Definitive Analysis

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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	2026-01-25	2025-01-26	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-01-26	2019-01-27	2018-01-28	2017-01-29	2016-01-31	2015-01-25	2014-01-26	2013-01-27	2012-01-29	2011-01-30	2010-01-31	2009-01-25	2008-01-31	2007-01-28	2006-01-29	2005-01-30	2004-01-25	2003-01-26	2002-01-27	2001-01-28	2000-01-30	1999-01-31
Revenue	$135,785.67M	$92,249.00M	$51,717.80M	$35,951.87M	$27,836.97M	$22,649.08M	—	$215,938.00M	$187,142.00M	$215,938.00M	$130,497.00M	$60,922.00M	$26,974.00M	$26,914.00M	$16,675.00M	$10,918.00M	$11,716.00M	$9,714.00M	$6,910.00M	$5,010.00M	$4,682.00M	$4,130.00M	$4,280.16M	$3,997.93M	$3,543.31M	$3,326.45M	$3,424.86M	$4,097.86M	$3,068.77M	$2,375.69M	$2,010.03M	$1,822.95M	$1,909.45M	$1,369.47M	$735.26M	$374.51M	$158.20M
Revenue Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	—	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Cost of Revenue	$37,245.00M	$26,558.40M	$15,450.50M	$10,976.28M	$8,758.77M	$7,259.25M	—	$62,475.00M	$56,049.00M	$62,475.00M	$32,639.00M	$16,621.00M	$11,618.00M	$9,439.00M	$6,279.00M	$4,150.00M	$4,545.00M	$3,892.00M	$2,847.00M	$2,199.00M	$2,083.00M	$1,862.00M	$2,053.82M	$1,941.41M	$2,134.22M	$2,149.52M	$2,250.59M	$2,228.58M	$1,768.32M	$1,465.65M	$1,362.48M	$1,294.07M	$1,333.44M	$850.23M	$462.39M	$232.66M	$103.20M
Cost of Revenue Margin	27.43%	28.79%	29.87%	30.53%	31.46%	32.05%	—	28.93%	29.95%	28.93%	25.01%	27.28%	43.07%	35.07%	37.66%	38.01%	38.79%	40.07%	41.20%	43.89%	44.49%	45.08%	47.98%	48.56%	60.23%	64.62%	65.71%	54.38%	57.62%	61.69%	67.78%	70.99%	69.83%	62.08%	62.89%	62.13%	65.23%
Gross Profit	$98,540.67M	$65,690.60M	$36,267.30M	$24,975.59M	$19,078.19M	$15,389.82M	—	$153,463.00M	$131,093.00M	$153,463.00M	$97,858.00M	$44,301.00M	$15,356.00M	$17,475.00M	$10,396.00M	$6,768.00M	$7,171.00M	$5,822.00M	$4,063.00M	$2,811.00M	$2,599.00M	$2,268.00M	$2,226.34M	$2,056.52M	$1,409.09M	$1,176.92M	$1,174.27M	$1,869.28M	$1,300.45M	$910.03M	$647.56M	$528.88M	$576.01M	$519.24M	$272.88M	$141.84M	$55.00M
Gross Profit Margin	72.57%	71.21%	70.13%	69.47%	68.54%	67.95%	—	71.07%	70.05%	71.07%	74.99%	72.72%	56.93%	64.93%	62.34%	61.99%	61.21%	59.93%	58.80%	56.11%	55.51%	54.92%	52.02%	51.44%	39.77%	35.38%	34.29%	45.62%	42.38%	38.31%	32.22%	29.01%	30.17%	37.92%	37.11%	37.87%	34.77%
Selling, General & Admin	$3,574.67M	$3,066.00M	$2,083.20M	$1,545.76M	$1,245.60M	$1,031.51M	—	$4,579.00M	$4,272.00M	$4,579.00M	$3,491.00M	$2,654.00M	$2,440.00M	$2,166.00M	$1,940.00M	$1,093.00M	$991.00M	$815.00M	$663.00M	$602.00M	$480.00M	$436.00M	$430.82M	$405.61M	$361.51M	$367.02M	$362.22M	$341.30M	$293.53M	$202.09M	$204.16M	$165.25M	$207.15M	$97.19M	$58.70M	$36.31M	$18.90M
Selling, General & Admin Margin	2.63%	3.32%	4.03%	4.30%	4.47%	4.55%	—	2.12%	2.28%	2.12%	2.68%	4.36%	9.05%	8.05%	11.63%	10.01%	8.46%	8.39%	9.59%	12.02%	10.25%	10.56%	10.07%	10.15%	10.20%	11.03%	10.58%	8.33%	9.57%	8.51%	10.16%	9.06%	10.85%	7.10%	7.98%	9.70%	11.95%
Research & Development	$13,362.00M	$10,538.60M	$6,508.20M	$4,750.59M	$3,755.88M	$3,058.87M	—	$18,497.00M	$16,699.00M	$18,497.00M	$12,914.00M	$8,675.00M	$7,339.00M	$5,268.00M	$3,924.00M	$2,829.00M	$2,376.00M	$1,797.00M	$1,463.00M	$1,331.00M	$1,360.00M	$1,336.00M	$1,147.28M	$1,002.61M	$848.83M	$908.85M	$855.88M	$691.64M	$553.47M	$357.12M	$348.22M	$269.97M	$224.87M	$153.92M	$86.05M	$46.91M	$25.10M
Research & Development Margin	9.84%	11.42%	12.58%	13.21%	13.49%	13.51%	—	8.57%	8.92%	8.57%	9.90%	14.24%	27.21%	19.57%	23.53%	25.91%	20.28%	18.50%	21.17%	26.57%	29.05%	32.35%	26.80%	25.08%	23.96%	27.32%	24.99%	16.88%	18.04%	15.03%	17.32%	14.81%	11.78%	11.24%	11.70%	12.53%	15.87%
Operating Expenses	$16,936.67M	$13,875.20M	$8,727.00M	$6,395.49M	$5,074.32M	$4,150.42M	—	$23,076.00M	$20,971.00M	$23,076.00M	$16,405.00M	$11,329.00M	$11,132.00M	$7,434.00M	$5,864.00M	$3,922.00M	$3,367.00M	$2,612.00M	$2,129.00M	$2,064.00M	$1,840.00M	$1,772.00M	$1,578.10M	$1,408.22M	$1,153.34M	$1,275.87M	$1,244.97M	$1,032.93M	$847.00M	$573.37M	$552.38M	$438.72M	$432.03M	$277.51M	$144.74M	$83.23M	$50.50M
Operating Expenses Margin	12.47%	15.04%	16.87%	17.79%	18.23%	18.32%	—	10.69%	11.21%	10.69%	12.57%	18.60%	41.27%	27.62%	35.17%	35.92%	28.74%	26.89%	30.81%	41.20%	39.30%	42.91%	36.87%	35.22%	32.55%	38.36%	36.35%	25.21%	27.60%	24.13%	27.48%	24.07%	22.63%	20.26%	19.69%	22.22%	31.92%
Operating Income	$81,604.00M	$51,815.40M	$27,540.30M	$18,580.10M	$14,003.87M	$11,239.41M	—	$130,387.00M	$110,122.00M	$130,387.00M	$81,453.00M	$32,972.00M	$4,224.00M	$10,041.00M	$4,532.00M	$2,846.00M	$3,804.00M	$3,210.00M	$1,934.00M	$747.00M	$759.00M	$496.00M	$648.24M	$648.30M	$255.75M	$-98.95M	$-70.70M	$836.35M	$453.45M	$336.66M	$95.18M	$90.16M	$143.99M	$241.73M	$128.14M	$58.62M	$4.50M
Operating Income Margin	60.10%	56.17%	53.25%	51.68%	50.31%	49.62%	—	60.38%	58.84%	60.38%	62.42%	54.12%	15.66%	37.31%	27.18%	26.07%	32.47%	33.05%	27.99%	14.91%	16.21%	12.01%	15.15%	16.22%	7.22%	-2.97%	-2.06%	20.41%	14.78%	14.17%	4.74%	4.95%	7.54%	17.65%	17.43%	15.65%	2.84%
Interest Expense	$254.33M	$252.20M	$167.40M	$118.89M	$89.51M	$71.61M	—	$259.00M	$247.00M	$259.00M	$247.00M	$257.00M	$262.00M	$236.00M	$184.00M	$52.00M	$58.00M	$61.00M	$58.00M	$47.00M	$46.00M	$10.00M	$3.29M	$3.09M	$3.13M	$3.32M	$0.41M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Interest Expense Margin	0.19%	0.27%	0.32%	0.33%	0.32%	0.32%	—	0.12%	0.13%	0.12%	0.19%	0.42%	0.97%	0.88%	1.10%	0.48%	0.50%	0.63%	0.84%	0.94%	0.98%	0.24%	0.08%	0.08%	0.09%	0.10%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Income	$1,650.67M	$1,049.60M	$574.20M	$391.00M	$297.50M	$238.00M	—	$2,299.00M	$2,242.00M	$2,300.00M	$1,786.00M	$866.00M	$267.00M	$29.00M	$57.00M	$178.00M	$136.00M	$69.00M	$54.00M	$39.00M	$28.00M	$17.00M	$19.91M	$19.15M	$19.06M	$23.12M	$42.86M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Interest Income Margin	1.22%	1.14%	1.11%	1.09%	1.07%	1.05%	—	1.06%	1.20%	1.07%	1.37%	1.42%	0.99%	0.11%	0.34%	1.63%	1.16%	0.71%	0.78%	0.78%	0.60%	0.41%	0.47%	0.48%	0.54%	0.69%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	$1,396.33M	$797.40M	$406.80M	$272.11M	$207.99M	$166.39M	—	$2,040.00M	$1,995.00M	$2,041.00M	$1,539.00M	$609.00M	$5.00M	$-207.00M	$-127.00M	$126.00M	$78.00M	$8.00M	$-4.00M	$-8.00M	$-18.00M	$7.00M	$16.61M	$16.06M	$15.93M	$19.80M	$42.45M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Net Interest Income Margin	1.03%	0.86%	0.79%	0.76%	0.75%	0.73%	—	0.94%	1.07%	0.95%	1.18%	1.00%	0.02%	-0.77%	-0.76%	1.15%	0.67%	0.08%	-0.06%	-0.16%	-0.38%	0.17%	0.39%	0.40%	0.45%	0.60%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	$3,431.00M	$2,070.40M	$1,032.10M	$689.48M	$521.49M	$419.04M	—	$9,023.00M	$4,152.00M	$9,022.00M	$1,034.00M	$237.00M	$-48.00M	$107.00M	$4.00M	$-2.00M	$14.00M	$-22.00M	$-25.00M	$4.00M	$14.00M	$7.00M	$-2.81M	$-0.96M	$-0.51M	$-3.14M	$-14.71M	$65.00M	$41.03M	$20.12M	$11.85M	$-3.48M	$6.57M	$11.02M	$16.67M	$1.75M	$0.00M
Unusual Items Margin	2.53%	2.24%	2.00%	1.92%	1.87%	1.85%	—	4.18%	2.22%	4.18%	0.79%	0.39%	-0.18%	0.40%	0.02%	-0.02%	0.12%	-0.23%	-0.36%	0.08%	0.30%	0.17%	-0.07%	-0.02%	-0.01%	-0.09%	-0.43%	1.59%	1.34%	0.85%	0.59%	-0.19%	0.34%	0.80%	2.27%	0.47%	0.00%
EBT Excluding Unusual Items	$83,000.33M	$52,612.80M	$27,947.10M	$18,852.21M	$14,211.86M	$11,405.80M	—	$132,427.00M	$112,117.00M	$132,428.00M	$82,992.00M	$33,581.00M	$4,229.00M	$9,834.00M	$4,405.00M	$2,972.00M	$3,882.00M	$3,218.00M	$1,930.00M	$739.00M	$741.00M	$503.00M	$664.85M	$664.36M	$271.68M	$-79.15M	$-28.25M	$836.35M	$453.45M	$336.66M	$95.18M	$90.16M	$143.99M	$241.73M	$128.14M	$58.62M	$4.50M
EBT Excluding Unusual Items Margin	61.13%	57.03%	54.04%	52.44%	51.05%	50.36%	—	61.33%	59.91%	61.33%	63.60%	55.12%	15.68%	36.54%	26.42%	27.22%	33.13%	33.13%	27.93%	14.75%	15.83%	12.18%	15.53%	16.62%	7.67%	-2.38%	-0.82%	20.41%	14.78%	14.17%	4.74%	4.95%	7.54%	17.65%	17.43%	15.65%	2.84%
Pre-Tax Income	$86,431.33M	$54,683.20M	$28,979.20M	$19,541.70M	$14,733.36M	$11,824.84M	—	$141,450.00M	$116,269.00M	$141,450.00M	$84,026.00M	$33,818.00M	$4,181.00M	$9,941.00M	$4,409.00M	$2,970.00M	$3,896.00M	$3,196.00M	$1,905.00M	$743.00M	$755.00M	$510.00M	$662.04M	$663.40M	$271.17M	$-82.29M	$-42.95M	$901.34M	$494.48M	$356.79M	$107.03M	$86.67M	$150.56M	$252.75M	$144.81M	$60.37M	$4.50M
Pre-Tax Income Margin	63.65%	59.28%	56.03%	54.36%	52.93%	52.21%	—	65.50%	62.13%	65.50%	64.39%	55.51%	15.50%	36.94%	26.44%	27.20%	33.25%	32.90%	27.57%	14.83%	16.13%	12.35%	15.47%	16.59%	7.65%	-2.47%	-1.25%	22.00%	16.11%	15.02%	5.32%	4.75%	7.88%	18.46%	19.69%	16.12%	2.84%
Income Tax	$12,195.67M	$7,317.80M	$3,698.30M	$2,499.19M	$1,881.43M	$1,514.02M	—	$21,383.00M	$17,071.00M	$21,383.00M	$11,146.00M	$4,058.00M	$-187.00M	$189.00M	$77.00M	$174.00M	$-245.00M	$149.00M	$239.00M	$129.00M	$124.00M	$70.00M	$99.50M	$82.31M	$18.02M	$-14.31M	$-12.91M	$103.70M	$46.35M	$55.61M	$18.41M	$12.25M	$59.76M	$75.83M	$46.34M	$19.41M	$0.40M
Income Tax Margin	8.98%	7.93%	7.15%	6.95%	6.76%	6.68%	—	9.90%	9.12%	9.90%	8.54%	6.66%	-0.69%	0.70%	0.46%	1.59%	-2.09%	1.53%	3.46%	2.57%	2.65%	1.69%	2.32%	2.06%	0.51%	-0.43%	-0.38%	2.53%	1.51%	2.34%	0.92%	0.67%	3.13%	5.54%	6.30%	5.18%	0.25%
Net Income	$74,235.67M	$47,365.40M	$25,280.90M	$17,042.51M	$12,851.96M	$10,310.85M	—	$120,067.00M	$99,198.00M	$120,067.00M	$72,880.00M	$29,760.00M	$4,368.00M	$9,752.00M	$4,332.00M	$2,796.00M	$4,141.00M	$3,047.00M	$1,666.00M	$614.00M	$631.00M	$440.00M	$562.54M	$581.09M	$253.15M	$-67.99M	$-30.04M	$797.65M	$448.83M	$301.18M	$88.62M	$74.42M	$90.80M	$176.92M	$98.47M	$40.96M	$4.10M
Net Income Margin	54.67%	51.35%	48.88%	47.40%	46.17%	45.52%	—	55.60%	53.01%	55.60%	55.85%	48.85%	16.19%	36.23%	25.98%	25.61%	35.34%	31.37%	24.11%	12.26%	13.48%	10.65%	13.14%	14.53%	7.14%	-2.04%	-0.88%	19.46%	14.63%	12.68%	4.41%	4.08%	4.76%	12.92%	13.39%	10.94%	2.59%
EBITDA	$83,675.67M	$53,601.80M	$28,646.20M	$19,389.80M	$14,651.62M	$11,773.00M	—	$133,230.00M	$112,696.00M	$133,230.00M	$83,317.00M	$34,480.00M	$5,767.00M	$11,215.00M	$5,630.00M	$3,227.00M	$4,066.00M	$3,409.00M	$2,121.00M	$944.00M	$979.00M	$735.00M	$874.47M	$852.50M	$442.74M	$97.72M	$114.32M	$969.54M	$561.01M	$434.64M	$197.77M	$172.85M	$202.20M	$285.23M	$143.97M	$68.29M	$11.00M
EBITDA Margin	61.62%	58.11%	55.39%	53.93%	52.63%	51.98%	—	61.70%	60.22%	61.70%	63.85%	56.60%	21.38%	41.67%	33.76%	29.56%	34.70%	35.09%	30.69%	18.84%	20.91%	17.80%	20.43%	21.32%	12.49%	2.94%	3.34%	23.66%	18.28%	18.30%	9.84%	9.48%	10.59%	20.83%	19.58%	18.23%	6.95%
NOPAT	$70,113.41M	$44,920.65M	$24,053.03M	$16,221.90M	$12,227.44M	$9,809.81M	—	$110,676.39M	$93,953.52M	$110,676.39M	$70,648.31M	$29,015.52M	$4,412.92M	$9,850.10M	$4,452.85M	$2,679.26M	$4,043.21M	$3,060.35M	$1,691.36M	$617.31M	$634.34M	$427.92M	$550.81M	$567.87M	$238.75M	$-98.95M	$-70.70M	$740.13M	$410.95M	$284.19M	$78.80M	$77.41M	$86.84M	$169.21M	$87.13M	$39.77M	$4.10M
NOPAT Margin	51.64%	48.69%	46.51%	45.12%	43.93%	43.31%	—	51.25%	50.20%	51.25%	54.14%	47.63%	16.36%	36.60%	26.70%	24.54%	34.51%	31.50%	24.48%	12.32%	13.55%	10.36%	12.87%	14.20%	6.74%	-2.97%	-2.06%	18.06%	13.39%	11.96%	3.92%	4.25%	4.55%	12.36%	11.85%	10.62%	2.59%
Owner's Earnings	$72,858.33M	$46,520.60M	$24,772.60M	$16,723.73M	$12,607.54M	$10,110.77M	—	$116,868.00M	$95,937.00M	$116,868.00M	$71,508.00M	$30,199.00M	$4,078.00M	$9,950.00M	$4,302.00M	$2,688.00M	$3,803.00M	$2,653.00M	$1,677.00M	$725.00M	$729.00M	$424.00M	$605.46M	$646.56M	$342.25M	$51.08M	$-252.69M	$743.09M	$411.14M	$319.55M	$123.95M	$29.50M	$85.89M	$59.35M	$77.98M	$39.04M	$2.70M
Owner's Earnings Margin	53.66%	50.43%	47.90%	46.52%	45.29%	44.64%	—	54.12%	51.26%	54.12%	54.80%	49.57%	15.12%	36.97%	25.80%	24.62%	32.46%	27.31%	24.27%	14.47%	15.57%	10.27%	14.15%	16.17%	9.66%	1.54%	-7.38%	18.13%	13.40%	13.45%	6.17%	1.62%	4.50%	4.33%	10.61%	10.42%	1.71%

Balance Sheet Margins

METRIC	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	MRQ	MRQ-1	2026-01-25	2025-01-26	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-01-26	2019-01-27	2018-01-28	2017-01-29	2016-01-31	2015-01-25	2014-01-26	2013-01-27	2012-01-29	2011-01-30	2010-01-31	2009-01-25	2008-01-31	2007-01-28	2006-01-29	2005-01-30	2004-01-25	2003-01-26	2002-01-27	2001-01-28	2000-01-30	1999-01-31
Cash	$8,824.67M	$6,370.60M	$5,014.60M	$3,586.08M	$2,829.65M	$2,329.90M	—	$10,605.00M	$11,486.00M	$10,605.00M	$8,589.00M	$7,280.00M	$3,389.00M	$1,990.00M	$847.00M	$10,896.00M	$782.00M	$4,002.00M	$1,766.00M	$596.00M	$497.00M	$1,151.59M	$732.79M	$667.88M	$665.36M	$447.22M	$417.69M	$726.97M	$544.41M	$551.76M	$208.51M	$214.42M	$346.99M	$333.00M	$674.28M	$61.56M	$50.30M
Cash Margin	6.50%	6.91%	9.70%	9.97%	10.17%	10.29%	—	15.57%	20.15%	4.91%	6.58%	11.95%	12.56%	7.39%	5.08%	99.80%	6.67%	41.20%	25.56%	11.90%	10.62%	27.88%	17.12%	16.71%	18.78%	13.44%	12.20%	17.74%	17.74%	23.23%	10.37%	11.76%	18.17%	24.32%	91.71%	16.44%	31.80%
Short-Term Investments	$35,092.00M	$26,880.20M	$15,989.40M	$11,829.20M	$9,151.89M	$7,417.09M	—	$51,951.00M	$49,122.00M	$51,951.00M	$34,621.00M	$18,704.00M	$9,907.00M	$19,218.00M	$10,714.00M	$1.00M	$6,640.00M	$3,106.00M	$5,032.00M	$4,441.00M	$4,126.00M	$3,520.22M	$2,995.10M	$2,461.70M	$1,825.20M	$1,281.01M	$837.70M	$1,082.51M	$573.44M	$398.42M	$461.53M	$389.62M	$681.42M	$458.38M	$0.00M	$0.00M	$0.00M
Short-Term Investments Margin	25.84%	29.14%	30.92%	32.90%	32.88%	32.75%	—	76.26%	86.17%	24.06%	26.53%	30.70%	36.73%	71.41%	64.25%	0.01%	56.67%	31.97%	72.82%	88.64%	88.12%	85.24%	69.98%	61.57%	51.51%	38.51%	24.46%	26.42%	18.69%	16.77%	22.96%	21.37%	35.69%	33.47%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	$43,916.67M	$33,250.80M	$21,004.00M	$15,415.28M	$11,981.54M	$9,746.99M	—	$62,556.00M	$60,608.00M	$62,556.00M	$43,210.00M	$25,984.00M	$13,296.00M	$21,208.00M	$11,561.00M	$10,897.00M	$7,422.00M	$7,108.00M	$6,798.00M	$5,037.00M	$4,623.00M	$4,671.81M	$3,727.88M	$3,129.58M	$2,490.56M	$1,728.23M	$1,255.39M	$1,809.48M	$1,117.85M	$950.17M	$670.05M	$604.04M	$1,028.41M	$791.38M	$674.28M	$61.56M	$50.30M
Cash & Short-Term Investments Margin	32.34%	36.04%	40.61%	42.88%	43.04%	43.03%	—	91.82%	106.32%	28.97%	33.11%	42.65%	49.29%	78.80%	69.33%	99.81%	63.35%	73.17%	98.38%	100.54%	98.74%	113.12%	87.10%	78.28%	70.29%	51.95%	36.66%	44.16%	36.43%	40.00%	33.34%	33.14%	53.86%	57.79%	91.71%	16.44%	31.80%
Net Receivables	$23,843.33M	$16,001.40M	$8,760.80M	$5,986.92M	$4,601.55M	$3,725.76M	—	$38,466.00M	$33,391.00M	$38,466.00M	$23,065.00M	$9,999.00M	$3,827.00M	$4,650.00M	$2,429.00M	$1,657.00M	$1,424.00M	$1,265.00M	$826.00M	$505.00M	$474.00M	$426.36M	$454.25M	$336.14M	$348.77M	$374.96M	$318.44M	$666.49M	$518.68M	$318.19M	$296.28M	$196.63M	$154.50M	$147.35M	$104.99M	$67.22M	$20.60M
Net Receivables Margin	17.56%	17.35%	16.94%	16.65%	16.53%	16.45%	—	56.46%	58.57%	17.81%	17.67%	16.41%	14.19%	17.28%	14.57%	15.18%	12.15%	13.02%	11.95%	10.08%	10.12%	10.32%	10.61%	8.41%	9.84%	11.27%	9.30%	16.26%	16.90%	13.39%	14.74%	10.79%	8.09%	10.76%	14.28%	17.95%	13.02%
Inventory	$12,255.00M	$8,905.80M	$5,049.90M	$3,502.70M	$2,723.39M	$2,225.25M	—	$21,403.00M	$19,784.00M	$21,403.00M	$10,080.00M	$5,282.00M	$5,159.00M	$2,605.00M	$1,826.00M	$979.00M	$1,575.00M	$796.00M	$794.00M	$418.00M	$483.00M	$387.77M	$412.47M	$340.30M	$345.53M	$330.67M	$537.83M	$358.52M	$354.68M	$254.87M	$315.52M	$234.24M	$145.05M	$213.88M	$90.38M	$37.63M	$28.60M
Inventory Margin	9.03%	9.65%	9.76%	9.74%	9.78%	9.82%	—	31.42%	34.71%	9.91%	7.72%	8.67%	19.13%	9.68%	10.95%	8.97%	13.44%	8.19%	11.49%	8.34%	10.32%	9.39%	9.64%	8.51%	9.75%	9.94%	15.70%	8.75%	11.56%	10.73%	15.70%	12.85%	7.60%	15.62%	12.29%	10.05%	18.08%
Other Current Assets	$3,343.67M	$2,237.60M	$1,192.40M	$837.92M	$640.45M	$519.29M	—	$3,180.00M	$2,709.00M	$3,180.00M	$3,771.00M	$3,080.00M	$791.00M	$366.00M	$239.00M	$157.00M	$136.00M	$86.00M	$118.00M	$93.00M	$133.00M	$138.78M	$180.66M	$99.34M	$42.09M	$46.97M	$56.30M	$54.34M	$40.56M	$27.07M	$23.08M	$17.80M	$23.64M	$81.51M	$61.24M	$6.76M	$1.60M
Other Current Assets Margin	2.46%	2.43%	2.31%	2.33%	2.30%	2.29%	—	4.67%	4.75%	1.47%	2.89%	5.06%	2.93%	1.36%	1.43%	1.44%	1.16%	0.89%	1.71%	1.86%	2.84%	3.36%	4.22%	2.48%	1.19%	1.41%	1.64%	1.33%	1.32%	1.14%	1.15%	0.98%	1.24%	5.95%	8.33%	1.81%	1.01%
Total Current Assets	$83,358.67M	$60,395.60M	$36,007.10M	$25,742.82M	$19,946.93M	$16,217.29M	—	$125,605.00M	$116,492.00M	$125,605.00M	$80,126.00M	$44,345.00M	$23,073.00M	$28,829.00M	$16,055.00M	$13,690.00M	$10,557.00M	$9,255.00M	$8,536.00M	$6,053.00M	$5,713.00M	$5,624.71M	$4,775.26M	$3,905.36M	$3,226.95M	$2,480.83M	$2,167.96M	$2,888.83M	$2,031.77M	$1,550.30M	$1,304.93M	$1,052.71M	$1,351.60M	$1,234.11M	$930.88M	$173.18M	$101.10M
Total Current Assets Margin	61.39%	65.47%	69.62%	71.60%	71.66%	71.60%	—	184.37%	204.35%	58.17%	61.40%	72.79%	85.54%	107.12%	96.28%	125.39%	90.11%	95.27%	123.53%	120.82%	122.02%	136.19%	111.57%	97.68%	91.07%	74.58%	63.30%	70.50%	66.21%	65.26%	64.92%	57.75%	70.78%	90.12%	126.61%	46.24%	63.91%
Property, Plant & Equipment	$8,862.00M	$7,007.60M	$4,310.80M	$3,056.66M	$2,411.86M	$1,961.58M	—	$13,250.00M	$12,061.00M	$13,250.00M	$8,076.00M	$5,260.00M	$4,845.00M	$3,607.00M	$2,856.00M	$2,292.00M	$1,404.00M	$997.00M	$521.00M	$466.00M	$557.00M	$582.74M	$576.14M	$560.07M	$568.86M	$571.86M	$625.80M	$359.81M	$260.83M	$178.15M	$178.96M	$190.03M	$135.15M	$120.13M	$47.28M	$25.89M	$11.70M
Property, Plant & Equipment Margin	6.53%	7.60%	8.34%	8.50%	8.66%	8.66%	—	19.45%	21.16%	6.14%	6.19%	8.63%	17.96%	13.40%	17.13%	20.99%	11.98%	10.26%	7.54%	9.30%	11.90%	14.11%	13.46%	14.01%	16.05%	17.19%	18.27%	8.78%	8.50%	7.50%	8.90%	10.42%	7.08%	8.77%	6.43%	6.91%	7.40%
Goodwill	$10,150.00M	$7,834.20M	$4,583.60M	$3,266.48M	$2,538.11M	$2,039.55M	—	$20,832.00M	$6,261.00M	$20,832.00M	$5,188.00M	$4,430.00M	$4,372.00M	$4,349.00M	$4,193.00M	$618.00M	$618.00M	$618.00M	$618.00M	$618.00M	$618.00M	$643.18M	$641.03M	$641.03M	$369.84M	$369.84M	$369.84M	$354.06M	$301.43M	$145.32M	$0.00M	$0.00M	$0.00M	$81.12M	$23.80M	$0.00M	$0.00M
Goodwill Margin	7.48%	8.49%	8.86%	9.09%	9.12%	9.00%	—	30.58%	10.98%	9.65%	3.98%	7.27%	16.21%	16.16%	25.15%	5.66%	5.27%	6.36%	8.94%	12.34%	13.20%	15.57%	14.98%	16.03%	10.44%	11.12%	10.80%	8.64%	9.82%	6.12%	0.00%	0.00%	0.00%	5.92%	3.24%	0.00%	0.00%
Intangible Assets	$1,741.67M	$1,848.00M	$1,222.70M	$903.30M	$712.91M	$585.38M	—	$3,306.00M	$936.00M	$3,306.00M	$807.00M	$1,112.00M	$1,676.00M	$2,339.00M	$2,737.00M	$49.00M	$45.00M	$52.00M	$104.00M	$166.00M	$222.00M	$296.01M	$312.33M	$326.14M	$288.75M	$120.46M	$147.10M	$106.93M	$45.51M	$15.42M	$135.62M	$148.87M	$76.47M	$0.00M	$0.00M	$0.00M	$0.00M
Intangible Assets Margin	1.28%	2.00%	2.36%	2.51%	2.56%	2.58%	—	4.85%	1.64%	1.53%	0.62%	1.83%	6.21%	8.69%	16.41%	0.45%	0.38%	0.54%	1.51%	3.31%	4.74%	7.17%	7.30%	8.16%	8.15%	3.62%	4.30%	2.61%	1.48%	0.65%	6.75%	8.17%	4.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	$8,986.33M	$5,504.80M	$2,774.50M	$1,851.03M	$1,389.36M	$1,111.49M	—	$22,251.00M	$8,187.00M	$22,251.00M	$3,387.00M	$1,321.00M	$299.00M	$266.00M	$144.00M	$77.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$10.03M	$10.38M	$8.79M	$6.63M	$6.41M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Long-Term Investments Margin	6.62%	5.97%	5.36%	5.15%	4.99%	4.91%	—	32.66%	14.36%	10.30%	2.60%	2.17%	1.11%	0.99%	0.86%	0.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.26%	0.25%	0.20%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	$4,839.33M	$4,322.80M	$2,389.90M	$1,623.84M	$1,226.26M	$983.67M	—	$8,301.00M	$3,537.00M	$8,301.00M	$3,038.00M	$3,179.00M	$3,521.00M	$3,575.00M	$2,000.00M	$41.00M	$108.00M	$74.00M	$62.00M	$67.00M	$91.00M	$104.25M	$93.92M	$102.49M	$31.21M	$36.30M	$33.61M	$38.05M	$28.35M	$27.48M	$9.03M	$7.73M	$10.47M	$11.90M	$10.91M	$3.19M	$0.50M
Other Non-Current Assets Margin	3.56%	4.69%	4.62%	4.52%	4.41%	4.34%	—	12.18%	6.20%	3.84%	2.33%	5.22%	13.05%	13.28%	11.99%	0.38%	0.92%	0.76%	0.90%	1.34%	1.94%	2.52%	2.19%	2.56%	0.88%	1.09%	0.98%	0.93%	0.92%	1.16%	0.45%	0.42%	0.55%	0.87%	1.48%	0.85%	0.32%
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	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
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%
Total Non-Current Assets	$44,685.33M	$33,504.60M	$18,991.00M	$13,175.05M	$10,134.21M	$8,171.73M	—	$81,198.00M	$44,656.00M	$81,198.00M	$31,475.00M	$21,383.00M	$18,109.00M	$15,358.00M	$12,736.00M	$3,625.00M	$2,735.00M	$1,986.00M	$1,305.00M	$1,317.00M	$1,488.00M	$1,626.18M	$1,636.99M	$1,647.57M	$1,268.30M	$1,105.09M	$1,182.77M	$858.84M	$643.49M	$404.39M	$323.61M	$346.63M	$265.41M	$269.07M	$86.02M	$29.08M	$12.20M
Total Non-Current Assets Margin	32.91%	36.32%	36.72%	36.65%	36.41%	36.08%	—	119.19%	78.34%	37.60%	24.12%	35.10%	67.14%	57.06%	76.38%	33.20%	23.34%	20.44%	18.89%	26.29%	31.78%	39.37%	38.25%	41.21%	35.79%	33.22%	34.53%	20.96%	20.97%	17.02%	16.10%	19.01%	13.90%	19.65%	11.70%	7.76%	7.71%
Total Assets	$128,044.00M	$93,900.20M	$54,998.10M	$38,917.87M	$30,081.14M	$24,389.03M	—	$206,803.00M	$161,148.00M	$206,803.00M	$111,601.00M	$65,728.00M	$41,182.00M	$44,187.00M	$28,791.00M	$17,315.00M	$13,292.00M	$11,241.00M	$9,841.00M	$7,370.00M	$7,201.00M	$7,250.89M	$6,412.25M	$5,552.93M	$4,495.25M	$3,585.92M	$3,350.73M	$3,747.67M	$2,675.26M	$1,954.69M	$1,628.54M	$1,399.34M	$1,617.02M	$1,503.17M	$1,016.90M	$202.25M	$113.30M
Total Assets Margin	94.30%	101.79%	106.34%	108.25%	108.06%	107.68%	—	303.56%	282.69%	95.77%	85.52%	107.89%	152.67%	164.18%	172.66%	158.59%	113.45%	115.72%	142.42%	147.11%	153.80%	175.57%	149.81%	138.90%	126.87%	107.80%	97.84%	91.45%	87.18%	82.28%	81.02%	76.76%	84.68%	109.76%	138.30%	54.00%	71.62%
Accounts Payable	$6,273.67M	$4,359.40M	$2,522.50M	$1,788.66M	$1,422.18M	$1,176.07M	—	$9,812.00M	$8,624.00M	$9,812.00M	$6,310.00M	$2,699.00M	$1,193.00M	$1,783.00M	$1,149.00M	$687.00M	$511.00M	$596.00M	$485.00M	$296.00M	$293.00M	$324.39M	$356.43M	$335.07M	$286.14M	$344.53M	$218.86M	$492.10M	$272.08M	$179.40M	$238.22M	$185.34M	$141.13M	$214.02M	$72.30M	$64.91M	$35.70M
Accounts Payable Margin	4.62%	4.73%	4.88%	4.98%	5.11%	5.19%	—	14.40%	15.13%	4.54%	4.84%	4.43%	4.42%	6.62%	6.89%	6.29%	4.36%	6.14%	7.02%	5.91%	6.26%	7.85%	8.33%	8.38%	8.08%	10.36%	6.39%	12.01%	8.87%	7.55%	11.85%	10.17%	7.39%	15.63%	9.83%	17.33%	22.57%
Short-Term Debt	$1,045.67M	$941.40M	$676.00M	$550.67M	$413.00M	$330.98M	—	$1,371.00M	$1,340.00M	$1,371.00M	$288.00M	$1,478.00M	$1,426.00M	$144.00M	$1,120.00M	$91.00M	$0.00M	$15.00M	$827.00M	$1,500.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.86M	$4.02M	$5.68M	$3.90M	$0.59M	$1.79M	$6.40M
Short-Term Debt Margin	0.77%	1.02%	1.31%	1.53%	1.48%	1.46%	—	2.01%	2.35%	0.63%	0.22%	2.43%	5.29%	0.54%	6.72%	0.83%	0.00%	0.15%	11.97%	29.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.22%	0.30%	0.28%	0.08%	0.48%	4.05%
Deferred Revenue	$993.33M	$726.80M	$429.30M	$382.21M	$301.04M	$244.11M	—	$1,379.00M	$1,248.00M	$1,379.00M	$837.00M	$764.00M	$354.00M	$300.00M	$288.00M	$141.00M	$92.00M	$53.00M	$85.00M	$322.00M	$296.00M	$268.81M	$282.70M	$270.65M	$245.60M	$19.62M	$15.42M	$5.86M	$1.18M	$0.22M	$11.50M	$0.00M	$0.00M	$70.19M	$200.00M	$0.00M	$0.00M
Deferred Revenue Margin	0.73%	0.79%	0.83%	1.06%	1.08%	1.08%	—	2.02%	2.19%	0.64%	0.64%	1.25%	1.31%	1.11%	1.73%	1.29%	0.79%	0.55%	1.23%	6.43%	6.32%	6.51%	6.60%	6.77%	6.93%	0.59%	0.45%	0.14%	0.04%	0.01%	0.57%	0.00%	0.00%	5.13%	27.20%	0.00%	0.00%
Other Current Liabilities	$11,869.00M	$8,141.20M	$4,432.60M	$3,063.29M	$2,407.75M	$1,964.30M	—	$19,601.00M	$14,863.00M	$19,601.00M	$10,612.00M	$5,394.00M	$3,123.00M	$1,976.00M	$1,307.00M	$804.00M	$635.00M	$456.00M	$418.00M	$318.00M	$304.19M	$349.92M	$333.93M	$317.30M	$406.37M	$420.23M	$544.31M	$469.21M	$365.55M	$259.05M	$170.58M	$144.76M	$232.64M	$145.39M	$36.53M	$9.53M	$5.00M
Other Current Liabilities Margin	8.74%	8.83%	8.57%	8.52%	8.65%	8.67%	—	28.77%	26.07%	9.08%	8.13%	8.85%	11.58%	7.34%	7.84%	7.36%	5.42%	4.69%	6.05%	6.35%	6.50%	8.47%	7.80%	7.94%	11.47%	12.63%	15.89%	11.45%	11.91%	10.90%	8.49%	7.94%	12.18%	10.62%	4.97%	2.54%	3.16%
Total Current Liabilities	$20,280.33M	$14,347.80M	$8,174.90M	$5,862.31M	$4,602.31M	$3,762.13M	—	$32,163.00M	$26,075.00M	$32,163.00M	$18,047.00M	$10,631.00M	$6,563.00M	$4,335.00M	$3,925.00M	$1,784.00M	$1,329.00M	$1,153.00M	$1,819.00M	$2,438.00M	$896.00M	$945.50M	$976.22M	$929.96M	$942.68M	$784.38M	$778.59M	$967.16M	$638.81M	$438.66M	$421.16M	$334.11M	$379.45M	$433.49M	$309.42M	$76.23M	$47.10M
Total Current Liabilities Margin	14.94%	15.55%	15.81%	16.31%	16.53%	16.61%	—	47.21%	45.74%	14.89%	13.83%	17.45%	24.33%	16.11%	23.54%	16.34%	11.34%	11.87%	26.32%	48.66%	19.14%	22.89%	22.81%	23.26%	26.60%	23.58%	22.73%	23.60%	20.82%	18.46%	20.95%	18.33%	19.87%	31.65%	42.08%	20.35%	29.77%
Long-Term Debt	$9,867.00M	$10,378.60M	$6,700.50M	$4,655.15M	$3,495.04M	$2,820.50M	—	$10,041.00M	$9,482.00M	$10,041.00M	$9,982.00M	$9,578.00M	$10,605.00M	$11,687.00M	$6,598.00M	$2,552.00M	$1,988.00M	$1,985.00M	$1,989.00M	$10.00M	$1,398.00M	$1,373.88M	$19.00M	$21.44M	$23.39M	$24.45M	$25.63M	$0.00M	$0.00M	$0.00M	$0.00M	$0.86M	$304.88M	$305.86M	$300.38M	$1.46M	$2.00M
Long-Term Debt Margin	7.27%	11.25%	12.96%	12.95%	12.56%	12.45%	—	14.74%	16.63%	4.65%	7.65%	15.72%	39.32%	43.42%	39.57%	23.37%	16.97%	20.43%	28.78%	0.20%	29.86%	33.27%	0.44%	0.54%	0.66%	0.74%	0.75%	0.00%	0.00%	0.00%	0.00%	0.05%	15.97%	22.33%	40.85%	0.39%	1.26%
Capital Lease Obligations	$2,032.67M	$1,612.20M	$947.40M	$637.06M	$481.47M	$385.64M	—	$2,944.00M	$2,355.00M	$2,944.00M	$1,807.00M	$1,347.00M	$1,078.00M	$885.00M	$755.00M	$652.00M	$0.00M	$0.00M	$6.00M	$10.00M	$14.00M	$17.50M	$19.00M	$21.44M	$23.39M	$24.45M	$25.63M	$0.00M	$0.00M	$0.00M	$0.00M	$0.86M	$4.88M	$5.86M	$0.38M	$0.00M	$0.00M
Capital Lease Obligations Margin	1.50%	1.75%	1.83%	1.77%	1.73%	1.70%	—	4.32%	4.13%	1.36%	1.38%	2.21%	4.00%	3.29%	4.53%	5.97%	0.00%	0.00%	0.09%	0.20%	0.30%	0.42%	0.44%	0.54%	0.66%	0.74%	0.75%	0.00%	0.00%	0.00%	0.00%	0.05%	0.26%	0.43%	0.05%	0.00%	0.00%
Deferred Tax Liabilities	$1,040.67M	$722.80M	$406.20M	$338.61M	$265.26M	$213.71M	—	$1,774.00M	$1,621.00M	$1,774.00M	$886.00M	$462.00M	$247.00M	$245.00M	$241.00M	$29.00M	$19.00M	$18.00M	$141.00M	$301.00M	$232.00M	$157.95M	$192.95M	$133.29M	$46.13M	$17.74M	$75.25M	$86.90M	$0.00M	$8.26M	$20.75M	$8.61M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Deferred Tax Liabilities Margin	0.77%	0.78%	0.79%	0.94%	0.95%	0.94%	—	2.60%	2.84%	0.82%	0.68%	0.76%	0.92%	0.91%	1.45%	0.27%	0.16%	0.19%	2.04%	6.01%	4.96%	3.82%	4.51%	3.33%	1.30%	0.53%	2.20%	2.12%	0.00%	0.35%	1.03%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	$2,742.67M	$2,156.40M	$1,373.20M	$961.09M	$741.55M	$594.23M	—	$4,339.00M	$3,908.00M	$4,339.00M	$2,383.00M	$1,506.00M	$1,448.00M	$1,106.00M	$971.00M	$686.00M	$568.00M	$599.00M	$126.00M	$108.00M	$149.00M	$144.97M	$160.22M	$122.15M	$138.58M	$94.21M	$76.60M	$75.70M	$29.54M	$11.78M	$8.36M	$4.58M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Other Non-Current Liabilities Margin	2.02%	2.34%	2.66%	2.67%	2.66%	2.62%	—	6.37%	6.86%	2.01%	1.83%	2.47%	5.37%	4.11%	5.82%	6.28%	4.85%	6.17%	1.82%	2.16%	3.18%	3.51%	3.74%	3.06%	3.91%	2.83%	2.24%	1.85%	0.96%	0.50%	0.42%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	$14,564.33M	$13,890.20M	$8,824.90M	$6,235.57M	$4,720.53M	$3,803.38M	—	$17,347.00M	$16,176.00M	$17,347.00M	$14,227.00M	$12,119.00M	$12,518.00M	$13,240.00M	$7,973.00M	$3,327.00M	$2,621.00M	$2,617.00M	$2,260.00M	$463.00M	$1,887.00M	$1,849.00M	$608.32M	$477.25M	$371.10M	$136.40M	$177.48M	$162.60M	$29.54M	$20.04M	$29.11M	$14.05M	$304.88M	$305.86M	$300.38M	$1.46M	$2.00M
Total Non-Current Liabilities Margin	10.73%	15.06%	17.06%	17.34%	16.96%	16.79%	—	25.46%	28.38%	8.03%	10.90%	19.89%	46.41%	49.19%	47.81%	30.47%	22.37%	26.94%	32.71%	9.24%	40.30%	44.77%	14.21%	11.94%	10.47%	4.10%	5.18%	3.97%	0.96%	0.84%	1.45%	0.77%	15.97%	22.33%	40.85%	0.39%	1.26%
Total Liabilities	$34,844.67M	$28,238.00M	$16,999.80M	$12,097.88M	$9,322.85M	$7,565.51M	—	$49,510.00M	$42,251.00M	$49,510.00M	$32,274.00M	$22,750.00M	$19,081.00M	$17,575.00M	$11,898.00M	$5,111.00M	$3,950.00M	$3,770.00M	$4,079.00M	$2,901.00M	$2,783.00M	$2,794.50M	$1,584.54M	$1,407.20M	$1,313.78M	$920.78M	$956.08M	$1,129.76M	$668.34M	$458.70M	$450.27M	$348.16M	$684.33M	$739.36M	$609.80M	$77.69M	$49.10M
Total Liabilities Margin	25.66%	30.61%	32.87%	33.65%	33.49%	33.40%	—	72.67%	74.12%	22.93%	24.73%	37.34%	70.74%	65.30%	71.35%	46.81%	33.71%	38.81%	59.03%	57.90%	59.44%	67.66%	37.02%	35.20%	37.08%	27.68%	27.92%	27.57%	21.78%	19.31%	22.40%	19.10%	35.84%	53.99%	82.94%	20.74%	31.04%
Preferred Stock	$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	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
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%
Common Stock	$24.33M	$15.60M	$8.50M	$5.94M	$4.61M	$3.72M	—	$24.00M	$24.00M	$24.00M	$24.00M	$25.00M	$2.00M	$3.00M	$3.00M	$1.00M	$1.00M	$1.00M	$1.00M	$1.00M	$1.00M	$0.73M	$0.72M	$0.70M	$0.68M	$0.65M	$0.63M	$0.62M	$0.39M	$0.36M	$0.17M	$0.16M	$0.16M	$0.15M	$0.14M	$0.06M	$0.00M
Common Stock Margin	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	—	0.04%	0.04%	0.01%	0.02%	0.04%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.00%
Retained Earnings	$81,609.33M	$54,246.80M	$33,257.30M	$23,356.88M	$17,977.69M	$14,482.03M	—	$146,973.00M	$107,908.00M	$146,973.00M	$68,038.00M	$29,817.00M	$10,171.00M	$16,235.00M	$18,908.00M	$14,971.00M	$12,565.00M	$8,787.00M	$6,108.00M	$4,350.00M	$3,949.00M	$3,504.74M	$3,246.09M	$2,730.42M	$2,149.33M	$1,896.18M	$1,964.17M	$1,994.21M	$1,196.57M	$747.73M	$572.51M	$472.16M	$397.74M	$306.94M	$130.02M	$28.69M	$-9.40M
Retained Earnings Margin	60.10%	58.80%	64.31%	64.97%	64.58%	63.94%	—	215.73%	189.29%	68.06%	52.14%	48.94%	37.71%	60.32%	113.39%	137.12%	107.25%	90.46%	88.39%	86.83%	84.34%	84.86%	75.84%	68.30%	60.66%	57.00%	57.35%	48.66%	38.99%	31.47%	28.48%	25.90%	20.83%	22.41%	17.68%	7.66%	-5.94%
Accumulated OCI	$77.67M	$35.80M	$15.30M	$12.16M	$10.91M	$8.22M	—	$178.00M	$339.00M	$178.00M	$28.00M	$27.00M	$-43.00M	$-11.00M	$19.00M	$1.00M	$-12.00M	$-18.00M	$-16.00M	$-4.00M	$8.00M	$4.88M	$9.98M	$10.61M	$10.27M	$12.17M	$3.87M	$8.03M	$1.44M	$-5.56M	$-6.39M	$-4.62M	$3.76M	$0.11M	$-0.01M	$-0.12M	$0.00M
Accumulated OCI Margin	0.06%	0.04%	0.03%	0.03%	0.04%	0.04%	—	0.26%	0.59%	0.08%	0.02%	0.04%	-0.16%	-0.04%	0.11%	0.01%	-0.10%	-0.19%	-0.23%	-0.08%	0.17%	0.12%	0.23%	0.27%	0.29%	0.37%	0.11%	0.20%	0.05%	-0.23%	-0.32%	-0.25%	0.20%	0.01%	0.00%	-0.03%	0.00%
Minority Interest	$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	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Minority Interest 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%
Total Shareholders' Equity	$93,199.33M	$65,662.20M	$37,998.30M	$26,819.99M	$20,758.30M	$16,823.51M	—	$157,293.00M	$118,897.00M	$157,293.00M	$79,327.00M	$42,978.00M	$22,101.00M	$26,612.00M	$16,893.00M	$12,204.00M	$9,342.00M	$7,471.00M	$5,762.00M	$4,469.00M	$4,418.00M	$4,456.40M	$4,827.70M	$4,145.72M	$3,181.46M	$2,665.14M	$2,394.65M	$2,617.91M	$2,006.92M	$1,495.99M	$1,178.27M	$1,051.19M	$932.69M	$763.82M	$407.11M	$124.56M	$64.20M
Total Shareholders' Equity Margin	68.64%	71.18%	73.47%	74.60%	74.57%	74.28%	—	230.88%	208.57%	72.84%	60.79%	70.55%	81.93%	98.88%	101.31%	111.78%	79.74%	76.91%	83.39%	89.20%	94.36%	107.90%	112.79%	103.70%	89.79%	80.12%	69.92%	63.88%	65.40%	62.97%	58.62%	57.66%	48.85%	55.77%	55.37%	33.26%	40.58%
Total Equity	$93,199.33M	$65,662.20M	$37,998.30M	$26,819.99M	$20,758.30M	$16,823.51M	—	$157,293.00M	$118,897.00M	$157,293.00M	$79,327.00M	$42,978.00M	$22,101.00M	$26,612.00M	$16,893.00M	$12,204.00M	$9,342.00M	$7,471.00M	$5,762.00M	$4,469.00M	$4,418.00M	$4,456.40M	$4,827.70M	$4,145.72M	$3,181.46M	$2,665.14M	$2,394.65M	$2,617.91M	$2,006.92M	$1,495.99M	$1,178.27M	$1,051.19M	$932.69M	$763.82M	$407.11M	$124.56M	$64.20M
Total Equity Margin	68.64%	71.18%	73.47%	74.60%	74.57%	74.28%	—	230.88%	208.57%	72.84%	60.79%	70.55%	81.93%	98.88%	101.31%	111.78%	79.74%	76.91%	83.39%	89.20%	94.36%	107.90%	112.79%	103.70%	89.79%	80.12%	69.92%	63.88%	65.40%	62.97%	58.62%	57.66%	48.85%	55.77%	55.37%	33.26%	40.58%
Total Liabilities & Equity	$128,044.00M	$93,900.20M	$54,998.10M	$38,917.87M	$30,081.14M	$24,389.03M	—	$206,803.00M	$161,148.00M	$206,803.00M	$111,601.00M	$65,728.00M	$41,182.00M	$44,187.00M	$28,791.00M	$17,315.00M	$13,292.00M	$11,241.00M	$9,841.00M	$7,370.00M	$7,201.00M	$7,250.89M	$6,412.25M	$5,552.93M	$4,495.25M	$3,585.92M	$3,350.73M	$3,747.67M	$2,675.26M	$1,954.69M	$1,628.54M	$1,399.34M	$1,617.02M	$1,503.17M	$1,016.90M	$202.25M	$113.30M
Total Liabilities & Equity Margin	94.30%	101.79%	106.34%	108.25%	108.06%	107.68%	—	303.56%	282.69%	95.77%	85.52%	107.89%	152.67%	164.18%	172.66%	158.59%	113.45%	115.72%	142.42%	147.11%	153.80%	175.57%	149.81%	138.90%	126.87%	107.80%	97.84%	91.45%	87.18%	82.28%	81.02%	76.76%	84.68%	109.76%	138.30%	54.00%	71.62%
Tangible Assets	$116,152.33M	$84,218.00M	$49,191.80M	$34,748.09M	$26,830.12M	$21,764.09M	—	$182,665.00M	$153,951.00M	$182,665.00M	$105,606.00M	$60,186.00M	$35,134.00M	$37,499.00M	$21,861.00M	$16,648.00M	$12,629.00M	$10,571.00M	$9,119.00M	$6,586.00M	$6,361.00M	$6,311.70M	$5,458.88M	$4,585.76M	$3,836.66M	$3,095.62M	$2,833.78M	$3,286.69M	$2,328.33M	$1,793.95M	$1,492.92M	$1,250.47M	$1,540.54M	$1,422.06M	$993.11M	$202.25M	$113.30M
Tangible Assets Margin	85.54%	91.29%	95.12%	96.65%	96.38%	96.09%	—	268.12%	270.06%	84.59%	80.93%	98.79%	130.25%	139.33%	131.10%	152.48%	107.79%	108.82%	131.97%	131.46%	135.86%	152.83%	127.54%	114.70%	108.28%	93.06%	82.74%	80.20%	75.87%	75.51%	74.27%	68.60%	80.68%	103.84%	135.07%	54.00%	71.62%
Tangible Equity	$81,307.67M	$55,980.00M	$32,192.00M	$22,650.21M	$17,507.27M	$14,198.58M	—	$133,155.00M	$111,700.00M	$133,155.00M	$73,332.00M	$37,436.00M	$16,053.00M	$19,924.00M	$9,963.00M	$11,537.00M	$8,679.00M	$6,801.00M	$5,040.00M	$3,685.00M	$3,578.00M	$3,517.21M	$3,874.34M	$3,178.56M	$2,522.87M	$2,174.84M	$1,877.71M	$2,156.93M	$1,659.98M	$1,335.25M	$1,042.65M	$902.31M	$856.22M	$682.70M	$383.31M	$124.56M	$64.20M
Tangible Equity Margin	59.88%	60.68%	62.25%	63.00%	62.89%	62.69%	—	195.45%	195.94%	61.66%	56.19%	61.45%	59.51%	74.03%	59.75%	105.67%	74.08%	70.01%	72.94%	73.55%	76.42%	85.16%	90.52%	79.51%	71.20%	65.38%	54.83%	52.64%	54.09%	56.20%	51.87%	49.50%	44.84%	49.85%	52.13%	33.26%	40.58%
Total Investments	$44,078.33M	$32,385.00M	$18,763.90M	$13,680.23M	$10,541.26M	$8,528.58M	—	$74,202.00M	$57,309.00M	$74,202.00M	$38,008.00M	$20,025.00M	$10,206.00M	$19,484.00M	$10,858.00M	$78.00M	$6,640.00M	$3,106.00M	$5,032.00M	$4,441.00M	$4,126.00M	$3,520.22M	$3,005.13M	$2,472.08M	$1,833.99M	$1,287.64M	$844.11M	$1,082.51M	$573.44M	$398.42M	$461.53M	$389.62M	$681.42M	$458.38M	$0.00M	$0.00M	$0.00M
Total Investments Margin	32.46%	35.11%	36.28%	38.05%	37.87%	37.66%	—	108.92%	100.53%	34.36%	29.13%	32.87%	37.84%	72.39%	65.12%	0.71%	56.67%	31.97%	72.82%	88.64%	88.12%	85.24%	70.21%	61.83%	51.76%	38.71%	24.65%	26.42%	18.69%	16.77%	22.96%	21.37%	35.69%	33.47%	0.00%	0.00%	0.00%
Net Debt	$2,088.00M	$4,949.40M	$2,361.90M	$1,619.74M	$1,078.39M	$821.57M	—	$807.00M	$-664.00M	$807.00M	$1,681.00M	$3,776.00M	$8,642.00M	$9,841.00M	$6,871.00M	$-8,253.00M	$1,206.00M	$-2,002.00M	$1,050.00M	$914.00M	$901.00M	$222.29M	$-713.79M	$-646.44M	$-641.97M	$-422.77M	$-392.05M	$-726.97M	$-544.41M	$-551.76M	$-207.66M	$-209.55M	$-36.44M	$-23.24M	$-373.31M	$-58.31M	$-41.90M
Net Debt Margin	1.54%	5.37%	4.57%	4.51%	3.87%	3.63%	—	1.18%	-1.16%	0.37%	1.29%	6.20%	32.04%	36.56%	41.21%	-75.59%	10.29%	-20.61%	15.20%	18.24%	19.24%	5.38%	-16.68%	-16.17%	-18.12%	-12.71%	-11.45%	-17.74%	-17.74%	-23.23%	-10.33%	-11.50%	-1.91%	-1.70%	-50.77%	-15.57%	-26.49%

Capital Metrics Margins

METRIC	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	MRQ	MRQ-1	2026-01-25	2025-01-26	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-01-26	2019-01-27	2018-01-28	2017-01-29	2016-01-31	2015-01-25	2014-01-26	2013-01-27	2012-01-29	2011-01-30	2010-01-31	2009-01-25	2008-01-31	2007-01-28	2006-01-29	2005-01-30	2004-01-25	2003-01-26	2002-01-27	2001-01-28	2000-01-30	1999-01-31
Working Capital	$63,078.33M	$46,047.80M	$27,832.20M	$19,880.51M	$15,344.62M	$12,455.17M	—	$93,442.00M	$90,417.00M	$93,442.00M	$62,079.00M	$33,714.00M	$16,510.00M	$24,494.00M	$12,130.00M	$11,906.00M	$9,228.00M	$8,102.00M	$6,717.00M	$3,615.00M	$4,817.00M	$4,679.22M	$3,799.04M	$2,975.40M	$2,284.27M	$1,696.45M	$1,389.37M	$1,921.67M	$1,392.96M	$1,111.64M	$883.77M	$718.60M	$972.15M	$800.62M	$621.47M	$96.95M	$54.00M
Working Capital Margin	46.45%	49.92%	53.82%	55.30%	55.12%	54.99%	—	137.16%	158.61%	43.27%	47.57%	55.34%	61.21%	91.01%	72.74%	109.05%	78.76%	83.41%	97.21%	72.16%	102.88%	113.30%	88.76%	74.42%	64.47%	51.00%	40.57%	46.89%	45.39%	46.79%	43.97%	39.42%	50.91%	58.46%	84.52%	25.89%	34.13%
Total Capital	$104,112.00M	$76,982.20M	$45,374.80M	$32,025.81M	$24,666.33M	$19,974.99M	—	$168,705.00M	$129,719.00M	$168,705.00M	$89,597.00M	$54,034.00M	$34,132.00M	$38,443.00M	$24,611.00M	$14,847.00M	$11,330.00M	$9,471.00M	$8,578.00M	$5,979.00M	$5,816.00M	$5,830.27M	$4,846.70M	$4,167.16M	$3,204.85M	$2,689.59M	$2,420.29M	$2,617.91M	$2,006.92M	$1,495.99M	$1,179.12M	$1,056.06M	$1,243.24M	$1,073.58M	$708.07M	$127.81M	$72.60M
Total Capital Margin	76.67%	83.45%	87.74%	89.08%	88.61%	88.19%	—	247.63%	227.55%	78.13%	68.66%	88.69%	126.54%	142.84%	147.59%	135.99%	96.71%	97.50%	124.14%	119.34%	124.22%	141.17%	113.24%	104.23%	90.45%	80.85%	70.67%	63.88%	65.40%	62.97%	58.66%	57.93%	65.11%	78.39%	96.30%	34.13%	45.89%
Capital Employed	$107,763.67M	$79,552.40M	$46,823.20M	$33,055.56M	$25,478.83M	$20,626.90M	—	$174,640.00M	$135,073.00M	$174,640.00M	$93,554.00M	$55,097.00M	$34,619.00M	$39,852.00M	$24,866.00M	$15,531.00M	$11,963.00M	$10,088.00M	$8,022.00M	$4,932.00M	$6,305.00M	$6,305.40M	$5,436.02M	$4,622.97M	$3,552.56M	$2,801.54M	$2,572.14M	$2,780.51M	$2,036.46M	$1,516.03M	$1,207.38M	$1,065.23M	$1,237.57M	$1,069.68M	$707.49M	$126.03M	$66.20M
Capital Employed Margin	79.36%	86.24%	90.54%	91.94%	91.53%	91.07%	—	256.34%	236.95%	80.88%	71.69%	90.44%	128.34%	148.07%	149.12%	142.25%	102.11%	103.85%	116.09%	98.44%	134.66%	152.67%	127.01%	115.63%	100.26%	84.22%	75.10%	67.85%	66.36%	63.81%	60.07%	58.43%	64.81%	78.11%	96.22%	33.65%	41.85%
Invested Capital	$95,287.33M	$70,611.60M	$40,360.20M	$28,439.73M	$21,836.69M	$17,645.08M	—	$158,100.00M	$118,233.00M	$158,100.00M	$81,008.00M	$46,754.00M	$30,743.00M	$36,453.00M	$23,764.00M	$3,951.00M	$10,548.00M	$5,469.00M	$6,812.00M	$5,383.00M	$5,319.00M	$4,678.69M	$4,113.92M	$3,499.29M	$2,539.49M	$2,242.37M	$2,002.60M	$1,890.94M	$1,462.51M	$944.24M	$970.61M	$841.63M	$896.25M	$740.58M	$33.80M	$66.25M	$22.30M
Invested Capital Margin	70.17%	76.54%	78.04%	79.10%	78.44%	77.91%	—	232.07%	207.40%	73.22%	62.08%	76.74%	113.97%	135.44%	142.51%	36.19%	90.03%	56.30%	98.58%	107.45%	113.61%	113.29%	96.12%	87.53%	71.67%	67.41%	58.47%	46.14%	47.66%	39.75%	48.29%	46.17%	46.94%	54.08%	4.60%	17.69%	14.10%
Total Debt	$10,912.67M	$11,320.00M	$7,376.50M	$5,205.82M	$3,908.04M	$3,151.47M	—	$11,412.00M	$10,822.00M	$11,412.00M	$10,270.00M	$11,056.00M	$12,031.00M	$11,831.00M	$7,718.00M	$2,643.00M	$1,988.00M	$2,000.00M	$2,816.00M	$1,510.00M	$1,398.00M	$1,373.88M	$19.00M	$21.44M	$23.39M	$24.45M	$25.63M	$0.00M	$0.00M	$0.00M	$0.86M	$4.87M	$310.56M	$309.76M	$300.97M	$3.25M	$8.40M
Total Debt Margin	8.04%	12.27%	14.26%	14.48%	14.04%	13.91%	—	16.75%	18.98%	5.28%	7.87%	18.15%	44.60%	43.96%	46.28%	24.21%	16.97%	20.59%	40.75%	30.14%	29.86%	33.27%	0.44%	0.54%	0.66%	0.74%	0.75%	0.00%	0.00%	0.00%	0.04%	0.27%	16.26%	22.62%	40.93%	0.87%	5.31%

Cash Flow Margins

METRIC	3Y AVG	5Y AVG	10Y AVG	15Y AVG	20Y AVG	25Y AVG	30Y AVG	TTM	TTM-1	2026-01-25	2025-01-26	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-01-26	2019-01-27	2018-01-28	2017-01-29	2016-01-31	2015-01-25	2014-01-26	2013-01-27	2012-01-29	2011-01-30	2010-01-31	2009-01-25	2008-01-31	2007-01-28	2006-01-29	2005-01-30	2004-01-25	2003-01-26	2002-01-27	2001-01-28	2000-01-30	1999-01-31
Net Income	$74,235.67M	$47,365.40M	$25,280.90M	$17,042.51M	$12,851.96M	$10,310.85M	—	$120,067.00M	$99,198.00M	$120,067.00M	$72,880.00M	$29,760.00M	$4,368.00M	$9,752.00M	$4,332.00M	$2,796.00M	$4,141.00M	$3,047.00M	$1,666.00M	$614.00M	$631.00M	$440.00M	$562.54M	$581.09M	$253.15M	$-67.99M	$-30.04M	$797.65M	$448.83M	$301.18M	$88.62M	$74.42M	$90.80M	$176.92M	$98.47M	$40.96M	$4.10M
Net Income Margin	54.67%	51.35%	48.88%	47.40%	46.17%	45.52%	—	55.60%	53.01%	55.60%	55.85%	48.85%	16.19%	36.23%	25.98%	25.61%	35.34%	31.37%	24.11%	12.26%	13.48%	10.65%	13.14%	14.53%	7.14%	-2.04%	-0.88%	19.46%	14.63%	12.68%	4.41%	4.08%	4.76%	12.92%	13.39%	10.94%	2.59%
Depreciation & Amortization	$2,071.67M	$1,786.60M	$1,106.00M	$809.76M	$647.79M	$533.63M	—	$2,843.00M	$2,574.00M	$2,843.00M	$1,864.00M	$1,508.00M	$1,544.00M	$1,174.00M	$1,098.00M	$381.00M	$262.00M	$199.00M	$187.00M	$197.00M	$220.00M	$239.00M	$226.24M	$204.21M	$186.99M	$196.66M	$185.02M	$133.19M	$107.56M	$97.98M	$102.60M	$82.69M	$58.22M	$43.50M	$15.84M	$9.67M	$6.50M
Depreciation & Amortization Margin	1.53%	1.94%	2.14%	2.25%	2.33%	2.36%	—	1.32%	1.38%	1.32%	1.43%	2.48%	5.72%	4.36%	6.58%	3.49%	2.24%	2.05%	2.71%	3.93%	4.70%	5.79%	5.29%	5.11%	5.28%	5.91%	5.40%	3.25%	3.51%	4.12%	5.10%	4.54%	3.05%	3.18%	2.15%	2.58%	4.11%
Stock-Based Compensation	$4,890.67M	$3,877.00M	$2,282.10M	$1,572.80M	$1,204.90M	$963.92M	—	$6,386.00M	$6,074.00M	$6,386.00M	$4,737.00M	$3,549.00M	$2,709.00M	$2,004.00M	$1,397.00M	$844.00M	$557.00M	$391.00M	$247.00M	$204.00M	$158.00M	$136.00M	$136.66M	$136.35M	$100.35M	$242.83M	$162.71M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Stock-Based Compensation Margin	3.60%	4.20%	4.41%	4.37%	4.33%	4.26%	—	2.96%	3.25%	2.96%	3.63%	5.83%	10.04%	7.45%	8.38%	7.73%	4.75%	4.03%	3.57%	4.07%	3.37%	3.29%	3.19%	3.41%	2.83%	7.30%	4.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Cash Items	$-3,751.00M	$-1,983.00M	$-988.20M	$-656.70M	$-483.66M	$-378.07M	—	$-9,205.00M	$-16,191.00M	$-9,205.00M	$-1,532.00M	$-516.00M	$1,391.00M	$-53.00M	$-20.00M	$5.00M	$-45.00M	$39.00M	$54.00M	$77.00M	$17.00M	$-8.00M	$-20.80M	$-33.70M	$-13.74M	$1.04M	$-11.72M	$79.89M	$121.82M	$33.16M	$28.47M	$18.20M	$50.85M	$90.74M	$64.11M	$13.02M	$0.10M
Other Non-Cash Items Margin	-2.76%	-2.15%	-1.91%	-1.83%	-1.74%	-1.67%	—	-4.26%	-8.65%	-4.26%	-1.17%	-0.85%	5.16%	-0.20%	-0.12%	0.05%	-0.38%	0.40%	0.78%	1.54%	0.36%	-0.19%	-0.49%	-0.84%	-0.39%	0.03%	-0.34%	1.95%	3.97%	1.40%	1.42%	1.00%	2.66%	6.63%	8.72%	3.48%	0.06%
Change in Working Capital	$-9,684.67M	$-6,924.80M	$-3,596.10M	$-2,420.81M	$-1,801.02M	$-1,453.74M	—	$-15,949.00M	$-5,863.00M	$-15,949.00M	$-9,383.00M	$-3,722.00M	$-2,207.00M	$-3,363.00M	$-703.00M	$717.00M	$-857.00M	$185.00M	$-679.00M	$-51.00M	$-203.00M	$13.00M	$-112.32M	$2.15M	$151.70M	$136.42M	$-33.33M	$169.95M	$-132.87M	$16.79M	$-96.18M	$-180.77M	$35.40M	$-98.44M	$116.69M	$-42.79M	$-12.60M
Change in Working Capital Margin	-7.13%	-7.51%	-6.95%	-6.73%	-6.47%	-6.42%	—	-7.39%	-3.13%	-7.39%	-7.19%	-6.11%	-8.18%	-12.50%	-4.22%	6.57%	-7.31%	1.90%	-9.83%	-1.02%	-4.34%	0.31%	-2.62%	0.05%	4.28%	4.10%	-0.97%	4.15%	-4.33%	0.71%	-4.78%	-9.92%	1.85%	-7.19%	15.87%	-11.42%	-7.96%
Change in Inventory	$-5,401.00M	$-3,906.20M	$-2,060.90M	$-1,378.20M	$-1,037.75M	$-836.59M	—	$-11,324.00M	$-12,127.00M	$-11,324.00M	$-4,781.00M	$-98.00M	$-2,554.00M	$-774.00M	$-524.00M	$597.00M	$-776.00M	$0.00M	$-375.00M	$66.00M	$-95.00M	$25.00M	$-78.95M	$18.88M	$-14.13M	$204.66M	$-177.30M	$-3.69M	$-91.40M	$60.92M	$-80.91M	$-85.13M	$68.83M	$-123.50M	$-51.91M	$-9.84M	$-28.10M
Change in Inventory Margin	-3.98%	-4.23%	-3.98%	-3.83%	-3.73%	-3.69%	—	-5.24%	-6.48%	-5.24%	-3.66%	-0.16%	-9.47%	-2.88%	-3.14%	5.47%	-6.62%	0.00%	-5.43%	1.32%	-2.03%	0.61%	-1.84%	0.47%	-0.40%	6.15%	-5.18%	-0.09%	-2.98%	2.56%	-4.03%	-4.67%	3.60%	-9.02%	-7.06%	-2.63%	-17.76%
Change in Account Receivables	$-11,544.67M	$-7,205.40M	$-3,772.00M	$-2,524.31M	$-1,893.38M	$-1,523.74M	—	$-15,399.00M	$-15,694.00M	$-15,399.00M	$-13,063.00M	$-6,172.00M	$822.00M	$-2,215.00M	$-550.00M	$-233.00M	$-149.00M	$-440.00M	$-321.00M	$-32.00M	$-49.00M	$29.00M	$-118.94M	$26.24M	$26.34M	$-56.74M	$348.87M	$-146.06M	$-175.26M	$-21.42M	$-110.31M	$-41.36M	$-9.07M	$-43.81M	$-38.67M	$-56.44M	$-5.20M
Change in Account Receivables Margin	-8.50%	-7.81%	-7.29%	-7.02%	-6.80%	-6.73%	—	-7.13%	-8.39%	-7.13%	-10.01%	-10.13%	3.05%	-8.23%	-3.30%	-2.13%	-1.27%	-4.53%	-4.65%	-0.64%	-1.05%	0.70%	-2.78%	0.66%	0.74%	-1.71%	10.19%	-3.56%	-5.71%	-0.90%	-5.49%	-2.27%	-0.48%	-3.20%	-5.26%	-15.07%	-3.29%
Change in Accounts Payable	$2,661.33M	$1,600.20M	$864.60M	$575.64M	$420.05M	$336.04M	—	$3,096.00M	$2,899.00M	$3,096.00M	$3,357.00M	$1,531.00M	$-551.00M	$568.00M	$312.00M	$194.00M	$-135.00M	$90.00M	$184.00M	$-11.00M	$-27.00M	$-20.00M	$10.89M	$35.71M	$-69.79M	$119.37M	$-283.21M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Change in Accounts Payable Margin	1.96%	1.73%	1.67%	1.60%	1.51%	1.48%	—	1.43%	1.55%	1.43%	2.57%	2.51%	-2.04%	2.11%	1.87%	1.78%	-1.15%	0.93%	2.66%	-0.22%	-0.58%	-0.48%	0.25%	0.89%	-1.97%	3.59%	-8.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	$4,599.67M	$2,586.60M	$1,372.20M	$906.07M	$710.06M	$570.55M	—	$7,678.00M	$19,059.00M	$7,678.00M	$5,104.00M	$1,017.00M	$76.00M	$-942.00M	$59.00M	$159.00M	$203.00M	$535.00M	$-167.00M	$-74.00M	$-32.00M	$-21.00M	$74.68M	$-78.68M	$209.27M	$-130.87M	$78.30M	$319.69M	$133.79M	$-22.71M	$95.04M	$-54.29M	$-24.36M	$68.86M	$207.28M	$23.50M	$20.70M
Other Working Capital Margin	3.39%	2.80%	2.65%	2.52%	2.55%	2.52%	—	3.56%	10.18%	3.56%	3.91%	1.67%	0.28%	-3.50%	0.35%	1.46%	1.73%	5.51%	-2.42%	-1.48%	-0.68%	-0.51%	1.74%	-1.97%	5.91%	-3.93%	2.29%	7.80%	4.36%	-0.96%	4.73%	-2.98%	-1.28%	5.03%	28.19%	6.27%	13.08%
Purchases of Investments	$-35,084.00M	$-28,409.00M	$-17,722.60M	$-12,732.02M	$-9,818.33M	$-7,954.62M	—	$-58,118.00M	$-32,266.00M	$-58,118.00M	$-28,061.00M	$-19,073.00M	$-11,982.00M	$-24,811.00M	$-19,342.00M	$-1,471.00M	$-11,157.00M	$-72.00M	$-3,139.00M	$-3,483.00M	$-2,862.00M	$-3,066.00M	$-2,378.45M	$-1,964.90M	$-1,719.70M	$-1,193.95M	$-999.95M	$-1,251.87M	$-220.83M	$-338.06M	$-313.76M	$-734.64M	$-639.50M	$-472.92M	$0.00M	$0.00M	$0.00M
Purchases of Investments Margin	-25.84%	-30.80%	-34.27%	-35.41%	-35.27%	-35.12%	—	-26.91%	-17.24%	-26.91%	-21.50%	-31.31%	-44.42%	-92.19%	-115.99%	-13.47%	-95.23%	-0.74%	-45.43%	-69.52%	-61.13%	-74.24%	-55.57%	-49.15%	-48.53%	-35.89%	-29.20%	-30.55%	-7.20%	-14.23%	-15.61%	-40.30%	-33.49%	-34.53%	0.00%	0.00%	0.00%
Sales/Maturities of Investments	$16,037.00M	$17,114.00M	$11,511.40M	$8,408.61M	$6,512.96M	$5,293.80M	—	$26,467.00M	$11,426.00M	$26,467.00M	$11,861.00M	$9,783.00M	$21,239.00M	$16,220.00M	$9,319.00M	$8,109.00M	$7,660.00M	$1,941.00M	$2,515.00M	$3,138.00M	$2,237.00M	$2,512.00M	$1,817.41M	$1,310.74M	$1,170.08M	$752.43M	$1,226.65M	$753.84M	$227.07M	$397.69M	$229.07M	$1,021.59M	$422.20M	$15.32M	$0.00M	$0.00M	$0.00M
Sales/Maturities of Investments Margin	11.81%	18.55%	22.26%	23.39%	23.40%	23.37%	—	12.26%	6.11%	12.26%	9.09%	16.06%	78.74%	60.27%	55.89%	74.27%	65.38%	19.98%	36.40%	62.63%	47.78%	60.82%	42.46%	32.79%	33.02%	22.62%	35.82%	18.40%	7.40%	16.74%	11.40%	56.04%	22.11%	1.12%	0.00%	0.00%	0.00%
Other Investing Activities	$-4,367.33M	$-2,620.40M	$-1,309.30M	$-868.22M	$-651.30M	$-520.45M	—	$-13,000.00M	$22.00M	$-13,000.00M	$22.00M	$-124.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$2.00M	$7.00M	$31.00M	$20.00M	$20.00M	$0.35M	$-1.59M	$-2.16M	$-0.22M	$-0.44M	$0.00M	$0.00M	$-9.68M	$0.00M	$0.00M	$7.00M	$17.50M	$-24.50M	$0.00M	$0.00M
Other Investing Activities Margin	-3.22%	-2.84%	-2.53%	-2.41%	-2.34%	-2.30%	—	-6.02%	0.01%	-6.02%	0.02%	-0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.10%	0.62%	0.43%	0.48%	0.01%	-0.04%	-0.06%	-0.01%	-0.01%	0.00%	0.00%	-0.41%	0.00%	0.00%	0.37%	1.28%	-3.33%	0.00%	0.00%
Investing Cash Flow	$-27,738.33M	$-17,134.00M	$-10,281.20M	$-7,108.82M	$-5,465.64M	$-4,411.88M	—	$-52,228.00M	$-28,565.00M	$-52,228.00M	$-20,421.00M	$-10,566.00M	$7,375.00M	$-9,830.00M	$-19,675.00M	$6,145.00M	$-4,097.00M	$1,278.00M	$-793.00M	$-400.00M	$-727.00M	$-806.00M	$-743.99M	$-1,143.36M	$-649.68M	$-519.33M	$-209.37M	$-761.32M	$-540.82M	$-41.79M	$-151.95M	$88.04M	$-277.32M	$-601.17M	$-60.83M	$-11.59M	$-7.90M
Investing Cash Flow Margin	-20.43%	-18.57%	-19.88%	-19.77%	-19.63%	-19.48%	—	-24.19%	-15.26%	-24.19%	-15.65%	-17.34%	27.34%	-36.52%	-117.99%	56.28%	-34.97%	13.16%	-11.48%	-7.98%	-15.53%	-19.52%	-17.38%	-28.60%	-18.34%	-15.61%	-6.11%	-18.58%	-17.62%	-1.76%	-7.56%	4.83%	-14.52%	-43.90%	-8.27%	-3.09%	-4.99%
Debt Repayment	$-833.33M	$295.40M	$494.40M	$427.76M	$320.74M	$255.78M	—	$0.00M	$0.00M	$0.00M	$-1,250.00M	$-1,250.00M	$0.00M	$3,977.00M	$4,968.00M	$0.00M	$-16.00M	$-812.00M	$-673.00M	$0.00M	$0.00M	$1,476.00M	$-2.05M	$-1.61M	$-0.57M	$-0.93M	$0.00M	$0.00M	$0.00M	$-0.86M	$-4.02M	$-8.05M	$-4.94M	$-2.46M	$289.06M	$-6.40M	$14.20M
Debt Repayment Margin	-0.61%	0.32%	0.96%	1.19%	1.15%	1.13%	—	0.00%	0.00%	0.00%	-0.96%	-2.05%	0.00%	14.78%	29.79%	0.00%	-0.14%	-8.36%	-9.74%	0.00%	0.00%	35.74%	-0.05%	-0.04%	-0.02%	-0.03%	0.00%	0.00%	0.00%	-0.04%	-0.20%	-0.44%	-0.26%	-0.18%	39.31%	-1.71%	8.98%
Common Stock Issued	$0.00M	$56.20M	$62.40M	$58.99M	$86.04M	$81.78M	—	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$281.00M	$194.00M	$149.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$64.94M	$195.86M	$177.28M	$138.03M	$73.55M	$225.97M	$221.16M	$127.50M	$42.50M	$37.76M	$25.49M	$90.38M	$116.58M	$13.42M	$37.90M
Common Stock Issued Margin	0.00%	0.06%	0.12%	0.16%	0.31%	0.36%	—	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.04%	1.16%	1.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.52%	4.90%	5.00%	4.15%	2.15%	5.51%	7.21%	5.37%	2.11%	2.07%	1.33%	6.60%	15.86%	3.58%	23.96%
Common Stock Repurchased	$-27,775.00M	$-18,672.80M	$-9,659.10M	$-6,598.60M	$-5,011.51M	$-4,017.73M	—	$-40,086.00M	$-44,082.00M	$-40,086.00M	$-33,706.00M	$-9,533.00M	$-10,039.00M	$0.00M	$0.00M	$0.00M	$-1,579.00M	$-909.00M	$-739.00M	$-587.00M	$-814.00M	$-887.00M	$-100.00M	$0.00M	$0.00M	$0.00M	$-423.64M	$-552.51M	$-274.98M	$-188.51M	$-24.64M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Common Stock Repurchased Margin	-20.46%	-20.24%	-18.68%	-18.35%	-18.00%	-17.74%	—	-18.56%	-23.56%	-18.56%	-25.83%	-15.65%	-37.22%	0.00%	0.00%	0.00%	-13.48%	-9.36%	-10.69%	-11.72%	-17.39%	-21.48%	-2.34%	0.00%	0.00%	0.00%	-12.37%	-13.48%	-8.96%	-7.93%	-1.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividends Paid	$-734.33M	$-600.00M	$-475.80M	$-358.99M	$-269.24M	$-215.39M	—	$-974.00M	$-977.00M	$-974.00M	$-834.00M	$-395.00M	$-398.00M	$-399.00M	$-395.00M	$-390.00M	$-371.00M	$-341.00M	$-261.00M	$-213.00M	$-186.00M	$-181.00M	$-46.87M	$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
Dividends Paid Margin	-0.54%	-0.65%	-0.92%	-1.00%	-0.97%	-0.95%	—	-0.45%	-0.52%	-0.45%	-0.64%	-0.65%	-1.48%	-1.48%	-2.37%	-3.57%	-3.17%	-3.51%	-3.78%	-4.25%	-3.97%	-4.38%	-1.09%	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	$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	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Other Financing Activities 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%
Financing Cash Flow	$-34,822.00M	$-22,843.60M	$-11,632.50M	$-7,814.90M	$-5,884.98M	$-4,715.69M	—	$-48,474.00M	$-52,215.00M	$-48,474.00M	$-42,359.00M	$-13,633.00M	$-11,617.00M	$1,865.00M	$3,804.00M	$-792.00M	$-2,866.00M	$-2,544.00M	$291.00M	$-676.00M	$-834.00M	$390.00M	$-15.27M	$236.72M	$192.02M	$61.06M	$-349.27M	$-326.32M	$-53.63M	$-61.38M	$13.84M	$-270.29M	$26.29M	$99.09M	$405.64M	$7.02M	$52.10M
Financing Cash Flow Margin	-25.64%	-24.76%	-22.49%	-21.74%	-21.14%	-20.82%	—	-22.45%	-27.90%	-22.45%	-32.46%	-22.38%	-43.07%	6.93%	22.81%	-7.25%	-24.46%	-26.19%	4.21%	-13.49%	-17.81%	9.44%	-0.36%	5.92%	5.42%	1.84%	-10.20%	-7.96%	-1.75%	-2.58%	0.69%	-14.83%	1.38%	7.24%	55.17%	1.87%	32.93%
Effect of Exchange Rate	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%
Effect of Exchange Rate 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%
Net Change in Cash	$2,405.33M	$1,951.60M	$1,000.90M	$662.63M	$502.65M	$397.22M	—	$2,016.00M	$2,379.00M	$2,016.00M	$1,309.00M	$3,891.00M	$1,399.00M	$1,143.00M	$-10,049.00M	$10,114.00M	$-3,220.00M	$2,236.00M	$1,170.00M	$99.00M	$-655.00M	$419.00M	$64.91M	$2.52M	$218.14M	$29.53M	$-309.28M	$182.56M	$-7.34M	$343.24M	$-5.91M	$-132.57M	$13.99M	$-341.28M	$612.72M	$11.30M	$42.30M
Net Change in Cash Margin	1.77%	2.12%	1.94%	1.84%	1.81%	1.75%	—	0.93%	1.27%	0.93%	1.00%	6.39%	5.19%	4.25%	-60.26%	92.64%	-27.48%	23.02%	16.93%	1.98%	-13.99%	10.15%	1.52%	0.06%	6.16%	0.89%	-9.03%	4.45%	-0.24%	14.45%	-0.29%	-7.27%	0.73%	-24.92%	83.33%	3.02%	26.74%
Beginning Cash	$6,419.33M	$4,419.00M	$4,013.70M	$2,923.48M	$2,327.01M	$1,932.70M	—	$46,948.00M	$44,569.00M	$8,589.00M	$7,280.00M	$3,389.00M	$1,990.00M	$847.00M	$10,896.00M	$782.00M	$4,002.00M	$1,766.00M	$596.00M	$497.00M	$1,152.00M	$733.00M	$667.88M	$665.36M	$447.22M	$417.69M	$726.97M	$544.41M	$551.76M	$208.51M	$214.42M	$346.99M	$333.00M	$674.28M	$61.56M	$50.26M	$8.00M
Beginning Cash Margin	4.73%	4.79%	7.76%	8.13%	8.36%	8.53%	—	21.74%	23.82%	3.98%	5.58%	5.56%	7.38%	3.15%	65.34%	7.16%	34.16%	18.18%	8.63%	9.92%	24.60%	17.75%	15.60%	16.64%	12.62%	12.56%	21.23%	13.29%	17.98%	8.78%	10.67%	19.03%	17.44%	49.24%	8.37%	13.42%	5.06%
End Cash	$8,824.67M	$6,370.60M	$5,014.60M	$3,586.11M	$2,829.67M	$2,329.92M	—	$48,964.00M	$46,948.00M	$10,605.00M	$8,589.00M	$7,280.00M	$3,389.00M	$1,990.00M	$847.00M	$10,896.00M	$782.00M	$4,002.00M	$1,766.00M	$596.00M	$497.00M	$1,152.00M	$732.79M	$667.88M	$665.36M	$447.22M	$417.69M	$726.97M	$544.41M	$551.76M	$208.51M	$214.42M	$346.99M	$333.00M	$674.28M	$61.56M	$50.30M
End Cash Margin	6.50%	6.91%	9.70%	9.97%	10.17%	10.29%	—	22.68%	25.09%	4.91%	6.58%	11.95%	12.56%	7.39%	5.08%	99.80%	6.67%	41.20%	25.56%	11.90%	10.62%	27.89%	17.12%	16.71%	18.78%	13.44%	12.20%	17.74%	17.74%	23.23%	10.37%	11.76%	18.17%	24.32%	91.71%	16.44%	31.80%
Operating Cash Flow	$64,965.67M	$41,929.20M	$22,914.60M	$15,586.36M	$11,853.28M	$9,524.79M	—	$102,718.00M	$83,159.00M	$102,718.00M	$64,089.00M	$28,090.00M	$5,641.00M	$9,108.00M	$5,822.00M	$4,761.00M	$3,743.00M	$3,502.00M	$1,672.00M	$1,175.00M	$906.00M	$835.00M	$824.17M	$909.16M	$675.80M	$487.81M	$249.36M	$1,270.20M	$587.11M	$446.41M	$132.20M	$49.68M	$265.03M	$160.81M	$267.91M	$15.87M	$-1.90M
Operating Cash Flow Margin	47.84%	45.45%	44.31%	43.35%	42.58%	42.05%	—	47.57%	44.44%	47.57%	49.11%	46.11%	20.91%	33.84%	34.91%	43.61%	31.95%	36.05%	24.20%	23.45%	19.35%	20.22%	19.26%	22.74%	19.07%	14.66%	7.28%	31.00%	19.13%	18.79%	6.58%	2.73%	13.88%	11.74%	36.44%	4.24%	-1.20%
Capital Expenditure	$-3,449.00M	$-2,631.20M	$-1,614.20M	$-1,128.47M	$-892.16M	$-733.67M	—	$-6,042.00M	$-5,835.00M	$-6,042.00M	$-3,236.00M	$-1,069.00M	$-1,833.00M	$-976.00M	$-1,128.00M	$-489.00M	$-600.00M	$-593.00M	$-176.00M	$-86.00M	$-122.00M	$-255.00M	$-183.31M	$-138.74M	$-97.89M	$-77.60M	$-407.67M	$-187.75M	$-145.26M	$-79.60M	$-67.26M	$-127.60M	$-63.12M	$-161.08M	$-36.33M	$-11.59M	$-7.90M
Capital Expenditure Margin	-2.54%	-2.85%	-3.12%	-3.14%	-3.20%	-3.24%	—	-2.80%	-3.12%	-2.80%	-2.48%	-1.75%	-6.80%	-3.63%	-6.76%	-4.48%	-5.12%	-6.10%	-2.55%	-1.72%	-2.61%	-6.17%	-4.28%	-3.47%	-2.76%	-2.33%	-11.90%	-4.58%	-4.73%	-3.35%	-3.35%	-7.00%	-3.31%	-11.76%	-4.94%	-3.09%	-4.99%
Free Cash Flow	$61,516.67M	$39,298.00M	$21,300.40M	$14,457.89M	$10,961.12M	$8,791.11M	—	$96,676.00M	$77,324.00M	$96,676.00M	$60,853.00M	$27,021.00M	$3,808.00M	$8,132.00M	$4,694.00M	$4,272.00M	$3,143.00M	$2,909.00M	$1,496.00M	$1,089.00M	$784.00M	$580.00M	$640.86M	$770.42M	$577.91M	$410.21M	$-158.31M	$1,082.45M	$441.86M	$366.81M	$64.94M	$-77.93M	$201.91M	$-0.27M	$231.58M	$4.28M	$-9.80M
Free Cash Flow Margin	45.30%	42.60%	41.19%	40.21%	39.38%	38.81%	—	44.77%	41.32%	44.77%	46.63%	44.35%	14.12%	30.21%	28.15%	39.13%	26.83%	29.95%	21.65%	21.74%	16.74%	14.04%	14.97%	19.27%	16.31%	12.33%	-4.62%	26.42%	14.40%	15.44%	3.23%	-4.27%	10.57%	-0.02%	31.50%	1.14%	-6.19%

Free Cash Flow Margins

METRIC	3Y AVG	5Y AVG	10Y AVG	15Y AVG	20Y AVG	25Y AVG	30Y AVG	TTM	2026-01-25	2025-01-26	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-01-26	2019-01-27	2018-01-28	2017-01-29	2016-01-31	2015-01-25	2014-01-26	2013-01-27	2012-01-29	2011-01-30	2010-01-31	2009-01-25	2008-01-31	2007-01-28	2006-01-29	2005-01-30	2004-01-25	2003-01-26	2002-01-27	2001-01-28	2000-01-30	1999-01-31
EBITDA	$83,675.67M	$53,601.80M	$28,646.20M	$19,389.80M	$14,651.62M	$11,773.00M	—	$133,230.00M	$133,230.00M	$83,317.00M	$34,480.00M	$5,767.00M	$11,215.00M	$5,630.00M	$3,227.00M	$4,066.00M	$3,409.00M	$2,121.00M	$944.00M	$979.00M	$735.00M	$874.47M	$852.50M	$442.74M	$97.72M	$114.32M	$969.54M	$561.01M	$434.64M	$197.77M	$172.85M	$202.20M	$285.23M	$143.97M	$68.29M	$11.00M
EBITDA Margin	61.62%	58.11%	55.39%	53.93%	52.63%	51.98%	—	61.70%	61.70%	63.85%	56.60%	21.38%	41.67%	33.76%	29.56%	34.70%	35.09%	30.69%	18.84%	20.91%	17.80%	20.43%	21.32%	12.49%	2.94%	3.34%	23.66%	18.28%	18.30%	9.84%	9.48%	10.59%	20.83%	19.58%	18.23%	6.95%
Tax Adjustment	$11,776.59M	$7,108.60M	$3,625.54M	$2,461.21M	$1,857.81M	$1,497.55M	—	$20,140.38M	$20,140.38M	$11,051.95M	$4,137.44M	$0.00M	$213.22M	$98.32M	$189.06M	$0.00M	$158.93M	$266.10M	$163.90M	$160.79M	$100.88M	$131.43M	$105.77M	$29.43M	$20.52M	$24.01M	$111.54M	$52.59M	$67.75M	$34.02M	$24.44M	$70.77M	$85.57M	$46.07M	$21.96M	$0.98M
Tax Adjustment Margin	8.67%	7.71%	7.01%	6.85%	6.67%	6.61%	—	9.33%	9.33%	8.47%	6.79%	0.00%	0.79%	0.59%	1.73%	0.00%	1.64%	3.85%	3.27%	3.43%	2.44%	3.07%	2.65%	0.83%	0.62%	0.70%	2.72%	1.71%	2.85%	1.69%	1.34%	3.71%	6.25%	6.27%	5.86%	0.62%
Change In Working Capital	$-9,684.67M	$-6,924.80M	$-3,596.10M	$-2,420.81M	$-1,801.02M	$-1,453.74M	—	$-15,949.00M	$-15,949.00M	$-9,383.00M	$-3,722.00M	$-2,207.00M	$-3,363.00M	$-703.00M	$717.00M	$-857.00M	$185.00M	$-679.00M	$-51.00M	$-203.00M	$13.00M	$-112.32M	$2.15M	$151.70M	$136.42M	$-33.33M	$169.95M	$-132.87M	$16.79M	$-96.18M	$-180.77M	$35.40M	$-98.44M	$116.69M	$-42.79M	$-12.60M
Change In Working Capital Margin	-7.13%	-7.51%	-6.95%	-6.73%	-6.47%	-6.42%	—	-7.39%	-7.39%	-7.19%	-6.11%	-8.18%	-12.50%	-4.22%	6.57%	-7.31%	1.90%	-9.83%	-1.02%	-4.34%	0.31%	-2.62%	0.05%	4.28%	4.10%	-0.97%	4.15%	-4.33%	0.71%	-4.78%	-9.92%	1.85%	-7.19%	15.87%	-11.42%	-7.96%
Capital Expenditure	$3,449.00M	$2,631.20M	$1,614.20M	$1,128.47M	$892.16M	$733.67M	—	$6,042.00M	$6,042.00M	$3,236.00M	$1,069.00M	$1,833.00M	$976.00M	$1,128.00M	$489.00M	$600.00M	$593.00M	$176.00M	$86.00M	$122.00M	$255.00M	$183.31M	$138.74M	$97.89M	$77.60M	$407.67M	$187.75M	$145.26M	$79.60M	$67.26M	$127.60M	$63.12M	$161.08M	$36.33M	$11.59M	$7.90M
Capital Expenditure Margin	2.54%	2.85%	3.12%	3.14%	3.20%	3.24%	—	2.80%	2.80%	2.48%	1.75%	6.80%	3.63%	6.76%	4.48%	5.12%	6.10%	2.55%	1.72%	2.61%	6.17%	4.28%	3.47%	2.76%	2.33%	11.90%	4.58%	4.73%	3.35%	3.35%	7.00%	3.31%	11.76%	4.94%	3.09%	4.99%
Unlevered Free Cash Flow	$78,134.74M	$50,786.80M	$27,002.56M	$18,220.93M	$13,702.66M	$10,995.51M	—	$122,996.62M	$122,996.62M	$78,412.05M	$32,995.56M	$6,141.00M	$13,388.78M	$5,106.68M	$1,831.94M	$4,323.00M	$2,472.07M	$2,357.90M	$745.10M	$899.21M	$366.12M	$672.06M	$605.85M	$163.72M	$-136.82M	$-284.02M	$500.30M	$496.04M	$270.51M	$192.67M	$201.57M	$32.91M	$137.03M	$-55.12M	$77.53M	$14.72M
Unlevered Free Cash Flow Margin	57.54%	55.05%	52.21%	50.68%	49.22%	48.55%	—	56.96%	56.96%	60.09%	54.16%	22.77%	49.75%	30.62%	16.78%	36.90%	25.45%	34.12%	14.87%	19.21%	8.86%	15.70%	15.15%	4.62%	-4.11%	-8.29%	12.21%	16.16%	11.39%	9.59%	11.06%	1.72%	10.01%	-7.50%	20.70%	9.31%
Net Interest After Taxes	$1,201.08M	$681.03M	$348.11M	$232.91M	$177.89M	$142.31M	—	$1,731.61M	$1,732.46M	$1,334.85M	$535.92M	$5.00M	$-203.06M	$-124.78M	$118.62M	$78.00M	$7.63M	$-3.50M	$-6.61M	$-15.04M	$6.04M	$14.12M	$14.07M	$14.87M	$15.64M	$33.54M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M	$0.00M
Net Interest After Taxes Margin	0.88%	0.74%	0.67%	0.65%	0.64%	0.63%	—	0.80%	0.80%	1.02%	0.88%	0.02%	-0.75%	-0.75%	1.09%	0.67%	0.08%	-0.05%	-0.13%	-0.32%	0.15%	0.33%	0.35%	0.42%	0.47%	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	$-833.33M	$295.40M	$494.40M	$427.76M	$320.74M	$255.78M	—	$0.00M	$0.00M	$-1,250.00M	$-1,250.00M	$0.00M	$3,977.00M	$4,968.00M	$0.00M	$-16.00M	$-812.00M	$-673.00M	$0.00M	$0.00M	$1,476.00M	$-2.05M	$-1.61M	$-0.57M	$-0.93M	$0.00M	$0.00M	$0.00M	$-0.86M	$-4.02M	$-8.05M	$-4.94M	$-2.46M	$289.06M	$-6.40M	$14.20M
Net Debt Issuance Margin	-0.61%	0.32%	0.96%	1.19%	1.15%	1.13%	—	0.00%	0.00%	-0.96%	-2.05%	0.00%	14.78%	29.79%	0.00%	-0.14%	-8.36%	-9.74%	0.00%	0.00%	35.74%	-0.05%	-0.04%	-0.02%	-0.03%	0.00%	0.00%	0.00%	-0.04%	-0.20%	-0.44%	-0.26%	-0.18%	39.31%	-1.71%	8.98%
Levered Free Cash Flow	$78,502.49M	$51,763.24M	$27,845.07M	$18,881.60M	$14,201.29M	$11,393.61M	—	$124,728.23M	$124,729.08M	$78,496.90M	$32,281.49M	$6,146.00M	$17,162.71M	$9,949.89M	$1,950.56M	$4,385.00M	$1,667.70M	$1,681.40M	$738.49M	$884.17M	$1,848.16M	$684.12M	$618.31M	$178.02M	$-122.11M	$-250.48M	$500.30M	$496.04M	$269.65M	$188.65M	$193.52M	$27.97M	$134.57M	$233.93M	$71.13M	$28.92M
Levered Free Cash Flow Margin	57.81%	56.11%	53.84%	52.52%	51.02%	50.30%	—	57.76%	57.76%	60.15%	52.99%	22.78%	63.77%	59.67%	17.87%	37.43%	17.17%	24.33%	14.74%	18.88%	44.75%	15.98%	15.47%	5.02%	-3.67%	-7.31%	12.21%	16.16%	11.35%	9.39%	10.62%	1.46%	9.83%	31.82%	18.99%	18.28%

Asset Classes

Financial Statements

Fundamentals

Valuations

Miscellaneous

Industry

Sector

Apple Inc.

Income Statement Margins

Balance Sheet Margins

Capital Metrics Margins

Cash Flow Margins

Free Cash Flow Margins