Zoetis Inc. (0M3Q.L)

Analysis: Margins & Ratios Industry: Medical - Pharmaceuticals Sector: Healthcare Live Price: $125.02

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Revenue	8,626,666,667	8,066,200,000	6,737,600,000	5,924,866,667	9,397,000,000	9,152,000,000	9,256,000,000	8,544,000,000	8,080,000,000	7,776,000,000	6,675,000,000	6,260,000,000	5,825,000,000	5,307,000,000	4,888,000,000	4,765,000,000	4,785,000,000	4,561,000,000	4,336,000,000	4,233,000,000	3,582,000,000	2,760,000,000
Cost of Revenue	2,724,666,667	2,571,000,000	2,243,700,000	2,050,066,667	2,760,000,000	2,884,000,000	2,860,000,000	2,710,000,000	2,604,000,000	2,464,000,000	2,217,000,000	2,147,000,000	2,028,000,000	1,864,000,000	1,745,000,000	1,798,000,000	1,777,000,000	1,728,000,000	1,617,000,000	1,695,000,000	1,497,000,000	1,058,000,000
Cost of Revenue Margin	31.61%	31.95%	33.74%	35.44%	29.37%	31.51%	30.90%	31.72%	32.23%	31.69%	33.21%	34.30%	34.82%	35.12%	35.70%	37.73%	37.14%	37.89%	37.29%	40.04%	41.79%	38.33%
Gross Profit	5,902,000,000	5,495,200,000	4,493,900,000	3,874,800,000	6,637,000,000	6,268,000,000	6,396,000,000	5,834,000,000	5,476,000,000	5,312,000,000	4,458,000,000	4,113,000,000	3,797,000,000	3,443,000,000	3,143,000,000	2,967,000,000	3,008,000,000	2,833,000,000	2,719,000,000	2,538,000,000	2,085,000,000	1,702,000,000
Gross Profit Margin	68.39%	68.05%	66.26%	64.56%	70.63%	68.49%	69.10%	68.28%	67.77%	68.31%	66.79%	65.70%	65.18%	64.88%	64.30%	62.27%	62.86%	62.11%	62.71%	59.96%	58.21%	61.67%
R&D Expenses	613,000,000	562,000,000	482,100,000	457,533,333	685,000,000	674,000,000	686,000,000	614,000,000	539,000,000	508,000,000	463,000,000	457,000,000	432,000,000	382,000,000	376,000,000	364,000,000	396,000,000	399,000,000	409,000,000	427,000,000	411,000,000	368,000,000
R&D Expenses Margin	7.09%	6.95%	7.20%	8.00%	7.29%	7.36%	7.41%	7.19%	6.67%	6.53%	6.94%	7.30%	7.42%	7.20%	7.69%	7.64%	8.28%	8.75%	9.43%	10.09%	11.47%	13.33%
SG&A Expenses	2,159,333,333	2,041,000,000	1,736,800,000	1,640,866,667	2,384,000,000	2,258,000,000	2,318,000,000	2,151,000,000	2,009,000,000	2,001,000,000	1,726,000,000	1,638,000,000	1,482,000,000	1,325,000,000	1,316,000,000	1,402,000,000	1,512,000,000	1,428,000,000	1,470,000,000	1,453,000,000	1,382,000,000	1,066,000,000
SG&A Expenses Margin	25.03%	25.33%	25.96%	28.62%	25.37%	24.67%	25.04%	25.18%	24.86%	25.73%	25.86%	26.17%	25.44%	24.97%	26.92%	29.42%	31.60%	31.31%	33.90%	34.33%	38.58%	38.62%
Operating Expenses	2,772,333,333	2,603,000,000	2,236,600,000	2,127,400,000	3,101,000,000	2,932,000,000	3,004,000,000	2,765,000,000	2,548,000,000	2,509,000,000	2,189,000,000	2,095,000,000	1,916,000,000	1,716,000,000	1,739,000,000	1,885,000,000	2,038,000,000	2,012,000,000	1,865,000,000	1,854,000,000	1,776,000,000	1,421,000,000
Operating Expenses Margin	32.12%	32.28%	33.52%	37.22%	33.00%	32.04%	32.45%	32.36%	31.53%	32.27%	32.79%	33.47%	32.89%	32.33%	35.58%	39.56%	42.59%	44.11%	43.01%	43.80%	49.58%	51.49%
Operating Income (EBIT)	3,129,666,667	2,892,200,000	2,257,300,000	1,747,400,000	3,536,000,000	3,336,000,000	3,392,000,000	3,069,000,000	2,928,000,000	2,803,000,000	2,269,000,000	2,018,000,000	1,881,000,000	1,727,000,000	1,404,000,000	1,082,000,000	970,000,000	821,000,000	854,000,000	684,000,000	309,000,000	281,000,000
Operating Income (EBIT) Margin	36.27%	35.77%	32.73%	27.34%	37.63%	36.45%	36.65%	35.92%	36.24%	36.05%	33.99%	32.24%	32.29%	32.54%	28.72%	22.71%	20.27%	18.00%	19.70%	16.16%	8.63%	10.18%
Interest Income	87,000,000	55,800,000	34,700,000	23,133,333	69,000,000	105,000,000	106,000,000	105,000,000	50,000,000	6,000,000	12,000,000	37,000,000	31,000,000	0	0	0	0	0	0	0	0	0
Interest Income Margin	1.00%	0.65%	0.44%	0.29%	0.73%	1.15%	1.15%	1.23%	0.62%	0.08%	0.18%	0.59%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	245,666,667	244,400,000	214,100,000	165,000,000	231,000,000	245,000,000	242,000,000	258,000,000	237,000,000	236,000,000	249,000,000	242,000,000	212,000,000	175,000,000	166,000,000	124,000,000	117,000,000	113,000,000	31,000,000	36,000,000	37,000,000	26,000,000
Interest Expense Margin	2.86%	3.07%	3.21%	2.64%	2.46%	2.68%	2.61%	3.02%	2.93%	3.03%	3.73%	3.87%	3.64%	3.30%	3.40%	2.60%	2.45%	2.48%	0.71%	0.85%	1.03%	0.94%
Net Interest Income	-158,666,667	-188,600,000	-179,400,000	-141,866,667	-162,000,000	-140,000,000	-136,000,000	-153,000,000	-187,000,000	-230,000,000	-237,000,000	-205,000,000	-181,000,000	-175,000,000	-166,000,000	-124,000,000	-117,000,000	-113,000,000	-31,000,000	-36,000,000	-37,000,000	-26,000,000
Net Interest Income Margin	-1.86%	-2.42%	-2.78%	-2.35%	-1.72%	-1.53%	-1.47%	-1.79%	-2.31%	-2.96%	-3.55%	-3.27%	-3.11%	-3.30%	-3.40%	-2.60%	-2.45%	-2.48%	-0.71%	-0.85%	-1.03%	-0.94%
Unusual Items	380,000,000	439,000,000	436,900,000	369,933,333	367,000,000	425,000,000	395,000,000	286,000,000	459,000,000	545,000,000	510,000,000	422,000,000	372,000,000	377,000,000	342,000,000	661,000,000	267,000,000	244,000,000	175,000,000	326,000,000	168,000,000	455,000,000
Unusual Items Margin	4.43%	5.59%	6.90%	6.43%	3.91%	4.64%	4.27%	3.35%	5.68%	7.01%	7.64%	6.74%	6.39%	7.10%	7.00%	13.87%	5.58%	5.35%	4.04%	7.70%	4.69%	16.49%
EBT Excluding Unusual Items	2,528,333,333	2,202,800,000	1,562,900,000	1,149,400,000	2,964,000,000	2,626,000,000	2,738,000,000	2,650,000,000	2,197,000,000	1,943,000,000	1,486,000,000	1,379,000,000	1,318,000,000	1,148,000,000	886,000,000	-116,000,000	553,000,000	446,000,000	535,000,000	68,000,000	10,000,000	-603,000,000
EBT Excluding Unusual Items Margin	29.26%	27.01%	21.70%	16.84%	31.54%	28.69%	29.58%	31.02%	27.19%	24.99%	22.26%	22.03%	22.63%	21.63%	18.13%	-2.43%	11.56%	9.78%	12.34%	1.61%	0.28%	-21.85%
Pre-Tax Income	2,908,333,333	2,641,800,000	1,999,800,000	1,519,333,333	3,331,000,000	3,051,000,000	3,133,000,000	2,936,000,000	2,656,000,000	2,488,000,000	1,996,000,000	1,801,000,000	1,690,000,000	1,525,000,000	1,228,000,000	545,000,000	820,000,000	690,000,000	710,000,000	394,000,000	178,000,000	-148,000,000
Pre-Tax Income Margin	33.69%	32.60%	28.61%	23.27%	35.45%	33.34%	33.85%	34.36%	32.87%	32.00%	29.90%	28.77%	29.01%	28.74%	25.12%	11.44%	17.14%	15.13%	16.37%	9.31%	4.97%	-5.36%
Income Tax Expense	592,666,667	518,400,000	443,700,000	356,266,667	680,000,000	613,000,000	637,000,000	596,000,000	545,000,000	454,000,000	360,000,000	301,000,000	266,000,000	663,000,000	409,000,000	206,000,000	233,000,000	187,000,000	274,000,000	146,000,000	67,000,000	-47,000,000
Income Tax Expense Margin	6.87%	6.37%	6.64%	5.80%	7.24%	6.70%	6.88%	6.98%	6.75%	5.84%	5.39%	4.81%	4.57%	12.49%	8.37%	4.32%	4.87%	4.10%	6.32%	3.45%	1.87%	-1.70%
Net Income	2,314,666,667	2,123,800,000	1,557,100,000	1,163,266,667	2,651,000,000	2,430,000,000	2,486,000,000	2,344,000,000	2,114,000,000	2,037,000,000	1,638,000,000	1,500,000,000	1,428,000,000	864,000,000	821,000,000	339,000,000	583,000,000	504,000,000	436,000,000	245,000,000	110,000,000	-100,000,000
Net Income Margin	26.82%	26.24%	21.99%	17.47%	28.21%	26.55%	26.86%	27.43%	26.16%	26.20%	24.54%	23.96%	24.52%	16.28%	16.80%	7.11%	12.18%	11.05%	10.06%	5.79%	3.07%	-3.62%
Depreciation and Amortization	484,333,333	468,400,000	360,500,000	287,666,667	489,000,000	500,000,000	497,000,000	491,000,000	465,000,000	448,000,000	441,000,000	412,000,000	308,000,000	242,000,000	240,000,000	61,000,000	60,000,000	60,000,000	200,000,000	205,000,000	185,000,000	124,000,000
Depreciation and Amortization Margin	5.62%	5.85%	5.19%	4.60%	5.20%	5.46%	5.37%	5.75%	5.75%	5.76%	6.61%	6.58%	5.29%	4.56%	4.91%	1.28%	1.25%	1.32%	4.61%	4.84%	5.16%	4.49%
EBITDA	3,638,333,333	3,354,600,000	2,588,200,000	2,000,600,000	4,051,000,000	3,796,000,000	3,872,000,000	3,685,000,000	3,358,000,000	3,172,000,000	2,686,000,000	2,455,000,000	2,210,000,000	1,942,000,000	1,634,000,000	868,000,000	1,141,000,000	1,010,000,000	941,000,000	635,000,000	400,000,000	2,000,000
EBITDA Margin	42.17%	41.51%	37.29%	31.12%	43.11%	41.48%	41.83%	43.13%	41.56%	40.79%	40.24%	39.22%	37.94%	36.59%	33.43%	18.22%	23.85%	22.14%	21.70%	15.00%	11.17%	0.07%
NOPAT	2,491,842,786	2,325,361,996	1,747,806,481	1,327,906,481	2,814,150,705	2,665,738,446	2,702,340,249	2,446,001,362	2,327,186,747	2,291,520,096	1,859,761,523	1,680,732,926	1,584,937,278	976,179,672	936,381,107	673,023,853	694,378,049	598,497,101	524,428,169	430,538,071	192,691,011	191,763,514
NOPAT Margin	28.88%	28.79%	24.97%	20.33%	29.95%	29.13%	29.20%	28.63%	28.80%	29.47%	27.86%	26.85%	27.21%	18.39%	19.16%	14.12%	14.51%	13.12%	12.09%	10.17%	5.38%	6.95%
Owner's Earnings	2,141,333,333	2,011,600,000	1,494,900,000	1,137,733,333	2,464,000,000	2,293,000,000	2,328,000,000	2,103,000,000	1,993,000,000	2,008,000,000	1,626,000,000	1,452,000,000	1,398,000,000	882,000,000	845,000,000	314,000,000	592,000,000	529,000,000	510,000,000	315,000,000	171,000,000	-111,000,000
Owner's Earnings Margin	24.81%	24.92%	21.23%	17.35%	26.22%	25.05%	25.15%	24.61%	24.67%	25.82%	24.36%	23.19%	24.00%	16.62%	17.29%	6.59%	12.37%	11.60%	11.76%	7.44%	4.77%	-4.02%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Revenue	8,626,666,667	8,066,200,000	6,737,600,000	5,924,866,667	9,256,000,000	8,544,000,000	8,080,000,000	7,776,000,000	6,675,000,000	6,260,000,000	5,825,000,000	5,307,000,000	4,888,000,000	4,765,000,000	4,785,000,000	4,561,000,000	4,336,000,000	4,233,000,000	3,582,000,000
Cash & Cash Equivalents	2,533,666,667	2,937,000,000	2,165,900,000	1,574,000,000	1,985,000,000	2,039,000,000	3,577,000,000	3,482,000,000	3,602,000,000	1,932,000,000	1,597,000,000	1,564,000,000	727,000,000	1,154,000,000	882,000,000	610,000,000	317,000,000	79,000,000	63,000,000
Cash & Cash Equivalents Margin	29.86%	37.66%	31.52%	23.86%	21.45%	23.86%	44.27%	44.78%	53.96%	30.86%	27.42%	29.47%	14.87%	24.22%	18.43%	13.37%	7.31%	1.87%	1.76%
Short-Term Investments	0	0	9,900,000	6,600,000	0	0	0	0	0	0	99,000,000	0	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	0.00%	0.17%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	2,533,666,667	2,937,000,000	2,175,800,000	1,580,600,000	1,985,000,000	2,039,000,000	3,577,000,000	3,482,000,000	3,602,000,000	1,932,000,000	1,696,000,000	1,564,000,000	727,000,000	1,154,000,000	882,000,000	610,000,000	317,000,000	79,000,000	63,000,000
Cash & Short-Term Investments Margin	29.86%	37.66%	31.69%	23.97%	21.45%	23.86%	44.27%	44.78%	53.96%	30.86%	29.12%	29.47%	14.87%	24.22%	18.43%	13.37%	7.31%	1.87%	1.76%
Net Receivables	1,278,333,333	1,196,200,000	1,095,100,000	1,040,866,667	1,316,000,000	1,304,000,000	1,215,000,000	1,133,000,000	1,013,000,000	1,086,000,000	1,036,000,000	998,000,000	913,000,000	937,000,000	980,000,000	1,138,000,000	900,000,000	871,000,000	773,000,000
Net Receivables Margin	14.84%	14.85%	16.65%	18.33%	14.22%	15.26%	15.04%	14.57%	15.18%	17.35%	17.79%	18.81%	18.68%	19.66%	20.48%	24.95%	20.76%	20.58%	21.58%
Inventory	2,405,000,000	2,153,200,000	1,796,300,000	1,596,533,333	2,306,000,000	2,564,000,000	2,345,000,000	1,923,000,000	1,628,000,000	1,410,000,000	1,391,000,000	1,427,000,000	1,502,000,000	1,467,000,000	1,289,000,000	1,293,000,000	1,345,000,000	1,063,000,000	995,000,000
Inventory Margin	27.98%	26.61%	26.79%	27.14%	24.91%	30.01%	29.02%	24.73%	24.39%	22.52%	23.88%	26.89%	30.73%	30.79%	26.94%	28.35%	31.02%	25.11%	27.78%
Other Current Assets	394,666,667	388,800,000	328,800,000	320,200,000	379,000,000	436,000,000	369,000,000	392,000,000	368,000,000	320,000,000	276,000,000	228,000,000	248,000,000	272,000,000	314,000,000	316,000,000	302,000,000	298,000,000	285,000,000
Other Current Assets Margin	4.59%	4.86%	4.92%	5.65%	4.09%	5.10%	4.57%	5.04%	5.51%	5.11%	4.74%	4.30%	5.07%	5.71%	6.56%	6.93%	6.96%	7.04%	7.96%
Total Current Assets	6,611,666,667	6,675,200,000	5,396,000,000	4,538,200,000	5,986,000,000	6,343,000,000	7,506,000,000	6,930,000,000	6,611,000,000	4,748,000,000	4,399,000,000	4,217,000,000	3,390,000,000	3,830,000,000	3,465,000,000	3,357,000,000	2,864,000,000	2,311,000,000	2,116,000,000
Total Current Assets Margin	77.27%	83.99%	80.05%	75.08%	64.67%	74.24%	92.90%	89.12%	99.04%	75.85%	75.52%	79.46%	69.35%	80.38%	72.41%	73.60%	66.05%	54.59%	59.07%
Property, Plant & Equipment	3,339,000,000	3,002,800,000	2,292,400,000	1,944,600,000	3,610,000,000	3,434,000,000	2,973,000,000	2,603,000,000	2,394,000,000	2,129,000,000	1,658,000,000	1,435,000,000	1,381,000,000	1,307,000,000	1,318,000,000	1,295,000,000	1,241,000,000	1,243,000,000	1,148,000,000
Property, Plant & Equipment Margin	38.66%	37.07%	33.05%	31.77%	39.00%	40.19%	36.79%	33.47%	35.87%	34.01%	28.46%	27.04%	28.25%	27.43%	27.54%	28.39%	28.62%	29.36%	32.05%
Goodwill	2,743,000,000	2,721,000,000	2,316,200,000	1,868,533,333	2,724,000,000	2,759,000,000	2,746,000,000	2,682,000,000	2,694,000,000	2,592,000,000	2,519,000,000	1,510,000,000	1,481,000,000	1,455,000,000	976,000,000	982,000,000	985,000,000	989,000,000	934,000,000
Goodwill Margin	31.90%	34.11%	34.45%	30.57%	29.43%	32.29%	33.99%	34.49%	40.36%	41.41%	43.24%	28.45%	30.30%	30.54%	20.40%	21.53%	22.72%	23.36%	26.07%
Intangible Assets	1,281,666,667	1,405,800,000	1,465,200,000	1,260,133,333	1,127,000,000	1,338,000,000	1,380,000,000	1,474,000,000	1,710,000,000	1,890,000,000	2,046,000,000	1,269,000,000	1,228,000,000	1,190,000,000	727,000,000	803,000,000	868,000,000	928,000,000	924,000,000
Intangible Assets Margin	14.97%	17.90%	22.88%	21.96%	12.18%	15.66%	17.08%	18.96%	25.62%	30.19%	35.12%	23.91%	25.12%	24.97%	15.19%	17.61%	20.02%	21.92%	25.80%
Long-Term Investments	10,000,000	6,000,000	3,000,000	2,000,000	30,000,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Investments Margin	0.11%	0.06%	0.03%	0.02%	0.32%	0.00%	0.00%	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 Assets	306,333,333	222,600,000	152,000,000	137,733,333	540,000,000	206,000,000	173,000,000	100,000,000	94,000,000	88,000,000	61,000,000	80,000,000	96,000,000	82,000,000	54,000,000	63,000,000	216,000,000	143,000,000	70,000,000
Tax Assets Margin	3.46%	2.62%	2.07%	2.24%	5.83%	2.41%	2.14%	1.29%	1.41%	1.41%	1.05%	1.51%	1.96%	1.72%	1.13%	1.38%	4.98%	3.38%	1.95%
Other Non-Current Assets	191,000,000	158,000,000	117,900,000	104,133,333	220,000,000	206,000,000	147,000,000	111,000,000	106,000,000	98,000,000	94,000,000	75,000,000	73,000,000	49,000,000	48,000,000	58,000,000	88,000,000	97,000,000	92,000,000
Other Non-Current Assets Margin	2.20%	1.92%	1.67%	1.73%	2.38%	2.41%	1.82%	1.43%	1.59%	1.57%	1.61%	1.41%	1.49%	1.03%	1.00%	1.27%	2.03%	2.29%	2.57%
Other Assets	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%
Total Non-Current Assets	7,871,000,000	7,516,200,000	6,346,700,000	5,317,133,333	8,251,000,000	7,943,000,000	7,419,000,000	6,970,000,000	6,998,000,000	6,797,000,000	6,378,000,000	4,369,000,000	4,259,000,000	4,083,000,000	3,123,000,000	3,201,000,000	3,398,000,000	3,400,000,000	3,168,000,000
Total Non-Current Assets Margin	91.31%	93.68%	94.16%	88.28%	89.14%	92.97%	91.82%	89.63%	104.84%	108.58%	109.49%	82.33%	87.13%	85.69%	65.27%	70.18%	78.37%	80.32%	88.44%
Total Assets	14,482,666,667	14,191,400,000	11,742,700,000	9,855,333,333	14,237,000,000	14,286,000,000	14,925,000,000	13,900,000,000	13,609,000,000	11,545,000,000	10,777,000,000	8,586,000,000	7,649,000,000	7,913,000,000	6,588,000,000	6,558,000,000	6,262,000,000	5,711,000,000	5,284,000,000
Total Assets Margin	168.58%	177.67%	174.21%	163.36%	153.81%	167.21%	184.72%	178.76%	203.88%	184.42%	185.01%	161.79%	156.49%	166.07%	137.68%	143.78%	144.42%	134.92%	147.52%
Accounts Payable	416,333,333	428,400,000	357,500,000	340,666,667	433,000,000	411,000,000	405,000,000	436,000,000	457,000,000	301,000,000	313,000,000	261,000,000	265,000,000	293,000,000	290,000,000	506,000,000	319,000,000	214,000,000	206,000,000
Accounts Payable Margin	4.83%	5.39%	5.36%	5.93%	4.68%	4.81%	5.01%	5.61%	6.85%	4.81%	5.37%	4.92%	5.42%	6.15%	6.06%	11.09%	7.36%	5.06%	5.75%
Short-Term Debt	901,666,667	661,800,000	422,300,000	290,400,000	1,350,000,000	3,000,000	1,352,000,000	0	604,000,000	500,000,000	9,000,000	0	0	405,000,000	7,000,000	15,000,000	73,000,000	0	38,000,000
Short-Term Debt Margin	10.45%	8.08%	5.70%	4.02%	14.59%	0.04%	16.73%	0.00%	9.05%	7.99%	0.15%	0.00%	0.00%	8.50%	0.15%	0.33%	1.68%	0.00%	1.06%
Tax Payables	120,000,000	88,800,000	70,900,000	56,466,667	93,000,000	110,000,000	157,000,000	38,000,000	46,000,000	36,000,000	35,000,000	60,000,000	71,000,000	63,000,000	26,000,000	40,000,000	30,000,000	18,000,000	24,000,000
Tax Payables Margin	1.41%	1.08%	1.05%	0.91%	1.00%	1.29%	1.94%	0.49%	0.69%	0.58%	0.60%	1.13%	1.45%	1.32%	0.54%	0.88%	0.69%	0.43%	0.67%
Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue 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%
Other Current Liabilities	482,333,333	458,800,000	376,700,000	407,533,333	566,000,000	484,000,000	397,000,000	459,000,000	388,000,000	331,000,000	300,000,000	280,000,000	265,000,000	297,000,000	246,000,000	248,000,000	701,000,000	611,000,000	540,000,000
Other Current Liabilities Margin	5.56%	5.68%	5.58%	7.47%	6.11%	5.66%	4.91%	5.90%	5.81%	5.29%	5.15%	5.28%	5.42%	6.23%	5.14%	5.44%	16.17%	14.43%	15.08%
Total Current Liabilities	2,822,666,667	2,487,000,000	1,945,600,000	1,648,733,333	3,412,000,000	1,889,000,000	3,167,000,000	1,797,000,000	2,170,000,000	1,806,000,000	1,223,000,000	1,094,000,000	1,117,000,000	1,781,000,000	1,086,000,000	1,415,000,000	1,123,000,000	843,000,000	808,000,000
Total Current Liabilities Margin	32.72%	30.76%	28.45%	27.10%	36.86%	22.11%	39.20%	23.11%	32.51%	28.85%	21.00%	20.61%	22.85%	37.38%	22.70%	31.02%	25.90%	19.91%	22.56%
Long-Term Debt	6,112,000,000	6,304,600,000	5,779,700,000	4,454,666,667	5,220,000,000	6,564,000,000	6,552,000,000	6,592,000,000	6,595,000,000	5,947,000,000	6,443,000,000	4,953,000,000	4,468,000,000	4,463,000,000	3,624,000,000	3,642,000,000	509,000,000	575,000,000	673,000,000
Long-Term Debt Margin	71.44%	79.58%	88.19%	72.11%	56.40%	76.83%	81.09%	84.77%	98.80%	95.00%	110.61%	93.33%	91.41%	93.66%	75.74%	79.85%	11.74%	13.58%	18.79%
Capital Lease Obligations	182,666,667	172,400,000	102,600,000	68,400,000	174,000,000	188,000,000	186,000,000	151,000,000	163,000,000	164,000,000	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	2.13%	2.15%	1.34%	0.89%	1.88%	2.20%	2.30%	1.94%	2.44%	2.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	151,666,667	230,600,000	294,900,000	293,333,333	167,000,000	146,000,000	142,000,000	320,000,000	378,000,000	434,000,000	474,000,000	380,000,000	244,000,000	264,000,000	277,000,000	322,000,000	323,000,000	311,000,000	218,000,000
Deferred Tax Liabilities Margin	1.76%	3.01%	4.78%	5.44%	1.80%	1.71%	1.76%	4.12%	5.66%	6.93%	8.14%	7.16%	4.99%	5.54%	5.79%	7.06%	7.45%	7.35%	6.09%
Other Non-Current Liabilities	492,333,333	500,600,000	444,900,000	378,866,667	494,000,000	508,000,000	475,000,000	496,000,000	530,000,000	486,000,000	452,000,000	373,000,000	321,000,000	314,000,000	264,000,000	217,000,000	266,000,000	246,000,000	241,000,000
Other Non-Current Liabilities Margin	5.72%	6.30%	6.72%	6.41%	5.34%	5.95%	5.88%	6.38%	7.94%	7.76%	7.76%	7.03%	6.57%	6.59%	5.52%	4.76%	6.13%	5.81%	6.73%
Total Non-Current Liabilities	6,938,666,667	7,208,200,000	6,622,100,000	5,195,266,667	6,055,000,000	7,406,000,000	7,355,000,000	7,559,000,000	7,666,000,000	7,031,000,000	7,369,000,000	5,706,000,000	5,033,000,000	5,041,000,000	4,165,000,000	4,181,000,000	1,098,000,000	1,132,000,000	1,132,000,000
Total Non-Current Liabilities Margin	81.04%	91.04%	101.03%	84.84%	65.42%	86.68%	91.03%	97.21%	114.85%	112.32%	126.51%	107.52%	102.97%	105.79%	87.04%	91.67%	25.32%	26.74%	31.60%
Total Liabilities	9,761,333,333	9,695,200,000	8,567,700,000	6,844,000,000	9,467,000,000	9,295,000,000	10,522,000,000	9,356,000,000	9,836,000,000	8,837,000,000	8,592,000,000	6,800,000,000	6,150,000,000	6,822,000,000	5,251,000,000	5,596,000,000	2,221,000,000	1,975,000,000	1,940,000,000
Total Liabilities Margin	113.76%	121.79%	129.48%	111.95%	102.28%	108.79%	130.22%	120.32%	147.36%	141.17%	147.50%	128.13%	125.82%	143.17%	109.74%	122.69%	51.22%	46.66%	54.16%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	5,000,000	5,000,000	5,000,000	4,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	0	0	0
Common Stock Margin	0.06%	0.06%	0.08%	0.07%	0.05%	0.06%	0.06%	0.06%	0.07%	0.08%	0.09%	0.09%	0.10%	0.10%	0.10%	0.11%	0.00%	0.00%	0.00%
Retained Earnings	10,310,333,333	8,755,200,000	5,593,500,000	3,794,666,667	11,968,000,000	10,295,000,000	8,668,000,000	7,186,000,000	5,659,000,000	4,427,000,000	3,270,000,000	2,109,000,000	1,477,000,000	876,000,000	709,000,000	276,000,000	0	0	0
Retained Earnings Margin	119.02%	106.85%	74.95%	51.36%	129.30%	120.49%	107.28%	92.41%	84.78%	70.72%	56.14%	39.74%	30.22%	18.38%	14.82%	6.05%	0.00%	0.00%	0.00%
Accumulated OCI	-865,333,333	-818,000,000	-717,000,000	-536,400,000	-940,000,000	-839,000,000	-817,000,000	-764,000,000	-730,000,000	-726,000,000	-629,000,000	-505,000,000	-598,000,000	-622,000,000	-361,000,000	-219,000,000	-157,000,000	-65,000,000	-74,000,000
Accumulated OCI Margin	-10.03%	-10.17%	-10.80%	-8.51%	-10.16%	-9.82%	-10.11%	-9.83%	-10.94%	-11.60%	-10.80%	-9.52%	-12.23%	-13.05%	-7.54%	-4.80%	-3.62%	-1.54%	-2.07%
Minority Interest	-2,666,667	-600,000	4,800,000	8,466,667	0	-6,000,000	-2,000,000	1,000,000	4,000,000	0	0	16,000,000	12,000,000	23,000,000	26,000,000	22,000,000	15,000,000	16,000,000	0
Minority Interest Margin	-0.03%	0.00%	0.10%	0.18%	0.00%	-0.07%	-0.02%	0.01%	0.06%	0.00%	0.00%	0.30%	0.25%	0.48%	0.54%	0.48%	0.35%	0.38%	0.00%
Total Shareholders’ Equity	4,724,000,000	4,496,800,000	3,170,200,000	3,002,866,667	4,770,000,000	4,997,000,000	4,405,000,000	4,543,000,000	3,769,000,000	2,708,000,000	2,185,000,000	1,770,000,000	1,487,000,000	1,068,000,000	1,311,000,000	940,000,000	4,026,000,000	3,720,000,000	3,344,000,000
Total Shareholders’ Equity Margin	54.85%	55.88%	44.64%	51.23%	51.53%	58.49%	54.52%	58.42%	56.46%	43.26%	37.51%	33.35%	30.42%	22.41%	27.40%	20.61%	92.85%	87.88%	93.36%
Total Equity	4,721,333,333	4,496,200,000	3,175,000,000	3,011,333,333	4,770,000,000	4,991,000,000	4,403,000,000	4,544,000,000	3,773,000,000	2,708,000,000	2,185,000,000	1,786,000,000	1,499,000,000	1,091,000,000	1,337,000,000	962,000,000	4,041,000,000	3,736,000,000	3,344,000,000
Total Equity Margin	54.81%	55.88%	44.74%	51.42%	51.53%	58.42%	54.49%	58.44%	56.52%	43.26%	37.51%	33.65%	30.67%	22.90%	27.94%	21.09%	93.20%	88.26%	93.36%
Total Liabilities & Equity	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%
Total Investments	10,000,000	6,000,000	12,900,000	8,600,000	30,000,000	0	0	0	0	0	99,000,000	0	0	0	0	0	0	0	0
Total Investments Margin	0.11%	0.06%	0.20%	0.13%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	1.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	4,662,666,667	4,201,800,000	4,138,700,000	3,239,466,667	4,759,000,000	4,716,000,000	4,513,000,000	3,261,000,000	3,760,000,000	4,679,000,000	4,855,000,000	3,389,000,000	3,741,000,000	3,714,000,000	2,749,000,000	3,047,000,000	265,000,000	496,000,000	648,000,000
Net Debt Margin	54.16%	52.15%	63.72%	53.16%	51.42%	55.20%	55.85%	41.94%	56.33%	74.74%	83.35%	63.86%	76.53%	77.94%	57.45%	66.81%	6.11%	11.72%	18.09%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Revenue	8,626,666,667	8,066,200,000	6,737,600,000	5,924,866,667	9,256,000,000	8,544,000,000	8,080,000,000	7,776,000,000	6,675,000,000	6,260,000,000	5,825,000,000	5,307,000,000	4,888,000,000	4,765,000,000	4,785,000,000	4,561,000,000	4,336,000,000	4,233,000,000	3,582,000,000
Working Capital	3,789,000,000	4,188,200,000	3,450,400,000	2,889,466,667	2,574,000,000	4,454,000,000	4,339,000,000	5,133,000,000	4,441,000,000	2,942,000,000	3,176,000,000	3,123,000,000	2,273,000,000	2,049,000,000	2,379,000,000	1,942,000,000	1,741,000,000	1,468,000,000	1,308,000,000
Working Capital Margin	44.55%	53.24%	51.61%	47.98%	27.81%	52.13%	53.70%	66.01%	66.53%	47.00%	54.52%	58.85%	46.50%	43.00%	49.72%	42.58%	40.15%	34.68%	36.52%
Total Capital	11,920,333,333	11,635,600,000	9,474,800,000	7,816,333,333	11,514,000,000	11,752,000,000	12,495,000,000	11,286,000,000	11,131,000,000	9,319,000,000	8,637,000,000	6,723,000,000	5,955,000,000	5,936,000,000	4,942,000,000	4,597,000,000	4,608,000,000	4,295,000,000	4,055,000,000
Total Capital Margin	138.86%	145.70%	139.87%	128.25%	124.39%	137.55%	154.64%	145.14%	166.76%	148.87%	148.27%	126.68%	121.83%	124.58%	103.28%	100.79%	106.27%	101.46%	113.20%
Capital Employed	11,660,000,000	11,704,400,000	9,797,100,000	8,206,600,000	10,825,000,000	12,397,000,000	11,758,000,000	12,103,000,000	11,439,000,000	9,739,000,000	9,554,000,000	7,492,000,000	6,532,000,000	6,132,000,000	5,502,000,000	5,143,000,000	5,139,000,000	4,868,000,000	4,476,000,000
Capital Employed Margin	135.86%	146.92%	145.77%	136.26%	116.95%	145.10%	145.52%	155.65%	171.37%	155.58%	164.02%	141.17%	133.63%	128.69%	114.98%	112.76%	118.52%	115.00%	124.96%
Invested Capital	9,386,666,667	8,698,600,000	7,308,900,000	6,242,333,333	9,529,000,000	9,713,000,000	8,918,000,000	7,804,000,000	7,529,000,000	7,387,000,000	7,040,000,000	5,159,000,000	5,228,000,000	4,782,000,000	4,060,000,000	3,987,000,000	4,291,000,000	4,216,000,000	3,992,000,000
Invested Capital Margin	109.00%	108.03%	108.35%	104.39%	102.95%	113.68%	110.37%	100.36%	112.79%	118.00%	120.86%	97.21%	106.96%	100.36%	84.85%	87.42%	98.96%	99.60%	111.45%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Revenue	8,626,666,667	8,066,200,000	6,737,600,000	5,924,866,667	9,256,000,000	8,544,000,000	8,080,000,000	7,776,000,000	6,675,000,000	6,260,000,000	5,825,000,000	5,307,000,000	4,888,000,000	4,765,000,000	4,785,000,000	4,561,000,000	4,336,000,000	4,233,000,000	3,582,000,000	2,760,000,000
Net Income	2,317,000,000	2,124,200,000	1,556,500,000	1,163,333,333	2,496,000,000	2,344,000,000	2,111,000,000	2,034,000,000	1,636,000,000	1,500,000,000	1,424,000,000	862,000,000	819,000,000	339,000,000	587,000,000	503,000,000	436,000,000	248,000,000	111,000,000	-101,000,000
Net Income Margin	26.84%	26.24%	21.97%	17.47%	26.97%	27.43%	26.13%	26.16%	24.51%	23.96%	24.45%	16.24%	16.76%	7.11%	12.27%	11.03%	10.06%	5.86%	3.10%	-3.66%
Depreciation & Amortization	484,333,333	468,400,000	374,300,000	316,400,000	497,000,000	491,000,000	465,000,000	448,000,000	441,000,000	412,000,000	308,000,000	242,000,000	240,000,000	199,000,000	204,000,000	209,000,000	200,000,000	205,000,000	185,000,000	124,000,000
Depreciation & Amortization Margin	5.62%	5.85%	5.48%	5.21%	5.37%	5.75%	5.75%	5.76%	6.61%	6.58%	5.29%	4.56%	4.91%	4.18%	4.26%	4.58%	4.61%	4.84%	5.16%	4.49%
Deferred Income Tax	-228,333,333	-165,400,000	-103,100,000	-75,600,000	-338,000,000	-61,000,000	-286,000,000	-80,000,000	-62,000,000	-79,000,000	-112,000,000	127,000,000	-55,000,000	-85,000,000	-49,000,000	23,000,000	-74,000,000	65,000,000	-68,000,000	-334,000,000
Deferred Income Tax Margin	-2.64%	-1.97%	-1.36%	-1.08%	-3.65%	-0.71%	-3.54%	-1.03%	-0.93%	-1.26%	-1.92%	2.39%	-1.13%	-1.78%	-1.02%	0.50%	-1.71%	1.54%	-1.90%	-12.10%
Stock-Based Compensation	65,333,333	62,600,000	55,700,000	46,333,333	74,000,000	60,000,000	62,000,000	58,000,000	59,000,000	67,000,000	53,000,000	44,000,000	37,000,000	43,000,000	32,000,000	43,000,000	28,000,000	19,000,000	16,000,000	15,000,000
Stock-Based Compensation Margin	0.76%	0.78%	0.84%	0.77%	0.80%	0.70%	0.77%	0.75%	0.88%	1.07%	0.91%	0.83%	0.76%	0.90%	0.67%	0.94%	0.65%	0.45%	0.45%	0.54%
Change in Working Capital	-377,333,333	-312,000,000	-227,500,000	-180,133,333	79,000,000	-512,000,000	-699,000,000	-343,000,000	-85,000,000	-151,000,000	112,000,000	-29,000,000	-439,000,000	-208,000,000	-157,000,000	-104,000,000	-149,000,000	-117,000,000	100,000,000	357,000,000
Change in Working Capital Margin	-4.60%	-3.89%	-3.39%	-2.86%	0.85%	-5.99%	-8.65%	-4.41%	-1.27%	-2.41%	1.92%	-0.55%	-8.98%	-4.37%	-3.28%	-2.28%	-3.44%	-2.76%	2.79%	12.93%
Accounts Receivable	-100,000,000	-76,200,000	-61,000,000	-50,666,667	-61,000,000	-102,000,000	-137,000,000	-155,000,000	74,000,000	-69,000,000	-67,000,000	-50,000,000	15,000,000	-58,000,000	69,000,000	-99,000,000	-65,000,000	-85,000,000	30,000,000	112,000,000
Accounts Receivable Margin	-1.18%	-0.89%	-0.85%	-0.80%	-0.66%	-1.19%	-1.70%	-1.99%	1.11%	-1.10%	-1.15%	-0.94%	0.31%	-1.22%	1.44%	-2.17%	-1.50%	-2.01%	0.84%	4.06%
Inventory	-295,666,667	-319,800,000	-198,600,000	-151,133,333	-40,000,000	-361,000,000	-486,000,000	-366,000,000	-346,000,000	-104,000,000	61,000,000	19,000,000	-101,000,000	-262,000,000	-16,000,000	-104,000,000	-318,000,000	40,000,000	117,000,000	-16,000,000
Inventory Margin	-3.56%	-4.11%	-2.84%	-2.27%	-0.43%	-4.23%	-6.01%	-4.71%	-5.18%	-1.66%	1.05%	0.36%	-2.07%	-5.50%	-0.33%	-2.28%	-7.33%	0.94%	3.27%	-0.58%
Accounts Payable	5,000,000	29,000,000	15,100,000	-2,400,000	31,000,000	13,000,000	-29,000,000	-17,000,000	147,000,000	-10,000,000	37,000,000	-10,000,000	-28,000,000	17,000,000	-210,000,000	-82,000,000	96,000,000	-16,000,000	25,000,000	38,000,000
Accounts Payable Margin	0.04%	0.42%	0.22%	-0.10%	0.33%	0.15%	-0.36%	-0.22%	2.20%	-0.16%	0.64%	-0.19%	-0.57%	0.36%	-4.39%	-1.80%	2.21%	-0.38%	0.70%	1.38%
Other Working Capital	13,333,333	55,000,000	18,900,000	29,000,000	149,000,000	-62,000,000	-47,000,000	195,000,000	40,000,000	32,000,000	81,000,000	31,000,000	-325,000,000	95,000,000	2,000,000	234,000,000	138,000,000	-56,000,000	-72,000,000	223,000,000
Other Working Capital Margin	0.10%	0.68%	0.12%	0.42%	1.61%	-0.73%	-0.58%	2.51%	0.60%	0.51%	1.39%	0.58%	-6.65%	1.99%	0.04%	5.13%	3.18%	-1.32%	-2.01%	8.08%
Other Non-Cash Items	145,000,000	133,600,000	130,600,000	94,266,667	145,000,000	31,000,000	259,000,000	96,000,000	137,000,000	46,000,000	5,000,000	100,000,000	111,000,000	376,000,000	101,000,000	7,000,000	13,000,000	77,000,000	-90,000,000	37,000,000
Other Non-Cash Items Margin	1.71%	1.68%	2.13%	1.54%	1.57%	0.36%	3.21%	1.23%	2.05%	0.73%	0.09%	1.88%	2.27%	7.89%	2.11%	0.15%	0.30%	1.82%	-2.51%	1.34%
Net Cash from Operating Activities	2,406,000,000	2,311,400,000	1,786,500,000	1,358,466,667	2,953,000,000	2,353,000,000	1,912,000,000	2,213,000,000	2,126,000,000	1,795,000,000	1,790,000,000	1,346,000,000	713,000,000	664,000,000	626,000,000	681,000,000	454,000,000	497,000,000	254,000,000	98,000,000
Net Cash from Operating Activities Margin	27.70%	28.68%	25.67%	20.93%	31.90%	27.54%	23.66%	28.46%	31.85%	28.67%	30.73%	25.36%	14.59%	13.93%	13.08%	14.93%	10.47%	11.74%	7.09%	3.55%
Capital Expenditures (PPE)	-657,666,667	-580,600,000	-436,500,000	-341,933,333	-655,000,000	-732,000,000	-586,000,000	-477,000,000	-453,000,000	-460,000,000	-338,000,000	-224,000,000	-216,000,000	-224,000,000	-195,000,000	-184,000,000	-126,000,000	-135,000,000	-124,000,000	-135,000,000
Capital Expenditures (PPE) Margin	-7.63%	-7.16%	-6.23%	-5.33%	-7.08%	-8.57%	-7.25%	-6.13%	-6.79%	-7.35%	-5.80%	-4.22%	-4.42%	-4.70%	-4.08%	-4.03%	-2.91%	-3.19%	-3.46%	-4.89%
Acquisitions (Net)	-28,666,667	-42,600,000	-345,900,000	-259,266,667	285,000,000	-59,000,000	-312,000,000	-14,000,000	-113,000,000	-195,000,000	-1,998,000,000	-82,000,000	-88,000,000	-883,000,000	0	-4,000,000	0	-345,000,000	-81,000,000	-2,254,000,000
Acquisitions (Net) Margin	-0.49%	-0.67%	-6.26%	-4.88%	3.08%	-0.69%	-3.86%	-0.18%	-1.69%	-3.12%	-34.30%	-1.55%	-1.80%	-18.53%	0.00%	-0.09%	0.00%	-8.15%	-2.26%	-81.67%
Purchases of Investments	-6,000,000	-11,400,000	74,100,000	49,400,000	-5,000,000	-4,000,000	-9,000,000	-12,000,000	-27,000,000	460,000,000	338,000,000	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	-0.07%	-0.15%	1.24%	0.83%	-0.05%	-0.05%	-0.11%	-0.15%	-0.40%	7.35%	5.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	11,666,667	106,400,000	69,800,000	46,533,333	0	12,000,000	23,000,000	44,000,000	453,000,000	138,000,000	28,000,000	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.14%	1.56%	1.05%	0.70%	0.00%	0.14%	0.28%	0.57%	6.79%	2.20%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	22,333,333	-72,800,000	-98,200,000	-49,800,000	60,000,000	6,000,000	1,000,000	1,000,000	-432,000,000	-447,000,000	-289,000,000	36,000,000	90,000,000	-8,000,000	8,000,000	9,000,000	-9,000,000	31,000,000	196,000,000	568,000,000
Other Investing Activities Margin	0.24%	-1.15%	-1.55%	-0.61%	0.65%	0.07%	0.01%	0.01%	-6.47%	-7.14%	-4.96%	0.68%	1.84%	-0.17%	0.17%	0.20%	-0.21%	0.73%	5.47%	20.58%
Net Cash from Investing Activities	-658,333,333	-601,000,000	-736,700,000	-555,066,667	-315,000,000	-777,000,000	-883,000,000	-458,000,000	-572,000,000	-504,000,000	-2,259,000,000	-270,000,000	-214,000,000	-1,115,000,000	-187,000,000	-179,000,000	-135,000,000	-449,000,000	-9,000,000	-1,821,000,000
Net Cash from Investing Activities Margin	-7.81%	-7.58%	-11.76%	-9.29%	-3.40%	-9.09%	-10.93%	-5.89%	-8.57%	-8.05%	-38.78%	-5.09%	-4.38%	-23.40%	-3.91%	-3.92%	-3.11%	-10.61%	-0.25%	-65.98%
Net Debt Issuance	-666,667	27,600,000	282,400,000	354,800,000	-3,000,000	-1,349,000,000	1,350,000,000	-604,000,000	744,000,000	-9,000,000	1,504,000,000	481,000,000	-405,000,000	1,115,000,000	0	2,641,000,000	0	-143,000,000	0	719,000,000
Net Debt Issuance Margin	0.30%	0.85%	5.41%	7.24%	-0.03%	-15.79%	16.71%	-7.77%	11.15%	-0.14%	25.82%	9.06%	-8.29%	23.40%	0.00%	57.90%	0.00%	-3.38%	0.00%	26.05%
Long-Term Debt Issuance	-666,667	27,600,000	283,200,000	354,266,667	0	-1,350,000,000	1,348,000,000	-600,000,000	740,000,000	0	1,496,000,000	481,000,000	-400,000,000	1,117,000,000	0	2,625,000,000	0	-143,000,000	0	719,000,000
Long-Term Debt Issuance Margin	0.29%	0.85%	5.43%	7.23%	0.00%	-15.80%	16.68%	-7.72%	11.09%	0.00%	25.68%	9.06%	-8.18%	23.44%	0.00%	57.55%	0.00%	-3.38%	0.00%	26.05%
Short-Term Debt Issuance	0	0	-800,000	0	-3,000,000	1,000,000	2,000,000	-4,000,000	4,000,000	-9,000,000	8,000,000	0	-5,000,000	-2,000,000	-8,000,000	16,000,000	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	-0.01%	0.00%	-0.03%	0.01%	0.02%	-0.05%	0.06%	-0.14%	0.14%	0.00%	-0.10%	-0.04%	-0.17%	0.35%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-1,514,666,667	-1,107,400,000	-786,400,000	-524,133,333	-1,858,000,000	-1,092,000,000	-1,594,000,000	-743,000,000	-250,000,000	-626,000,000	-698,000,000	-500,000,000	-300,000,000	-203,000,000	2,000,000	0	0	0	0	0
Net Stock Issuance Margin	-17.53%	-13.18%	-10.77%	-7.18%	-20.07%	-12.78%	-19.73%	-9.56%	-3.75%	-10.00%	-11.98%	-9.42%	-6.14%	-4.26%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Common 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%
Common Stock Repurchased	-1,514,666,667	-1,107,400,000	-786,400,000	-524,266,667	-1,858,000,000	-1,092,000,000	-1,594,000,000	-743,000,000	-250,000,000	-626,000,000	-698,000,000	-500,000,000	-300,000,000	-203,000,000	0	0	0	0	0	0
Common Stock Repurchased Margin	-17.53%	-13.18%	-10.77%	-7.18%	-20.07%	-12.78%	-19.73%	-9.56%	-3.75%	-10.00%	-11.98%	-9.42%	-6.14%	-4.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	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%
Net Dividends Paid	-696,333,333	-588,600,000	-406,200,000	-332,800,000	-786,000,000	-692,000,000	-611,000,000	-474,000,000	-380,000,000	-314,000,000	-243,000,000	-206,000,000	-188,000,000	-168,000,000	-146,000,000	-98,000,000	-63,000,000	-416,000,000	-207,000,000	-101,000,000
Net Dividends Paid Margin	-8.05%	-7.19%	-5.64%	-5.24%	-8.49%	-8.10%	-7.56%	-6.10%	-5.69%	-5.02%	-4.17%	-3.88%	-3.85%	-3.53%	-3.05%	-2.15%	-1.45%	-9.83%	-5.78%	-3.66%
Common Dividends Paid	-696,333,333	-588,600,000	-406,200,000	-332,800,000	-786,000,000	-692,000,000	-611,000,000	-474,000,000	-380,000,000	-314,000,000	-243,000,000	-206,000,000	-188,000,000	-168,000,000	-146,000,000	-98,000,000	-63,000,000	-416,000,000	-207,000,000	-101,000,000
Common Dividends Paid Margin	-8.05%	-7.19%	-5.64%	-5.24%	-8.49%	-8.10%	-7.56%	-6.10%	-5.69%	-5.02%	-4.17%	-3.88%	-3.85%	-3.53%	-3.05%	-2.15%	-1.45%	-9.83%	-5.78%	-3.66%
Preferred Dividends Paid	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%
Other Financing Activities	-12,666,667	-14,800,000	-13,100,000	-162,666,667	-13,000,000	24,000,000	-49,000,000	-45,000,000	9,000,000	-2,000,000	-30,000,000	-26,000,000	-10,000,000	11,000,000	-10,000,000	-2,743,000,000	-15,000,000	529,000,000	-70,000,000	1,205,000,000
Other Financing Activities Margin	-0.16%	-0.18%	-0.19%	-3.47%	-0.14%	0.28%	-0.61%	-0.58%	0.13%	-0.03%	-0.52%	-0.49%	-0.20%	0.23%	-0.21%	-60.14%	-0.35%	12.50%	-1.95%	43.66%
Net Cash from Financing Activities	-2,224,333,333	-1,682,400,000	-922,900,000	-664,533,333	-2,660,000,000	-3,109,000,000	-904,000,000	-1,862,000,000	123,000,000	-951,000,000	533,000,000	-251,000,000	-903,000,000	755,000,000	-154,000,000	-200,000,000	-78,000,000	-30,000,000	-277,000,000	1,823,000,000
Net Cash from Financing Activities Margin	-25.44%	-19.68%	-11.18%	-8.64%	-28.74%	-36.39%	-11.19%	-23.95%	1.84%	-15.19%	9.15%	-4.73%	-18.47%	15.84%	-3.22%	-4.39%	-1.80%	-0.71%	-7.73%	66.05%
Effect of FX on Cash	-22,666,667	-17,400,000	-16,400,000	-13,000,000	-32,000,000	-7,000,000	-29,000,000	-12,000,000	-7,000,000	-8,000,000	-26,000,000	12,000,000	-23,000,000	-32,000,000	-13,000,000	-9,000,000	-3,000,000	-2,000,000	-4,000,000	-7,000,000
Effect of FX on Cash Margin	-0.26%	-0.21%	-0.25%	-0.22%	-0.35%	-0.08%	-0.36%	-0.15%	-0.10%	-0.13%	-0.45%	0.23%	-0.47%	-0.67%	-0.27%	-0.20%	-0.07%	-0.05%	-0.11%	-0.25%
Net Change in Cash	-499,333,333	10,600,000	110,500,000	125,866,667	-54,000,000	-1,540,000,000	96,000,000	-119,000,000	1,670,000,000	332,000,000	38,000,000	837,000,000	-427,000,000	272,000,000	272,000,000	293,000,000	238,000,000	16,000,000	-36,000,000	93,000,000
Net Change in Cash Margin	-5.81%	1.21%	2.48%	2.78%	-0.58%	-18.02%	1.19%	-1.53%	25.02%	5.30%	0.65%	15.77%	-8.74%	5.71%	5.68%	6.42%	5.49%	0.38%	-1.01%	3.37%
Cash at Beginning of Period	3,035,666,667	2,929,000,000	2,057,400,000	1,449,466,667	2,041,000,000	3,581,000,000	3,485,000,000	3,604,000,000	1,934,000,000	1,602,000,000	1,564,000,000	727,000,000	1,154,000,000	882,000,000	610,000,000	317,000,000	79,000,000	63,000,000	99,000,000	6,000,000
Cash at Beginning of Period Margin	35.70%	36.48%	29.07%	21.10%	22.05%	41.91%	43.13%	46.35%	28.97%	25.59%	26.85%	13.70%	23.61%	18.51%	12.75%	6.95%	1.82%	1.49%	2.76%	0.22%
Cash at End of Period	2,536,333,333	2,939,600,000	2,167,900,000	1,575,333,333	1,987,000,000	2,041,000,000	3,581,000,000	3,485,000,000	3,604,000,000	1,934,000,000	1,602,000,000	1,564,000,000	727,000,000	1,154,000,000	882,000,000	610,000,000	317,000,000	79,000,000	63,000,000	99,000,000
Cash at End of Period Margin	29.89%	37.70%	31.54%	23.88%	21.47%	23.89%	44.32%	44.82%	53.99%	30.89%	27.50%	29.47%	14.87%	24.22%	18.43%	13.37%	7.31%	1.87%	1.76%	3.59%
Operating Cash Flow	2,406,000,000	2,311,400,000	1,786,500,000	1,358,466,667	2,953,000,000	2,353,000,000	1,912,000,000	2,213,000,000	2,126,000,000	1,795,000,000	1,790,000,000	1,346,000,000	713,000,000	664,000,000	626,000,000	681,000,000	454,000,000	497,000,000	254,000,000	98,000,000
Operating Cash Flow Margin	27.70%	28.68%	25.67%	20.93%	31.90%	27.54%	23.66%	28.46%	31.85%	28.67%	30.73%	25.36%	14.59%	13.93%	13.08%	14.93%	10.47%	11.74%	7.09%	3.55%
Capital Expenditure	-657,666,667	-580,600,000	-436,500,000	-341,933,333	-655,000,000	-732,000,000	-586,000,000	-477,000,000	-453,000,000	-460,000,000	-338,000,000	-224,000,000	-216,000,000	-224,000,000	-195,000,000	-184,000,000	-126,000,000	-135,000,000	-124,000,000	-135,000,000
Capital Expenditure Margin	-7.63%	-7.16%	-6.23%	-5.33%	-7.08%	-8.57%	-7.25%	-6.13%	-6.79%	-7.35%	-5.80%	-4.22%	-4.42%	-4.70%	-4.08%	-4.03%	-2.91%	-3.19%	-3.46%	-4.89%
Free Cash Flow	1,748,333,333	1,730,800,000	1,350,000,000	1,016,533,333	2,298,000,000	1,621,000,000	1,326,000,000	1,736,000,000	1,673,000,000	1,335,000,000	1,452,000,000	1,122,000,000	497,000,000	440,000,000	431,000,000	497,000,000	328,000,000	362,000,000	130,000,000	-37,000,000
Free Cash Flow Margin	20.07%	21.52%	19.44%	15.60%	24.83%	18.97%	16.41%	22.33%	25.06%	21.33%	24.93%	21.14%	10.17%	9.23%	9.01%	10.90%	7.56%	8.55%	3.63%	-1.34%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Revenue	8,626,666,667	8,066,200,000	6,737,600,000	5,924,866,667	9,256,000,000	8,544,000,000	8,080,000,000	7,776,000,000	6,675,000,000	6,260,000,000	5,825,000,000	5,307,000,000	4,888,000,000	4,765,000,000	4,785,000,000	4,561,000,000	4,336,000,000	4,233,000,000	3,582,000,000	2,760,000,000
EBITDA	3,638,333,333	3,354,600,000	2,588,200,000	2,000,600,000	3,872,000,000	3,685,000,000	3,358,000,000	3,172,000,000	2,686,000,000	2,455,000,000	2,210,000,000	1,942,000,000	1,634,000,000	868,000,000	1,141,000,000	1,010,000,000	941,000,000	635,000,000	400,000,000	2,000,000
EBITDA Margin	42.17%	41.51%	37.29%	31.12%	41.83%	43.13%	41.56%	40.79%	40.24%	39.22%	37.94%	36.59%	33.43%	18.22%	23.85%	22.14%	21.70%	15.00%	11.17%	0.07%
(-) Tax Adjustment	741,448,504	657,521,583	576,236,034	473,953,920	787,253,112	748,044,959	689,047,440	578,813,505	484,448,898	410,302,610	347,846,154	844,292,459	544,223,127	328,088,073	324,210,976	273,724,638	363,146,479	235,304,569	150,561,798	-635,135
(-) Tax Adjustment Margin	8.60%	8.10%	8.69%	7.86%	8.51%	8.76%	8.53%	7.44%	7.26%	6.55%	5.97%	15.91%	11.13%	6.89%	6.78%	6.00%	8.38%	5.56%	4.20%	-0.02%
(-) Change In Working Capital	-377,333,333	-312,000,000	-227,500,000	-180,133,333	79,000,000	-512,000,000	-699,000,000	-343,000,000	-85,000,000	-151,000,000	112,000,000	-29,000,000	-439,000,000	-208,000,000	-157,000,000	-104,000,000	-149,000,000	-117,000,000	100,000,000	357,000,000
(-) Change In Working Capital Margin	-4.60%	-3.89%	-3.39%	-2.86%	0.85%	-5.99%	-8.65%	-4.41%	-1.27%	-2.41%	1.92%	-0.55%	-8.98%	-4.37%	-3.28%	-2.28%	-3.44%	-2.76%	2.79%	12.93%
(-) Capital Expenditure	-657,666,667	-580,600,000	-436,500,000	-341,933,333	-655,000,000	-732,000,000	-586,000,000	-477,000,000	-453,000,000	-460,000,000	-338,000,000	-224,000,000	-216,000,000	-224,000,000	-195,000,000	-184,000,000	-126,000,000	-135,000,000	-124,000,000	-135,000,000
(-) Capital Expenditure Margin	-7.63%	-7.16%	-6.23%	-5.33%	-7.08%	-8.57%	-7.25%	-6.13%	-6.79%	-7.35%	-5.80%	-4.22%	-4.42%	-4.70%	-4.08%	-4.03%	-2.91%	-3.19%	-3.46%	-4.89%
Unlevered Free Cash Flow	2,616,551,496	2,428,478,417	1,802,963,966	1,364,846,080	2,350,746,888	2,716,955,041	2,781,952,560	2,459,186,495	1,833,551,102	1,735,697,390	1,412,153,846	902,707,541	1,312,776,873	523,911,927	778,789,024	656,275,362	600,853,521	381,695,431	25,438,202	-489,364,865
Unlevered Free Cash Flow Margin	30.54%	30.14%	25.76%	20.79%	25.40%	31.80%	34.43%	31.63%	27.47%	27.73%	24.24%	17.01%	26.86%	11.00%	16.28%	14.39%	13.86%	9.02%	0.71%	-17.73%
(-) Net Interest Income After Taxes	-126,306,118	-152,240,682	-137,121,316	-106,807,530	-108,348,548	-121,941,417	-148,628,389	-188,030,547	-194,254,509	-170,738,479	-152,511,243	-98,918,033	-110,711,726	-77,130,275	-83,754,878	-82,375,362	-19,036,620	-22,659,898	-23,073,034	-34,256,757
(-) Net Interest Income After Taxes Margin	-1.48%	-1.95%	-2.09%	-1.74%	-1.17%	-1.43%	-1.84%	-2.42%	-2.91%	-2.73%	-2.62%	-1.86%	-2.26%	-1.62%	-1.75%	-1.81%	-0.44%	-0.54%	-0.64%	-1.24%
Net Debt Issuance	-666,667	27,600,000	282,400,000	354,800,000	-3,000,000	-1,349,000,000	1,350,000,000	-604,000,000	744,000,000	-9,000,000	1,504,000,000	481,000,000	-405,000,000	1,115,000,000	0	2,641,000,000	0	-143,000,000	0	719,000,000
Net Debt Issuance Margin	0.30%	0.85%	5.41%	7.24%	-0.03%	-15.79%	16.71%	-7.77%	11.15%	-0.14%	25.82%	9.06%	-8.29%	23.40%	0.00%	57.90%	0.00%	-3.38%	0.00%	26.05%
Levered Free Cash Flow	2,742,190,947	2,608,319,099	2,222,485,283	1,826,453,611	2,456,095,436	1,489,896,458	4,280,580,949	2,043,217,042	2,771,805,611	1,897,435,869	3,068,665,089	1,482,625,574	1,018,488,599	1,716,042,202	862,543,902	3,379,650,725	619,890,141	261,355,330	48,511,236	263,891,892
Levered Free Cash Flow Margin	32.32%	32.95%	33.25%	29.77%	26.54%	17.44%	52.98%	26.28%	41.53%	30.31%	52.68%	27.94%	20.84%	36.01%	18.03%	74.10%	14.30%	6.17%	1.35%	9.56%