 28M 0M 1M 1M 0M 0M 0M 0M 0M 0M
Long-Term Investments Margin 3.19% 3.23% 2.92% 2.56% 2.28% 1.84% 1.54% 2.58% 3.50% 3.49% 3.28% 3.28% 3.24% 2.41% 2.69% 2.28% 2.38% 1.81% 1.42% 1.61% 1.81% 2.60% 2.34% 2.13% 1.32% 0.78% 0.62% 0.47% 0.00% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Assets 917M 849M 694M 590M 496M 410M 341M 998M 937M 817M 792M 704M 599M 551M 519M 579M 446M 399M 332M 410M 429M 333M 329M 294M 224M 125M 114M 106M 119M 62M 20M 4M 0M 0M 0M 0M 0M
Tax Assets Margin 2.40% 2.40% 2.23% 2.13% 2.04% 1.88% 1.57% 2.43% 2.58% 2.20% 2.37% 2.41% 2.09% 2.00% 2.01% 2.40% 1.82% 1.75% 1.45% 1.99% 2.43% 2.06% 2.31% 1.89% 1.44% 1.56% 1.62% 1.77% 2.43% 1.46% 0.46% 0.10% 0.01% 0.00% 0.00% 0.00% 0.00%
Other Non-Current Assets 3,592M 3,173M 2,318M 1,770M 1,466M 1,253M 1,066M 4,266M 3,232M 3,279M 2,892M 2,196M 1,858M 1,730M 1,495M 1,080M 1,151M 870M 847M 553M 534M 561M 595M 743M 726M 353M 359M 363M 408M 461M 429M 351M 240M 155M 130M 92M 15M
Other Non-Current Assets Margin 9.38% 8.86% 7.21% 5.92% 5.59% 6.22% 6.17% 10.40% 8.91% 8.83% 8.67% 7.52% 6.48% 6.29% 5.80% 4.48% 4.71% 3.81% 3.69% 2.69% 3.02% 3.47% 4.19% 4.77% 4.68% 4.39% 5.10% 6.06% 8.33% 10.87% 9.93% 8.35% 7.77% 6.06% 6.24% 5.77% 3.94%
Other Assets 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Other Assets Margin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Non-Current Assets 29,513M 27,598M 22,731M 18,569M 15,402M 12,817M 10,811M 33,466M 27,697M 27,376M 26,193M 23,259M 22,688M 18,545M 16,416M 16,117M 15,553M 12,478M 11,324M 10,128M 8,834M 8,464M 7,565M 7,403M 6,914M 4,163M 3,449M 2,822M 2,506M 2,643M 2,337M 2,081M 1,500M 971M 790M 514M 126M
Total Non-Current Assets Margin 77.22% 77.95% 73.04% 65.72% 61.59% 59.85% 56.18% 81.57% 76.34% 73.75% 78.48% 79.64% 79.11% 67.39% 63.73% 66.80% 63.60% 54.67% 49.26% 49.17% 49.92% 52.40% 53.22% 47.55% 44.56% 51.77% 48.96% 47.07% 51.20% 62.32% 54.13% 49.56% 48.52% 38.03% 37.94% 32.27% 32.45%
Total Assets 56,420M 53,261M 44,548M 37,422M 31,482M 26,300M 22,209M 60,936M 53,473M 54,851M 51,869M 45,175M 43,383M 38,224M 34,890M 32,209M 30,470M 28,085M 24,558M 21,954M 19,906M 21,354M 17,558M 17,480M 16,436M 9,095M 7,736M 6,934M 5,693M 5,337M 5,130M 4,774M 3,045M 2,214M 1,848M 1,342M 317M
Total Assets Margin 147.89% 150.75% 143.75% 134.57% 129.16% 126.94% 120.45% 148.52% 147.38% 147.76% 155.41% 154.67% 151.26% 138.91% 135.46% 133.49% 124.60% 123.04% 106.83% 106.59% 112.50% 132.21% 123.53% 112.28% 105.93% 113.10% 109.80% 115.66% 116.31% 125.83% 118.83% 113.66% 98.49% 86.70% 88.69% 84.33% 81.79%
Accounts Payable 4,174M 3,781M 3,218M 2,752M 2,372M 1,985M 1,681M 4,572M 3,925M 4,024M 3,448M 2,935M 2,903M 2,898M 2,766M 2,378M 2,334M 2,227M 1,959M 1,732M 1,580M 1,600M 1,450M 1,586M 1,490M 913M 719M 540M 475M 382M 348M 431M 276M 190M 182M 133M 39M
Accounts Payable Margin 10.93% 10.64% 10.40% 9.97% 10.05% 9.88% 9.69% 11.14% 10.82% 10.84% 10.33% 10.05% 10.12% 10.53% 10.74% 9.86% 9.54% 9.76% 8.52% 8.41% 8.93% 9.91% 10.20% 10.19% 9.60% 11.36% 10.21% 9.01% 9.70% 9.01% 8.07% 10.27% 8.94% 7.42% 8.75% 8.34% 10.00%
Short-Term Debt 1,965M 1,929M 1,637M 1,351M 1,109M 910M 766M 2,325M 1,716M 1,852M 2,004M 1,746M 1,831M 1,378M 1,374M 1,186M 952M 937M 950M 692M 652M 670M 629M 455M 441M 203M 190M 110M 119M 99M 121M 112M 98M 53M 41M 28M 17M
Short-Term Debt Margin 5.13% 5.47% 5.29% 4.82% 4.39% 3.99% 3.77% 5.67% 4.73% 4.99% 6.00% 5.98% 6.39% 5.01% 5.34% 4.92% 3.89% 4.10% 4.13% 3.36% 3.69% 4.15% 4.43% 2.92% 2.84% 2.53% 2.69% 1.83% 2.44% 2.32% 2.80% 2.68% 3.17% 2.06% 1.96% 1.78% 4.29%
Tax Payables 328M 325M 268M 219M 180M 145M 120M 316M 325M 341M 340M 303M 201M 237M 241M 192M 182M 147M 150M 112M 99M 99M 81M 91M 105M 18M 21M 5M 4M 3M 0M 0M 0M 0M 0M 0M 0M
Tax Payables Margin 0.86% 0.93% 0.87% 0.78% 0.70% 0.57% 0.48% 0.77% 0.90% 0.92% 1.02% 1.04% 0.70% 0.86% 0.94% 0.80% 0.75% 0.64% 0.65% 0.54% 0.56% 0.61% 0.57% 0.59% 0.68% 0.22% 0.30% 0.08% 0.08% 0.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06%
Deferred Revenue 900M 1,631M 1,490M 1,275M 1,064M 873M 728M 790M 799M 1,110M 3,154M 2,303M 2,231M 1,044M 1,236M 1,264M 964M 1,113M 878M 706M 679M 858M 656M 671M 415M 221M 191M 128M 142M 122M 98M 41M 19M 11M 4M 1M 0M
Deferred Revenue Margin 2.37% 4.89% 5.00% 4.75% 4.42% 3.98% 3.36% 1.92% 2.20% 2.99% 9.45% 7.89% 7.78% 3.79% 4.80% 5.24% 3.94% 4.87% 3.82% 3.43% 3.84% 5.31% 4.62% 4.31% 2.68% 2.75% 2.70% 2.14% 2.90% 2.88% 2.27% 0.99% 0.62% 0.41% 0.17% 0.08% 0.00%
Other Current Liabilities 2,856M 2,612M 2,198M 1,840M 1,569M 1,320M 1,126M 3,184M 2,876M 2,507M 2,307M 2,183M 1,963M 2,171M 1,679M 1,706M 1,400M 1,221M 1,249M 1,081M 1,045M 1,032M 842M 913M 966M 581M 481M 433M 323M 290M 284M 275M 359M 193M 135M 82M 29M
Other Current Liabilities Margin 7.48% 7.37% 7.09% 6.61% 6.56% 6.60% 6.78% 7.76% 7.93% 6.75% 6.91% 7.47% 6.85% 7.89% 6.52% 7.07% 5.73% 5.35% 5.43% 5.25% 5.91% 6.39% 5.93% 5.86% 6.23% 7.23% 6.83% 7.23% 6.60% 6.84% 6.57% 6.55% 11.61% 7.55% 6.49% 5.16% 7.58%
Total Current Liabilities 15,779M 14,729M 12,124M 10,304M 8,671M 7,193M 6,081M 16,992M 15,337M 15,008M 14,116M 12,193M 11,457M 9,981M 9,666M 8,668M 7,822M 7,669M 7,548M 6,455M 5,673M 5,974M 4,868M 4,895M 4,519M 2,479M 2,102M 1,603M 1,382M 1,197M 1,113M 1,120M 913M 634M 585M 353M 108M
Total Current Liabilities Margin 41.37% 41.63% 38.98% 37.11% 35.61% 33.91% 32.68% 41.41% 42.27% 40.43% 42.29% 41.75% 39.95% 36.27% 37.53% 35.92% 31.98% 33.60% 32.83% 31.34% 32.06% 36.99% 34.25% 31.44% 29.13% 30.83% 29.84% 26.74% 28.23% 28.22% 25.77% 26.66% 29.52% 24.84% 28.06% 22.21% 27.89%
Long-Term Debt 5,505M 5,231M 4,413M 3,532M 2,923M 2,439M 2,064M 5,580M 5,337M 5,599M 5,391M 4,247M 4,966M 3,779M 3,168M 3,228M 2,835M 2,136M 1,946M 1,780M 1,553M 1,442M 1,500M 1,413M 1,266M 724M 577M 524M 513M 567M 479M 417M 353M 299M 175M 90M 41M
Long-Term Debt Margin 14.46% 14.82% 14.24% 12.44% 11.58% 11.41% 11.10% 13.60% 14.71% 15.08% 16.15% 14.54% 17.31% 13.73% 12.30% 13.38% 11.59% 9.36% 8.47% 8.64% 8.78% 8.93% 10.55% 9.08% 8.16% 9.01% 8.19% 8.74% 10.48% 13.38% 11.09% 9.93% 11.41% 11.70% 8.38% 5.68% 10.59%
Capital Lease Obligations 687M 640M 352M 235M 176M 141M 117M 677M 703M 683M 553M 582M 318M 3M 3M 1M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Capital Lease Obligations Margin 1.81% 1.82% 1.02% 0.68% 0.51% 0.41% 0.34% 1.65% 1.94% 1.84% 1.66% 1.99% 1.11% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Deferred Tax Liabilities 235M 202M 187M 161M 136M 111M 93M 227M 231M 247M 180M 125M 201M 187M 206M 163M 104M 125M 124M 94M 97M 107M 84M 82M 74M 31M 27M 10M 10M 14M 15M 15M 7M 5M 4M 3M 2M
Deferred Tax Liabilities Margin 0.62% 0.56% 0.61% 0.59% 0.56% 0.50% 0.46% 0.55% 0.64% 0.67% 0.54% 0.43% 0.70% 0.68% 0.80% 0.67% 0.43% 0.55% 0.54% 0.46% 0.55% 0.66% 0.59% 0.53% 0.48% 0.39% 0.38% 0.17% 0.21% 0.32% 0.34% 0.35% 0.24% 0.21% 0.19% 0.21% 0.43%
Other Non-Current Liabilities 1,298M 1,278M 1,188M 1,054M 886M 760M 641M 1,287M 1,268M 1,340M 1,230M 1,263M 1,175M 1,130M 1,046M 1,093M 1,049M 978M 851M 760M 741M 596M 568M 434M 382M 261M 271M 336M 316M 329M 210M 99M 104M 57M 50M 17M 4M
Other Non-Current Liabilities Margin 3.41% 3.65% 3.93% 3.93% 3.76% 4.09% 3.74% 3.14% 3.49% 3.61% 3.69% 4.33% 4.10% 4.11% 4.06% 4.53% 4.29% 4.28% 3.70% 3.69% 4.19% 3.69% 4.00% 2.79% 2.46% 3.24% 3.84% 5.60% 6.45% 7.76% 4.88% 2.36% 3.37% 2.23% 2.38% 1.07% 0.93%
Total Non-Current Liabilities 8,550M 8,390M 7,048M 5,752M 4,775M 3,999M 3,383M 8,511M 8,501M 8,638M 8,586M 7,715M 7,248M 6,208M 5,461M 5,057M 4,560M 3,809M 3,430M 3,172M 2,761M 2,624M 2,447M 2,262M 2,067M 1,295M 1,140M 1,022M 992M 971M 802M 702M 594M 425M 297M 162M 46M
Total Non-Current Liabilities Margin 22.48% 23.92% 22.82% 20.47% 19.22% 19.20% 18.40% 20.74% 23.43% 23.27% 25.73% 26.41% 25.27% 22.56% 21.20% 20.96% 18.65% 16.69% 14.92% 15.40% 15.60% 16.25% 17.21% 14.53% 13.32% 16.10% 16.18% 17.04% 20.28% 22.89% 18.57% 16.72% 19.22% 16.63% 14.26% 10.19% 11.75%
Total Liabilities 28,705M 26,472M 21,771M 18,023M 14,999M 12,487M 10,548M 31,969M 27,084M 27,064M 24,809M 21,434M 20,396M 17,693M 17,343M 16,022M 13,901M 12,623M 12,197M 10,572M 8,550M 8,693M 7,454M 7,626M 7,134M 3,884M 3,527M 2,946M 2,617M 2,536M 2,062M 2,050M 1,537M 1,182M 853M 544M 147M
Total Liabilities Margin 75.16% 74.64% 69.92% 64.07% 60.34% 58.63% 55.83% 77.92% 74.65% 72.91% 74.33% 73.39% 71.12% 64.30% 67.33% 66.41% 56.84% 55.30% 53.06% 51.33% 48.32% 53.82% 52.44% 48.98% 45.97% 48.30% 50.06% 49.13% 53.46% 59.79% 47.77% 48.82% 49.74% 46.27% 40.93% 34.19% 38.03%
Preferred Stock 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Preferred Stock Margin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Stock 2,098M 1,961M 1,944M 1,742M 1,478M 1,243M 1,043M 1,739M 2,294M 2,261M 1,759M 1,752M 1,810M 1,983M 1,947M 1,879M 2,019M 1,882M 1,431M 1,221M 1,129M 1,022M 916M 923M 816M 376M 406M 345M 336M 309M 295M 228M 166M 20M 20M 12M 5M
Common Stock Margin 5.55% 5.58% 6.50% 6.54% 6.31% 6.34% 5.58% 4.24% 6.32% 6.09% 5.27% 6.00% 6.31% 7.21% 7.56% 7.79% 8.26% 8.24% 6.22% 5.93% 6.38% 6.33% 6.45% 5.93% 5.26% 4.68% 5.77% 5.75% 6.87% 7.29% 6.84% 5.43% 5.38% 0.80% 0.94% 0.74% 1.16%
Retained Earnings 12,143M 11,108M 9,438M 8,151M 6,832M 5,645M 4,767M 12,166M 11,729M 12,534M 10,350M 8,763M 8,678M 7,655M 7,566M 7,277M 7,656M 7,240M 6,865M 4,917M 4,676M 4,188M 3,786M 3,872M 3,415M 1,808M 1,495M 1,086M 896M 778M 810M 907M 682M 448M 395M 328M 56M
Retained Earnings Margin 31.91% 31.35% 30.57% 29.57% 28.04% 26.23% 24.98% 29.65% 32.33% 33.76% 31.01% 30.00% 30.26% 27.82% 29.37% 30.16% 31.31% 31.72% 29.86% 23.87% 26.43% 25.93% 26.64% 24.87% 22.01% 22.49% 21.22% 18.12% 18.30% 18.34% 18.76% 21.59% 22.07% 17.55% 18.95% 20.63% 14.42%
Accumulated OCI -31M -51M -63M -46M -30M -27M -24M -23M -22M -47M -53M -109M -112M -100M -41M -102M -21M 8M -23M -3M -12M -25M 8M 17M 38M 11M 4M 9M -6M -31M -25M -8M -2M -19M -21M -12M -4M
Accumulated OCI Margin -0.08% -0.16% -0.22% -0.17% -0.09% -0.13% -0.23% -0.06% -0.06% -0.13% -0.16% -0.37% -0.39% -0.36% -0.16% -0.42% -0.08% 0.03% -0.10% -0.01% -0.07% -0.15% 0.06% 0.11% 0.24% 0.13% 0.06% 0.16% -0.12% -0.74% -0.59% -0.20% -0.07% -0.73% -1.03% -0.76% -0.97%
Minority Interest 376M 332M 256M 199M 164M 134M 113M 380M 408M 341M 275M 254M 242M 166M 179M 197M 115M 80M 79M 97M 89M 75M 104M 70M 80M 36M 18M 13M 9M 12M 17M 16M 13M 7M 4M 2M 0M
Minority Interest Margin 0.99% 0.93% 0.81% 0.68% 0.63% 0.56% 0.51% 0.93% 1.13% 0.92% 0.82% 0.87% 0.84% 0.60% 0.70% 0.82% 0.47% 0.35% 0.34% 0.47% 0.50% 0.46% 0.73% 0.45% 0.51% 0.45% 0.25% 0.22% 0.18% 0.28% 0.39% 0.38% 0.42% 0.26% 0.20% 0.13% 0.12%
Total Shareholders’ Equity 22,833M 21,027M 18,135M 15,390M 13,144M 11,055M 9,353M 24,508M 21,992M 21,997M 19,494M 17,142M 16,284M 15,885M 14,920M 15,072M 14,056M 12,482M 10,895M 9,159M 8,620M 8,344M 7,489M 7,817M 7,822M 4,854M 4,047M 3,219M 2,703M 2,525M 2,614M 2,439M 1,509M 1,054M 803M 670M 162M
Total Shareholders’ Equity Margin 59.87% 59.34% 58.91% 55.73% 55.36% 55.77% 53.55% 59.73% 60.61% 59.26% 58.41% 58.69% 56.78% 57.73% 57.93% 62.47% 57.48% 54.68% 47.39% 44.47% 48.72% 51.66% 52.69% 50.21% 50.41% 60.36% 57.45% 53.69% 55.22% 59.53% 60.55% 58.07% 48.82% 41.28% 38.55% 42.09% 41.70%
Total Equity 24,067M 22,151M 18,882M 15,999M 13,732M 11,540M 9,763M 25,546M 23,448M 23,206M 20,799M 17,755M 17,021M 16,723M 15,220M 15,063M 14,040M 12,657M 11,131M 9,460M 8,826M 9,087M 8,254M 8,623M 8,669M 4,968M 4,151M 3,294M 2,757M 2,561M 2,658M 2,581M 1,589M 1,128M 828M 685M 173M
Total Equity Margin 63.13% 62.50% 61.16% 57.83% 57.88% 58.09% 55.84% 62.26% 64.63% 62.52% 62.32% 60.79% 59.35% 60.77% 59.09% 62.43% 57.41% 55.45% 48.42% 45.93% 49.88% 56.26% 58.07% 55.39% 55.87% 61.78% 58.91% 54.95% 56.34% 60.37% 61.57% 61.45% 51.40% 44.18% 39.76% 43.04% 44.65%
Total Liabilities & Equity 180,942M 172,254M 138,649M 116,862M 95,119M 77,200M 64,543M 193,161M 178,530M 171,135M 151,170M 167,276M 140,744M 119,278M 107,350M 78,541M 79,303M 71,571M 90,980M 78,365M 70,502M 55,027M 40,525M 42,224M 34,674M 20,236M 11,794M 3,761M 2,889M 9,347M 8,806M 2,814M 2,161M 1,533M 1,314M 1,117M 156M
Total Liabilities & Equity Margin 474.62% 489.90% 444.03% 417.95% 373.40% 323.25% 279.49% 470.78% 492.06% 461.02% 452.93% 572.73% 490.73% 433.46% 416.77% 325.53% 324.28% 313.56% 395.76% 380.47% 398.44% 340.71% 285.11% 271.22% 223.46% 251.65% 167.40% 62.73% 59.02% 220.39% 203.96% 67.00% 69.93% 60.03% 63.09% 70.16% 40.21%
Total Investments 4,129M 3,881M 2,989M 2,469M 2,118M 1,760M 1,474M 4,270M 4,018M 4,100M 4,087M 2,932M 2,607M 2,312M 2,047M 1,781M 1,742M 1,417M 1,358M 1,419M 1,305M 1,637M 1,346M 1,348M 1,136M 802M 692M 628M 279M 240M 301M 208M 144M 25M 22M 8M 0M
Total Investments Margin 10.84% 10.96% 9.47% 8.75% 8.82% 8.41% 7.25% 10.41% 11.07% 11.04% 12.25% 10.04% 9.09% 8.40% 7.95% 7.38% 7.12% 6.21% 5.91% 6.89% 7.37% 10.14% 9.47% 8.66% 7.32% 9.97% 9.82% 10.48% 5.70% 5.66% 6.96% 4.96% 4.65% 0.96% 1.04% 0.50% 0.08%
Net Debt 3,209M 3,157M 2,516M 1,926M 1,511M 1,228M 1,035M 3,193M 2,784M 3,652M 2,822M 3,337M 3,094M 1,476M 1,726M 1,579M 1,499M 902M 847M 754M 743M 481M 654M 597M 112M -22M -14M 22M 50M 135M 141M 129M 141M 123M 59M 31M 10M
Net Debt Margin 8.43% 9.03% 8.07% 6.61% 5.39% 4.75% 4.52% 7.78% 7.67% 9.84% 8.45% 11.42% 10.79% 5.36% 6.70% 6.54% 6.13% 3.95% 3.68% 3.66% 4.20% 2.98% 4.60% 3.83% 0.72% -0.27% -0.20% 0.37% 1.03% 3.19% 3.27% 3.07% 4.57% 4.82% 2.82% 1.97% 2.67%

Capital Efficiency

Metric 3Y Avg 5Y Avg 10Y Avg 15Y Avg 20Y Avg 25Y Avg 30Y Avg 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-10-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 38,144M 35,403M 30,755M 27,187M 23,410M 19,674M 16,718M 41,030M 36,282M 37,121M 33,376M 29,207M 28,680M 27,518M 25,758M 24,127M 24,455M 22,826M 22,989M 20,597M 17,695M 16,151M 14,214M 15,568M 15,517M 8,041M 7,045M 5,995M 4,894M 4,241M 4,317M 4,200M 3,091M 2,554M 2,083M 1,592M 388M
Working Capital 7,147M 7,414M 7,200M 6,621M 5,796M 4,931M 4,189M 6,805M 7,196M 7,441M 8,744M 6,883M 6,587M 7,931M 6,624M 6,628M 7,164M 5,626M 5,971M 5,936M 4,761M 5,013M 4,206M 4,148M 4,113M 2,004M 2,148M 1,822M 1,594M 1,435M 1,284M 1,215M 800M 590M 475M 404M 111M
Working Capital Margin 18.82% 21.25% 24.05% 25.19% 25.80% 26.86% 26.57% 16.59% 19.83% 20.04% 26.20% 23.56% 22.97% 28.82% 25.72% 27.47% 29.29% 24.65% 25.97% 28.82% 26.90% 31.04% 29.59% 26.65% 26.51% 24.93% 30.48% 30.40% 32.57% 33.83% 29.75% 28.94% 25.90% 23.11% 22.78% 25.35% 28.54%
Total Capital 33,327M 30,951M 26,136M 21,769M 18,362M 15,357M 12,982M 35,535M 32,124M 32,322M 29,262M 25,509M 24,449M 22,289M 20,853M 20,262M 18,752M 16,182M 14,494M 12,194M 11,361M 10,943M 10,037M 9,945M 9,858M 5,937M 4,924M 3,934M 3,385M 3,200M 3,213M 2,967M 1,980M 1,433M 1,056M 823M 221M
Total Capital Margin 87.41% 87.45% 84.51% 78.01% 75.60% 74.69% 71.56% 86.61% 88.54% 87.07% 87.67% 87.34% 85.25% 81.00% 80.96% 83.98% 76.68% 70.89% 63.05% 59.20% 64.21% 67.76% 70.62% 63.88% 63.53% 73.83% 69.89% 65.61% 69.17% 75.46% 74.42% 70.65% 64.04% 56.12% 50.71% 51.68% 56.96%
Capital Employed 40,641M 38,532M 32,424M 27,119M 22,811M 19,107M 16,128M 43,944M 38,136M 39,844M 37,753M 32,982M 31,926M 28,243M 25,224M 23,541M 22,648M 20,416M 17,010M 15,499M 14,233M 15,379M 12,690M 12,585M 11,917M 6,616M 5,634M 5,331M 4,311M 4,140M 4,018M 3,654M 2,132M 1,580M 1,263M 989M 209M
Capital Employed Margin 106.52% 109.12% 104.76% 97.47% 93.56% 93.03% 87.78% 107.10% 105.11% 107.33% 113.11% 112.93% 111.32% 102.64% 97.93% 97.57% 92.61% 89.44% 73.99% 75.25% 80.44% 95.22% 89.28% 80.84% 76.80% 82.28% 79.96% 88.92% 88.08% 97.61% 93.06% 87.00% 68.97% 61.86% 60.63% 62.12% 53.90%
Invested Capital 27,195M 25,072M 20,961M 17,375M 14,682M 12,273M 10,382M 28,928M 26,129M 26,527M 23,647M 20,129M 19,588M 17,123M 16,188M 16,367M 14,986M 12,794M 11,532M 9,334M 8,772M 8,587M 8,136M 8,141M 8,126M 4,706M 3,892M 2,998M 2,606M 2,457M 2,644M 2,499M 1,665M 1,202M 854M 709M 184M
Invested Capital Margin 71.33% 70.75% 67.62% 62.03% 60.31% 59.52% 57.40% 70.51% 72.02% 71.46% 70.85% 68.92% 68.30% 62.22% 62.85% 67.84% 61.28% 56.05% 50.16% 45.32% 49.57% 53.17% 57.24% 52.29% 52.37% 58.52% 55.24% 50.00% 53.25% 57.93% 61.25% 59.51% 53.85% 47.05% 41.01% 44.54% 47.52%

Cash Flow Margins

Metric 3Y Avg 5Y Avg 10Y Avg 15Y Avg 20Y Avg 25Y Avg 30Y Avg 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-10-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 38,144M 35,403M 30,755M 27,187M 23,410M 19,674M 16,718M 41,030M 36,282M 37,121M 33,376M 29,207M 28,680M 27,518M 25,758M 24,127M 24,455M 22,826M 22,989M 20,597M 17,695M 16,151M 14,214M 15,568M 15,517M 8,041M 7,045M 5,995M 4,894M 4,241M 4,317M 4,200M 3,091M 2,554M 2,083M 1,592M 388M
Net Income 2,813M 2,697M 2,218M 1,913M 1,606M 1,319M 1,115M 2,697M 2,644M 3,099M 3,060M 1,987M 1,869M 1,842M 1,662M 1,379M 1,946M 1,587M 1,580M 1,060M 1,291M 989M 415M 844M 1,127M 542M 509M 358M 164M 16M 49M 258M 140M 100M 143M 72M 33M
Net Income Margin 7.40% 7.64% 7.15% 6.93% 6.67% 6.02% 5.96% 6.57% 7.29% 8.35% 9.17% 6.80% 6.52% 6.69% 6.45% 5.72% 7.96% 6.95% 6.87% 5.15% 7.30% 6.12% 2.92% 5.42% 7.27% 6.74% 7.22% 5.97% 3.35% 0.37% 1.14% 6.15% 4.53% 3.91% 6.88% 4.54% 8.55%
Depreciation & Amortization 2,061M 1,987M 1,723M 1,458M 1,266M 1,082M 921M 2,276M 1,973M 1,934M 1,983M 1,770M 1,885M 1,404M 1,457M 1,335M 1,213M 1,065M 964M 960M 811M 846M 930M 903M 775M 424M 420M 369M 331M 338M 403M 290M 208M 144M 114M 90M 17M
Depreciation & Amortization Margin 5.40% 5.64% 5.60% 5.29% 5.40% 5.80% 5.77% 5.55% 5.44% 5.21% 5.94% 6.06% 6.57% 5.10% 5.65% 5.53% 4.96% 4.66% 4.19% 4.66% 4.58% 5.24% 6.54% 5.80% 5.00% 5.27% 5.97% 6.16% 6.75% 7.97% 9.33% 6.91% 6.73% 5.65% 5.46% 5.64% 4.48%
Deferred Income Tax -76M -78M -54M -39M -31M -25M -21M -55M -100M -75M -96M -66M -44M -25M -22M -26M -29M -37M -5M -11M 11M -1M -20M -18M 2M -4M 4M 10M 3M -3M -10M -6M 0M -2M -1M -1M 0M
Deferred Income Tax Margin -0.20% -0.22% -0.17% -0.12% -0.10% -0.09% -0.09% -0.13% -0.27% -0.20% -0.29% -0.23% -0.15% -0.09% -0.09% -0.11% -0.12% -0.16% -0.02% -0.05% 0.06% -0.01% -0.14% -0.12% 0.02% -0.05% 0.05% 0.17% 0.06% -0.07% -0.24% -0.14% -0.01% -0.08% -0.04% -0.08% -0.12%
Stock-Based Compensation 231M 195M 144M 113M 88M 71M 59M 252M 278M 165M 152M 130M 128M 95M 109M 69M 64M 56M 56M 60M 41M 43M 40M 22M 6M 1M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Stock-Based Compensation Margin 0.61% 0.54% 0.45% 0.38% 0.31% 0.25% 0.21% 0.61% 0.77% 0.44% 0.45% 0.45% 0.45% 0.35% 0.42% 0.29% 0.26% 0.24% 0.24% 0.29% 0.23% 0.27% 0.28% 0.14% 0.04% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Change in Working Capital -512M -470M -328M -258M -209M -169M -144M -471M -306M -759M -740M -74M -196M -203M -257M -74M -198M -130M -105M -103M -187M -65M 55M -174M -149M -39M -6M -39M 15M 64M 14M -102M -11M -30M -22M -23M -15M
Change in Working Capital Margin -1.35% -1.30% -1.00% -0.87% -0.76% -0.65% -0.80% -1.15% -0.84% -2.04% -2.22% -0.25% -0.68% -0.74% -1.00% -0.31% -0.81% -0.57% -0.46% -0.50% -1.06% -0.40% 0.39% -1.12% -0.96% -0.48% -0.08% -0.66% 0.31% 1.52% 0.33% -2.44% -0.37% -1.17% -1.07% -1.44% -3.80%
Accounts Receivable -296M -278M -183M -143M -106M -85M -71M -561M -22M -306M -354M -150M -80M -175M -184M -12M 17M -99M -66M -46M -26M -86M 77M 1M -11M -25M -10M -9M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Accounts Receivable Margin -0.75% -0.76% -0.54% -0.47% -0.35% -0.29% -0.24% -1.37% -0.06% -0.82% -1.06% -0.51% -0.28% -0.64% -0.71% -0.05% 0.07% -0.43% -0.29% -0.22% -0.15% -0.53% 0.54% 0.01% -0.07% -0.31% -0.14% -0.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Inventory -222M -252M -186M -145M -113M -93M -79M -139M 178M -704M -418M -175M -17M -185M -283M -55M -61M -90M -1M -19M -81M -127M 100M -45M -66M -43M -22M -67M 0M 39M 25M -70M 1M -6M -19M -5M -10M
Inventory Margin -0.58% -0.72% -0.59% -0.51% -0.42% -0.39% -0.46% -0.34% 0.49% -1.90% -1.25% -0.60% -0.06% -0.67% -1.10% -0.23% -0.25% -0.40% 0.00% -0.09% -0.46% -0.79% 0.71% -0.29% -0.43% -0.53% -0.31% -1.12% -0.01% 0.93% 0.57% -1.67% 0.03% -0.22% -0.93% -0.34% -2.58%
Accounts Payable 86M 142M 94M 69M 51M 40M 34M 189M -103M 171M 324M 127M -40M 115M 132M 43M -22M 21M 1M 4M 2M 69M -40M 0M 0M 11M 6M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Accounts Payable Margin 0.21% 0.41% 0.29% 0.23% 0.17% 0.14% 0.11% 0.46% -0.28% 0.46% 0.97% 0.44% -0.14% 0.42% 0.51% 0.18% -0.09% 0.09% 0.00% 0.02% 0.01% 0.43% -0.28% 0.00% 0.00% 0.13% 0.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Working Capital -66M -30M -31M -17M -18M -14M -12M -50M -58M -90M -57M 105M -168M 75M 51M -41M -78M 24M -36M -54M 10M 103M -82M -81M 39M 23M 9M 17M 22M 10M -43M 10M -3M -12M 1M -3M -1M
Other Working Capital Margin -0.17% -0.07% -0.09% -0.04% -0.05% -0.03% -0.06% -0.12% -0.16% -0.24% -0.17% 0.36% -0.59% 0.27% 0.20% -0.17% -0.32% 0.11% -0.16% -0.26% 0.06% 0.64% -0.58% -0.52% 0.25% 0.29% 0.12% 0.29% 0.45% 0.23% -1.00% 0.23% -0.09% -0.49% 0.06% -0.20% -0.14%
Other Non-Cash Items 229M 206M 160M 117M 111M 101M 86M 284M 175M 227M 137M 207M 150M 68M 134M 124M 93M 62M 54M 21M 18M 9M 121M 172M 62M 54M 53M 46M 43M 130M 97M -6M 15M 15M 5M 4M 5M
Other Non-Cash Items Margin 0.60% 0.58% 0.51% 0.39% 0.48% 0.66% 0.64% 0.69% 0.48% 0.61% 0.41% 0.71% 0.52% 0.25% 0.52% 0.51% 0.38% 0.27% 0.23% 0.10% 0.10% 0.05% 0.85% 1.10% 0.40% 0.67% 0.75% 0.77% 0.88% 3.07% 2.24% -0.15% 0.49% 0.60% 0.24% 0.27% 1.23%
Net Cash from Operating Activities 4,665M 4,574M 3,668M 3,163M 2,724M 2,295M 1,944M 4,633M 4,904M 4,458M 4,732M 4,144M 3,231M 3,011M 2,610M 2,357M 2,600M 2,511M 2,350M 2,213M 1,696M 1,992M 1,503M 1,674M 1,948M 988M 930M 863M 689M 422M 510M 415M 320M 225M 218M 139M 35M
Net Cash from Operating Activities Margin 12.27% 13.04% 11.79% 11.45% 11.56% 11.65% 11.29% 11.29% 13.52% 12.01% 14.18% 14.19% 11.26% 10.94% 10.13% 9.77% 10.63% 11.00% 10.22% 10.74% 9.58% 12.33% 10.58% 10.75% 12.55% 12.28% 13.20% 14.40% 14.08% 9.94% 11.80% 9.88% 10.37% 8.81% 10.49% 8.71% 9.16%
Capital Expenditures (PPE) -1,802M -1,707M -1,511M -1,301M -1,157M -982M -841M -1,789M -1,644M -1,972M -1,458M -1,669M -1,774M -1,366M -1,271M -1,128M -1,039M -1,062M -850M -931M -794M -764M -671M -1,008M -984M -488M -476M -305M -252M -222M -340M -284M -232M -181M -133M -108M -30M
Capital Expenditures (PPE) Margin -4.74% -4.86% -4.93% -4.76% -5.09% -5.27% -5.57% -4.36% -4.53% -5.31% -4.37% -5.72% -6.18% -4.96% -4.94% -4.67% -4.25% -4.65% -3.70% -4.52% -4.49% -4.73% -4.72% -6.48% -6.34% -6.07% -6.76% -5.09% -5.14% -5.23% -7.87% -6.76% -7.51% -7.08% -6.38% -6.79% -7.62%
Acquisitions (Net) -101M -172M -194M -177M -154M -130M -109M -74M -77M -151M -337M -219M -322M -236M -180M -225M -118M -220M -98M -124M -168M -111M -41M -90M -159M -77M -59M -29M -38M -30M -19M -53M -1M 0M 0M 0M 0M
Acquisitions (Net) Margin -0.27% -0.51% -0.67% -0.69% -0.70% -0.71% -0.59% -0.18% -0.21% -0.41% -1.01% -0.75% -1.12% -0.86% -0.70% -0.93% -0.48% -0.96% -0.42% -0.60% -0.95% -0.69% -0.29% -0.58% -1.03% -0.95% -0.84% -0.49% -0.79% -0.70% -0.44% -1.26% -0.02% 0.00% 0.00% 0.00% 0.00%
Purchases of Investments -2,901M -2,693M -2,221M -1,742M -1,517M -1,312M -1,110M -3,608M -2,629M -2,466M -2,481M -2,282M -1,569M -2,336M -1,889M -1,826M -1,125M -1,036M -939M -702M -508M -732M -742M -948M -1,176M -531M -814M -917M -438M -462M -440M -214M -159M -112M -131M -74M -25M
Purchases of Investments Margin -7.56% -7.59% -7.14% -6.06% -6.39% -7.13% -6.84% -8.79% -7.25% -6.64% -7.43% -7.81% -5.47% -8.49% -7.33% -7.57% -4.60% -4.54% -4.08% -3.41% -2.87% -4.53% -5.22% -6.09% -7.58% -6.60% -11.55% -15.30% -8.94% -10.89% -10.19% -5.11% -5.16% -4.37% -6.31% -4.68% -6.35%
Sales / Maturities of Investments 2,525M 2,590M 2,172M 1,701M 1,512M 1,290M 1,090M 2,858M 1,992M 2,725M 2,631M 2,743M 2,419M 2,138M 1,534M 1,601M 1,077M 774M 798M 694M 815M 719M 648M 1,363M 934M 887M 893M 600M 425M 319M 395M 276M 112M 148M 74M 73M 32M
Sales / Maturities of Investments Margin 6.60% 7.41% 7.03% 5.97% 6.63% 6.98% 6.67% 6.97% 5.49% 7.34% 7.88% 9.39% 8.43% 7.77% 5.96% 6.63% 4.41% 3.39% 3.47% 3.37% 4.60% 4.45% 4.56% 8.76% 6.02% 11.02% 12.67% 10.01% 8.67% 7.52% 9.14% 6.57% 3.64% 5.81% 3.54% 4.59% 8.13%
Other Investing Activities 74M 79M 71M 52M 42M 33M 26M 15M 123M 84M 101M 71M 144M 62M 36M 57M 20M 66M -9M 12M 12M -18M 8M 41M -10M 36M 0M -1M -1M 6M -19M -11M -14M -14M -15M -7M -3M
Other Investing Activities Margin 0.20% 0.23% 0.23% 0.17% 0.16% 0.11% -0.01% 0.04% 0.34% 0.23% 0.30% 0.24% 0.50% 0.23% 0.14% 0.24% 0.08% 0.29% -0.04% 0.06% 0.07% -0.11% 0.05% 0.26% -0.06% 0.44% 0.01% -0.02% -0.02% 0.13% -0.44% -0.27% -0.45% -0.54% -0.70% -0.43% -0.84%
Net Cash from Investing Activities -2,756M -2,567M -2,365M -2,008M -1,737M -1,471M -1,261M -3,008M -1,776M -3,486M -2,515M -2,053M -2,594M -2,082M -2,179M -1,962M -1,999M -1,608M -1,144M -1,498M -1,047M -1,166M -990M -1,214M -1,365M -510M -543M -490M -357M -336M -432M -425M -319M -301M -246M -140M -58M
Net Cash from Investing Activities Margin -7.21% -7.24% -7.76% -7.33% -7.38% -7.64% -8.29% -7.33% -4.89% -9.39% -7.54% -7.03% -9.04% -7.57% -8.46% -8.13% -8.17% -7.04% -4.97% -7.28% -5.91% -7.22% -6.96% -7.80% -8.80% -6.34% -7.70% -8.18% -7.30% -7.93% -10.01% -10.12% -10.33% -11.79% -11.83% -8.82% -14.88%
Net Debt Issuance 137M 235M 272M 218M 174M 135M 115M 202M 65M 144M 319M 446M 368M 415M 422M 282M 55M 165M 16M 123M 198M 55M 87M 91M 73M -14M -40M -52M -38M -35M 15M 6M 21M 28M 16M 6M 0M
Net Debt Issuance Margin 0.35% 0.71% 0.94% 0.81% 0.66% 0.45% 0.47% 0.49% 0.18% 0.39% 0.96% 1.53% 1.28% 1.51% 1.64% 1.17% 0.22% 0.72% 0.07% 0.60% 1.12% 0.34% 0.61% 0.59% 0.47% -0.17% -0.57% -0.86% -0.77% -0.83% 0.34% 0.13% 0.67% 1.12% 0.77% 0.35% 0.02%
Long-Term Debt Issuance 35M 124M 164M 146M 116M 90M 78M 40M 47M 17M 196M 320M 347M 168M 261M 123M 116M 178M -11M 98M 196M 99M 40M 109M 34M -27M -35M -38M -34M -12M 14M 6M 26M 27M 16M 5M 0M
Long-Term Debt Issuance Margin 0.09% 0.39% 0.58% 0.58% 0.45% 0.32% 0.36% 0.10% 0.13% 0.05% 0.59% 1.10% 1.21% 0.61% 1.01% 0.51% 0.48% 0.78% -0.05% 0.48% 1.11% 0.61% 0.28% 0.70% 0.22% -0.33% -0.50% -0.64% -0.69% -0.28% 0.32% 0.14% 0.86% 1.07% 0.75% 0.31% 0.02%
Short-Term Debt Issuance 5M 4M 5M 3M 1M 1M 0M -1M -33M 49M 5M 2M -3M 28M 36M 0M -36M -8M 5M 8M 17M -21M -21M -5M -3M -2M -3M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Short-Term Debt Issuance Margin 0.01% 0.01% 0.01% 0.01% -0.01% -0.01% 0.00% 0.00% -0.09% 0.13% 0.02% 0.01% -0.01% 0.10% 0.14% 0.00% -0.15% -0.03% 0.02% 0.04% 0.10% -0.13% -0.15% -0.03% -0.02% -0.02% -0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Stock Issuance -626M -548M -452M -352M -304M -241M -199M -684M -438M -757M -577M -282M -679M -453M -262M -112M -281M -230M -153M -104M -186M -82M -16M -258M -279M -181M -60M -7M -3M -7M 21M 45M 7M 11M 8M 6M 6M
Net Stock Issuance Margin -1.64% -1.52% -1.42% -1.20% -1.23% -0.94% -0.68% -1.67% -1.21% -2.04% -1.73% -0.96% -2.37% -1.65% -1.02% -0.47% -1.15% -1.01% -0.66% -0.51% -1.05% -0.50% -0.11% -1.66% -1.80% -2.26% -0.85% -0.12% -0.06% -0.17% 0.49% 1.07% 0.24% 0.45% 0.37% 0.39% 1.59%
Common Stock Issuance 29M 42M 46M 51M 60M 60M 54M 37M 30M 20M 42M 80M 41M 39M 50M 70M 50M 40M 54M 42M 37M 126M 64M 75M 153M 69M 73M 85M 42M 41M 51M 100M 42M 31M 23M 14M 14M
Common Stock Issuance Margin 0.08% 0.12% 0.16% 0.21% 0.35% 0.55% 0.73% 0.09% 0.08% 0.05% 0.13% 0.27% 0.14% 0.14% 0.19% 0.29% 0.21% 0.18% 0.23% 0.21% 0.21% 0.78% 0.45% 0.48% 0.99% 0.86% 1.04% 1.41% 0.86% 0.96% 1.17% 2.38% 1.37% 1.23% 1.09% 0.89% 3.57%
Common Stock Repurchased -655M -595M -550M -436M -387M -317M -265M -701M -472M -791M -600M -409M -753M -651M -364M -348M -409M -284M -193M -171M -238M -150M -45M -373M -444M -233M -117M -59M -43M -34M -19M -14M -20M -13M -12M -3M 0M
Common Stock Repurchased Margin -1.71% -1.67% -1.79% -1.54% -1.66% -1.46% -1.29% -1.71% -1.30% -2.13% -1.80% -1.40% -2.63% -2.37% -1.41% -1.44% -1.67% -1.24% -0.84% -0.83% -1.35% -0.93% -0.32% -2.39% -2.86% -2.90% -1.66% -0.98% -0.87% -0.81% -0.43% -0.34% -0.64% -0.52% -0.60% -0.21% -0.01%
Preferred Stock Issuance 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Preferred Stock Issuance Margin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Dividends Paid -673M -607M -518M -420M -342M -276M -231M -730M -611M -680M -546M -470M -565M -417M -403M -400M -359M -318M -227M -266M -166M -142M -112M -183M -133M -62M -42M -30M -15M -12M -9M -6M -12M -10M -4M -3M 0M
Net Dividends Paid Margin -1.76% -1.71% -1.67% -1.48% -1.32% -1.11% -0.97% -1.78% -1.68% -1.83% -1.64% -1.61% -1.97% -1.52% -1.57% -1.66% -1.47% -1.39% -0.99% -1.29% -0.94% -0.88% -0.79% -1.17% -0.86% -0.77% -0.59% -0.50% -0.31% -0.29% -0.21% -0.14% -0.39% -0.37% -0.21% -0.16% -0.08%
Common Dividends Paid -674M -608M -519M -420M -340M -275M -230M -730M -611M -681M -547M -472M -567M -417M -403M -400M -359M -317M -225M -259M -166M -140M -107M -181M -129M -53M -41M -28M -15M -12M -9M -6M -12M -10M -4M -3M 0M
Common Dividends Paid Margin -1.77% -1.71% -1.67% -1.48% -1.31% -1.10% -0.96% -1.78% -1.69% -1.83% -1.64% -1.62% -1.98% -1.52% -1.57% -1.66% -1.47% -1.39% -0.98% -1.26% -0.94% -0.87% -0.75% -1.17% -0.83% -0.66% -0.58% -0.47% -0.31% -0.29% -0.21% -0.14% -0.39% -0.37% -0.21% -0.16% -0.08%
Preferred Dividends Paid 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Preferred Dividends Paid Margin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Financing Activities -144M -150M -84M -49M -35M -28M -23M -144M -142M -147M -139M -180M -86M -31M 13M -11M 27M 28M 31M 4M 22M 13M -1M 19M 22M 6M -2M 8M -8M -1M -2M 0M 2M -1M 1M 0M 0M
Other Financing Activities Margin -0.38% -0.43% -0.25% -0.13% -0.08% -0.07% -0.06% -0.35% -0.39% -0.40% -0.42% -0.62% -0.30% -0.11% 0.05% -0.04% 0.11% 0.12% 0.13% 0.02% 0.12% 0.08% -0.01% 0.12% 0.14% 0.08% -0.03% 0.14% -0.16% -0.01% -0.04% -0.01% 0.07% -0.03% 0.03% 0.02% -0.01%
Net Cash from Financing Activities -1,842M -1,672M -1,262M -1,013M -838M -684M -567M -1,709M -1,753M -2,063M -1,732M -1,104M -1,067M -1,082M -421M -1,004M -686M -942M -527M -422M -392M -284M -177M -325M -526M -341M -206M -124M -154M -56M -5M 12M 31M 15M 8M 14M 21M
Net Cash from Financing Activities Margin -4.85% -4.71% -3.98% -3.48% -3.31% -2.90% -2.14% -4.17% -4.83% -5.56% -5.19% -3.78% -3.72% -3.93% -1.64% -4.16% -2.81% -4.13% -2.29% -2.05% -2.21% -1.76% -1.24% -2.08% -3.39% -4.24% -2.93% -2.06% -3.14% -1.31% -0.13% 0.29% 0.99% 0.58% 0.37% 0.86% 5.45%
Effect of FX on Cash 17M 4M -4M -3M -2M -1M -1M 53M -1M -1M 10M -42M -6M 5M -27M -20M -14M 4M 2M -13M 7M -9M -4M -3M 14M 6M 1M 2M 3M 4M -2M -2M -2M -1M 0M 0M 0M
Effect of FX on Cash Margin 0.04% 0.00% -0.02% -0.02% -0.01% 0.00% -0.01% 0.13% 0.00% 0.00% 0.03% -0.14% -0.02% 0.02% -0.10% -0.08% -0.06% 0.02% 0.01% -0.06% 0.04% -0.06% -0.03% -0.02% 0.09% 0.08% 0.02% 0.04% 0.07% 0.08% -0.04% -0.05% -0.08% -0.02% -0.02% -0.03% -0.12%
Net Change in Cash 267M 381M 291M 254M 221M 192M 164M 250M 565M -14M 278M 824M 117M 417M 141M 86M 243M 195M 250M 37M 179M 245M 211M 21M 90M 138M 155M 105M 136M 48M 39M 40M 55M 23M 18M 31M 6M
Net Change in Cash Margin 0.71% 1.16% 0.96% 0.95% 1.02% 1.12% 1.17% 0.61% 1.56% -0.04% 0.83% 2.82% 0.41% 1.52% 0.55% 0.35% 0.99% 0.85% 1.09% 0.18% 1.01% 1.52% 1.49% 0.13% 0.58% 1.72% 2.21% 1.76% 2.77% 1.14% 0.91% 0.95% 1.80% 0.90% 0.86% 1.95% 1.66%
Cash at Beginning of Period 5,871M 5,600M 4,900M 4,114M 3,432M 2,865M 2,413M 6,201M 5,631M 5,781M 5,605M 4,780M 5,078M 4,655M 3,952M 3,904M 3,413M 2,905M 2,763M 2,793M 2,296M 1,954M 1,747M 1,635M 1,605M 1,016M 933M 816M 709M 587M 524M 344M 263M 197M 159M 117M 31M
Cash at Beginning of Period Margin 15.40% 15.87% 15.95% 14.86% 14.09% 13.76% 12.78% 15.11% 15.52% 15.57% 16.79% 16.37% 17.71% 16.92% 15.34% 16.18% 13.96% 12.72% 12.02% 13.56% 12.97% 12.10% 12.29% 10.50% 10.34% 12.63% 13.25% 13.61% 14.48% 13.83% 12.13% 8.20% 8.51% 7.72% 7.64% 7.32% 8.00%
Cash at End of Period 6,127M 5,893M 5,189M 4,399M 3,679M 3,087M 2,606M 6,668M 5,934M 5,779M 5,772M 5,311M 4,807M 5,140M 4,684M 3,826M 3,967M 3,421M 2,832M 2,798M 2,639M 2,402M 2,053M 1,665M 1,655M 1,212M 1,025M 943M 820M 753M 588M 492M 318M 235M 214M 192M 40M
Cash at End of Period Margin 16.06% 16.73% 16.94% 16.00% 15.27% 15.24% 14.44% 16.25% 16.36% 15.57% 17.29% 18.18% 16.76% 18.68% 18.18% 15.86% 16.22% 14.99% 12.32% 13.58% 14.91% 14.87% 14.44% 10.70% 10.67% 15.07% 14.55% 15.73% 16.75% 17.76% 13.61% 11.71% 10.29% 9.20% 10.26% 12.08% 10.29%
Operating Cash Flow 4,665M 4,575M 3,669M 3,163M 2,724M 2,295M 1,944M 4,633M 4,905M 4,458M 4,732M 4,149M 3,234M 3,011M 2,609M 2,357M 2,600M 2,511M 2,344M 2,213M 1,696M 1,992M 1,503M 1,674M 1,948M 988M 930M 863M 690M 422M 510M 415M 320M 225M 218M 139M 35M
Operating Cash Flow Margin 12.27% 13.04% 11.79% 11.45% 11.56% 11.65% 11.29% 11.29% 13.52% 12.01% 14.18% 14.21% 11.27% 10.94% 10.13% 9.77% 10.63% 11.00% 10.20% 10.74% 9.58% 12.33% 10.58% 10.75% 12.55% 12.28% 13.20% 14.40% 14.09% 9.94% 11.80% 9.88% 10.37% 8.81% 10.49% 8.71% 9.16%
Capital Expenditure -1,818M -1,720M -1,539M -1,321M -1,172M -994M -851M -1,842M -1,657M -1,955M -1,464M -1,680M -1,784M -1,481M -1,356M -1,131M -1,045M -1,064M -856M -933M -797M -767M -673M -1,008M -984M -485M -476M -305M -252M -222M -340M -284M -232M -181M -133M -108M -30M
Capital Expenditure Margin -4.77% -4.89% -5.03% -4.83% -5.14% -5.32% -5.61% -4.49% -4.57% -5.27% -4.39% -5.75% -6.22% -5.38% -5.26% -4.69% -4.27% -4.66% -3.72% -4.53% -4.50% -4.75% -4.74% -6.48% -6.34% -6.03% -6.76% -5.09% -5.14% -5.23% -7.87% -6.76% -7.51% -7.08% -6.38% -6.78% -7.62%
Free Cash Flow 2,451M 2,569M 1,992M 1,697M 1,438M 1,200M 1,006M 2,826M 2,331M 2,197M 2,824M 2,667M 1,737M 1,468M 1,199M 1,332M 1,340M 1,344M 1,253M 1,108M 848M 980M 790M 662M 881M 511M 466M 406M 340M 220M 145M 117M 81M 37M 48M 24M 5M
Free Cash Flow Margin 6.41% 7.36% 6.39% 6.10% 5.99% 5.80% 5.14% 6.89% 6.42% 5.92% 8.46% 9.13% 6.06% 5.33% 4.65% 5.52% 5.48% 5.89% 5.45% 5.38% 4.79% 6.07% 5.56% 4.25% 5.68% 6.35% 6.61% 6.77% 6.95% 5.18% 3.36% 2.79% 2.63% 1.46% 2.31% 1.53% 1.26%

Free Cash Flow Margins

Metric 3Y Avg 5Y Avg 10Y Avg 15Y Avg 20Y Avg 25Y Avg 30Y Avg 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-10-31 2005-12-31 2004-12-31 2003-12-31 2002-12-31 2001-12-31 2000-12-31 1999-12-31 1998-12-31 1997-12-31 1996-12-31 1995-12-31
Revenue 38,144M 35,403M 30,755M 27,187M 23,410M 19,674M 16,718M 41,030M 36,282M 37,121M 33,376M 29,207M 28,680M 27,518M 25,758M 24,127M 24,455M 22,826M 22,989M 20,597M 17,695M 16,151M 14,214M 15,568M 15,517M 8,041M 7,045M 5,995M 4,894M 4,241M 4,317M 4,200M 3,091M 2,554M 2,083M 1,592M 388M
EBITDA 5,463M 5,293M 4,425M 3,840M 3,298M 2,782M 2,365M 5,501M 5,077M 5,812M 5,675M 4,401M 4,059M 3,892M 3,480M 3,025M 3,331M 2,980M 2,932M 2,646M 2,567M 2,220M 1,428M 2,233M 2,328M 1,213M 1,160M 995M 727M 487M 539M 844M 460M 372M 301M 216M 54M
EBITDA Margin 14.35% 15.03% 14.31% 14.00% 14.05% 14.26% 14.26% 13.41% 13.99% 15.66% 17.00% 15.07% 14.15% 14.14% 13.51% 12.54% 13.62% 13.05% 12.75% 12.85% 14.51% 13.74% 10.04% 14.34% 15.01% 15.09% 16.47% 16.59% 14.86% 11.49% 12.48% 20.11% 14.88% 14.57% 14.45% 13.59% 13.87%
(-) Tax Adjustment 941M 898M 843M 759M 685M 602M 518M 1,199M 809M 816M 767M 900M 628M 967M 869M 767M 710M 698M 665M 594M 522M 474M 494M 538M 580M 316M 380M 339M 211M 337M 229M 243M 143M 144M 103M 94M 18M
(-) Tax Adjustment Margin 2.45% 2.55% 2.79% 2.84% 3.13% 3.66% 3.91% 2.92% 2.23% 2.20% 2.30% 3.08% 2.19% 3.52% 3.37% 3.18% 2.90% 3.06% 2.89% 2.88% 2.95% 2.94% 3.47% 3.46% 3.73% 3.93% 5.39% 5.66% 4.31% 7.94% 5.31% 5.79% 4.61% 5.64% 4.94% 5.89% 4.53%
(-) Change In Working Capital -512M -470M -328M -258M -209M -169M -144M -471M -306M -759M -740M -74M -196M -203M -257M -74M -198M -130M -105M -103M -187M -65M 55M -174M -149M -39M -6M -39M 15M 64M 14M -102M -11M -30M -22M -23M -15M
(-) Change In Working Capital Margin -1.35% -1.30% -1.00% -0.87% -0.76% -0.65% -0.80% -1.15% -0.84% -2.04% -2.22% -0.25% -0.68% -0.74% -1.00% -0.31% -0.81% -0.57% -0.46% -0.50% -1.06% -0.40% 0.39% -1.12% -0.96% -0.48% -0.08% -0.66% 0.31% 1.52% 0.33% -2.44% -0.37% -1.17% -1.07% -1.44% -3.80%
(-) Capital Expenditure -1,818M -1,720M -1,539M -1,321M -1,172M -994M -851M -1,842M -1,657M -1,955M -1,464M -1,680M -1,784M -1,481M -1,356M -1,131M -1,045M -1,064M -856M -933M -797M -767M -673M -1,008M -984M -485M -476M -305M -252M -222M -340M -284M -232M -181M -133M -108M -30M
(-) Capital Expenditure Margin -4.77% -4.89% -5.03% -4.83% -5.14% -5.32% -5.61% -4.49% -4.57% -5.27% -4.39% -5.75% -6.22% -5.38% -5.26% -4.69% -4.27% -4.66% -3.72% -4.53% -4.50% -4.75% -4.74% -6.48% -6.34% -6.03% -6.76% -5.09% -5.14% -5.23% -7.87% -6.76% -7.51% -7.08% -6.38% -6.78% -7.62%
Unlevered Free Cash Flow 3,216M 3,145M 2,370M 2,018M 1,651M 1,356M 1,140M 2,932M 2,917M 3,800M 4,184M 1,895M 1,844M 1,647M 1,513M 1,201M 1,772M 1,348M 1,516M 1,222M 1,435M 1,044M 206M 861M 914M 451M 310M 389M 250M -136M -45M 420M 97M 77M 88M 37M 21M
Unlevered Free Cash Flow Margin 8.47% 8.89% 7.50% 7.20% 6.54% 5.93% 5.55% 7.14% 8.04% 10.24% 12.54% 6.49% 6.43% 5.99% 5.87% 4.98% 7.25% 5.90% 6.59% 5.93% 8.11% 6.46% 1.45% 5.53% 5.89% 5.61% 4.40% 6.50% 5.10% -3.20% -1.03% 10.00% 3.13% 3.02% 4.20% 2.35% 5.52%
(-) Net Interest Income After Taxes -82M -104M -95M -84M -65M -53M -44M -40M -69M -135M -156M -118M -93M -99M -98M -86M -60M -83M -58M -64M -48M -55M -40M 12M -4M -8M -4M -3M -1M 0M 0M -1M -1M 0M 0M 0M 0M
(-) Net Interest Income After Taxes Margin -0.22% -0.30% -0.32% -0.32% -0.26% -0.21% -0.18% -0.10% -0.19% -0.36% -0.47% -0.40% -0.32% -0.36% -0.38% -0.36% -0.25% -0.36% -0.25% -0.31% -0.27% -0.34% -0.28% 0.07% -0.03% -0.10% -0.06% -0.05% -0.03% -0.01% -0.01% -0.02% -0.03% -0.01% -0.01% -0.03% -0.08%
Net Debt Issuance 137M 235M 272M 218M 174M 135M 115M 202M 65M 144M 319M 446M 368M 415M 422M 282M 55M 165M 16M 123M 198M 55M 87M 91M 73M -14M -40M -52M -38M -35M 15M 6M 21M 28M 16M 6M 0M
Net Debt Issuance Margin 0.35% 0.71% 0.94% 0.81% 0.66% 0.45% 0.47% 0.49% 0.18% 0.39% 0.96% 1.53% 1.28% 1.51% 1.64% 1.17% 0.22% 0.72% 0.07% 0.60% 1.12% 0.34% 0.61% 0.59% 0.47% -0.17% -0.57% -0.86% -0.77% -0.83% 0.34% 0.13% 0.67% 1.12% 0.77% 0.35% 0.02%
Levered Free Cash Flow 3,434M 3,484M 2,738M 2,320M 1,889M 1,543M 1,299M 3,174M 3,050M 4,079M 4,660M 2,458M 2,305M 2,162M 2,032M 1,569M 1,888M 1,596M 1,590M 1,409M 1,681M 1,154M 332M 940M 991M 446M 274M 341M 213M -170M -30M 427M 118M 106M 104M 44M 22M
Levered Free Cash Flow Margin 9.04% 9.90% 8.75% 8.33% 7.45% 6.58% 6.20% 7.74% 8.41% 10.99% 13.96% 8.42% 8.04% 7.86% 7.89% 6.50% 7.72% 6.99% 6.92% 6.84% 9.50% 7.14% 2.34% 6.04% 6.39% 5.55% 3.89% 5.69% 4.35% -4.02% -0.68% 10.16% 3.83% 4.15% 4.98% 2.73% 5.62%