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Definitive Analysis

Financial Statements

Company Industry Sector

Periods / Units / Analysis

Fundamentals

Margins Returns Growth Rates Metrics/Ratios

Valuations

Projections DCF DDM EPV Multiples Valuations

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Page: Sector Financials

CCEL

Sector Analysis

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Sector 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 78.86 30.18 94.95 101.34 100.33 105.61 79.41 69.29 58.94 61.55 59.43 63.88 59.57 49.21 38.71 31.68 31.29 27.90 25.69 36.28 32.11 28.93 28.83 22.96 19.81 22.05 22.87 16.18 15.79 12.24 11.22
Market Capitalization 21,684.45M 7,800.72M 44,157.05M 46,909.11M 47,510.18M 50,875.54M 40,048.96M 36,715.59M 32,111.96M 34,663.56M 32,516.83M 34,907.25M 29,840.45M 22,787.85M 19,714.48M 15,214.47M 14,904.87M 14,651.99M 10,757.31M 16,233.43M 12,696.11M 10,476.87M 9,113.81M 7,730.68M 6,409.83M 7,562.47M 7,056.60M 5,186.46M 4,363.66M 2,792.51M 2,006.63M
(-) Cash & Equivalents 759.77M 478.10M 2,752.61M 2,936.87M 2,992.81M 2,788.80M 2,821.93M 2,213.35M 1,824.80M 2,071.68M 1,810.28M 1,702.09M 1,611.39M 1,482.13M 1,270.06M 1,363.90M 1,096.39M 931.86M 793.31M 816.14M 706.51M 797.61M 588.96M 405.53M 308.62M 251.17M 172.79M 93.41M 93.56M 76.04M 59.89M
(+) Total Debt 1,298.66M 693.42M 11,980.55M 10,567.32M 10,507.62M 11,948.09M 10,715.31M 9,139.68M 7,923.53M 7,730.97M 7,312.59M 6,736.33M 5,202.51M 4,460.49M 3,971.65M 3,251.49M 2,749.60M 2,595.47M 2,489.89M 2,299.84M 1,599.80M 1,245.43M 1,253.68M 939.30M 822.40M 626.95M 567.69M 564.99M 526.32M 267.91M 226.04M
Enterprise Value 21,864,054,616.18 8,358,458,717.39 54,130,893,986.45 55,608,667,301.87 54,252,060,501.90 60,200,375,893.08 51,477,824,529.88 47,738,181,381.26 38,169,632,875.83 40,169,491,467.61 38,243,943,825.99 40,323,650,914.74 32,523,688,315.95 26,451,717,415.10 22,778,136,806.00 17,532,059,443.89 16,770,389,979.50 16,163,079,169.26 13,606,355,657.64 17,646,660,983.62 13,489,941,217.64 10,393,820,540.93 10,857,355,109.07 9,315,601,242.54 7,182,966,205.88 8,167,897,510.56 8,004,097,419.28 5,510,922,596.67 4,844,979,441.82 3,086,266,051.83 2,413,295,272.65

Sector 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 3,580.09M 3,329.70M 27,146.67M 26,494.35M 26,108.34M 24,408.05M 21,358.44M 20,646.79M 19,145.95M 18,830.10M 18,234.53M 16,933.38M 15,326.21M 14,716.88M 14,815.88M 14,173.71M 13,404.54M 11,877.51M 11,300.46M 10,257.70M 8,454.55M 8,224.72M 7,130.84M 6,650.68M 6,252.56M 5,360.11M 4,972.92M 4,093.01M 3,622.51M 2,350.96M 1,800.55M
Cost of Revenue 1,742.57M 1,747.12M 11,080.21M 10,818.40M 11,243.82M 10,282.47M 9,479.41M 8,974.65M 8,289.09M 8,174.86M 8,000.23M 7,484.36M 6,990.73M 6,384.41M 6,077.06M 5,926.90M 5,546.26M 4,691.04M 4,304.56M 4,318.14M 3,227.25M 2,828.46M 2,411.99M 2,048.88M 1,689.55M 1,668.27M 1,423.24M 1,234.48M 957.24M 594.12M 511.98M
Gross Profit 1,837.52M 1,582.59M 16,066.46M 15,675.95M 14,864.51M 14,125.58M 11,879.03M 11,672.14M 10,856.86M 10,655.24M 10,234.31M 9,449.02M 8,335.48M 8,332.47M 8,738.82M 8,246.80M 7,858.28M 7,186.47M 6,995.89M 5,939.56M 5,227.30M 5,396.27M 4,718.85M 4,601.80M 4,563.02M 3,691.85M 3,549.68M 2,858.53M 2,665.27M 1,756.84M 1,288.57M
Gross Margin 51.3% 47.5% 59.2% 59.2% 56.9% 57.9% 55.6% 56.5% 56.7% 56.6% 56.1% 55.8% 54.4% 56.6% 59.0% 58.2% 58.6% 60.5% 61.9% 57.9% 61.8% 65.6% 66.2% 69.2% 73.0% 68.9% 71.4% 69.8% 73.6% 74.7% 71.6%
R&D Expenses 199.35M 105.76M 900.92M 1,211.62M 980.73M 956.40M 816.77M 773.22M 739.54M 698.62M 715.77M 669.42M 604.40M 563.33M 510.80M 500.40M 456.57M 469.90M 416.25M 310.98M 265.10M 199.30M 158.65M 112.14M 91.07M 84.51M 74.62M 50.94M 52.14M 17.47M 4.67M
SG&A Expenses 826.49M 705.85M 4,051.62M 3,754.49M 3,659.57M 3,564.77M 3,515.46M 3,214.61M 2,942.10M 2,857.15M 2,907.40M 2,591.36M 2,442.74M 2,223.20M 2,008.08M 2,296.28M 2,050.49M 1,986.60M 2,137.60M 1,838.46M 1,633.77M 1,596.34M 1,305.43M 1,152.00M 1,052.26M 785.47M 699.43M 669.70M 409.67M 245.54M 248.51M
Operating Expenses 1,025.84M 811.61M 4,952.54M 4,966.12M 4,640.31M 4,521.16M 4,332.23M 3,987.82M 3,681.64M 3,555.77M 3,623.18M 3,260.78M 3,047.14M 2,786.52M 2,518.88M 2,796.69M 2,507.05M 2,456.50M 2,553.85M 2,149.44M 1,898.86M 1,795.64M 1,464.09M 1,264.14M 1,143.34M 869.98M 774.04M 720.64M 461.81M 263.00M 253.18M
Operating Income (EBIT) 811.68M 770.98M 11,113.92M 10,709.83M 10,224.20M 9,604.42M 7,546.80M 7,684.32M 7,175.22M 7,099.47M 6,611.13M 6,188.23M 5,288.35M 5,545.94M 6,219.93M 5,450.12M 5,351.23M 4,729.97M 4,442.04M 3,790.12M 3,328.43M 3,600.63M 3,254.76M 3,337.66M 3,419.68M 2,821.87M 2,775.64M 2,137.89M 2,203.46M 1,493.84M 1,035.39M
Operating Margin 22.7% 23.2% 40.9% 40.4% 39.2% 39.3% 35.3% 37.2% 37.5% 37.7% 36.3% 36.5% 34.5% 37.7% 42.0% 38.5% 39.9% 39.8% 39.3% 36.9% 39.4% 43.8% 45.6% 50.2% 54.7% 52.6% 55.8% 52.2% 60.8% 63.5% 57.5%
Interest Income 8.02M 9.66M 64.38M 80.27M 41.14M 14.33M 20.71M 41.54M 25.90M 23.14M 17.63M 12.95M 13.99M 13.71M 12.61M 13.20M 9.39M 18.35M 33.85M 12.15M 3.82M 2.97M 1.79M 0.47M 0.43M 0.11M 0.00M 0.00M 0.00M 0.00M 0.00M
Interest Expense 41.64M 33.00M 395.46M 378.97M 336.51M 349.37M 368.88M 321.34M 308.71M 306.34M 285.31M 241.11M 199.36M 189.46M 158.55M 157.46M 153.91M 145.85M 136.92M 68.06M 26.30M 23.42M 14.62M 8.53M 9.96M 5.36M 3.49M 1.33M 1.91M 0.87M 1.18M
Net Interest Income -33.62M -23.33M -331.07M -298.70M -295.37M -335.04M -348.18M -279.80M -282.81M -283.20M -267.69M -228.16M -185.37M -175.75M -145.94M -144.26M -144.52M -127.50M -103.08M -55.91M -22.47M -20.45M -12.83M -8.06M -9.53M -5.25M -3.49M -1.33M -1.91M -0.87M -1.18M
Other Income / Expense -254.08M -379.41M -8,882.13M -8,034.00M -7,097.62M -6,147.62M -5,175.23M -5,309.76M -5,044.50M -4,899.15M -4,471.64M -4,396.29M -3,741.52M -3,991.96M -4,793.09M -3,930.30M -3,927.85M -3,376.39M -3,372.13M -2,669.42M -2,508.90M -2,751.03M -2,520.99M -2,730.31M -2,967.47M -2,438.37M -2,403.64M -1,851.03M -2,010.50M -1,367.08M -914.60M
Pre-Tax Income 523.97M 368.24M 1,900.71M 2,377.14M 2,831.21M 3,121.76M 2,023.40M 2,094.77M 1,847.90M 1,917.13M 1,871.81M 1,563.78M 1,361.46M 1,378.23M 1,280.90M 1,375.56M 1,278.86M 1,226.08M 966.84M 1,064.79M 797.06M 829.15M 720.93M 599.29M 442.68M 378.25M 368.50M 285.54M 191.04M 125.89M 119.60M
Pre-Tax Margin 14.6% 11.1% 7.0% 9.0% 10.8% 12.8% 9.5% 10.1% 9.7% 10.2% 10.3% 9.2% 8.9% 9.4% 8.6% 9.7% 9.5% 10.3% 8.6% 10.4% 9.4% 10.1% 10.1% 9.0% 7.1% 7.1% 7.4% 7.0% 5.3% 5.4% 6.6%
Income Tax Expense 106.38M 82.90M 381.93M 391.11M 483.18M 489.47M 370.90M 302.53M 300.46M 542.25M 401.10M 390.35M 333.03M 326.66M 313.80M 310.18M 307.66M 326.24M 292.46M 258.91M 228.43M 251.67M 239.25M 213.07M 145.10M 112.50M 152.63M 116.52M 70.94M 60.33M 40.13M
Tax Rate 20.3% 22.5% 20.1% 16.5% 17.1% 15.7% 18.3% 14.4% 16.3% 28.3% 21.4% 25.0% 24.5% 23.7% 24.5% 22.5% 24.1% 26.6% 30.2% 24.3% 28.7% 30.4% 33.2% 35.0% 32.8% 29.7% 35.0% 35.0% 35.0% 35.0% 33.6%
Net Income 421.17M 276.08M 1,549.60M 1,962.11M 2,294.86M 2,652.69M 1,676.39M 1,810.61M 1,418.61M 1,211.85M 1,489.27M 1,276.98M 948.39M 983.69M 886.81M 997.83M 928.00M 897.36M 685.21M 744.28M 578.65M 592.12M 467.43M 314.41M 281.88M 255.22M 252.09M 189.56M 121.27M 73.35M 66.25M
Net Margin 11.8% 8.3% 5.7% 7.4% 8.8% 10.9% 7.8% 8.8% 7.4% 6.4% 8.2% 7.5% 6.2% 6.7% 6.0% 7.0% 6.9% 7.6% 6.1% 7.3% 6.8% 7.2% 6.6% 4.7% 4.5% 4.8% 5.1% 4.6% 3.3% 3.1% 3.7%
Depreciation & Amortization 137.71M 138.53M 1,127.12M 1,200.94M 1,197.38M 1,160.91M 1,009.62M 894.86M 863.67M 855.34M 757.50M 679.45M 567.14M 509.42M 451.79M 398.91M 386.45M 391.89M 341.29M 324.49M 236.84M 218.94M 180.13M 146.55M 149.06M 147.48M 134.43M 105.13M 88.17M 53.10M 41.20M
EBITDA 949.39M 909.51M 12,241.05M 11,910.77M 11,421.58M 10,765.33M 8,556.42M 8,579.19M 8,038.88M 7,954.80M 7,368.63M 6,867.68M 5,855.49M 6,055.36M 6,671.72M 5,849.03M 5,737.67M 5,121.86M 4,783.33M 4,114.61M 3,565.27M 3,819.57M 3,434.89M 3,484.20M 3,568.74M 2,969.35M 2,910.07M 2,243.03M 2,291.62M 1,546.94M 1,076.58M
EBITDA Margin 26.5% 27.3% 45.1% 45.0% 43.7% 44.1% 40.1% 41.6% 42.0% 42.2% 40.4% 40.6% 38.2% 41.1% 45.0% 41.3% 42.8% 43.1% 42.3% 40.1% 42.2% 46.4% 48.2% 52.4% 57.1% 55.4% 58.5% 54.8% 63.3% 65.8% 59.8%
NOPAT 646.88M 597.41M 8,880.69M 8,947.74M 8,479.33M 8,098.52M 6,163.43M 6,574.55M 6,008.55M 5,091.40M 5,194.47M 4,643.51M 3,994.75M 4,231.48M 4,696.14M 4,221.14M 4,063.87M 3,471.42M 3,098.35M 2,868.52M 2,374.55M 2,507.74M 2,174.61M 2,169.48M 2,298.80M 1,982.61M 1,804.16M 1,389.63M 1,432.25M 970.99M 687.99M
NOPAT Margin 18.1% 17.9% 32.7% 33.8% 32.5% 33.2% 28.9% 31.8% 31.4% 27.0% 28.5% 27.4% 26.1% 28.8% 31.7% 29.8% 30.3% 29.2% 27.4% 28.0% 28.1% 30.5% 30.5% 32.6% 36.8% 37.0% 36.3% 34.0% 39.5% 41.3% 38.2%
Owner's Earnings 558.88M 414.60M 2,676.72M 3,163.04M 3,492.24M 3,813.60M 2,686.01M 2,705.47M 2,282.27M 2,067.19M 2,246.77M 1,956.42M 1,515.53M 1,493.11M 1,338.60M 1,396.74M 1,314.45M 1,289.25M 1,026.50M 1,068.77M 815.49M 811.06M 647.55M 460.96M 430.94M 402.70M 386.53M 294.69M 209.44M 126.45M 107.44M
Owner's Earnings Margin 15.6% 12.5% 9.9% 11.9% 13.4% 15.6% 12.6% 13.1% 11.9% 11.0% 12.3% 11.6% 9.9% 10.1% 9.0% 9.9% 9.8% 10.9% 9.1% 10.4% 9.6% 9.9% 9.1% 6.9% 6.9% 7.5% 7.8% 7.2% 5.8% 5.4% 6.0%
EPS 0.38 0.94 2.23 2.58 3.29 3.83 2.38 2.53 2.12 2.00 2.45 2.11 1.53 1.61 1.45 1.79 1.51 1.45 1.27 1.36 1.09 1.16 0.88 0.63 0.63 0.56 0.56 0.41 0.27 0.18 0.18
EPS (Diluted) 0.38 0.94 2.23 2.58 3.29 3.83 2.38 2.53 2.12 2.00 2.45 2.11 1.53 1.61 1.45 1.79 1.51 1.45 1.27 1.36 1.09 1.16 0.88 0.63 0.63 0.56 0.56 0.41 0.27 0.18 0.18
Shares (Diluted) 1,102.87M 293.40M 693.97M 760.90M 697.86M 692.32M 703.93M 716.25M 670.59M 605.59M 606.95M 604.12M 619.01M 610.10M 613.74M 557.35M 613.65M 617.86M 540.88M 549.30M 531.95M 509.56M 530.96M 499.34M 449.22M 453.75M 447.81M 458.82M 450.19M 418.15M 374.36M

Sector 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 759.77M 484.01M 2,752.61M 2,928.80M 2,992.81M 2,788.80M 2,844.97M 2,232.26M 1,824.80M 2,089.80M 1,810.28M 1,697.84M 1,611.39M 1,482.13M 1,280.47M 1,406.62M 1,119.78M 1,048.73M 839.35M 816.14M 706.51M 797.60M 594.05M 405.54M 306.92M 253.47M 177.03M 94.31M 95.38M 76.58M 61.62M
Short-Term Investments 1,358.80M 101.56M 1,036.19M 1,067.38M 920.45M 713.85M 739.80M 1,067.09M 605.87M 621.89M 704.01M 553.32M 547.80M 398.22M 374.54M 659.09M 856.96M 599.57M 493.91M 430.68M 444.19M 337.95M 255.30M 214.68M 144.79M 108.93M 85.64M 79.26M 26.84M 4.92M 16.02M
Cash & Short-Term Investments 2,118.57M 585.57M 3,788.80M 3,996.17M 3,913.26M 3,502.65M 3,584.77M 3,299.35M 2,430.67M 2,711.69M 2,514.29M 2,251.16M 2,159.19M 1,880.35M 1,655.01M 2,065.71M 1,976.74M 1,648.30M 1,333.26M 1,246.82M 1,150.70M 1,135.55M 849.35M 620.21M 451.72M 362.40M 262.67M 173.57M 122.23M 81.49M 77.64M
Net Receivables 698.99M 569.47M 5,076.14M 5,025.19M 4,975.66M 4,643.70M 4,021.69M 3,808.43M 3,365.02M 3,225.58M 3,058.89M 2,907.32M 2,449.50M 2,206.68M 2,027.10M 1,936.68M 1,715.47M 1,589.80M 1,482.76M 1,461.62M 1,250.90M 1,107.06M 880.38M 679.17M 618.44M 510.43M 487.50M 421.07M 330.38M 224.70M 207.46M
Inventory 444.33M 473.80M 2,559.36M 2,574.29M 2,264.53M 2,119.88M 2,099.57M 1,909.44M 1,503.98M 1,369.46M 1,359.82M 1,312.08M 1,203.91M 1,213.29M 1,132.97M 1,055.81M 907.43M 912.03M 835.88M 798.52M 747.59M 713.67M 644.97M 526.11M 498.31M 416.85M 357.83M 337.41M 273.63M 145.47M 137.48M
Other Current Assets 156.50M 118.15M 699.69M 648.47M 641.69M 599.08M 628.23M 623.69M 698.81M 459.97M 452.31M 470.01M 650.52M 514.34M 440.88M 405.91M 336.58M 364.82M 285.45M 305.65M 250.16M 252.11M 158.69M 141.11M 119.65M 93.54M 124.94M 132.15M 119.20M 67.57M 72.07M
Total Current Assets 3,418.39M 1,746.99M 12,123.99M 12,244.12M 11,795.16M 10,865.31M 10,334.26M 9,640.91M 7,998.48M 7,766.69M 7,385.30M 6,940.57M 6,463.11M 5,814.66M 5,255.97M 5,464.11M 4,936.22M 4,514.95M 3,937.35M 3,812.61M 3,399.36M 3,208.38M 2,533.38M 1,966.60M 1,688.12M 1,383.22M 1,232.93M 1,064.19M 845.44M 519.23M 494.65M
Property, Plant & Equipment 900.27M 918.06M 4,358.19M 4,669.88M 4,439.47M 4,238.14M 3,985.35M 3,759.35M 3,070.68M 3,082.74M 2,973.67M 2,894.19M 2,809.14M 2,383.45M 2,194.07M 1,999.36M 2,072.78M 2,032.10M 1,985.38M 1,987.81M 1,412.35M 1,418.28M 1,227.44M 914.32M 793.59M 693.25M 624.66M 549.91M 500.61M 282.05M 269.75M
Goodwill 1,901.65M 631.15M 8,798.06M 8,442.01M 8,479.34M 8,441.58M 7,663.89M 6,610.00M 5,406.06M 5,375.65M 5,217.64M 4,798.31M 3,564.66M 2,916.92M 2,897.44M 2,277.57M 2,011.66M 1,934.57M 1,570.72M 1,682.25M 1,101.60M 504.43M 132.66M 2.34M 9.80M 25.27M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 598.63M 415.29M 5,768.91M 5,726.83M 5,821.71M 6,735.37M 5,644.40M 4,913.65M 4,043.90M 3,823.07M 3,836.39M 3,870.26M 2,407.82M 2,015.34M 2,114.94M 1,315.22M 1,240.15M 991.12M 854.05M 592.82M 507.50M 684.23M 870.09M 735.64M 522.90M 427.02M 438.80M 402.76M 297.48M 194.50M 99.67M
Long-Term Investments 47.88M 118.83M 566.27M 671.97M 623.04M 519.34M 454.70M 484.99M 479.05M 491.18M 367.75M 378.49M 243.45M 180.99M 196.11M 129.23M 264.59M 315.85M 269.97M 91.30M 85.05M 55.84M 16.22M 11.39M 10.68M 5.63M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Assets 152.79M 46.81M 369.11M 503.96M 476.73M 417.69M 420.18M 394.17M 239.63M 241.97M 414.86M 231.72M 238.30M 147.85M 98.85M 115.23M 121.40M 92.45M 87.78M 67.43M 79.47M 33.88M 34.92M 17.71M 14.99M 9.39M 0.62M 0.00M 0.39M 0.00M 0.00M
Other Non-Current Assets 376.82M 113.90M 1,371.41M 1,179.00M 889.10M 915.13M 836.15M 677.11M 510.38M 542.58M 580.54M 487.69M 579.26M 542.27M 393.36M 350.95M 302.88M 275.02M 335.92M 390.07M 270.32M 254.66M 251.61M 178.79M 136.45M 137.83M 207.51M 142.06M 106.58M 63.99M 61.94M
Other Assets 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
Total Non-Current Assets 3,978.03M 2,244.05M 21,231.95M 21,193.65M 20,729.39M 21,267.25M 19,004.67M 16,839.29M 13,749.69M 13,557.19M 13,390.86M 12,660.67M 9,842.63M 8,186.82M 7,894.77M 6,187.56M 6,013.44M 5,641.10M 5,103.82M 4,811.68M 3,456.30M 2,951.31M 2,532.94M 1,860.18M 1,488.41M 1,298.39M 1,271.59M 1,094.73M 905.06M 540.54M 431.36M
Total Assets 7,396.42M 3,991.04M 33,355.94M 33,437.77M 32,524.55M 32,132.56M 29,338.92M 26,480.20M 21,748.17M 21,323.88M 20,776.17M 19,601.24M 16,305.74M 14,001.48M 13,150.73M 11,651.67M 10,949.67M 10,156.06M 9,041.17M 8,624.29M 6,855.65M 6,159.69M 5,066.32M 3,826.78M 3,176.52M 2,681.61M 2,504.52M 2,158.92M 1,750.50M 1,059.77M 926.01M
Accounts Payable 220.63M 344.42M 2,367.81M 2,560.29M 2,419.44M 2,384.40M 2,175.13M 2,035.15M 1,879.24M 1,621.62M 1,675.59M 1,452.95M 1,332.68M 1,267.74M 1,201.06M 1,308.20M 1,051.48M 864.35M 713.83M 799.49M 564.19M 585.11M 408.87M 352.39M 422.31M 258.31M 270.67M 227.89M 252.75M 167.04M 130.22M
Short-Term Debt 105.56M 117.07M 1,167.23M 1,018.84M 886.65M 840.52M 1,048.90M 914.73M 822.29M 835.05M 666.43M 642.63M 649.53M 417.31M 447.44M 353.26M 257.87M 253.26M 286.96M 289.68M 148.99M 179.90M 206.32M 99.58M 128.42M 93.67M 92.77M 89.27M 67.27M 41.81M 37.23M
Tax Payables 0.00M 1.38M 162.97M 196.86M 210.45M 215.96M 183.11M 125.65M 122.90M 109.93M 91.95M 115.58M 88.03M 67.86M 54.55M 46.01M 38.81M 52.88M 37.66M 31.27M 19.70M 19.87M 12.72M 8.32M 3.90M 0.49M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 277.83M 2.87M 23.03M 111.34M 140.33M 374.50M 298.00M 229.96M 147.67M 144.20M 200.32M 166.39M 117.69M 129.15M 118.44M 109.93M 95.56M 58.76M 53.73M 53.71M 40.81M 31.76M 21.41M 31.24M 25.82M 36.99M 3.92M 0.00M 0.00M 0.12M 0.00M
Other Current Liabilities 189.20M 260.68M 1,882.80M 1,734.85M 1,700.29M 1,470.11M 1,888.04M 1,273.19M 1,256.10M 1,131.82M 1,222.52M 1,239.49M 1,101.03M 783.74M 846.19M 698.48M 661.40M 633.61M 533.36M 575.54M 463.29M 327.17M 326.51M 210.88M 215.22M 170.03M 252.27M 305.23M 219.36M 128.47M 108.06M
Total Current Liabilities 793.22M 726.42M 5,603.84M 5,622.19M 5,357.17M 5,285.48M 5,593.18M 4,578.69M 4,228.20M 3,842.61M 3,856.82M 3,617.06M 3,288.96M 2,665.81M 2,667.68M 2,515.86M 2,105.13M 1,862.87M 1,625.54M 1,749.68M 1,236.99M 1,143.80M 975.84M 702.41M 795.66M 559.49M 619.62M 622.38M 539.38M 337.44M 275.52M
Long-Term Debt 1,313.87M 525.37M 9,473.59M 9,036.70M 8,610.26M 8,769.53M 8,555.44M 8,269.60M 7,082.18M 6,836.88M 6,422.22M 5,702.15M 4,380.83M 3,744.26M 3,456.16M 2,843.51M 2,459.65M 2,383.60M 1,773.27M 1,650.61M 1,220.39M 890.49M 989.59M 786.81M 609.08M 459.79M 445.02M 418.09M 400.27M 219.45M 174.53M
Capital Lease Obligations 28.22M 52.55M 675.26M 671.47M 616.52M 618.61M 574.25M 394.21M 41.73M 30.66M 25.87M 15.58M 10.02M 4.78M 0.37M 0.00M 0.11M 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 37.79M 55.18M 472.08M 515.41M 606.17M 786.98M 700.30M 737.84M 566.46M 604.29M 823.20M 701.65M 394.86M 316.15M 298.92M 279.48M 279.73M 208.42M 185.37M 144.52M 121.15M 99.56M 98.84M 30.34M 28.53M 12.28M 10.02M 9.61M 10.26M 4.87M 8.14M
Other Non-Current Liabilities 188.67M 100.46M 2,115.50M 2,038.12M 1,958.87M 1,942.78M 2,137.89M 2,125.49M 1,845.20M 1,669.54M 1,440.29M 1,217.82M 1,097.33M 988.64M 891.92M 586.07M 490.09M 473.09M 482.08M 343.75M 270.79M 266.91M 292.14M 223.15M 152.19M 102.89M 110.83M 93.50M 78.66M 41.74M 39.51M
Total Non-Current Liabilities 1,568.55M 733.56M 12,736.44M 12,261.70M 11,791.83M 12,117.91M 11,967.88M 11,527.14M 9,535.58M 9,141.37M 8,711.58M 7,637.20M 5,883.04M 5,053.83M 4,647.38M 3,709.06M 3,229.58M 3,065.11M 2,440.72M 2,138.89M 1,612.34M 1,256.96M 1,380.56M 1,040.30M 789.79M 574.97M 565.86M 521.20M 489.19M 266.05M 222.17M
Total Liabilities 2,361.78M 1,459.98M 18,340.28M 17,883.89M 17,149.00M 17,403.39M 17,561.06M 16,105.83M 13,763.78M 12,983.98M 12,568.40M 11,254.26M 9,172.00M 7,719.64M 7,315.06M 6,224.92M 5,334.71M 4,927.98M 4,066.27M 3,888.56M 2,849.33M 2,400.76M 2,356.40M 1,742.71M 1,585.45M 1,134.46M 1,185.48M 1,143.58M 1,028.57M 603.50M 497.69M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.01M 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
Common Stock 0.83M 87.24M 302.58M 318.81M 375.81M 380.21M 357.75M 366.99M 342.41M 284.94M 258.42M 237.57M 226.41M 183.08M 166.16M 171.37M 149.05M 125.19M 100.00M 110.12M 95.52M 110.12M 113.57M 114.20M 101.92M 85.24M 60.63M 37.49M 15.29M 7.23M 4.31M
Retained Earnings 2,623.88M 1,475.93M 7,820.48M 10,125.43M 9,286.25M 8,491.73M 7,459.98M 7,343.53M 6,378.93M 6,547.31M 6,127.38M 5,616.54M 4,770.84M 4,477.40M 3,952.50M 4,030.23M 3,625.01M 3,239.91M 2,391.06M 2,501.51M 2,173.47M 1,902.76M 1,627.40M 1,579.11M 1,283.73M 1,054.31M 871.55M 701.15M 609.78M 342.14M 322.13M
Accumulated OCI -127.87M 59.25M -427.90M -480.18M -445.80M -370.46M -482.62M -416.49M -453.74M -531.77M -552.62M -293.25M -135.37M -110.14M -50.43M -52.68M -34.77M -34.51M -50.61M 24.29M 8.20M -3.99M 11.07M -0.86M -32.00M -32.46M -27.05M -13.79M -13.99M -8.73M -10.31M
Minority Interest 4.10M 14.95M 142.52M 121.21M 139.19M 125.14M 116.57M 139.66M 127.11M 102.29M 118.75M 84.91M 56.86M 47.58M 45.39M 33.47M 22.66M 20.29M 15.04M 9.98M 8.97M 4.61M 5.35M 2.89M 1.62M 3.89M 4.72M 2.66M 2.12M 1.10M 0.79M
Total Shareholders’ Equity 2,496.84M 1,622.42M 7,695.17M 9,964.06M 9,216.26M 8,501.48M 7,335.12M 7,294.02M 6,267.60M 6,300.49M 5,833.18M 5,560.87M 4,861.88M 4,550.35M 4,068.23M 4,148.92M 3,739.29M 3,330.59M 2,440.46M 2,635.93M 2,277.19M 2,008.89M 1,752.04M 1,692.45M 1,353.64M 1,107.09M 905.13M 724.85M 611.08M 340.63M 316.13M
Total Equity 2,500.95M 1,637.37M 7,837.68M 10,085.27M 9,355.45M 8,626.61M 7,451.69M 7,433.68M 6,394.72M 6,402.78M 5,951.92M 5,645.78M 4,918.74M 4,597.93M 4,113.62M 4,182.39M 3,761.95M 3,350.88M 2,455.49M 2,645.91M 2,286.16M 2,013.50M 1,757.39M 1,695.34M 1,355.26M 1,110.98M 909.85M 727.51M 613.21M 341.73M 316.92M
Total Liabilities & Equity 4,862.72M 3,097.35M 26,177.96M 27,969.16M 26,504.45M 26,030.00M 25,012.74M 23,539.51M 20,158.50M 19,386.76M 18,520.32M 16,900.04M 14,090.74M 12,317.57M 11,428.68M 10,407.31M 9,096.66M 8,278.86M 6,521.76M 6,534.47M 5,135.50M 4,414.26M 4,113.79M 3,438.05M 2,940.72M 2,245.43M 2,095.33M 1,871.10M 1,641.78M 945.23M 814.61M
Tangible Assets 4,896.15M 2,944.60M 18,788.97M 19,268.93M 18,223.50M 16,955.61M 16,030.63M 14,956.54M 12,298.21M 12,125.16M 11,722.13M 10,932.67M 10,333.26M 9,069.22M 8,138.35M 8,058.88M 7,697.87M 7,230.37M 6,616.40M 6,349.21M 5,246.55M 4,971.03M 4,063.57M 3,088.80M 2,643.83M 2,229.32M 2,065.72M 1,756.16M 1,453.02M 865.27M 826.34M
Tangible Equity 0.67M 590.94M -6,729.29M -4,083.57M -4,945.59M -6,550.34M -5,856.60M -4,089.97M -3,055.24M -2,795.94M -3,102.11M -3,022.79M -1,053.74M -334.33M -898.77M 589.61M 510.15M 425.19M 30.72M 370.83M 677.06M 824.84M 754.64M 957.36M 822.57M 658.69M 471.05M 324.75M 315.73M 147.23M 217.25M
Tangible Book Value 670,795.00 590,935,232.78 -6,729,287,368.66 -4,083,574,721.61 -4,945,593,739.50 -6,550,335,767.20 -5,856,600,807.55 -4,089,971,080.07 -3,055,240,204.14 -2,795,940,114.15 -3,102,110,126.29 -3,022,788,111.44 -1,053,741,822.80 -334,331,063.15 -898,766,866.97 589,606,357.12 510,150,981.25 425,191,831.20 30,723,581.70 370,829,080.65 677,062,380.52 824,838,444.56 754,638,000.85 957,360,386.11 822,567,260.88 658,690,434.91 471,046,318.42 324,751,470.29 315,728,153.69 147,232,385.69 217,253,142.84
Total Investments 1,426.60M 225.58M 1,174.56M 1,211.68M 1,146.65M 1,045.93M 858.53M 962.80M 1,022.41M 1,158.10M 976.50M 895.03M 643.06M 582.18M 752.15M 498.06M 702.50M 627.91M 564.42M 458.01M 336.12M 398.26M 295.49M 247.90M 166.62M 74.52M 59.82M 60.41M 9.12M 0.73M 0.02M
Net Debt 659.66M 158.43M 7,888.22M 7,126.75M 6,504.10M 6,821.25M 6,759.38M 6,952.08M 6,079.68M 5,582.12M 5,278.37M 4,646.94M 3,418.97M 2,679.44M 2,623.13M 1,790.15M 1,597.73M 1,588.14M 1,220.89M 1,124.15M 662.88M 272.79M 601.86M 480.85M 430.57M 299.99M 360.76M 413.04M 372.16M 184.69M 150.15M

Sector 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 2,020.08M 1,049.84M 2,745.17M 3,716.62M 3,643.24M 3,234.27M 2,521.73M 3,837.86M 2,845.46M 2,680.51M 3,017.65M 2,933.25M 2,742.10M 2,542.88M 1,677.51M 2,943.98M 3,034.87M 2,918.63M 2,615.13M 2,084.68M 1,660.95M 1,800.96M 1,407.70M 1,527.45M 1,187.99M 825.75M 640.82M 494.72M 535.09M 349.65M 253.63M
Total Capital 6,057.89M 3,036.14M 24,416.49M 25,253.41M 24,030.25M 26,046.82M 23,129.13M 21,033.60M 16,772.58M 16,475.04M 15,683.09M 15,311.13M 12,949.12M 11,330.26M 10,208.90M 9,492.06M 8,880.29M 8,372.78M 7,477.87M 7,316.43M 5,554.33M 4,939.21M 4,359.50M 3,353.71M 3,017.41M 2,530.86M 2,168.12M 1,864.13M 1,594.96M 967.56M 813.39M
Capital Employed 6,147.04M 3,709.16M 30,778.40M 31,794.53M 29,439.32M 29,024.83M 27,490.37M 25,895.62M 20,748.57M 21,430.58M 20,531.17M 18,710.52M 14,977.30M 12,671.30M 11,708.87M 11,225.41M 10,515.88M 10,302.02M 9,263.13M 8,225.71M 6,864.51M 6,165.92M 5,846.35M 4,274.12M 3,782.44M 3,012.31M 2,631.77M 2,207.00M 1,850.25M 1,274.62M 919.44M
Invested Capital 5,298.12M 2,552.13M 21,663.88M 22,324.62M 21,037.44M 23,258.01M 20,284.17M 18,801.33M 14,947.79M 14,385.24M 13,872.81M 13,613.29M 11,337.73M 9,848.13M 8,928.43M 8,085.44M 7,760.51M 7,324.05M 6,638.52M 6,500.28M 4,847.82M 4,141.61M 3,765.45M 2,948.18M 2,710.49M 2,277.39M 1,991.09M 1,769.82M 1,499.58M 890.99M 751.77M

Sector 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
Net Income 511.11M 274.94M 1,588.51M 1,986.16M 2,419.73M 2,649.09M 1,710.59M 1,859.41M 1,450.85M 1,145.96M 1,511.34M 1,185.61M 939.58M 1,007.33M 951.94M 1,036.27M 902.88M 917.04M 681.11M 755.56M 586.38M 537.15M 476.57M 329.42M 257.58M 263.63M 263.50M 196.62M 120.81M 109.60M 93.54M
Depreciation & Amortization 134.39M 139.19M 1,113.22M 1,234.80M 1,194.31M 1,183.11M 1,109.79M 965.24M 838.63M 824.67M 736.00M 691.93M 576.61M 524.82M 462.03M 400.50M 382.25M 394.57M 338.31M 330.44M 243.81M 210.96M 184.99M 151.00M 159.77M 146.11M 139.20M 108.58M 94.62M 73.08M 59.74M
Deferred Income Tax 2.58M 0.00M -78.39M -118.60M -159.06M -120.30M -86.45M -34.98M -35.11M -87.09M -48.42M -43.42M -12.44M 3.55M 6.74M 34.72M 21.18M 9.75M 2.12M -7.19M -5.74M -7.17M 7.97M 9.23M 9.96M 2.53M 3.86M 2.10M 0.29M -1.15M 0.56M
Stock-Based Compensation 15.77M 3.98M 132.70M 144.39M 149.66M 115.00M 108.35M 105.78M 77.92M 79.09M 74.59M 78.86M 63.52M 55.03M 52.37M 43.49M 42.46M 45.41M 24.31M 8.34M 2.75M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital -52.11M -37.37M -219.49M -233.54M -459.14M -131.05M 155.09M -161.26M -165.63M 41.01M -87.52M -47.00M -20.63M -64.68M -57.97M -50.78M -53.33M -18.76M -58.76M -59.69M -30.54M -11.41M -17.11M -22.82M -13.16M -29.29M -31.68M -88.29M -37.23M -27.87M -39.16M
Accounts Receivable -46.94M -30.65M -194.92M -319.42M -285.60M -358.69M -173.33M -199.82M -169.63M -116.27M -170.17M -201.42M -193.59M -114.11M -16.64M -78.02M -35.00M -17.67M -35.58M -6.83M -5.97M -6.14M -7.00M -3.59M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory -27.01M -25.15M -134.27M -211.03M -251.46M -154.31M -146.78M -99.64M -122.01M -59.61M -60.40M -85.37M -65.21M -61.72M -71.81M -63.41M -11.97M -0.44M -35.44M -23.42M -25.83M -8.21M -10.80M -11.16M -14.26M -25.39M -18.89M -13.44M -20.52M -17.62M -12.07M
Accounts Payable 11.73M 2.36M 138.04M 179.15M 194.56M 259.01M 124.90M 130.30M 106.94M 99.01M 109.15M 73.98M 32.71M 31.73M 19.92M 40.44M 16.20M 6.03M -0.06M 2.58M 0.93M 0.53M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital -85.99M 2.02M -103.03M -74.23M -136.00M 92.68M 220.89M 15.06M -1.88M 82.02M -28.26M 62.87M 141.94M 43.03M 0.80M 10.56M 1.88M -7.17M 2.82M -4.67M -1.95M 20.69M -10.48M 0.88M 24.56M 15.12M -1.40M -18.08M -11.23M -6.71M -25.42M
Other Non-Cash Items 43.74M 37.44M 402.22M 276.28M 270.34M 141.02M 99.13M 75.19M 154.36M 182.28M 184.23M 125.63M 68.56M 64.24M 66.19M 51.83M 69.21M 22.82M 72.54M 17.03M 63.68M 62.97M 16.15M 30.26M 27.98M 42.79M 10.35M 5.68M 10.72M 6.24M 4.58M
Net Cash from Operating 636.17M 428.36M 3,263.24M 3,357.08M 3,640.00M 3,856.94M 3,527.02M 2,891.55M 2,444.27M 2,368.63M 2,158.24M 1,950.03M 1,662.52M 1,550.13M 1,697.49M 1,537.68M 1,301.89M 1,275.81M 997.94M 902.87M 815.81M 740.01M 733.87M 596.86M 458.62M 460.06M 424.23M 257.91M 222.79M 175.43M 151.64M
Investments in PPE -128.34M -141.23M -640.33M -701.26M -680.70M -673.84M -644.83M -614.00M -500.37M -530.58M -565.98M -500.20M -439.09M -355.08M -347.04M -339.53M -288.31M -312.71M -330.06M -320.36M -293.30M -218.79M -192.96M -198.73M -207.63M -198.67M -194.36M -249.60M -217.35M -137.39M -100.60M
Acquisitions (Net) -0.06M -10.29M -313.78M -255.74M -244.39M -526.03M -285.17M -267.95M -375.74M -270.20M -337.45M -733.12M -239.00M -138.47M -363.10M -227.43M -218.39M -195.39M -169.57M -167.74M -104.64M -84.37M -110.57M -32.76M -51.90M -37.08M -17.56M -3.03M -0.96M -0.62M -0.12M
Purchases of Investments -345.55M -39.71M -715.90M -842.16M -982.67M -665.85M -621.76M -260.60M -472.18M -706.25M -782.42M -517.30M -448.88M -397.97M -408.20M -644.89M -302.35M -621.20M -253.01M -590.29M -314.00M -226.13M -209.87M -81.18M -25.92M -46.96M -18.59M -10.72M -17.12M -21.71M -31.46M
Sales/Maturities of Investments 194.87M 42.42M 686.94M 768.92M 994.18M 612.95M 775.44M 590.03M 573.50M 514.08M 654.21M 561.62M 408.71M 451.14M 407.75M 531.35M 628.88M 301.11M 418.88M 633.12M 307.42M 258.56M 135.60M 119.43M 40.61M 102.35M 59.61M 14.00M 20.06M 45.43M 12.08M
Other Investing Activities -9.60M -5.12M -52.48M -28.86M 21.66M 16.98M 35.54M 49.40M 0.26M 0.18M 29.54M 8.06M 29.72M 26.55M 16.88M 18.55M 16.68M 15.39M 23.21M 26.31M 22.23M 16.05M 7.90M 11.59M -6.86M 1.51M 8.16M 10.09M 5.13M -4.66M -16.24M
Net Cash from Investing -306.39M -213.79M -1,492.53M -1,588.69M -1,063.10M -1,664.55M -1,216.62M -934.31M -936.63M -1,154.98M -1,274.42M -1,493.81M -811.15M -700.70M -1,115.70M -696.81M -721.79M -687.33M -646.78M -562.14M -420.04M -298.98M -367.93M -256.06M -380.89M -355.00M -220.26M -206.17M -170.36M -161.09M -129.90M
Net Debt Issuance -51.03M 3.75M 352.95M -16.61M -229.17M -74.08M 139.09M 9.46M 49.92M 106.99M 140.34M 448.61M 143.54M 10.69M 160.73M 103.81M -18.20M 147.90M 89.30M 152.26M 33.44M -22.18M 87.70M -14.99M 20.59M 13.09M -17.13M -3.36M 34.04M 26.95M 5.59M
Long-Term Debt Issuance -27.34M -9.38M 347.55M -10.12M -258.66M -100.30M 239.17M 72.06M 146.83M 151.56M 103.05M 508.55M 65.79M 119.10M 200.20M 108.52M 7.40M 187.35M 63.21M 142.75M 29.00M -4.81M 18.99M -5.44M 25.88M -3.50M -12.94M 4.45M 19.36M 20.72M 3.12M
Short-Term Debt Issuance -4.64M 0.91M -0.44M -4.77M 5.96M -9.85M -22.80M -15.88M -10.01M -0.18M -0.17M -7.81M -3.75M -5.23M 1.06M 1.77M 0.00M -41.88M 1.95M -2.07M -1.27M -1.47M 0.10M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance -87.97M -53.93M -444.80M -373.82M -543.40M -365.74M -288.95M -380.72M -314.12M -409.66M -257.15M -215.15M -203.34M -266.84M -255.89M -277.72M -167.31M -67.89M -180.00M -212.98M -103.32M -94.00M -52.94M -38.66M -20.15M 2.19M -42.70M -1.62M -3.97M -2.40M 6.80M
Common Stock Issued 21.99M 0.77M 4.52M 2.41M 4.38M 8.39M 10.15M 15.06M 23.86M 12.38M 28.15M 30.62M 47.20M 40.88M 23.45M 51.96M 36.08M 20.65M 31.46M 102.70M 121.29M 59.89M 40.74M 19.27M 31.13M 45.05M 29.26M 18.05M 13.94M 30.53M 25.31M
Common Stock Repurchased -96.31M -71.16M -475.98M -447.98M -639.56M -473.61M -311.85M -476.08M -381.70M -472.10M -359.23M -354.06M -238.60M -313.10M -380.57M -422.20M -187.77M -114.39M -240.04M -373.34M -231.87M -174.59M -90.69M -61.65M -66.11M -23.96M -72.07M -17.18M -11.74M -18.97M -7.88M
Net Common Stock Issuance -88.05M -53.93M -444.80M -375.38M -542.60M -374.12M -249.32M -381.82M -316.22M -387.30M -257.71M -213.37M -199.16M -256.55M -267.69M -279.51M -166.20M -67.89M -180.56M -213.86M -103.32M -93.87M -47.34M -38.66M -20.15M 2.19M -42.70M -1.62M -3.97M -2.40M 6.80M
Net Preferred Stock Issuance 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
Net Dividends Paid -71.75M -82.95M -461.93M -562.32M -607.92M -714.80M -738.20M -510.13M -492.23M -468.09M -436.62M -397.05M -319.64M -269.04M -250.17M -199.18M -142.71M -114.13M -95.10M -88.14M -65.36M -63.72M -59.93M -41.21M -38.99M -37.68M -26.55M -24.94M -9.89M -11.95M -11.80M
Common Dividends Paid -71.71M -82.91M -461.78M -563.75M -611.23M -717.43M -739.61M -515.89M -491.68M -487.63M -435.78M -396.87M -319.43M -268.81M -249.75M -198.17M -141.32M -102.52M -84.39M -73.76M -48.66M -36.70M -45.29M -23.56M -22.17M -27.58M -20.19M -14.68M -6.57M -7.02M -7.03M
Preferred Dividends Paid 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 Financing Activities -15.40M -21.21M -180.59M -162.23M -138.05M -147.49M -106.95M -92.26M -99.30M -21.06M -43.62M -30.73M 46.91M 13.75M 0.04M -3.04M 4.88M 1.62M 20.68M 7.95M -5.39M -6.18M -2.49M -3.01M -1.35M -0.61M -5.66M -2.10M -0.60M 1.41M 0.30M
Net Cash from Financing -317.71M -171.46M -1,260.98M -1,333.16M -1,969.93M -1,737.16M -1,095.24M -1,015.93M -1,135.88M -1,086.73M -734.40M -350.18M -553.72M -590.79M -344.96M -602.83M -420.66M -279.48M -420.81M -427.50M -222.64M -322.11M -165.72M -202.96M -96.97M -45.28M -151.97M -67.33M -5.29M -2.10M -5.92M
Effect of FX on Cash -11.59M 1.05M -20.38M 4.08M -19.33M -12.80M 1.47M -1.83M -9.99M 10.06M -13.78M -32.15M -2.63M -3.12M 1.26M -4.26M 0.41M 2.82M -13.37M 3.61M 4.65M -1.69M 1.18M 0.84M 1.45M -0.12M -1.34M -0.71M 0.06M -1.74M -0.70M
Net Change in Cash 21.90M 18.43M 109.75M 203.82M 16.30M -17.28M 477.93M 250.59M 33.69M 77.65M 87.27M 164.38M 142.05M 121.75M 40.30M 68.64M 61.07M 169.66M 38.87M 14.46M 24.44M 108.37M 105.22M 59.58M 22.96M 47.16M 36.11M -1.20M -0.54M 1.20M 4.43M
Cash at Beginning of Period 309.73M 492.68M 2,842.43M 2,906.40M 2,771.53M 2,837.78M 2,198.85M 1,938.95M 2,004.29M 1,828.19M 1,671.05M 1,603.73M 1,466.06M 1,280.63M 1,333.38M 1,143.36M 1,022.87M 847.55M 822.59M 785.09M 663.22M 539.33M 457.66M 372.94M 269.33M 218.20M 189.43M 130.82M 135.77M 101.74M 68.44M
Cash at End of Period 745.71M 476.17M 2,789.81M 2,917.72M 2,990.73M 2,793.71M 2,826.72M 2,258.11M 1,829.46M 2,024.88M 1,811.17M 1,698.21M 1,586.52M 1,475.81M 1,262.19M 1,404.11M 1,123.75M 1,075.75M 839.65M 783.72M 713.66M 714.47M 578.97M 450.84M 292.84M 276.37M 222.71M 118.99M 137.74M 120.24M 85.57M
Operating Cash Flow 635.32M 428.36M 3,263.35M 3,357.03M 3,640.00M 3,856.93M 3,530.14M 2,891.55M 2,444.27M 2,368.63M 2,170.43M 1,939.69M 1,660.80M 1,550.13M 1,697.49M 1,537.68M 1,301.89M 1,275.81M 997.94M 902.87M 815.81M 740.01M 733.73M 596.86M 458.62M 460.12M 424.23M 257.91M 211.25M 175.43M 151.64M
Capital Expenditure -120.99M -134.44M -630.49M -702.37M -678.85M -666.00M -631.55M -608.84M -494.34M -506.86M -559.38M -492.47M -436.84M -353.43M -346.19M -339.28M -288.30M -311.31M -329.44M -319.24M -291.92M -219.14M -190.78M -198.73M -207.63M -198.67M -194.36M -252.62M -217.37M -136.95M -100.70M
Free Cash Flow 557.05M 290.38M 2,209.05M 2,577.12M 2,844.36M 2,905.51M 2,570.22M 1,891.71M 1,770.48M 1,774.03M 1,589.23M 1,397.73M 1,197.53M 1,143.57M 1,132.53M 1,067.74M 1,052.01M 849.06M 673.30M 578.08M 524.95M 506.02M 504.11M 362.31M 233.01M 203.07M 176.92M 25.82M 14.59M 38.60M 55.21M
Income Taxes Paid 0.00M 0.00M 146.59M 141.41M 147.33M 106.51M 84.10M 67.09M 61.27M 83.06M 91.44M 65.52M 66.85M 63.43M 67.79M 37.64M 53.95M 10.72M 8.15M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Interest Paid 0.00M 6.73M 115.96M 108.88M 83.22M 68.65M 73.82M 66.75M 76.08M 68.92M 55.95M 48.90M 49.41M 42.81M 36.16M 30.50M 34.38M 12.34M 4.34M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M

Sector 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 949.39M 909.51M 12,241.05M 11,910.77M 11,421.58M 10,765.33M 8,556.42M 8,579.19M 8,038.88M 7,954.80M 7,368.63M 6,867.68M 5,855.49M 6,055.36M 6,671.72M 5,849.03M 5,737.67M 5,121.86M 4,783.33M 4,114.61M 3,565.27M 3,819.57M 3,434.89M 3,484.20M 3,568.74M 2,969.35M 2,910.07M 2,243.03M 2,291.62M 1,546.94M 1,076.58M
(-) Tax Adjustment 200.83M 204.76M 2,459.72M 1,959.69M 1,949.22M 1,687.92M 1,568.45M 1,239.01M 1,307.10M 2,250.00M 1,578.98M 1,714.33M 1,432.33M 1,435.20M 1,634.48M 1,318.93M 1,380.33M 1,362.82M 1,446.93M 1,000.50M 1,021.75M 1,159.34M 1,139.92M 1,219.47M 1,169.74M 883.12M 1,018.52M 785.06M 802.07M 541.43M 361.22M
(-) Change in Working Capital -52.11M -37.37M -219.49M -233.54M -459.14M -131.05M 155.09M -161.26M -165.63M 41.01M -87.52M -47.00M -20.63M -64.68M -57.97M -50.78M -53.33M -18.76M -58.76M -59.69M -30.54M -11.41M -17.11M -22.82M -13.16M -29.29M -31.68M -88.29M -37.23M -27.87M -39.16M
(-) Capital Expenditure 120.99M 134.44M 630.49M 702.37M 678.85M 666.00M 631.55M 608.84M 494.34M 506.86M 559.38M 492.47M 436.84M 353.43M 346.19M 339.28M 288.30M 311.31M 329.44M 319.24M 291.92M 219.14M 190.78M 198.73M 207.63M 198.67M 194.36M 252.62M 217.37M 136.95M 100.70M
Unlevered Free Cash Flow 679.68M 607.67M 9,370.33M 9,482.25M 9,252.65M 8,542.46M 6,201.33M 6,892.60M 6,403.07M 5,156.93M 5,317.79M 4,707.88M 4,006.95M 4,331.42M 4,749.03M 4,241.60M 4,122.37M 3,466.49M 3,065.72M 2,854.56M 2,282.14M 2,452.50M 2,121.29M 2,088.83M 2,204.54M 1,916.84M 1,728.86M 1,293.63M 1,309.42M 896.43M 653.82M
(-) Net Interest Income After Taxes -26.50M -18.08M -264.55M -249.55M -244.96M -282.51M -284.35M -239.39M -236.83M -203.10M -210.32M -171.21M -140.03M -134.09M -110.19M -111.73M -109.75M -93.57M -71.90M -42.31M -16.03M -14.24M -8.57M -5.24M -6.41M -3.69M -2.27M -0.86M -1.24M -0.57M -0.79M
Net Debt Issuance -51.03M 3.75M 352.95M -16.61M -229.17M -74.08M 139.09M 9.46M 49.92M 106.99M 140.34M 448.61M 143.54M 10.69M 160.73M 103.81M -18.20M 147.90M 89.30M 152.26M 33.44M -22.18M 87.70M -14.99M 20.59M 13.09M -17.13M -3.36M 34.04M 26.95M 5.59M
Levered Free Cash Flow 655.14M 629.50M 9,987.82M 9,715.19M 9,268.44M 8,750.89M 6,624.77M 7,141.45M 6,689.82M 5,467.02M 5,668.45M 5,327.70M 4,290.52M 4,476.20M 5,019.95M 4,457.13M 4,213.93M 3,707.96M 3,226.92M 3,049.13M 2,331.61M 2,444.56M 2,217.56M 2,079.07M 2,231.53M 1,933.62M 1,714.00M 1,291.14M 1,344.70M 923.95M 660.20M