
| 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 | $17,675 | $19,324 | $17,188 | $13,844 | $17,432 | $12,200 | – | – | – | – | – | $5,269 | – | – | – | – | $4,667 | $5,447 | $7,758 | – | – | – | – | $1,380 | $1,358 | $872 | $692 | $658 | $652 | $482 | $521 | $505 | $480 | $577 | $542 | $167 | $106 | $79 | $54 | $28 | $21 |
| Enterprise value | $19,156 | $20,200 | $19,938 | $16,913 | $20,277 | $13,606 | – | – | – | – | – | $5,373 | – | – | – | – | $3,657 | $4,905 | $7,186 | – | – | – | – | $1,429 | $1,498 | $977 | $790 | $589 | $657 | $456 | $517 | $494 | $460 | $554 | $510 | $164 | $99 | $63 | $52 | $22 | $30 |
| P/E (TTM) at period end | 60.90× | 24.28× | 25.50× | 21.50× | 41.53× | 24.81× | – | – | – | – | – | 16.06× | – | – | – | – | 11.67× | 12.95× | 27.02× | – | – | – | – | 12.58× | 15.48× | 17.11× | 10.58× | 12.09× | 13.91× | 11.92× | 16.19× | 26.88× | 16.73× | 21.69× | 26.56× | 11.62× | 10.42× | 12.00× | 15.51× | 31.02× | 10.57× |
| P/S (TTM) at period end | 1.47× | 1.68× | 1.58× | 1.42× | 1.24× | 0.90× | – | – | – | – | – | 0.42× | – | – | – | – | 0.41× | 0.48× | 0.92× | – | – | – | – | 0.30× | 0.34× | 0.26× | 0.24× | 0.31× | 0.37× | 0.27× | 0.30× | 0.43× | 0.42× | 0.52× | 0.52× | 0.19× | 0.13× | 0.10× | 0.17× | 0.13× | 0.10× |
| P/B at period end | 4.85× | 4.25× | 2.63× | 2.28× | 2.93× | 2.10× | – | – | – | – | – | 1.18× | – | – | – | – | 1.78× | 2.43× | 4.21× | – | – | – | – | 2.00× | 2.30× | 1.76× | 1.54× | 1.77× | 2.01× | 1.70× | 2.18× | 2.52× | 2.76× | 4.13× | 5.07× | 2.02× | 1.81× | 2.11× | 1.75× | 1.03× | 0.79× |
| EV / EBITDA (TTM) | 20.26× | 25.52× | 25.57× | 26.33× | 25.70× | 21.70× | – | – | – | – | – | 8.57× | – | – | – | – | 5.31× | 6.94× | 14.62× | – | – | – | – | 6.89× | 8.20× | 5.93× | 5.64× | 5.38× | 7.12× | 5.57× | 7.72× | 11.54× | 8.37× | 12.00× | 13.01× | 6.03× | 5.27× | 4.80× | 8.30× | 4.06× | – |
| EV / Sales (TTM) | 1.59× | 1.76× | 1.84× | 1.73× | 1.44× | 1.00× | – | – | – | – | – | 0.42× | – | – | – | – | 0.32× | 0.44× | 0.85× | – | – | – | – | 0.31× | 0.38× | 0.29× | 0.27× | 0.28× | 0.37× | 0.25× | 0.30× | 0.42× | 0.40× | 0.50× | 0.49× | 0.19× | 0.12× | 0.08× | 0.16× | 0.10× | 0.14× |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 8.0% | 17.5% | 10.3% | 10.6% | 7.1% | 8.5% | 14.8% | 2.8% | 6.6% | 4.9% | 7.1% | 7.3% | 10.0% | 10.2% | 10.0% | 8.6% | 15.2% | 18.7% | 15.6% | 13.8% | 13.2% | 12.8% | 15.2% | 15.9% | 14.8% | 10.3% | 14.6% | 14.6% | 14.5% | 14.3% | 13.5% | 9.4% | 16.5% | 19.0% | 19.1% | 17.3% | 17.3% | 17.6% | 11.3% | 3.3% | 7.5% |
| Return on invested capital | 10.2% | 9.3% | 5.9% | 5.1% | 4.7% | 6.2% | 5.5% | 0.1% | 4.1% | 6.2% | 7.6% | 7.5% | 13.0% | 12.1% | 11.3% | 12.5% | 24.6% | 24.3% | 22.2% | 18.0% | 15.4% | 13.0% | 17.3% | 15.2% | 12.5% | 13.0% | 12.4% | 17.5% | 13.5% | 15.1% | 13.6% | 10.1% | 17.5% | 19.1% | 25.0% | 15.8% | 16.5% | 27.8% | 7.6% | 7.1% | 4.3% |
| Dividend yield | 0.9% | 0.7% | 0.7% | 0.8% | 0.9% | 1.2% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | 1.30× | 1.20× | 1.37× | 1.45× | 1.34× | 1.54× | 1.34× | 1.45× | 1.56× | 1.61× | 1.58× | 1.66× | 2.14× | 2.07× | 1.47× | 2.23× | 2.17× | 1.74× | 1.78× | 1.75× | 1.70× | 1.58× | 1.59× | 1.32× | 1.35× | 1.24× | 1.25× | 1.54× | 1.55× | 1.68× | 1.44× | 1.41× | 1.61× | 1.51× | 1.42× | 1.24× | 1.24× | 1.18× | 1.42× | 1.21× | 1.12× |
| Debt / equity | 0.61× | 0.49× | 0.44× | 0.56× | 0.49× | 0.29× | 0.25× | 0.37× | 0.05× | 0.09× | 0.14× | 0.18× | 0.10× | 0.14× | 0.17× | 0.03× | 0.01× | 0.03× | 0.02× | 0.06× | 0.08× | 0.08× | 0.02× | 0.13× | 0.31× | 0.33× | 0.32× | 0.07× | 0.17× | 0.13× | 0.14× | 0.17× | – | – | – | 0.21× | 0.28× | 0.39× | 0.81× | 0.25× | 0.63× |
| Effective tax rate | 39.7% | 16.9% | 19.5% | 13.9% | 39.5% | 12.5% | 10.5% | 98.4% | 30.1% | 25.2% | 23.5% | 35.1% | 33.5% | 34.1% | 35.1% | 37.2% | 36.0% | 36.0% | 36.0% | 35.5% | 36.0% | 35.0% | 35.0% | 35.0% | 36.5% | 37.3% | 37.4% | 38.7% | 39.5% | 39.6% | 39.6% | 40.1% | 41.9% | 42.0% | 41.9% | 41.9% | 42.0% | 40.0% | 46.2% | 43.8% | 44.4% |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 122 | 126 | 127 | 129 | 131 | 133 | 139 | 138 | 120 | 121 | 126 | 132 | 131 | 129 | 127 | 126 | 125 | 124 | 122 | 120 | 118 | 114 | 128 | 111 | 109 | 106 | 106 | 105 | 104 | 104 | 101 | 101 | 100 | 96 | 95 | 90 | 85 | 78 | 74 | 72 | 73 |
| 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 | $14,219 | $12,030 | $11,501 | $10,851 | $9,783 | $14,093 | $13,567 | $12,738 | $14,985 | $10,023 | $10,964 | $12,115 | $12,695 | $11,818 | $10,894 | $10,382 | $9,916 | $11,467 | $11,252 | $8,474 | $7,421 | $5,635 | $4,594 | $4,616 | $4,556 | $3,957 | $3,419 | $2,875 | $2,101 | $1,781 | $1,799 | $1,723 | $1,166 | $1,143 | $1,106 | $1,036 | $882 | $794 | $757 | $320 | $208 | $220 |
| Cost of revenue | ($11,081) | ($9,045) | ($8,668) | ($8,141) | ($7,203) | ($11,049) | ($10,980) | ($10,261) | ($8,421) | ($5,070) | ($9,196) | ($10,146) | ($10,621) | ($9,976) | ($9,167) | ($8,822) | ($8,583) | ($9,906) | ($9,518) | ($7,263) | ($6,487) | ($4,829) | ($3,930) | ($3,990) | ($3,972) | ($3,452) | ($2,943) | ($2,446) | ($1,808) | ($1,528) | ($1,574) | ($1,520) | ($1,013) | ($986) | ($979) | ($919) | ($788) | ($718) | ($695) | ($281) | ($173) | ($183) |
| Gross profit | $3,138 | $2,985 | $2,833 | $2,711 | $2,580 | $3,044 | $2,587 | $2,477 | $2,159 | $1,260 | $1,768 | $1,968 | $2,074 | $1,842 | $1,727 | $1,559 | $1,333 | $1,561 | $1,734 | $1,211 | $934 | $806 | $665 | $626 | $584 | $505 | $476 | $429 | $294 | $252 | $225 | $204 | $152 | $156 | $127 | $118 | $94 | $76 | $62 | $39 | $34 | $37 |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | – | ($12) | ($12) | – | – | – | – | – | – | – | – | ($2) | ($2) | ($2) | ($2) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($2,488) | ($2,121) | ($2,140) | ($2,034) | ($2,040) | ($2,356) | ($2,051) | ($2,072) | ($1,771) | ($1,016) | ($1,429) | ($1,523) | ($1,546) | ($1,173) | ($1,131) | ($1,041) | ($933) | ($940) | ($1,091) | ($769) | ($633) | ($565) | ($466) | ($429) | ($411) | ($361) | ($311) | ($289) | ($184) | ($160) | ($144) | ($137) | ($110) | ($102) | ($81) | ($78) | ($67) | ($57) | ($49) | ($33) | ($29) | ($31) |
| Total operating expenses | ($2,488) | ($2,121) | ($2,140) | ($2,034) | ($2,040) | ($2,356) | ($2,051) | ($2,072) | ($1,771) | ($1,016) | ($1,429) | ($1,523) | ($1,546) | ($1,173) | ($1,131) | ($1,041) | ($933) | ($940) | ($1,091) | ($769) | ($633) | ($565) | ($466) | ($429) | ($411) | ($361) | ($351) | ($321) | ($207) | ($179) | ($161) | ($151) | ($121) | ($110) | ($89) | ($85) | ($72) | ($61) | ($52) | ($35) | ($32) | ($34) |
| Total costs and expenses | ($13,570) | ($11,166) | ($10,809) | ($10,175) | ($9,243) | ($13,405) | ($13,031) | ($12,333) | ($14,597) | ($9,779) | ($10,626) | ($11,669) | ($12,167) | ($11,149) | ($10,298) | ($9,863) | ($9,515) | ($10,847) | ($10,609) | ($8,032) | ($7,120) | ($5,394) | ($4,396) | ($4,418) | ($4,383) | ($3,813) | ($3,294) | ($2,767) | ($2,015) | ($1,707) | ($1,734) | ($1,670) | ($1,134) | ($1,097) | ($1,068) | ($1,004) | ($860) | ($779) | ($747) | ($316) | ($205) | ($218) |
| Operating income | $650 | $864 | $692 | $676 | $540 | $688 | $536 | $405 | $387 | $244 | $339 | $446 | $528 | $669 | $596 | $519 | $400 | $621 | $643 | $442 | $302 | $241 | $198 | $197 | $172 | $144 | $125 | $108 | $86 | $74 | $65 | $53 | $32 | $46 | $38 | $32 | $22 | $15 | $10 | $4 | $3 | $3 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $737 | $946 | $792 | $780 | $642 | $789 | $627 | $495 | $505 | $321 | $421 | $545 | $627 | $739 | $655 | $577 | $465 | $689 | $707 | $492 | $350 | $289 | $232 | $232 | $207 | $183 | $165 | $140 | $110 | $92 | $82 | $67 | $43 | $55 | $46 | $39 | $27 | $19 | $13 | $6 | $5 | – |
| Interest income | $34 | $36 | $34 | $25 | $4 | $4 | $5 | $9 | $9 | $9 | $8 | $7 | $10 | $5 | $6 | $5 | $5 | $13 | $15 | $20 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($165) | ($146) | ($169) | ($168) | ($100) | ($73) | ($62) | ($84) | ($77) | ($12) | ($15) | ($20) | ($11) | ($13) | ($12) | ($9) | ($10) | ($3) | ($4) | ($8) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $506 | $543 | $777 | $521 | $477 | $696 | $441 | $351 | $331 | $243 | $287 | $430 | $542 | $662 | $593 | $517 | $392 | $624 | $658 | $449 | $305 | $236 | $198 | $197 | $169 | $138 | $81 | $104 | $89 | $78 | $67 | $53 | $31 | $49 | $46 | $35 | $25 | $18 | $11 | $6 | $2 | $4 |
| Income tax expense | ($187) | ($216) | ($131) | ($101) | ($66) | ($275) | ($55) | ($37) | ($326) | ($73) | ($72) | ($101) | ($190) | ($221) | ($202) | ($181) | ($146) | ($225) | ($237) | ($162) | ($108) | ($85) | ($69) | ($69) | ($59) | ($50) | ($30) | ($39) | ($34) | ($31) | ($26) | ($21) | ($13) | ($21) | ($19) | ($15) | ($10) | ($7) | ($4) | ($3) | ($1) | ($2) |
| Net income | $338 | $289 | $806 | $666 | $644 | $477 | $492 | $848 | $163 | $294 | $210 | $303 | $328 | $423 | $379 | $331 | $246 | $400 | $421 | $287 | $197 | $151 | $129 | $128 | $110 | $88 | $51 | $65 | $54 | $47 | $40 | $32 | $19 | $29 | $27 | $20 | $14 | $10 | $7 | $4 | $1 | $2 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $2.85 | $2.38 | $6.32 | $5.30 | $4.98 | $3.20 | $3.71 | $6.08 | $1.18 | $2.42 | $1.73 | $2.40 | $2.48 | $3.23 | $2.94 | $2.60 | $1.96 | $3.21 | $3.38 | $2.35 | $1.64 | $1.12 | $1.01 | $1.00 | $0.99 | $0.81 | $0.48 | $0.62 | $0.52 | $0.45 | $0.39 | $0.32 | $0.19 | $0.29 | $0.28 | $0.22 | $0.16 | $0.12 | $0.085 | $0.0475 | $0.0125 | $0.0275 |
| Basic EPS (GAAP) | $2.87 | $2.39 | $6.35 | $5.32 | $5.01 | $3.22 | $3.74 | $6.14 | $1.18 | $2.43 | $1.75 | $2.42 | $2.51 | $3.27 | $2.97 | $2.63 | $1.98 | $3.26 | $3.47 | $2.42 | $1.69 | $1.16 | $1.03 | $1.02 | $1.01 | $0.83 | $0.49 | $0.64 | $0.53 | $0.46 | $0.39 | $0.32 | $0.19 | $0.29 | $0.28 | $0.22 | $0.16 | $0.12 | $0.085 | $0.0475 | $0.0125 | $0.0275 |
| Basic shares outstanding | 118 | 121 | 125 | 127 | 129 | 130 | 132 | 138 | 138 | 119 | 120 | 125 | 130 | 129 | 128 | 126 | 124 | 123 | 121 | 119 | 116 | 114 | 112 | 126 | 108 | 106 | 105 | 103 | 103 | 103 | 104 | 101 | 100 | 100 | 96 | 95 | 90 | 85 | 78 | 74 | 72 | 73 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 22.1% | 24.8% | 24.6% | 25.0% | 26.4% | 21.6% | 19.1% | 19.4% | 14.4% | 12.6% | 16.1% | 16.2% | 16.3% | 15.6% | 15.9% | 15.0% | 13.4% | 13.6% | 15.4% | 14.3% | 12.6% | 14.3% | 14.5% | 13.6% | 12.8% | 12.8% | 13.9% | 14.9% | 14.0% | 14.2% | 12.5% | 11.8% | 13.1% | 13.7% | 11.5% | 11.3% | 10.7% | 9.6% | 8.2% | 12.2% | 16.6% | 16.8% |
| Operating margin | 4.6% | 7.2% | 6.0% | 6.2% | 5.5% | 4.9% | 4.0% | 3.2% | 2.6% | 2.4% | 3.1% | 3.7% | 4.2% | 5.7% | 5.5% | 5.0% | 4.0% | 5.4% | 5.7% | 5.2% | 4.1% | 4.3% | 4.3% | 4.3% | 3.8% | 3.6% | 3.6% | 3.8% | 4.1% | 4.1% | 3.6% | 3.1% | 2.7% | 4.0% | 3.5% | 3.1% | 2.5% | 1.9% | 1.3% | 1.3% | 1.3% | 1.3% |
| Net margin | 2.4% | 2.4% | 7.0% | 6.1% | 6.6% | 3.4% | 3.6% | 6.7% | 1.1% | 2.9% | 1.9% | 2.5% | 2.6% | 3.6% | 3.5% | 3.2% | 2.5% | 3.5% | 3.7% | 3.4% | 2.7% | 2.7% | 2.8% | 2.8% | 2.4% | 2.2% | 1.5% | 2.3% | 2.6% | 2.6% | 2.2% | 1.9% | 1.6% | 2.5% | 2.4% | 2.0% | 1.6% | 1.3% | 0.9% | 1.1% | 0.4% | 0.9% |