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Bunge Limited (0U6R.L)

Analysis: Margins & Ratios Industry: Agricultural Farm Products Sector: Consumer Defensive Live Price: $106.62

Income Statement Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg25Y AvgTTMTTM-12024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
Revenue
59,960,000,000
56,087,200,000
49,924,700,000
51,919,733,333
48,089,450,000
41,758,920,000
60,109,000,000
54,502,000,000
53,108,000,000
59,540,000,000
67,232,000,000
59,152,000,000
41,404,000,000
41,140,000,000
45,743,000,000
45,794,000,000
42,679,000,000
43,455,000,000
57,161,000,000
61,347,000,000
60,991,000,000
56,097,000,000
43,953,000,000
41,926,000,000
52,574,000,000
37,842,000,000
26,274,000,000
24,377,000,000
25,168,000,000
22,165,000,000
13,882,000,000
11,302,000,000
9,667,000,000
7,950,000,000
Cost of Revenue
55,986,666,667
52,473,600,000
47,150,300,000
49,210,533,333
45,512,700,000
39,448,240,000
56,630,000,000
50,936,000,000
49,715,000,000
54,695,000,000
63,550,000,000
55,789,000,000
38,619,000,000
40,598,000,000
43,477,000,000
44,029,000,000
40,269,000,000
40,762,000,000
54,540,000,000
58,587,000,000
58,418,000,000
53,470,000,000
41,640,000,000
40,722,000,000
48,538,000,000
35,327,000,000
24,703,000,000
22,806,000,000
23,282,000,000
20,860,000,000
12,544,000,000
10,331,000,000
8,935,000,000
7,332,000,000
Cost of Revenue Margin
93.33%
93.52%
94.56%
94.82%
94.64%
94.14%
94.21%
93.46%
93.61%
91.86%
94.52%
94.31%
93.27%
98.68%
95.05%
96.15%
94.35%
93.80%
95.41%
95.50%
95.78%
95.32%
94.74%
97.13%
92.32%
93.35%
94.02%
93.56%
92.51%
94.11%
90.36%
91.41%
92.43%
92.23%
Gross Profit
3,973,333,333
3,613,600,000
2,774,400,000
2,709,200,000
2,576,750,000
2,310,680,000
3,479,000,000
3,566,000,000
3,393,000,000
4,845,000,000
3,682,000,000
3,363,000,000
2,785,000,000
542,000,000
2,266,000,000
1,765,000,000
2,410,000,000
2,693,000,000
2,621,000,000
2,760,000,000
2,573,000,000
2,627,000,000
2,313,000,000
1,204,000,000
4,036,000,000
2,515,000,000
1,571,000,000
1,571,000,000
1,886,000,000
1,305,000,000
1,338,000,000
971,000,000
732,000,000
618,000,000
Gross Profit Margin
6.67%
6.48%
5.44%
5.18%
5.36%
5.86%
5.79%
6.54%
6.39%
8.14%
5.48%
5.69%
6.73%
1.32%
4.95%
3.85%
5.65%
6.20%
4.59%
4.50%
4.22%
4.68%
5.26%
2.87%
7.68%
6.65%
5.98%
6.44%
7.49%
5.89%
9.64%
8.59%
7.57%
7.77%
R&D Expenses
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
R&D Expenses 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%
SG&A Expenses
1,620,000,000
1,490,400,000
1,438,200,000
1,472,400,000
1,416,700,000
1,251,400,000
1,927,000,000
1,820,000,000
1,776,000,000
1,715,000,000
1,369,000,000
1,234,000,000
1,358,000,000
1,351,000,000
1,423,000,000
1,437,000,000
1,284,000,000
1,435,000,000
1,691,000,000
1,559,000,000
1,563,000,000
1,436,000,000
1,455,000,000
1,342,000,000
1,613,000,000
1,359,000,000
978,000,000
956,000,000
871,000,000
691,000,000
579,000,000
423,000,000
387,000,000
321,000,000
SG&A Expenses Margin
2.75%
2.73%
2.95%
2.89%
3.05%
3.18%
3.21%
3.34%
3.34%
2.88%
2.04%
2.09%
3.28%
3.28%
3.11%
3.14%
3.01%
3.30%
2.96%
2.54%
2.56%
2.56%
3.31%
3.20%
3.07%
3.59%
3.72%
3.92%
3.46%
3.12%
4.17%
3.74%
4.00%
4.04%
Operating Expenses
1,620,000,000
1,490,400,000
1,438,200,000
1,472,400,000
1,416,700,000
1,285,960,000
1,927,000,000
1,820,000,000
1,776,000,000
1,715,000,000
1,369,000,000
1,234,000,000
1,358,000,000
1,351,000,000
1,423,000,000
1,437,000,000
1,284,000,000
1,435,000,000
1,691,000,000
1,559,000,000
1,563,000,000
1,436,000,000
1,455,000,000
1,342,000,000
1,613,000,000
1,359,000,000
978,000,000
956,000,000
982,000,000
582,000,000
857,000,000
707,000,000
687,000,000
321,000,000
Operating Expenses Margin
2.75%
2.73%
2.95%
2.89%
3.05%
3.48%
3.21%
3.34%
3.34%
2.88%
2.04%
2.09%
3.28%
3.28%
3.11%
3.14%
3.01%
3.30%
2.96%
2.54%
2.56%
2.56%
3.31%
3.20%
3.07%
3.59%
3.72%
3.92%
3.90%
2.63%
6.17%
6.26%
7.11%
4.04%
Operating Income (EBIT)
2,353,333,333
2,123,200,000
1,336,200,000
1,236,800,000
1,160,050,000
1,024,720,000
1,552,000,000
1,746,000,000
1,617,000,000
3,130,000,000
2,313,000,000
2,129,000,000
1,427,000,000
-809,000,000
843,000,000
328,000,000
1,126,000,000
1,258,000,000
930,000,000
1,201,000,000
1,010,000,000
1,191,000,000
858,000,000
-138,000,000
2,423,000,000
1,156,000,000
593,000,000
615,000,000
904,000,000
723,000,000
481,000,000
264,000,000
45,000,000
297,000,000
Operating Income (EBIT) Margin
3.91%
3.76%
2.49%
2.28%
2.32%
2.38%
2.58%
3.20%
3.04%
5.26%
3.44%
3.60%
3.45%
-1.97%
1.84%
0.72%
2.64%
2.89%
1.63%
1.96%
1.66%
2.12%
1.95%
-0.33%
4.61%
3.05%
2.26%
2.52%
3.59%
3.26%
3.46%
2.34%
0.47%
3.74%
Interest Income
127,333,333
90,400,000
64,600,000
68,333,333
76,350,000
61,080,000
213,000,000
139,000,000
163,000,000
148,000,000
71,000,000
48,000,000
22,000,000
31,000,000
31,000,000
38,000,000
51,000,000
43,000,000
87,000,000
76,000,000
53,000,000
96,000,000
67,000,000
122,000,000
214,000,000
166,000,000
0
0
0
0
0
0
0
0
Interest Income Margin
0.22%
0.16%
0.12%
0.13%
0.15%
0.12%
0.35%
0.26%
0.31%
0.25%
0.11%
0.08%
0.05%
0.08%
0.07%
0.08%
0.12%
0.10%
0.15%
0.12%
0.09%
0.17%
0.15%
0.29%
0.41%
0.44%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Interest Expense
463,333,333
379,600,000
333,100,000
328,266,667
296,050,000
236,840,000
525,000,000
500,000,000
471,000,000
516,000,000
403,000,000
243,000,000
265,000,000
339,000,000
339,000,000
263,000,000
234,000,000
258,000,000
347,000,000
363,000,000
294,000,000
295,000,000
294,000,000
283,000,000
361,000,000
353,000,000
0
0
0
0
0
0
0
0
Interest Expense Margin
0.78%
0.68%
0.67%
0.64%
0.59%
0.47%
0.87%
0.92%
0.89%
0.87%
0.60%
0.41%
0.64%
0.82%
0.74%
0.57%
0.55%
0.59%
0.61%
0.59%
0.48%
0.53%
0.67%
0.67%
0.69%
0.93%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Interest Income
-336,000,000
-289,200,000
-268,500,000
-259,933,333
-219,700,000
-175,760,000
-312,000,000
-361,000,000
-308,000,000
-368,000,000
-332,000,000
-195,000,000
-243,000,000
-308,000,000
-308,000,000
-225,000,000
-183,000,000
-215,000,000
-260,000,000
-287,000,000
-241,000,000
-199,000,000
-227,000,000
-161,000,000
-147,000,000
-187,000,000
0
0
0
0
0
0
0
0
Net Interest Income Margin
-0.56%
-0.52%
-0.54%
-0.51%
-0.44%
-0.35%
-0.52%
-0.66%
-0.58%
-0.62%
-0.49%
-0.33%
-0.59%
-0.75%
-0.67%
-0.49%
-0.43%
-0.49%
-0.45%
-0.47%
-0.40%
-0.35%
-0.52%
-0.38%
-0.28%
-0.49%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Unusual Items
475,666,667
288,600,000
390,000,000
274,333,333
266,450,000
230,560,000
86,000,000
434,000,000
401,000,000
447,000,000
579,000,000
-241,000,000
257,000,000
704,000,000
695,000,000
323,000,000
313,000,000
422,000,000
456,000,000
474,000,000
879,000,000
370,000,000
-1,964,000,000
-202,000,000
999,000,000
142,000,000
108,000,000
167,000,000
146,000,000
104,000,000
102,000,000
72,000,000
11,000,000
318,000,000
Unusual Items Margin
0.79%
0.52%
0.82%
0.49%
0.52%
0.51%
0.14%
0.80%
0.76%
0.75%
0.86%
-0.41%
0.62%
1.71%
1.52%
0.71%
0.73%
0.97%
0.80%
0.77%
1.44%
0.66%
-4.47%
-0.48%
1.90%
0.38%
0.41%
0.69%
0.58%
0.47%
0.73%
0.64%
0.11%
4.00%
EBT Excluding Unusual Items
1,738,000,000
1,835,200,000
824,700,000
948,066,667
846,850,000
739,360,000
1,692,000,000
1,239,000,000
1,123,000,000
2,604,000,000
1,487,000,000
2,806,000,000
1,156,000,000
-1,909,000,000
-239,000,000
-93,000,000
683,000,000
629,000,000
278,000,000
540,000,000
-507,000,000
650,000,000
5,013,000,000
427,000,000
572,000,000
1,059,000,000
377,000,000
281,000,000
612,000,000
515,000,000
277,000,000
120,000,000
23,000,000
-339,000,000
EBT Excluding Unusual Items Margin
2.90%
3.25%
1.39%
1.80%
1.73%
1.70%
2.81%
2.27%
2.11%
4.37%
2.21%
4.74%
2.79%
-4.64%
-0.52%
-0.20%
1.60%
1.45%
0.49%
0.88%
-0.83%
1.16%
11.41%
1.02%
1.09%
2.80%
1.43%
1.15%
2.43%
2.32%
2.00%
1.06%
0.24%
-4.26%
Pre-Tax Income
2,213,666,667
2,123,800,000
1,214,700,000
1,222,400,000
1,113,300,000
969,920,000
1,778,000,000
1,673,000,000
1,524,000,000
3,051,000,000
2,066,000,000
2,565,000,000
1,413,000,000
-1,205,000,000
456,000,000
230,000,000
996,000,000
1,051,000,000
734,000,000
1,014,000,000
372,000,000
1,020,000,000
3,049,000,000
225,000,000
1,571,000,000
1,201,000,000
485,000,000
448,000,000
758,000,000
619,000,000
379,000,000
192,000,000
34,000,000
-21,000,000
Pre-Tax Income Margin
3.69%
3.76%
2.21%
2.30%
2.24%
2.22%
2.96%
3.07%
2.87%
5.12%
3.07%
4.34%
3.41%
-2.93%
1.00%
0.50%
2.33%
2.42%
1.28%
1.65%
0.61%
1.82%
6.94%
0.54%
2.99%
3.17%
1.85%
1.84%
3.01%
2.79%
2.73%
1.70%
0.35%
-0.26%
Income Tax Expense
479,333,333
416,800,000
292,100,000
321,466,667
257,450,000
232,920,000
390,000,000
455,000,000
336,000,000
714,000,000
388,000,000
398,000,000
248,000,000
86,000,000
179,000,000
56,000,000
220,000,000
296,000,000
249,000,000
904,000,000
-6,000,000
55,000,000
699,000,000
-110,000,000
245,000,000
310,000,000
-36,000,000
-82,000,000
289,000,000
201,000,000
104,000,000
68,000,000
12,000,000
-27,000,000
Income Tax Expense Margin
0.80%
0.74%
0.56%
0.61%
0.49%
0.53%
0.65%
0.83%
0.63%
1.20%
0.58%
0.67%
0.60%
0.21%
0.39%
0.12%
0.52%
0.68%
0.44%
1.47%
-0.01%
0.10%
1.59%
-0.26%
0.47%
0.82%
-0.14%
-0.34%
1.15%
0.91%
0.75%
0.60%
0.12%
-0.34%
Net Income
1,663,333,333
1,642,600,000
889,600,000
871,800,000
816,550,000
704,480,000
1,323,000,000
1,151,000,000
1,137,000,000
2,243,000,000
1,610,000,000
2,078,000,000
1,145,000,000
-1,280,000,000
267,000,000
160,000,000
745,000,000
791,000,000
515,000,000
306,000,000
64,000,000
942,000,000
2,354,000,000
361,000,000
1,064,000,000
778,000,000
521,000,000
530,000,000
469,000,000
411,000,000
255,000,000
134,000,000
12,000,000
-5,000,000
Net Income Margin
2.77%
2.92%
1.60%
1.63%
1.68%
1.62%
2.20%
2.11%
2.14%
3.77%
2.39%
3.51%
2.77%
-3.11%
0.58%
0.35%
1.75%
1.82%
0.90%
0.50%
0.10%
1.68%
5.36%
0.86%
2.02%
2.06%
1.98%
2.17%
1.86%
1.85%
1.84%
1.19%
0.12%
-0.06%
Depreciation and Amortization
442,333,333
437,200,000
505,700,000
518,066,667
482,000,000
420,640,000
600,000,000
479,000,000
468,000,000
451,000,000
408,000,000
424,000,000
435,000,000
548,000,000
622,000,000
609,000,000
547,000,000
545,000,000
607,000,000
568,000,000
570,000,000
526,000,000
443,000,000
443,000,000
439,000,000
385,000,000
324,000,000
278,000,000
212,000,000
184,000,000
168,000,000
163,000,000
149,000,000
0
Depreciation and Amortization Margin
0.75%
0.80%
1.06%
1.03%
1.04%
1.06%
1.00%
0.88%
0.88%
0.76%
0.61%
0.72%
1.05%
1.33%
1.36%
1.33%
1.28%
1.25%
1.06%
0.93%
0.93%
0.94%
1.01%
1.06%
0.84%
1.02%
1.23%
1.14%
0.84%
0.83%
1.21%
1.44%
1.54%
0.00%
EBITDA
3,119,333,333
2,940,600,000
2,053,500,000
2,068,733,333
1,899,400,000
1,651,240,000
2,903,000,000
2,652,000,000
2,463,000,000
4,018,000,000
2,877,000,000
3,232,000,000
2,113,000,000
-318,000,000
1,417,000,000
1,102,000,000
1,777,000,000
1,854,000,000
1,688,000,000
1,945,000,000
1,236,000,000
1,841,000,000
3,786,000,000
871,000,000
2,337,000,000
1,939,000,000
917,000,000
893,000,000
1,116,000,000
907,000,000
649,000,000
427,000,000
194,000,000
297,000,000
EBITDA Margin
5.22%
5.25%
3.94%
3.96%
3.91%
3.89%
4.83%
4.87%
4.64%
6.75%
4.28%
5.46%
5.10%
-0.77%
3.10%
2.41%
4.16%
4.27%
2.95%
3.17%
2.03%
3.28%
8.61%
2.08%
4.45%
5.12%
3.49%
3.66%
4.43%
4.09%
4.68%
3.78%
2.01%
3.74%
NOPAT
1,845,540,377
1,702,363,238
1,018,628,947
916,363,568
890,365,742
776,140,302
1,211,572,553
1,271,146,444
1,260,496,063
2,397,512,291
1,878,612,778
1,798,652,242
1,176,542,817
-866,737,759
512,085,526
248,139,130
877,285,141
903,701,237
614,509,537
130,285,996
1,026,290,323
1,126,779,412
661,298,786
-205,466,667
2,045,129,217
857,615,321
637,016,495
727,566,964
559,335,092
488,229,402
349,010,554
170,500,000
29,117,647
-84,857,143
NOPAT Margin
3.06%
3.02%
1.88%
1.68%
1.82%
1.80%
2.02%
2.33%
2.37%
4.03%
2.79%
3.04%
2.84%
-2.11%
1.12%
0.54%
2.06%
2.08%
1.08%
0.21%
1.68%
2.01%
1.50%
-0.49%
3.89%
2.27%
2.42%
2.98%
2.22%
2.20%
2.51%
1.51%
0.30%
-1.07%
Owner's Earnings
1,088,000,000
1,316,400,000
702,400,000
583,066,667
518,600,000
445,280,000
1,434,000,000
314,000,000
229,000,000
1,572,000,000
1,463,000,000
2,103,000,000
1,215,000,000
-1,256,000,000
396,000,000
107,000,000
508,000,000
687,000,000
283,000,000
-168,000,000
-461,000,000
343,000,000
1,725,000,000
-114,000,000
607,000,000
505,000,000
342,000,000
286,000,000
244,000,000
291,000,000
181,000,000
67,000,000
-23,000,000
-5,000,000
Owner's Earnings Margin
1.75%
2.35%
1.26%
1.10%
1.06%
1.01%
2.39%
0.58%
0.43%
2.64%
2.18%
3.56%
2.93%
-3.05%
0.87%
0.23%
1.19%
1.58%
0.50%
-0.27%
-0.76%
0.61%
3.92%
-0.27%
1.15%
1.33%
1.30%
1.17%
0.97%
1.31%
1.30%
0.59%
-0.24%
-0.06%

Balance Sheet Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg25Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
Revenue
59,960,000,000
56,087,200,000
49,924,700,000
51,919,733,333
48,089,450,000
41,758,920,000
53,108,000,000
59,540,000,000
67,232,000,000
59,152,000,000
41,404,000,000
41,140,000,000
45,743,000,000
45,794,000,000
42,679,000,000
43,455,000,000
57,161,000,000
61,347,000,000
60,991,000,000
56,097,000,000
43,953,000,000
41,926,000,000
52,574,000,000
37,842,000,000
26,274,000,000
24,377,000,000
25,168,000,000
22,165,000,000
13,882,000,000
11,302,000,000
9,667,000,000
7,950,000,000
Cash & Cash Equivalents
2,339,000,000
1,654,200,000
1,092,600,000
995,866,667
909,750,000
808,320,000
3,311,000,000
2,602,000,000
1,104,000,000
902,000,000
352,000,000
320,000,000
389,000,000
601,000,000
934,000,000
411,000,000
362,000,000
742,000,000
569,000,000
835,000,000
1,504,000,000
553,000,000
1,004,000,000
981,000,000
365,000,000
354,000,000
432,000,000
489,000,000
470,000,000
199,000,000
423,000,000
363,000,000
Cash & Cash Equivalents Margin
4.08%
2.92%
2.07%
1.89%
1.85%
2.02%
6.23%
4.37%
1.64%
1.52%
0.85%
0.78%
0.85%
1.31%
2.19%
0.95%
0.63%
1.21%
0.93%
1.49%
3.42%
1.32%
1.91%
2.59%
1.39%
1.45%
1.72%
2.21%
3.39%
1.76%
4.38%
4.57%
Short-Term Investments
236,000,000
314,800,000
305,900,000
963,466,667
722,600,000
581,760,000
484,000,000
105,000,000
119,000,000
520,000,000
346,000,000
393,000,000
162,000,000
213,000,000
158,000,000
559,000,000
1,573,000,000
4,632,000,000
3,153,000,000
1,996,000,000
39,000,000
0
0
0
0
0
0
13,000,000
12,000,000
6,000,000
61,000,000
0
Short-Term Investments Margin
0.42%
0.60%
0.64%
1.70%
1.28%
1.05%
0.91%
0.18%
0.18%
0.88%
0.84%
0.96%
0.35%
0.47%
0.37%
1.29%
2.75%
7.55%
5.17%
3.56%
0.09%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.06%
0.09%
0.05%
0.63%
0.00%
Cash & Short-Term Investments
2,575,000,000
1,969,000,000
1,398,500,000
1,959,333,333
1,632,350,000
1,390,080,000
3,795,000,000
2,707,000,000
1,223,000,000
1,422,000,000
698,000,000
713,000,000
551,000,000
814,000,000
1,092,000,000
970,000,000
1,935,000,000
5,374,000,000
3,722,000,000
2,831,000,000
1,543,000,000
553,000,000
1,004,000,000
981,000,000
365,000,000
354,000,000
432,000,000
502,000,000
482,000,000
205,000,000
484,000,000
363,000,000
Cash & Short-Term Investments Margin
4.50%
3.52%
2.71%
3.59%
3.13%
3.07%
7.15%
4.55%
1.82%
2.40%
1.69%
1.73%
1.20%
1.78%
2.56%
2.23%
3.39%
8.76%
6.10%
5.05%
3.51%
1.32%
1.91%
2.59%
1.39%
1.45%
1.72%
2.26%
3.47%
1.81%
5.01%
4.57%
Net Receivables
3,019,000,000
2,738,400,000
2,462,500,000
2,581,600,000
2,522,250,000
2,271,600,000
2,737,000,000
3,024,000,000
3,296,000,000
2,506,000,000
2,129,000,000
2,218,000,000
2,239,000,000
2,181,000,000
2,324,000,000
1,971,000,000
2,189,000,000
2,586,000,000
2,936,000,000
2,987,000,000
3,401,000,000
2,363,000,000
2,868,000,000
2,909,000,000
1,879,000,000
1,702,000,000
1,928,000,000
1,495,000,000
1,168,000,000
881,000,000
873,000,000
0
Net Receivables Margin
5.05%
4.90%
4.95%
5.03%
5.42%
5.92%
5.15%
5.08%
4.90%
4.24%
5.14%
5.39%
4.89%
4.76%
5.45%
4.54%
3.83%
4.22%
4.81%
5.32%
7.74%
5.64%
5.46%
7.69%
7.15%
6.98%
7.66%
6.74%
8.41%
7.80%
9.03%
0.00%
Inventory
7,334,666,667
7,521,400,000
6,282,900,000
6,209,133,333
5,801,450,000
5,064,720,000
6,491,000,000
7,105,000,000
8,408,000,000
8,431,000,000
7,172,000,000
5,038,000,000
5,871,000,000
5,074,000,000
4,773,000,000
4,466,000,000
5,554,000,000
5,796,000,000
6,590,000,000
5,733,000,000
6,635,000,000
4,862,000,000
5,653,000,000
5,924,000,000
3,684,000,000
2,769,000,000
2,636,000,000
2,867,000,000
2,407,000,000
1,368,000,000
1,311,000,000
923,000,000
Inventory Margin
12.22%
13.65%
12.59%
12.08%
12.23%
12.44%
12.22%
11.93%
12.51%
14.25%
17.32%
12.25%
12.83%
11.08%
11.18%
10.28%
9.72%
9.45%
10.80%
10.22%
15.10%
11.60%
10.75%
15.65%
14.02%
11.36%
10.47%
12.93%
17.34%
12.10%
13.56%
11.61%
Other Current Assets
2,512,666,667
3,219,000,000
2,535,100,000
2,680,933,333
2,811,700,000
2,486,280,000
2,316,000,000
2,386,000,000
2,836,000,000
3,160,000,000
5,397,000,000
1,559,000,000
1,732,000,000
1,515,000,000
1,881,000,000
2,569,000,000
2,547,000,000
2,980,000,000
3,013,000,000
2,599,000,000
3,724,000,000
4,005,000,000
3,536,000,000
4,275,000,000
2,465,000,000
1,739,000,000
1,635,000,000
1,307,000,000
1,392,000,000
830,000,000
759,000,000
-1,286,000,000
Other Current Assets Margin
4.20%
6.19%
5.22%
5.30%
6.18%
6.45%
4.36%
4.01%
4.22%
5.34%
13.03%
3.79%
3.79%
3.31%
4.41%
5.91%
4.46%
4.86%
4.94%
4.63%
8.47%
9.55%
6.73%
11.30%
9.38%
7.13%
6.50%
5.90%
10.03%
7.34%
7.85%
-16.18%
Total Current Assets
16,355,333,333
16,341,400,000
13,543,400,000
14,296,000,000
13,443,700,000
11,764,800,000
15,958,000,000
16,350,000,000
16,758,000,000
16,460,000,000
16,181,000,000
10,248,000,000
11,068,000,000
10,403,000,000
11,092,000,000
10,916,000,000
13,081,000,000
17,772,000,000
17,264,000,000
15,074,000,000
15,815,000,000
11,783,000,000
13,176,000,000
14,518,000,000
8,393,000,000
6,564,000,000
6,668,000,000
6,418,000,000
5,449,000,000
3,284,000,000
3,427,000,000
0
Total Current Assets Margin
27.48%
29.87%
27.23%
27.69%
28.28%
29.00%
30.05%
27.46%
24.93%
27.83%
39.08%
24.91%
24.20%
22.72%
25.99%
25.12%
22.88%
28.97%
28.31%
26.87%
35.98%
28.10%
25.06%
38.36%
31.94%
26.93%
26.49%
28.96%
39.25%
29.06%
35.45%
0.00%
Property, Plant & Equipment
5,431,333,333
5,069,600,000
4,818,300,000
4,977,866,667
4,722,150,000
4,182,480,000
6,186,000,000
5,467,000,000
4,641,000,000
4,411,000,000
4,643,000,000
4,928,000,000
4,538,000,000
4,601,000,000
4,486,000,000
4,282,000,000
5,057,000,000
5,574,000,000
5,408,000,000
5,134,000,000
5,312,000,000
5,244,000,000
3,969,000,000
4,216,000,000
3,446,000,000
2,900,000,000
2,536,000,000
2,090,000,000
1,965,000,000
1,669,000,000
1,859,000,000
0
Property, Plant & Equipment Margin
9.24%
9.28%
9.87%
9.78%
10.15%
10.82%
11.65%
9.18%
6.90%
7.46%
11.21%
11.98%
9.92%
10.05%
10.51%
9.85%
8.85%
9.09%
8.87%
9.15%
12.09%
12.51%
7.55%
11.14%
13.12%
11.90%
10.08%
9.43%
14.16%
14.77%
19.23%
0.00%
Goodwill
470,666,667
496,400,000
512,600,000
536,333,333
469,350,000
375,480,000
453,000,000
489,000,000
470,000,000
484,000,000
586,000,000
611,000,000
727,000,000
515,000,000
373,000,000
418,000,000
349,000,000
392,000,000
351,000,000
893,000,000
934,000,000
427,000,000
325,000,000
354,000,000
236,000,000
0
0
0
0
0
0
0
Goodwill Margin
0.79%
0.92%
1.06%
1.08%
0.98%
0.79%
0.85%
0.82%
0.70%
0.82%
1.42%
1.49%
1.59%
1.12%
0.87%
0.96%
0.61%
0.64%
0.58%
1.59%
2.12%
1.02%
0.62%
0.94%
0.90%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Intangible Assets
359,666,667
407,800,000
430,400,000
372,466,667
320,500,000
307,360,000
321,000,000
398,000,000
360,000,000
431,000,000
529,000,000
583,000,000
697,000,000
323,000,000
336,000,000
326,000,000
256,000,000
326,000,000
295,000,000
220,000,000
186,000,000
170,000,000
107,000,000
139,000,000
99,000,000
308,000,000
323,000,000
240,000,000
345,000,000
166,000,000
200,000,000
0
Intangible Assets Margin
0.60%
0.76%
0.90%
0.75%
0.69%
0.89%
0.60%
0.67%
0.54%
0.73%
1.28%
1.42%
1.52%
0.71%
0.79%
0.75%
0.45%
0.53%
0.48%
0.39%
0.42%
0.41%
0.20%
0.37%
0.38%
1.26%
1.28%
1.08%
2.49%
1.47%
2.07%
0.00%
Long-Term Investments
1,183,333,333
1,055,400,000
884,000,000
791,133,333
697,800,000
558,240,000
953,000,000
1,422,000,000
1,175,000,000
960,000,000
767,000,000
910,000,000
542,000,000
842,000,000
891,000,000
378,000,000
557,000,000
537,000,000
687,000,000
637,000,000
609,000,000
622,000,000
761,000,000
706,000,000
0
0
0
0
0
0
0
0
Long-Term Investments Margin
1.98%
1.88%
1.76%
1.54%
1.39%
1.12%
1.79%
2.39%
1.75%
1.62%
1.85%
2.21%
1.18%
1.84%
2.09%
0.87%
0.97%
0.88%
1.13%
1.14%
1.39%
1.48%
1.45%
1.87%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Tax Assets
710,000,000
603,800,000
537,600,000
675,266,667
702,550,000
603,280,000
645,000,000
773,000,000
712,000,000
550,000,000
339,000,000
442,000,000
458,000,000
516,000,000
524,000,000
417,000,000
565,000,000
564,000,000
1,213,000,000
1,211,000,000
1,200,000,000
979,000,000
864,000,000
903,000,000
714,000,000
462,000,000
273,000,000
233,000,000
256,000,000
100,000,000
169,000,000
0
Tax Assets Margin
1.19%
1.06%
1.07%
1.30%
1.52%
1.48%
1.21%
1.30%
1.06%
0.93%
0.82%
1.07%
1.00%
1.13%
1.23%
0.96%
0.99%
0.92%
1.99%
2.16%
2.73%
2.34%
1.64%
2.39%
2.72%
1.90%
1.08%
1.05%
1.84%
0.88%
1.75%
0.00%
Other Non-Current Assets
440,000,000
490,600,000
877,700,000
1,201,266,667
1,246,700,000
1,108,040,000
383,000,000
473,000,000
464,000,000
523,000,000
610,000,000
595,000,000
1,395,000,000
1,671,000,000
1,486,000,000
1,177,000,000
1,567,000,000
1,616,000,000
2,062,000,000
2,052,000,000
1,945,000,000
2,061,000,000
1,028,000,000
1,155,000,000
1,459,000,000
1,212,000,000
1,107,000,000
903,000,000
334,000,000
224,000,000
199,000,000
0
Other Non-Current Assets Margin
0.74%
0.91%
1.89%
2.38%
2.81%
2.84%
0.72%
0.79%
0.69%
0.88%
1.47%
1.45%
3.05%
3.65%
3.48%
2.71%
2.74%
2.63%
3.38%
3.66%
4.43%
4.92%
1.96%
3.05%
5.55%
4.97%
4.40%
4.07%
2.41%
1.98%
2.06%
0.00%
Other Assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,611,000,000
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%
58.00%
Total Non-Current Assets
8,595,000,000
8,123,600,000
8,060,600,000
8,554,333,333
8,159,050,000
7,134,880,000
8,941,000,000
9,022,000,000
7,822,000,000
7,359,000,000
7,474,000,000
8,069,000,000
8,357,000,000
8,468,000,000
8,096,000,000
6,998,000,000
8,351,000,000
9,009,000,000
10,016,000,000
10,147,000,000
10,186,000,000
9,503,000,000
7,054,000,000
7,473,000,000
5,954,000,000
4,882,000,000
4,239,000,000
3,466,000,000
2,900,000,000
2,159,000,000
2,427,000,000
0
Total Non-Current Assets Margin
14.54%
14.82%
16.56%
16.84%
17.55%
17.95%
16.84%
15.15%
11.63%
12.44%
18.05%
19.61%
18.27%
18.49%
18.97%
16.10%
14.61%
14.69%
16.42%
18.09%
23.17%
22.67%
13.42%
19.75%
22.66%
20.03%
16.84%
15.64%
20.89%
19.10%
25.11%
0.00%
Total Assets
24,950,333,333
24,465,000,000
21,604,000,000
22,850,333,333
21,602,750,000
18,899,680,000
24,899,000,000
25,372,000,000
24,580,000,000
23,819,000,000
23,655,000,000
18,317,000,000
19,425,000,000
18,871,000,000
19,188,000,000
17,914,000,000
21,432,000,000
26,781,000,000
27,280,000,000
25,221,000,000
26,001,000,000
21,286,000,000
20,230,000,000
21,991,000,000
14,347,000,000
11,446,000,000
10,907,000,000
9,884,000,000
8,349,000,000
5,443,000,000
5,854,000,000
4,611,000,000
Total Assets Margin
42.02%
44.69%
43.78%
44.52%
45.84%
46.94%
46.88%
42.61%
36.56%
40.27%
57.13%
44.52%
42.47%
41.21%
44.96%
41.22%
37.49%
43.65%
44.73%
44.96%
59.16%
50.77%
38.48%
58.11%
54.61%
46.95%
43.34%
44.59%
60.14%
48.16%
60.56%
58.00%
Accounts Payable
3,609,000,000
3,542,600,000
3,361,100,000
3,367,333,333
3,306,750,000
2,903,840,000
2,777,000,000
3,664,000,000
4,386,000,000
4,250,000,000
2,636,000,000
2,842,000,000
3,501,000,000
3,395,000,000
3,485,000,000
2,675,000,000
3,248,000,000
3,522,000,000
3,319,000,000
3,173,000,000
3,637,000,000
3,275,000,000
4,158,000,000
4,061,000,000
2,328,000,000
1,803,000,000
1,898,000,000
1,678,000,000
1,271,000,000
775,000,000
839,000,000
0
Accounts Payable Margin
5.97%
6.29%
6.78%
6.57%
7.06%
7.24%
5.23%
6.15%
6.52%
7.18%
6.37%
6.91%
7.65%
7.41%
8.17%
6.16%
5.68%
5.74%
5.44%
5.66%
8.27%
7.81%
7.91%
10.73%
8.86%
7.40%
7.54%
7.57%
9.16%
6.86%
8.68%
0.00%
Short-Term Debt
1,246,000,000
1,550,200,000
1,439,700,000
2,203,400,000
1,805,500,000
1,672,480,000
1,544,000,000
802,000,000
1,392,000,000
1,177,000,000
2,836,000,000
1,278,000,000
1,169,000,000
634,000,000
1,723,000,000
1,842,000,000
2,345,000,000
5,935,000,000
5,365,000,000
2,679,000,000
2,330,000,000
197,000,000
551,000,000
1,112,000,000
610,000,000
589,000,000
681,000,000
1,017,000,000
1,499,000,000
983,000,000
1,522,000,000
0
Short-Term Debt Margin
2.11%
3.03%
3.05%
4.21%
3.62%
4.59%
2.91%
1.35%
2.07%
1.99%
6.85%
3.11%
2.56%
1.38%
4.04%
4.24%
4.10%
9.67%
8.80%
4.78%
5.30%
0.47%
1.05%
2.94%
2.32%
2.42%
2.71%
4.59%
10.80%
8.70%
15.74%
0.00%
Tax Payables
158,000,000
139,800,000
75,900,000
50,600,000
37,950,000
30,360,000
80,000,000
238,000,000
156,000,000
168,000,000
57,000,000
0
0
0
0
60,000,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax Payables Margin
0.26%
0.24%
0.13%
0.09%
0.07%
0.05%
0.15%
0.40%
0.23%
0.28%
0.14%
0.00%
0.00%
0.00%
0.00%
0.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Deferred Revenue
521,666,667
481,600,000
439,600,000
396,466,667
310,000,000
248,000,000
501,000,000
463,000,000
601,000,000
437,000,000
406,000,000
411,000,000
405,000,000
406,000,000
395,000,000
371,000,000
392,000,000
330,000,000
223,000,000
283,000,000
323,000,000
253,000,000
0
0
0
0
0
0
0
0
0
0
Deferred Revenue Margin
0.87%
0.87%
0.89%
0.78%
0.62%
0.49%
0.94%
0.78%
0.89%
0.74%
0.98%
1.00%
0.89%
0.89%
0.93%
0.85%
0.69%
0.54%
0.37%
0.50%
0.73%
0.60%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Current Liabilities
1,484,000,000
2,143,800,000
1,780,800,000
1,828,333,333
1,814,100,000
1,562,040,000
1,316,000,000
1,251,000,000
1,885,000,000
2,253,000,000
4,014,000,000
1,139,000,000
1,479,000,000
1,174,000,000
1,533,000,000
1,764,000,000
1,950,000,000
1,956,000,000
1,686,000,000
1,579,000,000
2,446,000,000
100,000,000
3,365,000,000
2,590,000,000
1,577,000,000
1,225,000,000
594,000,000
634,000,000
568,000,000
588,000,000
385,000,000
0
Other Current Liabilities Margin
2.46%
4.18%
3.71%
3.66%
3.97%
3.91%
2.48%
2.10%
2.80%
3.81%
9.69%
2.77%
3.23%
2.56%
3.59%
4.06%
3.41%
3.19%
2.76%
2.81%
5.57%
0.24%
6.40%
6.84%
6.00%
5.03%
2.36%
2.86%
4.09%
5.20%
3.98%
0.00%
Total Current Liabilities
8,240,666,667
9,006,200,000
8,003,700,000
8,782,266,667
8,149,050,000
7,188,240,000
7,435,000,000
7,687,000,000
9,600,000,000
9,324,000,000
10,985,000,000
6,595,000,000
7,172,000,000
6,215,000,000
7,684,000,000
7,340,000,000
8,704,000,000
12,535,000,000
11,561,000,000
8,893,000,000
10,004,000,000
6,207,000,000
8,074,000,000
8,834,000,000
4,515,000,000
3,617,000,000
3,902,000,000
3,937,000,000
3,794,000,000
2,346,000,000
2,746,000,000
0
Total Current Liabilities Margin
13.73%
16.70%
16.37%
17.13%
17.12%
18.09%
14.00%
12.91%
14.28%
15.76%
26.53%
16.03%
15.68%
13.57%
18.00%
16.89%
15.23%
20.43%
18.96%
15.85%
22.76%
14.80%
15.36%
23.34%
17.18%
14.84%
15.50%
17.76%
27.33%
20.76%
28.41%
0.00%
Long-Term Debt
4,011,000,000
4,254,400,000
3,934,600,000
3,654,066,667
3,516,350,000
3,161,640,000
4,694,000,000
4,080,000,000
3,259,000,000
4,787,000,000
4,452,000,000
3,716,000,000
4,203,000,000
4,160,000,000
3,069,000,000
2,926,000,000
2,855,000,000
3,179,000,000
3,532,000,000
3,348,000,000
2,551,000,000
3,618,000,000
3,032,000,000
3,435,000,000
2,874,000,000
2,557,000,000
2,600,000,000
2,377,000,000
1,904,000,000
830,000,000
1,003,000,000
793,000,000
Long-Term Debt Margin
6.85%
7.88%
8.06%
7.22%
7.66%
8.23%
8.84%
6.85%
4.85%
8.09%
10.75%
9.03%
9.19%
9.08%
7.19%
6.73%
4.99%
5.18%
5.79%
5.97%
5.80%
8.63%
5.77%
9.08%
10.94%
10.49%
10.33%
10.72%
13.72%
7.34%
10.38%
9.97%
Capital Lease Obligations
909,000,000
879,800,000
515,400,000
343,600,000
257,700,000
206,160,000
881,000,000
874,000,000
972,000,000
856,000,000
816,000,000
755,000,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Capital Lease Obligations Margin
1.52%
1.60%
0.98%
0.66%
0.49%
0.39%
1.66%
1.47%
1.45%
1.45%
1.97%
1.84%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Deferred Tax Liabilities
381,333,333
368,400,000
319,800,000
257,466,667
232,550,000
224,360,000
379,000,000
400,000,000
365,000,000
338,000,000
360,000,000
329,000,000
356,000,000
223,000,000
239,000,000
209,000,000
177,000,000
185,000,000
84,000,000
134,000,000
84,000,000
183,000,000
132,000,000
149,000,000
180,000,000
145,000,000
232,000,000
206,000,000
253,000,000
126,000,000
141,000,000
0
Deferred Tax Liabilities Margin
0.64%
0.67%
0.65%
0.51%
0.50%
0.65%
0.71%
0.67%
0.54%
0.57%
0.87%
0.80%
0.78%
0.49%
0.56%
0.48%
0.31%
0.30%
0.14%
0.24%
0.19%
0.44%
0.25%
0.39%
0.69%
0.59%
0.92%
0.93%
1.82%
1.11%
1.46%
0.00%
Other Non-Current Liabilities
840,000,000
767,000,000
799,400,000
809,800,000
876,000,000
778,240,000
847,000,000
824,000,000
849,000,000
658,000,000
657,000,000
711,000,000
892,000,000
916,000,000
853,000,000
787,000,000
969,000,000
757,000,000
848,000,000
771,000,000
808,000,000
913,000,000
1,556,000,000
1,628,000,000
700,000,000
576,000,000
518,000,000
433,000,000
431,000,000
272,000,000
282,000,000
-793,000,000
Other Non-Current Liabilities Margin
1.41%
1.39%
1.64%
1.60%
1.92%
2.03%
1.59%
1.38%
1.26%
1.11%
1.59%
1.73%
1.95%
2.00%
2.00%
1.81%
1.70%
1.23%
1.39%
1.37%
1.84%
2.18%
2.96%
4.30%
2.66%
2.36%
2.06%
1.95%
3.10%
2.41%
2.92%
-9.97%
Total Non-Current Liabilities
5,801,666,667
5,948,800,000
5,387,200,000
4,943,600,000
4,791,600,000
4,297,600,000
6,515,000,000
5,870,000,000
5,020,000,000
6,289,000,000
6,050,000,000
5,295,000,000
5,451,000,000
5,299,000,000
4,161,000,000
3,922,000,000
4,001,000,000
4,121,000,000
4,464,000,000
4,253,000,000
3,443,000,000
4,714,000,000
4,720,000,000
5,212,000,000
3,754,000,000
3,278,000,000
3,350,000,000
3,016,000,000
2,588,000,000
1,228,000,000
1,426,000,000
0
Total Non-Current Liabilities Margin
9.86%
10.97%
11.00%
9.76%
10.41%
11.17%
12.27%
9.86%
7.47%
10.63%
14.61%
12.87%
11.92%
11.57%
9.75%
9.03%
7.00%
6.72%
7.32%
7.58%
7.83%
11.24%
8.98%
13.77%
14.29%
13.45%
13.31%
13.61%
18.64%
10.87%
14.75%
0.00%
Total Liabilities
14,042,333,333
14,955,000,000
13,390,900,000
13,725,866,667
12,940,650,000
11,485,840,000
13,950,000,000
13,557,000,000
14,620,000,000
15,613,000,000
17,035,000,000
11,890,000,000
12,623,000,000
11,514,000,000
11,845,000,000
11,262,000,000
12,705,000,000
16,656,000,000
16,025,000,000
13,146,000,000
13,447,000,000
10,921,000,000
12,794,000,000
14,046,000,000
8,269,000,000
6,895,000,000
7,252,000,000
6,953,000,000
6,382,000,000
3,574,000,000
4,172,000,000
3,414,000,000
Total Liabilities Margin
23.59%
27.66%
27.36%
26.89%
27.53%
29.26%
26.27%
22.77%
21.75%
26.39%
41.14%
28.90%
27.60%
25.14%
27.75%
25.92%
22.23%
27.15%
26.27%
23.43%
30.59%
26.05%
24.34%
37.12%
31.47%
28.28%
28.81%
31.37%
45.97%
31.62%
43.16%
42.94%
Preferred Stock
0
276,000,000
483,000,000
552,000,000
681,450,000
545,160,000
0
0
0
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
690,000,000
1,553,000,000
1,553,000,000
1,553,000,000
690,000,000
0
0
0
0
0
0
0
Preferred Stock Margin
0.00%
0.57%
1.07%
1.13%
1.52%
1.22%
0.00%
0.00%
0.00%
1.17%
1.67%
1.68%
1.51%
1.51%
1.62%
1.59%
1.21%
1.12%
1.13%
1.23%
1.57%
3.70%
2.95%
4.10%
2.63%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
58,120,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,429,000,000
0
Common Stock Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.59%
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%
0.01%
0.01%
14.78%
0.00%
Retained Earnings
11,712,333,333
10,270,400,000
8,986,200,000
8,253,000,000
6,942,700,000
5,708,520,000
12,838,000,000
12,077,000,000
10,222,000,000
8,979,000,000
7,236,000,000
6,437,000,000
8,059,000,000
8,081,000,000
8,208,000,000
7,725,000,000
7,180,000,000
6,891,000,000
6,792,000,000
6,917,000,000
6,153,000,000
3,996,000,000
3,844,000,000
2,962,000,000
2,350,000,000
1,907,000,000
1,440,000,000
1,022,000,000
653,000,000
435,000,000
309,000,000
0
Retained Earnings Margin
19.89%
18.46%
18.02%
16.10%
14.15%
12.20%
24.17%
20.28%
15.20%
15.18%
17.48%
15.65%
17.62%
17.65%
19.23%
17.78%
12.56%
11.23%
11.14%
12.33%
14.00%
9.53%
7.31%
7.83%
8.94%
7.82%
5.72%
4.61%
4.70%
3.85%
3.20%
0.00%
Accumulated OCI
-6,375,666,667
-6,368,800,000
-6,267,100,000
-4,715,866,667
-3,546,800,000
-2,982,600,000
-6,702,000,000
-6,054,000,000
-6,371,000,000
-6,471,000,000
-6,246,000,000
-5,624,000,000
-6,935,000,000
-5,930,000,000
-5,978,000,000
-6,360,000,000
-4,058,000,000
-2,572,000,000
-1,410,000,000
-610,000,000
583,000,000
319,000,000
-811,000,000
669,000,000
-63,000,000
-312,000,000
-427,000,000
-656,000,000
-1,181,000,000
-766,000,000
-599,000,000
0
Accumulated OCI Margin
-10.75%
-11.66%
-12.87%
-9.47%
-7.13%
-6.75%
-12.62%
-10.17%
-9.48%
-10.94%
-15.09%
-13.67%
-15.16%
-12.95%
-14.01%
-14.64%
-7.10%
-4.19%
-2.31%
-1.09%
1.33%
0.76%
-1.54%
1.77%
-0.24%
-1.28%
-1.70%
-2.96%
-8.51%
-6.78%
-6.20%
0.00%
Minority Interest
912,000,000
764,800,000
558,600,000
482,000,000
479,400,000
478,120,000
1,036,000,000
964,000,000
736,000,000
537,000,000
551,000,000
514,000,000
629,000,000
209,000,000
199,000,000
211,000,000
281,000,000
268,000,000
393,000,000
368,000,000
334,000,000
871,000,000
0
752,000,000
410,000,000
325,000,000
280,000,000
554,000,000
495,000,000
493,000,000
543,000,000
0
Minority Interest Margin
1.55%
1.38%
1.09%
0.93%
1.04%
1.52%
1.95%
1.62%
1.09%
0.91%
1.33%
1.25%
1.38%
0.46%
0.47%
0.49%
0.49%
0.44%
0.64%
0.66%
0.76%
2.08%
0.00%
1.99%
1.56%
1.33%
1.11%
2.50%
3.57%
4.36%
5.62%
0.00%
Total Shareholders’ Equity
9,996,000,000
8,745,200,000
7,654,500,000
8,642,466,667
8,220,300,000
6,965,800,000
9,913,000,000
10,851,000,000
9,224,000,000
7,669,000,000
6,069,000,000
5,913,000,000
6,173,000,000
7,148,000,000
7,144,000,000
6,441,000,000
8,446,000,000
9,857,000,000
10,862,000,000
11,707,000,000
12,220,000,000
9,494,000,000
7,436,000,000
7,945,000,000
5,668,000,000
4,226,000,000
3,375,000,000
2,377,000,000
1,472,000,000
1,376,000,000
1,139,000,000
1,197,000,000
Total Shareholders’ Equity Margin
16.87%
15.65%
15.33%
16.71%
17.36%
16.24%
18.67%
18.22%
13.72%
12.96%
14.66%
14.37%
13.49%
15.61%
16.74%
14.82%
14.78%
16.07%
17.81%
20.87%
27.80%
22.64%
14.14%
21.00%
21.57%
17.34%
13.41%
10.72%
10.60%
12.17%
11.78%
15.06%
Total Equity
10,908,000,000
9,510,000,000
8,213,100,000
9,124,466,667
8,662,100,000
7,413,840,000
10,949,000,000
11,815,000,000
9,960,000,000
8,206,000,000
6,620,000,000
6,427,000,000
6,802,000,000
7,357,000,000
7,343,000,000
6,652,000,000
8,727,000,000
10,125,000,000
11,255,000,000
12,075,000,000
12,554,000,000
10,365,000,000
7,436,000,000
7,945,000,000
6,078,000,000
4,551,000,000
3,655,000,000
2,931,000,000
1,967,000,000
1,869,000,000
1,682,000,000
1,197,000,000
Total Equity Margin
18.42%
17.03%
16.42%
17.63%
18.31%
17.68%
20.62%
19.84%
14.81%
13.87%
15.99%
15.62%
14.87%
16.07%
17.21%
15.31%
15.27%
16.50%
18.45%
21.53%
28.56%
24.72%
14.14%
21.00%
23.13%
18.67%
14.52%
13.22%
14.17%
16.54%
17.40%
15.06%
Total Liabilities & Equity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Liabilities & Equity 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%
Total Investments
1,419,333,333
1,370,200,000
1,189,900,000
1,754,600,000
1,420,400,000
1,140,000,000
1,437,000,000
1,527,000,000
1,294,000,000
1,480,000,000
1,113,000,000
1,303,000,000
704,000,000
1,055,000,000
1,049,000,000
937,000,000
2,130,000,000
5,169,000,000
3,840,000,000
2,633,000,000
648,000,000
622,000,000
761,000,000
706,000,000
0
0
0
13,000,000
12,000,000
6,000,000
61,000,000
0
Total Investments Margin
2.40%
2.48%
2.40%
3.24%
2.67%
2.17%
2.71%
2.56%
1.92%
2.50%
2.69%
3.17%
1.54%
2.30%
2.46%
2.16%
3.73%
8.43%
6.30%
4.69%
1.47%
1.48%
1.45%
1.87%
0.00%
0.00%
0.00%
0.06%
0.09%
0.05%
0.63%
0.00%
Net Debt
3,827,000,000
5,030,200,000
4,797,100,000
5,205,200,000
4,669,800,000
4,231,960,000
3,808,000,000
3,154,000,000
4,519,000,000
5,918,000,000
7,752,000,000
5,429,000,000
4,983,000,000
4,193,000,000
3,858,000,000
4,357,000,000
4,838,000,000
8,372,000,000
8,328,000,000
5,192,000,000
3,377,000,000
3,262,000,000
2,579,000,000
3,566,000,000
3,119,000,000
2,792,000,000
2,849,000,000
2,905,000,000
2,933,000,000
1,614,000,000
2,102,000,000
430,000,000
Net Debt Margin
6.40%
9.58%
10.02%
10.20%
9.92%
11.20%
7.17%
5.30%
6.72%
10.00%
18.72%
13.20%
10.89%
9.16%
9.04%
10.03%
8.46%
13.65%
13.65%
9.26%
7.68%
7.78%
4.91%
9.42%
11.87%
11.45%
11.32%
13.11%
21.13%
14.28%
21.74%
5.41%

Capital Metrics

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg25Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
Revenue
59,960,000,000
56,087,200,000
49,924,700,000
51,919,733,333
48,089,450,000
41,758,920,000
53,108,000,000
59,540,000,000
67,232,000,000
59,152,000,000
41,404,000,000
41,140,000,000
45,743,000,000
45,794,000,000
42,679,000,000
43,455,000,000
57,161,000,000
61,347,000,000
60,991,000,000
56,097,000,000
43,953,000,000
41,926,000,000
52,574,000,000
37,842,000,000
26,274,000,000
24,377,000,000
25,168,000,000
22,165,000,000
13,882,000,000
11,302,000,000
9,667,000,000
7,950,000,000
Working Capital
8,114,666,667
7,335,200,000
5,539,700,000
5,513,733,333
5,294,650,000
4,576,560,000
8,523,000,000
8,663,000,000
7,158,000,000
7,136,000,000
5,196,000,000
3,653,000,000
3,896,000,000
4,188,000,000
3,408,000,000
3,576,000,000
4,377,000,000
5,237,000,000
5,703,000,000
6,181,000,000
5,811,000,000
5,576,000,000
5,102,000,000
5,684,000,000
3,878,000,000
2,947,000,000
2,766,000,000
2,481,000,000
1,655,000,000
938,000,000
681,000,000
0
Working Capital Margin
13.75%
13.17%
10.86%
10.56%
11.16%
10.91%
16.05%
14.55%
10.65%
12.06%
12.55%
8.88%
8.52%
9.15%
7.99%
8.23%
7.66%
8.54%
9.35%
11.02%
13.22%
13.30%
9.70%
15.02%
14.76%
12.09%
10.99%
11.19%
11.92%
8.30%
7.04%
0.00%
Total Capital
16,162,000,000
15,429,600,000
13,544,200,000
14,843,533,333
13,799,850,000
12,006,080,000
17,032,000,000
16,607,000,000
14,847,000,000
14,489,000,000
14,173,000,000
11,662,000,000
11,545,000,000
11,942,000,000
11,936,000,000
11,209,000,000
13,646,000,000
18,971,000,000
19,759,000,000
17,734,000,000
17,101,000,000
13,309,000,000
11,019,000,000
12,492,000,000
9,152,000,000
7,372,000,000
6,656,000,000
5,771,000,000
4,875,000,000
3,189,000,000
3,664,000,000
1,990,000,000
Total Capital Margin
27.35%
28.15%
27.42%
28.79%
29.13%
29.46%
32.07%
27.89%
22.08%
24.49%
34.23%
28.35%
25.24%
26.08%
27.97%
25.79%
23.87%
30.92%
32.40%
31.61%
38.91%
31.74%
20.96%
33.01%
34.83%
30.24%
26.45%
26.04%
35.12%
28.22%
37.90%
25.03%
Capital Employed
16,709,666,667
15,458,800,000
13,600,300,000
14,068,066,667
13,453,700,000
11,711,440,000
17,464,000,000
17,685,000,000
14,980,000,000
14,495,000,000
12,670,000,000
11,722,000,000
12,253,000,000
12,656,000,000
11,504,000,000
10,574,000,000
12,728,000,000
14,246,000,000
15,719,000,000
16,328,000,000
15,997,000,000
15,079,000,000
12,156,000,000
13,157,000,000
9,832,000,000
7,829,000,000
7,005,000,000
5,947,000,000
4,555,000,000
3,097,000,000
3,108,000,000
4,611,000,000
Capital Employed Margin
28.29%
27.99%
27.42%
27.40%
28.72%
28.85%
32.88%
29.70%
22.28%
24.50%
30.60%
28.49%
26.79%
27.64%
26.95%
24.33%
22.27%
23.22%
25.77%
29.11%
36.40%
35.97%
23.12%
34.77%
37.42%
32.12%
27.83%
26.83%
32.81%
27.40%
32.15%
58.00%
Invested Capital
13,823,000,000
13,775,400,000
12,451,600,000
13,847,666,667
12,890,100,000
11,197,760,000
13,721,000,000
14,005,000,000
13,743,000,000
13,587,000,000
13,821,000,000
11,342,000,000
11,156,000,000
11,341,000,000
11,002,000,000
10,798,000,000
13,284,000,000
18,229,000,000
19,190,000,000
16,899,000,000
15,597,000,000
12,756,000,000
10,015,000,000
11,511,000,000
8,787,000,000
7,018,000,000
6,224,000,000
5,282,000,000
4,405,000,000
2,990,000,000
3,241,000,000
1,627,000,000
Invested Capital Margin
23.27%
25.23%
25.35%
26.90%
27.28%
27.44%
25.84%
23.52%
20.44%
22.97%
33.38%
27.57%
24.39%
24.77%
25.78%
24.85%
23.24%
29.71%
31.46%
30.12%
35.49%
30.43%
19.05%
30.42%
33.44%
28.79%
24.73%
23.83%
31.73%
26.46%
33.53%
20.47%

Cash Flow Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg25Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
Revenue
59,960,000,000
56,087,200,000
49,924,700,000
51,919,733,333
48,089,450,000
41,758,920,000
53,108,000,000
59,540,000,000
67,232,000,000
59,152,000,000
41,404,000,000
41,140,000,000
45,743,000,000
45,794,000,000
42,679,000,000
43,455,000,000
57,161,000,000
61,347,000,000
60,991,000,000
56,097,000,000
43,953,000,000
41,926,000,000
52,574,000,000
37,842,000,000
26,274,000,000
24,377,000,000
25,168,000,000
22,165,000,000
13,882,000,000
11,302,000,000
9,667,000,000
7,950,000,000
Net Income
1,734,333,333
1,707,000,000
926,200,000
890,000,000
842,000,000
724,840,000
1,188,000,000
2,337,000,000
1,678,000,000
2,167,000,000
1,165,000,000
-1,291,000,000
287,000,000
174,000,000
767,000,000
790,000,000
517,000,000
207,000,000
36,000,000
940,000,000
2,388,000,000
335,000,000
1,326,000,000
778,000,000
521,000,000
530,000,000
469,000,000
411,000,000
255,000,000
134,000,000
12,000,000
0
Net Income Margin
2.89%
3.03%
1.66%
1.67%
1.73%
1.66%
2.24%
3.93%
2.50%
3.66%
2.81%
-3.14%
0.63%
0.38%
1.80%
1.82%
0.90%
0.34%
0.06%
1.68%
5.43%
0.80%
2.52%
2.06%
1.98%
2.17%
1.86%
1.85%
1.84%
1.19%
0.12%
0.00%
Depreciation & Amortization
442,333,333
437,200,000
505,700,000
518,066,667
482,000,000
420,640,000
468,000,000
451,000,000
408,000,000
424,000,000
435,000,000
548,000,000
622,000,000
609,000,000
547,000,000
545,000,000
607,000,000
568,000,000
570,000,000
526,000,000
443,000,000
443,000,000
439,000,000
385,000,000
324,000,000
278,000,000
212,000,000
184,000,000
168,000,000
163,000,000
149,000,000
0
Depreciation & Amortization Margin
0.75%
0.80%
1.06%
1.03%
1.04%
1.06%
0.88%
0.76%
0.61%
0.72%
1.05%
1.33%
1.36%
1.33%
1.28%
1.25%
1.06%
0.93%
0.93%
0.94%
1.01%
1.06%
0.84%
1.02%
1.23%
1.14%
0.84%
0.83%
1.21%
1.44%
1.54%
0.00%
Deferred Income Tax
-43,333,333
-66,200,000
-23,000,000
6,400,000
-42,500,000
-38,200,000
-10,000,000
-1,000,000
-119,000,000
-272,000,000
71,000,000
-24,000,000
6,000,000
-23,000,000
126,000,000
16,000,000
-45,000,000
460,000,000
-32,000,000
-217,000,000
160,000,000
-204,000,000
-251,000,000
-62,000,000
-191,000,000
-238,000,000
-56,000,000
-17,000,000
-4,000,000
-11,000,000
-17,000,000
0
Deferred Income Tax Margin
-0.07%
-0.10%
-0.02%
0.02%
-0.12%
-0.12%
-0.02%
0.00%
-0.18%
-0.46%
0.17%
-0.06%
0.01%
-0.05%
0.30%
0.04%
-0.08%
0.75%
-0.05%
-0.39%
0.36%
-0.49%
-0.48%
-0.16%
-0.73%
-0.98%
-0.22%
-0.08%
-0.03%
-0.10%
-0.18%
0.00%
Stock-Based Compensation
66,333,333
66,200,000
53,500,000
52,666,667
47,000,000
37,600,000
65,000,000
69,000,000
65,000,000
61,000,000
71,000,000
39,000,000
46,000,000
29,000,000
44,000,000
46,000,000
49,000,000
53,000,000
44,000,000
49,000,000
60,000,000
17,000,000
66,000,000
48,000,000
19,000,000
0
0
0
0
0
0
0
Stock-Based Compensation Margin
0.11%
0.12%
0.11%
0.10%
0.10%
0.08%
0.12%
0.12%
0.10%
0.10%
0.17%
0.09%
0.10%
0.06%
0.10%
0.11%
0.09%
0.09%
0.07%
0.09%
0.14%
0.04%
0.13%
0.13%
0.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Change in Working Capital
-2,286,333,333
-3,392,600,000
-2,604,200,000
-1,872,466,667
-1,532,700,000
-1,311,320,000
95,000,000
673,000,000
-7,627,000,000
-5,007,000,000
-5,097,000,000
-2,003,000,000
-2,492,000,000
-2,880,000,000
-1,111,000,000
-593,000,000
447,000,000
1,072,000,000
-1,568,000,000
1,219,000,000
-3,215,000,000
-416,000,000
461,000,000
-1,563,000,000
-854,000,000
-195,000,000
38,000,000
-523,000,000
-580,000,000
-332,000,000
-732,000,000
0
Change in Working Capital Margin
-3.35%
-6.16%
-5.14%
-3.77%
-3.24%
-3.27%
0.18%
1.13%
-11.34%
-8.46%
-12.31%
-4.87%
-5.45%
-6.29%
-2.60%
-1.36%
0.78%
1.75%
-2.57%
2.17%
-7.31%
-0.99%
0.88%
-4.13%
-3.25%
-0.80%
0.15%
-2.36%
-4.18%
-2.94%
-7.57%
0.00%
Accounts Receivable
-2,240,333,333
-1,501,200,000
-800,600,000
-627,733,333
-526,450,000
-465,400,000
169,000,000
256,000,000
-7,146,000,000
-530,000,000
-255,000,000
-257,000,000
-110,000,000
95,000,000
-131,000,000
-97,000,000
108,000,000
148,000,000
-373,000,000
267,000,000
-1,560,000,000
-229,000,000
-766,000,000
-319,000,000
-69,000,000
270,000,000
-398,000,000
-129,000,000
-116,000,000
-127,000,000
-336,000,000
0
Accounts Receivable Margin
-3.29%
-2.28%
-1.26%
-1.06%
-0.89%
-1.02%
0.32%
0.43%
-10.63%
-0.90%
-0.62%
-0.62%
-0.24%
0.21%
-0.31%
-0.22%
0.19%
0.24%
-0.61%
0.48%
-3.55%
-0.55%
-1.46%
-0.84%
-0.26%
1.11%
-1.58%
-0.58%
-0.84%
-1.12%
-3.48%
0.00%
Inventory
448,333,333
-450,800,000
-294,200,000
-386,400,000
-377,400,000
-352,440,000
96,000,000
1,518,000,000
-269,000,000
-1,301,000,000
-2,298,000,000
504,000,000
-1,107,000,000
-130,000,000
-269,000,000
314,000,000
-161,000,000
238,000,000
-1,567,000,000
530,000,000
-1,894,000,000
1,636,000,000
-905,000,000
-1,743,000,000
-729,000,000
-11,000,000
328,000,000
-249,000,000
-728,000,000
-303,000,000
-311,000,000
0
Inventory Margin
0.78%
-1.08%
-0.68%
-0.84%
-0.89%
-1.15%
0.18%
2.55%
-0.40%
-2.20%
-5.55%
1.23%
-2.42%
-0.28%
-0.63%
0.72%
-0.28%
0.39%
-2.57%
0.94%
-4.31%
3.90%
-1.72%
-4.61%
-2.77%
-0.05%
1.30%
-1.12%
-5.24%
-2.68%
-3.22%
0.00%
Accounts Payable
0
338,200,000
217,300,000
271,533,333
251,900,000
201,520,000
0
0
0
1,594,000,000
97,000,000
-498,000,000
335,000,000
25,000,000
708,000,000
-88,000,000
-100,000,000
436,000,000
554,000,000
-295,000,000
1,305,000,000
-1,427,000,000
1,161,000,000
1,231,000,000
0
0
0
0
0
0
0
0
Accounts Payable Margin
0.00%
0.59%
0.40%
0.52%
0.50%
0.40%
0.00%
0.00%
0.00%
2.69%
0.23%
-1.21%
0.73%
0.05%
1.66%
-0.20%
-0.17%
0.71%
0.91%
-0.53%
2.97%
-3.40%
2.21%
3.25%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Working Capital
-494,333,333
-1,778,800,000
-1,726,700,000
-1,129,866,667
-880,750,000
-695,000,000
-170,000,000
-1,101,000,000
-212,000,000
-4,770,000,000
-2,641,000,000
-1,752,000,000
-1,610,000,000
-2,870,000,000
-1,419,000,000
-722,000,000
600,000,000
250,000,000
-182,000,000
717,000,000
-1,066,000,000
-396,000,000
971,000,000
-732,000,000
-56,000,000
-454,000,000
108,000,000
-145,000,000
264,000,000
98,000,000
-85,000,000
0
Other Working Capital Margin
-0.83%
-3.39%
-3.60%
-2.40%
-1.95%
-1.50%
-0.32%
-1.85%
-0.32%
-8.06%
-6.38%
-4.26%
-3.52%
-6.27%
-3.32%
-1.66%
1.05%
0.41%
-0.30%
1.28%
-2.43%
-0.94%
1.85%
-1.93%
-0.21%
-1.86%
0.43%
-0.65%
1.90%
0.87%
-0.88%
0.00%
Other Non-Cash Items
-27,000,000
-105,800,000
165,600,000
-19,533,333
-20,650,000
9,480,000
94,000,000
-221,000,000
46,000,000
-267,000,000
-181,000,000
1,923,000,000
267,000,000
116,000,000
73,000,000
-194,000,000
-131,000,000
-135,000,000
496,000,000
95,000,000
-2,274,000,000
-543,000,000
502,000,000
3,000,000
-89,000,000
7,000,000
139,000,000
-96,000,000
289,000,000
251,000,000
67,000,000
37,000,000
Other Non-Cash Items Margin
-0.04%
-0.20%
0.42%
-0.03%
-0.05%
0.16%
0.18%
-0.37%
0.07%
-0.45%
-0.44%
4.67%
0.58%
0.25%
0.17%
-0.45%
-0.23%
-0.22%
0.81%
0.17%
-5.17%
-1.30%
0.95%
0.01%
-0.34%
0.03%
0.55%
-0.43%
2.08%
2.22%
0.69%
0.47%
Net Cash from Operating Activities
-113,666,667
-1,354,200,000
-976,200,000
-427,733,333
-227,950,000
-159,440,000
1,900,000,000
3,308,000,000
-5,549,000,000
-2,894,000,000
-3,536,000,000
-808,000,000
-1,264,000,000
-1,975,000,000
446,000,000
610,000,000
1,399,000,000
2,225,000,000
-457,000,000
2,614,000,000
-2,435,000,000
-368,000,000
2,543,000,000
-411,000,000
-289,000,000
382,000,000
802,000,000
-41,000,000
128,000,000
205,000,000
-521,000,000
37,000,000
Net Cash from Operating Activities Margin
0.29%
-2.51%
-1.91%
-0.98%
-0.57%
-0.44%
3.58%
5.56%
-8.25%
-4.89%
-8.54%
-1.96%
-2.76%
-4.31%
1.05%
1.40%
2.45%
3.63%
-0.75%
4.66%
-5.54%
-0.88%
4.84%
-1.09%
-1.10%
1.57%
3.19%
-0.18%
0.92%
1.81%
-5.39%
0.47%
Capital Expenditures (PPE)
-1,017,666,667
-763,400,000
-692,900,000
-806,800,000
-779,950,000
-679,840,000
-1,376,000,000
-1,122,000,000
-555,000,000
-399,000,000
-365,000,000
-524,000,000
-493,000,000
-662,000,000
-784,000,000
-649,000,000
-839,000,000
-1,042,000,000
-1,095,000,000
-1,125,000,000
-1,072,000,000
-918,000,000
-896,000,000
-658,000,000
-503,000,000
-522,000,000
-437,000,000
-304,000,000
-242,000,000
-230,000,000
-184,000,000
0
Capital Expenditures (PPE) Margin
-1.77%
-1.37%
-1.40%
-1.56%
-1.65%
-1.67%
-2.59%
-1.88%
-0.83%
-0.67%
-0.88%
-1.27%
-1.08%
-1.45%
-1.84%
-1.49%
-1.47%
-1.70%
-1.80%
-2.01%
-2.44%
-2.19%
-1.70%
-1.74%
-1.91%
-2.14%
-1.74%
-1.37%
-1.74%
-2.04%
-1.90%
0.00%
Acquisitions (Net)
387,333,333
388,600,000
68,900,000
37,666,667
-5,550,000
-64,360,000
675,000,000
34,000,000
453,000,000
601,000,000
180,000,000
709,000,000
-984,000,000
-479,000,000
-74,000,000
-426,000,000
-96,000,000
402,000,000
60,000,000
-236,000,000
-254,000,000
-144,000,000
-202,000,000
-192,000,000
-74,000,000
-64,000,000
-355,000,000
-196,000,000
-856,000,000
-13,000,000
-78,000,000
0
Acquisitions (Net) Margin
0.67%
0.69%
0.08%
0.03%
-0.07%
-0.43%
1.27%
0.06%
0.67%
1.02%
0.43%
1.72%
-2.15%
-1.05%
-0.17%
-0.98%
-0.17%
0.66%
0.10%
-0.42%
-0.58%
-0.34%
-0.38%
-0.51%
-0.28%
-0.26%
-1.41%
-0.88%
-6.17%
-0.12%
-0.81%
0.00%
Purchases of Investments
-624,666,667
-510,600,000
-591,800,000
-421,333,333
-327,200,000
-261,760,000
-1,285,000,000
-133,000,000
-456,000,000
-342,000,000
-337,000,000
-449,000,000
-1,184,000,000
-944,000,000
-553,000,000
-235,000,000
-196,000,000
-68,000,000
-83,000,000
-55,000,000
0
0
-94,000,000
-39,000,000
-91,000,000
0
0
0
0
0
0
0
Purchases of Investments Margin
-1.11%
-0.94%
-1.23%
-0.87%
-0.68%
-0.54%
-2.42%
-0.22%
-0.68%
-0.58%
-0.81%
-1.09%
-2.59%
-2.06%
-1.30%
-0.54%
-0.34%
-0.11%
-0.14%
-0.10%
0.00%
0.00%
-0.18%
-0.10%
-0.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Sales / Maturities of Investments
444,333,333
374,800,000
535,300,000
401,466,667
302,800,000
242,880,000
958,000,000
49,000,000
326,000,000
171,000,000
370,000,000
449,000,000
1,164,000,000
941,000,000
427,000,000
498,000,000
282,000,000
134,000,000
108,000,000
95,000,000
50,000,000
0
0
23,000,000
11,000,000
0
0
0
16,000,000
0
0
0
Sales / Maturities of Investments Margin
0.79%
0.71%
1.14%
0.84%
0.63%
0.51%
1.80%
0.08%
0.48%
0.29%
0.89%
1.09%
2.54%
2.05%
1.00%
1.15%
0.49%
0.22%
0.18%
0.17%
0.11%
0.00%
0.00%
0.06%
0.04%
0.00%
0.00%
0.00%
0.12%
0.00%
0.00%
0.00%
Other Investing Activities
2,269,333,333
2,771,000,000
2,157,100,000
1,720,600,000
1,311,450,000
1,081,000,000
-86,000,000
163,000,000
6,731,000,000
5,082,000,000
1,965,000,000
1,318,000,000
1,907,000,000
2,963,000,000
1,518,000,000
10,000,000
164,000,000
145,000,000
43,000,000
101,000,000
3,785,000,000
110,000,000
86,000,000
72,000,000
46,000,000
106,000,000
-49,000,000
601,000,000
9,000,000
64,000,000
171,000,000
-108,000,000
Other Investing Activities Margin
3.37%
4.69%
4.09%
3.35%
2.57%
2.26%
-0.16%
0.27%
10.01%
8.59%
4.75%
3.20%
4.17%
6.47%
3.56%
0.02%
0.29%
0.24%
0.07%
0.18%
8.61%
0.26%
0.16%
0.19%
0.18%
0.43%
-0.19%
2.71%
0.06%
0.57%
1.77%
-1.36%
Net Cash from Investing Activities
1,458,666,667
2,260,400,000
1,030,500,000
634,200,000
278,500,000
137,840,000
-1,114,000,000
-1,009,000,000
6,499,000,000
5,113,000,000
1,813,000,000
1,483,000,000
410,000,000
-1,162,000,000
-926,000,000
-802,000,000
-685,000,000
-429,000,000
-967,000,000
-1,220,000,000
2,509,000,000
-952,000,000
-1,106,000,000
-794,000,000
-611,000,000
-480,000,000
-841,000,000
60,000,000
-1,073,000,000
-179,000,000
-91,000,000
-108,000,000
Net Cash from Investing Activities Margin
1.96%
3.78%
1.68%
1.13%
0.31%
-0.29%
-2.10%
-1.69%
9.67%
8.64%
4.38%
3.60%
0.90%
-2.54%
-2.17%
-1.85%
-1.20%
-0.70%
-1.59%
-2.17%
5.71%
-2.27%
-2.10%
-2.10%
-2.33%
-1.97%
-3.34%
0.27%
-7.73%
-1.58%
-0.94%
-1.36%
Net Debt Issuance
313,666,667
409,200,000
359,300,000
180,533,333
168,250,000
168,880,000
1,416,000,000
230,000,000
-705,000,000
-1,097,000,000
2,202,000,000
-438,000,000
956,000,000
86,000,000
61,000,000
882,000,000
-591,000,000
-1,318,000,000
1,368,000,000
-824,000,000
480,000,000
166,000,000
-858,000,000
922,000,000
299,000,000
128,000,000
-166,000,000
-59,000,000
1,046,000,000
-518,000,000
554,000,000
0
Net Debt Issuance Margin
0.67%
1.09%
0.89%
0.50%
0.52%
0.73%
2.67%
0.39%
-1.05%
-1.85%
5.32%
-1.06%
2.09%
0.19%
0.14%
2.03%
-1.03%
-2.15%
2.24%
-1.47%
1.09%
0.40%
-1.63%
2.44%
1.14%
0.53%
-0.66%
-0.27%
7.53%
-4.58%
5.73%
0.00%
Long-Term Debt Issuance
131,666,667
335,800,000
256,200,000
186,800,000
199,500,000
159,600,000
1,292,000,000
-168,000,000
-729,000,000
997,000,000
287,000,000
-454,000,000
470,000,000
62,000,000
110,000,000
695,000,000
-653,000,000
-362,000,000
1,179,000,000
195,000,000
-119,000,000
532,000,000
-171,000,000
827,000,000
0
0
0
0
0
0
0
0
Long-Term Debt Issuance Margin
0.36%
0.69%
0.54%
0.38%
0.44%
0.35%
2.43%
-0.28%
-1.08%
1.69%
0.69%
-1.10%
1.03%
0.14%
0.26%
1.60%
-1.14%
-0.59%
1.93%
0.35%
-0.27%
1.27%
-0.33%
2.19%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Short-Term Debt Issuance
182,000,000
73,400,000
103,100,000
-6,266,667
-52,600,000
-42,080,000
124,000,000
398,000,000
24,000,000
-2,094,000,000
1,915,000,000
16,000,000
486,000,000
24,000,000
-49,000,000
187,000,000
62,000,000
-956,000,000
189,000,000
-1,019,000,000
599,000,000
-366,000,000
-687,000,000
95,000,000
0
0
0
0
0
0
0
0
Short-Term Debt Issuance Margin
0.31%
0.40%
0.35%
0.13%
0.00%
0.00%
0.23%
0.67%
0.04%
-3.54%
4.63%
0.04%
1.06%
0.05%
-0.11%
0.43%
0.11%
-1.56%
0.31%
-1.82%
1.36%
-0.87%
-1.31%
0.25%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Stock Issuance
-633,333,333
-420,000,000
-260,000,000
-213,666,667
-42,600,000
2,680,000
-1,100,000,000
-600,000,000
-200,000,000
-100,000,000
-100,000,000
0
0
0
-200,000,000
-300,000,000
-226,000,000
43,000,000
23,000,000
-97,000,000
-348,000,000
763,000,000
7,000,000
877,000,000
693,000,000
13,000,000
178,000,000
7,000,000
293,000,000
278,000,000
163,000,000
0
Net Stock Issuance Margin
-1.13%
-0.76%
-0.49%
-0.41%
0.03%
0.31%
-2.07%
-1.01%
-0.30%
-0.17%
-0.24%
0.00%
0.00%
0.00%
-0.47%
-0.69%
-0.40%
0.07%
0.04%
-0.17%
-0.79%
1.82%
0.01%
2.32%
2.64%
0.05%
0.71%
0.03%
2.11%
2.46%
1.69%
0.00%
Common Stock Issuance
0
0
2,500,000
12,933,333
85,100,000
111,640,000
0
0
0
0
0
0
0
0
0
25,000,000
74,000,000
43,000,000
23,000,000
23,000,000
6,000,000
763,000,000
7,000,000
32,000,000
693,000,000
13,000,000
348,000,000
7,000,000
293,000,000
278,000,000
163,000,000
0
Common Stock Issuance Margin
0.00%
0.00%
0.01%
0.02%
0.25%
0.51%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.06%
0.13%
0.07%
0.04%
0.04%
0.01%
1.82%
0.01%
0.08%
2.64%
0.05%
1.38%
0.03%
2.11%
2.46%
1.69%
0.00%
Common Stock Repurchased
-633,333,333
-420,000,000
-260,000,000
-224,933,333
-168,700,000
-141,760,000
-1,100,000,000
-600,000,000
-200,000,000
-100,000,000
-100,000,000
0
0
0
-200,000,000
-300,000,000
-300,000,000
0
0
-120,000,000
-354,000,000
0
0
0
0
0
-170,000,000
0
0
0
0
0
Common Stock Repurchased Margin
-1.13%
-0.76%
-0.49%
-0.43%
-0.32%
-0.29%
-2.07%
-1.01%
-0.30%
-0.17%
-0.24%
0.00%
0.00%
0.00%
-0.47%
-0.69%
-0.52%
0.00%
0.00%
-0.21%
-0.81%
0.00%
0.00%
0.00%
0.00%
0.00%
-0.68%
0.00%
0.00%
0.00%
0.00%
0.00%
Preferred Stock Issuance
0
0
0
0
42,250,000
33,800,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
845,000,000
0
0
0
0
0
0
0
0
Preferred Stock Issuance Margin
0.00%
0.00%
0.00%
0.00%
0.11%
0.09%
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%
0.00%
0.00%
0.00%
2.23%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Dividends Paid
-370,000,000
-349,800,000
-319,900,000
-280,666,667
-244,200,000
-207,680,000
-378,000,000
-383,000,000
-349,000,000
-323,000,000
-316,000,000
-317,000,000
-305,000,000
-297,000,000
-282,000,000
-249,000,000
-221,000,000
-201,000,000
-192,000,000
-186,000,000
-211,000,000
-198,000,000
-168,000,000
-114,000,000
-74,000,000
-120,000,000
-86,000,000
-105,000,000
-65,000,000
-34,000,000
-18,000,000
0
Net Dividends Paid Margin
-0.62%
-0.64%
-0.65%
-0.56%
-0.51%
-0.48%
-0.71%
-0.64%
-0.52%
-0.55%
-0.76%
-0.77%
-0.67%
-0.65%
-0.66%
-0.57%
-0.39%
-0.33%
-0.31%
-0.33%
-0.48%
-0.47%
-0.32%
-0.30%
-0.28%
-0.49%
-0.34%
-0.47%
-0.47%
-0.30%
-0.19%
0.00%
Common Dividends Paid
-370,000,000
-336,200,000
-291,200,000
-245,400,000
-204,400,000
-171,920,000
-378,000,000
-383,000,000
-349,000,000
-289,000,000
-282,000,000
-283,000,000
-271,000,000
-247,000,000
-223,000,000
-207,000,000
-187,000,000
-167,000,000
-151,000,000
-140,000,000
-124,000,000
-103,000,000
-87,000,000
-80,000,000
-74,000,000
-63,000,000
-51,000,000
-42,000,000
-65,000,000
-34,000,000
-18,000,000
0
Common Dividends Paid Margin
-0.62%
-0.61%
-0.59%
-0.48%
-0.42%
-0.39%
-0.71%
-0.64%
-0.52%
-0.49%
-0.68%
-0.69%
-0.59%
-0.54%
-0.52%
-0.48%
-0.33%
-0.27%
-0.25%
-0.25%
-0.28%
-0.25%
-0.17%
-0.21%
-0.28%
-0.26%
-0.20%
-0.19%
-0.47%
-0.30%
-0.19%
0.00%
Preferred Dividends Paid
0
-13,600,000
-23,800,000
-30,133,333
-35,100,000
-28,080,000
0
0
0
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-34,000,000
-78,000,000
-78,000,000
-81,000,000
-34,000,000
0
-57,000,000
0
0
0
0
0
0
Preferred Dividends Paid Margin
0.00%
-0.03%
-0.05%
-0.06%
-0.08%
-0.06%
0.00%
0.00%
0.00%
-0.06%
-0.08%
-0.08%
-0.07%
-0.07%
-0.08%
-0.08%
-0.06%
-0.06%
-0.06%
-0.06%
-0.18%
-0.19%
-0.15%
-0.09%
0.00%
-0.23%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Financing Activities
118,000,000
43,800,000
12,500,000
6,066,667
2,900,000
7,760,000
-28,000,000
-103,000,000
485,000,000
-112,000,000
-23,000,000
-16,000,000
-20,000,000
15,000,000
-92,000,000
19,000,000
-20,000,000
-89,000,000
0
35,000,000
40,000,000
26,000,000
-127,000,000
95,000,000
-27,000,000
0
0
55,000,000
21,000,000
50,000,000
10,000,000
-253,000,000
Other Financing Activities Margin
0.17%
0.05%
0.00%
0.00%
0.00%
0.04%
-0.05%
-0.17%
0.72%
-0.19%
-0.06%
-0.04%
-0.04%
0.03%
-0.22%
0.04%
-0.03%
-0.15%
0.00%
0.06%
0.09%
0.06%
-0.24%
0.25%
-0.10%
0.00%
0.00%
0.25%
0.15%
0.44%
0.10%
-3.18%
Net Cash from Financing Activities
-571,666,667
-316,800,000
-203,200,000
-302,600,000
-111,850,000
-25,320,000
-90,000,000
-856,000,000
-769,000,000
-1,632,000,000
1,763,000,000
-771,000,000
631,000,000
-180,000,000
-488,000,000
360,000,000
-1,058,000,000
-1,565,000,000
1,206,000,000
-1,060,000,000
-30,000,000
774,000,000
-1,146,000,000
1,762,000,000
891,000,000
21,000,000
-74,000,000
-102,000,000
1,295,000,000
-224,000,000
709,000,000
-253,000,000
Net Cash from Financing Activities Margin
-0.92%
-0.25%
-0.25%
-0.46%
0.05%
0.60%
-0.17%
-1.44%
-1.14%
-2.76%
4.26%
-1.87%
1.38%
-0.39%
-1.14%
0.83%
-1.85%
-2.55%
1.98%
-1.89%
-0.07%
1.85%
-2.18%
4.66%
3.39%
0.09%
-0.29%
-0.46%
9.33%
-1.98%
7.33%
-3.18%
Effect of FX on Cash
34,333,333
11,800,000
-800,000
-16,400,000
-17,050,000
-14,880,000
9,000,000
28,000,000
66,000,000
-63,000,000
19,000,000
5,000,000
11,000,000
3,000,000
33,000,000
-119,000,000
-36,000,000
-60,000,000
-46,000,000
-77,000,000
-19,000,000
95,000,000
-268,000,000
59,000,000
20,000,000
-1,000,000
56,000,000
61,000,000
-81,000,000
-30,000,000
-37,000,000
0
Effect of FX on Cash Margin
0.05%
0.02%
-0.01%
-0.03%
-0.03%
-0.05%
0.02%
0.05%
0.10%
-0.11%
0.05%
0.01%
0.02%
0.01%
0.08%
-0.27%
-0.06%
-0.10%
-0.08%
-0.14%
-0.04%
0.23%
-0.51%
0.16%
0.08%
0.00%
0.22%
0.28%
-0.58%
-0.27%
-0.38%
0.00%
Net Change in Cash
807,666,667
601,200,000
296,200,000
184,866,667
144,700,000
118,520,000
705,000,000
1,471,000,000
247,000,000
524,000,000
59,000,000
-71,000,000
-212,000,000
-333,000,000
523,000,000
49,000,000
-380,000,000
173,000,000
-264,000,000
257,000,000
25,000,000
-451,000,000
23,000,000
616,000,000
11,000,000
-78,000,000
-57,000,000
19,000,000
271,000,000
-224,000,000
60,000,000
-324,000,000
Net Change in Cash Margin
1.39%
1.04%
0.52%
0.32%
0.26%
0.23%
1.33%
2.47%
0.37%
0.89%
0.14%
-0.17%
-0.46%
-0.73%
1.23%
0.11%
-0.66%
0.28%
-0.43%
0.46%
0.06%
-1.08%
0.04%
1.63%
0.04%
-0.32%
-0.23%
0.09%
1.95%
-1.98%
0.62%
-4.08%
Cash at Beginning of Period
1,560,000,000
1,076,600,000
808,800,000
757,666,667
725,050,000
657,800,000
2,623,000,000
1,152,000,000
905,000,000
381,000,000
322,000,000
393,000,000
605,000,000
934,000,000
411,000,000
362,000,000
742,000,000
569,000,000
835,000,000
578,000,000
553,000,000
1,004,000,000
981,000,000
365,000,000
354,000,000
432,000,000
489,000,000
470,000,000
199,000,000
423,000,000
363,000,000
0
Cash at Beginning of Period Margin
2.74%
1.93%
1.58%
1.44%
1.50%
1.72%
4.94%
1.93%
1.35%
0.64%
0.78%
0.96%
1.32%
2.04%
0.96%
0.83%
1.30%
0.93%
1.37%
1.03%
1.26%
2.39%
1.87%
0.96%
1.35%
1.77%
1.94%
2.12%
1.43%
3.74%
3.76%
0.00%
Cash at End of Period
2,367,666,667
1,677,800,000
1,105,000,000
942,533,333
869,750,000
776,320,000
3,328,000,000
2,623,000,000
1,152,000,000
905,000,000
381,000,000
322,000,000
393,000,000
601,000,000
934,000,000
411,000,000
362,000,000
742,000,000
571,000,000
835,000,000
578,000,000
553,000,000
1,004,000,000
981,000,000
365,000,000
354,000,000
432,000,000
489,000,000
470,000,000
199,000,000
423,000,000
-324,000,000
Cash at End of Period Margin
4.13%
2.97%
2.09%
1.77%
1.76%
1.94%
6.27%
4.41%
1.71%
1.53%
0.92%
0.78%
0.86%
1.31%
2.19%
0.95%
0.63%
1.21%
0.94%
1.49%
1.32%
1.32%
1.91%
2.59%
1.39%
1.45%
1.72%
2.21%
3.39%
1.76%
4.38%
-4.08%
Operating Cash Flow
-113,666,667
-1,354,200,000
-532,900,000
-132,066,667
-6,200,000
18,200,000
1,900,000,000
3,308,000,000
-5,549,000,000
-2,894,000,000
-3,536,000,000
-814,000,000
-1,264,000,000
1,006,000,000
1,904,000,000
610,000,000
1,399,000,000
2,225,000,000
-455,000,000
2,614,000,000
-2,435,000,000
-368,000,000
2,543,000,000
-411,000,000
-289,000,000
382,000,000
802,000,000
-41,000,000
130,000,000
209,000,000
-521,000,000
37,000,000
Operating Cash Flow Margin
0.29%
-2.51%
-0.92%
-0.32%
-0.07%
-0.04%
3.58%
5.56%
-8.25%
-4.89%
-8.54%
-1.98%
-2.76%
2.20%
4.46%
1.40%
2.45%
3.63%
-0.75%
4.66%
-5.54%
-0.88%
4.84%
-1.09%
-1.10%
1.57%
3.19%
-0.18%
0.94%
1.85%
-5.39%
0.47%
Capital Expenditure
-1,017,666,667
-763,400,000
-692,900,000
-806,800,000
-779,950,000
-679,840,000
-1,376,000,000
-1,122,000,000
-555,000,000
-399,000,000
-365,000,000
-524,000,000
-493,000,000
-662,000,000
-784,000,000
-649,000,000
-839,000,000
-1,042,000,000
-1,095,000,000
-1,125,000,000
-1,072,000,000
-918,000,000
-896,000,000
-658,000,000
-503,000,000
-522,000,000
-437,000,000
-304,000,000
-242,000,000
-230,000,000
-184,000,000
0
Capital Expenditure Margin
-1.77%
-1.37%
-1.40%
-1.56%
-1.65%
-1.67%
-2.59%
-1.88%
-0.83%
-0.67%
-0.88%
-1.27%
-1.08%
-1.45%
-1.84%
-1.49%
-1.47%
-1.70%
-1.80%
-2.01%
-2.44%
-2.19%
-1.70%
-1.74%
-1.91%
-2.14%
-1.74%
-1.37%
-1.74%
-2.04%
-1.90%
0.00%
Free Cash Flow
-1,131,333,333
-2,117,600,000
-1,669,100,000
-1,234,533,333
-1,007,900,000
-839,040,000
524,000,000
2,186,000,000
-6,104,000,000
-3,293,000,000
-3,901,000,000
-1,332,000,000
-1,757,000,000
-2,637,000,000
-338,000,000
-39,000,000
560,000,000
1,183,000,000
-1,552,000,000
1,489,000,000
-3,507,000,000
-1,286,000,000
1,647,000,000
-1,069,000,000
-792,000,000
-140,000,000
365,000,000
-345,000,000
-112,000,000
-21,000,000
-705,000,000
37,000,000
Free Cash Flow Margin
-1.47%
-3.88%
-3.31%
-2.54%
-2.22%
-2.11%
0.99%
3.67%
-9.08%
-5.57%
-9.42%
-3.24%
-3.84%
-5.76%
-0.79%
-0.09%
0.98%
1.93%
-2.54%
2.65%
-7.98%
-3.07%
3.13%
-2.82%
-3.01%
-0.57%
1.45%
-1.56%
-0.81%
-0.19%
-7.29%
0.47%

Free Cash Flow Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg25Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-312003-12-312002-12-312001-12-312000-12-311999-12-31
Revenue
59,960,000,000
56,087,200,000
49,924,700,000
51,919,733,333
48,089,450,000
41,758,920,000
53,108,000,000
59,540,000,000
67,232,000,000
59,152,000,000
41,404,000,000
41,140,000,000
45,743,000,000
45,794,000,000
42,679,000,000
43,455,000,000
57,161,000,000
61,347,000,000
60,991,000,000
56,097,000,000
43,953,000,000
41,926,000,000
52,574,000,000
37,842,000,000
26,274,000,000
24,377,000,000
25,168,000,000
22,165,000,000
13,882,000,000
11,302,000,000
9,667,000,000
7,950,000,000
EBITDA
3,119,333,333
2,940,600,000
2,053,500,000
2,068,733,333
1,899,400,000
1,651,240,000
2,463,000,000
4,018,000,000
2,877,000,000
3,232,000,000
2,113,000,000
-318,000,000
1,417,000,000
1,102,000,000
1,777,000,000
1,854,000,000
1,688,000,000
1,945,000,000
1,236,000,000
1,841,000,000
3,786,000,000
871,000,000
2,337,000,000
1,939,000,000
917,000,000
893,000,000
1,116,000,000
907,000,000
649,000,000
427,000,000
194,000,000
297,000,000
EBITDA Margin
5.22%
5.25%
3.94%
3.96%
3.91%
3.89%
4.64%
6.75%
4.28%
5.46%
5.10%
-0.77%
3.10%
2.41%
4.16%
4.27%
2.95%
3.17%
2.03%
3.28%
8.61%
2.08%
4.45%
5.12%
3.49%
3.66%
4.43%
4.09%
4.68%
3.78%
2.01%
3.74%
(-) Tax Adjustment
674,543,461
579,197,013
461,250,150
524,428,868
403,702,206
367,673,823
543,023,622
940,298,918
540,307,841
501,495,517
370,859,165
-22,695,436
556,234,649
268,313,043
392,510,040
522,154,139
572,632,153
1,734,003,945
-19,935,484
99,269,608
867,961,299
-425,822,222
364,458,943
500,491,257
-68,065,979
-163,450,893
425,493,404
294,518,578
178,089,710
151,229,167
68,470,588
-381,857,143
(-) Tax Adjustment Margin
1.14%
1.03%
0.90%
1.00%
0.75%
0.86%
1.02%
1.58%
0.80%
0.85%
0.90%
-0.06%
1.22%
0.59%
0.92%
1.20%
1.00%
2.83%
-0.03%
0.18%
1.97%
-1.02%
0.69%
1.32%
-0.26%
-0.67%
1.69%
1.33%
1.28%
1.34%
0.71%
-4.80%
(-) Change In Working Capital
-2,286,333,333
-3,392,600,000
-2,604,200,000
-1,872,466,667
-1,532,700,000
-1,311,320,000
95,000,000
673,000,000
-7,627,000,000
-5,007,000,000
-5,097,000,000
-2,003,000,000
-2,492,000,000
-2,880,000,000
-1,111,000,000
-593,000,000
447,000,000
1,072,000,000
-1,568,000,000
1,219,000,000
-3,215,000,000
-416,000,000
461,000,000
-1,563,000,000
-854,000,000
-195,000,000
38,000,000
-523,000,000
-580,000,000
-332,000,000
-732,000,000
0
(-) Change In Working Capital Margin
-3.35%
-6.16%
-5.14%
-3.77%
-3.24%
-3.27%
0.18%
1.13%
-11.34%
-8.46%
-12.31%
-4.87%
-5.45%
-6.29%
-2.60%
-1.36%
0.78%
1.75%
-2.57%
2.17%
-7.31%
-0.99%
0.88%
-4.13%
-3.25%
-0.80%
0.15%
-2.36%
-4.18%
-2.94%
-7.57%
0.00%
(-) Capital Expenditure
-1,017,666,667
-763,400,000
-692,900,000
-806,800,000
-779,950,000
-679,840,000
-1,376,000,000
-1,122,000,000
-555,000,000
-399,000,000
-365,000,000
-524,000,000
-493,000,000
-662,000,000
-784,000,000
-649,000,000
-839,000,000
-1,042,000,000
-1,095,000,000
-1,125,000,000
-1,072,000,000
-918,000,000
-896,000,000
-658,000,000
-503,000,000
-522,000,000
-437,000,000
-304,000,000
-242,000,000
-230,000,000
-184,000,000
0
(-) Capital Expenditure Margin
-1.77%
-1.37%
-1.40%
-1.56%
-1.65%
-1.67%
-2.59%
-1.88%
-0.83%
-0.67%
-0.88%
-1.27%
-1.08%
-1.45%
-1.84%
-1.49%
-1.47%
-1.70%
-1.80%
-2.01%
-2.44%
-2.19%
-1.70%
-1.74%
-1.91%
-2.14%
-1.74%
-1.37%
-1.74%
-2.04%
-1.90%
0.00%
Unlevered Free Cash Flow
3,713,456,539
4,990,602,987
3,503,549,850
2,609,971,132
2,248,447,794
1,915,046,177
448,976,378
1,282,701,082
9,408,692,159
7,338,504,483
6,474,140,835
1,183,695,436
2,859,765,351
3,051,686,957
1,711,489,960
1,275,845,861
-170,632,153
-1,903,003,945
1,728,935,484
-602,269,608
5,061,038,701
794,822,222
615,541,057
2,343,508,743
1,336,065,979
729,450,893
215,506,596
831,481,422
808,910,290
377,770,833
673,529,412
678,857,143
Unlevered Free Cash Flow Margin
5.66%
9.01%
6.78%
5.18%
4.75%
4.63%
0.85%
2.15%
13.99%
12.41%
15.64%
2.88%
6.25%
6.66%
4.01%
2.94%
-0.30%
-3.10%
2.83%
-1.07%
11.51%
1.90%
1.17%
6.19%
5.09%
2.99%
0.86%
3.75%
5.83%
3.34%
6.97%
8.54%
(-) Net Interest Income After Taxes
-263,874,697
-231,343,420
-209,707,570
-193,874,926
-170,532,100
-136,425,680
-240,094,488
-281,880,039
-269,649,564
-164,742,690
-200,350,318
-286,018,257
-187,096,491
-170,217,391
-142,578,313
-154,448,145
-171,798,365
-31,134,122
-244,887,097
-188,269,608
-174,959,003
-239,711,111
-124,075,111
-138,731,890
0
0
0
0
0
0
0
0
(-) Net Interest Income After Taxes Margin
-0.44%
-0.42%
-0.43%
-0.38%
-0.35%
-0.28%
-0.45%
-0.47%
-0.40%
-0.28%
-0.48%
-0.70%
-0.41%
-0.37%
-0.33%
-0.36%
-0.30%
-0.05%
-0.40%
-0.34%
-0.40%
-0.57%
-0.24%
-0.37%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Debt Issuance
313,666,667
409,200,000
359,300,000
180,533,333
168,250,000
168,880,000
1,416,000,000
230,000,000
-705,000,000
-1,097,000,000
2,202,000,000
-438,000,000
956,000,000
86,000,000
61,000,000
882,000,000
-591,000,000
-1,318,000,000
1,368,000,000
-824,000,000
480,000,000
166,000,000
-858,000,000
922,000,000
299,000,000
128,000,000
-166,000,000
-59,000,000
1,046,000,000
-518,000,000
554,000,000
0
Net Debt Issuance Margin
0.67%
1.09%
0.89%
0.50%
0.52%
0.73%
2.67%
0.39%
-1.05%
-1.85%
5.32%
-1.06%
2.09%
0.19%
0.14%
2.03%
-1.03%
-2.15%
2.24%
-1.47%
1.09%
0.40%
-1.63%
2.44%
1.14%
0.53%
-0.66%
-0.27%
7.53%
-4.58%
5.73%
0.00%
Levered Free Cash Flow
4,290,997,903
5,631,146,407
4,072,557,420
2,984,379,392
2,587,229,894
2,220,351,857
2,105,070,866
1,794,581,121
8,973,341,723
6,406,247,173
8,876,491,154
1,031,713,693
4,002,861,842
3,307,904,348
1,915,068,273
2,312,294,006
-589,833,787
-3,189,869,822
3,341,822,581
-1,238,000,000
5,715,997,704
1,200,533,333
-118,383,832
3,404,240,633
1,635,065,979
857,450,893
49,506,596
772,481,422
1,854,910,290
-140,229,167
1,227,529,412
678,857,143
Levered Free Cash Flow Margin
6.77%
10.52%
8.09%
6.06%
5.62%
5.63%
3.96%
3.01%
13.35%
10.83%
21.44%
2.51%
8.75%
7.22%
4.49%
5.32%
-1.03%
-5.20%
5.48%
-2.21%
13.00%
2.86%
-0.23%
9.00%
6.22%
3.52%
0.20%
3.49%
13.36%
-1.24%
12.70%
8.54%