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Keurig Dr Pepper Inc. (KDP)

Analysis: Margins & Ratios Industry: Beverages - Non-Alcoholic Sector: Consumer Defensive Live Price: $27.41

Income Statement Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y AvgTTMTTM-12024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-31
Revenue
14,740,666,667
13,704,600,000
10,649,700,000
9,076,600,000
8,053,900,000
16,174,000,000
15,148,000,000
15,351,000,000
14,814,000,000
14,057,000,000
12,683,000,000
11,618,000,000
11,120,000,000
7,442,000,000
6,690,000,000
6,440,000,000
6,282,000,000
6,121,000,000
5,997,000,000
5,995,000,000
5,903,000,000
5,636,000,000
5,531,000,000
5,710,000,000
5,748,000,000
4,735,000,000
3,205,000,000
3,065,000,000
Cost of Revenue
6,763,333,333
6,225,600,000
4,730,200,000
3,968,000,000
3,503,750,000
7,317,000,000
6,712,000,000
6,822,000,000
6,734,000,000
6,734,000,000
5,706,000,000
5,132,000,000
4,778,000,000
3,560,000,000
2,695,000,000
2,582,000,000
2,559,000,000
2,491,000,000
2,499,000,000
2,500,000,000
2,485,000,000
2,243,000,000
2,234,000,000
2,590,000,000
2,617,000,000
1,994,000,000
1,120,000,000
1,051,000,000
Cost of Revenue Margin
45.93%
45.39%
43.89%
42.99%
42.66%
45.24%
44.31%
44.44%
45.46%
47.90%
44.99%
44.17%
42.97%
47.84%
40.28%
40.09%
40.74%
40.70%
41.67%
41.70%
42.10%
39.80%
40.39%
45.36%
45.53%
42.11%
34.95%
34.29%
Gross Profit
7,977,333,333
7,479,000,000
5,919,500,000
5,108,600,000
4,550,150,000
8,857,000,000
8,436,000,000
8,529,000,000
8,080,000,000
7,323,000,000
6,977,000,000
6,486,000,000
6,342,000,000
3,882,000,000
3,995,000,000
3,858,000,000
3,723,000,000
3,630,000,000
3,498,000,000
3,495,000,000
3,418,000,000
3,393,000,000
3,297,000,000
3,120,000,000
3,131,000,000
2,741,000,000
2,085,000,000
2,014,000,000
Gross Profit Margin
54.07%
54.61%
56.11%
57.01%
57.34%
54.76%
55.69%
55.56%
54.54%
52.10%
55.01%
55.83%
57.03%
52.16%
59.72%
59.91%
59.26%
59.30%
58.33%
58.30%
57.90%
60.20%
59.61%
54.64%
54.47%
57.89%
65.05%
65.71%
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
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%
SG&A Expenses
4,856,666,667
4,540,200,000
3,649,600,000
3,194,400,000
2,849,100,000
5,189,000,000
4,974,000,000
5,013,000,000
4,912,000,000
4,645,000,000
4,153,000,000
3,978,000,000
3,962,000,000
2,635,000,000
2,556,000,000
2,329,000,000
2,313,000,000
2,334,000,000
2,328,000,000
2,268,000,000
2,257,000,000
2,233,000,000
2,135,000,000
2,075,000,000
2,018,000,000
1,659,000,000
1,179,000,000
1,135,000,000
SG&A Expenses Margin
32.95%
33.17%
34.81%
36.05%
36.13%
32.08%
32.84%
32.66%
33.16%
33.04%
32.74%
34.24%
35.63%
35.41%
38.21%
36.16%
36.82%
38.13%
38.82%
37.83%
38.23%
39.62%
38.60%
36.34%
35.11%
35.04%
36.79%
37.03%
Operating Expenses
5,181,333,333
4,726,600,000
3,769,900,000
3,317,733,333
3,014,750,000
6,099,000,000
4,965,000,000
5,938,000,000
4,888,000,000
4,718,000,000
4,083,000,000
4,006,000,000
3,964,000,000
2,645,000,000
2,607,000,000
2,425,000,000
2,425,000,000
2,450,000,000
2,452,000,000
2,403,000,000
2,394,000,000
2,368,000,000
2,212,000,000
3,288,000,000
2,127,000,000
1,723,000,000
1,179,000,000
1,180,000,000
Operating Expenses Margin
35.08%
34.38%
35.83%
37.46%
38.48%
37.71%
32.78%
38.68%
33.00%
33.56%
32.19%
34.48%
35.65%
35.54%
38.97%
37.66%
38.60%
40.03%
40.89%
40.08%
40.56%
42.02%
39.99%
57.58%
37.00%
36.39%
36.79%
38.50%
Operating Income (EBIT)
2,796,000,000
2,752,400,000
2,149,600,000
1,790,866,667
1,535,400,000
2,757,000,000
3,471,000,000
2,591,000,000
3,192,000,000
2,605,000,000
2,894,000,000
2,480,000,000
2,378,000,000
1,237,000,000
1,388,000,000
1,433,000,000
1,298,000,000
1,180,000,000
1,046,000,000
1,092,000,000
1,024,000,000
1,025,000,000
1,085,000,000
-168,000,000
1,004,000,000
1,018,000,000
906,000,000
834,000,000
Operating Income (EBIT) Margin
18.99%
20.22%
20.28%
19.55%
18.86%
17.05%
22.91%
16.88%
21.55%
18.53%
22.82%
21.35%
21.38%
16.62%
20.75%
22.25%
20.66%
19.28%
17.44%
18.22%
17.35%
18.19%
19.62%
-2.94%
17.47%
21.50%
28.27%
27.21%
Interest Income
0
0
800,000
1,333,333
10,300,000
0
0
0
0
0
0
0
0
0
3,000,000
3,000,000
2,000,000
2,000,000
2,000,000
2,000,000
3,000,000
3,000,000
4,000,000
32,000,000
64,000,000
46,000,000
40,000,000
0
Interest Income Margin
0.00%
0.00%
0.01%
0.02%
0.21%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04%
0.05%
0.03%
0.03%
0.03%
0.03%
0.05%
0.05%
0.07%
0.56%
1.11%
0.97%
1.25%
0.00%
Interest Expense
582,666,667
574,000,000
439,700,000
335,800,000
310,550,000
662,000,000
650,000,000
684,000,000
596,000,000
468,000,000
525,000,000
597,000,000
647,000,000
446,000,000
168,000,000
140,000,000
126,000,000
117,000,000
125,000,000
132,000,000
125,000,000
141,000,000
197,000,000
257,000,000
253,000,000
257,000,000
210,000,000
177,000,000
Interest Expense Margin
3.94%
4.22%
3.96%
3.36%
3.74%
4.09%
4.29%
4.46%
4.02%
3.33%
4.14%
5.14%
5.82%
5.99%
2.51%
2.17%
2.01%
1.91%
2.08%
2.20%
2.12%
2.50%
3.56%
4.50%
4.40%
5.43%
6.55%
5.77%
Net Interest Income
-582,666,667
-574,000,000
-438,900,000
-334,466,667
-300,250,000
-662,000,000
-650,000,000
-684,000,000
-596,000,000
-468,000,000
-525,000,000
-597,000,000
-647,000,000
-446,000,000
-165,000,000
-137,000,000
-124,000,000
-115,000,000
-123,000,000
-130,000,000
-122,000,000
-138,000,000
-193,000,000
-225,000,000
-189,000,000
-211,000,000
-170,000,000
-177,000,000
Net Interest Income Margin
-3.94%
-4.22%
-3.95%
-3.34%
-3.53%
-4.09%
-4.29%
-4.46%
-4.02%
-3.33%
-4.14%
-5.14%
-5.82%
-5.99%
-2.47%
-2.13%
-1.97%
-1.88%
-2.05%
-2.17%
-2.07%
-2.45%
-3.49%
-3.94%
-3.29%
-4.46%
-5.30%
-5.77%
Unusual Items
1,248,666,667
1,138,200,000
882,300,000
698,333,333
618,800,000
1,343,000,000
1,154,000,000
1,361,000,000
1,031,000,000
1,354,000,000
621,000,000
1,324,000,000
1,331,000,000
892,000,000
382,000,000
289,000,000
238,000,000
221,000,000
626,000,000
244,000,000
220,000,000
341,000,000
408,000,000
430,000,000
374,000,000
421,000,000
268,000,000
295,000,000
Unusual Items Margin
8.49%
8.35%
7.97%
7.17%
7.31%
8.30%
7.62%
8.87%
6.96%
9.63%
4.90%
11.40%
11.97%
11.99%
5.71%
4.49%
3.79%
3.61%
10.44%
4.07%
3.73%
6.05%
7.38%
7.53%
6.51%
8.89%
8.36%
9.62%
EBT Excluding Unusual Items
881,333,333
1,050,000,000
823,900,000
728,666,667
598,050,000
733,000,000
1,813,000,000
553,000,000
1,726,000,000
365,000,000
2,177,000,000
429,000,000
363,000,000
-101,000,000
789,000,000
992,000,000
946,000,000
853,000,000
-83,000,000
734,000,000
706,000,000
481,000,000
462,000,000
-803,000,000
445,000,000
387,000,000
540,000,000
421,000,000
EBT Excluding Unusual Items Margin
5.95%
7.74%
8.29%
8.54%
7.76%
4.53%
11.97%
3.60%
11.65%
2.60%
17.16%
3.69%
3.26%
-1.36%
11.79%
15.40%
15.06%
13.94%
-1.38%
12.24%
11.96%
8.53%
8.35%
-14.06%
7.74%
8.17%
16.85%
13.74%
Pre-Tax Income
2,130,000,000
2,188,200,000
1,706,200,000
1,427,000,000
1,216,850,000
2,076,000,000
2,967,000,000
1,914,000,000
2,757,000,000
1,719,000,000
2,798,000,000
1,753,000,000
1,694,000,000
791,000,000
1,171,000,000
1,281,000,000
1,184,000,000
1,074,000,000
543,000,000
978,000,000
926,000,000
822,000,000
870,000,000
-373,000,000
819,000,000
808,000,000
808,000,000
716,000,000
Pre-Tax Income Margin
14.44%
16.09%
16.26%
15.72%
15.07%
12.84%
19.59%
12.47%
18.61%
12.23%
22.06%
15.09%
15.23%
10.63%
17.50%
19.89%
18.85%
17.55%
9.05%
16.31%
15.69%
14.58%
15.73%
-6.53%
14.25%
17.06%
25.21%
23.36%
Income Tax Expense
444,333,333
482,800,000
400,500,000
350,533,333
322,650,000
494,000,000
689,000,000
473,000,000
576,000,000
284,000,000
653,000,000
428,000,000
440,000,000
202,000,000
95,000,000
434,000,000
420,000,000
371,000,000
-81,000,000
349,000,000
320,000,000
294,000,000
315,000,000
-61,000,000
322,000,000
298,000,000
321,000,000
270,000,000
Income Tax Expense Margin
3.00%
3.56%
3.93%
4.03%
4.35%
3.05%
4.55%
3.08%
3.89%
2.02%
5.15%
3.68%
3.96%
2.71%
1.42%
6.74%
6.69%
6.06%
-1.35%
5.82%
5.42%
5.22%
5.70%
-1.07%
5.60%
6.29%
10.02%
8.81%
Net Income
1,686,000,000
1,705,800,000
1,305,600,000
1,076,400,000
893,650,000
1,582,000,000
2,278,000,000
1,441,000,000
2,181,000,000
1,436,000,000
2,146,000,000
1,325,000,000
1,254,000,000
586,000,000
1,076,000,000
847,000,000
764,000,000
703,000,000
624,000,000
629,000,000
606,000,000
528,000,000
555,000,000
-312,000,000
497,000,000
510,000,000
477,000,000
446,000,000
Net Income Margin
11.44%
12.53%
12.32%
11.68%
10.70%
9.78%
15.04%
9.39%
14.72%
10.22%
16.92%
11.40%
11.28%
7.87%
16.08%
13.15%
12.16%
11.49%
10.41%
10.49%
10.27%
9.37%
10.03%
-5.46%
8.65%
10.77%
14.88%
14.55%
Depreciation and Amortization
720,666,667
704,600,000
529,500,000
430,933,333
362,650,000
737,000,000
732,000,000
733,000,000
720,000,000
709,000,000
708,000,000
653,000,000
658,000,000
434,000,000
229,000,000
224,000,000
227,000,000
235,000,000
234,000,000
240,000,000
232,000,000
228,000,000
207,000,000
195,000,000
169,000,000
139,000,000
79,000,000
0
Depreciation and Amortization Margin
4.89%
5.18%
4.81%
4.52%
4.17%
4.56%
4.83%
4.77%
4.86%
5.04%
5.58%
5.62%
5.92%
5.83%
3.42%
3.48%
3.61%
3.84%
3.90%
4.00%
3.93%
4.05%
3.74%
3.42%
2.94%
2.94%
2.46%
0.00%
EBITDA
3,492,000,000
3,498,400,000
2,692,300,000
2,202,000,000
1,888,850,000
3,576,000,000
4,251,000,000
3,382,000,000
3,973,000,000
3,121,000,000
4,006,000,000
3,010,000,000
3,006,000,000
1,677,000,000
1,566,000,000
1,654,000,000
1,528,000,000
1,417,000,000
899,000,000
1,343,000,000
1,271,000,000
1,177,000,000
1,318,000,000
77,000,000
1,173,000,000
1,184,000,000
995,000,000
870,000,000
EBITDA Margin
23.68%
25.71%
25.15%
23.63%
22.81%
22.11%
28.06%
22.03%
26.82%
22.20%
31.59%
25.91%
27.03%
22.53%
23.41%
25.68%
24.32%
23.15%
14.99%
22.40%
21.53%
20.88%
23.83%
1.35%
20.41%
25.01%
31.05%
28.38%
NOPAT
2,216,811,961
2,148,706,433
1,648,543,242
1,366,046,418
1,142,010,364
2,100,950,867
2,664,960,566
1,950,695,402
2,525,118,607
2,174,621,873
2,218,595,425
1,874,500,856
1,760,337,662
921,103,666
1,275,395,389
947,502,732
837,560,811
772,383,613
1,202,033,149
702,319,018
670,133,909
658,394,161
692,155,172
-140,525,469
609,264,957
642,549,505
546,066,832
519,502,793
NOPAT Margin
15.07%
15.77%
15.42%
14.77%
13.64%
12.99%
17.59%
12.71%
17.05%
15.47%
17.49%
16.13%
15.83%
12.38%
19.06%
14.71%
13.33%
12.62%
20.04%
11.72%
11.35%
11.68%
12.51%
-2.46%
10.60%
13.57%
17.04%
16.95%
Owner's Earnings
1,932,333,333
1,931,400,000
1,490,900,000
1,209,600,000
981,000,000
1,804,000,000
2,408,000,000
1,611,000,000
2,420,000,000
1,766,000,000
2,399,000,000
1,461,000,000
1,587,000,000
868,000,000
1,097,000,000
889,000,000
811,000,000
767,000,000
674,000,000
669,000,000
620,000,000
505,000,000
445,000,000
-408,000,000
436,000,000
491,000,000
512,000,000
375,000,000
Owner's Earnings Margin
13.13%
14.18%
13.99%
12.95%
11.46%
11.15%
15.90%
10.49%
16.34%
12.56%
18.92%
12.58%
14.27%
11.66%
16.40%
13.80%
12.91%
12.53%
11.24%
11.16%
10.50%
8.96%
8.05%
-7.15%
7.59%
10.37%
15.98%
12.23%

Balance Sheet Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-31
Revenue
14,740,666,667
13,704,600,000
10,649,700,000
9,076,600,000
8,053,900,000
15,351,000,000
14,814,000,000
14,057,000,000
12,683,000,000
11,618,000,000
11,120,000,000
7,442,000,000
6,690,000,000
6,440,000,000
6,282,000,000
6,121,000,000
5,997,000,000
5,995,000,000
5,903,000,000
5,636,000,000
5,531,000,000
5,710,000,000
5,748,000,000
4,735,000,000
3,205,000,000
3,065,000,000
Cash & Cash Equivalents
437,333,333
423,800,000
503,600,000
453,866,667
371,600,000
510,000,000
267,000,000
535,000,000
567,000,000
240,000,000
75,000,000
83,000,000
61,000,000
1,787,000,000
911,000,000
237,000,000
153,000,000
366,000,000
701,000,000
315,000,000
280,000,000
214,000,000
67,000,000
35,000,000
28,000,000
19,000,000
Cash & Cash Equivalents Margin
2.98%
3.09%
6.04%
6.03%
5.10%
3.32%
1.80%
3.81%
4.47%
2.07%
0.67%
1.12%
0.91%
27.75%
14.50%
3.87%
2.55%
6.11%
11.88%
5.59%
5.06%
3.75%
1.17%
0.74%
0.87%
0.62%
Short-Term Investments
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
Short-Term Investments 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%
Cash & Short-Term Investments
437,333,333
423,800,000
503,600,000
453,866,667
371,600,000
510,000,000
267,000,000
535,000,000
567,000,000
240,000,000
75,000,000
83,000,000
61,000,000
1,787,000,000
911,000,000
237,000,000
153,000,000
366,000,000
701,000,000
315,000,000
280,000,000
214,000,000
67,000,000
35,000,000
28,000,000
19,000,000
Cash & Short-Term Investments Margin
2.98%
3.09%
6.04%
6.03%
5.10%
3.32%
1.80%
3.81%
4.47%
2.07%
0.67%
1.12%
0.91%
27.75%
14.50%
3.87%
2.55%
6.11%
11.88%
5.59%
5.06%
3.75%
1.17%
0.74%
0.87%
0.62%
Net Receivables
1,636,666,667
1,465,600,000
1,171,900,000
984,400,000
961,200,000
1,723,000,000
1,519,000,000
1,668,000,000
1,274,000,000
1,144,000,000
1,184,000,000
1,223,000,000
710,000,000
646,000,000
628,000,000
617,000,000
622,000,000
602,000,000
635,000,000
571,000,000
572,000,000
532,000,000
2,190,000,000
1,164,000,000
0
0
Net Receivables Margin
11.11%
10.65%
11.10%
10.82%
12.23%
11.22%
10.25%
11.87%
10.04%
9.85%
10.65%
16.43%
10.61%
10.03%
10.00%
10.08%
10.37%
10.04%
10.76%
10.13%
10.34%
9.32%
38.10%
24.58%
0.00%
0.00%
Inventory
1,251,666,667
1,082,200,000
733,100,000
559,200,000
476,900,000
1,299,000,000
1,142,000,000
1,314,000,000
894,000,000
762,000,000
654,000,000
626,000,000
229,000,000
202,000,000
209,000,000
204,000,000
200,000,000
197,000,000
212,000,000
244,000,000
262,000,000
263,000,000
325,000,000
300,000,000
0
0
Inventory Margin
8.51%
7.83%
6.33%
5.41%
5.13%
8.46%
7.71%
9.35%
7.05%
6.56%
5.88%
8.41%
3.42%
3.14%
3.33%
3.33%
3.34%
3.29%
3.59%
4.33%
4.74%
4.61%
5.65%
6.34%
0.00%
0.00%
Other Current Assets
284,333,333
277,000,000
218,800,000
175,066,667
146,850,000
403,000,000
231,000,000
219,000,000
305,000,000
227,000,000
343,000,000
198,000,000
110,000,000
83,000,000
69,000,000
153,000,000
66,000,000
66,000,000
96,000,000
57,000,000
53,000,000
144,000,000
81,000,000
61,000,000
-28,000,000
-19,000,000
Other Current Assets Margin
1.91%
2.02%
1.99%
1.81%
1.63%
2.63%
1.56%
1.56%
2.40%
1.95%
3.08%
2.66%
1.64%
1.29%
1.10%
2.50%
1.10%
1.10%
1.63%
1.01%
0.96%
2.52%
1.41%
1.29%
-0.87%
-0.62%
Total Current Assets
3,725,333,333
3,324,200,000
2,672,300,000
2,230,266,667
2,018,450,000
3,997,000,000
3,375,000,000
3,804,000,000
3,057,000,000
2,388,000,000
2,273,000,000
2,159,000,000
1,117,000,000
2,736,000,000
1,817,000,000
1,211,000,000
1,119,000,000
1,335,000,000
1,757,000,000
1,309,000,000
1,279,000,000
1,237,000,000
2,739,000,000
1,632,000,000
28,000,000
19,000,000
Total Current Assets Margin
25.29%
24.11%
25.81%
24.79%
24.98%
26.04%
22.78%
27.06%
24.10%
20.55%
20.44%
29.01%
16.70%
42.48%
28.92%
19.78%
18.66%
22.27%
29.76%
23.23%
23.12%
21.66%
47.65%
34.47%
0.87%
0.62%
Property, Plant & Equipment
3,597,000,000
3,363,000,000
2,514,200,000
2,065,200,000
1,735,000,000
3,844,000,000
3,575,000,000
3,372,000,000
3,167,000,000
2,857,000,000
2,525,000,000
2,310,000,000
1,198,000,000
1,138,000,000
1,156,000,000
1,141,000,000
1,173,000,000
1,202,000,000
1,152,000,000
1,168,000,000
1,109,000,000
990,000,000
868,000,000
755,000,000
0
0
Property, Plant & Equipment Margin
24.39%
24.54%
23.04%
21.93%
19.87%
25.04%
24.13%
23.99%
24.97%
24.59%
22.71%
31.04%
17.91%
17.67%
18.40%
18.64%
19.56%
20.05%
19.52%
20.72%
20.05%
17.34%
15.10%
15.95%
0.00%
0.00%
Goodwill
20,109,000,000
20,138,600,000
15,041,800,000
11,022,866,667
8,883,600,000
20,053,000,000
20,202,000,000
20,072,000,000
20,182,000,000
20,184,000,000
20,172,000,000
20,011,000,000
3,561,000,000
2,993,000,000
2,988,000,000
2,990,000,000
2,988,000,000
2,983,000,000
2,980,000,000
2,984,000,000
2,983,000,000
2,983,000,000
3,183,000,000
3,180,000,000
0
0
Goodwill Margin
136.60%
148.53%
134.02%
106.14%
91.04%
130.63%
136.37%
142.79%
159.13%
173.73%
181.40%
268.89%
53.23%
46.48%
47.56%
48.85%
49.82%
49.76%
50.48%
52.95%
53.93%
52.24%
55.38%
67.16%
0.00%
0.00%
Intangible Assets
23,368,000,000
23,585,600,000
17,511,200,000
12,569,466,667
10,061,200,000
23,634,000,000
23,287,000,000
23,183,000,000
23,856,000,000
23,968,000,000
24,117,000,000
23,967,000,000
3,781,000,000
2,656,000,000
2,663,000,000
2,684,000,000
2,694,000,000
2,684,000,000
2,677,000,000
2,691,000,000
2,702,000,000
2,712,000,000
3,617,000,000
3,651,000,000
0
0
Intangible Assets Margin
158.69%
174.09%
154.95%
118.41%
100.63%
153.96%
157.20%
164.92%
188.09%
206.30%
216.88%
322.05%
56.52%
41.24%
42.39%
43.85%
44.92%
44.77%
45.35%
47.75%
48.85%
47.50%
62.93%
77.11%
0.00%
0.00%
Long-Term Investments
1,379,000,000
871,200,000
499,700,000
340,666,667
256,550,000
1,632,000,000
1,456,000,000
1,049,000,000
89,000,000
130,000,000
192,000,000
231,000,000
73,000,000
74,000,000
71,000,000
39,000,000
36,000,000
14,000,000
13,000,000
11,000,000
9,000,000
12,000,000
0
0
0
0
Long-Term Investments Margin
9.31%
5.95%
3.79%
2.66%
2.01%
10.63%
9.83%
7.46%
0.70%
1.12%
1.73%
3.10%
1.09%
1.15%
1.13%
0.64%
0.60%
0.23%
0.22%
0.20%
0.16%
0.21%
0.00%
0.00%
0.00%
0.00%
Tax Assets
35,000,000
38,400,000
43,500,000
66,600,000
65,350,000
39,000,000
31,000,000
35,000,000
42,000,000
45,000,000
29,000,000
26,000,000
62,000,000
62,000,000
64,000,000
74,000,000
85,000,000
130,000,000
131,000,000
144,000,000
151,000,000
140,000,000
8,000,000
9,000,000
0
0
Tax Assets Margin
0.24%
0.29%
0.49%
0.97%
1.00%
0.25%
0.21%
0.25%
0.33%
0.39%
0.26%
0.35%
0.93%
0.96%
1.02%
1.21%
1.42%
2.17%
2.22%
2.56%
2.73%
2.45%
0.14%
0.19%
0.00%
0.00%
Other Non-Current Assets
252,333,333
233,800,000
206,500,000
266,800,000
267,050,000
231,000,000
204,000,000
322,000,000
205,000,000
207,000,000
210,000,000
214,000,000
230,000,000
132,000,000
110,000,000
126,000,000
106,000,000
580,000,000
573,000,000
552,000,000
543,000,000
564,000,000
113,000,000
119,000,000
0
0
Other Non-Current Assets Margin
1.72%
1.71%
2.06%
3.57%
3.89%
1.50%
1.38%
2.29%
1.62%
1.78%
1.89%
2.88%
3.44%
2.05%
1.75%
2.06%
1.77%
9.67%
9.71%
9.79%
9.82%
9.88%
1.97%
2.51%
0.00%
0.00%
Other Assets
0
0
0
0
371,650,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,433,000,000
7,625,000,000
Other Assets Margin
0.00%
0.00%
0.00%
0.00%
11.60%
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%
231.92%
248.78%
Total Non-Current Assets
48,740,333,333
48,230,600,000
35,816,900,000
26,332,133,333
21,269,150,000
49,433,000,000
48,755,000,000
48,033,000,000
47,541,000,000
47,391,000,000
47,245,000,000
46,759,000,000
8,905,000,000
7,055,000,000
7,052,000,000
7,062,000,000
7,082,000,000
7,593,000,000
7,526,000,000
7,550,000,000
7,497,000,000
7,401,000,000
7,789,000,000
7,714,000,000
0
0
Total Non-Current Assets Margin
330.94%
355.12%
318.37%
253.68%
218.44%
322.02%
329.11%
341.70%
374.84%
407.91%
424.87%
628.31%
133.11%
109.55%
112.26%
115.37%
118.09%
126.66%
127.49%
133.96%
135.55%
129.61%
135.51%
162.91%
0.00%
0.00%
Total Assets
52,465,666,667
51,554,800,000
38,489,200,000
28,562,400,000
23,657,850,000
53,430,000,000
52,130,000,000
51,837,000,000
50,598,000,000
49,779,000,000
49,518,000,000
48,918,000,000
10,022,000,000
9,791,000,000
8,869,000,000
8,273,000,000
8,201,000,000
8,928,000,000
9,283,000,000
8,859,000,000
8,776,000,000
8,638,000,000
10,528,000,000
9,346,000,000
7,433,000,000
7,625,000,000
Total Assets Margin
356.24%
379.22%
344.18%
278.47%
254.97%
348.06%
351.90%
368.76%
398.94%
428.46%
445.31%
657.32%
149.81%
152.03%
141.18%
135.16%
136.75%
148.92%
157.26%
157.19%
158.67%
151.28%
183.16%
197.38%
231.92%
248.78%
Accounts Payable
3,929,333,333
3,968,800,000
2,626,500,000
1,844,733,333
1,465,100,000
2,985,000,000
3,597,000,000
5,206,000,000
4,316,000,000
3,740,000,000
3,176,000,000
2,300,000,000
365,000,000
303,000,000
277,000,000
289,000,000
271,000,000
283,000,000
265,000,000
298,000,000
850,000,000
234,000,000
279,000,000
268,000,000
0
0
Accounts Payable Margin
26.92%
29.40%
22.10%
16.32%
13.74%
19.44%
24.28%
37.03%
34.03%
32.19%
28.56%
30.91%
5.46%
4.70%
4.41%
4.72%
4.52%
4.72%
4.49%
5.29%
15.37%
4.10%
4.85%
5.66%
0.00%
0.00%
Short-Term Debt
2,261,000,000
1,886,400,000
1,304,900,000
948,200,000
753,100,000
2,642,000,000
3,246,000,000
895,000,000
304,000,000
2,345,000,000
1,593,000,000
1,458,000,000
66,000,000
0
500,000,000
3,000,000
66,000,000
249,000,000
452,000,000
404,000,000
0
5,000,000
126,000,000
708,000,000
0
0
Short-Term Debt Margin
15.16%
13.61%
11.09%
8.74%
7.41%
17.21%
21.91%
6.37%
2.40%
20.18%
14.33%
19.59%
0.99%
0.00%
7.96%
0.05%
1.10%
4.15%
7.66%
7.17%
0.00%
0.09%
2.19%
14.95%
0.00%
0.00%
Tax Payables
61,000,000
73,200,000
54,300,000
78,600,000
59,400,000
67,000,000
29,000,000
87,000,000
144,000,000
39,000,000
75,000,000
60,000,000
11,000,000
4,000,000
27,000,000
10,000,000
33,000,000
45,000,000
530,000,000
18,000,000
4,000,000
5,000,000
0
0
0
0
Tax Payables Margin
0.42%
0.54%
0.49%
1.04%
0.79%
0.44%
0.20%
0.62%
1.14%
0.34%
0.67%
0.81%
0.16%
0.06%
0.43%
0.16%
0.55%
0.75%
8.98%
0.32%
0.07%
0.09%
0.00%
0.00%
0.00%
0.00%
Deferred Revenue
0
0
19,200,000
34,400,000
25,800,000
0
0
0
0
0
0
0
64,000,000
64,000,000
64,000,000
64,000,000
65,000,000
65,000,000
65,000,000
65,000,000
0
0
0
0
0
0
Deferred Revenue Margin
0.00%
0.00%
0.30%
0.56%
0.42%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.96%
0.99%
1.02%
1.05%
1.08%
1.08%
1.10%
1.15%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Current Liabilities
446,666,667
389,600,000
431,300,000
455,066,667
365,300,000
495,000,000
424,000,000
421,000,000
309,000,000
299,000,000
270,000,000
362,000,000
596,000,000
549,000,000
588,000,000
564,000,000
493,000,000
492,000,000
483,000,000
481,000,000
-150,000,000
413,000,000
22,000,000
195,000,000
0
0
Other Current Liabilities Margin
3.03%
2.82%
4.82%
6.04%
4.98%
3.22%
2.86%
2.99%
2.44%
2.57%
2.43%
4.86%
8.91%
8.52%
9.36%
9.21%
8.22%
8.21%
8.18%
8.53%
-2.71%
7.23%
0.38%
4.12%
0.00%
0.00%
Total Current Liabilities
8,359,666,667
7,851,600,000
5,530,600,000
4,123,933,333
3,317,000,000
8,087,000,000
8,916,000,000
8,076,000,000
6,485,000,000
7,694,000,000
6,474,000,000
5,702,000,000
1,238,000,000
1,051,000,000
1,583,000,000
1,038,000,000
1,030,000,000
1,232,000,000
1,915,000,000
1,338,000,000
854,000,000
801,000,000
1,135,000,000
1,691,000,000
0
0
Total Current Liabilities Margin
56.77%
57.53%
48.25%
39.56%
33.92%
52.68%
60.19%
57.45%
51.13%
66.22%
58.22%
76.62%
18.51%
16.32%
25.20%
16.96%
17.18%
20.55%
32.44%
23.74%
15.44%
14.03%
19.75%
35.71%
0.00%
0.00%
Long-Term Debt
11,309,666,667
11,330,000,000
9,497,900,000
7,094,266,667
6,087,500,000
12,912,000,000
9,945,000,000
11,072,000,000
11,578,000,000
11,143,000,000
12,827,000,000
14,201,000,000
4,230,000,000
4,325,000,000
2,746,000,000
2,502,000,000
2,508,000,000
2,499,000,000
2,249,000,000
1,677,000,000
2,960,000,000
3,522,000,000
2,912,000,000
3,084,000,000
2,858,000,000
3,468,000,000
Long-Term Debt Margin
76.67%
83.44%
89.75%
72.65%
70.49%
84.11%
67.13%
78.77%
91.29%
95.91%
115.35%
190.82%
63.23%
67.16%
43.71%
40.88%
41.82%
41.68%
38.10%
29.76%
53.52%
61.68%
50.66%
65.13%
89.17%
113.15%
Capital Lease Obligations
1,656,333,333
1,469,400,000
895,600,000
919,666,667
689,750,000
1,720,000,000
1,633,000,000
1,616,000,000
1,384,000,000
994,000,000
806,000,000
331,000,000
183,000,000
153,000,000
136,000,000
2,588,000,000
56,000,000
56,000,000
452,000,000
1,687,000,000
0
0
0
0
0
0
Capital Lease Obligations Margin
11.24%
10.64%
7.22%
10.26%
7.70%
11.20%
11.02%
11.50%
10.91%
8.56%
7.25%
4.45%
2.74%
2.38%
2.16%
42.28%
0.93%
0.93%
7.66%
29.93%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Deferred Tax Liabilities
5,644,666,667
5,782,600,000
4,307,900,000
3,128,933,333
2,578,450,000
5,435,000,000
5,760,000,000
5,739,000,000
5,986,000,000
5,993,000,000
6,030,000,000
5,923,000,000
614,000,000
812,000,000
787,000,000
801,000,000
755,000,000
630,000,000
586,000,000
1,083,000,000
1,038,000,000
981,000,000
1,324,000,000
1,292,000,000
0
0
Deferred Tax Liabilities Margin
38.37%
42.78%
38.20%
29.82%
26.68%
35.40%
38.88%
40.83%
47.20%
51.58%
54.23%
79.59%
9.18%
12.61%
12.53%
13.09%
12.59%
10.51%
9.93%
19.22%
18.77%
17.18%
23.03%
27.29%
0.00%
0.00%
Other Non-Current Liabilities
703,333,333
539,800,000
392,000,000
461,133,333
284,400,000
1,286,000,000
420,000,000
404,000,000
348,000,000
241,000,000
234,000,000
254,000,000
264,000,000
209,000,000
260,000,000
302,000,000
258,000,000
846,000,000
814,000,000
777,000,000
737,000,000
727,000,000
136,000,000
29,000,000
-2,858,000,000
-3,468,000,000
Other Non-Current Liabilities Margin
4.70%
3.78%
3.58%
5.78%
1.33%
8.38%
2.84%
2.87%
2.74%
2.07%
2.10%
3.41%
3.95%
3.25%
4.14%
4.93%
4.30%
14.11%
13.79%
13.79%
13.32%
12.73%
2.37%
0.61%
-89.17%
-113.15%
Total Non-Current Liabilities
19,091,333,333
18,934,000,000
15,318,200,000
11,906,133,333
9,866,700,000
21,100,000,000
17,538,000,000
18,636,000,000
19,141,000,000
18,255,000,000
19,787,000,000
20,683,000,000
6,333,000,000
6,606,000,000
5,103,000,000
4,933,000,000
4,894,000,000
5,416,000,000
5,105,000,000
5,062,000,000
4,735,000,000
5,230,000,000
4,372,000,000
4,405,000,000
0
0
Total Non-Current Liabilities Margin
129.47%
139.29%
143.08%
123.98%
110.30%
137.45%
118.39%
132.57%
150.92%
157.13%
177.94%
277.92%
94.66%
102.58%
81.23%
80.59%
81.61%
90.34%
86.48%
89.82%
85.61%
91.59%
76.06%
93.03%
0.00%
0.00%
Total Liabilities
27,451,000,000
26,785,600,000
20,848,800,000
16,030,600,000
13,434,450,000
29,187,000,000
26,454,000,000
26,712,000,000
25,626,000,000
25,949,000,000
26,261,000,000
26,385,000,000
7,571,000,000
7,657,000,000
6,686,000,000
5,979,000,000
5,924,000,000
6,648,000,000
7,020,000,000
6,400,000,000
5,589,000,000
6,031,000,000
5,507,000,000
6,096,000,000
5,007,000,000
5,519,000,000
Total Liabilities Margin
186.24%
196.83%
191.33%
163.54%
152.03%
190.13%
178.57%
190.03%
202.05%
223.35%
236.16%
354.54%
113.17%
118.90%
106.43%
97.68%
98.78%
110.89%
118.92%
113.56%
101.05%
105.62%
95.81%
128.74%
156.22%
180.07%
Preferred Stock
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
Preferred Stock Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock
14,000,000
14,000,000
10,400,000
7,600,000
6,000,000
14,000,000
14,000,000
14,000,000
14,000,000
14,000,000
14,000,000
14,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
3,000,000
3,000,000
0
0
0
0
Common Stock Margin
0.10%
0.10%
0.09%
0.07%
0.06%
0.09%
0.09%
0.10%
0.11%
0.12%
0.13%
0.19%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.04%
0.05%
0.05%
0.00%
0.00%
0.00%
0.00%
Retained Earnings
4,297,000,000
3,630,200,000
2,799,300,000
2,225,133,333
1,651,700,000
4,793,000,000
4,559,000,000
3,539,000,000
3,199,000,000
2,061,000,000
1,582,000,000
1,178,000,000
2,651,000,000
2,266,000,000
2,165,000,000
1,771,000,000
1,393,000,000
1,080,000,000
740,000,000
400,000,000
87,000,000
-430,000,000
0
0
0
0
Retained Earnings Margin
29.06%
26.03%
26.95%
23.95%
17.67%
31.22%
30.77%
25.18%
25.22%
17.74%
14.23%
15.83%
39.63%
35.19%
34.46%
28.93%
23.23%
18.02%
12.54%
7.10%
1.57%
-7.53%
0.00%
0.00%
0.00%
0.00%
Accumulated OCI
56,000,000
43,800,000
-43,300,000
-60,400,000
109,950,000
-276,000,000
315,000,000
129,000,000
-26,000,000
77,000,000
104,000,000
-130,000,000
-202,000,000
-229,000,000
-195,000,000
-137,000,000
-88,000,000
-110,000,000
-110,000,000
-28,000,000
-59,000,000
-106,000,000
20,000,000
3,250,000,000
0
0
Accumulated OCI Margin
0.42%
0.34%
-0.88%
-1.11%
2.47%
-1.80%
2.13%
0.92%
-0.20%
0.66%
0.94%
-1.75%
-3.02%
-3.56%
-3.10%
-2.24%
-1.47%
-1.83%
-1.86%
-0.50%
-1.07%
-1.86%
0.35%
68.64%
0.00%
0.00%
Minority Interest
-333,333
0
0
2,225,933
1,669,450
0
0
-1,000,000
0
1,000,000
0
0
0
0
0
12,440,000
11,045,000
9,904,000
0
0
0
0
0
0
0
0
Minority Interest Margin
0.00%
0.00%
0.00%
0.04%
0.03%
0.00%
0.00%
-0.01%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.20%
0.18%
0.17%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Shareholders’ Equity
25,015,000,000
24,769,200,000
17,640,400,000
12,531,800,000
10,223,400,000
24,243,000,000
25,676,000,000
25,126,000,000
24,972,000,000
23,829,000,000
23,257,000,000
22,533,000,000
2,451,000,000
2,134,000,000
2,183,000,000
2,294,000,000
2,277,000,000
2,280,000,000
2,263,000,000
2,459,000,000
3,187,000,000
2,607,000,000
5,021,000,000
3,250,000,000
2,426,000,000
2,106,000,000
Total Shareholders’ Equity Margin
170.00%
182.40%
152.84%
114.93%
102.94%
157.92%
173.32%
178.74%
196.89%
205.10%
209.15%
302.78%
36.64%
33.14%
34.75%
37.48%
37.97%
38.03%
38.34%
43.63%
57.62%
45.66%
87.35%
68.64%
75.69%
68.71%
Total Equity
25,014,666,667
24,769,200,000
17,640,400,000
12,534,025,933
10,225,069,450
24,243,000,000
25,676,000,000
25,125,000,000
24,972,000,000
23,830,000,000
23,257,000,000
22,533,000,000
2,451,000,000
2,134,000,000
2,183,000,000
2,306,440,000
2,288,045,000
2,289,904,000
2,263,000,000
2,459,000,000
3,187,000,000
2,607,000,000
5,021,000,000
3,250,000,000
2,426,000,000
2,106,000,000
Total Equity Margin
169.99%
182.40%
152.84%
114.96%
102.97%
157.92%
173.32%
178.74%
196.89%
205.11%
209.15%
302.78%
36.64%
33.14%
34.75%
37.68%
38.15%
38.20%
38.34%
43.63%
57.62%
45.66%
87.35%
68.64%
75.69%
68.71%
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
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%
Total Investments
1,379,000,000
871,200,000
499,700,000
340,666,667
256,550,000
1,632,000,000
1,456,000,000
1,049,000,000
89,000,000
130,000,000
192,000,000
231,000,000
73,000,000
74,000,000
71,000,000
39,000,000
36,000,000
14,000,000
13,000,000
11,000,000
9,000,000
12,000,000
0
0
0
0
Total Investments Margin
9.31%
5.95%
3.79%
2.66%
2.01%
10.63%
9.83%
7.46%
0.70%
1.12%
1.73%
3.10%
1.09%
1.15%
1.13%
0.64%
0.60%
0.23%
0.22%
0.20%
0.16%
0.21%
0.00%
0.00%
0.00%
0.00%
Net Debt
14,789,666,667
14,262,000,000
11,194,800,000
8,199,666,667
6,927,300,000
16,764,000,000
14,557,000,000
13,048,000,000
12,699,000,000
14,242,000,000
15,151,000,000
15,907,000,000
4,418,000,000
2,691,000,000
2,471,000,000
2,349,000,000
2,477,000,000
2,438,000,000
2,007,000,000
1,776,000,000
2,680,000,000
3,313,000,000
2,971,000,000
3,757,000,000
2,830,000,000
3,449,000,000
Net Debt Margin
100.10%
104.60%
102.02%
80.40%
76.59%
109.20%
98.27%
92.82%
100.13%
122.59%
136.25%
213.75%
66.04%
41.79%
39.33%
38.38%
41.30%
40.67%
34.00%
31.51%
48.45%
58.02%
51.69%
79.35%
88.30%
112.53%

Capital Metrics

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-31
Revenue
14,740,666,667
13,704,600,000
10,649,700,000
9,076,600,000
8,053,900,000
15,351,000,000
14,814,000,000
14,057,000,000
12,683,000,000
11,618,000,000
11,120,000,000
7,442,000,000
6,690,000,000
6,440,000,000
6,282,000,000
6,121,000,000
5,997,000,000
5,995,000,000
5,903,000,000
5,636,000,000
5,531,000,000
5,710,000,000
5,748,000,000
4,735,000,000
3,205,000,000
3,065,000,000
Working Capital
-4,634,333,333
-4,527,400,000
-2,858,300,000
-1,893,666,667
-1,298,550,000
-4,090,000,000
-5,541,000,000
-4,272,000,000
-3,428,000,000
-5,306,000,000
-4,201,000,000
-3,543,000,000
-121,000,000
1,685,000,000
234,000,000
173,000,000
89,000,000
103,000,000
-158,000,000
-29,000,000
425,000,000
436,000,000
1,604,000,000
-59,000,000
28,000,000
19,000,000
Working Capital Margin
-31.48%
-33.43%
-22.44%
-14.77%
-8.94%
-26.64%
-37.40%
-30.39%
-27.03%
-45.67%
-37.78%
-47.61%
-1.81%
26.16%
3.72%
2.83%
1.48%
1.72%
-2.68%
-0.51%
7.68%
7.64%
27.91%
-1.25%
0.87%
0.62%
Total Capital
40,242,000,000
39,455,000,000
29,338,800,000
21,185,333,333
17,522,300,000
41,517,000,000
40,500,000,000
38,709,000,000
38,238,000,000
38,311,000,000
38,483,000,000
38,523,000,000
6,930,000,000
6,612,000,000
5,565,000,000
4,880,000,000
4,907,000,000
5,084,000,000
4,971,000,000
4,550,000,000
6,147,000,000
6,134,000,000
8,059,000,000
7,042,000,000
5,284,000,000
5,574,000,000
Total Capital Margin
273.07%
290.09%
260.90%
201.35%
184.63%
270.45%
273.39%
275.37%
301.49%
329.76%
346.07%
517.64%
103.59%
102.67%
88.59%
79.73%
81.82%
84.80%
84.21%
80.73%
111.14%
107.43%
140.21%
148.72%
164.87%
181.86%
Capital Employed
44,106,000,000
43,703,200,000
32,958,600,000
24,438,466,667
20,340,850,000
45,343,000,000
43,214,000,000
43,761,000,000
44,113,000,000
42,085,000,000
43,044,000,000
43,216,000,000
8,784,000,000
8,740,000,000
7,286,000,000
7,235,000,000
7,171,000,000
7,696,000,000
7,368,000,000
7,521,000,000
7,922,000,000
7,837,000,000
9,393,000,000
7,655,000,000
7,433,000,000
7,625,000,000
Capital Employed Margin
299.47%
321.69%
295.92%
238.91%
221.06%
295.37%
291.71%
311.31%
347.81%
362.24%
387.09%
580.70%
131.30%
135.71%
115.98%
118.20%
119.58%
128.37%
124.82%
133.45%
143.23%
137.25%
163.41%
161.67%
231.92%
248.78%
Invested Capital
39,804,666,667
39,031,200,000
28,835,200,000
20,731,466,667
17,150,700,000
41,007,000,000
40,233,000,000
38,174,000,000
37,671,000,000
38,071,000,000
38,408,000,000
38,440,000,000
6,869,000,000
4,825,000,000
4,654,000,000
4,643,000,000
4,754,000,000
4,718,000,000
4,270,000,000
4,235,000,000
5,867,000,000
5,920,000,000
7,992,000,000
7,007,000,000
5,256,000,000
5,555,000,000
Invested Capital Margin
270.09%
287.00%
254.86%
195.33%
179.53%
267.13%
271.59%
271.57%
297.02%
327.69%
345.40%
516.53%
102.68%
74.92%
74.08%
75.85%
79.27%
78.70%
72.34%
75.14%
106.07%
103.68%
139.04%
147.98%
163.99%
181.24%

Cash Flow Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-31
Revenue
14,740,666,667
13,704,600,000
10,649,700,000
9,076,600,000
8,053,900,000
15,351,000,000
14,814,000,000
14,057,000,000
12,683,000,000
11,618,000,000
11,120,000,000
7,442,000,000
6,690,000,000
6,440,000,000
6,282,000,000
6,121,000,000
5,997,000,000
5,995,000,000
5,903,000,000
5,636,000,000
5,531,000,000
5,710,000,000
5,748,000,000
4,735,000,000
3,205,000,000
3,065,000,000
Net Income
1,686,000,000
1,705,800,000
1,305,900,000
1,076,600,000
893,800,000
1,441,000,000
2,181,000,000
1,436,000,000
2,146,000,000
1,325,000,000
1,254,000,000
589,000,000
1,076,000,000
847,000,000
764,000,000
703,000,000
624,000,000
629,000,000
606,000,000
528,000,000
555,000,000
-312,000,000
497,000,000
510,000,000
477,000,000
446,000,000
Net Income Margin
11.44%
12.53%
12.32%
11.68%
10.71%
9.39%
14.72%
10.22%
16.92%
11.40%
11.28%
7.91%
16.08%
13.15%
12.16%
11.49%
10.41%
10.49%
10.27%
9.37%
10.03%
-5.46%
8.65%
10.77%
14.88%
14.55%
Depreciation & Amortization
720,666,667
704,600,000
536,300,000
435,133,333
366,450,000
733,000,000
720,000,000
709,000,000
708,000,000
653,000,000
698,000,000
462,000,000
229,000,000
224,000,000
227,000,000
235,000,000
234,000,000
240,000,000
232,000,000
223,000,000
207,000,000
208,000,000
169,000,000
139,000,000
79,000,000
0
Depreciation & Amortization Margin
4.89%
5.18%
4.89%
4.57%
4.21%
4.77%
4.86%
5.04%
5.58%
5.62%
6.28%
6.21%
3.42%
3.48%
3.61%
3.84%
3.90%
4.00%
3.93%
3.96%
3.74%
3.64%
2.94%
2.94%
2.46%
0.00%
Deferred Income Tax
-182,333,333
-113,400,000
-81,400,000
-66,866,667
-50,800,000
-254,000,000
-4,000,000
-289,000,000
31,000,000
-51,000,000
-23,000,000
-81,000,000
-201,000,000
29,000,000
29,000,000
43,000,000
138,000,000
91,000,000
-498,000,000
37,000,000
103,000,000
-241,000,000
55,000,000
14,000,000
56,000,000
0
Deferred Income Tax Margin
-1.25%
-0.79%
-0.73%
-0.71%
-0.50%
-1.65%
-0.03%
-2.06%
0.24%
-0.44%
-0.21%
-1.09%
-3.00%
0.45%
0.46%
0.70%
2.30%
1.52%
-8.44%
0.66%
1.86%
-4.22%
0.96%
0.30%
1.75%
0.00%
Stock-Based Compensation
88,666,667
87,800,000
66,300,000
56,400,000
43,250,000
98,000,000
116,000,000
52,000,000
88,000,000
85,000,000
64,000,000
35,000,000
36,000,000
45,000,000
44,000,000
48,000,000
37,000,000
35,000,000
34,000,000
29,000,000
19,000,000
0
0
0
0
0
Stock-Based Compensation Margin
0.60%
0.64%
0.62%
0.62%
0.48%
0.64%
0.78%
0.37%
0.69%
0.73%
0.58%
0.47%
0.54%
0.70%
0.70%
0.78%
0.62%
0.58%
0.58%
0.51%
0.34%
0.00%
0.00%
0.00%
0.00%
0.00%
Change in Working Capital
-871,000,000
-419,200,000
-142,200,000
6,266,667
-5,750,000
-591,000,000
-1,747,000,000
-275,000,000
351,000,000
166,000,000
366,000,000
457,000,000
-45,000,000
-98,000,000
-6,000,000
37,000,000
-137,000,000
-454,000,000
427,000,000
1,643,000,000
-22,000,000
-37,000,000
-79,000,000
-61,000,000
-10,000,000
0
Change in Working Capital Margin
-5.87%
-2.68%
-0.63%
1.39%
0.84%
-3.85%
-11.79%
-1.96%
2.77%
1.43%
3.29%
6.14%
-0.67%
-1.52%
-0.10%
0.60%
-2.28%
-7.57%
7.23%
29.15%
-0.40%
-0.65%
-1.37%
-1.29%
-0.31%
0.00%
Accounts Receivable
-179,000,000
-138,800,000
-72,300,000
-52,000,000
-38,950,000
-209,000,000
70,000,000
-398,000,000
-152,000,000
-5,000,000
-7,000,000
82,000,000
-47,000,000
-31,000,000
-26,000,000
-5,000,000
-13,000,000
36,000,000
-73,000,000
-2,000,000
5,000,000
-4,000,000
0
0
0
0
Accounts Receivable Margin
-1.24%
-0.99%
-0.55%
-0.43%
-0.32%
-1.36%
0.47%
-2.83%
-1.20%
-0.04%
-0.06%
1.10%
-0.70%
-0.48%
-0.41%
-0.08%
-0.22%
0.60%
-1.24%
-0.04%
0.09%
-0.07%
0.00%
0.00%
0.00%
0.00%
Inventory
-112,000,000
-115,200,000
-42,600,000
-24,800,000
-14,750,000
-92,000,000
182,000,000
-426,000,000
-133,000,000
-107,000,000
-24,000,000
185,000,000
-3,000,000
3,000,000
-11,000,000
-8,000,000
-3,000,000
17,000,000
29,000,000
19,000,000
3,000,000
57,000,000
-14,000,000
13,000,000
18,000,000
0
Inventory Margin
-0.80%
-0.87%
-0.23%
-0.09%
0.02%
-0.60%
1.23%
-3.03%
-1.05%
-0.92%
-0.22%
2.49%
-0.04%
0.05%
-0.18%
-0.13%
-0.05%
0.28%
0.49%
0.34%
0.05%
1.00%
-0.24%
0.27%
0.56%
0.00%
Accounts Payable
-533,666,667
-142,000,000
-18,300,000
-13,733,333
-8,700,000
-196,000,000
-1,618,000,000
213,000,000
522,000,000
369,000,000
361,000,000
119,000,000
24,000,000
32,000,000
-9,000,000
29,000,000
-6,000,000
10,000,000
-30,000,000
-26,000,000
80,000,000
-48,000,000
0
0
0
0
Accounts Payable Margin
-3.56%
-0.68%
0.22%
0.12%
0.12%
-1.28%
-10.92%
1.52%
4.12%
3.18%
3.25%
1.60%
0.36%
0.50%
-0.14%
0.47%
-0.10%
0.17%
-0.51%
-0.46%
1.45%
-0.84%
0.00%
0.00%
0.00%
0.00%
Other Working Capital
-46,333,333
-23,200,000
-9,000,000
96,800,000
56,650,000
-94,000,000
-381,000,000
336,000,000
114,000,000
-91,000,000
36,000,000
71,000,000
-19,000,000
-102,000,000
40,000,000
21,000,000
-115,000,000
-517,000,000
501,000,000
1,652,000,000
-110,000,000
-42,000,000
-65,000,000
-74,000,000
-28,000,000
0
Other Working Capital Margin
-0.26%
-0.14%
-0.06%
1.80%
1.03%
-0.61%
-2.57%
2.39%
0.90%
-0.78%
0.32%
0.95%
-0.28%
-1.58%
0.64%
0.34%
-1.92%
-8.62%
8.49%
29.31%
-1.99%
-0.74%
-1.13%
-1.56%
-0.87%
0.00%
Other Non-Cash Items
686,333,333
377,400,000
192,100,000
119,866,667
145,500,000
792,000,000
63,000,000
1,204,000,000
-450,000,000
278,000,000
115,000,000
151,000,000
-57,000,000
-108,000,000
-67,000,000
-44,000,000
-30,000,000
-83,000,000
-41,000,000
75,000,000
3,000,000
1,074,000,000
34,000,000
20,000,000
-19,000,000
164,000,000
Other Non-Cash Items Margin
4.72%
2.60%
1.25%
0.70%
1.49%
5.16%
0.43%
8.57%
-3.55%
2.39%
1.03%
2.03%
-0.85%
-1.68%
-1.07%
-0.72%
-0.50%
-1.38%
-0.69%
1.33%
0.05%
18.81%
0.59%
0.42%
-0.59%
5.35%
Net Cash from Operating Activities
2,128,333,333
2,343,000,000
1,877,000,000
1,627,400,000
1,387,600,000
2,219,000,000
1,329,000,000
2,837,000,000
2,874,000,000
2,456,000,000
2,474,000,000
1,613,000,000
1,038,000,000
939,000,000
991,000,000
1,022,000,000
866,000,000
458,000,000
760,000,000
2,535,000,000
865,000,000
709,000,000
603,000,000
581,000,000
583,000,000
610,000,000
Net Cash from Operating Activities Margin
14.54%
17.48%
17.72%
18.26%
17.14%
14.46%
8.97%
20.18%
22.66%
21.14%
22.25%
21.67%
15.52%
14.58%
15.78%
16.70%
14.44%
7.64%
12.87%
44.98%
15.64%
12.42%
10.49%
12.27%
18.19%
19.90%
Capital Expenditures (PPE)
-474,333,333
-479,000,000
-351,000,000
-301,933,333
-279,100,000
-563,000,000
-481,000,000
-379,000,000
-455,000,000
-517,000,000
-365,000,000
-180,000,000
-208,000,000
-182,000,000
-180,000,000
-171,000,000
-184,000,000
-200,000,000
-218,000,000
-246,000,000
-317,000,000
-304,000,000
-230,000,000
-158,000,000
-44,000,000
-71,000,000
Capital Expenditures (PPE) Margin
-3.20%
-3.53%
-3.21%
-3.29%
-3.46%
-3.67%
-3.25%
-2.70%
-3.59%
-4.45%
-3.28%
-2.42%
-3.11%
-2.83%
-2.87%
-2.79%
-3.07%
-3.34%
-3.69%
-4.36%
-5.73%
-5.32%
-4.00%
-3.34%
-1.37%
-2.32%
Acquisitions (Net)
-742,666,667
-331,000,000
-2,224,200,000
-1,484,933,333
-1,136,950,000
-1,000,000,000
-316,000,000
-912,000,000
578,000,000
-5,000,000
-24,000,000
-18,984,000,000
-1,555,000,000
-4,000,000
-20,000,000
-19,000,000
-10,000,000
0
-2,000,000
-1,000,000
0
0
-30,000,000
-435,000,000
0
0
Acquisitions (Net) Margin
-5.05%
-2.12%
-28.96%
-19.34%
-14.99%
-6.51%
-2.13%
-6.49%
4.56%
-0.04%
-0.22%
-255.09%
-23.24%
-0.06%
-0.32%
-0.31%
-0.17%
0.00%
-0.03%
-0.02%
0.00%
0.00%
-0.52%
-9.19%
0.00%
0.00%
Purchases of Investments
-320,666,667
-309,000,000
-161,900,000
-108,066,667
-84,200,000
0
0
-962,000,000
-578,000,000
-5,000,000
-16,000,000
-39,000,000
-3,000,000
-1,000,000
-15,000,000
0
0
0
-2,000,000
0
-8,000,000
0
-2,000,000
-53,000,000
0
0
Purchases of Investments Margin
-2.28%
-2.29%
-1.24%
-0.83%
-0.69%
0.00%
0.00%
-6.84%
-4.56%
-0.04%
-0.14%
-0.52%
-0.04%
-0.02%
-0.24%
0.00%
0.00%
0.00%
-0.03%
0.00%
-0.14%
0.00%
-0.03%
-1.12%
0.00%
0.00%
Sales / Maturities of Investments
16,666,667
126,600,000
70,700,000
47,333,333
44,850,000
0
0
50,000,000
578,000,000
5,000,000
16,000,000
35,000,000
0
4,000,000
19,000,000
0
0
0
3,000,000
0
0
0
98,000,000
53,000,000
36,000,000
0
Sales / Maturities of Investments Margin
0.12%
0.99%
0.59%
0.40%
0.50%
0.00%
0.00%
0.36%
4.56%
0.04%
0.14%
0.47%
0.00%
0.06%
0.30%
0.00%
0.00%
0.00%
0.05%
0.00%
0.00%
0.00%
1.70%
1.12%
1.12%
0.00%
Other Investing Activities
343,333,333
264,600,000
158,800,000
108,200,000
126,700,000
-51,000,000
13,000,000
1,068,000,000
87,000,000
206,000,000
239,000,000
33,000,000
-3,000,000
-6,000,000
2,000,000
5,000,000
-1,000,000
7,000,000
2,000,000
22,000,000
74,000,000
1,378,000,000
-923,000,000
91,000,000
291,000,000
255,000,000
Other Investing Activities Margin
2.45%
1.96%
1.23%
0.86%
1.67%
-0.33%
0.09%
7.60%
0.69%
1.77%
2.15%
0.44%
-0.04%
-0.09%
0.03%
0.08%
-0.02%
0.12%
0.03%
0.39%
1.34%
24.13%
-16.06%
1.92%
9.08%
8.32%
Net Cash from Investing Activities
-1,177,666,667
-727,800,000
-2,506,600,000
-1,738,733,333
-1,328,200,000
-1,614,000,000
-784,000,000
-1,135,000,000
210,000,000
-316,000,000
-150,000,000
-19,131,000,000
-1,763,000,000
-189,000,000
-194,000,000
-185,000,000
-195,000,000
-193,000,000
-217,000,000
-225,000,000
-251,000,000
1,074,000,000
-1,087,000,000
-502,000,000
283,000,000
184,000,000
Net Cash from Investing Activities Margin
-7.96%
-4.99%
-31.57%
-22.19%
-16.97%
-10.51%
-5.29%
-8.07%
1.66%
-2.72%
-1.35%
-257.07%
-26.35%
-2.93%
-3.09%
-3.02%
-3.25%
-3.22%
-3.68%
-3.99%
-4.54%
18.81%
-18.91%
-10.60%
8.83%
6.00%
Net Debt Issuance
1,041,333,333
35,200,000
865,500,000
538,400,000
362,250,000
2,245,000,000
1,084,000,000
-205,000,000
-1,775,000,000
-1,173,000,000
-1,525,000,000
8,316,000,000
-84,000,000
1,031,000,000
741,000,000
-66,000,000
-185,000,000
50,000,000
600,000,000
-978,000,000
-552,000,000
456,000,000
-610,000,000
30,000,000
-155,000,000
0
Net Debt Issuance Margin
6.83%
-0.72%
12.10%
7.36%
4.68%
14.62%
7.32%
-1.46%
-14.00%
-10.10%
-13.71%
111.74%
-1.26%
16.01%
11.80%
-1.08%
-3.08%
0.83%
10.16%
-17.35%
-9.98%
7.99%
-10.61%
0.63%
-4.84%
0.00%
Long-Term Debt Issuance
1,124,000,000
338,200,000
905,800,000
569,600,000
385,750,000
2,725,000,000
1,102,000,000
-455,000,000
-1,924,000,000
243,000,000
-1,491,000,000
7,236,000,000
-150,000,000
1,031,000,000
741,000,000
-1,000,000
-185,000,000
50,000,000
600,000,000
-978,000,000
-550,000,000
456,000,000
-610,000,000
30,000,000
-155,000,000
0
Long-Term Debt Issuance Margin
7.32%
1.78%
11.83%
7.25%
4.60%
17.75%
7.44%
-3.24%
-15.17%
2.09%
-13.41%
97.23%
-2.24%
16.01%
11.80%
-0.02%
-3.08%
0.83%
10.16%
-17.35%
-9.94%
7.99%
-10.61%
0.63%
-4.84%
0.00%
Short-Term Debt Issuance
-82,666,667
-303,000,000
-40,300,000
-31,200,000
-23,500,000
-480,000,000
-18,000,000
250,000,000
149,000,000
-1,416,000,000
-34,000,000
1,080,000,000
66,000,000
0
0
-65,000,000
0
0
0
0
-2,000,000
0
0
0
0
0
Short-Term Debt Issuance Margin
-0.49%
-2.50%
0.27%
0.11%
0.08%
-3.13%
-0.12%
1.78%
1.17%
-12.19%
-0.31%
14.51%
0.99%
0.00%
0.00%
-1.06%
0.00%
0.00%
0.00%
0.00%
-0.04%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Stock Issuance
-736,666,667
-408,200,000
558,400,000
184,266,667
138,250,000
-1,110,000,000
-706,000,000
-394,000,000
140,000,000
29,000,000
0
9,000,000,000
-379,000,000
-505,000,000
-491,000,000
-400,000,000
-385,000,000
-400,000,000
-522,000,000
-1,113,000,000
1,000,000
0
0
0
0
0
Net Stock Issuance Margin
-4.93%
-2.69%
8.62%
2.53%
1.90%
-7.23%
-4.77%
-2.80%
1.10%
0.25%
0.00%
120.94%
-5.67%
-7.84%
-7.82%
-6.53%
-6.42%
-6.67%
-8.84%
-19.75%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock Issuance
0
33,800,000
1,818,900,000
1,212,600,000
909,500,000
0
0
0
140,000,000
29,000,000
9,000,000,000
9,000,000,000
20,000,000
0
0
0
0
0
0
0
1,000,000
0
0
0
0
0
Common Stock Issuance Margin
0.00%
0.27%
20.35%
13.57%
10.18%
0.00%
0.00%
0.00%
1.10%
0.25%
80.94%
120.94%
0.30%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock Repurchased
-731,666,667
-439,000,000
-1,263,400,000
-1,031,266,667
-773,450,000
-1,110,000,000
-706,000,000
-379,000,000
0
0
-9,000,000,000
0
-399,000,000
-519,000,000
-521,000,000
-400,000,000
-400,000,000
-400,000,000
-522,000,000
-1,113,000,000
0
0
0
0
0
0
Common Stock Repurchased Margin
-4.90%
-2.94%
-11.79%
-11.09%
-8.32%
-7.23%
-4.77%
-2.70%
0.00%
0.00%
-80.94%
0.00%
-5.96%
-8.06%
-8.29%
-6.53%
-6.67%
-6.67%
-8.84%
-19.75%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Preferred Stock Issuance
-5,000,000
-3,000,000
2,900,000
2,933,333
2,200,000
0
0
-15,000,000
0
0
0
0
0
14,000,000
30,000,000
0
15,000,000
0
0
0
0
0
0
0
0
0
Preferred Stock Issuance Margin
-0.04%
-0.02%
0.06%
0.06%
0.04%
0.00%
0.00%
-0.11%
0.00%
0.00%
0.00%
0.00%
0.00%
0.22%
0.48%
0.00%
0.25%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Dividends Paid
-1,138,666,667
-1,043,400,000
-744,800,000
-586,400,000
-557,700,000
-1,194,000,000
-1,142,000,000
-1,080,000,000
-955,000,000
-846,000,000
-844,000,000
-232,000,000
-414,000,000
-386,000,000
-355,000,000
-317,000,000
-302,000,000
-284,000,000
-251,000,000
-194,000,000
0
-2,065,000,000
-213,000,000
-80,000,000
0
0
Net Dividends Paid Margin
-7.72%
-7.60%
-6.65%
-5.94%
-6.54%
-7.78%
-7.71%
-7.68%
-7.53%
-7.28%
-7.59%
-3.12%
-6.19%
-5.99%
-5.65%
-5.18%
-5.04%
-4.74%
-4.25%
-3.44%
0.00%
-36.16%
-3.71%
-1.69%
0.00%
0.00%
Common Dividends Paid
-1,138,666,667
-1,043,400,000
-744,800,000
-586,400,000
-557,700,000
-1,194,000,000
-1,142,000,000
-1,080,000,000
-955,000,000
-846,000,000
-844,000,000
-232,000,000
-414,000,000
-386,000,000
-355,000,000
-317,000,000
-302,000,000
-284,000,000
-251,000,000
-194,000,000
0
-2,065,000,000
-213,000,000
-80,000,000
0
0
Common Dividends Paid Margin
-7.72%
-7.60%
-6.65%
-5.94%
-6.54%
-7.78%
-7.71%
-7.68%
-7.53%
-7.28%
-7.59%
-3.12%
-6.19%
-5.99%
-5.65%
-5.18%
-5.04%
-4.74%
-4.25%
-3.44%
0.00%
-36.16%
-3.71%
-1.69%
0.00%
0.00%
Preferred Dividends Paid
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
Preferred Dividends Paid 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%
Other Financing Activities
-93,666,667
-90,600,000
-400,000
5,400,000
35,900,000
-164,000,000
-68,000,000
-49,000,000
-172,000,000
0
5,000,000
493,000,000
-30,000,000
-10,000,000
-9,000,000
36,000,000
-8,000,000
31,000,000
21,000,000
5,000,000
-3,000,000
-16,000,000
1,338,000,000
-22,000,000
-660,000,000
-799,000,000
Other Financing Activities Margin
-0.63%
-0.65%
0.27%
0.27%
0.30%
-1.07%
-0.46%
-0.35%
-1.36%
0.00%
0.04%
6.62%
-0.45%
-0.16%
-0.14%
0.59%
-0.13%
0.52%
0.36%
0.09%
-0.05%
-0.28%
23.28%
-0.46%
-20.59%
-26.07%
Net Cash from Financing Activities
-927,666,667
-1,507,000,000
678,700,000
141,666,667
-21,300,000
-223,000,000
-832,000,000
-1,728,000,000
-2,762,000,000
-1,990,000,000
-2,364,000,000
17,577,000,000
-907,000,000
130,000,000
-114,000,000
-747,000,000
-880,000,000
-603,000,000
-152,000,000
-2,280,000,000
-554,000,000
-1,625,000,000
515,000,000
-72,000,000
-815,000,000
-799,000,000
Net Cash from Financing Activities Margin
-6.45%
-11.65%
14.33%
4.22%
0.34%
-1.45%
-5.62%
-12.29%
-21.78%
-17.13%
-21.26%
236.19%
-13.56%
2.02%
-1.81%
-12.20%
-14.67%
-10.06%
-2.57%
-40.45%
-10.02%
-28.46%
8.96%
-1.52%
-25.43%
-26.07%
Effect of FX on Cash
-9,666,667
-8,800,000
-5,700,000
-4,266,667
-5,500,000
-41,000,000
19,000,000
-7,000,000
-9,000,000
-6,000,000
12,000,000
-15,000,000
3,000,000
-4,000,000
-9,000,000
-6,000,000
-4,000,000
3,000,000
-5,000,000
5,000,000
6,000,000
-11,000,000
1,000,000
0
-42,000,000
0
Effect of FX on Cash Margin
-0.06%
-0.06%
-0.06%
-0.05%
-0.10%
-0.27%
0.13%
-0.05%
-0.07%
-0.05%
0.11%
-0.20%
0.04%
-0.06%
-0.14%
-0.10%
-0.07%
0.05%
-0.08%
0.09%
0.11%
-0.19%
0.02%
0.00%
-1.31%
0.00%
Net Change in Cash
13,333,333
99,400,000
43,400,000
26,066,667
32,600,000
341,000,000
-268,000,000
-33,000,000
313,000,000
144,000,000
-28,000,000
44,000,000
-1,629,000,000
876,000,000
674,000,000
84,000,000
-213,000,000
-335,000,000
386,000,000
35,000,000
66,000,000
147,000,000
32,000,000
7,000,000
9,000,000
-5,000,000
Net Change in Cash Margin
0.06%
0.78%
0.42%
0.24%
0.42%
2.22%
-1.81%
-0.23%
2.47%
1.24%
-0.25%
0.59%
-24.35%
13.60%
10.73%
1.37%
-3.55%
-5.59%
6.54%
0.62%
1.19%
2.57%
0.56%
0.15%
0.28%
-0.16%
Cash at Beginning of Period
456,666,667
347,200,000
490,500,000
448,000,000
354,150,000
267,000,000
535,000,000
568,000,000
255,000,000
111,000,000
139,000,000
95,000,000
1,787,000,000
911,000,000
237,000,000
153,000,000
366,000,000
701,000,000
315,000,000
280,000,000
214,000,000
67,000,000
35,000,000
28,000,000
19,000,000
0
Cash at Beginning of Period Margin
3.13%
2.47%
5.95%
6.01%
4.85%
1.74%
3.61%
4.04%
2.01%
0.96%
1.25%
1.28%
26.71%
14.15%
3.77%
2.50%
6.10%
11.69%
5.34%
4.97%
3.87%
1.17%
0.61%
0.59%
0.59%
0.00%
Cash at End of Period
470,000,000
446,600,000
533,900,000
474,066,667
386,750,000
608,000,000
267,000,000
535,000,000
568,000,000
255,000,000
111,000,000
139,000,000
158,000,000
1,787,000,000
911,000,000
237,000,000
153,000,000
366,000,000
701,000,000
315,000,000
280,000,000
214,000,000
67,000,000
35,000,000
28,000,000
-5,000,000
Cash at End of Period Margin
3.19%
3.25%
6.37%
6.25%
5.27%
3.96%
1.80%
3.81%
4.48%
2.19%
1.00%
1.87%
2.36%
27.75%
14.50%
3.87%
2.55%
6.11%
11.88%
5.59%
5.06%
3.75%
1.17%
0.74%
0.87%
-0.16%
Operating Cash Flow
2,128,333,333
2,343,000,000
1,877,000,000
1,627,400,000
1,387,600,000
2,219,000,000
1,329,000,000
2,837,000,000
2,874,000,000
2,456,000,000
2,474,000,000
1,613,000,000
1,038,000,000
939,000,000
991,000,000
1,022,000,000
866,000,000
458,000,000
760,000,000
2,535,000,000
865,000,000
709,000,000
603,000,000
581,000,000
583,000,000
610,000,000
Operating Cash Flow Margin
14.54%
17.48%
17.72%
18.26%
17.14%
14.46%
8.97%
20.18%
22.66%
21.14%
22.25%
21.67%
15.52%
14.58%
15.78%
16.70%
14.44%
7.64%
12.87%
44.98%
15.64%
12.42%
10.49%
12.27%
18.19%
19.90%
Capital Expenditure
-474,333,333
-479,000,000
-351,000,000
-301,933,333
-279,100,000
-563,000,000
-481,000,000
-379,000,000
-455,000,000
-517,000,000
-365,000,000
-180,000,000
-208,000,000
-182,000,000
-180,000,000
-171,000,000
-184,000,000
-200,000,000
-218,000,000
-246,000,000
-317,000,000
-304,000,000
-230,000,000
-158,000,000
-44,000,000
-71,000,000
Capital Expenditure Margin
-3.20%
-3.53%
-3.21%
-3.29%
-3.46%
-3.67%
-3.25%
-2.70%
-3.59%
-4.45%
-3.28%
-2.42%
-3.11%
-2.83%
-2.87%
-2.79%
-3.07%
-3.34%
-3.69%
-4.36%
-5.73%
-5.32%
-4.00%
-3.34%
-1.37%
-2.32%
Free Cash Flow
1,654,000,000
1,864,000,000
1,526,000,000
1,325,466,667
1,108,500,000
1,656,000,000
848,000,000
2,458,000,000
2,419,000,000
1,939,000,000
2,109,000,000
1,433,000,000
830,000,000
757,000,000
811,000,000
851,000,000
682,000,000
258,000,000
542,000,000
2,289,000,000
548,000,000
405,000,000
373,000,000
423,000,000
539,000,000
539,000,000
Free Cash Flow Margin
11.33%
13.95%
14.51%
14.96%
13.68%
10.79%
5.72%
17.49%
19.07%
16.69%
18.97%
19.26%
12.41%
11.75%
12.91%
13.90%
11.37%
4.30%
9.18%
40.61%
9.91%
7.09%
6.49%
8.93%
16.82%
17.59%

Free Cash Flow Margins

Metric3Y Avg5Y Avg10Y Avg15Y Avg20Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-312005-12-312004-12-31
Revenue
14,740,666,667
13,704,600,000
10,649,700,000
9,076,600,000
8,053,900,000
15,351,000,000
14,814,000,000
14,057,000,000
12,683,000,000
11,618,000,000
11,120,000,000
7,442,000,000
6,690,000,000
6,440,000,000
6,282,000,000
6,121,000,000
5,997,000,000
5,995,000,000
5,903,000,000
5,636,000,000
5,531,000,000
5,710,000,000
5,748,000,000
4,735,000,000
3,205,000,000
3,065,000,000
EBITDA
3,492,000,000
3,498,400,000
2,692,300,000
2,202,000,000
1,888,850,000
3,382,000,000
3,973,000,000
3,121,000,000
4,006,000,000
3,010,000,000
3,006,000,000
1,677,000,000
1,566,000,000
1,654,000,000
1,528,000,000
1,417,000,000
899,000,000
1,343,000,000
1,271,000,000
1,177,000,000
1,318,000,000
77,000,000
1,173,000,000
1,184,000,000
995,000,000
870,000,000
EBITDA Margin
23.68%
25.71%
25.15%
23.63%
22.81%
22.03%
26.82%
22.20%
31.59%
25.91%
27.03%
22.53%
23.41%
25.68%
24.32%
23.15%
14.99%
22.40%
21.53%
20.88%
23.83%
1.35%
20.41%
25.01%
31.05%
28.38%
(-) Tax Adjustment
727,153,118
770,256,751
628,976,728
532,306,079
487,117,459
835,781,609
830,050,054
515,627,691
934,924,232
734,900,171
780,779,221
428,260,430
127,045,260
560,371,585
542,027,027
489,485,102
-134,104,972
479,250,511
439,222,462
420,970,803
477,206,897
-12,592,493
461,179,487
436,673,267
395,290,842
328,072,626
(-) Tax Adjustment Margin
4.91%
5.68%
6.04%
5.94%
6.35%
5.44%
5.60%
3.67%
7.37%
6.33%
7.02%
5.75%
1.90%
8.70%
8.63%
8.00%
-2.24%
7.99%
7.44%
7.47%
8.63%
-0.22%
8.02%
9.22%
12.33%
10.70%
(-) Change In Working Capital
-871,000,000
-419,200,000
-142,200,000
6,266,667
-5,750,000
-591,000,000
-1,747,000,000
-275,000,000
351,000,000
166,000,000
366,000,000
457,000,000
-45,000,000
-98,000,000
-6,000,000
37,000,000
-137,000,000
-454,000,000
427,000,000
1,643,000,000
-22,000,000
-37,000,000
-79,000,000
-61,000,000
-10,000,000
0
(-) Change In Working Capital Margin
-5.87%
-2.68%
-0.63%
1.39%
0.84%
-3.85%
-11.79%
-1.96%
2.77%
1.43%
3.29%
6.14%
-0.67%
-1.52%
-0.10%
0.60%
-2.28%
-7.57%
7.23%
29.15%
-0.40%
-0.65%
-1.37%
-1.29%
-0.31%
0.00%
(-) Capital Expenditure
-474,333,333
-479,000,000
-351,000,000
-301,933,333
-279,100,000
-563,000,000
-481,000,000
-379,000,000
-455,000,000
-517,000,000
-365,000,000
-180,000,000
-208,000,000
-182,000,000
-180,000,000
-171,000,000
-184,000,000
-200,000,000
-218,000,000
-246,000,000
-317,000,000
-304,000,000
-230,000,000
-158,000,000
-44,000,000
-71,000,000
(-) Capital Expenditure Margin
-3.20%
-3.53%
-3.21%
-3.29%
-3.46%
-3.67%
-3.25%
-2.70%
-3.59%
-4.45%
-3.28%
-2.42%
-3.11%
-2.83%
-2.87%
-2.79%
-3.07%
-3.34%
-3.69%
-4.36%
-5.73%
-5.32%
-4.00%
-3.34%
-1.37%
-2.32%
Unlevered Free Cash Flow
3,161,513,549
2,668,343,249
1,854,523,272
1,361,493,921
1,128,382,541
2,574,218,391
4,408,949,946
2,501,372,309
2,265,075,768
1,592,099,829
1,494,220,779
611,739,570
1,275,954,740
1,009,628,415
811,972,973
719,514,898
986,104,972
1,117,749,489
186,777,538
-1,132,970,803
545,793,103
-177,407,507
560,820,513
650,326,733
565,709,158
470,927,374
Unlevered Free Cash Flow Margin
21.44%
19.18%
16.52%
13.01%
12.15%
16.77%
29.76%
17.79%
17.86%
13.70%
13.44%
8.22%
19.07%
15.68%
12.93%
11.75%
16.44%
18.64%
3.16%
-20.10%
9.87%
-3.11%
9.76%
13.73%
17.65%
15.36%
(-) Net Interest Income After Taxes
-459,042,730
-446,168,781
-336,410,784
-255,521,500
-228,403,765
-514,965,517
-471,482,046
-390,680,628
-402,474,982
-451,240,730
-478,948,052
-332,103,666
-151,614,005
-90,584,699
-80,013,514
-75,274,674
-141,348,066
-83,609,407
-79,840,173
-88,642,336
-123,120,690
-261,796,247
-114,692,308
-133,180,693
-102,462,871
-110,254,190
(-) Net Interest Income After Taxes Margin
-3.11%
-3.27%
-3.01%
-2.53%
-2.64%
-3.35%
-3.18%
-2.78%
-3.17%
-3.88%
-4.31%
-4.46%
-2.27%
-1.41%
-1.27%
-1.23%
-2.36%
-1.39%
-1.35%
-1.57%
-2.23%
-4.58%
-2.00%
-2.81%
-3.20%
-3.60%
Net Debt Issuance
1,041,333,333
35,200,000
865,500,000
538,400,000
362,250,000
2,245,000,000
1,084,000,000
-205,000,000
-1,775,000,000
-1,173,000,000
-1,525,000,000
8,316,000,000
-84,000,000
1,031,000,000
741,000,000
-66,000,000
-185,000,000
50,000,000
600,000,000
-978,000,000
-552,000,000
456,000,000
-610,000,000
30,000,000
-155,000,000
0
Net Debt Issuance Margin
6.83%
-0.72%
12.10%
7.36%
4.68%
14.62%
7.32%
-1.46%
-14.00%
-10.10%
-13.71%
111.74%
-1.26%
16.01%
11.80%
-1.08%
-3.08%
0.83%
10.16%
-17.35%
-9.98%
7.99%
-10.61%
0.63%
-4.84%
0.00%
Levered Free Cash Flow
4,661,889,612
3,149,712,029
3,056,434,056
2,155,415,421
1,719,036,306
5,334,183,908
5,964,431,991
2,687,052,938
892,550,751
870,340,559
448,168,831
9,259,843,236
1,343,568,745
2,131,213,115
1,632,986,486
728,789,572
942,453,039
1,251,358,896
866,617,711
-2,022,328,467
116,913,793
540,388,740
65,512,821
813,507,426
513,172,030
581,181,564
Levered Free Cash Flow Margin
31.38%
21.73%
31.63%
22.91%
19.47%
34.75%
40.26%
19.12%
7.04%
7.49%
4.03%
124.43%
20.08%
33.09%
25.99%
11.91%
15.72%
20.87%
14.68%
-35.88%
2.11%
9.46%
1.14%
17.18%
16.01%
18.96%