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United States Fiscal year ends December CIK 0001141391
$589.14 +2.50% Close, 9 Oct 2026
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Price $589.14 +69.71% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue12.50Operating income6.62Net income3.92EPS, diluted3.65Fiscal year 2018Revenue21.83 +74.7%Operating income7.28Net income5.86 +49.7%EPS, diluted5.60 +53.4%Fiscal year 2019Revenue24.98 +14.4%Operating income9.66Net income8.12 +38.6%EPS, diluted7.94 +41.8%Fiscal year 2020Revenue23.62 −5.5%Operating income8.08Net income6.41 −21.0%EPS, diluted6.37 −19.8%Fiscal year 2021Revenue29.85 +26.4%Operating income10.08EPS, diluted8.76 +37.5%Fiscal year 2022Revenue22.24 −25.5%Operating income12.26EPS, diluted10.22 +16.7%Fiscal year 2023Revenue25.10 +12.9%Operating income14.01EPS, diluted11.83 +15.8%Fiscal year 2024Revenue28.17 +12.2%Operating income15.58EPS, diluted13.89 +17.4%Fiscal year 2025Revenue32.79 +16.4%Operating income18.90EPS, diluted16.52 +18.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 12.50 21.83 24.98 23.62 29.85 22.24 25.10 28.17 32.79
Growth +74.7% +14.4% −5.5% +26.4% −25.5% +12.9% +12.2% +16.4%
Operating income 6.62 7.28 9.66 8.08 10.08 12.26 14.01 15.58 18.90
Net income 3.92 5.86 8.12 6.41 n/a n/a n/a n/a n/a
Growth +49.7% +38.6% −21.0%
EPS, diluted 3.65 5.60 7.94 6.37 8.76 10.22 11.83 13.89 16.52
Growth +53.4% +41.8% −19.8% +37.5% +16.7% +15.8% +17.4% +18.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin53.0%Net margin31.3%Free cash flow margin42.9%Fiscal year 2018Operating margin33.4%Net margin26.8%Free cash flow margin27.0%Fiscal year 2019Operating margin38.7%Net margin32.5%Free cash flow margin31.1%Fiscal year 2020Operating margin34.2%Net margin27.1%Free cash flow margin29.2%Fiscal year 2021Operating margin33.8%Free cash flow margin30.3%Fiscal year 2022Operating margin55.2%Free cash flow margin48.4%Fiscal year 2023Operating margin55.8%Free cash flow margin46.3%Fiscal year 2024Operating margin55.3%Free cash flow margin50.8%Fiscal year 2025Operating margin57.6%Free cash flow margin52.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 53.0% 33.4% 38.7% 34.2% 33.8% 55.2% 55.8% 55.3% 57.6%
Net margin 31.3% 26.8% 32.5% 27.1% n/a n/a n/a n/a n/a
Free cash flow margin 42.9% 27.0% 31.1% 29.2% 30.3% 48.4% 46.3% 50.8% 52.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow5.66Capital expenditure−0.30Free cash flow5.36Buybacks−3.76Dividends paid−0.94Fiscal year 2018Operating cash flow6.22Capital expenditure−0.33Free cash flow5.89 +9.9%Buybacks−4.93Dividends paid−1.04Fiscal year 2019Operating cash flow8.18Capital expenditure−0.42Free cash flow7.76 +31.7%Buybacks−6.50Dividends paid−1.35Fiscal year 2020Operating cash flow7.22Capital expenditure−0.34Free cash flow6.89 −11.3%Buybacks−4.47Dividends paid−1.61Fiscal year 2021Operating cash flow9.46Capital expenditure−0.41Free cash flow9.06 +31.5%Buybacks−5.90Dividends paid−1.74Fiscal year 2022Operating cash flow11.20Capital expenditure−0.44Free cash flow10.75 +18.7%Buybacks−8.75Dividends paid−1.90Fiscal year 2023Operating cash flow11.98Capital expenditure−0.37Free cash flow11.61 +8.0%Buybacks−9.03Dividends paid−2.16Fiscal year 2024Operating cash flow14.78Capital expenditure−0.47Free cash flow14.31 +23.2%Buybacks−10.95Dividends paid−2.45Fiscal year 2025Operating cash flow17.65Capital expenditure−0.49Free cash flow17.16 +19.9%Buybacks−11.73Dividends paid−2.76
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 5.66 6.22 8.18 7.22 9.46 11.20 11.98 14.78 17.65
Capital expenditure −0.30 −0.33 −0.42 −0.34 −0.41 −0.44 −0.37 −0.47 −0.49
Free cash flow 5.36 5.89 7.76 6.89 9.06 10.75 11.61 14.31 17.16
Growth +9.9% +31.7% −11.3% +31.5% +18.7% +8.0% +23.2% +19.9%
Buybacks −3.76 −4.93 −6.50 −4.47 −5.90 −8.75 −9.03 −10.95 −11.73
Dividends paid −0.94 −1.04 −1.35 −1.61 −1.74 −1.90 −2.16 −2.45 −2.76

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash5.93Total debt5.42Net cash (debt)0.51Shareholders’ equity5.47Debt to equity0.99Fiscal year 2018Cash6.68Total debt6.33Net cash (debt)0.35Shareholders’ equity5.40Debt to equity1.17Fiscal year 2019Cash6.99Total debt8.53Net cash (debt)−1.54Shareholders’ equity5.89Debt to equity1.45Fiscal year 2020Cash10.11Total debt12.67Net cash (debt)−2.56Shareholders’ equity6.39Debt to equity1.98Fiscal year 2021Cash7.42Total debt13.90Net cash (debt)−6.48Shareholders’ equity7.31Debt to equity1.90Fiscal year 2022Cash7.01Total debt14.02Net cash (debt)−7.02Shareholders’ equity6.30Debt to equity2.23Fiscal year 2023Cash8.59Total debt15.68Net cash (debt)−7.09Shareholders’ equity6.93Debt to equity2.26Fiscal year 2024Cash8.44Total debt18.23Net cash (debt)−9.78Shareholders’ equity6.49Debt to equity2.81Fiscal year 2025Cash10.57Total debt19.00Net cash (debt)−8.43Shareholders’ equity7.74Debt to equity2.46
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.93 6.68 6.99 10.11 7.42 7.01 8.59 8.44 10.57
Total debt 5.42 6.33 8.53 12.67 13.90 14.02 15.68 18.23 19.00
Net cash (debt) 0.51 0.35 −1.54 −2.56 −6.48 −7.02 −7.09 −9.78 −8.43
Shareholders’ equity 5.47 5.40 5.89 6.39 7.31 6.30 6.93 6.49 7.74
Debt to equity 0.99 1.17 1.45 1.98 1.90 2.23 2.26 2.81 2.46

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
12.50 21.83 24.98 23.62 29.85 22.24 25.10 28.17 32.79
Growth +74.7% +14.4% −5.5% +26.4% −25.5% +12.9% +12.2% +16.4%
4.65 5.17 5.76 5.91 7.09 8.08 8.93 10.19 11.32
6.62 7.28 9.66 8.08 10.08 12.26 14.01 15.58 18.90
Growth +10.0% +32.7% −16.4% +24.8% +21.6% +14.2% +11.2% +21.3%
6.52 7.20 9.73 7.76 10.31 11.73 13.64 15.25 18.58
2.61 1.35 1.61 1.35 1.62 1.80 2.44 2.38 3.61
3.92 5.86 8.12 6.41 n/a n/a n/a n/a n/a
Growth +49.7% +38.6% −21.0%
Per share
3.67 5.63 7.98 6.40 8.79 10.26 11.86 13.91 16.54
3.65 5.60 7.94 6.37 8.76 10.22 11.83 13.89 16.52
Growth +53.4% +41.8% −19.8% +37.5% +16.7% +15.8% +17.4% +18.9%
1,067 1,041 1,017 1,002 988.0 968.0 944.0 925.0 905.0
1,072 1,047 1,022 1,006 992.0 971.0 946.0 927.0 906.0
Growth −2.3% −2.4% −1.6% −1.4% −2.1% −2.6% −2.0% −2.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.8% a year over five years, and earnings per share grew 21.0% a year.
  • The diluted share count fell 9.9% in five years, so buybacks did some of the work per share.
  • Operating margin is up 23.4 points on five years ago, at 57.6%.
  • Profitable in every one of the 4 years on file.