Oil & Gas Integrated

Category: Industry Averages Base Ticker: NFG

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	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	1995
Stock Price	31.26	13.64	10.50	9.35	9.68	7.88	10.13	10.70	11.32	12.06	10.29	10.50	11.03	11.03	10.68	10.97	11.47	10.12	15.22	13.73	12.30	10.28	9.78	11.89	12.77	12.78	12.34	15.67	13.20	11.90	8.64
Market Capitalization	21,059.01M	18,446.97M	15,460.82M	14,759.22M	13,422.53M	12,423.88M	16,672.32M	19,128.45M	19,138.34M	19,923.77M	18,174.86M	18,981.03M	21,421.56M	21,747.02M	21,004.72M	21,638.91M	28,185.71M	20,933.67M	31,965.40M	30,615.36M	27,330.71M	30,826.64M	30,425.64M	28,567.64M	31,248.42M	25,333.21M	25,073.21M	38,390.84M	46,492.01M	42,145.75M	38,770.51M
(-) Cash & Equivalents	2,466.85M	2,859.32M	2,441.82M	3,077.13M	2,195.16M	1,442.37M	1,814.82M	2,554.75M	1,609.06M	1,934.52M	1,939.44M	1,519.10M	1,510.38M	1,463.23M	1,258.60M	1,040.72M	1,051.80M	935.29M	807.11M	953.23M	826.68M	729.88M	1,124.63M	1,040.35M	1,114.37M	1,593.78M	819.10M	666.77M	977.40M	1,074.96M	789.70M
(+) Total Debt	11,475.92M	10,780.83M	6,901.38M	6,868.51M	8,922.26M	7,901.02M	6,794.66M	6,910.50M	7,667.15M	8,111.62M	9,525.80M	8,315.31M	6,433.96M	4,823.37M	4,897.17M	4,419.34M	4,233.64M	3,287.50M	2,922.34M	2,907.34M	3,144.44M	3,880.73M	5,663.96M	6,810.45M	5,910.87M	6,325.25M	7,699.11M	4,642.40M	6,151.35M	5,635.59M	6,855.97M
Enterprise Value	27,678.41M	27,728.47M	20,740.49M	19,167.84M	23,791.41M	20,422.64M	23,512.88M	25,198.65M	25,779.67M	27,520.22M	26,282.86M	26,296.84M	28,361.69M	29,696.53M	29,631.42M	29,820.31M	34,326.55M	26,560.82M	37,085.94M	35,047.07M	28,196.79M	33,720.82M	34,918.67M	33,641.29M	37,239.80M	30,364.96M	32,408.50M	44,758.36M	51,166.40M	46,890.71M	44,817.45M

Industry Income Statement

Metric	TTM	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	1995
Revenue	48,777.542M	38,018.613M	34,968.507M	34,224.495M	28,810.623M	17,648.284M	26,667.328M	29,179.210M	24,813.117M	20,746.569M	23,980.256M	29,109.441M	28,403.088M	28,878.351M	25,706.890M	20,161.514M	27,083.527M	29,639.834M	28,069.247M	26,735.708M	22,113.425M	25,247.387M	39,076.913M	38,594.874M	37,339.424M	41,501.041M	29,658.587M	31,659.046M	46,942.691M	31,242.636M	30,393.056M
Cost of Revenue	39,632.415M	30,193.469M	28,316.812M	27,945.685M	18,587.124M	13,445.685M	18,869.771M	20,467.010M	17,145.452M	14,825.510M	18,170.770M	24,851.695M	24,223.684M	24,312.930M	20,474.937M	16,019.033M	18,234.783M	21,539.719M	15,695.000M	12,865.543M	9,916.968M	18,096.817M	25,629.510M	29,777.130M	28,335.865M	31,542.033M	19,607.271M	22,991.755M	12,872.484M	15,556.661M	14,649.339M
Gross Profit	9,145.126M	7,825.144M	6,651.695M	6,278.809M	10,223.498M	4,202.599M	7,797.557M	8,712.200M	7,667.665M	5,921.059M	5,809.485M	4,257.745M	4,179.404M	4,565.420M	5,231.953M	4,142.481M	8,848.744M	8,100.114M	12,374.248M	13,870.165M	12,196.457M	7,150.571M	13,447.403M	8,817.744M	9,003.558M	9,959.008M	10,051.316M	8,667.291M	34,070.207M	15,685.975M	15,743.717M
Gross Margin	18.75%	20.58%	19.02%	18.35%	35.49%	23.81%	29.24%	29.86%	30.90%	28.54%	24.23%	14.63%	14.71%	15.81%	20.35%	20.55%	32.67%	27.33%	44.08%	51.88%	55.15%	28.32%	34.41%	22.85%	24.11%	24.00%	33.89%	27.38%	72.58%	50.21%	51.80%
R&D Expenses	5.864M	42.262M	25.106M	21.104M	17.473M	19.746M	17.023M	20.216M	20.677M	14.482M	14.815M	14.824M	16.178M	5.569M	4.166M	3.996M	3.909M	3.346M	2.084M	0.000M	0.000M	0.167M	0.000M	0.000M	0.000M	0.000M	0.000M	9.796M	106.279M	42.465M	47.003M
SG&A Expenses	1,511.070M	1,832.966M	1,351.102M	1,209.616M	1,006.087M	823.895M	957.823M	1,109.586M	1,159.796M	1,171.522M	1,061.146M	1,038.930M	908.053M	896.188M	790.687M	692.685M	1,165.488M	1,566.121M	1,386.079M	1,301.834M	779.944M	1,490.035M	1,625.754M	1,584.249M	1,452.177M	1,579.282M	1,623.552M	2,915.084M	1,019.204M	1,138.920M	1,231.479M
Operating Expenses	1,516.934M	1,875.228M	1,376.208M	1,230.720M	1,023.560M	843.641M	974.846M	1,129.802M	1,180.473M	1,186.005M	1,075.961M	1,053.755M	924.231M	901.757M	794.852M	696.682M	1,169.397M	1,569.467M	1,388.163M	1,301.834M	779.944M	1,490.202M	1,625.754M	1,584.249M	1,452.177M	1,579.282M	1,623.552M	2,924.881M	1,125.483M	1,181.385M	1,278.483M
Operating Income	7,628.192M	5,949.916M	5,275.487M	5,048.090M	9,199.938M	3,358.958M	6,822.711M	7,582.398M	6,487.192M	4,735.054M	4,733.524M	3,203.991M	3,255.173M	3,663.664M	4,437.101M	3,445.799M	7,679.348M	6,530.647M	10,986.084M	12,568.331M	11,416.514M	5,660.369M	11,821.649M	7,233.495M	7,551.382M	8,379.726M	8,427.764M	5,742.410M	32,944.724M	14,504.590M	14,465.234M
Operating Margin	15.64%	15.65%	15.09%	14.75%	31.93%	19.03%	25.58%	25.99%	26.14%	22.82%	19.74%	11.01%	11.46%	12.69%	17.26%	17.09%	28.35%	22.03%	39.14%	47.01%	51.63%	22.42%	30.25%	18.74%	20.22%	20.19%	28.42%	18.14%	70.18%	46.43%	47.59%
Interest Income	156.367M	172.437M	146.273M	95.401M	64.472M	63.283M	80.589M	106.858M	83.668M	63.972M	69.843M	65.840M	72.105M	66.059M	70.743M	65.833M	72.582M	92.212M	37.080M	36.395M	17.633M	12.927M	0.039M	0.037M	0.001M	0.018M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	521.753M	429.828M	281.513M	222.440M	269.191M	273.134M	294.599M	276.737M	223.127M	255.423M	244.840M	191.093M	153.065M	144.007M	135.766M	118.867M	171.103M	129.450M	61.029M	67.003M	75.250M	78.447M	69.494M	20.552M	23.724M	25.394M	0.000M	0.047M	0.000M	42.614M	43.088M
Net Interest Income	-365.385M	-257.391M	-135.240M	-127.039M	-204.719M	-209.851M	-214.010M	-169.879M	-139.459M	-191.452M	-174.997M	-125.252M	-80.960M	-77.948M	-65.024M	-53.034M	-98.521M	-37.238M	-23.949M	-30.608M	-57.617M	-65.520M	-69.455M	-20.515M	-23.724M	-25.376M	0.000M	-0.047M	0.000M	-42.614M	-43.088M
Other Income / Expense	-3,470.366M	-2,539.014M	-911.341M	-468.794M	-5,292.712M	-3,142.246M	-4,515.086M	-3,587.369M	-3,907.142M	-3,903.120M	-3,771.916M	-1,075.464M	445.702M	204.881M	-111.439M	-1,603.297M	-4,092.227M	-2,978.090M	-7,380.632M	-9,266.634M	-8,583.085M	45.099M	-6,706.855M	-3,772.393M	-2,805.469M	-2,868.160M	-6,090.889M	-4,132.419M	-28,505.145M	-11,537.151M	-12,133.437M
Pre-Tax Income	3,792.441M	3,153.511M	4,228.906M	4,452.256M	3,702.507M	6.860M	2,093.615M	3,825.150M	2,440.590M	640.482M	786.610M	2,003.275M	3,619.916M	3,790.596M	4,260.638M	1,789.468M	3,488.600M	3,515.319M	3,581.503M	3,271.089M	2,775.812M	5,639.949M	5,045.339M	3,440.588M	4,722.189M	5,486.190M	2,336.876M	1,609.944M	4,439.579M	2,924.824M	2,288.710M
Pre-Tax Margin	7.77%	8.29%	12.09%	13.01%	12.85%	0.04%	7.85%	13.11%	9.84%	3.09%	3.28%	6.88%	12.74%	13.13%	16.57%	8.88%	12.88%	11.86%	12.76%	12.23%	12.55%	22.34%	12.91%	8.91%	12.65%	13.22%	7.88%	5.09%	9.46%	9.36%	7.53%
Income Tax Expense	1,523.970M	1,060.280M	1,195.077M	1,502.701M	857.073M	23.450M	704.042M	923.254M	418.031M	202.191M	290.535M	620.203M	990.707M	1,050.042M	1,103.860M	571.605M	733.689M	940.103M	1,083.840M	977.248M	840.923M	1,711.213M	1,828.852M	1,352.223M	1,978.711M	2,362.255M	924.870M	699.688M	1,590.323M	1,214.851M	1,044.187M
Tax Rate	35.00%	33.62%	28.26%	33.75%	23.15%	35.00%	33.63%	24.14%	17.13%	31.57%	35.00%	30.96%	27.37%	27.70%	25.91%	31.94%	21.03%	26.74%	30.26%	29.88%	30.29%	30.34%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	2,268.471M	2,093.230M	3,033.829M	2,949.556M	2,845.433M	-16.589M	1,389.573M	2,901.896M	2,022.559M	438.291M	496.076M	1,383.072M	2,629.209M	2,740.554M	3,156.778M	1,217.862M	2,754.911M	2,575.216M	2,497.663M	2,293.841M	1,934.889M	3,928.736M	3,216.487M	2,088.365M	2,743.478M	3,123.935M	1,412.005M	910.256M	2,849.256M	1,709.973M	1,244.523M
Net Margin	4.65%	5.51%	8.68%	8.62%	9.88%	-0.09%	5.21%	9.95%	8.15%	2.11%	2.07%	4.75%	9.26%	9.49%	12.28%	6.04%	10.17%	8.69%	8.90%	8.58%	8.75%	15.56%	8.23%	5.41%	7.35%	7.53%	4.76%	2.88%	6.07%	5.47%	4.09%
EBIT	7,628.192M	5,949.916M	5,275.487M	5,048.090M	9,199.938M	3,358.958M	6,822.711M	7,582.398M	6,487.192M	4,735.054M	4,733.524M	3,203.991M	3,255.173M	3,663.664M	4,437.101M	3,445.799M	7,679.348M	6,530.647M	10,986.084M	12,568.331M	11,416.514M	5,660.369M	11,821.649M	7,233.495M	7,551.382M	8,379.726M	8,427.764M	5,742.410M	32,944.724M	14,504.590M	14,465.234M
Depreciation & Amortization	3,035.298M	3,267.202M	1,929.179M	2,005.066M	1,813.056M	1,879.237M	1,849.181M	2,281.149M	2,178.779M	2,074.622M	2,113.333M	2,685.125M	1,656.493M	1,547.004M	1,213.082M	1,073.777M	1,865.937M	1,675.045M	1,553.566M	1,332.592M	1,210.138M	1,604.744M	2,183.592M	2,631.391M	2,590.053M	2,329.555M	1,861.663M	2,348.360M	2,388.845M	1,937.714M	2,398.849M
EBITDA	10,663.490M	9,217.118M	7,204.666M	7,053.156M	11,012.994M	5,238.195M	8,671.892M	9,863.546M	8,665.971M	6,809.676M	6,846.857M	5,889.116M	4,911.666M	5,210.668M	5,650.183M	4,519.575M	9,545.285M	8,205.691M	12,539.650M	13,900.923M	12,626.651M	7,265.113M	14,005.241M	9,864.886M	10,141.434M	10,709.280M	10,289.428M	8,090.770M	35,333.569M	16,442.304M	16,864.083M
EBITDA Margin	21.86%	24.24%	20.60%	20.61%	38.23%	29.68%	32.52%	33.80%	34.92%	32.82%	28.55%	20.23%	17.29%	18.04%	21.98%	22.42%	35.24%	27.68%	44.67%	51.99%	57.10%	28.78%	35.84%	25.56%	27.16%	25.80%	34.69%	25.56%	75.27%	52.63%	55.49%
NOPAT	4,958.325M	3,949.422M	3,784.649M	3,344.287M	7,070.294M	2,183.322M	4,528.367M	5,752.278M	5,376.047M	3,240.267M	3,076.791M	2,212.053M	2,364.290M	2,648.783M	3,287.522M	2,345.116M	6,064.301M	4,784.154M	7,661.459M	8,813.501M	7,957.918M	3,942.960M	7,684.072M	4,701.772M	4,908.398M	5,446.822M	5,478.047M	3,732.567M	21,414.071M	9,427.983M	9,402.402M
NOPAT Margin	10.17%	10.39%	10.82%	9.77%	24.54%	12.37%	16.98%	19.71%	21.67%	15.62%	12.83%	7.60%	8.32%	9.17%	12.79%	11.63%	22.39%	16.14%	27.29%	32.97%	35.99%	15.62%	19.66%	12.18%	13.15%	13.12%	18.47%	11.79%	45.62%	30.18%	30.94%
Owner's Earnings	5,303.768M	5,360.432M	4,963.007M	4,954.622M	4,658.489M	1,862.648M	3,238.754M	5,183.044M	4,201.338M	2,512.913M	2,609.409M	4,068.196M	4,285.702M	4,287.559M	4,369.860M	2,291.639M	4,620.848M	4,250.261M	4,051.229M	3,626.433M	3,145.026M	5,533.480M	5,400.079M	4,719.755M	5,333.531M	5,453.490M	3,273.669M	3,258.617M	5,238.101M	3,647.687M	3,643.372M
Owner's Earnings Margin	10.87%	14.10%	14.19%	14.48%	16.17%	10.55%	12.15%	17.76%	16.93%	12.11%	10.88%	13.98%	15.09%	14.85%	17.00%	11.37%	17.06%	14.34%	14.43%	13.56%	14.22%	21.92%	13.82%	12.23%	14.28%	13.14%	11.04%	10.29%	11.16%	11.68%	11.99%
EPS	1.10	1.16	1.76	1.73	1.64	-0.01	0.81	1.35	1.05	0.22	0.25	0.70	1.32	1.29	1.53	0.64	1.43	1.29	1.23	1.05	0.86	0.87	0.77	0.54	0.66	0.77	0.32	0.23	1.18	0.70	0.46
EPS (Diluted)	1.10	1.16	1.76	1.73	1.64	-0.01	0.81	1.35	1.05	0.22	0.25	0.70	1.32	1.29	1.53	0.64	1.43	1.29	1.23	1.05	0.86	0.87	0.77	0.54	0.66	0.77	0.32	0.23	1.18	0.70	0.46
Shares (Diluted)	2,063,867,874	1,796,967,626	1,726,052,164	1,707,918,130	1,735,515,174	1,689,273,059	1,719,938,165	2,155,349,646	1,925,189,726	2,005,411,507	1,986,606,250	1,987,115,525	1,997,180,033	2,131,683,936	2,057,259,897	1,904,261,470	1,924,515,437	2,000,983,172	2,031,435,953	2,186,793,742	2,260,737,080	4,505,292,001	4,171,983,677	3,835,722,517	4,164,740,577	4,078,825,354	4,431,900,531	3,901,440,383	2,422,688,945	2,460,149,140	2,699,219,768

Industry Balance Sheet

Metric	MRQ	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	1995
Cash & Cash Equivalents	3,770.51M	2,900.01M	2,441.82M	3,088.07M	2,206.49M	1,442.37M	1,814.82M	2,554.75M	1,609.06M	1,934.52M	1,939.44M	1,519.10M	1,510.38M	1,463.23M	1,258.60M	1,040.72M	1,051.80M	935.29M	807.11M	979.39M	849.61M	729.88M	1,124.63M	1,040.35M	1,114.37M	1,593.78M	870.28M	722.42M	977.40M	1,074.96M	789.70M
Short-Term Investments	1,036.25M	1,269.45M	1,730.73M	1,823.17M	620.04M	424.69M	429.60M	310.57M	164.70M	163.64M	916.37M	127.85M	255.13M	213.71M	412.19M	578.68M	288.75M	558.37M	539.74M	318.60M	218.32M	488.49M	126.68M	196.05M	186.98M	400.70M	353.72M	311.61M	512.17M	102.82M	129.73M
Cash & Short-Term Investments	4,806.76M	4,169.46M	4,172.55M	4,911.24M	2,826.53M	1,867.06M	2,244.42M	2,865.32M	1,773.76M	2,098.16M	2,855.81M	1,646.95M	1,765.51M	1,676.94M	1,670.79M	1,619.39M	1,340.55M	1,493.66M	1,346.85M	1,297.99M	1,067.93M	1,218.37M	1,251.31M	1,236.40M	1,301.35M	1,994.48M	1,224.00M	1,034.03M	1,489.57M	1,177.78M	919.42M
Net Receivables	5,571.73M	3,786.28M	3,121.88M	2,907.19M	1,876.88M	1,346.98M	1,338.19M	2,962.29M	2,041.12M	1,694.74M	1,675.84M	2,082.76M	2,709.55M	2,535.56M	1,483.88M	1,370.63M	1,407.29M	1,071.64M	2,118.97M	1,259.37M	879.85M	1,343.13M	1,448.10M	2,369.37M	2,272.02M	2,760.64M	2,566.50M	1,412.63M	4,086.94M	5,148.79M	5,246.56M
Inventory	2,788.01M	2,810.72M	2,749.06M	2,703.13M	2,255.59M	1,563.17M	1,801.03M	1,860.74M	1,821.00M	1,737.71M	1,557.38M	1,468.51M	2,026.33M	1,918.86M	1,775.96M	1,448.23M	1,675.15M	1,866.64M	1,609.19M	1,425.04M	1,294.52M	1,812.66M	2,159.19M	2,568.12M	2,371.36M	2,751.21M	2,330.74M	1,853.82M	2,140.50M	2,491.03M	2,869.20M
Other Current Assets	1,668.32M	1,217.03M	1,169.22M	708.80M	799.29M	745.67M	432.47M	783.19M	615.92M	827.45M	1,133.36M	879.65M	1,248.30M	628.34M	145.63M	523.28M	597.67M	506.46M	419.64M	367.87M	291.66M	491.85M	208.30M	101.32M	268.82M	142.45M	1,187.17M	499.14M	624.81M	649.20M	665.21M
Total Current Assets	14,834.81M	11,983.49M	11,212.70M	11,230.36M	7,758.29M	5,522.89M	5,816.12M	8,471.54M	6,251.79M	6,358.06M	7,222.39M	6,077.87M	7,749.69M	6,759.70M	5,076.26M	4,961.54M	5,020.67M	4,938.41M	5,494.64M	4,350.26M	3,533.95M	4,866.00M	5,066.91M	6,275.21M	6,213.55M	7,648.77M	7,308.42M	4,799.61M	8,341.83M	9,466.80M	9,700.38M
Property, Plant & Equipment	43,064.34M	26,429.57M	19,982.16M	17,910.79M	18,403.78M	18,236.86M	18,878.17M	21,986.90M	22,481.96M	23,914.84M	22,679.17M	18,145.38M	21,888.99M	22,328.81M	23,285.04M	19,777.21M	21,347.26M	18,126.16M	16,149.99M	14,874.13M	14,138.39M	14,988.97M	20,346.90M	20,896.89M	18,195.36M	18,823.39M	20,023.44M	24,481.46M	22,535.41M	14,721.02M	17,247.20M
Goodwill	489.43M	643.22M	404.12M	393.72M	570.14M	493.11M	498.55M	489.57M	483.58M	443.18M	428.60M	378.53M	433.96M	463.85M	201.19M	196.67M	289.40M	72.16M	43.94M	36.61M	8.33M	4.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	639.64M	1,027.23M	754.11M	785.66M	581.92M	556.36M	387.44M	344.71M	391.24M	279.33M	331.65M	360.74M	400.57M	413.98M	542.91M	909.11M	689.30M	441.50M	427.78M	294.45M	135.57M	153.22M	233.37M	223.87M	180.07M	107.90M	202.39M	540.16M	667.71M	498.25M	549.45M
Long-Term Investments	11,126.03M	3,072.96M	2,772.40M	4,446.39M	2,209.20M	2,898.56M	3,144.59M	2,413.02M	1,958.61M	2,042.15M	1,812.16M	2,019.65M	2,108.86M	1,986.78M	1,824.09M	2,046.75M	2,080.73M	1,838.20M	287.16M	59.28M	100.39M	207.89M	5.31M	2.50M	0.00M	0.00M	0.00M	15.38M	1,003.98M	653.36M	799.44M
Tax Assets	500.24M	257.58M	74.90M	318.45M	184.35M	186.48M	139.23M	159.67M	144.59M	215.37M	209.76M	156.31M	124.37M	104.00M	105.02M	137.97M	84.40M	58.20M	21.35M	27.15M	18.77M	11.48M	12.44M	0.00M	0.00M	1.13M	0.00M	0.00M	7.64M	0.00M	0.00M
Other Non-Current Assets	1,699.21M	2,306.46M	1,678.39M	782.06M	1,015.89M	1,364.16M	886.49M	1,061.68M	1,315.62M	1,316.50M	1,810.90M	1,780.91M	1,718.09M	2,047.48M	2,156.11M	1,083.48M	1,176.54M	828.92M	957.94M	1,241.99M	1,132.09M	1,015.28M	2,072.44M	4,345.25M	5,293.30M	3,897.03M	3,854.82M	2,596.58M	2,052.89M	2,330.23M	2,619.40M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	57,518.90M	33,737.01M	25,666.07M	24,637.06M	22,965.29M	23,735.53M	23,934.48M	26,455.56M	26,775.61M	28,211.37M	27,272.23M	22,841.53M	26,674.84M	27,344.91M	28,114.35M	24,151.19M	25,667.63M	21,365.15M	17,888.17M	16,533.62M	15,533.54M	16,381.20M	22,670.46M	25,468.51M	23,668.73M	22,829.44M	24,080.65M	27,633.58M	26,267.63M	18,202.86M	21,215.49M
Total Assets	72,353.72M	45,720.49M	36,878.77M	35,867.42M	30,723.58M	29,258.41M	29,750.59M	34,927.10M	33,027.40M	34,569.43M	34,494.62M	28,919.39M	34,424.53M	34,104.61M	33,190.61M	29,112.72M	30,688.30M	26,303.56M	23,382.80M	20,883.88M	19,067.49M	21,247.20M	27,737.37M	31,743.72M	29,882.28M	30,478.21M	31,389.08M	32,433.19M	34,609.46M	27,669.66M	30,915.87M
Accounts Payable	6,459.06M	5,176.13M	2,558.09M	2,464.21M	2,755.00M	1,986.32M	2,123.01M	2,050.46M	2,057.80M	1,988.54M	1,777.86M	2,108.69M	2,214.65M	2,559.88M	2,181.05M	1,787.71M	3,317.56M	2,807.57M	3,311.09M	2,058.21M	2,062.82M	2,539.30M	3,042.31M	3,804.42M	3,322.32M	3,364.84M	4,028.55M	2,609.65M	3,088.46M	3,160.44M	3,472.95M
Short-Term Debt	2,866.55M	1,703.24M	1,189.75M	807.35M	1,003.52M	1,122.95M	1,063.86M	1,643.14M	1,478.12M	1,477.35M	1,343.88M	1,336.15M	710.30M	872.09M	756.65M	566.80M	734.30M	974.66M	818.47M	644.86M	537.83M	1,021.10M	1,665.86M	2,076.24M	2,032.63M	2,249.55M	3,372.83M	2,233.61M	1,609.53M	2,147.26M	2,052.99M
Tax Payables	34.03M	380.50M	402.62M	1,126.11M	654.93M	341.39M	480.81M	566.38M	528.74M	406.88M	335.57M	460.43M	602.51M	516.06M	610.29M	456.37M	817.49M	272.04M	214.03M	58.40M	119.26M	253.16M	62.61M	126.14M	0.47M	0.34M	0.00M	7.96M	249.78M	319.75M	310.86M
Deferred Revenue	1.21M	0.32M	11.58M	57.77M	370.17M	501.12M	742.39M	416.74M	346.88M	326.69M	143.33M	236.75M	288.23M	247.80M	444.35M	299.20M	394.12M	126.36M	55.37M	39.76M	90.58M	180.63M	121.23M	84.52M	34.80M	2.65M	0.02M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,220.36M	1,402.49M	1,601.27M	1,091.40M	567.33M	577.73M	1,263.72M	1,283.20M	854.73M	851.06M	832.67M	753.45M	726.34M	658.67M	592.97M	492.51M	597.70M	389.01M	1,077.69M	637.94M	527.96M	1,082.94M	811.39M	1,112.08M	1,040.29M	2,454.64M	2,386.07M	1,886.63M	2,231.66M	1,511.27M	1,567.54M
Total Current Liabilities	10,581.21M	8,662.69M	5,763.31M	5,546.85M	5,350.95M	4,529.51M	5,673.79M	5,959.92M	5,266.28M	5,050.52M	4,433.30M	4,895.47M	4,542.03M	4,854.50M	4,585.30M	3,602.60M	5,861.17M	4,569.63M	5,476.64M	3,439.18M	3,338.44M	5,077.14M	5,703.40M	7,203.40M	6,430.51M	8,072.03M	9,787.48M	6,737.86M	7,179.42M	7,138.72M	7,404.34M
Long-Term Debt	12,009.61M	6,105.74M	5,724.08M	4,463.61M	4,591.47M	4,250.65M	3,793.85M	4,858.94M	5,673.09M	6,073.45M	6,464.63M	6,442.70M	5,250.12M	4,052.72M	3,674.61M	3,857.20M	3,605.31M	2,447.62M	2,074.53M	2,022.75M	2,143.00M	2,905.72M	4,130.77M	4,201.57M	3,672.07M	3,706.31M	4,775.82M	3,576.89M	3,548.57M	3,461.24M	4,868.80M
Capital Lease Obligations	919.67M	1,415.70M	1,087.42M	911.95M	776.19M	703.52M	674.21M	72.50M	81.12M	79.22M	58.11M	32.57M	24.84M	13.28M	3.36M	1.13M	4.55M	2.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.02M	0.01M	0.04M	0.00M	0.00M	6.16M	0.00M	0.00M
Deferred Tax Liabilities	3,390.97M	1,525.19M	1,065.84M	998.83M	1,279.16M	1,114.94M	1,118.12M	1,295.17M	1,189.32M	852.22M	948.12M	874.92M	883.28M	1,118.94M	1,017.27M	1,032.19M	1,159.91M	990.51M	953.45M	814.19M	882.22M	982.22M	1,944.75M	2,241.19M	2,114.87M	1,816.02M	1,826.38M	1,522.38M	1,395.88M	1,344.94M	1,337.00M
Other Non-Current Liabilities	4,753.06M	3,579.08M	3,236.99M	2,303.26M	1,821.61M	2,874.16M	2,480.47M	2,112.31M	2,113.02M	2,102.61M	2,077.32M	1,645.96M	1,648.69M	1,051.48M	1,285.93M	1,155.55M	979.72M	647.84M	1,035.56M	869.89M	614.18M	518.69M	3,241.15M	2,331.52M	2,223.95M	3,299.80M	3,747.14M	3,696.59M	3,446.25M	3,345.71M	4,015.76M
Total Non-Current Liabilities	21,073.30M	12,625.71M	11,114.32M	8,677.65M	8,468.43M	8,943.27M	8,066.65M	8,338.91M	9,056.55M	9,107.49M	9,548.17M	8,996.16M	7,806.93M	6,236.42M	5,981.16M	6,046.07M	5,749.49M	4,088.08M	4,063.54M	3,706.83M	3,639.40M	4,406.63M	9,316.68M	8,774.30M	8,010.89M	8,822.17M	10,349.34M	8,795.86M	8,396.85M	8,151.89M	10,221.57M
Total Liabilities	31,654.51M	21,288.40M	16,877.63M	14,224.50M	13,819.38M	13,472.78M	13,740.44M	14,298.83M	14,322.83M	14,158.01M	13,981.47M	13,891.63M	12,348.96M	11,090.91M	10,566.47M	9,648.67M	11,610.66M	8,657.71M	9,540.18M	7,146.01M	6,977.84M	9,483.78M	15,020.07M	15,977.70M	14,441.40M	16,894.20M	20,136.81M	15,533.72M	15,576.28M	15,290.61M	17,625.91M
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	5.91M	76.82M	26.67M	46.74M	76.13M	86.10M
Common Stock	2,379.94M	1,744.02M	1,412.66M	1,319.43M	1,337.34M	1,370.18M	1,397.24M	1,426.21M	1,425.06M	1,402.00M	1,277.38M	1,238.23M	1,254.53M	1,430.03M	1,242.07M	613.04M	1,057.71M	556.01M	553.89M	611.46M	1,162.33M	1,382.13M	1,335.26M	1,905.35M	1,912.23M	1,931.04M	1,628.67M	678.54M	1,237.95M	271.99M	305.43M
Retained Earnings	9,466.94M	11,573.90M	13,585.99M	12,040.83M	14,525.62M	8,752.74M	13,481.82M	13,922.63M	11,354.19M	10,587.09M	9,935.75M	9,822.97M	9,130.81M	8,752.58M	5,433.08M	4,078.72M	5,704.38M	5,419.62M	10,377.86M	6,072.54M	7,504.13M	7,883.10M	4,748.84M	8,181.63M	4,893.15M	4,241.20M	3,833.96M	5,867.52M	5,908.54M	6,249.13M	6,220.25M
Accumulated OCI	17.11M	273.32M	243.27M	517.52M	122.61M	75.24M	88.32M	-75.25M	-184.65M	61.10M	106.32M	-222.07M	70.89M	-39.89M	-31.35M	-10.18M	-0.90M	-0.43M	-0.35M	-11.81M	15.39M	3.13M	0.75M	-257.93M	-181.48M	-242.17M	-421.40M	-354.05M	-15,057.36M	-8,928.25M	-10,408.76M
Minority Interest	1,796.66M	916.24M	611.81M	642.44M	297.21M	304.71M	386.74M	465.81M	480.20M	466.33M	499.02M	480.33M	454.32M	517.05M	510.45M	421.01M	500.64M	434.09M	366.79M	318.75M	358.44M	358.72M	489.57M	618.58M	520.64M	582.46M	574.18M	510.87M	300.22M	347.16M	385.51M
Total Shareholders’ Equity	11,863.99M	13,591.24M	15,241.91M	13,877.78M	15,985.57M	10,198.16M	14,967.39M	15,273.59M	12,594.60M	12,050.19M	11,319.45M	10,839.14M	10,456.23M	10,142.72M	6,643.81M	4,681.58M	6,761.19M	5,975.20M	10,931.41M	6,672.19M	8,681.86M	9,268.36M	6,084.84M	9,829.05M	6,623.89M	5,935.98M	5,118.05M	6,218.67M	-7,864.13M	-2,331.00M	-3,796.98M
Total Equity	13,660.64M	14,507.48M	15,853.72M	14,520.22M	16,282.78M	10,502.87M	15,354.13M	15,739.39M	13,074.81M	12,516.52M	11,818.47M	11,319.47M	10,910.55M	10,659.77M	7,154.25M	5,102.59M	7,261.83M	6,409.29M	11,298.20M	6,990.94M	9,040.29M	9,627.08M	6,574.42M	10,447.62M	7,144.53M	6,518.45M	5,692.23M	6,729.54M	-7,563.91M	-1,983.84M	-3,411.46M
Total Liabilities & Equity	45,315.16M	35,795.87M	32,731.35M	28,744.72M	30,102.16M	23,975.65M	29,094.57M	30,038.22M	27,397.63M	26,674.53M	25,799.93M	25,211.09M	23,259.51M	21,750.68M	17,720.72M	14,751.26M	18,872.49M	15,067.00M	20,838.38M	14,136.94M	16,018.14M	19,110.86M	21,594.49M	26,425.32M	21,585.93M	23,412.65M	25,829.04M	22,263.26M	8,012.37M	13,306.77M	14,214.45M
Tangible Assets	71,224.64M	44,050.05M	35,720.54M	34,688.04M	29,571.52M	28,208.94M	28,864.60M	34,092.82M	32,152.58M	33,846.92M	33,734.38M	28,180.11M	33,590.01M	33,226.79M	32,446.52M	28,006.94M	29,709.59M	25,789.89M	22,911.08M	20,552.81M	18,923.60M	21,089.63M	27,504.00M	31,519.84M	29,702.21M	30,370.32M	31,186.68M	31,893.03M	33,941.75M	27,171.41M	30,366.41M
Tangible Equity	12,531.57M	12,837.03M	14,695.49M	13,340.84M	15,130.72M	9,453.40M	14,468.14M	14,905.12M	12,199.98M	11,794.01M	11,058.22M	10,580.19M	10,076.02M	9,781.94M	6,410.16M	3,996.81M	6,283.13M	5,895.63M	10,826.48M	6,659.87M	8,896.40M	9,469.51M	6,341.05M	10,223.75M	6,964.46M	6,410.55M	5,489.84M	6,189.38M	-8,231.63M	-2,482.09M	-3,960.92M
Tangible Book Value	12,531.57M	12,837.03M	14,695.49M	13,340.84M	15,130.72M	9,453.40M	14,468.14M	14,905.12M	12,199.98M	11,794.01M	11,058.22M	10,580.19M	10,076.02M	9,781.94M	6,410.16M	3,996.81M	6,283.13M	5,895.63M	10,826.48M	6,659.87M	8,896.40M	9,469.51M	6,341.05M	10,223.75M	6,964.46M	6,410.55M	5,489.84M	6,189.38M	-8,231.63M	-2,482.09M	-3,960.92M
Total Investments	11,700.12M	4,114.90M	3,704.84M	6,574.55M	2,689.76M	4,373.97M	4,754.18M	4,702.62M	3,957.92M	3,612.82M	3,037.05M	2,910.81M	2,598.27M	2,490.15M	2,384.16M	2,355.42M	2,213.08M	2,500.91M	982.16M	405.76M	598.30M	613.82M	542.52M	470.23M	410.74M	313.26M	245.11M	489.87M	1,468.71M	672.76M	838.03M
Net Debt	11,105.65M	4,908.97M	4,472.00M	2,182.89M	3,388.50M	3,931.24M	3,042.88M	3,947.33M	5,542.14M	5,616.28M	5,869.06M	6,259.76M	4,450.04M	3,461.59M	3,172.66M	3,383.28M	3,287.81M	2,486.98M	2,085.89M	1,688.22M	1,831.22M	3,196.94M	4,672.00M	5,237.46M	4,590.33M	4,362.08M	7,278.37M	5,088.08M	4,180.69M	4,533.55M	6,132.10M

Industry Capital

Metric	MRQ	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	1995
Working Capital	2,829.88M	1,501.08M	4,509.03M	3,064.29M	3,195.68M	2,539.01M	2,283.14M	2,371.59M	1,110.85M	2,180.68M	2,797.81M	4,435.61M	4,413.00M	3,188.06M	3,162.33M	2,924.61M	1,216.75M	-1,623.96M	169.09M	-392.50M	295.96M	1,090.63M	-279.55M	962.44M	988.59M	2,024.62M	-204.68M	1,086.04M	714.38M	621.05M	540.94M
Total Capital	42,603.29M	31,756.15M	27,122.56M	25,804.61M	26,801.03M	23,958.69M	24,499.40M	25,829.01M	25,395.34M	26,635.07M	27,919.87M	25,920.70M	26,068.32M	25,248.81M	23,996.22M	21,818.41M	20,440.81M	18,115.58M	16,567.95M	16,034.33M	13,067.11M	17,755.28M	21,638.18M	22,607.96M	21,609.78M	20,947.81M	22,395.14M	20,822.61M	22,070.80M	16,184.47M	18,383.61M
Capital Employed	80,737.95M	42,230.65M	32,022.22M	27,457.83M	27,939.38M	24,444.51M	24,006.09M	33,519.88M	32,147.33M	34,819.68M	37,491.58M	26,148.67M	38,812.77M	36,912.10M	33,613.82M	29,369.75M	28,796.29M	22,033.57M	21,277.10M	18,051.96M	16,035.07M	21,106.64M	23,180.33M	26,372.66M	25,069.11M	25,230.72M	26,271.80M	26,578.07M	27,433.46M	20,082.66M	22,552.33M
Invested Capital	38,832.79M	28,856.14M	24,680.73M	22,716.54M	24,594.55M	22,516.31M	22,684.57M	23,274.26M	23,786.28M	24,700.56M	25,980.43M	24,401.60M	24,557.93M	23,785.58M	22,737.62M	20,777.69M	19,389.01M	17,180.28M	15,760.85M	15,054.94M	12,217.50M	17,025.40M	20,513.55M	21,567.61M	20,495.41M	19,354.03M	21,524.86M	20,100.19M	21,093.40M	15,109.51M	17,593.91M

Industry Cash Flow Statement

Metric	TTM	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	1995
Depreciation & Amortization	2,706.56M	2,851.03M	1,890.68M	1,940.86M	1,847.29M	2,234.51M	2,309.21M	2,228.53M	2,135.94M	2,084.94M	2,074.39M	1,858.24M	1,532.91M	1,254.92M	627.58M	581.64M	552.34M	491.09M	1,574.91M	1,385.71M	1,526.96M	1,699.59M	2,176.42M	2,625.16M	2,580.55M	2,321.79M	1,962.77M	1,928.60M	1,963.39M	1,642.94M	1,876.05M
Deferred Income Tax	6.24M	0.00M	2.75M	26.59M	18.10M	-83.88M	8.68M	15.18M	25.35M	-28.25M	-46.05M	30.22M	67.52M	77.24M	31.96M	22.54M	-0.60M	3.50M	0.00M	2.06M	0.00M	0.00M	12.21M	6.06M	9.30M	3.37M	0.00M	27.81M	89.07M	90.24M	-8.08M
Stock-Based Compensation	0.00M	0.00M	0.53M	5.45M	0.77M	0.77M	4.07M	0.26M	2.10M	5.83M	3.62M	3.54M	3.67M	0.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	80.99M	92.16M	-190.15M	-466.83M	-461.98M	185.86M	-82.41M	-58.11M	-111.34M	-73.91M	272.54M	164.12M	-140.09M	-155.89M	-130.20M	-22.67M	-124.55M	108.72M	-165.40M	-61.10M	-28.01M	-130.65M	53.49M	37.36M	92.39M	-370.91M	-239.33M	-152.40M	-164.04M	-349.96M	97.94M
Accounts Receivable	43.87M	55.06M	76.34M	-191.56M	-359.89M	116.28M	-9.30M	-81.29M	-94.18M	-50.08M	97.73M	33.25M	-73.78M	2.13M	-47.66M	-2.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	125.36M	26.76M	105.62M	-346.86M	-403.87M	138.27M	-65.13M	-67.05M	-81.65M	-84.92M	222.24M	104.19M	-49.99M	-95.99M	-353.31M	-126.81M	-102.95M	11.36M	-174.67M	-35.11M	-158.62M	-92.12M	-30.65M	-45.33M	138.04M	-499.90M	-24.58M	31.46M	-27.89M	-13.86M	-57.27M
Accounts Payable	-5.10M	-10.86M	-1.13M	128.75M	359.73M	-57.67M	6.74M	11.97M	75.33M	55.02M	-45.47M	0.00M	2.07M	0.00M	11.42M	1.89M	4.21M	0.00M	0.00M	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	-139.56M	-119.49M	-197.63M	-44.94M	-93.44M	0.95M	-56.39M	29.12M	-9.00M	-15.38M	-35.72M	-29.46M	27.42M	-37.22M	5.59M	-0.67M	13.63M	12.07M	58.06M	-15.52M	58.14M	45.43M	-25.92M	10.45M	-84.25M	18.32M	-173.37M	-90.02M	-220.18M	-245.24M	137.24M
Other Non-Cash Items	126.56M	319.89M	94.35M	19.43M	123.42M	432.12M	12.18M	197.90M	277.50M	306.01M	330.62M	161.75M	81.16M	-82.40M	65.67M	-41.40M	275.02M	38.61M	-314.57M	-76.88M	-149.67M	-90.08M	-179.71M	350.74M	155.10M	-16.42M	307.25M	88.21M	-133.60M	-109.53M	19.77M
Net Cash from Operating Activities	6,827.25M	5,572.27M	4,451.36M	3,768.47M	4,550.14M	2,577.02M	4,466.23M	4,831.34M	3,812.18M	3,067.33M	4,089.67M	4,978.95M	3,878.76M	4,416.14M	4,967.87M	4,752.41M	3,724.33M	3,719.18M	4,637.04M	4,159.16M	4,560.42M	4,733.77M	6,417.48M	5,276.50M	5,141.73M	5,764.27M	3,833.13M	4,089.37M	4,974.64M	3,314.37M	4,276.80M
Capital Expenditures (PPE)	-4,182.27M	-2,985.35M	-3,044.34M	-1,643.61M	-1,832.14M	-1,998.91M	-2,003.53M	-1,960.70M	-2,066.55M	-2,047.46M	-3,758.66M	-4,157.70M	-4,231.17M	-4,444.99M	-4,360.65M	-3,924.94M	-3,026.41M	-4,126.10M	-3,337.59M	-2,651.16M	-2,457.39M	-3,014.08M	-3,589.03M	-3,431.63M	-3,765.99M	-3,236.34M	-3,166.39M	-3,345.32M	-3,051.32M	-2,474.36M	-2,550.52M
Acquisitions (Net)	-3.33M	7.87M	-34.64M	-69.26M	103.91M	-0.20M	-22.34M	-80.19M	27.60M	39.26M	20.64M	-2.93M	-75.08M	-14.85M	-99.44M	-4.13M	-43.73M	-51.39M	-45.23M	-40.08M	-90.85M	-39.98M	-41.00M	-41.90M	-282.49M	32.92M	-2.73M	0.03M	67.01M	97.24M	56.55M
Purchases of Investments	-71.57M	-91.29M	-61.89M	-120.06M	-65.86M	-152.51M	-83.71M	-36.17M	-62.20M	-173.68M	-81.40M	-134.44M	-60.07M	-20.91M	-79.00M	-192.64M	-90.32M	-123.10M	-214.46M	-156.90M	-47.06M	-71.98M	-28.57M	-33.40M	-50.10M	-65.04M	-78.88M	-143.91M	-617.08M	-601.82M	-890.48M
Sales / Maturities of Investments	17.61M	10.30M	29.41M	60.31M	88.63M	88.97M	106.93M	174.66M	91.63M	65.53M	63.93M	25.87M	89.18M	31.65M	136.58M	41.78M	89.51M	91.86M	67.95M	47.60M	72.67M	31.74M	11.27M	50.23M	54.27M	43.09M	157.96M	14.44M	542.86M	531.05M	1,024.55M
Other Investing Activities	169.18M	98.27M	18.51M	219.31M	17.03M	106.80M	40.58M	178.51M	-49.67M	15.78M	-72.02M	-240.12M	0.10M	-73.56M	65.74M	33.18M	-84.53M	57.33M	65.43M	88.40M	94.54M	7.48M	156.57M	116.51M	278.05M	108.02M	180.98M	58.54M	-81.63M	79.13M	-181.49M
Net Cash from Investing Activities	-3,764.14M	-3,200.31M	-3,273.39M	-1,551.11M	-1,920.77M	-2,133.13M	-2,175.65M	-2,354.68M	-2,079.40M	-1,956.53M	-3,586.43M	-3,465.04M	-3,249.01M	-3,285.70M	-3,985.30M	-3,369.65M	-3,686.33M	-4,280.15M	-3,282.49M	-2,386.75M	-2,324.68M	-2,823.09M	-3,206.99M	-3,287.02M	-3,426.62M	-2,803.71M	-2,528.39M	-3,171.20M	-2,857.87M	-2,352.16M	-2,465.65M
Net Debt Issuance	-198.02M	-426.69M	-273.65M	-854.64M	-350.31M	460.28M	-72.11M	-208.70M	-283.66M	-39.73M	174.23M	396.28M	519.41M	295.33M	135.77M	242.50M	463.17M	362.29M	271.92M	67.85M	-103.88M	-157.01M	-238.85M	112.73M	-140.50M	-1,155.27M	203.04M	595.91M	-577.47M	-237.90M	-961.78M
Long-Term Debt Issuance	-103.22M	-323.17M	-228.11M	-357.73M	-60.12M	479.81M	-10.83M	-95.84M	-156.54M	-17.82M	96.70M	553.01M	279.21M	332.02M	136.74M	174.29M	819.77M	300.03M	245.33M	47.65M	14.63M	-107.36M	-238.67M	-101.92M	-140.50M	-794.96M	290.35M	226.24M	-559.36M	-135.53M	-896.92M
Short-Term Debt Issuance	49.82M	-29.64M	4.61M	-19.47M	0.31M	-19.99M	4.78M	-0.03M	-23.69M	-0.03M	-15.55M	0.00M	-1.19M	-0.50M	-1.42M	-1.39M	-31.94M	8.48M	-0.64M	0.00M	-29.83M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1,064.92M	-474.61M	-215.36M	-150.63M	-14.83M	-13.31M	-67.32M	-1.22M	0.00M	0.00M	0.00M	-0.03M	0.25M	2.34M	5.05M	8.68M	6.54M	-45.37M	-240.99M	-171.94M	-14.53M	-140.05M	-3.94M	1.33M	-159.96M	-360.03M	27.74M	-98.98M	-66.11M	-101.23M	-42.45M
Common Stock Issuance	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.06M	0.00M	6.83M	0.87M	0.03M	0.03M	1.65M	13.59M	13.08M	16.77M	8.07M	30.56M	32.65M	8.87M	12.42M	9.01M	5.11M	8.72M	40.22M	57.79M	89.46M	2.65M	67.59M	19.03M	19.72M
Common Stock Repurchased	-1,054.71M	-477.79M	-206.35M	-150.57M	-35.36M	-24.13M	-106.90M	-1.49M	-0.19M	0.00M	0.00M	-0.09M	-0.07M	-0.12M	-1.82M	0.00M	0.00M	-207.80M	-362.00M	-182.44M	-278.34M	-247.51M	-17.86M	-2.36M	-191.76M	-361.48M	0.00M	-78.70M	-111.84M	-200.75M	-49.47M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-1,511.22M	-1,347.06M	-1,186.26M	-880.42M	-783.05M	-699.56M	-809.09M	-640.27M	-751.45M	-483.67M	-655.86M	-684.49M	-566.96M	-733.07M	-612.30M	-380.81M	-593.15M	-856.66M	-863.32M	-803.39M	-720.07M	-1,071.51M	-1,122.27M	-1,008.75M	-838.90M	-632.06M	-483.83M	-606.50M	-579.37M	-556.19M	-524.42M
Common Dividends Paid	-1,510.71M	-1,346.20M	-1,165.18M	-873.73M	-782.53M	-699.56M	-875.95M	-759.49M	-740.67M	-483.65M	-652.54M	-690.29M	-560.30M	-733.14M	-472.69M	-377.81M	-592.49M	-515.82M	-744.46M	-525.59M	-667.79M	-1,019.23M	-975.94M	-1,008.75M	-838.90M	-632.06M	-483.80M	-606.45M	-1,133.01M	-556.19M	-524.41M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-222.17M	-263.53M	-192.47M	-127.20M	-98.31M	-40.59M	-61.15M	-89.30M	-27.53M	-116.55M	-127.25M	-75.40M	-69.70M	-67.27M	-79.86M	-118.66M	-52.74M	-22.30M	-49.15M	-67.82M	-24.60M	1.50M	-63.30M	-33.54M	-28.35M	-60.32M	-16.22M	164.59M	5.72M	-2.96M	-16.01M
Net Cash from Financing Activities	-2,678.94M	-2,334.95M	-1,711.90M	-2,098.99M	-1,366.35M	-275.05M	-1,344.26M	-1,230.42M	-977.18M	-382.33M	-382.36M	-407.68M	-509.18M	-229.58M	-307.46M	-496.27M	-220.33M	-215.70M	-317.13M	-590.49M	-543.08M	-1,595.57M	-1,850.37M	-804.28M	-1,272.41M	-2,675.52M	-678.20M	-805.01M	-1,329.97M	-1,169.35M	-1,648.46M
Effect of FX on Cash	-2.24M	12.75M	0.49M	-15.89M	-12.76M	1.48M	3.91M	4.66M	2.50M	-11.34M	-0.05M	20.18M	-6.35M	-2.95M	-0.91M	-0.19M	5.28M	-4.56M	0.01M	-0.58M	0.24M	-1.22M	3.00M	0.66M	-34.75M	-20.51M	-11.65M	-4.73M	-49.07M	13.49M	-44.22M
Net Change in Cash	-193.53M	-229.20M	-172.51M	378.86M	300.29M	187.71M	-124.73M	63.68M	74.77M	-40.96M	-11.19M	221.50M	24.30M	132.52M	187.55M	107.16M	-40.81M	111.96M	-49.55M	-13.31M	209.36M	46.08M	154.98M	90.79M	-115.50M	170.39M	236.63M	-740.78M	-8.77M	274.35M	158.74M
Cash at Beginning of Period	3,248.55M	3,455.20M	3,217.93M	2,013.68M	1,443.11M	1,963.36M	1,918.15M	1,641.46M	1,954.19M	1,865.79M	1,456.74M	1,492.75M	1,391.10M	1,230.44M	844.21M	869.30M	851.18M	653.25M	886.11M	841.48M	669.73M	823.22M	881.04M	1,068.81M	1,095.14M	970.33M	675.67M	1,099.19M	939.22M	629.34M	597.32M
Cash at End of Period	3,790.57M	2,904.82M	2,649.80M	2,821.62M	2,220.59M	1,473.69M	1,964.86M	2,599.05M	1,643.51M	1,952.71M	1,895.20M	1,497.62M	1,492.44M	1,463.90M	1,189.06M	1,060.49M	957.99M	693.66M	740.11M	978.83M	880.63M	764.42M	889.70M	960.42M	1,113.04M	1,145.38M	872.36M	514.20M	806.07M	689.79M	634.08M
Operating Cash Flow	6,847.76M	5,569.24M	4,450.83M	3,768.47M	4,550.14M	2,577.02M	4,466.23M	4,831.34M	3,812.18M	3,067.33M	4,089.67M	4,978.95M	3,878.76M	4,416.14M	4,967.84M	4,752.46M	3,712.77M	3,719.18M	4,637.04M	4,159.16M	4,552.72M	4,733.77M	6,417.48M	5,276.50M	5,141.73M	5,764.27M	3,833.13M	4,089.37M	4,974.64M	3,314.37M	4,276.80M
Capital Expenditure	-4,406.91M	-3,214.36M	-3,087.54M	-1,644.41M	-1,832.18M	-1,998.91M	-2,003.53M	-1,960.70M	-2,066.55M	-2,047.46M	-3,758.66M	-4,157.70M	-4,231.17M	-4,444.99M	-4,360.65M	-3,949.07M	-3,029.77M	-4,126.10M	-3,337.59M	-2,651.16M	-2,450.11M	-3,014.08M	-3,589.03M	-3,431.63M	-3,765.99M	-3,236.34M	-3,166.39M	-3,345.32M	-3,051.32M	-2,474.36M	-2,550.52M
Free Cash Flow	2,668.99M	2,298.24M	1,910.46M	2,326.23M	2,724.46M	473.91M	1,280.57M	1,696.61M	1,119.99M	421.81M	246.77M	398.88M	113.34M	395.84M	786.03M	289.51M	88.94M	554.39M	827.64M	1,140.28M	2,058.65M	1,925.35M	2,359.67M	1,707.99M	1,700.37M	2,640.20M	1,071.43M	525.98M	1,148.42M	933.01M	1,725.63M

Industry Free Cash Flow

Metric	TTM	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	1995
EBITDA	8,516.52M	6,330.20M	5,501.11M	6,125.49M	5,594.79M	2,300.40M	4,863.85M	6,125.93M	4,598.32M	3,362.48M	3,587.37M	4,321.51M	5,779.10M	6,531.80M	6,821.09M	2,840.10M	5,790.17M	4,576.23M	5,237.85M	4,870.67M	4,177.45M	7,610.64M	8,852.48M	7,280.21M	7,901.56M	9,566.96M	5,763.06M	4,553.12M	6,838.51M	5,097.97M	5,077.28M
(-) Tax Adjustment	3,422.31M	2,128.35M	1,554.60M	2,067.44M	1,295.11M	4,600.79M	1,635.62M	1,478.58M	787.61M	1,061.49M	1,325.00M	1,337.92M	1,581.64M	1,809.39M	1,767.23M	907.20M	1,217.73M	1,223.82M	1,585.09M	1,455.13M	1,265.54M	2,309.14M	3,208.88M	2,861.28M	3,310.94M	4,119.36M	2,280.86M	1,978.80M	2,449.66M	2,117.49M	2,316.43M
(-) Change In Working Capital	80.99M	92.16M	-190.15M	-466.83M	-461.98M	185.86M	-82.41M	-58.11M	-111.34M	-73.91M	272.54M	164.12M	-140.09M	-155.89M	-130.20M	-22.67M	-124.55M	108.72M	-165.40M	-61.10M	-28.01M	-130.65M	53.49M	37.36M	92.39M	-370.91M	-239.33M	-152.40M	-164.04M	-349.96M	97.94M
(-) Capital Expenditure	4,406.91M	3,214.36M	3,087.54M	1,644.41M	1,832.18M	1,998.91M	2,003.53M	1,960.70M	2,066.55M	2,047.46M	3,758.66M	4,157.70M	4,231.17M	4,444.99M	4,360.65M	3,949.07M	3,029.77M	4,126.10M	3,337.59M	2,651.16M	2,450.11M	3,014.08M	3,589.03M	3,431.63M	3,765.99M	3,236.34M	3,166.39M	3,345.32M	3,051.32M	2,474.36M	2,550.52M
Unlevered Free Cash Flow	606.30M	895.32M	1,049.13M	2,880.47M	2,929.48M	-4,485.17M	1,307.12M	2,744.77M	1,855.49M	327.44M	-1,768.82M	-1,338.23M	106.39M	433.31M	823.41M	-1,993.51M	1,667.21M	-882.41M	480.57M	825.48M	489.79M	2,418.07M	2,001.08M	949.95M	732.24M	2,582.18M	555.13M	-618.60M	1,501.57M	856.09M	112.39M
(-) Net Interest Income After Taxes	-218.56M	-170.85M	-97.02M	-84.16M	-157.33M	209.85M	-142.04M	-128.88M	-115.57M	-131.01M	-110.36M	-86.47M	-58.80M	-56.36M	-48.18M	-36.09M	-77.80M	-27.28M	-16.70M	-21.46M	-40.16M	-45.64M	-44.28M	-12.45M	-13.78M	-14.45M	0.00M	-0.03M	0.00M	-24.91M	-23.43M
Net Debt Issuance	-198.02M	-426.69M	-273.65M	-854.64M	-350.31M	460.28M	-72.11M	-208.70M	-283.66M	-39.73M	174.23M	396.28M	519.41M	295.33M	135.77M	242.50M	463.17M	362.29M	271.92M	67.85M	-103.88M	-157.01M	-238.85M	112.73M	-140.50M	-1,155.27M	203.04M	595.91M	-577.47M	-237.90M	-961.78M
Levered Free Cash Flow	626.84M	639.48M	872.49M	2,109.99M	2,736.50M	-4,234.74M	1,377.05M	2,664.94M	1,687.40M	418.72M	-1,484.22M	-855.48M	684.60M	785.00M	1,007.36M	-1,714.92M	2,208.19M	-492.84M	769.19M	914.80M	426.07M	2,306.70M	1,806.51M	1,075.13M	605.52M	1,441.36M	758.17M	-22.66M	924.10M	643.10M	-825.96M