
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | FY1999 | FY1998 | FY1997 | FY1996 | FY1995 | FY1994 | FY1993 | FY1992 | FY1991 | FY1990 | FY1989 | FY1988 | FY1987 | FY1986 | FY1985 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||||||||||||||||||||||||||||||||||
| Market cap | $20,135 | $25,654 | $23,298 | $19,658 | $25,625 | $21,808 | $17,585 | $16,440 | $12,542 | $11,048 | $11,130 | $10,649 | $9,186 | $7,507 | $6,553 | $4,902 | $4,254 | $3,809 | $3,561 | $2,765 | $2,110 | $2,079 | $1,593 | $1,206 | $1,036 | $853 | $1,036 | $695 | $546 | $448 | $362 | $355 | $570 | $630 | $609 | $386 | $383 | $255 | $299 | $274 | $244 |
| Enterprise value | $21,931 | $27,095 | $25,559 | $22,235 | $28,118 | $23,982 | $19,653 | $18,230 | $14,638 | $11,980 | $11,850 | $11,321 | $9,493 | $8,067 | $6,554 | $5,053 | $4,623 | $4,467 | $4,167 | $3,589 | $2,740 | $2,792 | $1,915 | $1,498 | $1,404 | $866 | $1,104 | $727 | $571 | $432 | $363 | $383 | $574 | $620 | $612 | $390 | $412 | $286 | $312 | $293 | $241 |
| P/E (TTM) at period end | 27.33× | 43.83× | 30.83× | 47.50× | 30.97× | 27.75× | 28.55× | 28.91× | 16.87× | 24.07× | 27.12× | 25.73× | 23.29× | 21.46× | 21.17× | 18.11× | 17.47× | 19.52× | 21.07× | 19.91× | 17.17× | 23.41× | 19.68× | 18.08× | 22.04× | 25.42× | 22.81× | 22.93× | 22.30× | 21.12× | 35.45× | 58.15× | 21.68× | 21.36× | 22.97× | 16.63× | 44.55× | 15.45× | 21.36× | 21.39× | 51.97× |
| P/S (TTM) at period end | 3.25× | 4.20× | 3.97× | 3.66× | 4.94× | 4.45× | 4.04× | 3.97× | 3.32× | 3.16× | 3.28× | 3.23× | 2.88× | 2.57× | 2.38× | 1.89× | 1.69× | 1.57× | 1.60× | 1.42× | 1.21× | 1.42× | 1.51× | 1.15× | 0.96× | 1.07× | 1.42× | 1.02× | 0.95× | 0.85× | 0.74× | 0.72× | 1.12× | 1.22× | 1.25× | 0.90× | 0.99× | 0.74× | 0.94× | 0.99× | 1.06× |
| P/B at period end | 5.03× | 5.88× | 6.04× | 5.63× | 7.93× | 7.22× | 6.59× | 6.70× | 5.65× | 5.59× | 5.50× | 5.07× | 3.99× | 3.64× | 3.21× | 2.62× | 2.66× | 2.86× | 3.30× | 3.20× | 3.03× | 3.71× | 3.63× | 3.47× | 3.67× | 3.64× | 4.57× | 3.57× | 3.05× | 2.71× | 2.35× | 2.30× | 3.37× | 3.96× | 4.37× | 3.25× | 3.43× | 2.28× | 2.58× | 2.61× | 3.30× |
| EV / EBITDA (TTM) | 18.79× | 30.43× | 22.61× | 33.45× | 24.50× | 21.88× | 21.74× | 21.29× | 18.44× | 15.28× | 16.18× | 16.21× | 13.92× | 13.42× | 12.08× | 10.33× | 9.28× | 11.58× | 11.52× | 11.81× | 10.66× | 13.24× | 13.48× | 11.31× | 11.56× | 8.88× | 13.46× | 12.48× | 12.78× | 10.57× | 16.87× | 29.20× | 12.40× | 11.02× | 11.88× | 8.78× | 10.25× | – | – | – | – |
| EV / Sales (TTM) | 3.54× | 4.44× | 4.36× | 4.14× | 5.42× | 4.90× | 4.51× | 4.40× | 3.88× | 3.43× | 3.49× | 3.43× | 2.97× | 2.76× | 2.38× | 1.95× | 1.83× | 1.84× | 1.88× | 1.84× | 1.58× | 1.91× | 1.81× | 1.43× | 1.30× | 1.09× | 1.51× | 1.06× | 0.99× | 0.82× | 0.75× | 0.78× | 1.13× | 1.20× | 1.26× | 0.91× | 1.06× | 0.82× | 0.98× | 1.06× | 1.04× |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 18.4% | 13.4% | 19.6% | 11.9% | 25.6% | 26.0% | 23.1% | 23.2% | 33.5% | 23.2% | 20.3% | 19.7% | 17.1% | 17.0% | 15.2% | 14.5% | 15.2% | 14.7% | 15.6% | 16.1% | 17.6% | 15.9% | 18.5% | 19.2% | 16.6% | 14.3% | 20.0% | 15.6% | 13.7% | 12.8% | 6.6% | 4.0% | 15.5% | 18.5% | 19.0% | 19.5% | 7.7% | 14.7% | 12.1% | 12.2% | 6.3% |
| Return on invested capital | 14.3% | 10.8% | 13.5% | 7.8% | 15.1% | 16.0% | 14.1% | 14.7% | 17.0% | 16.2% | 15.9% | 15.3% | 15.7% | 13.4% | 15.1% | 14.2% | 13.0% | 10.8% | 11.5% | 9.7% | 11.3% | 9.4% | 10.2% | 10.8% | 9.2% | 19.1% | 13.4% | 12.1% | 9.5% | 11.7% | 3.4% | 0.5% | 12.7% | 18.8% | 17.9% | 16.4% | 10.8% | 12.5% | 10.8% | 9.6% | 20.2% |
| Dividend yield | 1.4% | 1.1% | 1.1% | 1.3% | 1.0% | 1.1% | 1.3% | 1.3% | 1.5% | 1.7% | 1.6% | 1.6% | 1.7% | 1.8% | 1.5% | 0.9% | 0.8% | 0.6% | 0.6% | 0.6% | 0.7% | 0.7% | 0.8% | 0.0% | 1.1% | 1.3% | 1.0% | 1.3% | 1.6% | 1.9% | 2.4% | 2.5% | 1.5% | 1.2% | 1.1% | 1.6% | 1.4% | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | 1.07× | 1.70× | 1.08× | 1.18× | 0.59× | 0.80× | 0.88× | 0.81× | 1.07× | 0.76× | 1.04× | 1.12× | 1.71× | 1.29× | 1.97× | 1.45× | 1.64× | 1.72× | 1.61× | 1.25× | 1.21× | 1.38× | 1.25× | 1.49× | 1.50× | 1.09× | 1.25× | 1.34× | 1.18× | 1.37× | 1.23× | 1.25× | 1.80× | 1.61× | 1.48× | 1.59× | 2.17× | 2.21× | 2.55× | 2.64× | 2.32× |
| Debt / equity | 0.55× | 0.51× | 0.62× | 0.74× | 0.90× | 0.72× | 0.68× | 0.86× | 1.07× | 0.57× | 0.34× | 0.45× | 0.35× | 0.44× | 0.12× | 0.13× | 0.49× | 0.64× | 0.79× | 1.08× | 1.09× | 1.53× | 0.91× | 1.06× | 1.48× | 0.14× | 0.37× | 0.25× | 0.22× | 0.05× | 0.08× | 0.21× | 0.06× | 0.05× | 0.06× | 0.26× | 0.48× | 0.51× | 0.50× | 0.58× | 0.30× |
| Effective tax rate | 23.0% | 22.6% | 21.9% | 20.9% | 19.8% | 19.3% | 20.4% | 21.0% | (7.3%) | 35.0% | 35.4% | 33.8% | 34.0% | 35.5% | 37.4% | 35.3% | 37.9% | 36.7% | 36.2% | 34.8% | 29.8% | 30.3% | 30.8% | 34.0% | 36.4% | 35.3% | 37.1% | 34.4% | 36.7% | 36.0% | 37.4% | 37.1% | 38.3% | 37.4% | 36.9% | 40.5% | 49.4% | 34.0% | 39.9% | 35.0% | 33.8% |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 244 | 247 | 248 | 246 | 250 | 252 | 252 | 251 | 256 | 262 | 267 | 275 | 282 | 285 | 292 | 289 | 286 | 284 | 281 | 276 | 277 | 272 | 258 | 251 | 244 | 240 | 245 | 238 | 240 | 234 | 235 | 236 | 246 | 249 | 244 | 263 | 246 | 267 | 262 | 256 | 235 |
| Line item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | FY1999 | FY1998 | FY1997 | FY1996 | FY1995 | FY1994 | FY1993 | FY1992 | FY1991 | FY1990 | FY1989 | FY1988 | FY1987 | FY1986 | FY1985 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and gross profit | ||||||||||||||||||||||||||||||||||||||||||
| Revenue | $6,229 | $6,203 | $6,107 | $5,868 | $5,376 | $5,190 | $4,896 | $4,358 | $4,146 | $3,776 | $3,493 | $3,395 | $3,298 | $3,194 | $2,922 | $2,749 | $2,589 | $2,521 | $2,422 | $2,221 | $1,946 | $1,737 | $1,462 | $1,057 | $1,047 | $1,081 | $796 | $730 | $684 | $575 | $528 | $486 | $491 | $508 | $516 | $486 | $428 | $388 | $347 | $319 | $275 | $231 |
| Cost of revenue | ($3,386) | ($3,428) | ($3,317) | ($3,279) | ($3,126) | ($2,927) | ($2,682) | ($2,374) | ($2,305) | ($2,047) | ($1,902) | ($1,883) | ($1,845) | ($1,756) | ($1,630) | ($1,535) | ($1,431) | ($1,420) | ($1,451) | ($1,353) | ($1,185) | ($1,100) | ($929) | ($739) | ($736) | – | – | – | – | ($316) | ($292) | ($277) | ($276) | ($262) | ($267) | ($272) | ($253) | ($252) | ($228) | ($207) | ($177) | ($146) |
| Gross profit | $2,844 | $2,775 | $2,790 | $2,588 | $2,250 | $2,264 | $2,214 | $1,984 | $1,841 | $1,730 | $1,591 | $1,512 | $1,453 | $1,438 | $1,291 | $1,214 | $1,158 | $1,101 | $972 | $868 | $761 | $637 | $533 | $318 | $311 | – | – | – | – | $258 | $235 | $209 | $214 | $246 | $249 | $213 | $175 | $136 | $118 | $111 | $98 | $86 |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | ($142) | ($146) | ($140) | ($122) | ($110) | ($105) | ($103) | ($94) | ($90) | ($71) | ($63) | ($65) | ($60) | ($62) | ($55) | ($55) | ($54) | ($55) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($1,036) | ($988) | ($928) | ($890) | ($706) | ($607) | ($593) | ($629) | ($566) | ($543) | ($439) | ($420) | ($395) | ($416) | ($389) | ($368) | ($375) | ($354) | ($337) | ($563) | ($509) | ($424) | ($362) | ($206) | ($207) | ($187) | ($167) | ($263) | ($264) | ($214) | ($194) | ($188) | ($201) | ($199) | ($193) | ($162) | ($131) | ($96) | ($82) | ($79) | ($74) | ($59) |
| Total operating expenses | ($1,756) | ($1,697) | ($1,983) | ($1,531) | ($1,652) | ($1,184) | ($1,184) | ($1,144) | ($1,049) | ($997) | ($866) | ($838) | ($812) | ($816) | ($746) | ($722) | ($713) | ($688) | ($631) | ($563) | ($509) | ($424) | ($362) | ($206) | ($207) | – | – | – | – | ($228) | ($208) | ($201) | ($213) | ($210) | ($205) | ($173) | ($141) | ($106) | ($91) | ($88) | ($80) | ($64) |
| Total costs and expenses | ($5,141) | ($5,126) | ($5,300) | ($4,810) | ($4,778) | ($4,111) | ($3,866) | ($3,518) | ($3,354) | ($3,044) | ($2,769) | ($2,721) | ($2,656) | ($2,572) | ($2,377) | ($2,257) | ($2,144) | ($2,108) | ($2,082) | ($1,916) | ($1,694) | ($1,524) | ($1,290) | ($945) | ($943) | ($987) | ($722) | ($667) | ($643) | ($544) | ($500) | ($477) | ($490) | ($472) | ($472) | ($445) | ($395) | ($358) | ($320) | ($296) | ($257) | ($210) |
| Operating income | $1,088 | $1,078 | $807 | $1,057 | $598 | $1,079 | $1,030 | $840 | $792 | $733 | $724 | $674 | $641 | $622 | $545 | $493 | $445 | $413 | $340 | $305 | $252 | $213 | $172 | $112 | $105 | $94 | $74 | $63 | $42 | $30 | $27 | $8 | $1 | $36 | $45 | $40 | $34 | $30 | $27 | $23 | $18 | $22 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $1,176 | $1,167 | $890 | $1,130 | $665 | $1,148 | $1,096 | $904 | $856 | $794 | $784 | $732 | $698 | $682 | $601 | $542 | $489 | $498 | $386 | $362 | $304 | $257 | $211 | $142 | $132 | $121 | $98 | $82 | $58 | $45 | $41 | $22 | $13 | $46 | $56 | $52 | $44 | $40 | – | – | – | – |
| Interest income | $9 | $24 | $26 | $13 | $4 | – | $0 | $2 | $2 | $2 | $2 | $2 | $2 | $3 | $2 | $2 | $1 | $1 | $7 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($97) | ($95) | ($95) | ($111) | ($90) | ($54) | ($61) | ($74) | ($79) | ($53) | ($28) | ($30) | ($27) | ($28) | ($14) | ($9) | ($28) | ($36) | ($47) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $953 | $957 | $756 | $967 | $523 | $1,032 | $974 | $774 | $720 | $693 | $706 | $635 | $625 | $598 | $542 | $495 | $418 | $392 | $308 | $265 | $213 | $175 | $127 | $117 | $101 | $74 | $52 | $72 | $46 | $39 | $33 | $16 | $10 | $48 | $47 | $42 | $39 | $17 | $25 | $23 | $20 | $7 |
| Income tax expense | ($208) | ($220) | ($171) | ($212) | ($109) | ($204) | ($188) | ($158) | ($151) | $51 | ($247) | ($225) | ($211) | ($203) | ($193) | ($185) | ($148) | ($149) | ($113) | ($96) | ($74) | ($52) | ($39) | ($36) | ($34) | ($27) | ($18) | ($27) | ($16) | ($14) | ($12) | ($6) | ($4) | ($18) | ($18) | ($16) | ($16) | ($8) | ($8) | ($9) | ($7) | ($2) |
| Net income | $745 | $737 | $585 | $756 | $414 | $828 | $786 | $616 | $569 | $743 | $459 | $410 | $414 | $394 | $350 | $310 | $271 | $244 | $195 | $169 | $139 | $123 | $89 | $81 | $67 | $47 | $34 | $45 | $30 | $24 | $21 | $10 | $6 | $26 | $30 | $26 | $23 | $9 | $16 | $14 | $13 | $5 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $3.11 | $3.02 | $2.37 | $3.05 | $1.68 | $3.32 | $3.12 | $2.44 | $2.27 | $2.90 | $1.75 | $1.54 | $1.51 | $1.40 | $1.23 | $1.06 | $0.935 | $0.85 | $0.695 | $0.62 | $0.52 | $0.46 | $0.34 | $0.32 | $0.27 | $0.19 | $0.14 | $0.19 | $0.13 | $0.10 | $0.0908 | $0.0433 | $0.0258 | $0.11 | $0.12 | $0.11 | $0.0884 | $0.035 | $0.0617 | $0.0534 | $0.05 | $0.02 |
| Basic EPS (GAAP) | $3.12 | $3.04 | $2.39 | $3.09 | $1.70 | $3.38 | $3.18 | $2.50 | $2.32 | $2.97 | $1.78 | $1.57 | $1.53 | $1.43 | $1.25 | $1.08 | $0.955 | $0.865 | $0.72 | $0.64 | $0.54 | $0.48 | $0.36 | $0.34 | $0.28 | $0.20 | $0.15 | $0.20 | $0.13 | $0.11 | $0.0908 | $0.0433 | $0.0258 | $0.11 | $0.12 | $0.11 | $0.0884 | $0.035 | $0.0634 | $0.0534 | $0.05 | $0.02 |
| Basic shares outstanding | 238 | 243 | 244 | 245 | 243 | 245 | 247 | 246 | 246 | 251 | 258 | 262 | 270 | 277 | 280 | 286 | 284 | 282 | 271 | 263 | 259 | 255 | 247 | 241 | 238 | 233 | 230 | 233 | 232 | 234 | 234 | 235 | 236 | 243 | 242 | 244 | 263 | 246 | 260 | 262 | 256 | 235 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 45.6% | 44.7% | 45.7% | 44.1% | 41.9% | 43.6% | 45.2% | 45.5% | 44.4% | 45.8% | 45.5% | 44.5% | 44.1% | 45.0% | 44.2% | 44.2% | 44.7% | 43.7% | 40.1% | 39.1% | 39.1% | 36.7% | 36.5% | 30.1% | 29.7% | – | – | – | – | 44.9% | 44.6% | 43.1% | 43.7% | 48.4% | 48.3% | 43.9% | 40.9% | 35.1% | 34.2% | 34.9% | 35.7% | 37.0% |
| Operating margin | 17.5% | 17.4% | 13.2% | 18.0% | 11.1% | 20.8% | 21.0% | 19.3% | 19.1% | 19.4% | 20.7% | 19.9% | 19.4% | 19.5% | 18.7% | 17.9% | 17.2% | 16.4% | 14.0% | 13.7% | 13.0% | 12.3% | 11.7% | 10.6% | 10.0% | 8.7% | 9.3% | 8.6% | 6.1% | 5.3% | 5.2% | 1.7% | 0.3% | 7.0% | 8.7% | 8.3% | 7.9% | 7.8% | 7.8% | 7.3% | 6.6% | 9.3% |
| Net margin | 12.0% | 11.9% | 9.6% | 12.9% | 7.7% | 15.9% | 16.1% | 14.1% | 13.7% | 19.7% | 13.1% | 12.1% | 12.6% | 12.3% | 12.0% | 11.3% | 10.5% | 9.7% | 8.1% | 7.6% | 7.1% | 7.1% | 6.1% | 7.7% | 6.4% | 4.3% | 4.2% | 6.2% | 4.4% | 4.3% | 4.0% | 2.1% | 1.2% | 5.2% | 5.7% | 5.5% | 5.4% | 2.2% | 4.8% | 4.4% | 4.6% | 2.0% |