The Home Depot, Inc. (HD)

Industry: Home Improvement Sector: Consumer Cyclical Currency Used: US Live Price: $380.17

Enterprise Value

Metric	MRQ	MRQ-1	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	378.35	380.82	383.22	363.58	309.30	318.98	323.51	246.72	205.76	189.05	151.68	130.84	113.95	82.92	74.71	52.37	36.04	31.02	24.78	26.53	36.96	38.26	40.36	36.45	29.57	37.37	45.87	51.36	43.18	25.22	14.96	11.06
Market Capitalization	375,323.20M	377,773.44M	380,051.25M	360,048.96M	310,975.91M	328,002.70M	343,602.66M	265,295.45M	226,212.32M	217,050.98M	180,180.99M	162,191.52M	146,738.04M	112,251.93M	108,026.20M	79,009.40M	57,040.70M	51,564.20M	41,687.71M	44,461.37M	71,591.12M	79,830.95M	86,961.97M	81,108.93M	67,748.30M	87,672.24M	106,784.66M	118,700.23M	97,007.22M	56,489.45M	32,738.86M	22,962.27M
(-) Cash & Equivalents	1,684.00M	2,804.00M	1,879.00M	2,792.00M	2,222.25M	2,227.00M	6,044.00M	9,905.00M	2,100.00M	3,112.00M	3,620.50M	3,270.00M	3,131.50M	2,709.25M	3,775.75M	2,635.50M	1,784.00M	1,919.25M	1,716.00M	781.75M	765.00M	826.25M	707.50M	3,112.00M	4,151.25M	4,293.25M	1,117.75M	648.50M	532.50M	479.75M	422.93M	212.85M
(+) Total Debt	58,946.00M	61,321.00M	60,962.00M	57,811.00M	49,635.00M	47,793.75M	43,244.50M	40,185.75M	33,231.00M	26,025.75M	24,273.50M	21,497.00M	18,576.50M	15,732.00M	13,088.75M	10,807.75M	10,517.50M	9,725.75M	11,181.00M	12,654.00M	11,838.00M	6,421.50M	2,418.50M	1,699.25M	1,331.00M	1,295.50M	1,368.50M	791.25M	1,249.00M	1,320.00M	1,267.65M	637.40M
Enterprise Value	432,585.20M	436,290.44M	439,134.25M	415,067.96M	358,388.66M	373,569.45M	380,803.16M	295,576.20M	257,343.32M	239,964.73M	200,833.99M	180,418.52M	162,183.04M	125,274.68M	117,339.20M	87,181.65M	65,774.20M	59,370.70M	51,152.71M	56,333.62M	82,664.12M	85,426.20M	88,672.97M	79,696.18M	64,928.05M	84,674.49M	107,035.41M	118,842.98M	97,723.72M	57,329.70M	33,583.59M	23,386.82M

Income Statement

Metric	TTM	TTM-1	2025-01-31	2024-01-31	2023-01-31	2022-01-31	2021-01-31	2020-01-31	2019-01-31	2018-01-31	2017-01-31	2016-01-31	2015-01-31	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31	2009-01-31	2008-01-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-01-31	2002-01-31	2001-01-31	2000-01-31	1999-01-31	1998-01-31	1997-01-31	1996-01-31
Revenue	166,189M	154,596M	159,514M	152,669M	157,403M	151,157M	132,110M	110,225M	108,203M	100,904M	94,595M	88,519M	83,176M	78,812M	74,754M	70,395M	67,997M	66,176M	71,288M	77,349M	79,022M	81,511M	73,094M	64,816M	58,247M	53,553M	45,738M	38,434M	30,219M	24,156M	19,536M	15,470M
Cost of Revenue	110,756M	102,814M	106,206M	101,709M	104,625M	100,325M	87,257M	72,653M	71,043M	66,548M	62,282M	58,254M	54,787M	51,897M	48,912M	46,133M	44,693M	43,764M	47,298M	51,352M	54,050M	51,081M	48,664M	44,236M	40,139M	37,406M	32,057M	26,560M	21,241M	17,092M	13,869M	11,004M
Gross Profit	55,433M	51,782M	53,308M	50,960M	52,778M	50,832M	44,853M	37,572M	37,160M	34,356M	32,313M	30,265M	28,389M	26,915M	25,842M	24,262M	23,304M	22,412M	23,990M	25,997M	24,972M	30,430M	24,430M	20,580M	18,108M	16,147M	13,681M	11,874M	8,978M	7,064M	5,666M	4,467M
Gross Profit Margin	33.4%	33.5%	33.4%	33.4%	33.5%	33.6%	34.0%	34.1%	34.3%	34.0%	34.2%	34.2%	34.1%	34.2%	34.6%	34.5%	34.3%	33.9%	33.7%	33.6%	31.6%	37.3%	33.4%	31.8%	31.1%	30.2%	29.9%	30.9%	29.7%	29.2%	29.0%	28.9%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	30,655M	27,702M	28,748M	26,598M	26,284M	25,406M	24,447M	19,740M	19,513M	17,864M	17,132M	16,801M	16,834M	16,122M	16,508M	16,028M	15,849M	15,902M	17,846M	17,053M	18,348M	16,485M	16,504M	13,734M	12,278M	11,215M	9,490M	7,616M	5,944M	4,765M	3,900M	3,106M
Operating Expenses	33,897M	30,608M	31,782M	29,271M	28,739M	27,792M	26,575M	21,729M	21,630M	19,675M	18,886M	18,491M	17,920M	17,749M	18,076M	17,601M	17,465M	17,609M	19,631M	18,755M	16,106M	17,957M	16,504M	13,734M	12,278M	11,215M	9,490M	8,079M	6,317M	5,048M	4,133M	3,287M
Operating Income (EBIT)	21,536M	21,174M	21,526M	21,689M	24,039M	23,040M	18,278M	15,843M	15,530M	14,681M	13,427M	11,774M	10,469M	9,166M	7,766M	6,661M	5,839M	4,803M	4,359M	7,242M	8,866M	12,473M	7,926M	6,846M	5,830M	4,932M	4,191M	3,795M	2,661M	2,016M	1,534M	1,180M
Operating Income Margin	13.0%	13.7%	13.5%	14.2%	15.3%	15.2%	13.8%	14.4%	14.4%	14.5%	14.2%	13.3%	12.6%	11.6%	10.4%	9.5%	8.6%	7.3%	6.1%	9.4%	11.2%	15.3%	10.8%	10.6%	10.0%	9.2%	9.2%	9.9%	8.8%	8.3%	7.9%	7.6%
Interest Income	128M	226M	201M	178M	55M	44M	47M	73M	93M	74M	36M	166M	337M	12M	20M	13M	15M	18M	18M	74M	27M	62M	56M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	2,456M	2,196M	2,321M	1,943M	1,617M	1,347M	1,347M	1,201M	1,051M	1,057M	972M	919M	830M	711M	632M	606M	530M	676M	624M	696M	365M	81M	70M	3M	0M	0M	0M	0M	7M	118M	0M	0M
Net Interest Income	-2,328M	-1,970M	-2,120M	-1,765M	-1,562M	-1,303M	-1,300M	-1,128M	-958M	-983M	-936M	-753M	-493M	-699M	-612M	-593M	-515M	-658M	-606M	-622M	-338M	-19M	-14M	-3M	0M	0M	0M	0M	-7M	-118M	0M	0M
Unusual Items	-17M	0M	0M	0M	0M	0M	0M	0M	-16M	0M	0M	0M	0M	0M	67M	0M	-51M	-163M	-163M	0M	-26M	-3,172M	0M	0M	42M	25M	26M	9M	0M	0M	1M	15M
EBT Excluding Unusual Items	19,208M	19,204M	19,406M	19,924M	22,477M	21,737M	16,978M	14,715M	14,572M	13,698M	12,491M	11,021M	9,976M	8,467M	7,154M	6,068M	5,324M	4,145M	3,753M	6,620M	8,528M	12,454M	7,912M	6,843M	5,830M	4,932M	4,191M	3,795M	2,654M	1,898M	1,534M	1,180M
Pre-Tax Income	19,191M	19,204M	19,406M	19,924M	22,477M	21,737M	16,978M	14,715M	14,556M	13,698M	12,491M	11,021M	9,976M	8,467M	7,221M	6,068M	5,273M	3,982M	3,590M	6,620M	8,502M	9,282M	7,912M	6,843M	5,872M	4,957M	4,217M	3,804M	2,654M	1,898M	1,535M	1,195M
Pre-Tax Margin	11.5%	12.4%	12.2%	13.1%	14.3%	14.4%	12.9%	13.3%	13.5%	13.6%	13.2%	12.5%	12.0%	10.7%	9.7%	8.6%	7.8%	6.0%	5.0%	8.6%	10.8%	11.4%	10.8%	10.6%	10.1%	9.3%	9.2%	9.9%	8.8%	7.9%	7.9%	7.7%
Income Tax Expense	4,609M	4,594M	4,600M	4,781M	5,372M	5,304M	4,112M	3,473M	3,435M	5,068M	4,534M	4,012M	3,631M	3,082M	2,686M	2,185M	1,935M	1,362M	1,278M	2,410M	3,236M	3,444M	2,911M	2,539M	2,208M	1,913M	1,636M	1,484M	1,040M	738M	597M	464M
Net Income	14,582M	14,610M	14,806M	15,143M	17,105M	16,433M	12,866M	11,242M	11,121M	8,630M	7,957M	7,009M	6,345M	5,385M	4,535M	3,883M	3,338M	2,661M	2,260M	4,395M	5,761M	5,838M	5,001M	4,304M	3,664M	3,044M	2,581M	2,320M	1,614M	1,160M	938M	732M
Net Income Margin	8.8%	9.5%	9.3%	9.9%	10.9%	10.9%	9.7%	10.2%	10.3%	8.6%	8.4%	7.9%	7.6%	6.8%	6.1%	5.5%	4.9%	4.0%	3.2%	5.7%	7.3%	7.2%	6.8%	6.6%	6.3%	5.7%	5.6%	6.0%	5.3%	4.8%	4.8%	4.7%
Depreciation & Amortization	3,437M	3,584M	3,761M	3,247M	2,975M	2,862M	2,519M	2,296M	2,152M	2,062M	1,973M	1,863M	1,786M	1,757M	1,684M	1,682M	1,718M	1,806M	1,902M	1,906M	1,886M	1,579M	1,319M	1,076M	903M	764M	601M	463M	373M	283M	232M	181M
EBITDA	24,973M	24,758M	25,287M	24,936M	27,014M	25,902M	20,797M	18,139M	17,682M	16,743M	15,400M	13,637M	12,255M	10,923M	9,450M	8,343M	7,557M	6,609M	6,261M	9,148M	10,752M	14,052M	9,245M	7,922M	6,733M	5,696M	4,792M	4,258M	3,034M	2,299M	1,766M	1,361M
EBITDA Margin	15.0%	16.0%	15.9%	16.3%	17.2%	17.1%	15.7%	16.5%	16.3%	16.6%	16.3%	15.4%	14.7%	13.9%	12.6%	11.9%	11.1%	10.0%	8.8%	11.8%	13.6%	17.2%	12.6%	12.2%	11.6%	10.6%	10.5%	11.1%	10.0%	9.5%	9.0%	8.8%
NOPAT	16,364M	16,109M	16,423M	16,484M	18,294M	17,418M	13,851M	12,104M	11,865M	9,249M	8,553M	7,488M	6,659M	5,830M	4,877M	4,262M	3,696M	3,160M	2,807M	4,606M	5,491M	7,845M	5,010M	4,306M	3,638M	3,029M	2,565M	2,315M	1,618M	1,232M	937M	722M
NOPAT Margin	9.8%	10.4%	10.3%	10.8%	11.6%	11.5%	10.5%	11.0%	11.0%	9.2%	9.0%	8.5%	8.0%	7.4%	6.5%	6.1%	5.4%	4.8%	3.9%	6.0%	6.9%	9.6%	6.9%	6.6%	6.2%	5.7%	5.6%	6.0%	5.4%	5.1%	4.8%	4.7%
Owner's Earnings	14,297M	14,952M	15,082M	15,164M	16,961M	16,729M	12,922M	10,860M	10,831M	8,795M	8,309M	7,369M	6,689M	5,753M	4,907M	4,344M	3,960M	3,501M	2,315M	2,743M	4,105M	3,536M	2,372M	1,274M	1,818M	415M	-376M	202M	-333M	-38M	-24M	-365M
Owner's Earnings Margin	8.6%	9.7%	9.5%	9.9%	10.8%	11.1%	9.8%	9.9%	10.0%	8.7%	8.8%	8.3%	8.0%	7.3%	6.6%	6.2%	5.8%	5.3%	3.2%	3.5%	5.2%	4.3%	3.2%	2.0%	3.1%	0.8%	-0.8%	0.5%	-1.1%	-0.2%	-0.1%	-2.4%
EPS (Basic)	14.70	14.76	14.96	15.16	16.74	15.59	11.98	10.29	9.78	7.33	6.47	5.49	4.74	3.78	3.03	2.49	2.03	1.58	1.34	2.38	2.80	2.73	2.27	1.88	1.57	1.30	1.11	1.03	0.73	0.53	0.43	0.35
EPS (Diluted)	14.67	14.72	14.91	15.11	16.69	15.53	11.94	10.25	9.73	7.29	6.45	5.46	4.71	3.76	3.00	2.47	2.01	1.57	1.34	2.37	2.79	2.72	2.26	1.88	1.56	1.29	1.10	0.99	0.71	0.52	0.43	0.34
Shares (Basic)	992M	990M	990M	999M	1,022M	1,054M	1,074M	1,093M	1,137M	1,178M	1,229M	1,277M	1,338M	1,425M	1,499M	1,562M	1,648M	1,683M	1,682M	1,849M	2,054M	2,138M	2,207M	2,283M	2,336M	2,335M	2,315M	2,244M	2,211M	2,189M	2,181M	2,090M
Shares (Diluted)	994M	993M	993M	1,002M	1,025M	1,058M	1,078M	1,097M	1,143M	1,184M	1,234M	1,283M	1,346M	1,434M	1,511M	1,570M	1,658M	1,692M	1,686M	1,856M	2,062M	2,147M	2,216M	2,289M	2,344M	2,353M	2,352M	2,342M	2,273M	2,231M	2,181M	2,151M

Product Segments

Metric	TTM	TTM-1	2025-02-02	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-02-02	2019-02-03	2018-01-28	2017-01-29	2016-01-31	2015-02-01	2014-02-02
Appliances	—	—	—	—	—	—	—	—	—	8,147.00M	7,362.00M	6,534.00M	—	—
Building Materials	—	—	—	—	—	—	—	—	—	7,342.00M	6,774.00M	6,396.00M	6,055.00M	5,729.00M
Decor	—	—	—	—	—	—	—	—	—	3,057.00M	2,906.00M	2,757.00M	2,576.00M	2,346.00M
Electrical	—	—	—	—	—	—	—	—	—	5,037.00M	6,090.00M	5,833.00M	5,648.00M	5,364.00M
Flooring	—	—	—	—	—	—	—	—	—	7,078.00M	6,477.00M	6,194.00M	5,986.00M	5,734.00M
Hardware	—	—	—	—	—	—	—	—	—	5,891.00M	5,629.00M	5,296.00M	4,974.00M	4,718.00M
Indoor Garden	—	—	—	—	—	—	—	—	—	9,639.00M	9,204.00M	8,298.00M	7,550.00M	7,072.00M
Kitchen And Bath	—	—	—	—	—	—	—	—	—	7,377.00M	7,184.00M	6,874.00M	12,326.00M	11,684.00M
Lighting	—	—	—	—	—	—	—	—	—	4,409.00M	2,894.00M	2,699.00M	2,499.00M	2,369.00M
Lumber	—	—	—	—	—	—	—	—	—	7,790.00M	6,828.00M	6,278.00M	6,050.00M	5,814.00M
Major Product Line - Building Materials	53,310.00M	51,949.00M	52,756.00M	52,661.00M	59,533.00M	54,990.00M	46,536.00M	39,338.00M	39,967.00M	—	—	—	—	—
Major Product Line - Hardlines	48,733.00M	47,553.00M	48,562.00M	48,063.00M	45,548.00M	45,730.00M	42,165.00M	33,497.00M	31,998.00M	—	—	—	—	—
Major Product Line, Décor	52,190.00M	51,313.00M	51,790.00M	51,945.00M	52,322.00M	50,437.00M	43,409.00M	37,390.00M	36,238.00M	—	—	—	—	—
Millwork	—	—	—	—	—	—	—	—	—	5,382.00M	5,139.00M	4,924.00M	4,694.00M	4,386.00M
Other Segment	10,821.00M	1,274.00M	6,406.00M	—	—	—	—	—	—	—	—	—	—	—
Outdoor Garden	—	—	—	—	—	—	—	—	—	7,030.00M	6,789.00M	6,565.00M	6,394.00M	6,094.00M
Paint	—	—	—	—	—	—	—	—	—	7,990.00M	7,666.00M	7,465.00M	7,300.00M	7,026.00M
Plumbing	—	—	—	—	—	—	—	—	—	7,356.00M	6,985.00M	6,346.00M	5,740.00M	5,437.00M
Tools	—	—	—	—	—	—	—	—	—	7,379.00M	6,668.00M	6,060.00M	5,384.00M	5,039.00M

Geographic Segments

Metric	TTM	TTM-1	2025-02-02	2024-01-28	2023-01-29	2022-01-30	2021-01-31	2020-02-02	2019-02-03	2018-01-28	2017-01-29	2016-01-31	2015-02-01	2014-02-02
Non-US	12,176.00M	12,622.00M	12,507.00M	12,586.00M	12,563.00M	12,237.00M	9,952.00M	8,892.00M	8,817.00M	8,491.00M	8,000.00M	8,000.00M	8,500.00M	8,500.00M
UNITED STATES	152,878.00M	139,467.00M	147,007.00M	140,083.00M	144,840.00M	138,920.00M	122,158.00M	101,333.00M	99,386.00M	92,413.00M	86,600.00M	—	—	—

Balance Sheet

Metric	MRQ	MRQ-1	2025-01-31	2024-01-31	2023-01-31	2022-01-31	2021-01-31	2020-01-31	2019-01-31	2018-01-31	2017-01-31	2016-01-31	2015-01-31	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31	2009-01-31	2008-01-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-01-31	2002-01-31	2001-01-31	2000-01-31	1999-01-31	1998-01-31	1997-01-31	1996-01-31
Cash & Cash Equivalents	1,684.00M	2,804.00M	1,659.00M	3,760.00M	2,757.00M	2,343.00M	7,895.00M	2,133.00M	1,778.00M	3,595.00M	2,538.00M	2,216.00M	1,723.00M	1,929.00M	2,494.00M	1,987.00M	545.00M	1,421.00M	519.00M	445.00M	600.00M	793.00M	506.00M	1,103.00M	2,188.00M	2,477.00M	167.00M	168.00M	62.00M	172.00M	146.00M	53.30M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6.00M	12.00M	14.00M	14.00M	1,659.00M	1,749.00M	65.00M	69.00M	10.00M	2.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	1,684.00M	2,804.00M	1,659.00M	3,760.00M	2,757.00M	2,343.00M	7,895.00M	2,133.00M	1,778.00M	3,595.00M	2,538.00M	2,216.00M	1,723.00M	1,929.00M	2,494.00M	1,987.00M	545.00M	1,421.00M	525.00M	457.00M	614.00M	807.00M	2,165.00M	2,852.00M	2,253.00M	2,546.00M	177.00M	170.00M	62.00M	172.00M	146.00M	53.30M
Net Receivables	6,765.00M	5,878.00M	4,903.00M	3,328.00M	3,317.00M	3,426.00M	2,992.00M	2,106.00M	1,936.00M	1,952.00M	2,029.00M	1,890.00M	1,484.00M	1,398.00M	1,395.00M	1,245.00M	1,085.00M	964.00M	972.00M	1,259.00M	3,223.00M	2,396.00M	1,499.00M	1,097.00M	1,072.00M	920.00M	835.00M	587.00M	469.00M	556.00M	388.40M	325.40M
Inventory	26,203.00M	24,843.00M	23,451.00M	20,976.00M	24,886.00M	22,068.00M	16,627.00M	14,531.00M	13,925.00M	12,748.00M	12,549.00M	11,809.00M	11,079.00M	11,057.00M	10,710.00M	10,325.00M	10,625.00M	10,188.00M	10,673.00M	11,731.00M	12,822.00M	11,401.00M	10,076.00M	9,076.00M	8,338.00M	6,725.00M	6,556.00M	5,489.00M	4,293.00M	3,602.00M	2,708.30M	2,180.30M
Other Current Assets	1,463.00M	1,866.00M	1,670.00M	1,711.00M	1,511.00M	1,218.00M	963.00M	1,040.00M	890.00M	638.00M	608.00M	569.00M	1,016.00M	895.00M	773.00M	963.00M	1,224.00M	1,327.00M	1,192.00M	1,227.00M	1,341.00M	665.00M	450.00M	303.00M	254.00M	170.00M	209.00M	144.00M	109.00M	130.00M	466.70M	113.00M
Total Current Assets	36,115.00M	35,391.00M	31,683.00M	29,775.00M	32,471.00M	29,055.00M	28,477.00M	19,810.00M	18,529.00M	18,933.00M	17,724.00M	16,484.00M	15,302.00M	15,279.00M	15,372.00M	14,520.00M	13,479.00M	13,900.00M	13,362.00M	14,674.00M	18,000.00M	15,269.00M	14,190.00M	13,328.00M	11,917.00M	10,361.00M	7,777.00M	6,390.00M	4,933.00M	4,460.00M	3,709.40M	2,672.00M
Property, Plant & Equipment	36,724.00M	35,558.00M	35,294.00M	34,038.00M	32,572.00M	31,167.00M	30,667.00M	28,365.00M	22,375.00M	22,075.00M	21,914.00M	22,191.00M	22,720.00M	23,348.00M	24,069.00M	24,448.00M	25,060.00M	25,550.00M	26,234.00M	27,476.00M	26,605.00M	24,901.00M	22,726.00M	20,063.00M	17,168.00M	15,375.00M	13,068.00M	10,227.00M	8,160.00M	6,509.00M	5,437.00M	4,461.00M
Goodwill	22,267.00M	19,619.00M	19,475.00M	8,455.00M	7,444.00M	7,449.00M	7,126.00M	2,254.00M	2,252.00M	2,275.00M	2,093.00M	2,102.00M	1,353.00M	1,289.00M	1,170.00M	1,120.00M	1,187.00M	1,171.00M	1,134.00M	1,209.00M	6,314.00M	3,286.00M	1,394.00M	833.00M	575.00M	419.00M	314.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	10,416.00M	8,770.00M	8,983.00M	3,606.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	398.00M	18.00M	0.00M	0.00M	0.00M	0.00M	311.00M	268.00M	140.00M	86.50M	87.20M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	58.00M	172.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	344.00M	305.00M	139.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	30.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	752.00M	711.00M	684.00M	656.00M	3,958.00M	3,803.00M	3,834.00M	668.00M	847.00M	1,246.00M	1,235.00M	1,196.00M	571.00M	602.00M	473.00M	430.00M	399.00M	256.00M	434.00M	965.00M	1,344.00M	551.00M	549.00M	213.00M	351.00M	239.00M	226.00M	153.00M	104.00M	120.00M	108.80M	133.80M
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
Total Non-Current Assets	70,159.00M	64,658.00M	64,436.00M	46,755.00M	43,974.00M	42,821.00M	42,104.00M	31,426.00M	25,474.00M	25,596.00M	25,242.00M	25,489.00M	24,644.00M	25,239.00M	25,712.00M	25,998.00M	26,646.00M	26,977.00M	27,802.00M	29,650.00M	34,263.00M	29,136.00M	24,717.00M	21,109.00M	18,094.00M	16,033.00M	13,608.00M	10,691.00M	8,532.00M	6,769.00M	5,632.30M	4,682.00M
Total Assets	106,274.00M	100,049.00M	96,119.00M	76,530.00M	76,445.00M	71,876.00M	70,581.00M	51,236.00M	44,003.00M	44,529.00M	42,966.00M	41,973.00M	39,946.00M	40,518.00M	41,084.00M	40,518.00M	40,125.00M	40,877.00M	41,164.00M	44,324.00M	52,263.00M	44,405.00M	38,907.00M	34,437.00M	30,011.00M	26,394.00M	21,385.00M	17,081.00M	13,465.00M	11,229.00M	9,341.70M	7,354.00M
Accounts Payable	13,237.00M	13,086.00M	11,938.00M	10,037.00M	11,443.00M	13,462.00M	11,606.00M	7,787.00M	7,755.00M	7,244.00M	7,000.00M	6,565.00M	5,807.00M	5,797.00M	5,376.00M	4,856.00M	4,717.00M	4,863.00M	4,822.00M	5,732.00M	7,356.00M	6,032.00M	5,766.00M	5,159.00M	4,560.00M	3,436.00M	1,976.00M	1,993.00M	1,586.00M	1,358.00M	1,089.70M	824.80M
Short-Term Debt	4,617.00M	7,736.00M	6,172.00M	2,418.00M	2,176.00M	4,312.00M	2,244.00M	3,641.00M	2,395.00M	2,761.00M	1,252.00M	427.00M	328.00M	33.00M	1,321.00M	30.00M	1,042.00M	1,020.00M	1,767.00M	2,047.00M	18.00M	1,413.00M	11.00M	509.00M	0.00M	5.00M	4.00M	29.00M	14.00M	8.00M	2.50M	2.30M
Tax Payables	0.00M	0.00M	1,460.00M	477.00M	578.00M	1,006.00M	967.00M	660.00M	667.00M	574.00M	533.00M	510.00M	469.00M	408.00M	494.00M	414.00M	381.00M	470.00M	626.00M	505.00M	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 Revenue	6,471.00M	2,605.00M	2,610.00M	2,762.00M	3,064.00M	3,596.00M	2,823.00M	2,116.00M	1,782.00M	1,805.00M	1,669.00M	1,566.00M	1,468.00M	1,337.00M	1,270.00M	1,147.00M	1,177.00M	1,158.00M	1,165.00M	1,474.00M	1,634.00M	1,757.00M	1,546.00M	1,281.00M	998.00M	851.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	10,042.00M	7,419.00M	6,481.00M	6,321.00M	5,849.00M	6,317.00M	5,526.00M	4,171.00M	4,117.00M	3,810.00M	3,679.00M	3,456.00M	3,197.00M	3,174.00M	3,001.00M	2,929.00M	2,805.00M	2,852.00M	2,773.00M	2,948.00M	3,923.00M	3,504.00M	3,206.00M	2,605.00M	2,477.00M	2,209.00M	2,405.00M	1,634.00M	1,257.00M	1,090.00M	749.90M	589.40M
Total Current Liabilities	34,367.00M	30,846.00M	28,661.00M	22,015.00M	23,110.00M	28,693.00M	23,166.00M	18,375.00M	16,716.00M	16,194.00M	14,133.00M	12,524.00M	11,269.00M	10,749.00M	11,462.00M	9,376.00M	10,122.00M	10,363.00M	11,153.00M	12,706.00M	12,931.00M	12,706.00M	10,529.00M	9,554.00M	8,035.00M	6,501.00M	4,385.00M	3,656.00M	2,857.00M	2,456.00M	1,842.10M	1,416.50M
Long-Term Debt	54,329.00M	53,585.00M	56,118.00M	49,825.00M	48,188.00M	41,957.00M	41,178.00M	33,736.00M	26,807.00M	24,267.00M	22,349.00M	20,789.00M	16,869.00M	14,691.00M	9,475.00M	10,758.00M	8,707.00M	8,662.00M	9,667.00M	11,383.00M	11,643.00M	2,672.00M	2,148.00M	856.00M	1,321.00M	1,250.00M	1,545.00M	750.00M	1,566.00M	1,303.00M	1,246.60M	720.10M
Capital Lease Obligations	9,403.00M	9,004.00M	8,907.00M	8,132.00M	7,171.00M	6,183.00M	6,184.00M	5,894.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	2,883.00M	2,491.00M	1,962.00M	863.00M	1,019.00M	909.00M	1,131.00M	706.00M	491.00M	440.00M	296.00M	379.00M	642.00M	514.00M	319.00M	340.00M	272.00M	319.00M	369.00M	0.00M	1,416.00M	946.00M	1,309.00M	967.00M	362.00M	189.00M	195.00M	87.00M	85.00M	78.00M	66.00M	37.20M
Other Non-Current Liabilities	2,579.00M	2,462.00M	2,738.00M	2,783.00M	2,566.00M	2,013.00M	1,807.00M	1,535.00M	1,867.00M	2,174.00M	1,855.00M	1,965.00M	1,844.00M	2,042.00M	2,051.00M	2,146.00M	2,135.00M	2,140.00M	2,198.00M	2,521.00M	1,243.00M	1,172.00M	763.00M	653.00M	491.00M	372.00M	245.00M	237.00M	208.00M	178.00M	134.00M	115.80M
Total Non-Current Liabilities	69,194.00M	67,542.00M	69,725.00M	61,603.00M	58,944.00M	51,062.00M	50,300.00M	41,871.00M	29,165.00M	26,881.00M	24,500.00M	23,133.00M	19,355.00M	17,247.00M	11,845.00M	13,244.00M	11,114.00M	11,121.00M	12,234.00M	13,904.00M	14,302.00M	4,790.00M	4,220.00M	2,476.00M	2,174.00M	1,811.00M	1,985.00M	1,074.00M	1,859.00M	1,559.00M	1,446.60M	873.10M
Total Liabilities	103,561.00M	98,388.00M	98,386.00M	83,618.00M	82,054.00M	79,755.00M	73,466.00M	60,246.00M	45,881.00M	43,075.00M	38,633.00M	35,657.00M	30,624.00M	27,996.00M	23,307.00M	22,620.00M	21,236.00M	21,484.00M	23,387.00M	26,610.00M	27,233.00M	17,496.00M	14,749.00M	12,030.00M	10,209.00M	8,312.00M	6,370.00M	4,730.00M	4,716.00M	4,015.00M	3,288.70M	2,289.60M
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
Common Stock	90.00M	90.00M	90.00M	90.00M	90.00M	90.00M	89.00M	89.00M	89.00M	89.00M	88.00M	88.00M	88.00M	88.00M	88.00M	87.00M	86.00M	86.00M	85.00M	85.00M	121.00M	120.00M	119.00M	119.00M	118.00M	117.00M	116.00M	115.00M	0.00M	0.00M	0.00M	0.00M
Retained Earnings	94,255.00M	92,943.00M	89,533.00M	83,656.00M	76,896.00M	67,580.00M	58,134.00M	51,729.00M	46,423.00M	39,935.00M	35,519.00M	30,973.00M	26,995.00M	23,180.00M	20,038.00M	17,246.00M	14,995.00M	13,226.00M	12,093.00M	11,388.00M	33,052.00M	28,943.00M	23,962.00M	19,680.00M	15,971.00M	12,799.00M	10,151.00M	7,941.00M	5,876.00M	4,430.00M	3,406.60M	2,579.10M
Accumulated OCI	-820.00M	-835.00M	-1,129.00M	-477.00M	-718.00M	-704.00M	-671.00M	-739.00M	-772.00M	-566.00M	-867.00M	-898.00M	-452.00M	46.00M	397.00M	293.00M	445.00M	362.00M	-77.00M	755.00M	310.00M	409.00M	119.00M	14.00M	-145.00M	-246.00M	-73.00M	-34.00M	0.00M	0.00M	0.00M	0.00M
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	11.00M	10.00M	9.00M	116.00M	97.80M	76.60M
Total Shareholders’ Equity	93,525.00M	92,198.00M	88,494.00M	83,269.00M	76,268.00M	66,966.00M	57,552.00M	51,079.00M	45,740.00M	39,458.00M	34,740.00M	30,163.00M	26,631.00M	23,314.00M	20,523.00M	17,626.00M	15,526.00M	13,674.00M	12,101.00M	12,228.00M	33,483.00M	29,472.00M	24,200.00M	19,813.00M	15,944.00M	12,670.00M	10,194.00M	8,022.00M	5,876.00M	4,430.00M	3,406.60M	2,579.10M
Total Equity	93,525.00M	92,198.00M	88,494.00M	83,269.00M	76,268.00M	66,966.00M	57,552.00M	51,079.00M	45,740.00M	39,458.00M	34,740.00M	30,163.00M	26,631.00M	23,314.00M	20,523.00M	17,626.00M	15,526.00M	13,674.00M	12,101.00M	12,228.00M	33,483.00M	29,472.00M	24,200.00M	19,813.00M	15,944.00M	12,670.00M	10,205.00M	8,032.00M	5,885.00M	4,546.00M	3,504.40M	2,655.70M
Total Liabilities & Equity	197,086.00M	190,586.00M	186,880.00M	166,887.00M	158,322.00M	146,721.00M	131,018.00M	111,325.00M	91,621.00M	82,533.00M	73,373.00M	65,820.00M	57,255.00M	51,310.00M	43,830.00M	40,246.00M	36,762.00M	35,158.00M	35,488.00M	38,838.00M	60,716.00M	46,968.00M	38,949.00M	31,843.00M	26,153.00M	20,982.00M	16,575.00M	12,762.00M	10,601.00M	8,561.00M	6,793.10M	4,945.30M
Tangible Assets	73,591.00M	71,660.00M	67,661.00M	64,469.00M	69,001.00M	64,427.00M	63,455.00M	48,982.00M	41,751.00M	42,254.00M	40,873.00M	39,871.00M	38,593.00M	39,229.00M	39,914.00M	39,398.00M	38,938.00M	39,706.00M	40,030.00M	43,115.00M	45,949.00M	40,721.00M	37,495.00M	33,604.00M	29,436.00M	25,975.00M	21,071.00M	16,770.00M	13,197.00M	11,089.00M	9,255.20M	7,266.80M
Tangible Equity	60,842.00M	63,809.00M	60,036.00M	71,208.00M	68,824.00M	59,517.00M	50,426.00M	48,825.00M	43,488.00M	37,183.00M	32,647.00M	28,061.00M	25,278.00M	22,025.00M	19,353.00M	16,506.00M	14,339.00M	12,503.00M	10,967.00M	11,019.00M	27,169.00M	25,788.00M	22,788.00M	18,980.00M	15,369.00M	12,251.00M	9,891.00M	7,721.00M	5,617.00M	4,406.00M	3,417.90M	2,568.50M
Tangible Book Value	60,842.00M	63,809.00M	60,036.00M	71,208.00M	68,824.00M	59,517.00M	50,426.00M	48,825.00M	43,488.00M	37,183.00M	32,647.00M	28,061.00M	25,278.00M	22,025.00M	19,353.00M	16,506.00M	14,339.00M	12,503.00M	10,967.00M	11,019.00M	27,169.00M	25,788.00M	22,788.00M	18,980.00M	15,369.00M	12,251.00M	9,891.00M	7,721.00M	5,617.00M	4,406.00M	3,417.90M	2,568.50M
Total Investments	0.00M	0.00M	0.00M	0.00M	0.00M	58.00M	172.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6.00M	12.00M	14.00M	14.00M	1,659.00M	1,749.00M	65.00M	69.00M	10.00M	2.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	57,262.00M	58,517.00M	60,631.00M	48,483.00M	47,607.00M	43,926.00M	35,527.00M	35,244.00M	27,424.00M	23,433.00M	21,063.00M	19,000.00M	15,474.00M	12,795.00M	8,302.00M	8,801.00M	9,204.00M	8,261.00M	10,915.00M	12,985.00M	11,061.00M	3,292.00M	1,653.00M	262.00M	-867.00M	-1,222.00M	1,382.00M	611.00M	1,518.00M	1,139.00M	1,103.10M	669.10M

Capital Metrics

Metric	MRQ	MRQ-1	2025-01-31	2024-01-31	2023-01-31	2022-01-31	2021-01-31	2020-01-31	2019-01-31	2018-01-31	2017-01-31	2016-01-31	2015-01-31	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31	2009-01-31	2008-01-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-01-31	2002-01-31	2001-01-31	2000-01-31	1999-01-31	1998-01-31	1997-01-31	1996-01-31
Working Capital	1,748.0M	4,545.0M	3,022.0M	7,760.0M	9,361.0M	362.0M	5,311.0M	1,435.0M	1,813.0M	2,739.0M	3,591.0M	3,960.0M	4,033.0M	4,530.0M	3,910.0M	5,144.0M	3,357.0M	3,537.0M	2,209.0M	1,968.0M	5,069.0M	2,563.0M	3,661.0M	3,774.0M	3,882.0M	3,860.0M	3,392.0M	2,734.0M	2,076.0M	2,004.0M	1,867.3M	1,255.5M
Total Capital	71,062.0M	71,986.0M	68,930.0M	53,287.0M	51,926.0M	44,573.0M	46,721.0M	34,261.0M	27,324.0M	28,482.0M	27,934.0M	27,532.0M	26,519.0M	27,246.0M	28,573.0M	28,686.0M	28,638.0M	29,075.0M	29,211.0M	31,144.0M	36,691.0M	30,994.0M	26,317.0M	23,772.0M	21,123.0M	19,337.0M	16,553.0M	13,120.0M	10,320.0M	8,409.0M	7,204.3M	5,710.2M
Capital Employed	71,907.0M	69,203.0M	67,458.0M	54,515.0M	53,335.0M	43,183.0M	47,415.0M	32,861.0M	27,287.0M	28,335.0M	28,833.0M	29,449.0M	28,677.0M	29,769.0M	29,622.0M	31,142.0M	30,003.0M	30,514.0M	30,011.0M	31,618.0M	39,332.0M	31,699.0M	28,378.0M	24,883.0M	21,976.0M	19,893.0M	17,000.0M	13,425.0M	10,608.0M	8,773.0M	7,499.6M	5,937.5M
Invested Capital	69,378.0M	69,182.0M	67,271.0M	49,527.0M	49,169.0M	42,230.0M	38,826.0M	32,128.0M	25,546.0M	24,887.0M	25,396.0M	25,316.0M	24,796.0M	25,317.0M	26,079.0M	26,699.0M	28,093.0M	27,654.0M	28,692.0M	30,699.0M	36,091.0M	30,201.0M	25,811.0M	22,669.0M	18,935.0M	16,860.0M	16,386.0M	12,952.0M	10,258.0M	8,237.0M	7,058.3M	5,656.9M

Cash Flow Statement

Metric	TTM	TTM-1	2025-01-31	2024-01-31	2023-01-31	2022-01-31	2021-01-31	2020-01-31	2019-01-31	2018-01-31	2017-01-31	2016-01-31	2015-01-31	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31	2009-01-31	2008-01-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-01-31	2002-01-31	2001-01-31	2000-01-31	1999-01-31	1998-01-31	1997-01-31	1996-01-31
Net Income	14,582.00M	14,610.00M	14,806.00M	15,143.00M	17,105.00M	16,433.00M	12,866.00M	11,242.00M	11,121.00M	8,630.00M	7,957.00M	7,009.00M	6,345.00M	5,385.00M	4,535.00M	3,883.00M	3,338.00M	2,661.00M	2,260.00M	4,395.00M	5,761.00M	5,838.00M	5,001.00M	4,304.00M	3,664.00M	3,044.00M	2,581.00M	2,320.00M	1,614.00M	1,160.00M	937.70M	731.50M
Depreciation & Amortization	4,051.00M	3,584.00M	3,761.00M	3,247.00M	2,975.00M	2,862.00M	2,519.00M	2,296.00M	2,152.00M	2,062.00M	1,973.00M	1,863.00M	1,786.00M	1,757.00M	1,684.00M	1,682.00M	1,718.00M	1,806.00M	1,902.00M	1,906.00M	1,886.00M	1,579.00M	1,319.00M	1,076.00M	903.00M	764.00M	601.00M	463.00M	373.00M	283.00M	232.30M	181.20M
Deferred Income Tax	479.00M	0.00M	0.00M	0.00M	0.00M	-276.00M	-569.00M	202.00M	26.00M	92.00M	-117.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-348.00M	46.00M	-609.00M	319.00M	605.00M	173.00M	0.00M	0.00M	0.00M	7.00M	-28.00M	29.00M	18.00M
Stock-Based Compensation	522.00M	408.00M	442.00M	380.00M	366.00M	399.00M	310.00M	251.00M	282.00M	273.00M	267.00M	244.00M	225.00M	228.00M	218.00M	215.00M	214.00M	201.00M	176.00M	207.00M	297.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-462.00M	1,261.00M	694.00M	2,088.00M	-6,102.00M	-3,319.00M	3,023.00M	-286.00M	-534.00M	646.00M	-418.00M	401.00M	209.00M	258.00M	441.00M	871.00M	-685.00M	5,419.00M	447.00M	-433.00M	-330.00M	-441.00M	-132.00M	560.00M	62.00M	2,155.00M	-386.00M	-337.00M	-131.00M	-386.00M	-124.00M	-217.70M
Accounts Receivable	1,967.00M	4.00M	174.00M	134.00M	111.00M	-435.00M	-465.00M	-170.00M	33.00M	139.00M	-138.00M	-181.00M	-81.00M	-15.00M	-143.00M	-170.00M	-102.00M	-23.00M	121.00M	116.00M	96.00M	-358.00M	-266.00M	25.00M	-38.00M	-119.00M	-246.00M	-85.00M	85.00M	-166.00M	-58.00M	-69.90M
Inventory	-1,606.00M	895.00M	-743.00M	4,137.00M	-2,830.00M	-5,403.00M	-1,657.00M	-593.00M	-1,244.00M	-84.00M	-769.00M	-546.00M	-124.00M	-455.00M	-350.00M	256.00M	-355.00M	625.00M	743.00M	-491.00M	-563.00M	-971.00M	-849.00M	-693.00M	-1,592.00M	-166.00M	-1,075.00M	-1,142.00M	-698.00M	-885.00M	-525.00M	-429.30M
Accounts Payable	-596.00M	365.00M	518.00M	-1,411.00M	-2,577.00M	2,401.00M	5,118.00M	32.00M	870.00M	352.00M	446.00M	888.00M	244.00M	605.00M	698.00M	422.00M	-133.00M	0.00M	-646.00M	-465.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-227.00M	-3.00M	745.00M	-772.00M	-806.00M	118.00M	27.00M	445.00M	-193.00M	239.00M	43.00M	240.00M	170.00M	123.00M	236.00M	363.00M	-95.00M	4,817.00M	229.00M	407.00M	137.00M	888.00M	983.00M	1,228.00M	1,692.00M	2,440.00M	935.00M	890.00M	482.00M	665.00M	459.00M	281.50M
Other Non-Cash Items	-1,523.00M	9.00M	107.00M	314.00M	271.00M	472.00M	690.00M	-18.00M	118.00M	328.00M	121.00M	-144.00M	-323.00M	0.00M	97.00M	0.00M	0.00M	-4,962.00M	743.00M	0.00M	0.00M	253.00M	125.00M	0.00M	0.00M	0.00M	0.00M	0.00M	54.00M	0.00M	25.00M	0.00M
Net Cash from Operating Activities	17,649.00M	19,872.00M	19,810.00M	21,172.00M	14,615.00M	16,571.00M	18,839.00M	13,687.00M	13,165.00M	12,031.00M	9,783.00M	9,373.00M	8,242.00M	7,628.00M	6,975.00M	6,651.00M	4,585.00M	5,125.00M	5,528.00M	5,727.00M	7,660.00M	6,620.00M	6,632.00M	6,545.00M	4,802.00M	5,963.00M	2,796.00M	2,446.00M	1,917.00M	1,029.00M	1,100.00M	713.00M
Capital Expenditures (PPE)	-3,722.00M	-3,242.00M	-3,485.00M	-3,226.00M	-3,119.00M	-2,566.00M	-2,463.00M	-2,678.00M	-2,442.00M	-1,897.00M	-1,621.00M	-1,503.00M	-1,442.00M	-1,389.00M	-1,312.00M	-1,221.00M	-1,096.00M	-966.00M	-1,847.00M	-3,558.00M	-3,542.00M	-3,881.00M	-3,948.00M	-4,106.00M	-2,749.00M	-3,393.00M	-3,558.00M	-2,581.00M	-2,320.00M	-1,481.00M	-1,194.40M	-1,278.10M
Acquisitions (Net)	-5,279.00M	-18,332.00M	-17,644.00M	-1,514.00M	0.00M	-421.00M	-7,780.00M	0.00M	-21.00M	-374.00M	0.00M	-1,666.00M	-200.00M	-206.00M	-170.00M	36.00M	84.00M	178.00M	0.00M	8,324.00M	-4,268.00M	-2,546.00M	-727.00M	-215.00M	-235.00M	-190.00M	-26.00M	-101.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-168.00M	-168.00M	-11,225.00M	-5,409.00M	-18,230.00M	-25,890.00M	-159.00M	-583.00M	-85.00M	-39.00M	-32.00M	-2.00M	-194.00M	-409.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	144.00M	323.00M	0.00M	0.00M	0.00M	33.00M	33.00M	139.00M	10,899.00M	5,434.00M	19,907.00M	25,990.00M	219.00M	506.00M	25.00M	30.00M	30.00M	4.00M	599.00M	67.90M	56.90M
Other Investing Activities	117.00M	81.00M	98.00M	11.00M	-21.00M	18.00M	73.00M	25.00M	47.00M	43.00M	38.00M	43.00M	48.00M	88.00M	50.00M	56.00M	-33.00M	168.00M	147.00M	318.00M	138.00M	164.00M	96.00M	265.00M	127.00M	177.00M	63.00M	62.00M	47.00M	105.00M	27.90M	44.20M
Net Cash from Investing Activities	-8,884.00M	-21,493.00M	-21,031.00M	-4,729.00M	-3,140.00M	-2,969.00M	-10,170.00M	-2,653.00M	-2,416.00M	-2,228.00M	-1,583.00M	-2,982.00M	-1,271.00M	-1,507.00M	-1,432.00M	-1,129.00M	-1,012.00M	-755.00M	-1,729.00M	4,758.00M	-7,647.00M	-4,586.00M	-4,479.00M	-3,996.00M	-2,934.00M	-3,466.00M	-3,530.00M	-2,622.00M	-2,271.00M	-971.00M	-1,507.60M	-1,177.00M
Net Debt Issuance	409.00M	11,896.00M	8,790.00M	724.00M	3,416.00M	2,482.00M	4,087.00M	1,985.00M	2,037.00M	3,298.00M	2,274.00M	4,012.00M	2,232.00M	3,933.00M	-32.00M	966.00M	-31.00M	-1,774.00M	-2,045.00M	1,714.00M	7,526.00M	1,871.00M	485.00M	-9.00M	1.00M	-222.00M	757.00M	262.00M	238.00M	-25.00M	470.00M	497.20M
Long-Term Debt Issuance	-1,447.00M	10,552.00M	8,474.00M	724.00M	4,451.00M	1,447.00M	5,061.00M	2,350.00M	2,257.00M	2,448.00M	1,914.00M	3,952.00M	1,942.00M	3,933.00M	-32.00M	966.00M	-31.00M	-1,774.00M	-313.00M	-20.00M	8,426.00M	971.00M	485.00M	-9.00M	1.00M	-222.00M	757.00M	262.00M	238.00M	-25.00M	470.00M	497.20M
Short-Term Debt Issuance	1,856.00M	1,344.00M	316.00M	0.00M	-1,035.00M	1,035.00M	-974.00M	-365.00M	-220.00M	850.00M	360.00M	60.00M	290.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,732.00M	1,734.00M	-900.00M	900.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	349.00M	-1,904.00M	-254.00M	-7,951.00M	-6,432.00M	-14,809.00M	-465.00M	-6,685.00M	-9,727.00M	-8,000.00M	-6,880.00M	-6,772.00M	-7,000.00M	-8,546.00M	-3,200.00M	-3,164.00M	-2,504.00M	-140.00M	14.00M	-10,539.00M	-6,303.00M	-2,626.00M	-2,821.00M	-1,327.00M	-1,674.00M	445.00M	351.00M	267.00M	167.00M	122.00M	104.00M	68.50M
Common Stock Issuance	349.00M	362.00M	395.00M	323.00M	264.00M	337.00M	326.00M	280.00M	236.00M	255.00M	218.00M	228.00M	252.00M	241.00M	784.00M	306.00M	104.00M	73.00M	84.00M	276.00M	381.00M	414.00M	285.00M	227.00M	326.00M	445.00M	351.00M	267.00M	167.00M	122.00M	104.00M	68.50M
Common Stock Repurchased	0.00M	-2,135.00M	-649.00M	-7,951.00M	-6,696.00M	-14,809.00M	-791.00M	-6,965.00M	-9,963.00M	-8,000.00M	-6,880.00M	-7,000.00M	-7,000.00M	-8,546.00M	-3,984.00M	-3,470.00M	-2,608.00M	-213.00M	-70.00M	-10,815.00M	-6,684.00M	-3,040.00M	-3,106.00M	-1,554.00M	-2,000.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	-131.00M	0.00M	-323.00M	0.00M	-337.00M	0.00M	0.00M	0.00M	-255.00M	-218.00M	0.00M	-252.00M	-241.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	-9,098.00M	-8,773.00M	-8,929.00M	-8,383.00M	-7,789.00M	-6,985.00M	-6,451.00M	-5,958.00M	-4,704.00M	-4,212.00M	-3,404.00M	-3,031.00M	-2,530.00M	-2,243.00M	-1,743.00M	-1,632.00M	-1,569.00M	-1,525.00M	-1,521.00M	-1,709.00M	-1,395.00M	-857.00M	-719.00M	-595.00M	-492.00M	-396.00M	-371.00M	-255.00M	-168.00M	-139.00M	-110.00M	-89.70M
Common Dividends Paid	-9,098.00M	-8,773.00M	-8,929.00M	-8,383.00M	-7,789.00M	-6,985.00M	-6,451.00M	-5,958.00M	-4,704.00M	-4,212.00M	-3,404.00M	-3,031.00M	-2,530.00M	-2,243.00M	-1,743.00M	-1,632.00M	-1,569.00M	-1,525.00M	-1,521.00M	-1,709.00M	0.00M	-857.00M	-719.00M	-595.00M	-492.00M	-396.00M	-371.00M	-255.00M	-168.00M	-139.00M	-110.00M	-89.70M
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	0.00M
Other Financing Activities	-225.00M	-102.00M	-301.00M	167.00M	-188.00M	192.00M	-154.00M	-176.00M	-153.00M	44.00M	140.00M	4.00M	227.00M	204.00M	-59.00M	-218.00M	-347.00M	-64.00M	-128.00M	-105.00M	-31.00M	-136.00M	272.00M	0.00M	0.00M	0.00M	0.00M	7.00M	11.00M	10.00M	36.10M	39.70M
Net Cash from Financing Activities	-8,565.00M	1,117.00M	-694.00M	-15,443.00M	-10,993.00M	-19,120.00M	-2,983.00M	-10,834.00M	-12,547.00M	-8,870.00M	-7,870.00M	-5,787.00M	-7,071.00M	-6,652.00M	-5,034.00M	-4,048.00M	-4,451.00M	-3,503.00M	-3,680.00M	-10,639.00M	-203.00M	-1,748.00M	-2,783.00M	-1,931.00M	-2,165.00M	-173.00M	737.00M	281.00M	248.00M	-32.00M	500.10M	515.70M
Effect of FX on Cash	-47.00M	-23.00M	-186.00M	3.00M	-68.00M	-34.00M	76.00M	119.00M	-19.00M	124.00M	-8.00M	-111.00M	-106.00M	-34.00M	-2.00M	-32.00M	2.00M	35.00M	-45.00M	-1.00M	-4.00M	1.00M	33.00M	20.00M	8.00M	-14.00M	-4.00M	1.00M	-4.00M	0.00M	0.20M	0.40M
Net Change in Cash	153.00M	-527.00M	-2,101.00M	1,003.00M	414.00M	-5,552.00M	5,762.00M	355.00M	-1,817.00M	1,057.00M	322.00M	493.00M	-206.00M	-565.00M	507.00M	1,442.00M	-876.00M	902.00M	74.00M	-155.00M	-194.00M	287.00M	-597.00M	638.00M	-289.00M	2,310.00M	-1.00M	106.00M	-110.00M	26.00M	92.80M	52.10M
Cash at Beginning of Period	7,363.00M	11,695.00M	3,760.00M	2,757.00M	2,343.00M	7,895.00M	2,133.00M	1,778.00M	3,595.00M	2,538.00M	2,216.00M	1,723.00M	1,929.00M	2,494.00M	1,987.00M	545.00M	1,421.00M	519.00M	445.00M	600.00M	793.00M	506.00M	1,103.00M	2,188.00M	2,477.00M	167.00M	168.00M	62.00M	172.00M	146.00M	53.30M	1.20M
Cash at End of Period	7,516.00M	11,168.00M	1,659.00M	3,760.00M	2,757.00M	2,343.00M	7,895.00M	2,133.00M	1,778.00M	3,595.00M	2,538.00M	2,216.00M	1,723.00M	1,929.00M	2,494.00M	1,987.00M	545.00M	1,421.00M	519.00M	445.00M	600.00M	793.00M	506.00M	2,826.00M	2,188.00M	2,477.00M	167.00M	168.00M	62.00M	172.00M	146.10M	53.30M
Operating Cash Flow	17,649.00M	19,872.00M	19,810.00M	21,172.00M	14,615.00M	16,571.00M	18,839.00M	13,723.00M	13,165.00M	12,031.00M	9,783.00M	9,373.00M	8,242.00M	7,628.00M	6,975.00M	6,651.00M	4,585.00M	5,125.00M	5,528.00M	5,727.00M	7,661.00M	6,620.00M	6,904.00M	6,545.00M	4,802.00M	5,963.00M	2,796.00M	2,446.00M	1,917.00M	1,029.00M	1,100.10M	713.00M
Capital Expenditure	-3,722.00M	-3,242.00M	-3,485.00M	-3,226.00M	-3,119.00M	-2,566.00M	-2,463.00M	-2,678.00M	-2,442.00M	-1,897.00M	-1,621.00M	-1,503.00M	-1,442.00M	-1,389.00M	-1,312.00M	-1,221.00M	-1,096.00M	-966.00M	-1,847.00M	-3,558.00M	-3,542.00M	-3,881.00M	-3,948.00M	-4,106.00M	-2,749.00M	-3,393.00M	-3,558.00M	-2,581.00M	-2,320.00M	-1,481.00M	-1,194.40M	-1,278.10M
Free Cash Flow	13,927.00M	16,630.00M	16,325.00M	17,946.00M	11,496.00M	14,005.00M	16,376.00M	11,045.00M	10,723.00M	10,134.00M	8,162.00M	7,870.00M	6,800.00M	6,239.00M	5,663.00M	5,430.00M	3,489.00M	4,159.00M	3,681.00M	2,169.00M	4,119.00M	2,739.00M	2,956.00M	2,439.00M	2,053.00M	2,570.00M	-762.00M	-135.00M	-403.00M	-452.00M	-94.30M	-565.10M

Free Cash Flow

Metric	TTM	TTM-1	2025-01-31	2024-01-31	2023-01-31	2022-01-31	2021-01-31	2020-01-31	2019-01-31	2018-01-31	2017-01-31	2016-01-31	2015-01-31	2014-01-31	2013-01-31	2012-01-31	2011-01-31	2010-01-31	2009-01-31	2008-01-31	2007-01-31	2006-01-31	2005-01-31	2004-01-31	2003-01-31	2002-01-31	2001-01-31	2000-01-31	1999-01-31	1998-01-31	1997-01-31	1996-01-31
EBITDA	28,215.00M	27,664.00M	28,321.00M	27,609.00M	29,469.00M	28,288.00M	22,925.00M	20,128.00M	19,799.00M	18,554.00M	17,154.00M	15,327.00M	13,341.00M	12,550.00M	11,018.00M	9,916.00M	9,173.00M	8,316.00M	8,046.00M	10,850.00M	8,510.00M	15,524.00M	9,245.00M	7,922.00M	6,733.00M	5,696.00M	4,792.00M	4,721.00M	3,407.00M	2,582.00M	1,998.30M	1,542.30M
(-) Tax Adjustment	6,776.25M	6,617.81M	6,713.21M	6,625.11M	7,043.09M	6,902.50M	5,552.34M	4,750.56M	4,672.27M	6,493.90M	6,003.90M	5,364.45M	4,669.35M	4,392.50M	3,856.30M	3,470.60M	3,210.55M	2,844.40M	2,816.10M	3,797.50M	2,978.50M	5,433.40M	3,235.75M	2,772.70M	2,356.55M	1,993.60M	1,677.20M	1,652.35M	1,192.45M	903.70M	699.41M	539.81M
(-) Change In Working Capital	-462.00M	1,261.00M	694.00M	2,088.00M	-6,102.00M	-3,319.00M	3,023.00M	-286.00M	-534.00M	646.00M	-418.00M	401.00M	209.00M	258.00M	441.00M	871.00M	-685.00M	5,419.00M	447.00M	-433.00M	-330.00M	-441.00M	-132.00M	560.00M	62.00M	2,155.00M	-386.00M	-337.00M	-131.00M	-386.00M	-124.00M	-217.70M
(-) Capital Expenditure	-3,722.00M	-3,242.00M	-3,485.00M	-3,226.00M	-3,119.00M	-2,566.00M	-2,463.00M	-2,678.00M	-2,442.00M	-1,897.00M	-1,621.00M	-1,503.00M	-1,442.00M	-1,389.00M	-1,312.00M	-1,221.00M	-1,096.00M	-966.00M	-1,847.00M	-3,558.00M	-3,542.00M	-3,881.00M	-3,948.00M	-4,106.00M	-2,749.00M	-3,393.00M	-3,558.00M	-2,581.00M	-2,320.00M	-1,481.00M	-1,194.40M	-1,278.10M
Unlevered Free Cash Flow	18,178.75M	16,543.19M	17,428.79M	15,669.89M	25,408.91M	22,138.50M	11,886.66M	12,985.44M	13,218.73M	9,517.10M	9,947.10M	8,058.55M	7,020.65M	6,510.50M	5,408.70M	4,353.40M	5,551.45M	-913.40M	2,935.90M	3,927.50M	2,319.50M	6,650.60M	2,193.25M	483.30M	1,565.45M	-1,845.60M	-57.20M	824.65M	25.55M	583.30M	228.50M	-57.91M
(-) Net Interest Income After Taxes	-1,768.90M	-1,498.73M	-1,617.48M	-1,341.47M	-1,188.68M	-985.06M	-985.15M	-861.77M	-731.93M	-638.95M	-608.40M	-489.45M	-320.45M	-454.35M	-397.80M	-385.45M	-334.75M	-432.94M	-393.90M	-404.30M	-219.70M	-12.35M	-9.10M	-1.95M	0.00M	0.00M	0.00M	0.00M	-4.55M	-76.70M	0.00M	0.00M
Net Debt Issuance	409.00M	11,896.00M	8,790.00M	724.00M	3,416.00M	2,482.00M	4,087.00M	1,985.00M	2,037.00M	3,298.00M	2,274.00M	4,012.00M	2,232.00M	3,933.00M	-32.00M	966.00M	-31.00M	-1,774.00M	-2,045.00M	1,714.00M	7,526.00M	1,871.00M	485.00M	-9.00M	1.00M	-222.00M	757.00M	262.00M	238.00M	-25.00M	470.00M	497.20M
Levered Free Cash Flow	20,356.65M	29,937.93M	27,836.26M	17,735.36M	30,013.60M	25,605.56M	16,958.81M	15,832.21M	15,987.66M	13,454.05M	12,829.50M	12,560.00M	9,573.10M	10,897.85M	5,774.50M	5,704.85M	5,855.20M	-2,254.46M	1,284.80M	6,045.80M	10,065.20M	8,533.95M	2,687.35M	476.25M	1,566.45M	-2,067.60M	699.80M	1,086.65M	268.10M	635.00M	698.50M	439.30M