
| 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 | $18,252 | $18,033 | $15,245 | $12,145 | $11,530 | $9,162 | $9,069 | $7,778 | $9,331 | $9,169 | $9,178 | $7,945 | $6,374 | $4,597 | $2,946 | $3,282 | $2,438 | $2,264 | $2,793 | $2,777 | $2,171 | $1,929 | $1,876 | $1,636 | $1,949 | $1,628 | $1,554 | $2,089 | $2,657 | $2,169 | $1,856 | $1,421 | $1,605 | $1,328 | $1,350 | $1,309 | $1,335 | $1,460 | $1,446 | $1,055 | $859 |
| Enterprise value | $17,979 | $17,988 | $15,544 | $12,675 | $12,026 | $9,764 | $10,113 | $8,789 | $10,444 | $10,120 | $9,983 | $8,748 | $7,146 | $5,375 | $3,761 | $3,896 | $2,821 | $2,664 | $3,218 | $3,263 | $2,227 | $2,110 | $2,113 | $1,978 | $2,417 | $2,165 | $2,166 | $2,413 | $2,806 | $2,327 | $2,010 | $1,532 | $1,764 | $1,429 | $1,346 | $1,387 | $1,375 | $1,452 | $1,397 | $1,049 | $878 |
| P/E (TTM) at period end | 17.95× | 17.27× | 15.08× | 13.32× | 14.05× | 14.61× | 13.08× | 11.44× | 16.73× | 16.78× | 19.17× | 18.83× | 18.20× | 15.02× | 10.66× | 17.60× | 18.17× | 9.57× | 15.41× | 27.75× | 23.37× | 23.61× | 23.84× | 15.43× | 102.57× | 10.96× | 12.22× | – | 17.66× | 16.50× | 16.38× | 14.46× | 18.70× | 20.12× | 18.44× | 12.99× | 12.75× | 12.89× | 16.32× | 16.11× | 14.39× |
| P/S (TTM) at period end | 3.54× | 3.53× | 2.98× | 2.51× | 2.51× | 2.32× | 2.23× | 1.91× | 2.53× | 2.67× | 2.74× | 2.42× | 2.09× | 1.56× | 1.03× | 1.25× | 1.01× | 0.79× | 0.98× | 1.13× | 0.95× | 0.80× | 0.84× | 0.78× | 0.93× | 0.75× | 0.80× | 1.18× | 1.59× | 1.46× | 1.44× | 1.19× | 1.42× | 1.35× | 1.53× | 1.41× | 1.50× | 1.71× | 1.92× | 1.58× | 1.45× |
| P/B at period end | 3.08× | 3.34× | 3.01× | 2.71× | 2.76× | 2.40× | 2.66× | 2.51× | 3.16× | 3.50× | 3.80× | 3.60× | 3.02× | 2.55× | 1.92× | 2.36× | 1.89× | 1.91× | 2.18× | 2.58× | 2.26× | 1.74× | 1.86× | 1.97× | 2.51× | 1.93× | 1.88× | 2.74× | 2.98× | 2.62× | 2.47× | 1.85× | 2.29× | 2.00× | 2.07× | 2.06× | 2.33× | 2.89× | 3.16× | 2.76× | 2.55× |
| EV / EBITDA (TTM) | 12.81× | 12.68× | 11.24× | 9.91× | 10.03× | 10.24× | 9.80× | 8.58× | 11.02× | 10.97× | 12.14× | 11.83× | 11.21× | 9.49× | 7.17× | 10.25× | 8.67× | 6.10× | 8.03× | 15.20× | 10.33× | 10.38× | 10.04× | 7.91× | 20.33× | 8.39× | 10.45× | 184.22× | 12.09× | 12.37× | 12.80× | 11.97× | 9.86× | 9.84× | 9.01× | 10.33× | 7.28× | – | – | – | – |
| EV / Sales (TTM) | 3.49× | 3.52× | 3.04× | 2.62× | 2.61× | 2.48× | 2.49× | 2.16× | 2.83× | 2.95× | 2.98× | 2.67× | 2.34× | 1.83× | 1.32× | 1.49× | 1.17× | 0.93× | 1.13× | 1.33× | 0.98× | 0.88× | 0.95× | 0.94× | 1.15× | 1.00× | 1.11× | 1.36× | 1.68× | 1.57× | 1.56× | 1.28× | 1.56× | 1.45× | 1.53× | 1.49× | 1.54× | 1.70× | 1.85× | 1.56× | 1.48× |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 17.1% | 19.4% | 19.9% | 20.3% | 19.6% | 16.4% | 20.3% | 21.9% | 18.9% | 20.9% | 19.8% | 19.1% | 16.6% | 17.0% | 18.0% | 13.4% | 10.4% | 19.9% | 14.2% | 9.3% | 9.7% | 7.4% | 7.8% | 12.8% | 2.4% | 17.6% | 15.4% | (0.6%) | 16.9% | 15.9% | 15.1% | 12.8% | 12.2% | 9.9% | 11.2% | 15.8% | 18.3% | 22.4% | 19.4% | 17.1% | 17.7% |
| Return on invested capital | 18.3% | 19.6% | 19.0% | 18.7% | 18.6% | 15.4% | 16.6% | 17.8% | 15.1% | 16.8% | 16.4% | 15.5% | 13.9% | 13.6% | 13.7% | 11.3% | 10.4% | 16.3% | 12.7% | 7.2% | 10.1% | 7.5% | 8.1% | 10.8% | 1.8% | 8.9% | 6.8% | – | 11.7% | 10.0% | 8.7% | 7.2% | 10.7% | 9.1% | 11.8% | 9.7% | 17.2% | 22.7% | 17.4% | 14.0% | 13.8% |
| Dividend yield | 2.5% | 2.3% | 2.3% | 2.6% | 2.4% | 2.7% | 2.4% | 2.5% | 1.8% | 1.6% | 1.4% | 1.4% | 1.4% | 1.8% | 2.6% | 2.2% | 2.8% | 3.1% | 2.3% | 2.3% | 2.7% | 3.0% | 3.1% | 3.5% | 2.9% | 3.4% | 3.4% | 2.4% | 1.9% | 2.1% | 2.4% | 3.3% | 2.9% | 3.4% | 3.3% | 3.4% | 3.2% | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | 4.79× | 4.15× | 3.88× | 3.47× | 3.11× | 2.65× | 2.51× | 2.33× | 1.78× | 1.90× | 2.67× | 2.59× | 2.51× | 2.83× | 2.62× | 2.00× | 2.27× | 2.08× | 1.86× | 1.63× | 2.12× | 1.77× | 2.00× | 1.90× | 2.07× | 2.21× | 2.66× | 2.36× | 2.90× | 2.98× | 2.82× | 3.67× | 2.77× | 2.60× | 3.77× | 2.85× | 3.15× | 3.55× | 3.58× | 3.49× | 3.90× |
| Debt / equity | 0.20× | 0.22× | 0.24× | 0.27× | 0.28× | 0.37× | 0.28× | 0.31× | 0.40× | 0.33× | 0.36× | 0.39× | 0.46× | 0.54× | 0.64× | 0.84× | 0.83× | 0.43× | 0.40× | 0.51× | 0.24× | 0.30× | 0.33× | 0.43× | 0.61× | 0.64× | 0.76× | 0.45× | 0.20× | 0.21× | 0.23× | 0.16× | 0.24× | 0.24× | 0.01× | 0.13× | 0.08× | 0.02× | 0.03× | 0.05× | 0.06× |
| Effective tax rate | 22.0% | 22.2% | 22.1% | 22.3% | 22.7% | 22.6% | 23.0% | 23.6% | 30.5% | 30.5% | 31.1% | 31.6% | 31.7% | 32.2% | 32.4% | 31.6% | 30.5% | 32.9% | 32.5% | 31.4% | 37.2% | 32.1% | 32.6% | 36.0% | 54.8% | 36.1% | 35.7% | 144.4% | 37.0% | 37.0% | 37.0% | 36.0% | 37.1% | 39.8% | 38.2% | 37.0% | 36.7% | 38.0% | 43.1% | 48.2% | 46.6% |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 53 | 54 | 54 | 54 | 55 | 55 | 56 | 57 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 58 | 58 | 58 | 59 | 59 | 58 | 58 | 58 | 58 | 58 | 59 | 59 | 60 | 62 | 62 | 62 | 64 | 64 | 63 | 63 | 62 | 62 | 63 | 62 | 62 | 62 |
| 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 | $5,265 | $5,156 | $5,108 | $5,108 | $4,842 | $4,602 | $3,942 | $4,068 | $4,070 | $3,687 | $3,430 | $3,353 | $3,278 | $3,056 | $2,938 | $2,854 | $2,619 | $2,421 | $2,853 | $2,841 | $2,455 | $2,281 | $2,407 | $2,233 | $2,109 | $2,096 | $2,176 | $1,946 | $1,773 | $1,672 | $1,485 | $1,292 | $1,194 | $1,132 | $984 | $882 | $932 | $891 | $855 | $754 | $670 | $591 |
| Cost of revenue | ($2,469) | ($2,489) | ($2,454) | ($2,489) | ($2,395) | ($2,219) | ($1,844) | ($1,886) | ($1,871) | ($1,862) | ($1,721) | ($1,704) | ($1,693) | ($1,584) | ($1,548) | ($1,516) | ($1,408) | ($1,305) | ($1,569) | ($1,575) | ($1,375) | ($1,270) | ($1,364) | ($1,268) | ($1,144) | ($1,147) | ($1,113) | ($994) | ($964) | ($790) | ($703) | ($597) | ($556) | ($504) | ($445) | ($418) | ($438) | ($429) | ($404) | ($360) | ($323) | ($280) |
| Gross profit | $2,595 | $2,667 | $2,655 | $2,620 | $2,447 | $2,383 | $1,748 | $1,844 | $1,870 | $1,825 | $1,710 | $1,648 | $1,584 | $1,473 | $1,390 | $1,338 | $1,211 | $1,058 | $1,285 | $1,267 | $1,080 | $1,011 | $1,043 | $965 | $965 | $949 | $1,063 | $952 | $808 | $882 | $783 | $695 | $638 | $628 | $539 | $463 | $494 | $462 | $450 | $394 | $347 | $311 |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | – | ($72) | ($67) | ($65) | ($60) | ($61) | ($57) | ($59) | ($61) | ($61) | ($53) | ($49) | ($52) | ($48) | ($45) | ($41) | ($38) | ($37) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | – | ($1,340) | ($1,305) | – | – | – | – | – | – | – | – | – | – | – | – | ($954) | ($894) | ($824) | ($933) | ($964) | ($930) | ($864) | ($901) | ($858) | ($799) | ($849) | ($793) | ($724) | ($706) | ($650) | ($594) | ($538) | ($510) | ($449) | ($394) | ($314) | ($359) | ($273) | ($250) | ($252) | ($230) | ($206) |
| Total operating expenses | ($1,284) | ($1,340) | ($1,309) | ($1,309) | ($1,240) | ($1,259) | ($868) | ($882) | ($914) | ($943) | ($848) | ($884) | ($900) | ($887) | ($874) | ($863) | ($880) | ($807) | ($896) | ($942) | ($917) | ($848) | ($901) | ($815) | ($767) | ($898) | ($871) | ($800) | ($840) | ($689) | ($626) | ($570) | ($540) | ($481) | ($423) | ($339) | ($384) | ($295) | ($268) | ($269) | ($245) | ($219) |
| Total costs and expenses | ($3,954) | ($3,828) | ($3,763) | ($3,798) | ($3,635) | ($3,478) | ($3,062) | ($3,105) | ($3,114) | ($2,805) | ($2,569) | ($2,588) | ($2,593) | ($2,470) | ($2,422) | ($2,379) | ($2,288) | ($2,170) | ($2,464) | ($2,516) | ($2,292) | ($2,118) | ($2,265) | ($2,083) | ($1,911) | ($2,045) | ($1,984) | ($1,794) | ($1,804) | ($1,479) | ($1,329) | ($1,167) | ($1,096) | ($985) | ($868) | ($758) | ($822) | ($724) | ($672) | ($629) | ($569) | ($499) |
| Operating income | $1,311 | $1,328 | $1,346 | $1,310 | $1,207 | $1,124 | $880 | $962 | $956 | $882 | $861 | $765 | $685 | $586 | $516 | $475 | $331 | $251 | $389 | $325 | $163 | $163 | $142 | $150 | $198 | $51 | $192 | $152 | ($32) | $194 | $156 | $126 | $98 | $147 | $116 | $124 | $110 | $167 | $182 | $125 | $101 | $92 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $1,397 | $1,404 | $1,418 | $1,383 | $1,279 | $1,199 | $954 | $1,032 | $1,025 | $948 | $922 | $823 | $740 | $637 | $567 | $524 | $380 | $325 | $437 | $400 | $215 | $216 | $203 | $210 | $250 | $119 | $258 | $207 | $13 | $232 | $188 | $157 | $128 | $179 | $145 | $150 | $134 | $189 | – | – | – | – |
| Interest income | – | $59 | $57 | $40 | $13 | $2 | $2 | $2 | $1 | $0 | $1 | $0 | $0 | $0 | $1 | $1 | $1 | $2 | $7 | $9 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($51) | ($50) | ($50) | ($50) | ($47) | ($53) | ($54) | ($49) | ($50) | ($52) | ($52) | ($52) | ($53) | ($56) | ($56) | ($61) | ($55) | ($48) | ($34) | ($46) | ($21) | ($22) | ($23) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $1,324 | $1,336 | $1,373 | $1,328 | $1,203 | $1,087 | $835 | $922 | $910 | $822 | $801 | $710 | $631 | $526 | $460 | $413 | $277 | $205 | $358 | $284 | $146 | $148 | $120 | $117 | $161 | $48 | $193 | $198 | $11 | $239 | $209 | $180 | $154 | $136 | $110 | $118 | $160 | $166 | $183 | $156 | $126 | $112 |
| Income tax expense | ($287) | ($294) | ($304) | ($293) | ($269) | ($247) | ($189) | ($212) | ($214) | ($251) | ($244) | ($221) | ($200) | ($167) | ($148) | ($134) | ($88) | ($63) | ($118) | ($92) | ($46) | ($55) | ($39) | ($38) | ($58) | ($26) | ($70) | ($71) | ($16) | ($88) | ($77) | ($67) | ($55) | ($51) | ($44) | ($45) | ($59) | ($61) | ($70) | ($67) | ($61) | ($52) |
| Net income | $1,011 | $1,017 | $1,044 | $1,011 | $912 | $820 | $627 | $694 | $680 | $558 | $546 | $479 | $422 | $350 | $306 | $276 | $186 | $134 | $237 | $181 | $100 | $93 | $82 | $79 | $106 | $19 | $148 | $127 | ($5) | $150 | $132 | $113 | $98 | $86 | $66 | $73 | $101 | $105 | $113 | $89 | $66 | $60 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $19.23 | $19.19 | $19.51 | $18.76 | $16.82 | $14.92 | $11.44 | $12.41 | $11.87 | $9.52 | $9.20 | $8.10 | $7.14 | $5.93 | $5.20 | $4.71 | $3.19 | $2.32 | $4.07 | $3.09 | $1.69 | $1.59 | $1.40 | $1.35 | $1.81 | $0.33 | $2.53 | $2.16 | ($0.08) | $2.44 | $2.13 | $1.84 | $1.53 | $1.34 | $1.04 | $1.17 | $1.63 | $1.70 | $1.81 | $1.42 | $1.06 | $0.97 |
| Basic EPS (GAAP) | $19.53 | $19.52 | $19.85 | $19.11 | $17.14 | $15.22 | $11.55 | $12.59 | $12.08 | $9.72 | $9.40 | $8.24 | $7.26 | $6.02 | $5.26 | $4.75 | $3.22 | $2.33 | $4.12 | $3.13 | $1.72 | $1.61 | $1.41 | $1.35 | $1.82 | $0.33 | $2.54 | $2.18 | ($0.08) | $2.47 | $2.16 | $1.84 | $1.53 | $1.35 | $1.04 | $1.17 | $1.63 | $1.70 | $1.81 | $1.42 | $1.06 | $0.97 |
| Basic shares outstanding | 52 | 52 | 53 | 53 | 53 | 54 | 54 | 55 | 56 | 57 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 60 | 61 | 61 | 62 | 64 | 64 | 63 | 63 | 62 | 62 | 63 | 62 | 62 | 62 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 49.3% | 51.7% | 52.0% | 51.3% | 50.5% | 51.8% | 44.4% | 45.3% | 45.9% | 49.5% | 49.8% | 49.2% | 48.3% | 48.2% | 47.3% | 46.9% | 46.2% | 43.7% | 45.0% | 44.6% | 44.0% | 44.3% | 43.3% | 43.2% | 45.7% | 45.3% | 48.9% | 48.9% | 45.6% | 52.8% | 52.7% | 53.8% | 53.5% | 55.5% | 54.8% | 52.6% | 53.0% | 51.8% | 52.7% | 52.2% | 51.8% | 52.6% |
| Operating margin | 24.9% | 25.8% | 26.3% | 25.7% | 24.9% | 24.4% | 22.3% | 23.7% | 23.5% | 23.9% | 25.1% | 22.8% | 20.9% | 19.2% | 17.6% | 16.6% | 12.7% | 10.4% | 13.6% | 11.4% | 6.6% | 7.2% | 5.9% | 6.7% | 9.4% | 2.4% | 8.8% | 7.8% | (1.8%) | 11.6% | 10.5% | 9.7% | 8.2% | 13.0% | 11.8% | 14.1% | 11.8% | 18.7% | 21.3% | 16.6% | 15.1% | 15.6% |
| Net margin | 19.2% | 19.7% | 20.4% | 19.8% | 18.8% | 17.8% | 15.9% | 17.0% | 16.7% | 15.1% | 15.9% | 14.3% | 12.9% | 11.5% | 10.4% | 9.7% | 7.1% | 5.5% | 8.3% | 6.4% | 4.1% | 4.1% | 3.4% | 3.5% | 5.0% | 0.9% | 6.8% | 6.5% | (0.3%) | 9.0% | 8.9% | 8.8% | 8.2% | 7.6% | 6.7% | 8.3% | 10.8% | 11.8% | 13.3% | 11.7% | 9.8% | 10.1% |