Microsoft Corporation (MSFT)

Analysis: Margins & Ratios Industry: Software - Infrastructure Sector: Technology Live Price: $459.86

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30	2007-06-30	2006-06-30	2005-06-30	2004-06-30	2003-06-30	2002-06-30	2001-06-30	2000-06-30	1999-06-30	1998-06-30	1997-06-30	1996-06-30
Revenue	246,253,666,667	221,023,800,000	167,206,200,000	138,266,000,000	117,536,750,000	100,528,240,000	86,392,600,000	293,812,000,000	254,190,000,000	281,724,000,000	245,122,000,000	211,915,000,000	198,270,000,000	168,088,000,000	143,015,000,000	125,843,000,000	110,360,000,000	96,571,000,000	91,154,000,000	93,580,000,000	86,833,000,000	77,849,000,000	73,723,000,000	69,943,000,000	62,484,000,000	58,437,000,000	60,420,000,000	51,122,000,000	44,282,000,000	39,788,000,000	36,835,000,000	32,187,000,000	28,365,000,000	25,296,000,000	22,956,000,000	19,747,000,000	15,262,000,000	11,936,000,000	8,671,000,000
Cost of Revenue	75,936,000,000	68,538,000,000	53,707,200,000	43,378,666,667	35,258,550,000	29,304,920,000	24,706,200,000	91,775,000,000	77,911,000,000	87,831,000,000	74,114,000,000	65,863,000,000	62,650,000,000	52,232,000,000	46,078,000,000	42,910,000,000	38,353,000,000	34,261,000,000	32,780,000,000	33,038,000,000	27,078,000,000	20,385,000,000	17,530,000,000	15,577,000,000	12,395,000,000	12,155,000,000	11,598,000,000	10,693,000,000	7,650,000,000	6,031,000,000	6,716,000,000	6,059,000,000	5,191,000,000	3,455,000,000	3,002,000,000	1,804,000,000	1,436,000,000	1,613,000,000	708,000,000
Cost of Revenue Margin	30.83%	31.03%	32.77%	31.09%	28.22%	25.94%	23.40%	31.24%	30.65%	31.18%	30.24%	31.08%	31.60%	31.07%	32.22%	34.10%	34.75%	35.48%	35.96%	35.30%	31.18%	26.19%	23.78%	22.27%	19.84%	20.80%	19.20%	20.92%	17.28%	15.16%	18.23%	18.82%	18.30%	13.66%	13.08%	9.14%	9.41%	13.51%	8.17%
Gross Profit	170,317,666,667	152,485,800,000	113,499,000,000	94,887,333,333	82,278,200,000	71,223,320,000	61,686,400,000	202,037,000,000	176,279,000,000	193,893,000,000	171,008,000,000	146,052,000,000	135,620,000,000	115,856,000,000	96,937,000,000	82,933,000,000	72,007,000,000	62,310,000,000	58,374,000,000	60,542,000,000	59,755,000,000	57,464,000,000	56,193,000,000	54,366,000,000	50,089,000,000	46,282,000,000	48,822,000,000	40,429,000,000	36,632,000,000	33,757,000,000	30,119,000,000	26,128,000,000	23,174,000,000	21,841,000,000	19,954,000,000	17,943,000,000	13,826,000,000	10,323,000,000	7,963,000,000
Gross Profit Margin	69.17%	68.97%	67.23%	68.91%	71.78%	74.06%	76.60%	68.76%	69.35%	68.82%	69.76%	68.92%	68.40%	68.93%	67.78%	65.90%	65.25%	64.52%	64.04%	64.70%	68.82%	73.81%	76.22%	77.73%	80.16%	79.20%	80.80%	79.08%	82.72%	84.84%	81.77%	81.18%	81.70%	86.34%	86.92%	90.86%	90.59%	86.49%	91.83%
R&D Expenses	29,731,000,000	26,884,200,000	21,031,700,000	17,533,933,333	15,130,100,000	13,196,400,000	11,417,133,333	33,090,000,000	30,395,000,000	32,488,000,000	29,510,000,000	27,195,000,000	24,512,000,000	20,716,000,000	19,269,000,000	16,876,000,000	14,726,000,000	13,037,000,000	11,988,000,000	12,046,000,000	11,381,000,000	10,411,000,000	9,811,000,000	9,043,000,000	8,714,000,000	9,010,000,000	8,164,000,000	7,121,000,000	6,584,000,000	6,184,000,000	7,779,000,000	4,659,000,000	4,307,000,000	4,379,000,000	3,775,000,000	2,970,000,000	2,502,000,000	1,925,000,000	1,432,000,000
R&D Expenses Margin	12.13%	12.22%	12.80%	12.90%	13.26%	13.95%	14.31%	11.26%	11.96%	11.53%	12.04%	12.83%	12.36%	12.32%	13.47%	13.41%	13.34%	13.50%	13.15%	12.87%	13.11%	13.37%	13.31%	12.93%	13.95%	15.42%	13.51%	13.93%	14.87%	15.54%	21.12%	14.47%	15.18%	17.31%	16.44%	15.04%	16.39%	16.13%	16.51%
SG&A Expenses	31,758,666,667	29,645,000,000	25,739,500,000	23,672,266,667	21,805,150,000	19,407,800,000	16,840,633,333	33,010,000,000	32,794,000,000	32,877,000,000	32,065,000,000	30,334,000,000	27,725,000,000	25,224,000,000	24,709,000,000	23,098,000,000	22,223,000,000	19,942,000,000	19,198,000,000	20,324,000,000	20,488,000,000	20,289,000,000	18,426,000,000	18,162,000,000	17,277,000,000	16,909,000,000	18,387,000,000	14,870,000,000	13,576,000,000	13,099,000,000	13,306,000,000	9,988,000,000	6,957,000,000	5,742,000,000	5,176,000,000	3,920,000,000	3,491,000,000	3,032,000,000	4,405,000,000
SG&A Expenses Margin	13.02%	13.61%	16.55%	19.19%	21.73%	23.28%	24.11%	11.24%	12.90%	11.67%	13.08%	14.31%	13.98%	15.01%	17.28%	18.35%	20.14%	20.65%	21.06%	21.72%	23.59%	26.06%	24.99%	25.97%	27.65%	28.94%	30.43%	29.09%	30.66%	32.92%	36.12%	31.03%	24.53%	22.70%	22.55%	19.85%	22.87%	25.40%	50.80%
Operating Expenses	61,489,666,667	56,529,200,000	46,882,200,000	41,947,600,000	37,491,300,000	33,123,000,000	28,745,866,667	66,100,000,000	63,189,000,000	65,365,000,000	61,575,000,000	57,529,000,000	52,237,000,000	45,940,000,000	43,978,000,000	39,974,000,000	36,949,000,000	32,979,000,000	32,296,000,000	42,381,000,000	31,869,000,000	30,700,000,000	28,237,000,000	27,205,000,000	25,991,000,000	25,919,000,000	26,551,000,000	21,991,000,000	20,160,000,000	19,196,000,000	21,085,000,000	16,583,000,000	11,264,000,000	10,121,000,000	8,948,000,000	7,900,000,000	7,116,000,000	5,452,000,000	4,885,000,000
Operating Expenses Margin	25.16%	25.83%	29.47%	32.89%	35.59%	37.94%	39.20%	22.50%	24.86%	23.20%	25.12%	27.15%	26.35%	27.33%	30.75%	31.76%	33.48%	34.15%	35.43%	45.29%	36.70%	39.44%	38.30%	38.90%	41.60%	44.35%	43.94%	43.02%	45.53%	48.25%	57.24%	51.52%	39.71%	40.01%	38.98%	40.01%	46.63%	45.68%	56.34%
Operating Income (EBIT)	108,828,000,000	95,956,600,000	66,586,200,000	52,498,000,000	44,455,600,000	37,835,280,000	32,719,666,667	135,937,000,000	113,090,000,000	128,528,000,000	109,433,000,000	88,523,000,000	83,383,000,000	69,916,000,000	52,959,000,000	42,959,000,000	35,058,000,000	29,025,000,000	26,078,000,000	18,161,000,000	27,759,000,000	26,764,000,000	21,763,000,000	27,161,000,000	24,098,000,000	20,363,000,000	22,271,000,000	18,438,000,000	16,472,000,000	14,561,000,000	9,034,000,000	9,545,000,000	11,910,000,000	11,720,000,000	11,006,000,000	10,043,000,000	6,710,000,000	4,871,000,000	3,078,000,000
Operating Income (EBIT) Margin	44.01%	43.14%	37.73%	35.43%	35.75%	35.76%	37.10%	46.27%	44.49%	45.62%	44.64%	41.77%	42.06%	41.59%	37.03%	34.14%	31.77%	30.06%	28.61%	19.41%	31.97%	34.38%	29.52%	38.83%	38.57%	34.85%	36.86%	36.07%	37.20%	36.60%	24.53%	29.65%	41.99%	46.33%	47.94%	50.86%	43.97%	40.81%	35.50%
Interest Income	2,932,666,667	2,604,600,000	2,206,600,000	1,531,066,667	1,371,350,000	1,097,080,000	914,233,333	2,942,000,000	2,672,000,000	2,647,000,000	3,157,000,000	2,994,000,000	2,094,000,000	2,131,000,000	2,680,000,000	2,762,000,000	2,214,000,000	1,387,000,000	0	0	0	0	0	900,000,000	0	744,000,000	888,000,000	1,319,000,000	1,510,000,000	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	1.21%	1.19%	1.35%	0.98%	1.17%	0.94%	0.78%	1.00%	1.05%	0.94%	1.29%	1.41%	1.06%	1.27%	1.87%	2.19%	2.01%	1.44%	0.00%	0.00%	0.00%	0.00%	0.00%	1.29%	0.00%	1.27%	1.47%	2.58%	3.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	2,429,333,333	2,339,400,000	2,317,200,000	1,710,266,667	1,292,150,000	1,033,720,000	861,433,333	2,501,000,000	2,992,000,000	2,385,000,000	2,935,000,000	1,968,000,000	2,063,000,000	2,346,000,000	2,591,000,000	2,686,000,000	2,733,000,000	2,222,000,000	1,243,000,000	781,000,000	597,000,000	429,000,000	380,000,000	295,000,000	151,000,000	38,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Margin	0.99%	1.08%	1.55%	1.23%	0.94%	0.75%	0.63%	0.85%	1.18%	0.85%	1.20%	0.93%	1.04%	1.40%	1.81%	2.13%	2.48%	2.30%	1.36%	0.83%	0.69%	0.55%	0.52%	0.42%	0.24%	0.07%	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 Interest Income	503,333,333	265,200,000	-110,600,000	-179,200,000	79,200,000	63,360,000	52,800,000	441,000,000	-320,000,000	262,000,000	222,000,000	1,026,000,000	31,000,000	-215,000,000	89,000,000	76,000,000	-519,000,000	-835,000,000	-1,243,000,000	-781,000,000	-597,000,000	-429,000,000	-380,000,000	605,000,000	-151,000,000	706,000,000	888,000,000	1,319,000,000	1,510,000,000	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	0.22%	0.11%	-0.20%	-0.25%	0.23%	0.19%	0.16%	0.15%	-0.13%	0.09%	0.09%	0.48%	0.02%	-0.13%	0.06%	0.06%	-0.47%	-0.86%	-1.36%	-0.83%	-0.69%	-0.55%	-0.52%	0.86%	-0.24%	1.21%	1.47%	2.58%	3.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	1,416,333,333	582,800,000	268,700,000	144,000,000	-374,050,000	-545,080,000	-663,166,667	7,837,000,000	2,638,000,000	4,639,000,000	1,424,000,000	-1,814,000,000	-364,000,000	-971,000,000	-166,000,000	-805,000,000	-897,000,000	-41,000,000	1,682,000,000	435,000,000	536,000,000	141,000,000	-124,000,000	-1,515,000,000	-764,000,000	-164,000,000	-2,431,000,000	-2,982,000,000	-3,300,000,000	-2,067,000,000	-3,162,000,000	-1,509,000,000	397,000,000	195,000,000	-3,269,000,000	-1,848,000,000	-407,000,000	-443,000,000	-301,000,000
Unusual Items Margin	0.46%	0.12%	0.08%	-0.02%	-0.95%	-1.41%	-2.29%	2.67%	1.04%	1.65%	0.58%	-0.86%	-0.18%	-0.58%	-0.12%	-0.64%	-0.81%	-0.04%	1.85%	0.46%	0.62%	0.18%	-0.17%	-2.17%	-1.22%	-0.28%	-4.02%	-5.83%	-7.45%	-5.20%	-8.58%	-4.69%	1.40%	0.77%	-14.24%	-9.36%	-2.67%	-3.71%	-3.47%
EBT Excluding Unusual Items	105,492,000,000	94,525,800,000	66,159,400,000	52,389,200,000	45,124,500,000	38,862,080,000	33,993,200,000	119,822,000,000	108,134,000,000	118,988,000,000	106,363,000,000	91,125,000,000	84,080,000,000	72,073,000,000	53,202,000,000	44,493,000,000	37,371,000,000	29,942,000,000	23,957,000,000	18,072,000,000	27,284,000,000	26,911,000,000	22,391,000,000	29,586,000,000	25,777,000,000	19,985,000,000	26,245,000,000	23,083,000,000	21,562,000,000	18,695,000,000	15,358,000,000	12,563,000,000	11,116,000,000	11,330,000,000	17,544,000,000	13,739,000,000	7,524,000,000	5,757,000,000	3,680,000,000
EBT Excluding Unusual Items Margin	42.88%	42.78%	37.76%	35.71%	37.42%	38.40%	41.53%	40.78%	42.54%	42.24%	43.39%	43.00%	42.41%	42.88%	37.20%	35.36%	33.86%	31.01%	26.28%	19.31%	31.42%	34.57%	30.37%	42.30%	41.25%	34.20%	43.44%	45.15%	48.69%	46.99%	41.69%	39.03%	39.19%	44.79%	76.42%	69.58%	49.30%	48.23%	42.44%
Pre-Tax Income	106,908,333,333	95,108,600,000	66,428,100,000	52,533,200,000	44,750,450,000	38,317,000,000	33,330,033,333	127,659,000,000	110,772,000,000	123,627,000,000	107,787,000,000	89,311,000,000	83,716,000,000	71,102,000,000	53,036,000,000	43,688,000,000	36,474,000,000	29,901,000,000	25,639,000,000	18,507,000,000	27,820,000,000	27,052,000,000	22,267,000,000	28,071,000,000	25,013,000,000	19,821,000,000	23,814,000,000	20,101,000,000	18,262,000,000	16,628,000,000	12,196,000,000	11,054,000,000	11,513,000,000	11,525,000,000	14,275,000,000	11,891,000,000	7,117,000,000	5,314,000,000	3,379,000,000
Pre-Tax Income Margin	43.33%	42.90%	37.85%	35.69%	36.46%	36.99%	39.24%	43.45%	43.58%	43.88%	43.97%	42.14%	42.22%	42.30%	37.08%	34.72%	33.05%	30.96%	28.13%	19.78%	32.04%	34.75%	30.20%	40.13%	40.03%	33.92%	39.41%	39.32%	41.24%	41.79%	33.11%	34.34%	40.59%	45.56%	62.18%	60.22%	46.63%	44.52%	38.97%
Income Tax Expense	19,465,333,333	15,841,000,000	12,182,300,000	9,952,133,333	8,930,950,000	7,921,280,000	7,088,766,667	22,747,000,000	20,260,000,000	21,795,000,000	19,651,000,000	16,950,000,000	10,978,000,000	9,831,000,000	8,755,000,000	4,448,000,000	19,903,000,000	4,412,000,000	5,100,000,000	6,314,000,000	5,746,000,000	5,189,000,000	5,289,000,000	4,921,000,000	6,253,000,000	5,252,000,000	6,133,000,000	6,036,000,000	5,663,000,000	4,374,000,000	4,028,000,000	3,523,000,000	3,684,000,000	3,804,000,000	4,854,000,000	4,106,000,000	2,627,000,000	1,860,000,000	1,184,000,000
Income Tax Expense Margin	7.92%	7.03%	7.30%	7.15%	8.05%	8.87%	10.34%	7.74%	7.97%	7.74%	8.02%	8.00%	5.54%	5.85%	6.12%	3.53%	18.03%	4.57%	5.59%	6.75%	6.62%	6.67%	7.17%	7.04%	10.01%	8.99%	10.15%	11.81%	12.79%	10.99%	10.94%	10.95%	12.99%	15.04%	21.14%	20.79%	17.21%	15.58%	13.65%
Net Income	87,443,000,000	79,267,600,000	54,245,800,000	42,581,066,667	35,819,500,000	30,380,720,000	26,228,766,667	104,912,000,000	90,512,000,000	101,832,000,000	88,136,000,000	72,361,000,000	72,738,000,000	61,271,000,000	44,281,000,000	39,240,000,000	16,571,000,000	25,489,000,000	20,539,000,000	12,193,000,000	22,074,000,000	21,863,000,000	16,978,000,000	23,150,000,000	18,760,000,000	14,569,000,000	17,681,000,000	14,065,000,000	12,599,000,000	12,254,000,000	8,168,000,000	7,531,000,000	7,829,000,000	7,346,000,000	9,421,000,000	7,785,000,000	4,490,000,000	3,454,000,000	2,195,000,000
Net Income Margin	35.42%	35.88%	30.55%	28.54%	28.42%	28.05%	28.85%	35.71%	35.61%	36.15%	35.96%	34.15%	36.69%	36.45%	30.96%	31.18%	15.02%	26.39%	22.53%	13.03%	25.42%	28.08%	23.03%	33.10%	30.02%	24.93%	29.26%	27.51%	28.45%	30.80%	22.17%	23.40%	27.60%	29.04%	41.04%	39.42%	29.42%	28.94%	25.31%
Depreciation and Amortization	23,433,666,667	19,289,400,000	14,658,600,000	11,149,533,333	8,843,850,000	7,317,240,000	6,238,933,333	39,831,000,000	25,749,000,000	34,153,000,000	22,287,000,000	13,861,000,000	14,460,000,000	11,686,000,000	12,796,000,000	11,682,000,000	10,261,000,000	8,778,000,000	6,622,000,000	5,957,000,000	5,212,000,000	3,755,000,000	2,967,000,000	2,766,000,000	2,673,000,000	2,562,000,000	2,056,000,000	1,440,000,000	903,000,000	855,000,000	1,186,000,000	1,393,000,000	1,084,000,000	1,536,000,000	1,250,000,000	926,000,000	1,024,000,000	557,000,000	480,000,000
Depreciation and Amortization Margin	9.25%	8.40%	8.59%	7.40%	6.40%	5.90%	5.82%	13.56%	10.13%	12.12%	9.09%	6.54%	7.29%	6.95%	8.95%	9.28%	9.30%	9.09%	7.26%	6.37%	6.00%	4.82%	4.02%	3.95%	4.28%	4.38%	3.40%	2.82%	2.04%	2.15%	3.22%	4.33%	3.82%	6.07%	5.45%	4.69%	6.71%	4.67%	5.54%
EBITDA	132,771,333,333	116,737,400,000	83,403,900,000	65,393,000,000	54,719,100,000	46,288,240,000	39,907,833,333	169,991,000,000	139,513,000,000	160,165,000,000	133,009,000,000	105,140,000,000	100,239,000,000	85,134,000,000	68,423,000,000	58,056,000,000	49,468,000,000	40,901,000,000	33,504,000,000	25,245,000,000	33,629,000,000	31,236,000,000	25,614,000,000	31,132,000,000	27,837,000,000	22,421,000,000	25,976,000,000	19,878,000,000	17,375,000,000	15,416,000,000	10,220,000,000	10,938,000,000	12,994,000,000	13,256,000,000	12,256,000,000	11,053,000,000	7,734,000,000	5,428,000,000	3,558,000,000
EBITDA Margin	53.58%	52.39%	47.98%	44.33%	43.45%	42.71%	43.81%	57.86%	54.89%	56.85%	54.26%	49.61%	50.56%	50.65%	47.84%	46.13%	44.82%	42.35%	36.76%	26.98%	38.73%	40.12%	34.74%	44.51%	44.55%	38.37%	42.99%	38.88%	39.24%	38.75%	27.75%	33.98%	45.81%	52.40%	53.39%	55.97%	50.67%	45.48%	41.03%
NOPAT	89,024,478,359	79,954,217,260	54,413,362,946	42,583,183,796	35,629,485,489	30,072,971,556	25,835,391,419	111,714,979,312	92,406,041,960	105,868,971,147	89,481,912,364	71,722,551,567	72,448,667,567	60,248,983,657	44,216,710,894	38,585,221,571	15,927,677,743	24,742,256,948	20,890,676,001	11,965,044,199	22,025,599,065	21,630,242,940	16,593,713,298	22,399,527,983	18,073,740,855	14,967,385,450	16,535,380,490	12,901,371,574	11,364,074,472	10,730,724,922	6,050,320,761	6,502,930,613	8,098,965,517	7,851,637,310	7,263,574,501	6,575,120,259	4,233,230,294	3,166,058,336	1,999,470,257
NOPAT Margin	35.98%	36.06%	30.49%	28.36%	27.91%	27.25%	27.45%	38.02%	36.35%	37.58%	36.51%	33.84%	36.54%	35.84%	30.92%	30.66%	14.43%	25.62%	22.92%	12.79%	25.37%	27.78%	22.51%	32.03%	28.93%	25.61%	27.37%	25.24%	25.66%	26.97%	16.43%	20.20%	28.55%	31.04%	31.64%	33.30%	27.74%	26.53%	23.06%
Owner's Earnings	65,165,000,000	62,228,400,000	44,993,100,000	36,433,333,333	31,084,400,000	26,649,240,000	23,142,800,000	75,721,000,000	66,778,000,000	71,434,000,000	65,946,000,000	58,115,000,000	63,312,000,000	52,335,000,000	41,636,000,000	36,997,000,000	15,200,000,000	26,138,000,000	18,818,000,000	12,206,000,000	21,801,000,000	21,361,000,000	17,640,000,000	23,561,000,000	19,456,000,000	14,012,000,000	16,555,000,000	13,241,000,000	11,924,000,000	12,297,000,000	8,245,000,000	8,079,000,000	8,143,000,000	7,779,000,000	9,290,000,000	8,212,000,000	4,858,000,000	3,512,000,000	2,181,000,000
Owner's Earnings Margin	26.56%	28.55%	26.27%	25.73%	26.06%	26.37%	27.59%	25.77%	26.27%	25.36%	26.90%	27.42%	31.93%	31.14%	29.11%	29.40%	13.77%	27.07%	20.64%	13.04%	25.11%	27.44%	23.93%	33.69%	31.14%	23.98%	27.40%	25.90%	26.93%	30.91%	22.38%	25.10%	28.71%	30.75%	40.47%	41.59%	31.83%	29.42%	25.15%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30	2007-06-30	2006-06-30	2005-06-30	2004-06-30	2003-06-30	2002-06-30	2001-06-30	2000-06-30	1999-06-30	1998-06-30	1997-06-30	1996-06-30
Revenue	246,253,666,667	221,023,800,000	167,206,200,000	138,266,000,000	117,536,750,000	100,528,240,000	86,392,600,000	281,724,000,000	245,122,000,000	211,915,000,000	198,270,000,000	168,088,000,000	143,015,000,000	125,843,000,000	110,360,000,000	96,571,000,000	91,154,000,000	93,580,000,000	86,833,000,000	77,849,000,000	73,723,000,000	69,943,000,000	62,484,000,000	58,437,000,000	60,420,000,000	51,122,000,000	44,282,000,000	39,788,000,000	36,835,000,000	32,187,000,000	28,365,000,000	25,296,000,000	22,956,000,000	19,747,000,000	15,262,000,000	11,936,000,000	8,671,000,000
Cash & Cash Equivalents	27,753,666,667	22,283,200,000	16,246,700,000	13,138,866,667	11,591,400,000	10,574,360,000	9,477,533,333	30,242,000,000	18,315,000,000	34,704,000,000	13,931,000,000	14,224,000,000	13,576,000,000	11,356,000,000	11,946,000,000	7,663,000,000	6,510,000,000	5,595,000,000	8,669,000,000	3,804,000,000	6,938,000,000	9,610,000,000	5,505,000,000	6,076,000,000	10,339,000,000	6,111,000,000	6,714,000,000	4,851,000,000	14,304,000,000	6,438,000,000	3,016,000,000	3,922,000,000	4,846,000,000	4,975,000,000	3,839,000,000	3,706,000,000	2,601,000,000
Cash & Cash Equivalents Margin	11.53%	10.01%	9.45%	9.23%	10.10%	11.96%	14.39%	10.73%	7.47%	16.38%	7.03%	8.46%	9.49%	9.02%	10.82%	7.94%	7.14%	5.98%	9.98%	4.89%	9.41%	13.74%	8.81%	10.40%	17.11%	11.95%	15.16%	12.19%	38.83%	20.00%	10.63%	15.50%	21.11%	25.19%	25.15%	31.05%	30.00%
Short-Term Investments	66,030,333,333	80,988,200,000	100,422,500,000	89,645,200,000	72,970,100,000	65,780,560,000	55,857,566,667	64,323,000,000	57,216,000,000	76,552,000,000	90,818,000,000	116,032,000,000	122,951,000,000	122,463,000,000	121,822,000,000	125,318,000,000	106,730,000,000	90,931,000,000	77,040,000,000	73,218,000,000	56,102,000,000	43,162,000,000	31,283,000,000	25,371,000,000	13,323,000,000	17,300,000,000	27,447,000,000	32,900,000,000	46,288,000,000	42,610,000,000	35,636,000,000	27,678,000,000	18,952,000,000	12,261,000,000	0	0	0
Short-Term Investments Margin	27.43%	39.43%	73.77%	77.03%	68.34%	77.70%	69.57%	22.83%	23.34%	36.12%	45.81%	69.03%	85.97%	97.31%	110.39%	129.77%	117.09%	97.17%	88.72%	94.05%	76.10%	61.71%	50.07%	43.42%	22.05%	33.84%	61.98%	82.69%	125.66%	132.38%	125.63%	109.42%	82.56%	62.09%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	93,784,000,000	103,271,400,000	116,669,200,000	102,784,066,667	84,561,500,000	76,354,920,000	65,335,100,000	94,565,000,000	75,531,000,000	111,256,000,000	104,749,000,000	130,256,000,000	136,527,000,000	133,819,000,000	133,768,000,000	132,981,000,000	113,240,000,000	96,526,000,000	85,709,000,000	77,022,000,000	63,040,000,000	52,772,000,000	36,788,000,000	31,447,000,000	23,662,000,000	23,411,000,000	34,161,000,000	37,751,000,000	60,592,000,000	49,048,000,000	38,652,000,000	31,600,000,000	23,798,000,000	17,236,000,000	3,839,000,000	3,706,000,000	2,601,000,000
Cash & Short-Term Investments Margin	38.96%	49.44%	83.21%	86.26%	78.43%	89.67%	83.96%	33.57%	30.81%	52.50%	52.83%	77.49%	95.46%	106.34%	121.21%	137.70%	124.23%	103.15%	98.71%	98.94%	85.51%	75.45%	58.88%	53.81%	39.16%	45.79%	77.14%	94.88%	164.50%	152.38%	136.27%	124.92%	103.67%	87.28%	25.15%	31.05%	30.00%
Net Receivables	58,505,666,667	51,564,200,000	38,654,500,000	31,483,333,333	26,534,950,000	22,310,600,000	18,877,966,667	69,905,000,000	56,924,000,000	48,688,000,000	44,261,000,000	38,043,000,000	32,011,000,000	29,524,000,000	26,481,000,000	22,431,000,000	18,277,000,000	17,908,000,000	19,544,000,000	17,486,000,000	15,780,000,000	14,987,000,000	13,014,000,000	11,192,000,000	13,589,000,000	11,338,000,000	9,316,000,000	7,180,000,000	5,890,000,000	5,196,000,000	5,129,000,000	3,671,000,000	3,250,000,000	2,245,000,000	1,460,000,000	980,000,000	639,000,000
Net Receivables Margin	23.67%	23.19%	22.91%	22.40%	22.09%	20.98%	19.17%	24.81%	23.22%	22.98%	22.32%	22.63%	22.38%	23.46%	24.00%	23.23%	20.05%	19.14%	22.51%	22.46%	21.40%	21.43%	20.83%	19.15%	22.49%	22.18%	21.04%	18.05%	15.99%	16.14%	18.08%	14.51%	14.16%	11.37%	9.57%	8.21%	7.37%
Inventory	1,561,333,333	2,212,400,000	2,211,400,000	2,141,533,333	1,858,500,000	1,579,120,000	1,315,933,333	938,000,000	1,246,000,000	2,500,000,000	3,742,000,000	2,636,000,000	1,895,000,000	2,063,000,000	2,662,000,000	2,181,000,000	2,251,000,000	2,902,000,000	2,660,000,000	1,938,000,000	1,137,000,000	1,372,000,000	740,000,000	717,000,000	985,000,000	1,127,000,000	1,478,000,000	491,000,000	421,000,000	640,000,000	673,000,000	83,000,000	0	0	0	0	0
Inventory Margin	0.67%	1.10%	1.56%	1.85%	1.87%	1.78%	1.48%	0.33%	0.51%	1.18%	1.89%	1.57%	1.33%	1.64%	2.41%	2.26%	2.47%	3.10%	3.06%	2.49%	1.54%	1.96%	1.18%	1.23%	1.63%	2.20%	3.34%	1.23%	1.14%	1.99%	2.37%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Assets	24,523,000,000	20,794,400,000	14,334,600,000	11,404,933,333	9,774,250,000	8,581,200,000	8,029,566,667	25,723,000,000	26,033,000,000	21,813,000,000	16,932,000,000	13,471,000,000	11,482,000,000	10,146,000,000	6,751,000,000	5,103,000,000	5,892,000,000	5,461,000,000	6,333,000,000	5,020,000,000	5,127,000,000	5,787,000,000	5,134,000,000	5,924,000,000	5,006,000,000	4,292,000,000	4,055,000,000	3,315,000,000	3,663,000,000	4,089,000,000	4,122,000,000	3,856,000,000	3,260,000,000	2,221,000,000	10,590,000,000	5,687,000,000	4,599,000,000
Other Current Assets Margin	10.01%	9.32%	8.06%	7.69%	7.98%	8.81%	13.86%	9.13%	10.62%	10.29%	8.54%	8.01%	8.03%	8.06%	6.12%	5.28%	6.46%	5.84%	7.29%	6.45%	6.95%	8.27%	8.22%	10.14%	8.29%	8.40%	9.16%	8.33%	9.94%	12.70%	14.53%	15.24%	14.20%	11.25%	69.39%	47.65%	53.04%
Total Current Assets	178,374,000,000	177,842,400,000	171,869,700,000	147,813,866,667	122,729,200,000	108,825,840,000	93,558,566,667	191,131,000,000	159,734,000,000	184,257,000,000	169,684,000,000	184,406,000,000	181,915,000,000	175,552,000,000	169,662,000,000	162,696,000,000	139,660,000,000	122,797,000,000	114,246,000,000	101,466,000,000	85,084,000,000	74,918,000,000	55,676,000,000	49,280,000,000	43,242,000,000	40,168,000,000	49,010,000,000	48,737,000,000	70,566,000,000	58,973,000,000	48,576,000,000	39,210,000,000	30,308,000,000	21,702,000,000	15,889,000,000	10,373,000,000	7,839,000,000
Total Current Assets Margin	73.32%	83.05%	115.74%	118.20%	110.36%	121.23%	118.47%	67.84%	65.17%	86.95%	85.58%	109.71%	127.20%	139.50%	153.74%	168.47%	153.21%	131.22%	131.57%	130.34%	115.41%	107.11%	89.10%	84.33%	71.57%	78.57%	110.68%	122.49%	191.57%	183.22%	171.25%	155.00%	132.03%	109.90%	104.11%	86.91%	90.40%
Property, Plant & Equipment	164,776,000,000	130,535,400,000	83,422,800,000	59,226,133,333	45,859,650,000	37,146,600,000	31,215,833,333	229,789,000,000	154,552,000,000	109,987,000,000	87,546,000,000	70,803,000,000	52,904,000,000	43,856,000,000	36,146,000,000	30,289,000,000	18,356,000,000	14,731,000,000	13,011,000,000	9,991,000,000	8,269,000,000	8,162,000,000	7,630,000,000	7,535,000,000	6,242,000,000	4,350,000,000	3,044,000,000	2,346,000,000	2,326,000,000	2,223,000,000	2,268,000,000	2,309,000,000	1,903,000,000	1,611,000,000	1,505,000,000	1,465,000,000	1,326,000,000
Property, Plant & Equipment Margin	65.51%	56.56%	43.89%	33.69%	27.81%	23.70%	21.54%	81.57%	63.05%	51.90%	44.15%	42.12%	36.99%	34.85%	32.75%	31.36%	20.14%	15.74%	14.98%	12.83%	11.22%	11.67%	12.21%	12.89%	10.33%	8.51%	6.87%	5.90%	6.31%	6.91%	8.00%	9.13%	8.29%	8.16%	9.86%	12.27%	15.29%
Goodwill	102,205,000,000	84,770,000,000	59,790,400,000	45,043,866,667	36,064,450,000	28,851,560,000	24,042,966,667	119,509,000,000	119,220,000,000	67,886,000,000	67,524,000,000	49,711,000,000	43,351,000,000	42,026,000,000	35,683,000,000	35,122,000,000	17,872,000,000	16,939,000,000	20,127,000,000	14,655,000,000	13,452,000,000	12,581,000,000	12,394,000,000	12,503,000,000	12,108,000,000	4,760,000,000	3,866,000,000	0	0	0	0	0	0	0	0	0	0
Goodwill Margin	41.03%	37.34%	33.87%	29.01%	25.72%	20.58%	17.15%	42.42%	48.64%	32.03%	34.06%	29.57%	30.31%	33.40%	32.33%	36.37%	19.61%	18.10%	23.18%	18.82%	18.25%	17.99%	19.84%	21.40%	20.04%	9.31%	8.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Intangible Assets	19,855,666,667	15,733,000,000	11,534,500,000	8,943,866,667	7,023,250,000	6,202,000,000	5,168,333,333	22,604,000,000	27,597,000,000	9,366,000,000	11,298,000,000	7,800,000,000	7,038,000,000	7,750,000,000	8,053,000,000	10,106,000,000	3,733,000,000	4,835,000,000	6,981,000,000	3,083,000,000	3,170,000,000	744,000,000	1,158,000,000	1,759,000,000	1,973,000,000	878,000,000	539,000,000	3,808,000,000	3,684,000,000	3,512,000,000	1,669,000,000	1,912,000,000	0	0	0	0	0
Intangible Assets Margin	7.90%	6.81%	6.70%	5.97%	5.03%	5.78%	4.82%	8.02%	11.26%	4.42%	5.70%	4.64%	4.92%	6.16%	7.30%	10.46%	4.10%	5.17%	8.04%	3.96%	4.30%	1.06%	1.85%	3.01%	3.27%	1.72%	1.22%	9.57%	10.00%	10.91%	5.88%	7.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	13,294,666,667	10,551,800,000	7,668,900,000	8,988,266,667	8,210,800,000	6,568,640,000	5,473,866,667	15,405,000,000	14,600,000,000	9,879,000,000	6,891,000,000	5,984,000,000	2,965,000,000	2,649,000,000	1,862,000,000	6,023,000,000	10,431,000,000	12,053,000,000	14,597,000,000	10,844,000,000	9,776,000,000	10,865,000,000	7,754,000,000	4,933,000,000	6,588,000,000	10,117,000,000	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	5.36%	4.62%	4.67%	7.94%	8.53%	6.83%	5.69%	5.47%	5.96%	4.66%	3.48%	3.56%	2.07%	2.11%	1.69%	6.24%	11.44%	12.88%	16.81%	13.93%	13.26%	15.53%	12.41%	8.44%	10.90%	19.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Assets	0	0	0	0	261,400,000	592,720,000	493,933,333	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	279,000,000	949,000,000	1,389,000,000	2,611,000,000	3,621,000,000	3,808,000,000	2,161,000,000	0	0	0	0	0	0	0
Tax Assets Margin	0.00%	0.00%	0.00%	0.00%	0.53%	1.47%	1.23%	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%	0.48%	1.57%	2.72%	5.90%	9.10%	10.34%	6.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	35,875,333,333	28,919,600,000	18,939,300,000	13,418,533,333	10,905,250,000	11,591,480,000	11,115,933,333	40,565,000,000	36,460,000,000	30,601,000,000	21,897,000,000	15,075,000,000	13,138,000,000	14,723,000,000	7,442,000,000	6,076,000,000	3,416,000,000	3,117,000,000	3,422,000,000	2,392,000,000	1,520,000,000	1,434,000,000	1,501,000,000	1,599,000,000	1,691,000,000	1,509,000,000	10,527,000,000	12,303,000,000	13,984,000,000	14,863,000,000	15,133,000,000	15,399,000,000	19,939,000,000	15,312,000,000	4,963,000,000	2,549,000,000	928,000,000
Other Non-Current Assets Margin	14.57%	12.75%	10.14%	7.72%	7.53%	15.19%	20.29%	14.40%	14.87%	14.44%	11.04%	8.97%	9.19%	11.70%	6.74%	6.29%	3.75%	3.33%	3.94%	3.07%	2.06%	2.05%	2.40%	2.74%	2.80%	2.95%	23.77%	30.92%	37.96%	46.18%	53.35%	60.88%	86.86%	77.54%	32.52%	21.36%	10.70%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%	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	336,006,666,667	270,509,800,000	181,355,900,000	135,620,666,667	108,324,800,000	90,953,000,000	77,510,866,667	427,872,000,000	352,429,000,000	227,719,000,000	195,156,000,000	149,373,000,000	119,396,000,000	111,004,000,000	89,186,000,000	87,616,000,000	53,808,000,000	51,675,000,000	58,138,000,000	40,965,000,000	36,187,000,000	33,786,000,000	30,437,000,000	28,608,000,000	29,551,000,000	23,003,000,000	20,587,000,000	22,078,000,000	23,802,000,000	22,759,000,000	19,070,000,000	19,620,000,000	21,842,000,000	16,923,000,000	6,468,000,000	4,014,000,000	2,254,000,000
Total Non-Current Assets Margin	134.37%	118.08%	99.27%	84.32%	75.15%	73.54%	70.71%	151.88%	143.78%	107.46%	98.43%	88.87%	83.48%	88.21%	80.81%	90.73%	59.03%	55.22%	66.95%	52.62%	49.09%	48.31%	48.71%	48.96%	48.91%	45.00%	46.49%	55.49%	64.62%	70.71%	67.23%	77.56%	95.15%	85.70%	42.38%	33.63%	25.99%
Total Assets	514,380,666,667	448,352,200,000	353,225,600,000	283,434,533,333	231,054,000,000	199,778,840,000	171,069,433,333	619,003,000,000	512,163,000,000	411,976,000,000	364,840,000,000	333,779,000,000	301,311,000,000	286,556,000,000	258,848,000,000	250,312,000,000	193,468,000,000	174,472,000,000	172,384,000,000	142,431,000,000	121,271,000,000	108,704,000,000	86,113,000,000	77,888,000,000	72,793,000,000	63,171,000,000	69,597,000,000	70,815,000,000	94,368,000,000	81,732,000,000	67,646,000,000	58,830,000,000	52,150,000,000	38,625,000,000	22,357,000,000	14,387,000,000	10,093,000,000
Total Assets Margin	207.69%	201.13%	215.00%	202.53%	185.51%	194.77%	189.18%	219.72%	208.94%	194.41%	184.01%	198.57%	210.68%	227.71%	234.55%	259.20%	212.24%	186.44%	198.52%	182.96%	164.50%	155.42%	137.82%	133.29%	120.48%	123.57%	157.17%	177.98%	256.19%	253.93%	238.48%	232.57%	227.17%	195.60%	146.49%	120.53%	116.40%
Accounts Payable	22,605,000,000	20,395,600,000	14,679,500,000	11,601,200,000	9,577,850,000	7,973,160,000	6,785,800,000	27,724,000,000	21,996,000,000	18,095,000,000	19,000,000,000	15,163,000,000	12,530,000,000	9,382,000,000	8,617,000,000	7,390,000,000	6,898,000,000	6,591,000,000	7,432,000,000	4,828,000,000	4,175,000,000	4,197,000,000	4,025,000,000	3,324,000,000	4,034,000,000	3,247,000,000	2,909,000,000	2,086,000,000	1,717,000,000	1,573,000,000	1,208,000,000	1,188,000,000	1,083,000,000	874,000,000	759,000,000	721,000,000	808,000,000
Accounts Payable Margin	9.12%	9.19%	8.52%	7.91%	7.52%	6.97%	6.79%	9.84%	8.97%	8.54%	9.58%	9.02%	8.76%	7.46%	7.81%	7.65%	7.57%	7.04%	8.56%	6.20%	5.66%	6.00%	6.44%	5.69%	6.68%	6.35%	6.57%	5.24%	4.66%	4.89%	4.26%	4.70%	4.72%	4.43%	4.97%	6.04%	9.32%
Short-Term Debt	5,729,333,333	5,601,800,000	6,429,700,000	5,200,733,333	4,050,550,000	3,240,440,000	2,700,366,667	2,999,000,000	8,942,000,000	5,247,000,000	2,749,000,000	8,072,000,000	3,749,000,000	5,516,000,000	3,998,000,000	10,121,000,000	12,904,000,000	7,484,000,000	2,000,000,000	2,999,000,000	1,231,000,000	0	1,000,000,000	2,000,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Margin	2.40%	2.68%	4.86%	4.30%	3.47%	2.78%	2.32%	1.06%	3.65%	2.48%	1.39%	4.80%	2.62%	4.38%	3.62%	10.48%	14.16%	8.00%	2.30%	3.85%	1.67%	0.00%	1.60%	3.42%	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%
Tax Payables	3,056,333,333	3,082,000,000	2,662,400,000	1,998,200,000	1,751,000,000	1,481,680,000	1,234,733,333	0	5,017,000,000	4,152,000,000	4,067,000,000	2,174,000,000	2,130,000,000	5,665,000,000	2,121,000,000	718,000,000	580,000,000	606,000,000	782,000,000	592,000,000	789,000,000	580,000,000	1,074,000,000	725,000,000	3,248,000,000	0	0	0	0	0	2,022,000,000	0	0	0	0	0	0
Tax Payables Margin	1.34%	1.47%	1.66%	1.39%	1.46%	1.45%	1.21%	0.00%	2.05%	1.96%	2.05%	1.29%	1.49%	4.50%	1.92%	0.74%	0.64%	0.65%	0.90%	0.76%	1.07%	0.83%	1.72%	1.24%	5.38%	0.00%	0.00%	0.00%	0.00%	0.00%	7.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	57,679,333,333	52,020,200,000	40,916,300,000	34,036,666,667	28,525,950,000	24,083,000,000	20,229,700,000	64,555,000,000	57,582,000,000	50,901,000,000	45,538,000,000	41,525,000,000	36,000,000,000	32,676,000,000	28,905,000,000	24,013,000,000	27,468,000,000	23,223,000,000	23,150,000,000	20,639,000,000	18,653,000,000	15,722,000,000	13,652,000,000	13,003,000,000	13,397,000,000	10,779,000,000	9,138,000,000	7,502,000,000	6,514,000,000	7,225,000,000	5,920,000,000	4,395,000,000	4,816,000,000	0	0	0	0
Deferred Revenue Margin	23.47%	23.62%	25.04%	25.08%	24.21%	23.26%	20.08%	22.91%	23.49%	24.02%	22.97%	24.70%	25.17%	25.97%	26.19%	24.87%	30.13%	24.82%	26.66%	26.51%	25.30%	22.48%	21.85%	22.25%	22.17%	21.08%	20.64%	18.85%	17.68%	22.45%	20.87%	17.37%	20.98%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	32,077,333,333	28,336,600,000	21,532,800,000	17,365,933,333	14,583,650,000	12,554,360,000	11,152,100,000	38,729,000,000	31,749,000,000	25,754,000,000	23,728,000,000	21,723,000,000	17,901,000,000	16,181,000,000	14,847,000,000	13,503,000,000	11,213,000,000	11,651,000,000	11,703,000,000	7,714,000,000	7,026,000,000	7,067,000,000	6,214,000,000	6,298,000,000	6,593,000,000	3,622,000,000	8,457,000,000	5,627,000,000	5,399,000,000	3,760,000,000	4,471,000,000	2,929,000,000	3,299,000,000	7,928,000,000	4,971,000,000	2,889,000,000	1,617,000,000
Other Current Liabilities Margin	12.95%	12.75%	12.89%	12.29%	12.11%	12.40%	14.66%	13.75%	12.95%	12.15%	11.97%	12.92%	12.52%	12.86%	13.45%	13.98%	12.30%	12.45%	13.48%	9.91%	9.53%	10.10%	9.94%	10.78%	10.91%	7.09%	19.10%	14.14%	14.66%	11.68%	15.76%	11.58%	14.37%	40.15%	32.57%	24.20%	18.65%
Total Current Liabilities	123,551,000,000	110,878,400,000	86,971,200,000	70,924,200,000	59,656,300,000	50,437,760,000	43,042,200,000	141,218,000,000	125,286,000,000	104,149,000,000	95,082,000,000	88,657,000,000	72,310,000,000	69,420,000,000	58,488,000,000	55,745,000,000	59,357,000,000	49,647,000,000	45,625,000,000	37,417,000,000	32,688,000,000	28,774,000,000	26,147,000,000	27,034,000,000	29,886,000,000	23,754,000,000	22,442,000,000	16,877,000,000	14,969,000,000	13,974,000,000	12,744,000,000	9,254,000,000	9,755,000,000	8,802,000,000	5,730,000,000	3,610,000,000	2,425,000,000
Total Current Liabilities Margin	50.13%	50.22%	53.26%	51.45%	50.33%	48.58%	46.58%	50.13%	51.11%	49.15%	47.96%	52.74%	50.56%	55.16%	53.00%	57.72%	65.12%	53.05%	52.54%	48.06%	44.34%	41.14%	41.85%	46.26%	49.46%	46.47%	50.68%	42.42%	40.64%	43.42%	44.93%	36.58%	42.49%	44.57%	37.54%	30.24%	27.97%
Long-Term Debt	41,610,000,000	44,387,200,000	53,704,800,000	41,382,400,000	31,471,050,000	25,176,840,000	20,980,700,000	40,152,000,000	42,688,000,000	41,990,000,000	47,032,000,000	50,074,000,000	59,578,000,000	66,662,000,000	72,242,000,000	76,073,000,000	40,557,000,000	27,808,000,000	20,645,000,000	12,601,000,000	10,713,000,000	11,921,000,000	4,939,000,000	3,746,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Margin	17.16%	21.00%	38.84%	32.64%	25.20%	20.16%	16.80%	14.25%	17.42%	19.81%	23.72%	29.79%	41.66%	52.97%	65.46%	78.77%	44.49%	29.72%	23.78%	16.19%	14.53%	17.04%	7.90%	6.41%	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%
Capital Lease Obligations	23,486,000,000	18,315,200,000	11,956,100,000	7,970,733,333	5,978,050,000	4,782,440,000	3,985,366,667	17,437,000,000	40,293,000,000	12,728,000,000	11,489,000,000	9,629,000,000	7,671,000,000	6,188,000,000	5,568,000,000	7,797,000,000	761,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	9.54%	8.03%	6.44%	4.29%	3.22%	2.58%	2.15%	6.19%	16.44%	6.01%	5.79%	5.73%	5.36%	4.92%	5.05%	8.07%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	1,962,000,000	1,262,800,000	1,450,200,000	1,572,200,000	1,190,600,000	1,054,000,000	958,733,333	2,835,000,000	2,618,000,000	433,000,000	230,000,000	198,000,000	204,000,000	233,000,000	541,000,000	5,734,000,000	1,476,000,000	1,295,000,000	2,728,000,000	1,709,000,000	1,893,000,000	1,456,000,000	229,000,000	0	0	0	0	0	0	1,731,000,000	398,000,000	409,000,000	1,027,000,000	1,385,000,000	0	0	0
Deferred Tax Liabilities Margin	0.76%	0.50%	1.09%	1.48%	1.13%	1.24%	1.42%	1.01%	1.07%	0.20%	0.12%	0.12%	0.14%	0.19%	0.49%	5.94%	1.62%	1.38%	3.14%	2.20%	2.57%	2.08%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.38%	1.40%	1.62%	4.47%	7.01%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	56,569,333,333	50,384,000,000	39,532,700,000	29,783,000,000	23,934,200,000	19,775,920,000	16,501,100,000	71,172,000,000	54,995,000,000	43,541,000,000	41,595,000,000	40,617,000,000	40,064,000,000	37,193,000,000	35,476,000,000	17,034,000,000	13,640,000,000	13,544,000,000	11,594,000,000	10,000,000,000	8,208,000,000	8,072,000,000	7,445,000,000	6,269,000,000	4,721,000,000	6,453,000,000	7,051,000,000	5,823,000,000	4,574,000,000	1,115,000,000	2,324,000,000	1,878,000,000	0	0	0	0	635,000,000
Other Non-Current Liabilities Margin	22.75%	22.68%	23.57%	19.94%	17.90%	16.17%	13.72%	25.26%	22.44%	20.55%	20.98%	24.16%	28.01%	29.56%	32.15%	17.64%	14.96%	14.47%	13.35%	12.85%	11.13%	11.54%	11.92%	10.73%	7.81%	12.62%	15.92%	14.64%	12.42%	3.46%	8.19%	7.42%	0.00%	0.00%	0.00%	0.00%	7.32%
Total Non-Current Liabilities	118,103,333,333	112,132,000,000	107,277,500,000	81,708,600,000	63,635,400,000	51,638,400,000	43,133,566,667	134,306,000,000	118,400,000,000	101,604,000,000	103,216,000,000	103,134,000,000	110,697,000,000	114,806,000,000	117,642,000,000	106,856,000,000	62,114,000,000	44,742,000,000	36,975,000,000	26,070,000,000	22,220,000,000	22,847,000,000	13,791,000,000	11,296,000,000	6,621,000,000	8,320,000,000	7,051,000,000	5,823,000,000	4,574,000,000	2,846,000,000	2,722,000,000	2,287,000,000	1,027,000,000	1,385,000,000	0	0	635,000,000
Total Non-Current Liabilities Margin	47.97%	51.47%	71.14%	59.87%	49.13%	41.49%	35.20%	47.67%	48.30%	47.95%	52.06%	61.36%	77.40%	91.23%	106.60%	110.65%	68.14%	47.81%	42.58%	33.49%	30.14%	32.67%	22.07%	19.33%	10.96%	16.27%	15.92%	14.64%	12.42%	8.84%	9.60%	9.04%	4.47%	7.01%	0.00%	0.00%	7.32%
Total Liabilities	241,654,333,333	223,010,400,000	194,248,700,000	152,632,800,000	123,291,700,000	102,076,160,000	86,175,766,667	275,524,000,000	243,686,000,000	205,753,000,000	198,298,000,000	191,791,000,000	183,007,000,000	184,226,000,000	176,130,000,000	162,601,000,000	121,471,000,000	94,389,000,000	82,600,000,000	63,487,000,000	54,908,000,000	51,621,000,000	39,938,000,000	38,330,000,000	36,507,000,000	32,074,000,000	29,493,000,000	22,700,000,000	19,543,000,000	16,820,000,000	15,466,000,000	11,541,000,000	10,782,000,000	10,187,000,000	5,730,000,000	3,610,000,000	3,060,000,000
Total Liabilities Margin	98.10%	101.68%	124.40%	111.32%	99.46%	90.06%	81.78%	97.80%	99.41%	97.09%	100.01%	114.10%	127.96%	146.39%	159.60%	168.37%	133.26%	100.86%	95.13%	81.55%	74.48%	73.80%	63.92%	65.59%	60.42%	62.74%	66.60%	57.05%	53.06%	52.26%	54.52%	45.62%	46.97%	51.59%	37.54%	30.24%	35.29%
Preferred Stock	0	0	0	0	0	0	98,000,000	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	980,000,000	980,000,000	980,000,000	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.65%	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%	4.96%	6.42%	8.21%	0.00%
Common Stock	101,245,333,333	94,757,200,000	84,157,400,000	78,328,200,000	74,128,600,000	67,790,480,000	57,726,700,000	109,095,000,000	100,923,000,000	93,718,000,000	86,939,000,000	83,111,000,000	80,552,000,000	78,520,000,000	71,223,000,000	69,315,000,000	68,178,000,000	68,465,000,000	68,366,000,000	67,306,000,000	65,797,000,000	63,415,000,000	62,856,000,000	62,382,000,000	62,849,000,000	60,557,000,000	59,005,000,000	60,413,000,000	56,396,000,000	35,344,000,000	31,647,000,000	28,390,000,000	23,195,000,000	13,844,000,000	0	0	0
Common Stock Margin	41.37%	43.48%	54.72%	64.37%	76.43%	86.69%	77.94%	38.72%	41.17%	44.22%	43.85%	49.44%	56.32%	62.40%	64.54%	71.78%	74.79%	73.16%	78.73%	86.46%	89.25%	90.67%	100.60%	106.75%	104.02%	118.46%	133.25%	151.84%	153.10%	109.81%	111.57%	112.23%	101.04%	70.11%	0.00%	0.00%	0.00%
Retained Earnings	176,574,333,333	134,211,800,000	76,350,800,000	52,962,866,667	33,799,550,000	29,832,160,000	26,482,833,333	237,731,000,000	173,144,000,000	118,848,000,000	84,281,000,000	57,055,000,000	34,566,000,000	24,150,000,000	13,682,000,000	17,769,000,000	2,282,000,000	9,096,000,000	17,710,000,000	9,895,000,000	566,000,000	-6,332,000,000	-16,681,000,000	-22,824,000,000	-27,703,000,000	-31,114,000,000	-20,130,000,000	-13,724,000,000	18,429,000,000	25,676,000,000	20,533,000,000	18,899,000,000	18,173,000,000	13,614,000,000	7,622,000,000	5,288,000,000	3,984,000,000
Retained Earnings Margin	70.37%	57.51%	36.42%	26.58%	9.04%	16.93%	23.72%	84.38%	70.64%	56.08%	42.51%	33.94%	24.17%	19.19%	12.40%	18.40%	2.50%	9.72%	20.40%	12.71%	0.77%	-9.05%	-26.70%	-39.06%	-45.85%	-60.86%	-45.46%	-34.49%	50.03%	79.77%	72.39%	74.71%	79.16%	68.94%	49.94%	44.30%	45.95%
Accumulated OCI	-5,093,333,333	-3,627,200,000	-1,531,300,000	-270,333,333	-384,600,000	-834,920,000	-968,933,333	-3,347,000,000	-5,590,000,000	-6,343,000,000	-4,678,000,000	1,822,000,000	3,186,000,000	-340,000,000	-2,187,000,000	627,000,000	1,537,000,000	2,522,000,000	3,708,000,000	1,743,000,000	1,422,000,000	1,863,000,000	-8,629,000,000	969,000,000	1,140,000,000	1,654,000,000	1,229,000,000	1,426,000,000	-4,163,000,000	-3,855,000,000	-3,623,000,000	-2,966,000,000	-2,411,000,000	-1,905,000,000	-1,547,000,000	-1,312,000,000	-1,020,000,000
Accumulated OCI Margin	-2.15%	-1.55%	-0.54%	0.56%	0.21%	-1.60%	-3.10%	-1.19%	-2.28%	-2.99%	-2.36%	1.08%	2.23%	-0.27%	-1.98%	0.65%	1.69%	2.70%	4.27%	2.24%	1.93%	2.66%	-13.81%	1.66%	1.89%	3.24%	2.78%	3.58%	-11.30%	-11.98%	-12.77%	-11.73%	-10.50%	-9.65%	-10.14%	-10.99%	-11.76%
Minority Interest	0	0	0	0	0	0	4,166,667	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	125,000,000
Minority Interest Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.44%
Total Shareholders’ Equity	272,726,333,333	225,341,800,000	158,976,900,000	130,801,733,333	107,762,300,000	97,547,000,000	84,759,766,667	343,479,000,000	268,477,000,000	206,223,000,000	166,542,000,000	141,988,000,000	118,304,000,000	102,330,000,000	82,718,000,000	87,711,000,000	71,997,000,000	80,083,000,000	89,784,000,000	78,944,000,000	66,363,000,000	57,083,000,000	46,175,000,000	39,558,000,000	36,286,000,000	31,097,000,000	40,104,000,000	48,115,000,000	74,825,000,000	61,020,000,000	52,180,000,000	47,289,000,000	41,368,000,000	28,438,000,000	16,627,000,000	10,777,000,000	6,908,000,000
Total Shareholders’ Equity Margin	109.59%	99.45%	90.60%	91.20%	86.05%	104.23%	106.96%	121.92%	109.53%	97.31%	84.00%	84.47%	82.72%	81.32%	74.95%	90.83%	78.98%	85.58%	103.40%	101.41%	90.02%	81.61%	73.90%	67.69%	60.06%	60.83%	90.57%	120.93%	203.14%	189.58%	183.96%	186.94%	180.21%	144.01%	108.94%	90.29%	79.67%
Total Equity	272,726,333,333	225,341,800,000	158,976,900,000	130,801,733,333	107,762,300,000	97,547,000,000	84,763,933,333	343,479,000,000	268,477,000,000	206,223,000,000	166,542,000,000	141,988,000,000	118,304,000,000	102,330,000,000	82,718,000,000	87,711,000,000	71,997,000,000	80,083,000,000	89,784,000,000	78,944,000,000	66,363,000,000	57,083,000,000	46,175,000,000	39,558,000,000	36,286,000,000	31,097,000,000	40,104,000,000	48,115,000,000	74,825,000,000	61,020,000,000	52,180,000,000	47,289,000,000	41,368,000,000	28,438,000,000	16,627,000,000	10,777,000,000	7,033,000,000
Total Equity Margin	109.59%	99.45%	90.60%	91.20%	86.05%	104.23%	107.01%	121.92%	109.53%	97.31%	84.00%	84.47%	82.72%	81.32%	74.95%	90.83%	78.98%	85.58%	103.40%	101.41%	90.02%	81.61%	73.90%	67.69%	60.06%	60.83%	90.57%	120.93%	203.14%	189.58%	183.96%	186.94%	180.21%	144.01%	108.94%	90.29%	81.11%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	79,325,000,000	91,540,000,000	108,091,400,000	98,633,466,667	81,180,900,000	72,349,200,000	61,331,433,333	79,728,000,000	71,816,000,000	86,431,000,000	97,709,000,000	122,016,000,000	125,916,000,000	125,112,000,000	123,684,000,000	131,341,000,000	117,161,000,000	102,984,000,000	91,637,000,000	84,062,000,000	65,878,000,000	54,027,000,000	39,037,000,000	30,304,000,000	19,911,000,000	27,417,000,000	27,447,000,000	32,900,000,000	46,288,000,000	42,610,000,000	35,636,000,000	27,678,000,000	18,952,000,000	12,261,000,000	0	0	0
Total Investments Margin	32.79%	44.05%	78.43%	84.97%	76.87%	84.53%	75.26%	28.30%	29.30%	40.79%	49.28%	72.59%	88.04%	99.42%	112.07%	136.00%	128.53%	110.05%	105.53%	107.98%	89.36%	77.24%	62.48%	51.86%	32.95%	53.63%	61.98%	82.69%	125.66%	132.38%	125.63%	109.42%	82.56%	62.09%	0.00%	0.00%	0.00%
Net Debt	34,806,333,333	41,061,800,000	53,045,700,000	39,549,533,333	28,509,150,000	21,506,080,000	17,256,166,667	30,346,000,000	48,812,000,000	25,261,000,000	47,339,000,000	53,551,000,000	57,422,000,000	67,010,000,000	69,862,000,000	83,903,000,000	46,951,000,000	29,697,000,000	13,976,000,000	11,796,000,000	5,006,000,000	2,311,000,000	434,000,000	-330,000,000	-10,339,000,000	-6,111,000,000	-6,714,000,000	-4,851,000,000	-14,304,000,000	-6,438,000,000	-3,016,000,000	-3,922,000,000	-4,846,000,000	-4,975,000,000	-3,839,000,000	-3,706,000,000	-2,601,000,000
Net Debt Margin	14.20%	19.67%	39.34%	31.10%	21.12%	13.01%	6.42%	10.77%	19.91%	11.92%	23.88%	31.86%	40.15%	53.25%	63.30%	86.88%	51.51%	31.73%	16.10%	15.15%	6.79%	3.30%	0.69%	-0.56%	-17.11%	-11.95%	-15.16%	-12.19%	-38.83%	-20.00%	-10.63%	-15.50%	-21.11%	-25.19%	-25.15%	-31.05%	-30.00%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30	2007-06-30	2006-06-30	2005-06-30	2004-06-30	2003-06-30	2002-06-30	2001-06-30	2000-06-30	1999-06-30	1998-06-30	1997-06-30	1996-06-30
Revenue	246,253,666,667	221,023,800,000	167,206,200,000	138,266,000,000	117,536,750,000	100,528,240,000	86,392,600,000	281,724,000,000	245,122,000,000	211,915,000,000	198,270,000,000	168,088,000,000	143,015,000,000	125,843,000,000	110,360,000,000	96,571,000,000	91,154,000,000	93,580,000,000	86,833,000,000	77,849,000,000	73,723,000,000	69,943,000,000	62,484,000,000	58,437,000,000	60,420,000,000	51,122,000,000	44,282,000,000	39,788,000,000	36,835,000,000	32,187,000,000	28,365,000,000	25,296,000,000	22,956,000,000	19,747,000,000	15,262,000,000	11,936,000,000	8,671,000,000
Working Capital	54,823,000,000	66,964,000,000	84,898,500,000	76,889,666,667	63,072,900,000	58,388,080,000	50,516,366,667	49,913,000,000	34,448,000,000	80,108,000,000	74,602,000,000	95,749,000,000	109,605,000,000	106,132,000,000	111,174,000,000	106,951,000,000	80,303,000,000	73,150,000,000	68,621,000,000	64,049,000,000	52,396,000,000	46,144,000,000	29,529,000,000	22,246,000,000	13,356,000,000	16,414,000,000	26,568,000,000	31,860,000,000	55,597,000,000	44,999,000,000	35,832,000,000	29,956,000,000	20,553,000,000	12,900,000,000	10,159,000,000	6,763,000,000	5,414,000,000
Working Capital Margin	23.19%	32.83%	62.47%	66.75%	60.04%	72.65%	71.90%	17.72%	14.05%	37.80%	37.63%	56.96%	76.64%	84.34%	100.74%	110.75%	88.10%	78.17%	79.03%	82.27%	71.07%	65.97%	47.26%	38.07%	22.11%	32.11%	60.00%	80.07%	150.94%	139.80%	126.32%	118.42%	89.53%	65.33%	66.56%	56.66%	62.44%
Total Capital	335,286,333,333	288,686,800,000	228,269,300,000	183,490,133,333	147,862,850,000	129,627,440,000	111,493,466,667	404,067,000,000	335,604,000,000	266,188,000,000	227,812,000,000	209,763,000,000	189,302,000,000	180,696,000,000	164,526,000,000	179,277,000,000	125,458,000,000	115,375,000,000	112,429,000,000	94,544,000,000	78,307,000,000	69,004,000,000	52,114,000,000	45,304,000,000	36,286,000,000	31,097,000,000	40,104,000,000	48,115,000,000	74,825,000,000	61,020,000,000	52,180,000,000	47,289,000,000	41,368,000,000	28,438,000,000	16,627,000,000	10,777,000,000	6,908,000,000
Total Capital Margin	135.32%	129.13%	139.40%	131.54%	117.27%	129.20%	127.77%	143.43%	136.91%	125.61%	114.90%	124.79%	132.37%	143.59%	149.08%	185.64%	137.63%	123.29%	129.48%	121.45%	106.22%	98.66%	83.40%	77.53%	60.06%	60.83%	90.57%	120.93%	203.14%	189.58%	183.96%	186.94%	180.21%	144.01%	108.94%	90.29%	79.67%
Capital Employed	390,829,666,667	337,473,800,000	266,254,400,000	212,510,333,333	171,397,700,000	149,341,080,000	128,027,233,333	477,785,000,000	386,877,000,000	307,827,000,000	269,758,000,000	245,122,000,000	229,001,000,000	217,136,000,000	200,360,000,000	194,567,000,000	134,111,000,000	124,825,000,000	126,759,000,000	105,014,000,000	88,583,000,000	79,930,000,000	59,966,000,000	50,854,000,000	42,907,000,000	39,417,000,000	47,155,000,000	53,938,000,000	79,399,000,000	67,758,000,000	54,902,000,000	49,576,000,000	42,395,000,000	29,823,000,000	16,627,000,000	10,777,000,000	7,668,000,000
Capital Employed Margin	157.56%	150.91%	161.74%	151.07%	135.18%	146.19%	142.61%	169.59%	157.83%	145.26%	136.06%	145.83%	160.12%	172.55%	181.55%	201.48%	147.13%	133.39%	145.98%	134.89%	120.16%	114.28%	95.97%	87.02%	71.01%	77.10%	106.49%	135.56%	215.55%	210.51%	193.56%	195.98%	184.68%	151.03%	108.94%	90.29%	88.43%
Invested Capital	307,532,666,667	266,403,600,000	212,022,600,000	170,351,266,667	136,271,450,000	119,053,080,000	102,015,933,333	373,825,000,000	317,289,000,000	231,484,000,000	213,881,000,000	195,539,000,000	175,726,000,000	169,340,000,000	152,580,000,000	171,614,000,000	118,948,000,000	109,780,000,000	103,760,000,000	90,740,000,000	71,369,000,000	59,394,000,000	46,609,000,000	39,228,000,000	25,947,000,000	24,986,000,000	33,390,000,000	43,264,000,000	60,521,000,000	54,582,000,000	49,164,000,000	43,367,000,000	36,522,000,000	23,463,000,000	12,788,000,000	7,071,000,000	4,307,000,000
Invested Capital Margin	123.79%	119.11%	129.95%	122.30%	107.17%	117.24%	113.38%	132.69%	129.44%	109.23%	107.87%	116.33%	122.87%	134.56%	138.26%	177.71%	130.49%	117.31%	119.49%	116.56%	96.81%	84.92%	74.59%	67.13%	42.94%	48.88%	75.40%	108.74%	164.30%	169.58%	173.33%	171.44%	159.10%	118.82%	83.79%	59.24%	49.67%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30	2007-06-30	2006-06-30	2005-06-30	2004-06-30	2003-06-30	2002-06-30	2001-06-30	2000-06-30	1999-06-30	1998-06-30	1997-06-30	1996-06-30
Revenue	246,253,666,667	221,023,800,000	167,206,200,000	138,266,000,000	117,536,750,000	100,528,240,000	86,392,600,000	281,724,000,000	245,122,000,000	211,915,000,000	198,270,000,000	168,088,000,000	143,015,000,000	125,843,000,000	110,360,000,000	96,571,000,000	91,154,000,000	93,580,000,000	86,833,000,000	77,849,000,000	73,723,000,000	69,943,000,000	62,484,000,000	58,437,000,000	60,420,000,000	51,122,000,000	44,282,000,000	39,788,000,000	36,835,000,000	32,187,000,000	28,365,000,000	25,296,000,000	22,956,000,000	19,747,000,000	15,262,000,000	11,936,000,000	8,671,000,000
Net Income	87,443,000,000	79,267,600,000	54,245,800,000	42,581,066,667	35,819,500,000	30,380,720,000	26,228,766,667	101,832,000,000	88,136,000,000	72,361,000,000	72,738,000,000	61,271,000,000	44,281,000,000	39,240,000,000	16,571,000,000	25,489,000,000	20,539,000,000	12,193,000,000	22,074,000,000	21,863,000,000	16,978,000,000	23,150,000,000	18,760,000,000	14,569,000,000	17,681,000,000	14,065,000,000	12,599,000,000	12,254,000,000	8,168,000,000	7,531,000,000	7,829,000,000	7,346,000,000	9,421,000,000	7,785,000,000	4,490,000,000	3,454,000,000	2,195,000,000
Net Income Margin	35.42%	35.88%	30.55%	28.54%	28.42%	28.05%	28.85%	36.15%	35.96%	34.15%	36.69%	36.45%	30.96%	31.18%	15.02%	26.39%	22.53%	13.03%	25.42%	28.08%	23.03%	33.10%	30.02%	24.93%	29.26%	27.51%	28.45%	30.80%	22.17%	23.40%	27.60%	29.04%	41.04%	39.42%	29.42%	28.94%	25.31%
Depreciation & Amortization	23,433,666,667	19,289,400,000	14,658,600,000	11,149,533,333	8,843,850,000	7,319,080,000	6,226,533,333	34,153,000,000	22,287,000,000	13,861,000,000	14,460,000,000	11,686,000,000	12,796,000,000	11,682,000,000	10,261,000,000	8,778,000,000	6,622,000,000	5,957,000,000	5,212,000,000	3,755,000,000	2,967,000,000	2,766,000,000	2,673,000,000	2,562,000,000	2,056,000,000	1,440,000,000	903,000,000	855,000,000	1,186,000,000	1,439,000,000	1,084,000,000	1,536,000,000	748,000,000	1,010,000,000	1,024,000,000	557,000,000	480,000,000
Depreciation & Amortization Margin	9.25%	8.40%	8.59%	7.40%	6.40%	5.91%	5.77%	12.12%	9.09%	6.54%	7.29%	6.95%	8.95%	9.28%	9.30%	9.09%	7.26%	6.37%	6.00%	4.82%	4.02%	3.95%	4.28%	4.38%	3.40%	2.82%	2.04%	2.15%	3.22%	4.47%	3.82%	6.07%	3.26%	5.11%	6.71%	4.67%	5.54%
Deferred Income Tax	-5,951,000,000	-4,741,000,000	-3,365,000,000	-2,188,000,000	-1,535,150,000	-1,381,800,000	-1,165,666,667	-7,056,000,000	-4,738,000,000	-6,059,000,000	-5,702,000,000	-150,000,000	11,000,000	-6,463,000,000	-5,143,000,000	-829,000,000	2,479,000,000	224,000,000	-331,000,000	-19,000,000	954,000,000	2,000,000	-220,000,000	762,000,000	935,000,000	421,000,000	219,000,000	-179,000,000	-1,479,000,000	-1,348,000,000	-416,000,000	-420,000,000	-425,000,000	0	0	0	0
Deferred Income Tax Margin	-2.43%	-2.05%	-1.82%	-1.14%	-0.66%	-1.00%	-0.90%	-2.50%	-1.93%	-2.86%	-2.88%	-0.09%	0.01%	-5.14%	-4.66%	-0.86%	2.72%	0.24%	-0.38%	-0.02%	1.29%	0.00%	-0.35%	1.30%	1.55%	0.82%	0.49%	-0.45%	-4.02%	-4.19%	-1.47%	-1.66%	-1.85%	0.00%	0.00%	0.00%	0.00%
Stock-Based Compensation	10,773,000,000	9,187,800,000	6,575,400,000	5,172,666,667	4,133,400,000	3,306,720,000	2,755,600,000	11,974,000,000	10,734,000,000	9,611,000,000	7,502,000,000	6,118,000,000	5,289,000,000	4,652,000,000	3,940,000,000	3,266,000,000	2,668,000,000	2,574,000,000	2,446,000,000	2,406,000,000	2,244,000,000	2,166,000,000	1,891,000,000	1,708,000,000	1,479,000,000	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	4.39%	4.12%	3.79%	3.51%	3.05%	2.44%	2.04%	4.25%	4.38%	4.54%	3.78%	3.64%	3.70%	3.70%	3.57%	3.38%	2.93%	2.75%	2.82%	3.09%	3.04%	3.10%	3.03%	2.92%	2.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	-1,971,333,333	-1,280,800,000	2,193,200,000	14,699,866,667	13,454,700,000	10,940,480,000	9,223,766,667	-5,350,000,000	1,824,000,000	-2,388,000,000	446,000,000	-936,000,000	-1,483,000,000	3,866,000,000	20,467,000,000	4,876,000,000	610,000,000	46,585,000,000	44,949,000,000	42,878,000,000	35,930,000,000	28,224,000,000	30,035,000,000	-178,000,000	22,097,000,000	-961,000,000	-2,397,000,000	174,000,000	1,320,000,000	634,000,000	1,992,000,000	298,000,000	-2,623,000,000	1,479,000,000	2,623,000,000	678,000,000	1,044,000,000
Change in Working Capital Margin	-0.76%	-0.52%	2.37%	17.96%	17.32%	14.43%	13.05%	-1.90%	0.74%	-1.13%	0.22%	-0.56%	-1.04%	3.07%	18.55%	5.05%	0.67%	49.78%	51.76%	55.08%	48.74%	40.35%	48.07%	-0.30%	36.57%	-1.88%	-5.41%	0.44%	3.58%	1.97%	7.02%	1.18%	-11.43%	7.49%	17.19%	5.68%	12.04%
Accounts Receivable	-7,286,333,333	-7,034,800,000	-4,507,900,000	-3,277,133,333	-2,729,200,000	-2,334,720,000	-2,030,866,667	-10,581,000,000	-7,191,000,000	-4,087,000,000	-6,834,000,000	-6,481,000,000	-2,577,000,000	-2,812,000,000	-3,862,000,000	-1,216,000,000	562,000,000	1,456,000,000	-1,120,000,000	-1,807,000,000	-1,156,000,000	-1,451,000,000	-2,238,000,000	2,215,000,000	-1,569,000,000	-1,764,000,000	-2,071,000,000	-1,243,000,000	-687,000,000	187,000,000	-1,623,000,000	-418,000,000	-944,000,000	-687,000,000	-520,000,000	-336,000,000	-71,000,000
Accounts Receivable Margin	-2.87%	-3.18%	-2.41%	-1.99%	-2.02%	-2.08%	-2.22%	-3.76%	-2.93%	-1.93%	-3.45%	-3.86%	-1.80%	-2.23%	-3.50%	-1.26%	0.62%	1.56%	-1.29%	-2.32%	-1.57%	-2.07%	-3.58%	3.79%	-2.60%	-3.45%	-4.68%	-3.12%	-1.87%	0.58%	-5.72%	-1.65%	-4.11%	-3.48%	-3.41%	-2.82%	-0.82%
Inventory	945,000,000	195,000,000	192,500,000	20,866,667	15,650,000	12,520,000	10,433,333	309,000,000	1,284,000,000	1,242,000,000	-1,123,000,000	-737,000,000	168,000,000	597,000,000	-465,000,000	50,000,000	600,000,000	-272,000,000	-161,000,000	-802,000,000	184,000,000	-561,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.41%	0.04%	0.11%	-0.06%	-0.05%	-0.04%	-0.03%	0.11%	0.52%	0.59%	-0.57%	-0.44%	0.12%	0.47%	-0.42%	0.05%	0.66%	-0.29%	-0.19%	-1.03%	0.25%	-0.80%	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%
Accounts Payable	464,333,333	1,426,800,000	1,170,100,000	778,933,333	584,200,000	467,360,000	389,466,667	569,000,000	3,545,000,000	-2,721,000,000	2,943,000,000	2,798,000,000	3,018,000,000	232,000,000	1,148,000,000	81,000,000	88,000,000	-1,054,000,000	473,000,000	537,000,000	-31,000,000	58,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accounts Payable Margin	0.12%	0.70%	0.70%	0.48%	0.36%	0.29%	0.24%	0.20%	1.45%	-1.28%	1.48%	1.66%	2.11%	0.18%	1.04%	0.08%	0.10%	-1.13%	0.54%	0.69%	-0.04%	0.08%	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 Working Capital	3,905,666,667	4,132,200,000	5,338,500,000	17,177,200,000	15,564,850,000	12,779,960,000	10,841,933,333	4,353,000,000	4,186,000,000	3,178,000,000	5,460,000,000	3,484,000,000	-2,092,000,000	5,849,000,000	23,646,000,000	5,961,000,000	-640,000,000	46,455,000,000	45,757,000,000	44,950,000,000	36,933,000,000	30,178,000,000	31,473,000,000	-1,977,000,000	23,666,000,000	803,000,000	-326,000,000	1,417,000,000	2,007,000,000	447,000,000	3,615,000,000	716,000,000	-1,679,000,000	2,166,000,000	3,143,000,000	1,014,000,000	1,115,000,000
Other Working Capital Margin	1.58%	1.92%	3.97%	19.53%	19.00%	16.24%	15.05%	1.55%	1.71%	1.50%	2.75%	2.07%	-1.46%	4.65%	21.43%	6.17%	-0.70%	49.64%	52.70%	57.74%	50.10%	43.15%	50.37%	-3.38%	39.17%	1.57%	-0.74%	3.56%	5.45%	1.39%	12.74%	2.83%	-7.31%	10.97%	20.59%	8.50%	12.86%
Other Non-Cash Items	370,000,000	-109,600,000	-543,700,000	-12,264,066,667	-11,670,150,000	-8,328,080,000	-6,705,200,000	609,000,000	305,000,000	196,000,000	-409,000,000	-1,249,000,000	-219,000,000	-792,000,000	-2,212,000,000	-2,073,000,000	407,000,000	-37,865,000,000	-41,848,000,000	-42,050,000,000	-27,447,000,000	-29,314,000,000	-29,066,000,000	-386,000,000	-22,636,000,000	1,281,000,000	1,365,000,000	3,501,000,000	5,431,000,000	7,587,000,000	4,020,000,000	4,662,000,000	3,803,000,000	2,947,000,000	296,000,000	0	0
Other Non-Cash Items Margin	0.14%	-0.10%	-0.50%	-15.12%	-15.29%	-9.05%	-6.42%	0.22%	0.12%	0.09%	-0.21%	-0.74%	-0.15%	-0.63%	-2.00%	-2.15%	0.45%	-40.46%	-48.19%	-54.01%	-37.23%	-41.91%	-46.52%	-0.66%	-37.46%	2.51%	3.08%	8.80%	14.74%	23.57%	14.17%	18.43%	16.57%	14.92%	1.94%	0.00%	0.00%
Net Cash from Operating Activities	114,097,333,333	101,613,400,000	73,764,300,000	59,151,066,667	49,209,400,000	42,365,880,000	36,685,033,333	136,162,000,000	118,548,000,000	87,582,000,000	89,035,000,000	76,740,000,000	60,675,000,000	52,185,000,000	43,884,000,000	39,507,000,000	33,325,000,000	29,668,000,000	32,502,000,000	28,833,000,000	31,626,000,000	26,994,000,000	24,073,000,000	19,037,000,000	21,612,000,000	17,796,000,000	14,404,000,000	16,605,000,000	14,626,000,000	15,797,000,000	14,509,000,000	13,422,000,000	11,426,000,000	13,137,000,000	8,433,000,000	4,689,000,000	3,719,000,000
Net Cash from Operating Activities Margin	46.01%	45.72%	42.97%	41.16%	39.58%	41.05%	42.67%	48.33%	48.36%	41.33%	44.91%	45.65%	42.43%	41.47%	39.76%	40.91%	36.56%	31.70%	37.43%	37.04%	42.90%	38.59%	38.53%	32.58%	35.77%	34.81%	32.53%	41.73%	39.71%	49.08%	51.15%	53.06%	49.77%	66.53%	55.25%	39.28%	42.89%
Capital Expenditures (PPE)	-45,711,666,667	-36,328,600,000	-23,911,300,000	-17,297,266,667	-13,578,950,000	-11,050,560,000	-9,312,500,000	-64,551,000,000	-44,477,000,000	-28,107,000,000	-23,886,000,000	-20,622,000,000	-15,441,000,000	-13,925,000,000	-11,632,000,000	-8,129,000,000	-8,343,000,000	-5,944,000,000	-5,485,000,000	-4,257,000,000	-2,305,000,000	-2,355,000,000	-1,977,000,000	-3,119,000,000	-3,182,000,000	-2,264,000,000	-1,578,000,000	-812,000,000	-1,109,000,000	-891,000,000	-770,000,000	-1,103,000,000	-879,000,000	-583,000,000	-656,000,000	-499,000,000	-494,000,000
Capital Expenditures (PPE) Margin	-18.11%	-15.73%	-12.86%	-10.22%	-8.75%	-7.60%	-7.03%	-22.91%	-18.14%	-13.26%	-12.05%	-12.27%	-10.80%	-11.07%	-10.54%	-8.42%	-9.15%	-6.35%	-6.32%	-5.47%	-3.13%	-3.37%	-3.16%	-5.34%	-5.27%	-4.43%	-3.56%	-2.04%	-3.01%	-2.77%	-2.71%	-4.36%	-3.83%	-2.95%	-4.30%	-4.18%	-5.70%
Acquisitions (Net)	-25,593,333,333	-21,545,400,000	-14,086,100,000	-10,819,200,000	-8,662,650,000	-6,981,080,000	-5,823,900,000	-5,978,000,000	-69,132,000,000	-1,670,000,000	-22,038,000,000	-8,909,000,000	-2,521,000,000	-2,388,000,000	-888,000,000	-25,944,000,000	-1,393,000,000	-3,723,000,000	-5,937,000,000	-1,584,000,000	-10,112,000,000	-71,000,000	-245,000,000	-868,000,000	-8,053,000,000	-1,150,000,000	-649,000,000	-207,000,000	-4,000,000	-1,063,000,000	0	0	0	0	-190,000,000	0	0
Acquisitions (Net) Margin	-10.37%	-9.51%	-8.04%	-7.14%	-6.30%	-5.19%	-4.37%	-2.12%	-28.20%	-0.79%	-11.12%	-5.30%	-1.76%	-1.90%	-0.80%	-26.87%	-1.53%	-3.98%	-6.84%	-2.03%	-13.72%	-0.10%	-0.39%	-1.49%	-13.33%	-2.25%	-1.47%	-0.52%	-0.01%	-3.30%	0.00%	0.00%	0.00%	0.00%	-1.24%	0.00%	0.00%
Purchases of Investments	-28,386,000,000	-34,907,600,000	-75,346,800,000	-72,901,733,333	-63,567,750,000	-67,089,920,000	-58,804,900,000	-29,775,000,000	-17,732,000,000	-37,651,000,000	-26,456,000,000	-62,924,000,000	-77,190,000,000	-57,697,000,000	-137,380,000,000	-176,905,000,000	-129,758,000,000	-98,729,000,000	-72,690,000,000	-75,396,000,000	-57,250,000,000	-35,993,000,000	-31,670,000,000	-37,780,000,000	-20,954,000,000	-36,308,000,000	-51,117,000,000	-68,045,000,000	-92,495,000,000	-89,621,000,000	-89,386,000,000	-66,346,000,000	-43,158,000,000	-36,441,000,000	-4,828,000,000	-921,000,000	-1,551,000,000
Purchases of Investments Margin	-11.86%	-17.27%	-63.62%	-70.09%	-69.39%	-106.63%	-103.19%	-10.57%	-7.23%	-17.77%	-13.34%	-37.44%	-53.97%	-45.85%	-124.48%	-183.19%	-142.35%	-105.50%	-83.71%	-96.85%	-77.66%	-51.46%	-50.68%	-64.65%	-34.68%	-71.02%	-115.44%	-171.02%	-251.11%	-278.44%	-315.13%	-262.28%	-188.00%	-184.54%	-31.63%	-7.72%	-17.89%
Sales / Maturities of Investments	36,307,000,000	43,923,000,000	78,569,400,000	70,906,200,000	62,215,700,000	65,666,240,000	56,650,666,667	25,388,000,000	35,669,000,000	47,864,000,000	44,894,000,000	65,800,000,000	84,170,000,000	58,237,000,000	143,937,000,000	164,394,000,000	115,341,000,000	85,861,000,000	65,366,000,000	57,594,000,000	45,275,000,000	23,803,000,000	22,578,000,000	25,997,000,000	27,729,000,000	46,187,000,000	58,230,000,000	84,091,000,000	90,863,000,000	84,362,000,000	79,311,000,000	58,715,000,000	32,110,000,000	25,754,000,000	0	0	0
Sales / Maturities of Investments Margin	15.38%	21.59%	64.03%	65.11%	66.25%	102.28%	94.24%	9.01%	14.55%	22.59%	22.64%	39.15%	58.85%	46.28%	130.42%	170.23%	126.53%	91.75%	75.28%	73.98%	61.41%	34.03%	36.13%	44.49%	45.89%	90.35%	131.50%	211.35%	246.68%	262.10%	279.61%	232.11%	139.88%	130.42%	0.00%	0.00%	0.00%
Other Investing Activities	-699,000,000	-1,168,800,000	-717,700,000	-552,800,000	-405,500,000	-324,400,000	-397,433,333	2,317,000,000	-1,298,000,000	-3,116,000,000	-2,825,000,000	-922,000,000	-1,241,000,000	0	-98,000,000	-197,000,000	203,000,000	-466,000,000	-87,000,000	-168,000,000	-394,000,000	0	-1,502,000,000	-930,000,000	-127,000,000	-376,000,000	3,117,000,000	0	0	0	0	0	0	79,000,000	-1,598,000,000	-1,669,000,000	-625,000,000
Other Investing Activities Margin	-0.39%	-0.63%	-0.41%	-0.36%	-0.17%	-0.13%	-1.15%	0.82%	-0.53%	-1.47%	-1.42%	-0.55%	-0.87%	0.00%	-0.09%	-0.20%	0.22%	-0.50%	-0.10%	-0.22%	-0.53%	0.00%	-2.40%	-1.59%	-0.21%	-0.74%	7.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.40%	-10.47%	-13.98%	-7.21%
Net Cash from Investing Activities	-64,083,000,000	-50,027,400,000	-35,492,500,000	-30,664,800,000	-23,877,550,000	-19,682,440,000	-17,607,000,000	-72,599,000,000	-96,970,000,000	-22,680,000,000	-30,311,000,000	-27,577,000,000	-12,223,000,000	-15,773,000,000	-6,061,000,000	-46,781,000,000	-23,950,000,000	-23,001,000,000	-18,833,000,000	-23,811,000,000	-24,786,000,000	-14,616,000,000	-11,314,000,000	-15,770,000,000	-4,587,000,000	6,089,000,000	8,003,000,000	15,027,000,000	-2,745,000,000	-7,213,000,000	-10,845,000,000	-8,734,000,000	-11,927,000,000	-11,191,000,000	-7,272,000,000	-3,089,000,000	-2,670,000,000
Net Cash from Investing Activities Margin	-25.34%	-21.55%	-20.90%	-22.69%	-18.15%	-17.12%	-21.36%	-25.77%	-39.56%	-10.70%	-15.29%	-16.41%	-8.55%	-12.53%	-5.49%	-48.44%	-26.27%	-24.58%	-21.69%	-30.59%	-33.62%	-20.90%	-18.11%	-26.99%	-7.59%	11.91%	18.07%	37.77%	-7.45%	-22.41%	-38.23%	-34.53%	-51.96%	-56.67%	-47.65%	-25.88%	-30.79%
Net Debt Issuance	-3,712,333,333	-4,782,000,000	611,300,000	2,415,533,333	2,108,450,000	1,686,760,000	1,405,633,333	-8,962,000,000	575,000,000	-2,750,000,000	-9,023,000,000	-3,750,000,000	-5,518,000,000	-4,000,000,000	-10,201,000,000	31,459,000,000	18,283,000,000	13,661,000,000	6,962,000,000	3,537,000,000	0	5,960,000,000	190,000,000	5,746,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	-1.41%	-2.21%	2.53%	4.07%	3.56%	2.85%	2.37%	-3.18%	0.23%	-1.30%	-4.55%	-2.23%	-3.86%	-3.18%	-9.24%	32.58%	20.06%	14.60%	8.02%	4.54%	0.00%	8.52%	0.30%	9.83%	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%
Long-Term Debt Issuance	-3,547,000,000	-4,682,800,000	1,170,100,000	2,468,400,000	1,910,350,000	1,528,280,000	1,273,566,667	-3,216,000,000	-4,675,000,000	-2,750,000,000	-9,023,000,000	-3,750,000,000	-5,518,000,000	-4,000,000,000	-2,877,000,000	36,422,000,000	11,088,000,000	9,180,000,000	6,462,000,000	3,537,000,000	0	6,146,000,000	1,181,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt Issuance Margin	-1.45%	-2.23%	2.91%	3.98%	3.08%	2.46%	2.05%	-1.14%	-1.91%	-1.30%	-4.55%	-2.23%	-3.86%	-3.18%	-2.61%	37.72%	12.16%	9.81%	7.44%	4.54%	0.00%	8.79%	1.89%	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%
Short-Term Debt Issuance	-165,333,333	-99,200,000	-558,800,000	-52,866,667	198,100,000	158,480,000	132,066,667	-5,746,000,000	5,250,000,000	0	0	0	0	0	-7,324,000,000	-4,963,000,000	7,195,000,000	4,481,000,000	500,000,000	0	0	-186,000,000	-991,000,000	5,746,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.03%	0.02%	-0.38%	0.09%	0.48%	0.38%	0.32%	-2.04%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	-6.64%	-5.14%	7.89%	4.79%	0.58%	0.00%	0.00%	-0.27%	-1.59%	9.83%	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 Stock Issuance	-17,331,666,667	-21,708,400,000	-18,460,400,000	-14,786,666,667	-14,323,500,000	-12,272,480,000	-10,427,833,333	-16,364,000,000	-15,252,000,000	-20,379,000,000	-30,855,000,000	-25,692,000,000	-21,625,000,000	-18,401,000,000	-9,719,000,000	-11,016,000,000	-15,301,000,000	-13,809,000,000	-6,709,000,000	-4,429,000,000	-3,116,000,000	-9,133,000,000	-8,958,000,000	-8,774,000,000	-9,039,000,000	-20,793,000,000	-17,106,000,000	-4,948,000,000	-635,000,000	-4,366,000,000	-4,572,000,000	-5,821,000,000	-2,179,000,000	-834,000,000	-971,000,000	-1,282,000,000	-757,000,000
Net Stock Issuance Margin	-7.22%	-10.50%	-11.92%	-10.98%	-14.42%	-14.21%	-13.16%	-5.81%	-6.22%	-9.62%	-15.56%	-15.28%	-15.12%	-14.62%	-8.81%	-11.41%	-16.79%	-14.76%	-7.73%	-5.69%	-4.23%	-13.06%	-14.34%	-15.01%	-14.96%	-40.67%	-38.63%	-12.44%	-1.72%	-13.56%	-16.12%	-23.01%	-9.49%	-4.22%	-6.36%	-10.74%	-8.73%
Common Stock Issuance	1,974,666,667	1,891,600,000	1,438,500,000	1,392,800,000	1,807,950,000	1,890,120,000	1,863,533,333	2,056,000,000	2,002,000,000	1,866,000,000	1,841,000,000	1,693,000,000	1,343,000,000	1,142,000,000	1,002,000,000	772,000,000	668,000,000	634,000,000	607,000,000	931,000,000	1,913,000,000	2,422,000,000	2,311,000,000	579,000,000	3,494,000,000	6,782,000,000	2,101,000,000	3,109,000,000	2,748,000,000	2,120,000,000	1,497,000,000	1,620,000,000	2,717,000,000	2,116,000,000	1,497,000,000	1,819,000,000	504,000,000
Common Stock Issuance Margin	0.81%	0.87%	0.86%	1.15%	2.29%	3.17%	4.42%	0.73%	0.82%	0.88%	0.93%	1.01%	0.94%	0.91%	0.91%	0.80%	0.73%	0.68%	0.70%	1.20%	2.59%	3.46%	3.70%	0.99%	5.78%	13.27%	4.74%	7.81%	7.46%	6.59%	5.28%	6.40%	11.84%	10.72%	9.81%	15.24%	5.81%
Common Stock Repurchased	-19,306,333,333	-23,600,000,000	-19,898,900,000	-16,179,466,667	-16,131,450,000	-14,162,600,000	-12,291,366,667	-18,420,000,000	-17,254,000,000	-22,245,000,000	-32,696,000,000	-27,385,000,000	-22,968,000,000	-19,543,000,000	-10,721,000,000	-11,788,000,000	-15,969,000,000	-14,443,000,000	-7,316,000,000	-5,360,000,000	-5,029,000,000	-11,555,000,000	-11,269,000,000	-9,353,000,000	-12,533,000,000	-27,575,000,000	-19,207,000,000	-8,057,000,000	-3,383,000,000	-6,486,000,000	-6,069,000,000	-7,441,000,000	-4,896,000,000	-2,950,000,000	-2,468,000,000	-3,101,000,000	-1,261,000,000
Common Stock Repurchased Margin	-8.02%	-11.37%	-12.79%	-12.13%	-16.70%	-17.38%	-17.58%	-6.54%	-7.04%	-10.50%	-16.49%	-16.29%	-16.06%	-15.53%	-9.71%	-12.21%	-17.52%	-15.43%	-8.43%	-6.89%	-6.82%	-16.52%	-18.04%	-16.01%	-20.74%	-53.94%	-43.37%	-20.25%	-9.18%	-20.15%	-21.40%	-29.42%	-21.33%	-14.94%	-16.17%	-25.98%	-14.54%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-21,884,333,333	-20,061,800,000	-16,480,700,000	-13,505,866,667	-11,149,950,000	-10,467,880,000	-8,726,033,333	-24,082,000,000	-21,771,000,000	-19,800,000,000	-18,135,000,000	-16,521,000,000	-15,137,000,000	-13,811,000,000	-12,699,000,000	-11,845,000,000	-11,006,000,000	-9,882,000,000	-8,879,000,000	-7,455,000,000	-6,385,000,000	-5,180,000,000	-4,578,000,000	-4,468,000,000	-4,015,000,000	-3,805,000,000	-3,545,000,000	-36,112,000,000	-1,729,000,000	-857,000,000	0	0	-13,000,000	-28,000,000	-28,000,000	-15,000,000	0
Net Dividends Paid Margin	-8.92%	-9.15%	-10.32%	-9.97%	-9.33%	-11.39%	-9.51%	-8.55%	-8.88%	-9.34%	-9.15%	-9.83%	-10.58%	-10.97%	-11.51%	-12.27%	-12.07%	-10.56%	-10.23%	-9.58%	-8.66%	-7.41%	-7.33%	-7.65%	-6.65%	-7.44%	-8.01%	-90.76%	-4.69%	-2.66%	0.00%	0.00%	-0.06%	-0.14%	-0.18%	-0.13%	0.00%
Common Dividends Paid	-21,884,333,333	-20,061,800,000	-16,480,700,000	-13,505,866,667	-11,149,950,000	-10,467,880,000	-8,726,033,333	-24,082,000,000	-21,771,000,000	-19,800,000,000	-18,135,000,000	-16,521,000,000	-15,137,000,000	-13,811,000,000	-12,699,000,000	-11,845,000,000	-11,006,000,000	-9,882,000,000	-8,879,000,000	-7,455,000,000	-6,385,000,000	-5,180,000,000	-4,578,000,000	-4,468,000,000	-4,015,000,000	-3,805,000,000	-3,545,000,000	-36,112,000,000	-1,729,000,000	-857,000,000	0	0	-13,000,000	-28,000,000	-28,000,000	-15,000,000	0
Common Dividends Paid Margin	-8.92%	-9.15%	-10.32%	-9.97%	-9.33%	-11.39%	-9.51%	-8.55%	-8.88%	-9.34%	-9.15%	-9.83%	-10.58%	-10.97%	-11.51%	-12.27%	-12.07%	-10.56%	-10.23%	-9.58%	-8.66%	-7.41%	-7.33%	-7.65%	-6.65%	-7.44%	-8.01%	-90.76%	-4.69%	-2.66%	0.00%	0.00%	-0.06%	-0.14%	-0.18%	-0.13%	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	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%	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	-1,535,333,333	-1,598,400,000	-1,394,800,000	-890,400,000	-650,250,000	-511,520,000	-388,000,000	-2,291,000,000	-1,309,000,000	-1,006,000,000	-863,000,000	-2,523,000,000	-3,751,000,000	-675,000,000	-971,000,000	-190,000,000	-369,000,000	362,000,000	-39,000,000	199,000,000	93,000,000	-23,000,000	55,000,000	33,000,000	120,000,000	54,000,000	89,000,000	-18,000,000	0	0	0	235,000,000	0	0	0	796,000,000	352,000,000
Other Financing Activities Margin	-0.61%	-0.75%	-0.84%	-0.51%	-0.35%	-0.25%	0.15%	-0.81%	-0.53%	-0.47%	-0.44%	-1.50%	-2.62%	-0.54%	-0.88%	-0.20%	-0.40%	0.39%	-0.04%	0.26%	0.13%	-0.03%	0.09%	0.06%	0.20%	0.11%	0.20%	-0.05%	0.00%	0.00%	0.00%	0.93%	0.00%	0.00%	0.00%	6.67%	4.06%
Net Cash from Financing Activities	-44,463,666,667	-48,150,600,000	-35,724,600,000	-26,767,400,000	-24,015,250,000	-21,565,120,000	-18,136,233,333	-51,699,000,000	-37,757,000,000	-43,935,000,000	-58,876,000,000	-48,486,000,000	-46,031,000,000	-36,887,000,000	-33,590,000,000	8,408,000,000	-8,393,000,000	-9,668,000,000	-8,665,000,000	-8,148,000,000	-9,408,000,000	-8,376,000,000	-13,291,000,000	-7,463,000,000	-12,934,000,000	-24,544,000,000	-20,562,000,000	-41,078,000,000	-2,364,000,000	-5,223,000,000	-4,572,000,000	-5,586,000,000	-2,192,000,000	-862,000,000	-999,000,000	-501,000,000	-405,000,000
Net Cash from Financing Activities Margin	-18.16%	-22.61%	-20.55%	-17.40%	-20.54%	-23.00%	-20.14%	-18.35%	-15.40%	-20.73%	-29.69%	-28.85%	-32.19%	-29.31%	-30.44%	8.71%	-9.21%	-10.33%	-9.98%	-10.47%	-12.76%	-11.98%	-21.27%	-12.77%	-21.41%	-48.01%	-46.43%	-103.24%	-6.42%	-16.23%	-16.12%	-22.08%	-9.55%	-4.37%	-6.55%	-4.20%	-4.67%
Effect of FX on Cash	-113,666,667	-102,200,000	-82,500,000	-69,733,333	-47,050,000	-35,360,000	-27,700,000	63,000,000	-210,000,000	-194,000,000	-141,000,000	-29,000,000	-201,000,000	-115,000,000	50,000,000	19,000,000	-67,000,000	-73,000,000	-139,000,000	-8,000,000	-104,000,000	103,000,000	-39,000,000	-67,000,000	137,000,000	56,000,000	18,000,000	-7,000,000	27,000,000	61,000,000	2,000,000	-26,000,000	29,000,000	52,000,000	-29,000,000	6,000,000	-5,000,000
Effect of FX on Cash Margin	-0.05%	-0.05%	-0.05%	-0.05%	-0.03%	-0.02%	-0.01%	0.02%	-0.09%	-0.09%	-0.07%	-0.02%	-0.14%	-0.09%	0.05%	0.02%	-0.07%	-0.08%	-0.16%	-0.01%	-0.14%	0.15%	-0.06%	-0.11%	0.23%	0.11%	0.04%	-0.02%	0.07%	0.19%	0.01%	-0.10%	0.13%	0.26%	-0.19%	0.05%	-0.06%
Net Change in Cash	5,437,000,000	3,333,200,000	2,464,700,000	1,649,133,333	1,269,550,000	1,082,960,000	998,600,000	11,927,000,000	-16,389,000,000	20,773,000,000	-293,000,000	648,000,000	2,220,000,000	-590,000,000	4,283,000,000	1,153,000,000	915,000,000	-3,074,000,000	4,865,000,000	-3,134,000,000	-2,672,000,000	4,105,000,000	-571,000,000	-4,263,000,000	4,228,000,000	-603,000,000	1,863,000,000	-9,453,000,000	9,544,000,000	3,422,000,000	-906,000,000	-924,000,000	-129,000,000	1,136,000,000	133,000,000	1,105,000,000	639,000,000
Net Change in Cash Margin	2.45%	1.52%	1.47%	1.02%	0.86%	0.92%	1.52%	4.23%	-6.69%	9.80%	-0.15%	0.39%	1.55%	-0.47%	3.88%	1.19%	1.00%	-3.28%	5.60%	-4.03%	-3.62%	5.87%	-0.91%	-7.30%	7.00%	-1.18%	4.21%	-23.76%	25.91%	10.63%	-3.19%	-3.65%	-0.56%	5.75%	0.87%	9.26%	7.37%
Cash at Beginning of Period	22,316,666,667	18,950,000,000	13,782,000,000	11,489,733,333	10,321,850,000	9,558,520,000	8,534,866,667	18,315,000,000	34,704,000,000	13,931,000,000	14,224,000,000	13,576,000,000	11,356,000,000	11,946,000,000	7,663,000,000	6,510,000,000	5,595,000,000	8,669,000,000	3,804,000,000	6,938,000,000	9,610,000,000	5,505,000,000	6,076,000,000	10,339,000,000	6,111,000,000	6,714,000,000	4,851,000,000	14,304,000,000	6,438,000,000	3,016,000,000	3,922,000,000	4,846,000,000	4,975,000,000	3,839,000,000	3,706,000,000	2,601,000,000	1,962,000,000
Cash at Beginning of Period Margin	9.08%	8.50%	7.97%	8.21%	9.24%	11.22%	13.01%	6.50%	14.16%	6.57%	7.17%	8.08%	7.94%	9.49%	6.94%	6.74%	6.14%	9.26%	4.38%	8.91%	13.04%	7.87%	9.72%	17.69%	10.11%	13.13%	10.95%	35.95%	17.48%	9.37%	13.83%	19.16%	21.67%	19.44%	24.28%	21.79%	22.63%
Cash at End of Period	27,753,666,667	22,283,200,000	16,246,700,000	13,138,866,667	11,591,400,000	10,641,480,000	9,533,466,667	30,242,000,000	18,315,000,000	34,704,000,000	13,931,000,000	14,224,000,000	13,576,000,000	11,356,000,000	11,946,000,000	7,663,000,000	6,510,000,000	5,595,000,000	8,669,000,000	3,804,000,000	6,938,000,000	9,610,000,000	5,505,000,000	6,076,000,000	10,339,000,000	6,111,000,000	6,714,000,000	4,851,000,000	15,982,000,000	6,438,000,000	3,016,000,000	3,922,000,000	4,846,000,000	4,975,000,000	3,839,000,000	3,706,000,000	2,601,000,000
Cash at End of Period Margin	11.53%	10.01%	9.45%	9.23%	10.10%	12.15%	14.54%	10.73%	7.47%	16.38%	7.03%	8.46%	9.49%	9.02%	10.82%	7.94%	7.14%	5.98%	9.98%	4.89%	9.41%	13.74%	8.81%	10.40%	17.11%	11.95%	15.16%	12.19%	43.39%	20.00%	10.63%	15.50%	21.11%	25.19%	25.15%	31.05%	30.00%
Operating Cash Flow	114,097,333,333	101,613,400,000	73,764,300,000	59,151,066,667	49,209,400,000	42,365,880,000	36,685,033,333	136,162,000,000	118,548,000,000	87,582,000,000	89,035,000,000	76,740,000,000	60,675,000,000	52,185,000,000	43,884,000,000	39,507,000,000	33,325,000,000	29,668,000,000	32,502,000,000	28,833,000,000	31,626,000,000	26,994,000,000	24,073,000,000	19,037,000,000	21,612,000,000	17,796,000,000	14,404,000,000	16,605,000,000	14,626,000,000	15,797,000,000	14,509,000,000	13,422,000,000	11,426,000,000	13,137,000,000	8,433,000,000	4,689,000,000	3,719,000,000
Operating Cash Flow Margin	46.01%	45.72%	42.97%	41.16%	39.58%	41.05%	42.67%	48.33%	48.36%	41.33%	44.91%	45.65%	42.43%	41.47%	39.76%	40.91%	36.56%	31.70%	37.43%	37.04%	42.90%	38.59%	38.53%	32.58%	35.77%	34.81%	32.53%	41.73%	39.71%	49.08%	51.15%	53.06%	49.77%	66.53%	55.25%	39.28%	42.89%
Capital Expenditure	-45,711,666,667	-36,328,600,000	-23,911,300,000	-17,297,266,667	-13,578,950,000	-11,050,560,000	-9,312,500,000	-64,551,000,000	-44,477,000,000	-28,107,000,000	-23,886,000,000	-20,622,000,000	-15,441,000,000	-13,925,000,000	-11,632,000,000	-8,129,000,000	-8,343,000,000	-5,944,000,000	-5,485,000,000	-4,257,000,000	-2,305,000,000	-2,355,000,000	-1,977,000,000	-3,119,000,000	-3,182,000,000	-2,264,000,000	-1,578,000,000	-812,000,000	-1,109,000,000	-891,000,000	-770,000,000	-1,103,000,000	-879,000,000	-583,000,000	-656,000,000	-499,000,000	-494,000,000
Capital Expenditure Margin	-18.11%	-15.73%	-12.86%	-10.22%	-8.75%	-7.60%	-7.03%	-22.91%	-18.14%	-13.26%	-12.05%	-12.27%	-10.80%	-11.07%	-10.54%	-8.42%	-9.15%	-6.35%	-6.32%	-5.47%	-3.13%	-3.37%	-3.16%	-5.34%	-5.27%	-4.43%	-3.56%	-2.04%	-3.01%	-2.77%	-2.71%	-4.36%	-3.83%	-2.95%	-4.30%	-4.18%	-5.70%
Free Cash Flow	68,385,666,667	65,284,800,000	49,853,000,000	41,853,800,000	35,630,450,000	31,315,320,000	27,366,200,000	71,611,000,000	74,071,000,000	59,475,000,000	65,149,000,000	56,118,000,000	45,234,000,000	38,260,000,000	32,252,000,000	31,378,000,000	24,982,000,000	23,724,000,000	27,017,000,000	24,576,000,000	29,321,000,000	24,639,000,000	22,096,000,000	15,918,000,000	18,430,000,000	15,532,000,000	12,826,000,000	15,793,000,000	13,517,000,000	14,906,000,000	13,739,000,000	12,319,000,000	10,547,000,000	12,554,000,000	7,587,000,000	4,190,000,000	3,225,000,000
Free Cash Flow Margin	27.90%	29.99%	30.11%	30.94%	30.83%	33.46%	35.60%	25.42%	30.22%	28.07%	32.86%	33.39%	31.63%	30.40%	29.22%	32.49%	27.41%	25.35%	31.11%	31.57%	39.77%	35.23%	35.36%	27.24%	30.50%	30.38%	28.96%	39.69%	36.70%	46.31%	48.44%	48.70%	45.94%	63.57%	49.71%	35.10%	37.19%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	30Y Avg	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30	2008-06-30	2007-06-30	2006-06-30	2005-06-30	2004-06-30	2003-06-30	2002-06-30	2001-06-30	2000-06-30	1999-06-30	1998-06-30	1997-06-30	1996-06-30
Revenue	246,253,666,667	221,023,800,000	167,206,200,000	138,266,000,000	117,536,750,000	100,528,240,000	86,392,600,000	281,724,000,000	245,122,000,000	211,915,000,000	198,270,000,000	168,088,000,000	143,015,000,000	125,843,000,000	110,360,000,000	96,571,000,000	91,154,000,000	93,580,000,000	86,833,000,000	77,849,000,000	73,723,000,000	69,943,000,000	62,484,000,000	58,437,000,000	60,420,000,000	51,122,000,000	44,282,000,000	39,788,000,000	36,835,000,000	32,187,000,000	28,365,000,000	25,296,000,000	22,956,000,000	19,747,000,000	15,262,000,000	11,936,000,000	8,671,000,000
EBITDA	132,771,333,333	116,737,400,000	83,403,900,000	65,393,000,000	54,719,100,000	46,288,240,000	39,907,833,333	160,165,000,000	133,009,000,000	105,140,000,000	100,239,000,000	85,134,000,000	68,423,000,000	58,056,000,000	49,468,000,000	40,901,000,000	33,504,000,000	25,245,000,000	33,629,000,000	31,236,000,000	25,614,000,000	31,132,000,000	27,837,000,000	22,421,000,000	25,976,000,000	19,878,000,000	17,375,000,000	15,416,000,000	10,220,000,000	10,938,000,000	12,994,000,000	13,256,000,000	12,256,000,000	11,053,000,000	7,734,000,000	5,428,000,000	3,558,000,000
EBITDA Margin	53.58%	52.39%	47.98%	44.33%	43.45%	42.71%	43.81%	56.85%	54.26%	49.61%	50.56%	50.65%	47.84%	46.13%	44.82%	42.35%	36.76%	26.98%	38.73%	40.12%	34.74%	44.51%	44.55%	38.37%	42.99%	38.88%	39.24%	38.75%	27.75%	33.98%	45.81%	52.40%	53.39%	55.97%	50.67%	45.48%	41.03%
(-) Tax Adjustment	24,146,650,371	19,471,165,220	15,425,478,650	12,489,769,913	10,914,661,146	9,509,722,400	8,390,951,119	28,236,519,328	24,249,305,195	19,954,126,591	13,144,724,330	11,771,150,657	11,295,032,902	5,910,847,098	26,993,518,781	6,035,089,529	6,664,472,093	8,612,791,376	6,945,802,804	5,991,557,149	6,084,000,808	5,457,610,060	6,958,971,775	5,940,925,887	6,689,796,254	5,969,036,764	5,387,943,544	4,055,183,065	3,375,382,092	3,486,029,853	4,157,899,418	4,375,342,646	4,167,469,282	3,816,635,943	2,854,744,696	1,899,902,145	1,246,721,515
(-) Tax Adjustment Margin	9.78%	8.59%	9.36%	8.97%	9.54%	10.12%	11.31%	10.02%	9.89%	9.42%	6.63%	7.00%	7.90%	4.70%	24.46%	6.25%	7.31%	9.20%	8.00%	7.70%	8.25%	7.80%	11.14%	10.17%	11.07%	11.68%	12.17%	10.19%	9.16%	10.83%	14.66%	17.30%	18.15%	19.33%	18.70%	15.92%	14.38%
(-) Change In Working Capital	-1,971,333,333	-1,280,800,000	2,193,200,000	14,699,866,667	13,454,700,000	10,940,480,000	9,223,766,667	-5,350,000,000	1,824,000,000	-2,388,000,000	446,000,000	-936,000,000	-1,483,000,000	3,866,000,000	20,467,000,000	4,876,000,000	610,000,000	46,585,000,000	44,949,000,000	42,878,000,000	35,930,000,000	28,224,000,000	30,035,000,000	-178,000,000	22,097,000,000	-961,000,000	-2,397,000,000	174,000,000	1,320,000,000	634,000,000	1,992,000,000	298,000,000	-2,623,000,000	1,479,000,000	2,623,000,000	678,000,000	1,044,000,000
(-) Change In Working Capital Margin	-0.76%	-0.52%	2.37%	17.96%	17.32%	14.43%	13.05%	-1.90%	0.74%	-1.13%	0.22%	-0.56%	-1.04%	3.07%	18.55%	5.05%	0.67%	49.78%	51.76%	55.08%	48.74%	40.35%	48.07%	-0.30%	36.57%	-1.88%	-5.41%	0.44%	3.58%	1.97%	7.02%	1.18%	-11.43%	7.49%	17.19%	5.68%	12.04%
(-) Capital Expenditure	-45,711,666,667	-36,328,600,000	-23,911,300,000	-17,297,266,667	-13,578,950,000	-11,050,560,000	-9,312,500,000	-64,551,000,000	-44,477,000,000	-28,107,000,000	-23,886,000,000	-20,622,000,000	-15,441,000,000	-13,925,000,000	-11,632,000,000	-8,129,000,000	-8,343,000,000	-5,944,000,000	-5,485,000,000	-4,257,000,000	-2,305,000,000	-2,355,000,000	-1,977,000,000	-3,119,000,000	-3,182,000,000	-2,264,000,000	-1,578,000,000	-812,000,000	-1,109,000,000	-891,000,000	-770,000,000	-1,103,000,000	-879,000,000	-583,000,000	-656,000,000	-499,000,000	-494,000,000
(-) Capital Expenditure Margin	-18.11%	-15.73%	-12.86%	-10.22%	-8.75%	-7.60%	-7.03%	-22.91%	-18.14%	-13.26%	-12.05%	-12.27%	-10.80%	-11.07%	-10.54%	-8.42%	-9.15%	-6.35%	-6.32%	-5.47%	-3.13%	-3.37%	-3.16%	-5.34%	-5.27%	-4.43%	-3.56%	-2.04%	-3.01%	-2.77%	-2.71%	-4.36%	-3.83%	-2.95%	-4.30%	-4.18%	-5.70%
Unlevered Free Cash Flow	64,884,349,629	62,218,434,780	41,873,921,350	20,906,096,753	16,770,788,854	14,787,477,600	12,980,615,547	72,727,480,672	62,458,694,805	59,466,873,409	62,762,275,670	53,676,849,343	43,169,967,098	34,354,152,902	-9,624,518,781	21,860,910,471	17,886,527,907	-35,896,791,376	-23,750,802,804	-21,890,557,149	-18,705,000,808	-4,904,610,060	-11,133,971,775	13,539,074,113	-5,992,796,254	12,605,963,236	12,806,056,456	10,374,816,935	4,415,617,908	5,926,970,147	6,074,100,582	7,479,657,354	9,832,530,718	5,174,364,057	1,600,255,304	2,351,097,855	773,278,485
Unlevered Free Cash Flow Margin	26.45%	28.59%	23.40%	7.18%	7.84%	10.57%	12.41%	25.82%	25.48%	28.06%	31.65%	31.93%	30.19%	27.30%	-8.72%	22.64%	19.62%	-38.36%	-27.35%	-28.12%	-25.37%	-7.01%	-17.82%	23.17%	-9.92%	24.66%	28.92%	26.08%	11.99%	18.41%	21.41%	29.57%	42.83%	26.20%	10.49%	19.70%	8.92%
(-) Net Interest Income After Taxes	409,538,698	214,055,633	-73,048,590	-123,749,250	58,671,264	46,937,011	39,114,176	215,810,333	181,526,455	831,279,305	26,934,851	-185,272,777	74,308,187	68,262,223	-235,793,963	-711,792,749	-995,747,767	-514,547,631	-473,694,393	-346,711,038	-289,739,974	498,940,187	-113,251,509	518,930,125	659,306,626	922,925,974	1,041,752,820	0	0	0	0	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	0.18%	0.09%	-0.15%	-0.18%	0.16%	0.13%	0.11%	0.08%	0.07%	0.39%	0.01%	-0.11%	0.05%	0.05%	-0.21%	-0.74%	-1.09%	-0.55%	-0.55%	-0.45%	-0.39%	0.71%	-0.18%	0.89%	1.09%	1.81%	2.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-3,712,333,333	-4,782,000,000	611,300,000	2,415,533,333	2,108,450,000	1,686,760,000	1,405,633,333	-8,962,000,000	575,000,000	-2,750,000,000	-9,023,000,000	-3,750,000,000	-5,518,000,000	-4,000,000,000	-10,201,000,000	31,459,000,000	18,283,000,000	13,661,000,000	6,962,000,000	3,537,000,000	0	5,960,000,000	190,000,000	5,746,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt Issuance Margin	-1.41%	-2.21%	2.53%	4.07%	3.56%	2.85%	2.37%	-3.18%	0.23%	-1.30%	-4.55%	-2.23%	-3.86%	-3.18%	-9.24%	32.58%	20.06%	14.60%	8.02%	4.54%	0.00%	8.52%	0.30%	9.83%	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%
Levered Free Cash Flow	60,762,477,598	57,222,379,147	42,558,269,940	23,445,379,337	18,820,567,589	16,427,300,589	14,347,134,704	63,549,670,339	62,852,168,351	55,885,594,104	53,712,340,819	50,112,122,120	37,577,658,911	30,285,890,679	-19,589,724,818	54,031,703,221	37,165,275,674	-21,721,243,746	-16,315,108,411	-18,006,846,111	-18,415,260,834	556,449,752	-10,830,720,265	18,766,143,989	-6,652,102,881	11,683,037,262	11,764,303,636	10,374,816,935	4,415,617,908	5,926,970,147	6,074,100,582	7,479,657,354	9,832,530,718	5,174,364,057	1,600,255,304	2,351,097,855	773,278,485
Levered Free Cash Flow Margin	24.86%	26.29%	26.08%	11.43%	11.23%	13.28%	14.68%	22.56%	25.64%	26.37%	27.09%	29.81%	26.28%	24.07%	-17.75%	55.95%	40.77%	-23.21%	-18.79%	-23.13%	-24.98%	0.80%	-17.33%	32.11%	-11.01%	22.85%	26.57%	26.08%	11.99%	18.41%	21.41%	29.57%	42.83%	26.20%	10.49%	19.70%	8.92%