
| 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 | $17,105 | $16,234 | $19,417 | $24,493 | $19,968 | $14,303 | $15,129 | $13,675 | $13,531 | $13,607 | $12,233 | $16,337 | $12,864 | $9,881 | $9,587 | $8,113 | $6,051 | $6,147 | $7,831 | $8,138 | $7,644 | $7,697 | $5,777 | $5,371 | $6,340 | $4,583 | $4,435 | $6,000 | $6,084 | $5,381 | $5,027 | $4,465 | $4,685 | $3,893 | $3,720 | $2,932 | $3,239 | $2,726 | $2,789 | $2,319 | $2,067 |
| Enterprise value | $24,920 | $21,511 | $23,217 | $28,018 | $22,744 | $16,793 | $19,056 | $16,507 | $16,569 | $14,292 | $12,696 | $17,016 | $13,469 | $10,022 | $9,606 | $8,092 | $6,222 | $6,648 | $8,179 | $8,575 | $8,013 | $8,115 | $6,487 | $6,190 | $7,193 | $5,522 | $5,271 | $6,705 | $6,297 | $5,507 | $5,117 | $4,420 | $4,597 | $3,764 | $3,584 | $2,858 | $3,153 | $2,622 | $2,696 | $2,176 | $1,920 |
| P/E (TTM) at period end | 259.38× | 17.96× | 14.75× | 20.71× | 22.22× | – | 24.36× | 16.87× | 21.94× | 19.80× | 17.33× | 22.97× | 18.78× | 15.25× | 16.97× | 17.06× | 15.14× | 12.93× | 15.47× | 17.12× | 17.48× | 19.46× | 17.29× | – | 21.34× | 11.90× | 11.74× | 16.86× | 17.77× | 16.30× | 16.26× | 15.48× | 18.17× | 17.71× | 17.91× | 14.19× | 16.23× | 15.03× | 18.81× | 19.07× | 16.38× |
| P/S (TTM) at period end | 0.70× | 0.69× | 0.84× | 1.11× | 1.06× | 0.86× | 0.86× | 0.81× | 0.94× | 0.89× | 0.80× | 1.06× | 0.91× | 0.76× | 0.77× | 0.72× | 0.60× | 0.56× | 0.72× | 0.78× | 0.78× | 0.85× | 0.68× | 0.65× | 0.77× | 0.55× | 0.56× | 0.91× | 1.01× | 0.94× | 0.96× | 0.92× | 1.07× | 1.06× | 1.08× | 0.88× | 1.02× | 0.93× | 1.07× | 0.97× | 0.91× |
| P/B at period end | 3.87× | 3.74× | 4.41× | 6.46× | 5.72× | 4.46× | 4.12× | 3.96× | 3.97× | 4.26× | 3.89× | 4.95× | 3.84× | 3.30× | 3.49× | 2.90× | 2.31× | 2.64× | 2.88× | 3.19× | 2.84× | 3.02× | 2.50× | 2.52× | 2.70× | 2.03× | 2.04× | 2.92× | 3.27× | 3.11× | 3.04× | 2.93× | 3.24× | 3.15× | 3.30× | 2.84× | 3.33× | 3.16× | 3.67× | 3.06× | 2.83× |
| EV / EBITDA (TTM) | 14.22× | 11.62× | 11.07× | 14.28× | 15.64× | 13.49× | 15.03× | 9.96× | 11.73× | 10.38× | 8.93× | 12.01× | 10.64× | 8.52× | 8.98× | 8.71× | 7.86× | 7.00× | 10.29× | 9.85× | 10.35× | 11.62× | 10.12× | 9.16× | 10.97× | 7.47× | 7.34× | 10.18× | 10.08× | 9.24× | 9.24× | 8.63× | 9.99× | 9.77× | 9.83× | 7.89× | 9.10× | – | – | – | – |
| EV / Sales (TTM) | 1.03× | 0.92× | 1.01× | 1.27× | 1.21× | 1.02× | 1.09× | 0.98× | 1.15× | 0.93× | 0.83× | 1.11× | 0.96× | 0.77× | 0.77× | 0.72× | 0.62× | 0.60× | 0.75× | 0.82× | 0.82× | 0.89× | 0.77× | 0.75× | 0.88× | 0.66× | 0.66× | 1.02× | 1.05× | 0.96× | 0.97× | 0.91× | 1.05× | 1.03× | 1.04× | 0.86× | 1.00× | 0.89× | 1.03× | 0.91× | 0.84× |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 1.5% | 20.8% | 29.9% | 31.2% | 25.7% | (0.9%) | 16.9% | 23.5% | 18.1% | 21.5% | 22.4% | 21.5% | 20.5% | 21.6% | 20.6% | 17.0% | 15.2% | 20.5% | 18.6% | 18.6% | 16.2% | 15.5% | 14.4% | (1.3%) | 12.7% | 17.0% | 17.3% | 17.3% | 18.4% | 19.1% | 18.7% | 18.9% | 17.8% | 17.8% | 18.4% | 20.0% | 20.5% | 21.0% | 19.5% | 16.0% | 17.3% |
| Return on invested capital | 9.9% | 11.5% | 16.1% | 16.6% | 13.9% | 7.3% | 10.0% | 17.2% | 11.8% | 20.3% | 22.3% | 20.3% | 18.8% | 21.8% | 22.5% | 19.2% | 15.8% | 18.8% | 17.8% | 16.4% | 14.3% | 13.4% | 11.7% | 12.5% | 10.7% | 12.0% | 12.5% | 12.9% | 16.5% | 17.8% | 17.8% | 19.5% | 19.1% | 19.9% | 20.9% | 21.6% | 22.5% | 23.9% | 22.2% | 19.8% | 20.7% |
| Dividend yield | 3.3% | 3.4% | 2.7% | 2.0% | 2.3% | 3.2% | 2.9% | 3.0% | 2.9% | 2.8% | 3.0% | 2.1% | 2.5% | 3.0% | 2.9% | 3.2% | 4.2% | 4.1% | 3.1% | 2.8% | 2.8% | 2.7% | 3.5% | 3.7% | 3.1% | 4.1% | 4.2% | 3.0% | 2.8% | 3.0% | 3.0% | 3.1% | 2.8% | 2.9% | 2.9% | 3.5% | 2.8% | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | 1.08× | 1.16× | 1.23× | 1.15× | 1.18× | 1.21× | 1.24× | 1.28× | 1.34× | 1.40× | 1.41× | 1.56× | 1.64× | 1.94× | 2.36× | 2.24× | 2.86× | 3.01× | 2.62× | 3.20× | 3.05× | 3.21× | 3.36× | 3.04× | 3.42× | 3.06× | 3.16× | 3.28× | 3.76× | 3.41× | 3.71× | 3.78× | 4.26× | 4.13× | 4.06× | 4.09× | 4.31× | 4.18× | 3.88× | 4.08× | 4.05× |
| Debt / equity | 0.87× | 0.98× | 0.89× | 0.88× | 0.69× | 0.84× | 0.93× | 0.91× | 0.95× | 0.27× | 0.20× | 0.23× | 0.23× | 0.17× | 0.18× | 0.18× | 0.19× | 0.22× | 0.18× | 0.20× | 0.19× | 0.20× | 0.29× | 0.37× | 0.38× | 0.41× | 0.38× | 0.36× | 0.13× | 0.09× | 0.06× | 0.01× | 0.01× | 0.01× | 0.01× | 0.04× | 0.05× | 0.02× | 0.03× | 0.03× | 0.03× |
| Effective tax rate | (26.4%) | 23.1% | 24.4% | 24.8% | 25.1% | 56.9% | 24.8% | 24.6% | 39.4% | 36.0% | 37.2% | 36.4% | 34.4% | 36.4% | 36.6% | 37.6% | 38.0% | 38.1% | 38.0% | 38.3% | 38.3% | 37.8% | 38.1% | 39.3% | 40.1% | 40.4% | 39.9% | 39.6% | 39.5% | 39.5% | 39.5% | 39.2% | 39.2% | 37.9% | 38.0% | 38.0% | 38.0% | 37.6% | 43.4% | 49.5% | 49.0% |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 139 | 140 | 141 | 142 | 144 | 145 | 146 | 147 | 148 | 150 | 152 | 154 | 156 | 156 | 158 | 158 | 160 | 163 | 170 | 172 | 175 | 176 | 174 | 175 | 174 | 175 | 179 | 180 | 180 | 182 | 184 | 186 | 187 | 172 | 172 | 174 | 173 | 173 | 179 | 181 | 183 |
| 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 | $25,333 | $24,300 | $23,487 | $23,091 | $22,096 | $18,871 | $16,537 | $17,522 | $16,832 | $14,396 | $15,340 | $15,280 | $15,342 | $14,078 | $13,014 | $12,459 | $11,208 | $10,058 | $11,015 | $10,843 | $10,458 | $9,783 | $9,097 | $8,449 | $8,259 | $8,221 | $8,370 | $7,951 | $6,588 | $6,005 | $5,720 | $5,262 | $4,858 | $4,384 | $3,669 | $3,435 | $3,319 | $3,161 | $2,942 | $2,606 | $2,394 | $2,280 |
| Cost of revenue | ($15,937) | ($15,359) | ($14,963) | ($14,800) | ($14,356) | ($12,236) | ($10,883) | ($11,663) | ($11,312) | ($11,402) | ($10,740) | ($10,724) | ($10,748) | ($9,858) | ($9,236) | ($8,853) | ($7,955) | ($7,048) | ($7,743) | ($7,626) | ($7,182) | ($6,719) | ($6,268) | ($5,827) | ($5,705) | ($5,699) | ($5,672) | ($5,346) | ($4,399) | ($4,120) | ($3,952) | ($3,612) | ($3,306) | ($2,989) | ($2,498) | ($2,344) | ($2,266) | ($2,170) | ($2,029) | ($1,796) | ($1,653) | ($1,575) |
| Gross profit | $9,395 | $8,941 | $8,524 | $8,291 | $7,740 | $6,634 | $5,655 | $5,860 | $5,520 | $4,431 | $4,600 | $4,556 | $4,594 | $4,220 | $3,778 | $3,606 | $3,253 | $3,010 | $3,272 | $3,217 | $3,275 | $3,064 | $2,830 | $2,623 | $2,554 | $2,521 | $2,698 | $2,605 | $2,188 | $1,886 | $1,768 | $1,650 | $1,552 | $1,396 | $1,171 | $1,091 | $1,053 | $991 | $913 | $810 | $741 | $704 |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($7,583) | ($7,151) | ($6,643) | ($6,167) | ($5,758) | ($5,163) | ($4,387) | ($4,578) | ($4,241) | ($3,358) | ($3,392) | ($3,277) | ($3,314) | ($3,028) | ($2,657) | ($2,594) | ($2,367) | ($2,220) | ($2,360) | ($2,278) | ($2,405) | ($2,355) | ($2,194) | ($2,051) | ($1,948) | ($1,952) | ($1,959) | ($1,887) | ($1,530) | ($1,261) | ($1,172) | ($1,096) | ($1,040) | ($935) | ($786) | ($726) | ($691) | ($644) | ($598) | ($526) | ($481) | ($451) |
| Total operating expenses | ($8,387) | ($7,726) | ($7,081) | ($6,544) | ($6,126) | ($5,471) | ($4,683) | ($4,849) | ($4,089) | ($3,172) | ($3,370) | ($3,277) | ($3,325) | ($3,088) | ($2,700) | ($2,626) | ($2,414) | ($2,308) | ($2,412) | ($2,335) | ($2,479) | ($2,355) | ($2,194) | ($2,051) | ($1,948) | ($1,952) | ($2,051) | ($1,977) | ($1,599) | ($1,320) | ($1,223) | ($1,140) | ($1,077) | ($970) | ($817) | ($756) | ($720) | ($669) | ($622) | ($548) | ($500) | ($468) |
| Total costs and expenses | ($24,324) | ($23,086) | ($22,044) | ($21,344) | ($20,482) | ($17,708) | ($15,566) | ($16,511) | ($15,401) | ($13,137) | ($14,110) | ($14,001) | ($14,073) | ($12,946) | ($11,936) | ($11,479) | ($10,368) | ($9,356) | ($10,154) | ($9,961) | ($9,661) | ($9,074) | ($8,461) | ($7,878) | ($7,653) | ($7,651) | ($7,723) | ($7,323) | ($5,998) | ($5,440) | ($5,175) | ($4,751) | ($4,384) | ($3,958) | ($3,315) | ($3,100) | ($2,986) | ($2,839) | ($2,652) | ($2,344) | ($2,154) | ($2,043) |
| Operating income | $1,009 | $1,215 | $1,443 | $1,747 | $1,614 | $1,163 | $972 | $1,011 | $1,431 | $1,260 | $1,229 | $1,279 | $1,269 | $1,132 | $1,078 | $980 | $839 | $702 | $861 | $882 | $797 | $709 | $636 | $572 | $606 | $570 | $647 | $628 | $589 | $566 | $545 | $511 | $475 | $426 | $354 | $335 | $333 | $322 | $290 | $262 | $241 | $236 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $1,584 | $1,753 | $1,851 | $2,098 | $1,962 | $1,454 | $1,245 | $1,268 | $1,658 | $1,413 | $1,377 | $1,421 | $1,417 | $1,266 | $1,177 | $1,069 | $929 | $792 | $950 | $794 | $870 | $775 | $698 | $641 | $676 | $656 | $739 | $718 | $658 | $624 | $596 | $554 | $512 | $460 | $385 | $365 | $362 | $346 | – | – | – | – |
| Interest income | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | $1 | $0 | $10 | $5 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($181) | ($164) | ($97) | ($64) | ($74) | ($62) | ($91) | ($91) | ($102) | ($41) | ($21) | ($22) | ($25) | ($27) | ($20) | ($27) | ($28) | ($28) | ($32) | ($31) | ($32) | ($30) | ($37) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | ($12) | $52 | $1,176 | $1,742 | $1,573 | $1,200 | $379 | $859 | $995 | $931 | $1,074 | $1,124 | $1,118 | $1,044 | $1,019 | $891 | $762 | $644 | $768 | $817 | $771 | $709 | $636 | $572 | $606 | $496 | $647 | $628 | $589 | $566 | $545 | $511 | $475 | $426 | $354 | $335 | $333 | $322 | $290 | $262 | $241 | $236 |
| Income tax expense | $43 | $14 | ($272) | ($426) | ($390) | ($302) | ($216) | ($213) | ($245) | ($367) | ($387) | ($418) | ($406) | ($359) | ($371) | ($326) | ($286) | ($245) | ($293) | ($310) | ($296) | ($272) | ($240) | ($218) | ($238) | ($199) | ($261) | ($250) | ($233) | ($223) | ($215) | ($202) | ($186) | ($167) | ($134) | ($127) | ($127) | ($122) | ($109) | ($114) | ($119) | ($116) |
| Net income | $31 | $66 | $904 | $1,317 | $1,183 | $899 | ($29) | $621 | $810 | $617 | $687 | $706 | $711 | $685 | $648 | $565 | $476 | $400 | $475 | $506 | $475 | $437 | $396 | $334 | ($28) | $297 | $385 | $378 | $356 | $342 | $330 | $309 | $288 | $258 | $220 | $208 | $207 | $200 | $181 | $148 | $122 | $126 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $0.25 | $0.47 | $6.47 | $9.33 | $8.31 | $6.23 | ($0.20) | $4.24 | $5.50 | $4.18 | $4.59 | $4.63 | $4.61 | $4.40 | $4.14 | $3.58 | $3.00 | $2.50 | $2.92 | $2.98 | $2.76 | $2.50 | $2.25 | $1.91 | ($0.16) | $1.71 | $2.20 | $2.11 | $1.98 | $1.90 | $1.81 | $1.68 | $1.55 | $1.38 | $1.28 | $1.21 | $1.19 | $1.15 | $1.05 | $0.83 | $0.67 | $0.69 |
| Basic EPS (GAAP) | $0.26 | $0.47 | $6.49 | $9.38 | $8.36 | $6.27 | ($0.20) | $4.26 | $5.53 | $4.19 | $4.61 | $4.65 | $4.64 | $4.43 | $4.17 | $3.61 | $3.01 | $2.51 | $2.93 | $2.99 | $2.77 | $2.51 | $2.26 | $1.92 | ($0.16) | $1.72 | $2.20 | $2.11 | $1.98 | $1.91 | $1.82 | $1.68 | $1.55 | $1.38 | $1.28 | $1.21 | $1.19 | $1.15 | $1.05 | $0.83 | $0.67 | $0.69 |
| Basic shares outstanding | 138 | 139 | 139 | 140 | 141 | 143 | 144 | 146 | 147 | 147 | 149 | 152 | 153 | 155 | 155 | 157 | 158 | 159 | 162 | 169 | 172 | 174 | 175 | 174 | 174 | 173 | 175 | 179 | 179 | 179 | 181 | 184 | 186 | 187 | 172 | 172 | 174 | 173 | 173 | 179 | 181 | 183 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 37.1% | 36.8% | 36.3% | 35.9% | 35.0% | 35.2% | 34.2% | 33.4% | 32.8% | 30.8% | 30.0% | 29.8% | 29.9% | 30.0% | 29.0% | 28.9% | 29.0% | 29.9% | 29.7% | 29.7% | 31.3% | 31.3% | 31.1% | 31.0% | 30.9% | 30.7% | 32.2% | 32.8% | 33.2% | 31.4% | 30.9% | 31.4% | 31.9% | 31.8% | 31.9% | 31.8% | 31.7% | 31.3% | 31.0% | 31.1% | 31.0% | 30.9% |
| Operating margin | 4.0% | 5.0% | 6.1% | 7.6% | 7.3% | 6.2% | 5.9% | 5.8% | 8.5% | 8.8% | 8.0% | 8.4% | 8.3% | 8.0% | 8.3% | 7.9% | 7.5% | 7.0% | 7.8% | 8.1% | 7.6% | 7.2% | 7.0% | 6.8% | 7.3% | 6.9% | 7.7% | 7.9% | 8.9% | 9.4% | 9.5% | 9.7% | 9.8% | 9.7% | 9.6% | 9.8% | 10.0% | 10.2% | 9.9% | 10.1% | 10.0% | 10.4% |
| Net margin | 0.1% | 0.3% | 3.8% | 5.7% | 5.4% | 4.8% | (0.2%) | 3.5% | 4.8% | 4.3% | 4.5% | 4.6% | 4.6% | 4.9% | 5.0% | 4.5% | 4.2% | 4.0% | 4.3% | 4.7% | 4.5% | 4.5% | 4.3% | 4.0% | (0.3%) | 3.6% | 4.6% | 4.7% | 5.4% | 5.7% | 5.8% | 5.9% | 5.9% | 5.9% | 6.0% | 6.0% | 6.2% | 6.3% | 6.2% | 5.7% | 5.1% | 5.5% |