Broadcom Inc. (AVGO)

Analysis: Margins & Ratios Industry: Semiconductors Sector: Technology Live Price: $351.71

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	TTM	TTM-1	2025-11-02	2024-11-03	2023-10-29	2022-10-30	2021-10-31	2020-11-01	2019-11-03	2018-11-04	2017-10-31	2016-10-31	2015-10-31	2014-10-31	2013-10-31	2012-10-31	2011-10-31	2010-10-31	2009-10-31	2008-10-31	2007-10-31	2006-10-31
Revenue	50,426,666,667	42,386,600,000	31,014,200,000	21,897,000,000	16,838,550,000	63,887,000,000	51,574,000,000	63,887,000,000	51,574,000,000	35,819,000,000	33,203,000,000	27,450,000,000	23,888,000,000	22,597,000,000	20,848,000,000	17,636,000,000	13,240,000,000	6,824,000,000	4,269,000,000	2,520,000,000	2,364,000,000	2,336,000,000	2,093,000,000	1,484,000,000	1,699,000,000	1,527,000,000	1,513,000,000
Cost of Revenue	16,929,000,000	14,500,200,000	11,952,900,000	8,595,000,000	6,715,450,000	20,593,000,000	19,065,000,000	20,593,000,000	19,065,000,000	11,129,000,000	11,108,000,000	10,606,000,000	10,372,000,000	10,114,000,000	10,115,000,000	9,127,000,000	7,300,000,000	3,271,000,000	2,392,000,000	1,322,000,000	1,222,000,000	1,189,000,000	1,127,000,000	924,000,000	1,044,000,000	1,165,000,000	1,124,000,000
Cost of Revenue Margin	33.42%	34.47%	41.59%	45.00%	50.16%	32.23%	36.97%	32.23%	36.97%	31.07%	33.45%	38.64%	43.42%	44.76%	48.52%	51.75%	55.14%	47.93%	56.03%	52.46%	51.69%	50.90%	53.85%	62.26%	61.45%	76.29%	74.29%
Gross Profit	33,497,666,667	27,886,400,000	19,061,300,000	13,302,000,000	10,123,100,000	43,294,000,000	32,509,000,000	43,294,000,000	32,509,000,000	24,690,000,000	22,095,000,000	16,844,000,000	13,516,000,000	12,483,000,000	10,733,000,000	8,509,000,000	5,940,000,000	3,553,000,000	1,877,000,000	1,198,000,000	1,142,000,000	1,147,000,000	966,000,000	560,000,000	655,000,000	362,000,000	389,000,000
Gross Profit Margin	66.58%	65.53%	58.41%	55.00%	49.84%	67.77%	63.03%	67.77%	63.03%	68.93%	66.55%	61.36%	56.58%	55.24%	51.48%	48.25%	44.86%	52.07%	43.97%	47.54%	48.31%	49.10%	46.15%	37.74%	38.55%	23.71%	25.71%
R&D Expenses	8,513,333,333	7,062,600,000	5,471,100,000	3,833,666,667	2,935,450,000	10,977,000,000	9,310,000,000	10,977,000,000	9,310,000,000	5,253,000,000	4,919,000,000	4,854,000,000	4,968,000,000	4,696,000,000	3,768,000,000	3,292,000,000	2,674,000,000	1,049,000,000	695,000,000	398,000,000	335,000,000	317,000,000	280,000,000	245,000,000	265,000,000	205,000,000	209,000,000
R&D Expenses Margin	16.63%	16.48%	18.09%	17.07%	16.44%	17.18%	18.05%	17.18%	18.05%	14.67%	14.81%	17.68%	20.80%	20.78%	18.07%	18.67%	20.20%	15.37%	16.28%	15.79%	14.17%	13.57%	13.38%	16.51%	15.60%	13.43%	13.81%
SG&A Expenses	3,587,333,333	2,698,200,000	1,978,600,000	1,421,333,333	1,117,200,000	4,211,000,000	4,959,000,000	4,211,000,000	4,959,000,000	1,592,000,000	1,382,000,000	1,347,000,000	1,935,000,000	1,709,000,000	1,056,000,000	789,000,000	806,000,000	486,000,000	407,000,000	222,000,000	199,000,000	220,000,000	196,000,000	169,000,000	196,000,000	193,000,000	270,000,000
SG&A Expenses Margin	6.88%	5.94%	6.10%	6.95%	8.35%	6.59%	9.62%	6.59%	9.62%	4.44%	4.16%	4.91%	8.10%	7.56%	5.07%	4.47%	6.09%	7.12%	9.53%	8.81%	8.42%	9.42%	9.36%	11.39%	11.54%	12.64%	17.85%
Operating Expenses	15,113,000,000	12,295,400,000	9,810,300,000	6,881,533,333	5,283,650,000	17,810,000,000	19,046,000,000	17,810,000,000	19,046,000,000	8,483,000,000	7,813,000,000	8,325,000,000	9,502,000,000	9,039,000,000	5,598,000,000	6,138,000,000	6,349,000,000	1,921,000,000	1,439,000,000	646,000,000	555,000,000	559,000,000	497,000,000	512,000,000	495,000,000	467,000,000	479,000,000
Operating Expenses Margin	29.50%	28.47%	33.17%	31.11%	30.81%	27.88%	36.93%	27.88%	36.93%	23.68%	23.53%	30.33%	39.78%	40.00%	26.85%	34.80%	47.95%	28.15%	33.71%	25.63%	23.48%	23.93%	23.75%	34.50%	29.13%	30.58%	31.66%
Operating Income (EBIT)	18,384,666,667	15,579,600,000	9,245,300,000	6,416,066,667	4,836,200,000	25,484,000,000	13,463,000,000	25,484,000,000	13,463,000,000	16,207,000,000	14,225,000,000	8,519,000,000	4,014,000,000	3,444,000,000	5,135,000,000	2,371,000,000	-409,000,000	1,632,000,000	438,000,000	552,000,000	582,000,000	584,000,000	470,000,000	48,000,000	160,000,000	-105,000,000	-90,000,000
Operating Income (EBIT) Margin	37.08%	37.02%	25.21%	23.86%	19.01%	39.89%	26.10%	39.89%	26.10%	45.25%	42.84%	31.03%	16.80%	15.24%	24.63%	13.44%	-3.09%	23.92%	10.26%	21.90%	24.62%	25.00%	22.46%	3.23%	9.42%	-6.88%	-5.95%
Interest Income	332,000,000	222,400,000	143,100,000	96,933,333	72,700,000	0	0	0	461,000,000	535,000,000	100,000,000	16,000,000	53,000,000	98,000,000	114,000,000	44,000,000	10,000,000	8,000,000	6,000,000	4,000,000	4,000,000	1,000,000	0	0	0	0	0
Interest Income Margin	0.80%	0.55%	0.43%	0.33%	0.25%	0.00%	0.00%	0.00%	0.89%	1.49%	0.30%	0.06%	0.22%	0.43%	0.55%	0.25%	0.08%	0.12%	0.14%	0.16%	0.17%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	2,928,333,333	2,481,400,000	1,729,500,000	1,173,533,333	902,600,000	3,157,000,000	3,901,000,000	3,210,000,000	3,953,000,000	1,622,000,000	1,737,000,000	1,885,000,000	1,777,000,000	1,444,000,000	628,000,000	454,000,000	585,000,000	191,000,000	110,000,000	2,000,000	1,000,000	4,000,000	34,000,000	77,000,000	86,000,000	109,000,000	143,000,000
Interest Expense Margin	5.74%	5.86%	5.32%	3.92%	4.36%	4.94%	7.56%	5.02%	7.66%	4.53%	5.23%	6.87%	7.44%	6.39%	3.01%	2.57%	4.42%	2.80%	2.58%	0.08%	0.04%	0.17%	1.62%	5.19%	5.06%	7.14%	9.45%
Net Interest Income	-2,596,333,333	-2,259,000,000	-1,586,400,000	-1,076,600,000	-829,900,000	-3,157,000,000	-3,901,000,000	-3,210,000,000	-3,492,000,000	-1,087,000,000	-1,637,000,000	-1,869,000,000	-1,724,000,000	-1,346,000,000	-514,000,000	-410,000,000	-575,000,000	-183,000,000	-104,000,000	2,000,000	3,000,000	-3,000,000	-34,000,000	-77,000,000	-86,000,000	-109,000,000	-143,000,000
Net Interest Income Margin	-4.94%	-5.31%	-4.89%	-3.59%	-4.12%	-4.94%	-7.56%	-5.02%	-6.77%	-3.03%	-4.93%	-6.81%	-7.22%	-5.96%	-2.47%	-2.32%	-4.34%	-2.68%	-2.44%	0.08%	0.13%	-0.13%	-1.62%	-5.19%	-5.06%	-7.14%	-9.45%
Unusual Items	5,067,000,000	4,450,400,000	3,144,400,000	2,132,933,333	1,647,800,000	5,912,000,000	7,448,000,000	5,965,000,000	7,039,000,000	2,197,000,000	3,428,000,000	3,623,000,000	3,295,000,000	2,564,000,000	1,104,000,000	956,000,000	1,273,000,000	348,000,000	200,000,000	-18,000,000	-6,000,000	26,000,000	98,000,000	161,000,000	186,000,000	216,000,000	301,000,000
Unusual Items Margin	9.71%	10.53%	9.81%	7.20%	8.43%	9.25%	14.44%	9.34%	13.65%	6.13%	10.32%	13.20%	13.79%	11.35%	5.30%	5.42%	9.61%	5.10%	4.68%	-0.71%	-0.25%	1.11%	4.68%	10.85%	10.95%	14.15%	19.89%
EBT Excluding Unusual Items	10,847,000,000	8,937,800,000	4,542,900,000	3,226,800,000	2,370,500,000	16,817,000,000	2,468,000,000	16,764,000,000	2,877,000,000	12,900,000,000	9,006,000,000	3,142,000,000	-852,000,000	-338,000,000	3,441,000,000	869,000,000	-2,380,000,000	1,119,000,000	142,000,000	586,000,000	591,000,000	535,000,000	308,000,000	-197,000,000	-126,000,000	-428,000,000	-549,000,000
EBT Excluding Unusual Items Margin	22.61%	21.28%	10.48%	13.05%	6.27%	26.32%	4.79%	26.24%	5.58%	36.01%	27.12%	11.45%	-3.57%	-1.50%	16.51%	4.93%	-17.98%	16.40%	3.33%	23.25%	25.00%	22.90%	14.72%	-13.27%	-7.42%	-28.03%	-36.29%
Pre-Tax Income	15,914,000,000	13,388,200,000	7,687,300,000	5,359,733,333	4,018,300,000	22,729,000,000	9,916,000,000	22,729,000,000	9,916,000,000	15,097,000,000	12,434,000,000	6,765,000,000	2,443,000,000	2,226,000,000	4,545,000,000	1,825,000,000	-1,107,000,000	1,467,000,000	342,000,000	568,000,000	585,000,000	561,000,000	406,000,000	-36,000,000	60,000,000	-212,000,000	-248,000,000
Pre-Tax Income Margin	32.32%	31.81%	20.29%	20.25%	14.70%	35.58%	19.23%	35.58%	19.23%	42.15%	37.45%	24.64%	10.23%	9.85%	21.80%	10.35%	-8.36%	21.50%	8.01%	22.54%	24.75%	24.02%	19.40%	-2.43%	3.53%	-13.88%	-16.39%
Income Tax Expense	1,455,333,333	1,066,800,000	-310,100,000	-196,333,333	-146,500,000	-397,000,000	3,748,000,000	-397,000,000	3,748,000,000	1,015,000,000	939,000,000	29,000,000	-518,000,000	-510,000,000	-8,084,000,000	35,000,000	642,000,000	76,000,000	33,000,000	16,000,000	22,000,000	9,000,000	-9,000,000	8,000,000	3,000,000	8,000,000	5,000,000
Income Tax Expense Margin	3.16%	2.48%	-2.57%	-1.46%	-1.04%	-0.62%	7.27%	-0.62%	7.27%	2.83%	2.83%	0.11%	-2.17%	-2.26%	-38.78%	0.20%	4.85%	1.11%	0.77%	0.63%	0.93%	0.39%	-0.43%	0.54%	0.18%	0.52%	0.33%
Net Income	14,367,666,667	12,266,800,000	7,923,000,000	5,501,600,000	4,128,400,000	23,126,000,000	5,895,000,000	23,126,000,000	5,895,000,000	14,082,000,000	11,495,000,000	6,736,000,000	2,960,000,000	2,724,000,000	12,259,000,000	1,692,000,000	-1,739,000,000	1,364,000,000	263,000,000	552,000,000	563,000,000	552,000,000	415,000,000	-44,000,000	83,000,000	-159,000,000	-251,000,000
Net Income Margin	28.98%	29.22%	22.58%	21.42%	15.80%	36.20%	11.43%	36.20%	11.43%	39.31%	34.62%	24.54%	12.39%	12.05%	58.80%	9.59%	-13.13%	19.99%	6.16%	21.90%	23.82%	23.63%	19.83%	-2.96%	4.89%	-10.41%	-16.59%
Depreciation and Amortization	7,951,666,667	6,976,000,000	5,939,000,000	4,098,400,000	3,117,000,000	8,672,000,000	10,010,000,000	10,010,000,000	10,010,000,000	3,835,000,000	4,984,000,000	6,041,000,000	6,905,000,000	5,781,000,000	4,060,000,000	4,726,000,000	3,038,000,000	962,000,000	625,000,000	187,000,000	155,000,000	157,000,000	159,000,000	160,000,000	159,000,000	176,000,000	210,000,000
Depreciation and Amortization Margin	15.26%	16.56%	20.65%	17.06%	15.45%	13.57%	19.41%	15.67%	19.41%	10.71%	15.01%	22.01%	28.91%	25.58%	19.47%	26.80%	22.95%	14.10%	14.64%	7.42%	6.56%	6.72%	7.60%	10.78%	9.36%	11.53%	13.88%
EBITDA	26,642,333,333	22,754,600,000	15,310,300,000	10,601,400,000	8,015,200,000	34,223,000,000	23,879,000,000	35,494,000,000	23,879,000,000	20,554,000,000	19,155,000,000	14,691,000,000	11,125,000,000	9,451,000,000	9,233,000,000	7,005,000,000	2,516,000,000	2,620,000,000	1,077,000,000	757,000,000	742,000,000	722,000,000	599,000,000	201,000,000	305,000,000	73,000,000	105,000,000
EBITDA Margin	53.08%	54.09%	46.19%	41.19%	34.48%	53.57%	46.30%	55.56%	46.30%	57.38%	57.69%	53.52%	46.57%	41.82%	44.29%	39.72%	19.00%	38.39%	25.23%	30.04%	31.39%	30.91%	28.62%	13.54%	17.95%	4.78%	6.94%
NOPAT	16,473,605,328	14,210,808,586	9,609,994,462	6,647,621,863	5,010,231,828	25,929,120,683	8,374,322,711	25,929,120,683	8,374,322,711	15,117,372,591	13,150,745,939	8,482,481,005	4,865,106,017	4,233,056,604	14,268,408,141	2,325,528,767	-646,197,832	1,547,451,943	395,736,842	536,450,704	560,112,821	574,631,016	480,418,719	58,666,667	152,000,000	-108,962,264	-91,814,516
NOPAT Margin	33.01%	33.91%	28.54%	25.79%	20.48%	40.59%	16.24%	40.59%	16.24%	42.20%	39.61%	30.90%	20.37%	18.73%	68.44%	13.19%	-4.88%	22.68%	9.27%	21.29%	23.69%	24.60%	22.95%	3.95%	8.95%	-7.14%	-6.07%
Owner's Earnings	21,366,666,667	18,497,800,000	13,163,600,000	9,028,333,333	6,801,450,000	31,278,000,000	15,357,000,000	31,278,000,000	15,357,000,000	17,465,000,000	16,055,000,000	12,334,000,000	9,402,000,000	8,100,000,000	15,705,000,000	5,360,000,000	580,000,000	1,733,000,000	479,000,000	503,000,000	477,000,000	597,000,000	495,000,000	58,000,000	171,000,000	-20,000,000	-100,000,000
Owner's Earnings Margin	42.50%	44.16%	40.61%	33.89%	26.91%	48.96%	29.78%	48.96%	29.78%	48.76%	48.35%	44.93%	39.36%	35.85%	75.33%	30.39%	4.38%	25.40%	11.22%	19.96%	20.18%	25.56%	23.65%	3.91%	10.06%	-1.31%	-6.61%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-11-02	2024-11-03	2023-10-29	2022-10-30	2021-10-31	2020-11-01	2019-11-03	2018-11-04	2017-10-31	2016-10-31	2015-10-31	2014-10-31	2013-10-31	2012-10-31	2011-10-31	2010-10-31	2009-10-31	2008-10-31	2007-10-31	2006-10-31
Revenue	50,426,666,667	42,386,600,000	31,014,200,000	21,897,000,000	16,838,550,000	63,887,000,000	51,574,000,000	35,819,000,000	33,203,000,000	27,450,000,000	23,888,000,000	22,597,000,000	20,848,000,000	17,636,000,000	13,240,000,000	6,824,000,000	4,269,000,000	2,520,000,000	2,364,000,000	2,336,000,000	2,093,000,000	1,484,000,000	1,699,000,000	1,527,000,000	1,513,000,000
Cash & Cash Equivalents	13,238,333,333	12,858,800,000	9,556,000,000	6,792,266,667	5,185,550,000	16,178,000,000	9,348,000,000	14,189,000,000	12,416,000,000	12,163,000,000	7,618,000,000	5,055,000,000	4,292,000,000	11,204,000,000	3,097,000,000	1,822,000,000	1,604,000,000	985,000,000	1,084,000,000	829,000,000	561,000,000	472,000,000	213,000,000	309,000,000	272,000,000
Cash & Cash Equivalents Margin	27.69%	32.95%	32.65%	34.08%	31.03%	25.32%	18.13%	39.61%	37.39%	44.31%	31.89%	22.37%	20.59%	63.53%	23.39%	26.70%	37.57%	39.09%	45.85%	35.49%	26.80%	31.81%	12.54%	20.24%	17.98%
Short-Term Investments	0	0	0	2,533,333	1,900,000	0	0	0	0	0	0	0	0	0	0	0	24,000,000	14,000,000	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.00%	0.07%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.56%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	13,238,333,333	12,858,800,000	9,556,000,000	6,794,800,000	5,187,450,000	16,178,000,000	9,348,000,000	14,189,000,000	12,416,000,000	12,163,000,000	7,618,000,000	5,055,000,000	4,292,000,000	11,204,000,000	3,097,000,000	1,822,000,000	1,628,000,000	999,000,000	1,084,000,000	829,000,000	561,000,000	472,000,000	213,000,000	309,000,000	272,000,000
Cash & Short-Term Investments Margin	27.69%	32.95%	32.65%	34.16%	31.09%	25.32%	18.13%	39.61%	37.39%	44.31%	31.89%	22.37%	20.59%	63.53%	23.39%	26.70%	38.14%	39.64%	45.85%	35.49%	26.80%	31.81%	12.54%	20.24%	17.98%
Net Receivables	4,905,000,000	3,948,800,000	3,325,400,000	2,410,866,667	1,861,650,000	7,145,000,000	4,416,000,000	3,154,000,000	2,958,000,000	2,071,000,000	2,297,000,000	3,259,000,000	3,325,000,000	2,448,000,000	2,181,000,000	1,019,000,000	782,000,000	418,000,000	359,000,000	331,000,000	290,000,000	191,000,000	184,000,000	218,000,000	187,000,000
Net Receivables Margin	9.52%	9.00%	11.53%	12.97%	12.94%	11.18%	8.56%	8.81%	8.91%	7.54%	9.62%	14.42%	15.95%	13.88%	16.47%	14.93%	18.32%	16.59%	15.19%	14.17%	13.86%	12.87%	10.83%	14.28%	12.36%
Inventory	1,976,000,000	1,830,000,000	1,499,800,000	1,114,266,667	878,100,000	2,270,000,000	1,760,000,000	1,898,000,000	1,925,000,000	1,297,000,000	1,003,000,000	874,000,000	1,124,000,000	1,447,000,000	1,400,000,000	524,000,000	519,000,000	285,000,000	194,000,000	194,000,000	189,000,000	162,000,000	188,000,000	140,000,000	169,000,000
Inventory Margin	4.09%	4.56%	5.50%	6.85%	7.70%	3.55%	3.41%	5.30%	5.80%	4.72%	4.20%	3.87%	5.39%	8.20%	10.57%	7.68%	12.16%	11.31%	8.21%	8.30%	9.03%	10.92%	11.07%	9.17%	11.17%
Other Current Assets	3,638,000,000	2,354,200,000	1,364,200,000	1,005,133,333	761,900,000	5,980,000,000	4,071,000,000	863,000,000	341,000,000	516,000,000	590,000,000	427,000,000	123,000,000	284,000,000	447,000,000	394,000,000	895,000,000	68,000,000	46,000,000	32,000,000	34,000,000	22,000,000	21,000,000	50,000,000	34,000,000
Other Current Assets Margin	6.55%	4.51%	3.25%	4.35%	3.76%	9.36%	7.89%	2.41%	1.03%	1.88%	2.47%	1.89%	0.59%	1.61%	3.38%	5.77%	20.97%	2.70%	1.95%	1.37%	1.62%	1.48%	1.24%	3.27%	2.25%
Total Current Assets	24,005,000,000	21,421,000,000	16,097,200,000	11,564,866,667	8,871,100,000	31,573,000,000	19,595,000,000	20,847,000,000	18,504,000,000	16,586,000,000	11,895,000,000	9,917,000,000	9,107,000,000	15,823,000,000	7,125,000,000	3,775,000,000	3,824,000,000	1,818,000,000	1,691,000,000	1,393,000,000	1,087,000,000	864,000,000	619,000,000	717,000,000	662,000,000
Total Current Assets Margin	48.54%	52.35%	54.27%	59.39%	56.41%	49.42%	37.99%	58.20%	55.73%	60.42%	49.79%	43.89%	43.68%	89.72%	53.81%	55.32%	89.58%	72.14%	71.53%	59.63%	51.94%	58.22%	36.43%	46.95%	43.75%
Property, Plant & Equipment	2,556,000,000	2,447,800,000	2,505,600,000	1,943,600,000	1,535,350,000	2,530,000,000	2,521,000,000	2,617,000,000	2,223,000,000	2,348,000,000	2,509,000,000	2,565,000,000	2,635,000,000	2,599,000,000	2,509,000,000	1,460,000,000	1,158,000,000	661,000,000	503,000,000	316,000,000	281,000,000	264,000,000	299,000,000	292,000,000	417,000,000
Property, Plant & Equipment Margin	5.38%	6.28%	9.96%	13.94%	15.23%	3.96%	4.89%	7.31%	6.70%	8.55%	10.50%	11.35%	12.64%	14.74%	18.95%	21.40%	27.13%	26.23%	21.28%	13.53%	13.43%	17.79%	17.60%	19.12%	27.56%
Goodwill	79,775,666,667	65,278,200,000	48,290,300,000	32,461,400,000	24,383,550,000	97,801,000,000	97,873,000,000	43,653,000,000	43,614,000,000	43,450,000,000	43,447,000,000	36,714,000,000	26,913,000,000	24,706,000,000	24,732,000,000	1,674,000,000	1,596,000,000	391,000,000	180,000,000	177,000,000	172,000,000	171,000,000	169,000,000	122,000,000	116,000,000
Goodwill Margin	154.91%	150.87%	155.47%	109.82%	84.63%	153.08%	189.77%	121.87%	131.36%	158.29%	181.88%	162.47%	129.09%	140.09%	186.80%	24.53%	37.39%	15.52%	7.61%	7.58%	8.22%	11.52%	9.95%	7.99%	7.67%
Intangible Assets	25,574,333,333	19,041,600,000	16,620,600,000	11,634,200,000	8,910,200,000	32,273,000,000	40,583,000,000	3,867,000,000	7,111,000,000	11,374,000,000	16,782,000,000	17,554,000,000	10,762,000,000	10,832,000,000	15,068,000,000	3,277,000,000	3,617,000,000	492,000,000	422,000,000	499,000,000	573,000,000	647,000,000	721,000,000	777,000,000	973,000,000
Intangible Assets Margin	46.67%	40.57%	57.76%	51.27%	49.89%	50.52%	78.69%	10.80%	21.42%	41.44%	70.25%	77.68%	51.62%	61.42%	113.81%	48.02%	84.73%	19.52%	17.85%	21.36%	27.38%	43.60%	42.44%	50.88%	64.31%
Long-Term Investments	0	0	0	5,466,667	4,100,000	0	0	0	0	0	0	0	0	0	0	27,000,000	50,000,000	0	5,000,000	0	0	0	0	0	0
Long-Term Investments Margin	0.00%	0.00%	0.00%	0.12%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.40%	1.17%	0.00%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	0	0	26,100,000	16,733,333	12,550,000	0	0	0	0	0	240,000,000	0	0	21,000,000	0	0	0	-5,000,000	-5,000,000	0	0	0	0	0	0
Tax Assets Margin	0.00%	0.00%	0.11%	0.05%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	1.00%	0.00%	0.00%	0.12%	0.00%	0.00%	0.00%	-0.20%	-0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	4,621,666,667	3,494,800,000	2,095,300,000	1,446,800,000	1,096,250,000	6,915,000,000	5,073,000,000	1,877,000,000	1,797,000,000	1,812,000,000	1,060,000,000	743,000,000	707,000,000	437,000,000	532,000,000	318,000,000	246,000,000	58,000,000	66,000,000	61,000,000	44,000,000	24,000,000	63,000,000	43,000,000	49,000,000
Other Non-Current Assets Margin	8.63%	7.58%	5.55%	4.91%	4.36%	10.82%	9.84%	5.24%	5.41%	6.60%	4.44%	3.29%	3.39%	2.48%	4.02%	4.66%	5.76%	2.30%	2.79%	2.61%	2.10%	1.62%	3.71%	2.82%	3.24%
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
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%
Total Non-Current Assets	112,527,666,667	90,262,400,000	69,537,900,000	47,508,200,000	35,942,000,000	139,519,000,000	146,050,000,000	52,014,000,000	54,745,000,000	58,984,000,000	64,038,000,000	57,576,000,000	41,017,000,000	38,595,000,000	42,841,000,000	6,756,000,000	6,667,000,000	1,597,000,000	1,171,000,000	1,053,000,000	1,070,000,000	1,106,000,000	1,252,000,000	1,234,000,000	1,555,000,000
Total Non-Current Assets Margin	215.59%	205.31%	228.86%	180.12%	154.23%	218.38%	283.19%	145.21%	164.88%	214.88%	268.08%	254.79%	196.74%	218.84%	323.57%	99.00%	156.17%	63.37%	49.53%	45.08%	51.12%	74.53%	73.69%	80.81%	102.78%
Total Assets	136,532,666,667	111,683,400,000	85,635,100,000	59,072,000,000	44,812,300,000	171,092,000,000	165,645,000,000	72,861,000,000	73,249,000,000	75,570,000,000	75,933,000,000	67,493,000,000	50,124,000,000	54,418,000,000	49,966,000,000	10,515,000,000	10,491,000,000	3,415,000,000	2,862,000,000	2,446,000,000	2,157,000,000	1,970,000,000	1,871,000,000	1,951,000,000	2,217,000,000
Total Assets Margin	264.13%	257.66%	283.12%	239.49%	210.63%	267.80%	321.18%	203.41%	220.61%	275.30%	317.87%	298.68%	240.43%	308.56%	377.39%	154.09%	245.75%	135.52%	121.07%	104.71%	103.06%	132.75%	110.12%	127.77%	146.53%
Accounts Payable	1,477,333,333	1,303,200,000	1,138,400,000	884,200,000	707,400,000	1,560,000,000	1,662,000,000	1,210,000,000	998,000,000	1,086,000,000	836,000,000	855,000,000	811,000,000	1,105,000,000	1,261,000,000	617,000,000	515,000,000	278,000,000	248,000,000	221,000,000	198,000,000	154,000,000	174,000,000	194,000,000	165,000,000
Accounts Payable Margin	3.01%	3.20%	4.30%	6.34%	7.44%	2.44%	3.22%	3.38%	3.01%	3.96%	3.50%	3.78%	3.89%	6.27%	9.52%	9.04%	12.06%	11.03%	10.49%	9.46%	9.46%	10.38%	10.24%	12.70%	10.91%
Short-Term Debt	1,986,666,667	1,325,400,000	1,081,200,000	726,933,333	575,250,000	3,152,000,000	1,245,000,000	1,563,000,000	403,000,000	264,000,000	827,000,000	2,787,000,000	0	117,000,000	454,000,000	46,000,000	46,000,000	0	0	0	230,000,000	366,000,000	0	2,000,000	3,000,000
Short-Term Debt Margin	3.90%	2.78%	3.38%	2.37%	3.58%	4.93%	2.41%	4.36%	1.21%	0.96%	3.46%	12.33%	0.00%	0.66%	3.43%	0.67%	1.08%	0.00%	0.00%	0.00%	10.99%	24.66%	0.00%	0.13%	0.20%
Tax Payables	397,666,667	482,800,000	336,800,000	236,333,333	177,250,000	0	720,000,000	473,000,000	680,000,000	541,000,000	440,000,000	229,000,000	162,000,000	123,000,000	0	79,000,000	57,000,000	15,000,000	16,000,000	10,000,000	0	0	0	0	0
Tax Payables Margin	0.91%	1.35%	1.11%	1.02%	0.76%	0.00%	1.40%	1.32%	2.05%	1.97%	1.84%	1.01%	0.78%	0.70%	0.00%	1.16%	1.34%	0.60%	0.68%	0.43%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	3,960,666,667	3,486,400,000	2,223,400,000	1,516,333,333	1,140,550,000	0	9,395,000,000	2,487,000,000	2,931,000,000	2,619,000,000	2,620,000,000	1,501,000,000	164,000,000	0	517,000,000	250,000,000	232,000,000	11,000,000	8,000,000	10,000,000	7,000,000	25,000,000	0	34,000,000	0
Deferred Revenue Margin	8.39%	8.71%	6.58%	5.08%	4.02%	0.00%	18.22%	6.94%	8.83%	9.54%	10.97%	6.64%	0.79%	0.00%	3.90%	3.66%	5.43%	0.44%	0.34%	0.43%	0.33%	1.68%	0.00%	2.23%	0.00%
Other Current Liabilities	5,324,666,667	3,778,000,000	2,146,900,000	1,438,000,000	1,097,450,000	11,673,000,000	3,114,000,000	1,187,000,000	1,536,000,000	1,380,000,000	651,000,000	886,000,000	486,000,000	558,000,000	-2,000,000	-46,000,000	4,000,000	113,000,000	12,000,000	18,000,000	28,000,000	4,000,000	120,000,000	55,000,000	172,000,000
Other Current Liabilities Margin	9.21%	7.46%	4.94%	3.64%	3.91%	18.27%	6.04%	3.31%	4.63%	5.03%	2.73%	3.92%	2.33%	3.16%	-0.02%	-0.67%	0.09%	4.48%	0.51%	0.77%	1.34%	0.27%	7.06%	3.60%	11.37%
Total Current Liabilities	14,205,333,333	11,189,800,000	7,716,400,000	5,361,200,000	4,130,250,000	18,514,000,000	16,697,000,000	7,405,000,000	7,052,000,000	6,281,000,000	6,371,000,000	6,899,000,000	2,338,000,000	2,529,000,000	3,078,000,000	1,119,000,000	1,016,000,000	423,000,000	346,000,000	350,000,000	565,000,000	633,000,000	328,000,000	321,000,000	340,000,000
Total Current Liabilities Margin	27.34%	25.23%	23.22%	21.25%	22.56%	28.98%	32.37%	20.67%	21.24%	22.88%	26.67%	30.53%	11.21%	14.34%	23.25%	16.40%	23.80%	16.79%	14.64%	14.98%	26.99%	42.65%	19.31%	21.02%	22.47%
Long-Term Debt	55,298,666,667	48,870,000,000	36,270,800,000	24,799,933,333	18,741,750,000	61,984,000,000	66,295,000,000	37,617,000,000	39,053,000,000	39,401,000,000	40,235,000,000	30,011,000,000	17,493,000,000	17,431,000,000	13,188,000,000	3,826,000,000	5,463,000,000	0	2,000,000	0	0	230,000,000	703,000,000	903,000,000	1,000,000,000
Long-Term Debt Margin	110.19%	118.35%	117.53%	90.63%	77.08%	97.02%	128.54%	105.02%	117.62%	143.54%	168.43%	132.81%	83.91%	98.84%	99.61%	56.07%	127.97%	0.00%	0.08%	0.00%	0.00%	15.50%	41.38%	59.14%	66.09%
Capital Lease Obligations	29,333,333	42,400,000	78,700,000	53,200,000	41,300,000	0	39,000,000	49,000,000	59,000,000	65,000,000	575,000,000	0	0	0	0	0	0	2,000,000	3,000,000	6,000,000	6,000,000	5,000,000	7,000,000	6,000,000	4,000,000
Capital Lease Obligations Margin	0.07%	0.13%	0.30%	0.23%	0.26%	0.00%	0.08%	0.14%	0.18%	0.24%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.13%	0.26%	0.29%	0.34%	0.41%	0.39%	0.26%
Deferred Tax Liabilities	1,468,000,000	1,413,400,000	3,234,200,000	2,156,866,667	1,617,650,000	0	4,703,000,000	-299,000,000	3,229,000,000	-566,000,000	0	4,800,000,000	169,000,000	10,019,000,000	10,287,000,000	9,000,000	0	0	2,000,000	0	0	0	0	0	0
Deferred Tax Liabilities Margin	2.76%	3.19%	17.25%	11.51%	8.64%	0.00%	9.12%	-0.83%	9.73%	-2.06%	0.00%	21.24%	0.81%	56.81%	77.70%	0.13%	0.00%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	5,987,333,333	4,549,400,000	3,864,500,000	2,703,133,333	2,040,500,000	9,302,000,000	5,172,000,000	3,488,000,000	385,000,000	4,400,000,000	4,028,000,000	5,613,000,000	3,467,000,000	1,253,000,000	1,537,000,000	847,000,000	769,000,000	105,000,000	95,000,000	86,000,000	83,000,000	64,000,000	55,000,000	30,000,000	31,000,000
Other Non-Current Liabilities Margin	11.44%	10.30%	12.86%	11.39%	9.32%	14.56%	10.03%	9.74%	1.16%	16.03%	16.86%	24.84%	16.63%	7.10%	11.61%	12.41%	18.01%	4.17%	4.02%	3.68%	3.97%	4.31%	3.24%	1.96%	2.05%
Total Non-Current Liabilities	64,674,666,667	56,362,400,000	43,794,100,000	29,942,333,333	22,612,700,000	71,286,000,000	81,270,000,000	41,468,000,000	43,488,000,000	44,300,000,000	45,661,000,000	35,624,000,000	21,129,000,000	28,703,000,000	25,012,000,000	4,682,000,000	6,219,000,000	106,000,000	97,000,000	90,000,000	87,000,000	297,000,000	763,000,000	937,000,000	1,035,000,000
Total Non-Current Liabilities Margin	128.31%	135.46%	147.91%	113.70%	95.22%	111.58%	157.58%	115.77%	130.98%	161.38%	191.15%	157.65%	101.35%	162.75%	188.91%	68.61%	145.68%	4.21%	4.10%	3.85%	4.16%	20.01%	44.91%	61.36%	68.41%
Total Liabilities	78,880,000,000	67,552,200,000	51,510,500,000	35,304,400,000	26,743,600,000	89,800,000,000	97,967,000,000	48,873,000,000	50,540,000,000	50,581,000,000	52,032,000,000	42,523,000,000	23,467,000,000	31,232,000,000	28,090,000,000	5,801,000,000	7,248,000,000	529,000,000	443,000,000	440,000,000	652,000,000	930,000,000	1,091,000,000	1,258,000,000	1,375,000,000
Total Liabilities Margin	155.65%	160.69%	171.13%	134.97%	117.80%	140.56%	189.95%	136.44%	152.22%	184.27%	217.82%	188.18%	112.56%	177.09%	212.16%	85.01%	169.78%	20.99%	18.74%	18.84%	31.15%	62.67%	64.21%	82.38%	90.88%
Preferred Stock	0	5,400,000	8,300,000	6,266,667	4,700,000	0	0	0	0	27,000,000	27,000,000	29,000,000	0	0	0	0	0	0	11,000,000	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.02%	0.03%	0.05%	0.04%	0.00%	0.00%	0.00%	0.00%	0.10%	0.11%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	3,333,333	2,000,000	6,304,100,000	4,710,866,667	3,586,600,000	5,000,000	5,000,000	0	0	0	0	0	23,285,000,000	20,505,000,000	19,241,000,000	2,547,000,000	2,009,000,000	1,587,000,000	1,479,000,000	0	0	0	0	0	1,069,000,000
Common Stock Margin	0.01%	0.00%	37.33%	38.88%	32.69%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	111.69%	116.27%	145.32%	37.32%	47.06%	62.98%	62.56%	0.00%	0.00%	0.00%	0.00%	0.00%	70.65%
Retained Earnings	4,147,666,667	2,959,000,000	1,793,800,000	1,616,200,000	1,151,050,000	9,761,000,000	0	2,682,000,000	1,604,000,000	748,000,000	0	0	3,487,000,000	-129,000,000	-215,000,000	2,240,000,000	1,284,000,000	1,305,000,000	951,000,000	525,000,000	59,000,000	-356,000,000	-312,000,000	-386,000,000	-227,000,000
Retained Earnings Margin	7.59%	6.06%	4.47%	14.81%	7.11%	15.28%	0.00%	7.49%	4.83%	2.72%	0.00%	0.00%	16.73%	-0.73%	-1.62%	32.83%	30.08%	51.79%	40.23%	22.47%	2.82%	-23.99%	-18.36%	-25.28%	-15.00%
Accumulated OCI	210,666,667	92,400,000	-12,600,000	-17,600,000	-12,650,000	218,000,000	207,000,000	207,000,000	-54,000,000	-116,000,000	-108,000,000	-140,000,000	-115,000,000	-91,000,000	-134,000,000	-73,000,000	-50,000,000	-6,000,000	-11,000,000	2,000,000	-4,000,000	3,000,000	8,000,000	4,000,000	0
Accumulated OCI Margin	0.44%	0.15%	-0.24%	-0.35%	-0.23%	0.34%	0.40%	0.58%	-0.16%	-0.42%	-0.45%	-0.62%	-0.55%	-0.52%	-1.01%	-1.07%	-1.17%	-0.24%	-0.47%	0.09%	-0.19%	0.20%	0.47%	0.26%	0.00%
Minority Interest	0	0	588,500,000	392,333,333	294,250,000	0	0	0	0	0	0	0	0	2,901,000,000	2,984,000,000	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	0.00%	3.90%	2.60%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.45%	22.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Shareholders’ Equity	57,652,666,667	44,131,200,000	33,536,100,000	23,375,266,667	17,774,450,000	81,292,000,000	67,678,000,000	23,988,000,000	22,709,000,000	24,989,000,000	23,901,000,000	24,970,000,000	26,657,000,000	20,285,000,000	18,892,000,000	4,714,000,000	3,243,000,000	2,886,000,000	2,419,000,000	2,006,000,000	1,505,000,000	1,040,000,000	780,000,000	693,000,000	842,000,000
Total Shareholders’ Equity Margin	108.48%	96.97%	108.10%	101.92%	90.88%	127.24%	131.23%	66.97%	68.39%	91.03%	100.05%	110.50%	127.86%	115.02%	142.69%	69.08%	75.97%	114.52%	102.33%	85.87%	71.91%	70.08%	45.91%	45.38%	55.65%
Total Equity	57,652,666,667	44,131,200,000	34,124,600,000	23,767,600,000	18,068,700,000	81,292,000,000	67,678,000,000	23,988,000,000	22,709,000,000	24,989,000,000	23,901,000,000	24,970,000,000	26,657,000,000	23,186,000,000	21,876,000,000	4,714,000,000	3,243,000,000	2,886,000,000	2,419,000,000	2,006,000,000	1,505,000,000	1,040,000,000	780,000,000	693,000,000	842,000,000
Total Equity Margin	108.48%	96.97%	112.00%	104.52%	92.83%	127.24%	131.23%	66.97%	68.39%	91.03%	100.05%	110.50%	127.86%	131.47%	165.23%	69.08%	75.97%	114.52%	102.33%	85.87%	71.91%	70.08%	45.91%	45.38%	55.65%
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
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%
Total Investments	0	0	-2,100,000	6,600,000	4,950,000	0	0	0	0	0	0	0	0	-21,000,000	0	27,000,000	74,000,000	14,000,000	5,000,000	0	0	0	0	0	0
Total Investments Margin	0.00%	0.00%	-0.01%	0.19%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.12%	0.00%	0.40%	1.73%	0.56%	0.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	44,211,666,667	37,661,400,000	28,021,100,000	18,885,266,667	14,245,650,000	48,958,000,000	58,218,000,000	25,459,000,000	27,562,000,000	28,110,000,000	34,071,000,000	27,743,000,000	13,201,000,000	6,344,000,000	10,545,000,000	2,050,000,000	3,905,000,000	-983,000,000	-1,081,000,000	-823,000,000	-325,000,000	127,000,000	497,000,000	600,000,000	735,000,000
Net Debt Margin	86.86%	89.20%	89.03%	59.46%	50.10%	76.63%	112.88%	71.08%	83.01%	102.40%	142.63%	122.77%	63.32%	35.97%	79.65%	30.04%	91.47%	-39.01%	-45.73%	-35.23%	-15.53%	8.56%	29.25%	39.29%	48.58%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-11-02	2024-11-03	2023-10-29	2022-10-30	2021-10-31	2020-11-01	2019-11-03	2018-11-04	2017-10-31	2016-10-31	2015-10-31	2014-10-31	2013-10-31	2012-10-31	2011-10-31	2010-10-31	2009-10-31	2008-10-31	2007-10-31	2006-10-31
Revenue	50,426,666,667	42,386,600,000	31,014,200,000	21,897,000,000	16,838,550,000	63,887,000,000	51,574,000,000	35,819,000,000	33,203,000,000	27,450,000,000	23,888,000,000	22,597,000,000	20,848,000,000	17,636,000,000	13,240,000,000	6,824,000,000	4,269,000,000	2,520,000,000	2,364,000,000	2,336,000,000	2,093,000,000	1,484,000,000	1,699,000,000	1,527,000,000	1,513,000,000
Working Capital	9,799,666,667	10,231,200,000	8,380,800,000	6,203,666,667	4,740,850,000	13,059,000,000	2,898,000,000	13,442,000,000	11,452,000,000	10,305,000,000	5,524,000,000	3,018,000,000	6,769,000,000	13,294,000,000	4,047,000,000	2,656,000,000	2,808,000,000	1,395,000,000	1,345,000,000	1,043,000,000	522,000,000	231,000,000	291,000,000	396,000,000	322,000,000
Working Capital Margin	21.20%	27.12%	31.05%	38.14%	33.85%	20.44%	5.62%	37.53%	34.49%	37.54%	23.12%	13.36%	32.47%	75.38%	30.57%	38.92%	65.78%	55.36%	56.90%	44.65%	24.94%	15.57%	17.13%	25.93%	21.28%
Total Capital	115,102,666,667	94,651,400,000	71,113,200,000	49,052,800,000	37,205,650,000	146,428,000,000	135,244,000,000	63,636,000,000	62,687,000,000	65,262,000,000	65,590,000,000	57,768,000,000	44,150,000,000	37,833,000,000	32,534,000,000	8,586,000,000	8,752,000,000	2,888,000,000	2,422,000,000	2,012,000,000	1,741,000,000	1,639,000,000	1,490,000,000	1,602,000,000	1,849,000,000
Total Capital Margin	223.03%	219.13%	229.79%	195.46%	172.02%	229.20%	262.23%	177.66%	188.80%	237.75%	274.57%	255.64%	211.77%	214.52%	245.73%	125.82%	205.01%	114.60%	102.45%	86.13%	83.18%	110.44%	87.70%	104.91%	122.21%
Capital Employed	122,327,333,333	100,493,600,000	77,918,700,000	53,710,800,000	40,682,050,000	152,578,000,000	148,948,000,000	65,456,000,000	66,197,000,000	69,289,000,000	69,562,000,000	60,594,000,000	47,786,000,000	51,889,000,000	46,888,000,000	9,396,000,000	9,475,000,000	2,992,000,000	2,516,000,000	2,096,000,000	1,592,000,000	1,337,000,000	1,543,000,000	1,630,000,000	1,877,000,000
Capital Employed Margin	236.79%	232.43%	259.91%	218.24%	188.07%	238.82%	288.80%	182.74%	199.37%	252.42%	291.20%	268.15%	229.21%	294.22%	354.14%	137.69%	221.95%	118.73%	106.43%	89.73%	76.06%	90.09%	90.82%	106.75%	124.06%
Invested Capital	101,864,333,333	81,792,600,000	61,557,200,000	42,260,533,333	32,020,100,000	130,250,000,000	125,896,000,000	49,447,000,000	50,271,000,000	53,099,000,000	57,972,000,000	52,713,000,000	39,858,000,000	26,629,000,000	29,437,000,000	6,764,000,000	7,148,000,000	1,903,000,000	1,338,000,000	1,183,000,000	1,180,000,000	1,167,000,000	1,277,000,000	1,293,000,000	1,577,000,000
Invested Capital Margin	195.34%	186.17%	197.13%	161.38%	140.99%	203.88%	244.11%	138.05%	151.40%	193.44%	242.68%	233.27%	191.18%	150.99%	222.33%	99.12%	167.44%	75.52%	56.60%	50.64%	56.38%	78.64%	75.16%	84.68%	104.23%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-11-02	2024-11-03	2023-10-29	2022-10-30	2021-10-31	2020-11-01	2019-11-03	2018-11-04	2017-10-31	2016-10-31	2015-10-31	2014-10-31	2013-10-31	2012-10-31	2011-10-31	2010-10-31	2009-10-31	2008-10-31	2007-10-31	2006-10-31
Revenue	50,426,666,667	42,386,600,000	31,014,200,000	21,897,000,000	16,838,550,000	63,887,000,000	51,574,000,000	35,819,000,000	33,203,000,000	27,450,000,000	23,888,000,000	22,597,000,000	20,848,000,000	17,636,000,000	13,240,000,000	6,824,000,000	4,269,000,000	2,520,000,000	2,364,000,000	2,336,000,000	2,093,000,000	1,484,000,000	1,699,000,000	1,527,000,000	1,513,000,000
Net Income	14,367,666,667	12,266,800,000	7,966,100,000	5,529,133,333	4,148,950,000	23,126,000,000	5,895,000,000	14,082,000,000	11,495,000,000	6,736,000,000	2,960,000,000	2,724,000,000	12,610,000,000	1,894,000,000	-1,861,000,000	1,364,000,000	245,000,000	552,000,000	563,000,000	552,000,000	415,000,000	-44,000,000	83,000,000	-159,000,000	-253,000,000
Net Income Margin	28.98%	29.22%	22.77%	21.52%	15.87%	36.20%	11.43%	39.31%	34.62%	24.54%	12.39%	12.05%	60.49%	10.74%	-14.06%	19.99%	5.74%	21.90%	23.82%	23.63%	19.83%	-2.96%	4.89%	-10.41%	-16.72%
Depreciation & Amortization	7,540,000,000	6,729,000,000	5,821,800,000	4,020,266,667	3,058,400,000	8,775,000,000	10,010,000,000	3,835,000,000	4,984,000,000	6,041,000,000	6,905,000,000	5,808,000,000	4,081,000,000	4,737,000,000	3,042,000,000	962,000,000	625,000,000	187,000,000	155,000,000	157,000,000	159,000,000	160,000,000	159,000,000	176,000,000	210,000,000
Depreciation & Amortization Margin	14.62%	16.17%	20.49%	16.95%	15.37%	13.74%	19.41%	10.71%	15.01%	22.01%	28.91%	25.70%	19.58%	26.86%	22.98%	14.10%	14.64%	7.42%	6.56%	6.72%	7.60%	10.78%	9.36%	11.53%	13.88%
Deferred Income Tax	488,000,000	124,200,000	-953,300,000	-673,533,333	-498,500,000	0	1,965,000,000	-501,000,000	-34,000,000	-809,000,000	-1,142,000,000	-934,000,000	-8,270,000,000	-173,000,000	365,000,000	-90,000,000	42,000,000	3,000,000	13,000,000	-538,000,000	2,000,000	16,000,000	0	115,000,000	0
Deferred Income Tax Margin	0.80%	-0.13%	-4.74%	-4.68%	-3.07%	0.00%	3.81%	-1.40%	-0.10%	-2.95%	-4.78%	-4.13%	-39.67%	-0.98%	2.76%	-1.32%	0.98%	0.12%	0.55%	-23.03%	0.10%	1.08%	0.00%	7.53%	0.00%
Stock-Based Compensation	5,160,000,000	3,743,400,000	2,570,500,000	1,751,200,000	1,316,600,000	7,568,000,000	5,741,000,000	2,171,000,000	1,533,000,000	1,704,000,000	1,976,000,000	2,185,000,000	1,227,000,000	921,000,000	679,000,000	232,000,000	163,000,000	77,000,000	53,000,000	38,000,000	25,000,000	12,000,000	15,000,000	12,000,000	0
Stock-Based Compensation Margin	9.68%	7.97%	7.40%	5.88%	4.59%	11.85%	11.13%	6.06%	4.62%	6.21%	8.27%	9.67%	5.89%	5.22%	5.13%	3.40%	3.82%	3.06%	2.24%	1.63%	1.19%	0.81%	0.88%	0.79%	0.00%
Change in Working Capital	-4,926,666,667	-3,312,200,000	-1,673,000,000	-1,123,866,667	-832,250,000	-8,500,000,000	-4,637,000,000	-1,643,000,000	-1,654,000,000	-127,000,000	1,093,000,000	-184,000,000	-826,000,000	-735,000,000	483,000,000	-166,000,000	251,000,000	-91,000,000	-87,000,000	-35,000,000	-99,000,000	-6,000,000	-34,000,000	-3,000,000	355,000,000
Change in Working Capital Margin	-8.96%	-6.47%	-3.30%	-2.56%	-1.11%	-13.30%	-8.99%	-4.59%	-4.98%	-0.46%	4.58%	-0.81%	-3.96%	-4.17%	3.65%	-2.43%	5.88%	-3.61%	-3.68%	-1.50%	-4.73%	-0.40%	-2.00%	-0.20%	23.46%
Accounts Receivable	-192,333,333	-247,400,000	-118,000,000	-101,200,000	-73,550,000	-2,717,000,000	2,327,000,000	-187,000,000	-870,000,000	210,000,000	981,000,000	486,000,000	-652,000,000	-267,000,000	-491,000,000	-187,000,000	-70,000,000	-26,000,000	-13,000,000	-42,000,000	-96,000,000	0	38,000,000	-31,000,000	136,000,000
Accounts Receivable Margin	-0.09%	-0.42%	-0.42%	-0.80%	-0.37%	-4.25%	4.51%	-0.52%	-2.62%	0.77%	4.11%	2.15%	-3.13%	-1.51%	-3.71%	-2.74%	-1.64%	-1.03%	-0.55%	-1.80%	-4.59%	0.00%	2.24%	-2.03%	8.99%
Inventory	-111,000,000	-250,800,000	33,900,000	35,600,000	27,300,000	-510,000,000	150,000,000	27,000,000	-627,000,000	-294,000,000	-31,000,000	250,000,000	417,000,000	-39,000,000	996,000,000	62,000,000	193,000,000	-55,000,000	0	-5,000,000	-26,000,000	27,000,000	-45,000,000	28,000,000	28,000,000
Inventory Margin	-0.14%	-0.68%	0.69%	0.66%	0.58%	-0.80%	0.29%	0.08%	-1.89%	-1.07%	-0.13%	1.11%	2.00%	-0.22%	7.52%	0.91%	4.52%	-2.18%	0.00%	-0.21%	-1.24%	1.82%	-2.65%	1.83%	1.85%
Accounts Payable	70,666,667	75,200,000	-5,800,000	1,933,333	3,400,000	-118,000,000	121,000,000	209,000,000	-79,000,000	243,000,000	-3,000,000	-42,000,000	-325,000,000	-97,000,000	33,000,000	29,000,000	13,000,000	22,000,000	-2,000,000	25,000,000	23,000,000	-16,000,000	-29,000,000	29,000,000	32,000,000
Accounts Payable Margin	0.21%	0.26%	-0.08%	0.12%	0.21%	-0.18%	0.23%	0.58%	-0.24%	0.89%	-0.01%	-0.19%	-1.56%	-0.55%	0.25%	0.42%	0.30%	0.87%	-0.08%	1.07%	1.10%	-1.08%	-1.71%	1.90%	2.12%
Other Working Capital	-4,694,000,000	-2,889,200,000	-1,583,100,000	-1,060,200,000	-789,400,000	-5,155,000,000	-7,235,000,000	-1,692,000,000	-78,000,000	-286,000,000	146,000,000	-878,000,000	-266,000,000	-332,000,000	-55,000,000	-70,000,000	115,000,000	-32,000,000	-72,000,000	-13,000,000	0	-17,000,000	2,000,000	-29,000,000	159,000,000
Other Working Capital Margin	-8.94%	-5.62%	-3.49%	-2.54%	-1.53%	-8.07%	-14.03%	-4.72%	-0.23%	-1.04%	0.61%	-3.89%	-1.28%	-1.88%	-0.42%	-1.03%	2.69%	-1.27%	-3.05%	-0.56%	0.00%	-1.15%	0.12%	-1.90%	10.51%
Other Non-Cash Items	-767,666,667	-334,400,000	-63,700,000	-15,333,333	-8,650,000	-3,432,000,000	988,000,000	141,000,000	412,000,000	219,000,000	269,000,000	98,000,000	58,000,000	-93,000,000	703,000,000	16,000,000	-151,000,000	-6,000,000	-4,000,000	552,000,000	8,000,000	1,000,000	-15,000,000	5,000,000	58,000,000
Other Non-Cash Items Margin	-1.02%	-0.20%	0.56%	1.70%	1.46%	-5.37%	1.92%	0.39%	1.24%	0.80%	1.13%	0.43%	0.28%	-0.53%	5.31%	0.23%	-3.54%	-0.24%	-0.17%	23.63%	0.38%	0.07%	-0.88%	0.33%	3.83%
Net Cash from Operating Activities	21,861,333,333	19,216,800,000	13,668,400,000	9,487,866,667	7,184,550,000	27,537,000,000	19,962,000,000	18,085,000,000	16,736,000,000	13,764,000,000	12,061,000,000	9,697,000,000	8,880,000,000	6,551,000,000	3,411,000,000	2,318,000,000	1,175,000,000	722,000,000	693,000,000	726,000,000	510,000,000	139,000,000	208,000,000	146,000,000	370,000,000
Net Cash from Operating Activities Margin	44.10%	46.57%	43.18%	38.82%	33.11%	43.10%	38.71%	50.49%	50.41%	50.14%	50.49%	42.91%	42.59%	37.15%	25.76%	33.97%	27.52%	28.65%	29.31%	31.08%	24.37%	9.37%	12.24%	9.56%	24.45%
Capital Expenditures (PPE)	-541,000,000	-498,000,000	-581,200,000	-493,533,333	-385,000,000	-623,000,000	-548,000,000	-452,000,000	-424,000,000	-443,000,000	-463,000,000	-432,000,000	-635,000,000	-1,069,000,000	-723,000,000	-593,000,000	-409,000,000	-236,000,000	-241,000,000	-112,000,000	-79,000,000	-57,000,000	-65,000,000	-37,000,000	-59,000,000
Capital Expenditures (PPE) Margin	-1.10%	-1.24%	-2.46%	-4.48%	-4.25%	-0.98%	-1.06%	-1.26%	-1.28%	-1.61%	-1.94%	-1.91%	-3.05%	-6.06%	-5.46%	-8.69%	-9.58%	-9.37%	-10.19%	-4.79%	-3.77%	-3.84%	-3.83%	-2.42%	-3.90%
Acquisitions (Net)	-8,677,000,000	-5,248,000,000	-6,518,400,000	-4,753,533,333	-3,564,850,000	0	-25,978,000,000	-53,000,000	-246,000,000	37,000,000	-10,654,000,000	-15,076,000,000	-4,027,000,000	-30,000,000	-9,157,000,000	256,000,000	-5,961,000,000	-414,000,000	0	0	0	0	5,000,000	0	1,000,000
Acquisitions (Net) Margin	-16.84%	-10.22%	-25.11%	-26.89%	-20.15%	0.00%	-50.37%	-0.15%	-0.74%	0.13%	-44.60%	-66.72%	-19.32%	-0.17%	-69.16%	3.75%	-139.63%	-16.43%	0.00%	0.00%	0.00%	0.00%	0.29%	0.00%	0.07%
Purchases of Investments	-372,666,667	-262,800,000	-183,300,000	-124,466,667	-99,400,000	-597,000,000	-175,000,000	-346,000,000	-200,000,000	4,000,000	0	-5,000,000	-249,000,000	-207,000,000	-58,000,000	-14,000,000	0	-15,000,000	-4,000,000	-1,000,000	-9,000,000	-7,000,000	-78,000,000	-27,000,000	0
Purchases of Investments Margin	-0.75%	-0.57%	-0.57%	-0.44%	-0.70%	-0.93%	-0.34%	-0.97%	-0.60%	0.01%	0.00%	-0.02%	-1.19%	-1.17%	-0.44%	-0.21%	0.00%	-0.60%	-0.17%	-0.04%	-0.43%	-0.47%	-4.59%	-1.77%	0.00%
Sales / Maturities of Investments	210,666,667	200,200,000	136,400,000	94,133,333	70,600,000	248,000,000	156,000,000	228,000,000	200,000,000	169,000,000	0	5,000,000	54,000,000	200,000,000	104,000,000	0	35,000,000	13,000,000	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.44%	0.51%	0.47%	0.41%	0.30%	0.39%	0.30%	0.64%	0.60%	0.62%	0.00%	0.02%	0.26%	1.13%	0.79%	0.00%	0.82%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	1,267,000,000	758,400,000	449,500,000	336,466,667	156,050,000	392,000,000	3,475,000,000	-66,000,000	3,000,000	-12,000,000	8,000,000	86,000,000	183,000,000	432,000,000	-6,000,000	110,000,000	450,000,000	0	1,000,000	-9,000,000	2,000,000	1,000,000	44,000,000	69,000,000	-2,042,000,000
Other Investing Activities Margin	2.39%	1.43%	1.08%	1.51%	-5.25%	0.61%	6.74%	-0.18%	0.01%	-0.04%	0.03%	0.38%	0.88%	2.45%	-0.05%	1.61%	10.54%	0.00%	0.04%	-0.39%	0.10%	0.07%	2.59%	4.52%	-134.96%
Net Cash from Investing Activities	-8,113,000,000	-5,050,200,000	-6,697,000,000	-4,940,933,333	-3,822,600,000	-580,000,000	-23,070,000,000	-689,000,000	-667,000,000	-245,000,000	-11,109,000,000	-15,422,000,000	-4,674,000,000	-674,000,000	-9,840,000,000	-241,000,000	-5,885,000,000	-652,000,000	-244,000,000	-122,000,000	-86,000,000	-63,000,000	-94,000,000	5,000,000	-2,100,000,000
Net Cash from Investing Activities Margin	-15.85%	-10.09%	-26.58%	-29.91%	-30.05%	-0.91%	-44.73%	-1.92%	-2.01%	-0.89%	-46.50%	-68.25%	-22.42%	-3.82%	-74.32%	-3.53%	-137.85%	-25.87%	-10.32%	-5.22%	-4.11%	-4.25%	-5.53%	0.33%	-138.80%
Net Debt Issuance	5,710,333,333	3,022,800,000	4,698,900,000	3,368,200,000	2,533,650,000	-2,812,000,000	20,346,000,000	-403,000,000	-426,000,000	-1,591,000,000	7,703,000,000	13,234,000,000	-973,000,000	3,718,000,000	8,193,000,000	-1,817,000,000	5,588,000,000	-2,000,000	-2,000,000	-233,000,000	-366,000,000	-115,000,000	-202,000,000	-108,000,000	941,000,000
Net Debt Issuance Margin	11.31%	5.37%	19.60%	19.34%	15.40%	-4.40%	39.45%	-1.13%	-1.28%	-5.80%	32.25%	58.57%	-4.67%	21.08%	61.88%	-26.63%	130.90%	-0.08%	-0.08%	-9.97%	-17.49%	-7.75%	-11.89%	-7.07%	62.19%
Long-Term Debt Issuance	5,710,333,333	3,022,800,000	4,702,900,000	3,064,200,000	2,305,650,000	-2,812,000,000	20,346,000,000	-403,000,000	-426,000,000	-1,591,000,000	7,703,000,000	13,234,000,000	-973,000,000	3,758,000,000	8,193,000,000	-1,817,000,000	988,000,000	-2,000,000	-2,000,000	-233,000,000	-366,000,000	-115,000,000	-202,000,000	-108,000,000	941,000,000
Long-Term Debt Issuance Margin	11.31%	5.37%	19.62%	12.17%	10.03%	-4.40%	39.45%	-1.13%	-1.28%	-5.80%	32.25%	58.57%	-4.67%	21.31%	61.88%	-26.63%	23.14%	-0.08%	-0.08%	-9.97%	-17.49%	-7.75%	-11.89%	-7.07%	62.19%
Short-Term Debt Issuance	0	0	-4,000,000	304,000,000	228,000,000	0	0	0	0	0	0	0	0	-40,000,000	0	0	4,600,000,000	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	-0.02%	7.17%	5.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.23%	0.00%	0.00%	107.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-8,618,000,000	-7,064,800,000	-4,483,800,000	-2,971,200,000	-2,159,400,000	-6,089,000,000	-12,202,000,000	-7,563,000,000	-8,341,000,000	-1,129,000,000	-489,000,000	-2,475,000,000	-7,102,000,000	257,000,000	295,000,000	241,000,000	112,000,000	6,000,000	-66,000,000	-23,000,000	28,000,000	298,000,000	-7,000,000	-2,000,000	1,063,000,000
Net Stock Issuance Margin	-18.10%	-16.71%	-12.69%	-8.29%	-1.66%	-9.53%	-23.66%	-21.11%	-25.12%	-4.11%	-2.05%	-10.95%	-34.07%	1.46%	2.23%	3.53%	2.62%	0.24%	-2.79%	-0.98%	1.34%	20.08%	-0.41%	-0.13%	70.26%
Common Stock Issuance	177,666,667	163,400,000	205,400,000	175,600,000	213,900,000	221,000,000	190,000,000	122,000,000	114,000,000	170,000,000	276,000,000	253,000,000	156,000,000	257,000,000	295,000,000	241,000,000	124,000,000	101,000,000	44,000,000	70,000,000	28,000,000	304,000,000	0	0	1,312,000,000
Common Stock Issuance Margin	0.35%	0.40%	0.87%	1.60%	6.63%	0.35%	0.37%	0.34%	0.34%	0.62%	1.16%	1.12%	0.75%	1.46%	2.23%	3.53%	2.90%	4.01%	1.86%	3.00%	1.34%	20.49%	0.00%	0.00%	86.72%
Common Stock Repurchased	-8,795,666,667	-7,228,200,000	-5,057,100,000	-3,392,066,667	-2,557,250,000	-6,310,000,000	-12,392,000,000	-7,685,000,000	-8,455,000,000	-1,299,000,000	-765,000,000	-6,407,000,000	-7,258,000,000	0	0	0	-12,000,000	-95,000,000	-110,000,000	-93,000,000	0	-6,000,000	-7,000,000	-2,000,000	-249,000,000
Common Stock Repurchased Margin	-18.45%	-17.11%	-15.19%	-10.97%	-9.10%	-9.88%	-24.03%	-21.46%	-25.46%	-4.73%	-3.20%	-28.35%	-34.81%	0.00%	0.00%	0.00%	-0.28%	-3.77%	-4.65%	-3.98%	0.00%	-0.40%	-0.41%	-0.13%	-16.46%
Preferred Stock Issuance	0	0	367,900,000	245,266,667	183,950,000	0	0	0	0	0	0	3,679,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	1.63%	1.09%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-9,533,666,667	-8,369,000,000	-5,701,500,000	-3,875,200,000	-2,906,450,000	-11,142,000,000	-9,814,000,000	-7,645,000,000	-7,032,000,000	-6,212,000,000	-5,534,000,000	-4,235,000,000	-2,998,000,000	-1,653,000,000	-750,000,000	-408,000,000	-284,000,000	-198,000,000	-137,000,000	-86,000,000	0	0	0	0	-1,000,000
Net Dividends Paid Margin	-19.27%	-20.32%	-17.29%	-13.53%	-10.15%	-17.44%	-19.03%	-21.34%	-21.18%	-22.63%	-23.17%	-18.74%	-14.38%	-9.37%	-5.66%	-5.98%	-6.65%	-7.86%	-5.80%	-3.68%	0.00%	0.00%	0.00%	0.00%	-0.07%
Common Dividends Paid	-9,533,666,667	-8,369,000,000	-5,701,500,000	-3,875,200,000	-2,906,450,000	-11,142,000,000	-9,814,000,000	-7,645,000,000	-7,032,000,000	-6,212,000,000	-5,534,000,000	-4,235,000,000	-2,998,000,000	-1,653,000,000	-750,000,000	-408,000,000	-284,000,000	-198,000,000	-137,000,000	-86,000,000	0	0	0	0	-1,000,000
Common Dividends Paid Margin	-19.27%	-20.32%	-17.29%	-13.53%	-10.15%	-17.44%	-19.03%	-21.34%	-21.18%	-22.63%	-23.17%	-18.74%	-14.38%	-9.37%	-5.66%	-5.98%	-6.65%	-7.86%	-5.80%	-3.68%	0.00%	0.00%	0.00%	0.00%	-0.07%
Preferred Dividends Paid	0	0	0	0	-50,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-1,000,000
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%	-0.07%
Other Financing Activities	-53,000,000	-43,600,000	-49,400,000	-27,600,000	-20,850,000	-84,000,000	-63,000,000	-12,000,000	-17,000,000	-42,000,000	-69,000,000	-36,000,000	-45,000,000	-92,000,000	-34,000,000	125,000,000	-87,000,000	25,000,000	11,000,000	6,000,000	3,000,000	0	-1,000,000	-4,000,000	-1,000,000
Other Financing Activities Margin	-0.10%	-0.10%	-0.19%	-0.03%	-0.03%	-0.13%	-0.12%	-0.03%	-0.05%	-0.15%	-0.29%	-0.16%	-0.22%	-0.52%	-0.26%	1.83%	-2.04%	0.99%	0.47%	0.26%	0.14%	0.00%	-0.06%	-0.26%	-0.07%
Net Cash from Financing Activities	-12,494,333,333	-12,454,600,000	-5,535,800,000	-3,505,800,000	-2,553,050,000	-20,127,000,000	-1,733,000,000	-15,623,000,000	-15,816,000,000	-8,974,000,000	1,611,000,000	6,488,000,000	-11,118,000,000	2,230,000,000	7,704,000,000	-1,859,000,000	5,329,000,000	-169,000,000	-194,000,000	-336,000,000	-335,000,000	183,000,000	-210,000,000	-114,000,000	2,002,000,000
Net Cash from Financing Activities Margin	-26.16%	-31.76%	-10.58%	-2.50%	3.56%	-31.50%	-3.36%	-43.62%	-47.63%	-32.69%	6.74%	28.71%	-53.33%	12.64%	58.19%	-27.24%	124.83%	-6.71%	-8.21%	-14.38%	-16.01%	12.33%	-12.36%	-7.47%	132.32%
Effect of FX on Cash	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
Effect of FX on Cash 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%
Net Change in Cash	1,254,000,000	1,712,000,000	1,435,600,000	1,041,133,333	808,900,000	6,830,000,000	-4,841,000,000	1,773,000,000	253,000,000	4,545,000,000	2,563,000,000	763,000,000	-6,912,000,000	8,107,000,000	1,275,000,000	218,000,000	619,000,000	-99,000,000	255,000,000	268,000,000	89,000,000	259,000,000	-96,000,000	37,000,000	272,000,000
Net Change in Cash Margin	2.08%	4.71%	6.01%	6.41%	6.63%	10.69%	-9.39%	4.95%	0.76%	16.56%	10.73%	3.38%	-33.15%	45.97%	9.63%	3.19%	14.50%	-3.93%	10.79%	11.47%	4.25%	17.45%	-5.65%	2.42%	17.98%
Cash at Beginning of Period	11,984,333,333	11,146,800,000	8,120,400,000	5,751,133,333	4,376,650,000	9,348,000,000	14,189,000,000	12,416,000,000	12,163,000,000	7,618,000,000	5,055,000,000	4,292,000,000	11,204,000,000	3,097,000,000	1,822,000,000	1,604,000,000	985,000,000	1,084,000,000	829,000,000	561,000,000	472,000,000	213,000,000	309,000,000	272,000,000	0
Cash at Beginning of Period Margin	25.60%	28.24%	26.64%	27.67%	24.40%	14.63%	27.51%	34.66%	36.63%	27.75%	21.16%	18.99%	53.74%	17.56%	13.76%	23.51%	23.07%	43.02%	35.07%	24.02%	22.55%	14.35%	18.19%	17.81%	0.00%
Cash at End of Period	13,238,333,333	12,858,800,000	9,556,000,000	6,792,266,667	5,185,550,000	16,178,000,000	9,348,000,000	14,189,000,000	12,416,000,000	12,163,000,000	7,618,000,000	5,055,000,000	4,292,000,000	11,204,000,000	3,097,000,000	1,822,000,000	1,604,000,000	985,000,000	1,084,000,000	829,000,000	561,000,000	472,000,000	213,000,000	309,000,000	272,000,000
Cash at End of Period Margin	27.69%	32.95%	32.65%	34.08%	31.03%	25.32%	18.13%	39.61%	37.39%	44.31%	31.89%	22.37%	20.59%	63.53%	23.39%	26.70%	37.57%	39.09%	45.85%	35.49%	26.80%	31.81%	12.54%	20.24%	17.98%
Operating Cash Flow	21,861,333,333	19,216,800,000	13,668,400,000	9,487,866,667	7,184,550,000	27,537,000,000	19,962,000,000	18,085,000,000	16,736,000,000	13,764,000,000	12,061,000,000	9,697,000,000	8,880,000,000	6,551,000,000	3,411,000,000	2,318,000,000	1,175,000,000	722,000,000	693,000,000	726,000,000	510,000,000	139,000,000	208,000,000	146,000,000	370,000,000
Operating Cash Flow Margin	44.10%	46.57%	43.18%	38.82%	33.11%	43.10%	38.71%	50.49%	50.41%	50.14%	50.49%	42.91%	42.59%	37.15%	25.76%	33.97%	27.52%	28.65%	29.31%	31.08%	24.37%	9.37%	12.24%	9.56%	24.45%
Capital Expenditure	-541,000,000	-498,000,000	-581,200,000	-493,533,333	-385,350,000	-623,000,000	-548,000,000	-452,000,000	-424,000,000	-443,000,000	-463,000,000	-432,000,000	-635,000,000	-1,069,000,000	-723,000,000	-593,000,000	-409,000,000	-236,000,000	-241,000,000	-112,000,000	-79,000,000	-58,000,000	-71,000,000	-37,000,000	-59,000,000
Capital Expenditure Margin	-1.10%	-1.24%	-2.46%	-4.48%	-4.27%	-0.98%	-1.06%	-1.26%	-1.28%	-1.61%	-1.94%	-1.91%	-3.05%	-6.06%	-5.46%	-8.69%	-9.58%	-9.37%	-10.19%	-4.79%	-3.77%	-3.91%	-4.18%	-2.42%	-3.90%
Free Cash Flow	21,320,333,333	18,718,800,000	13,087,200,000	8,994,333,333	6,799,200,000	26,914,000,000	19,414,000,000	17,633,000,000	16,312,000,000	13,321,000,000	11,598,000,000	9,265,000,000	8,245,000,000	5,482,000,000	2,688,000,000	1,725,000,000	766,000,000	486,000,000	452,000,000	614,000,000	431,000,000	81,000,000	137,000,000	109,000,000	311,000,000
Free Cash Flow Margin	43.00%	45.33%	40.71%	34.34%	28.84%	42.13%	37.64%	49.23%	49.13%	48.53%	48.55%	41.00%	39.55%	31.08%	20.30%	25.28%	17.94%	19.29%	19.12%	26.28%	20.59%	5.46%	8.06%	7.14%	20.56%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	2025-11-02	2024-11-03	2023-10-29	2022-10-30	2021-10-31	2020-11-01	2019-11-03	2018-11-04	2017-10-31	2016-10-31	2015-10-31	2014-10-31	2013-10-31	2012-10-31	2011-10-31	2010-10-31	2009-10-31	2008-10-31	2007-10-31	2006-10-31
Revenue	50,426,666,667	42,386,600,000	31,014,200,000	21,897,000,000	16,838,550,000	63,887,000,000	51,574,000,000	35,819,000,000	33,203,000,000	27,450,000,000	23,888,000,000	22,597,000,000	20,848,000,000	17,636,000,000	13,240,000,000	6,824,000,000	4,269,000,000	2,520,000,000	2,364,000,000	2,336,000,000	2,093,000,000	1,484,000,000	1,699,000,000	1,527,000,000	1,513,000,000
EBITDA	26,642,333,333	22,754,600,000	15,310,300,000	10,601,400,000	8,015,200,000	35,494,000,000	23,879,000,000	20,554,000,000	19,155,000,000	14,691,000,000	11,125,000,000	9,451,000,000	9,233,000,000	7,005,000,000	2,516,000,000	2,620,000,000	1,077,000,000	757,000,000	742,000,000	722,000,000	599,000,000	201,000,000	305,000,000	73,000,000	105,000,000
EBITDA Margin	53.08%	54.09%	46.19%	41.19%	34.48%	55.56%	46.30%	57.38%	57.69%	53.52%	46.57%	41.82%	44.29%	39.72%	19.00%	38.39%	25.23%	30.04%	31.39%	30.91%	28.62%	13.54%	17.95%	4.78%	6.94%
(-) Tax Adjustment	3,262,529,063	2,259,425,115	-805,594,238	-517,031,829	-385,198,372	-619,962,075	9,025,664,784	1,381,884,480	1,446,561,444	62,976,940	-2,358,882,521	-2,165,323,450	-16,422,348,075	134,342,466	1,459,143,631	135,732,788	103,921,053	21,323,944	27,904,274	11,582,888	-13,278,325	44,666,667	15,250,000	2,754,717	2,116,935
(-) Tax Adjustment Margin	6.80%	4.99%	-6.15%	-3.64%	-2.55%	-0.97%	17.50%	3.86%	4.36%	0.23%	-9.87%	-9.58%	-78.77%	0.76%	11.02%	1.99%	2.43%	0.85%	1.18%	0.50%	-0.63%	3.01%	0.90%	0.18%	0.14%
(-) Change In Working Capital	-4,926,666,667	-3,312,200,000	-1,673,000,000	-1,123,866,667	-832,250,000	-8,500,000,000	-4,637,000,000	-1,643,000,000	-1,654,000,000	-127,000,000	1,093,000,000	-184,000,000	-826,000,000	-735,000,000	483,000,000	-166,000,000	251,000,000	-91,000,000	-87,000,000	-35,000,000	-99,000,000	-6,000,000	-34,000,000	-3,000,000	355,000,000
(-) Change In Working Capital Margin	-8.96%	-6.47%	-3.30%	-2.56%	-1.11%	-13.30%	-8.99%	-4.59%	-4.98%	-0.46%	4.58%	-0.81%	-3.96%	-4.17%	3.65%	-2.43%	5.88%	-3.61%	-3.68%	-1.50%	-4.73%	-0.40%	-2.00%	-0.20%	23.46%
(-) Capital Expenditure	-541,000,000	-498,000,000	-581,200,000	-493,533,333	-385,350,000	-623,000,000	-548,000,000	-452,000,000	-424,000,000	-443,000,000	-463,000,000	-432,000,000	-635,000,000	-1,069,000,000	-723,000,000	-593,000,000	-409,000,000	-236,000,000	-241,000,000	-112,000,000	-79,000,000	-58,000,000	-71,000,000	-37,000,000	-59,000,000
(-) Capital Expenditure Margin	-1.10%	-1.24%	-2.46%	-4.48%	-4.27%	-0.98%	-1.06%	-1.26%	-1.28%	-1.61%	-1.94%	-1.91%	-3.05%	-6.06%	-5.46%	-8.69%	-9.58%	-9.37%	-10.19%	-4.79%	-3.77%	-3.91%	-4.18%	-2.42%	-3.90%
Unlevered Free Cash Flow	27,765,470,937	23,309,374,885	17,207,694,238	11,748,765,162	8,847,298,372	43,990,962,075	18,942,335,216	20,363,115,520	18,938,438,556	14,312,023,060	11,927,882,521	11,368,323,450	25,846,348,075	6,536,657,534	-149,143,631	2,057,267,212	313,078,947	590,676,056	560,095,726	633,417,112	632,278,325	104,333,333	252,750,000	36,245,283	-311,116,935
Unlevered Free Cash Flow Margin	54.15%	54.32%	53.18%	42.90%	33.87%	68.86%	36.73%	56.85%	57.04%	52.14%	49.93%	50.31%	123.98%	37.06%	-1.13%	30.15%	7.33%	23.44%	23.69%	27.12%	30.21%	7.03%	14.88%	2.37%	-20.56%
(-) Net Interest Income After Taxes	-2,150,699,426	-1,965,292,426	-1,564,229,045	-1,060,526,388	-816,462,107	-3,266,068,019	-2,172,111,335	-1,013,918,924	-1,513,375,824	-1,860,988,027	-2,089,547,278	-1,654,382,749	-1,428,230,143	-402,136,986	-241,531,165	-173,519,427	-93,964,912	1,943,662	2,887,179	-2,951,872	-34,753,695	-59,888,889	-81,700,000	-104,886,792	-140,116,935
(-) Net Interest Income After Taxes Margin	-4.05%	-4.70%	-5.05%	-3.68%	-4.09%	-5.11%	-4.21%	-2.83%	-4.56%	-6.78%	-8.75%	-7.32%	-6.85%	-2.28%	-1.82%	-2.54%	-2.20%	0.08%	0.12%	-0.13%	-1.66%	-4.04%	-4.81%	-6.87%	-9.26%
Net Debt Issuance	5,710,333,333	3,022,800,000	4,698,900,000	3,368,200,000	2,533,650,000	-2,812,000,000	20,346,000,000	-403,000,000	-426,000,000	-1,591,000,000	7,703,000,000	13,234,000,000	-973,000,000	3,718,000,000	8,193,000,000	-1,817,000,000	5,588,000,000	-2,000,000	-2,000,000	-233,000,000	-366,000,000	-115,000,000	-202,000,000	-108,000,000	941,000,000
Net Debt Issuance Margin	11.31%	5.37%	19.60%	19.34%	15.40%	-4.40%	39.45%	-1.13%	-1.28%	-5.80%	32.25%	58.57%	-4.67%	21.08%	61.88%	-26.63%	130.90%	-0.08%	-0.08%	-9.97%	-17.49%	-7.75%	-11.89%	-7.07%	62.19%
Levered Free Cash Flow	35,626,503,696	28,297,467,311	23,470,823,283	16,177,491,550	12,197,410,478	44,445,030,094	41,460,446,551	20,974,034,444	20,025,814,380	14,582,011,086	21,720,429,799	26,256,706,199	26,301,578,218	10,656,794,521	8,285,387,534	413,786,639	5,995,043,860	586,732,394	555,208,547	403,368,984	301,032,020	49,222,222	132,450,000	33,132,075	770,000,000
Levered Free Cash Flow Margin	69.50%	64.39%	77.82%	65.92%	53.37%	69.57%	80.39%	58.56%	60.31%	53.12%	90.93%	116.20%	126.16%	60.43%	62.58%	6.06%	140.43%	23.28%	23.49%	17.27%	14.38%	3.32%	7.80%	2.17%	50.89%