Fewer U.S. guests are spending more per visit
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
EPYC and Instinct growth must justify bigger commitments
More payment revenue must leave more profit
- Revenue
- $11.5 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 6.1%
- Revenue
- $5.1 bn
- Free cash flow
- −$1.1 bn
- Operating margin
- 36.7%
- Revenue
- $12 bn
- Free cash flow
- −$3.8 bn
- Operating margin
- -7.3%
- Revenue
- $7.1 bn
- Free cash flow
- $1.8 bn
- Operating margin
- 32.5%
Fewer U.S. guests are spending more per visit
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
EPYC and Instinct growth must justify bigger commitments
More payment revenue must leave more profit
- Revenue
- $11.5 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 6.1%
- Revenue
- $5.1 bn
- Free cash flow
- −$1.1 bn
- Operating margin
- 36.7%
- Revenue
- $12 bn
- Free cash flow
- −$3.8 bn
- Operating margin
- -7.3%
- Revenue
- $7.1 bn
- Free cash flow
- $1.8 bn
- Operating margin
- 32.5%
Fewer U.S. guests are spending more per visit
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
EPYC and Instinct growth must justify bigger commitments
More payment revenue must leave more profit
- Revenue
- $11.5 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 6.1%
- Revenue
- $5.1 bn
- Free cash flow
- −$1.1 bn
- Operating margin
- 36.7%
- Revenue
- $12 bn
- Free cash flow
- −$3.8 bn
- Operating margin
- -7.3%
- Revenue
- $7.1 bn
- Free cash flow
- $1.8 bn
- Operating margin
- 32.5%
Product renewal must lift demand without sacrificing margins
Processor strength, factory returns unresolved
- Revenue
- $967.3 m
- Free cash flow
- $192.8 m
- Operating margin
- 13.4%
- Revenue
- $123.7 bn
- Free cash flow
- $21.9 bn
- Operating margin
- 16.7%
- Revenue
- $5.8 bn
- Free cash flow
- $874.7 m
- Operating margin
- 20.7%
- Revenue
- $5.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 29.5%
- Revenue
- $34 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 26.3%
Product renewal must lift demand without sacrificing margins
Processor strength, factory returns unresolved
- Revenue
- $967.3 m
- Free cash flow
- $192.8 m
- Operating margin
- 13.4%
- Revenue
- $123.7 bn
- Free cash flow
- $21.9 bn
- Operating margin
- 16.7%
- Revenue
- $5.8 bn
- Free cash flow
- $874.7 m
- Operating margin
- 20.7%
- Revenue
- $5.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 29.5%
- Revenue
- $34 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 26.3%
Product renewal must lift demand without sacrificing margins
Processor strength, factory returns unresolved
- Revenue
- $967.3 m
- Free cash flow
- $192.8 m
- Operating margin
- 13.4%
- Revenue
- $123.7 bn
- Free cash flow
- $21.9 bn
- Operating margin
- 16.7%
- Revenue
- $5.8 bn
- Free cash flow
- $874.7 m
- Operating margin
- 20.7%
- Revenue
- $5.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 29.5%
- Revenue
- $34 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 26.3%
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Rapid product growth must remain profitable and cash-generative
- Revenue
- $6.1 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 20.8%
- Revenue
- $6.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 17.4%
- Revenue
- $10.6 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 45.5%
- Revenue
- $23.1 bn
- Free cash flow
- $4.4 bn
- Operating margin
- 25.4%
- Revenue
- $13 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 21.6%
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Rapid product growth must remain profitable and cash-generative
- Revenue
- $6.1 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 20.8%
- Revenue
- $6.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 17.4%
- Revenue
- $10.6 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 45.5%
- Revenue
- $23.1 bn
- Free cash flow
- $4.4 bn
- Operating margin
- 25.4%
- Revenue
- $13 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 21.6%
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Rapid product growth must remain profitable and cash-generative
- Revenue
- $6.1 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 20.8%
- Revenue
- $6.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 17.4%
- Revenue
- $10.6 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 45.5%
- Revenue
- $23.1 bn
- Free cash flow
- $4.4 bn
- Operating margin
- 25.4%
- Revenue
- $13 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 21.6%
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Price investment faces a durability test
Netflix must keep earning viewers' time profitably
- Revenue
- $47.9 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 28.7%
- Revenue
- $321.3 bn
- Free cash flow
- $3.2 bn
- Operating margin
- 0.8%
- Revenue
- $11.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 20.5%
- Revenue
- $41.5 bn
- Free cash flow
- $14.4 bn
- Operating margin
- 20.1%
- Revenue
- $15.1 bn
- Free cash flow
- −$1 bn
- Operating margin
- 14.6%
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Price investment faces a durability test
Netflix must keep earning viewers' time profitably
- Revenue
- $47.9 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 28.7%
- Revenue
- $321.3 bn
- Free cash flow
- $3.2 bn
- Operating margin
- 0.8%
- Revenue
- $11.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 20.5%
- Revenue
- $41.5 bn
- Free cash flow
- $14.4 bn
- Operating margin
- 20.1%
- Revenue
- $15.1 bn
- Free cash flow
- −$1 bn
- Operating margin
- 14.6%
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Price investment faces a durability test
Netflix must keep earning viewers' time profitably
- Revenue
- $47.9 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 28.7%
- Revenue
- $321.3 bn
- Free cash flow
- $3.2 bn
- Operating margin
- 0.8%
- Revenue
- $11.1 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 20.5%
- Revenue
- $41.5 bn
- Free cash flow
- $14.4 bn
- Operating margin
- 20.1%
- Revenue
- $15.1 bn
- Free cash flow
- −$1 bn
- Operating margin
- 14.6%
Existing businesses are funding an unproven AI expansion
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
AI deliveries outpace cash conversion
- Revenue
- $8.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 20.2%
- Revenue
- $32.5 bn
- Free cash flow
- −$188 m
- Revenue
- $65 bn
- Free cash flow
- $12.4 bn
- Revenue
- $13 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 45.7%
Existing businesses are funding an unproven AI expansion
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
AI deliveries outpace cash conversion
- Revenue
- $8.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 20.2%
- Revenue
- $32.5 bn
- Free cash flow
- −$188 m
- Revenue
- $65 bn
- Free cash flow
- $12.4 bn
- Revenue
- $13 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 45.7%
Existing businesses are funding an unproven AI expansion
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
AI deliveries outpace cash conversion
- Revenue
- $8.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 20.2%
- Revenue
- $32.5 bn
- Free cash flow
- −$188 m
- Revenue
- $65 bn
- Free cash flow
- $12.4 bn
- Revenue
- $13 bn
- Free cash flow
- $4.1 bn
- Operating margin
- 45.7%
Networking profits are improving. Cash has not followed yet.
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
New transformation work must replace services technology displaces
New medicines and lower costs must support Pfizer's next chapter
- Revenue
- $254.2 bn
- Free cash flow
- $4.5 bn
- Operating margin
- 1%
- Revenue
- $20.6 bn
- Operating margin
- 13.4%
- Revenue
- $8.2 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 16.1%
- Revenue
- $8.3 bn
- Free cash flow
- $2 bn
- Operating margin
- 29.2%
Networking profits are improving. Cash has not followed yet.
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
New transformation work must replace services technology displaces
New medicines and lower costs must support Pfizer's next chapter
- Revenue
- $254.2 bn
- Free cash flow
- $4.5 bn
- Operating margin
- 1%
- Revenue
- $20.6 bn
- Operating margin
- 13.4%
- Revenue
- $8.2 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 16.1%
- Revenue
- $8.3 bn
- Free cash flow
- $2 bn
- Operating margin
- 29.2%
Networking profits are improving. Cash has not followed yet.
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
New transformation work must replace services technology displaces
New medicines and lower costs must support Pfizer's next chapter
- Revenue
- $254.2 bn
- Free cash flow
- $4.5 bn
- Operating margin
- 1%
- Revenue
- $20.6 bn
- Operating margin
- 13.4%
- Revenue
- $8.2 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 16.1%
- Revenue
- $8.3 bn
- Free cash flow
- $2 bn
- Operating margin
- 29.2%
Other equipment markets must offset weak large agriculture
Marketplace profits growing; expansion returns unproven
- Revenue
- $7.2 bn
- Free cash flow
- $2.4 bn
- Operating margin
- 21.9%
- Revenue
- $6.1 bn
- Operating margin
- 10.8%
- Revenue
- $11.3 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 23.1%
- Revenue
- $23.6 bn
- Free cash flow
- $2.1 bn
- Revenue
- $9.4 bn
- Free cash flow
- −$2.4 bn
- Operating margin
- 22.6%
Other equipment markets must offset weak large agriculture
Marketplace profits growing; expansion returns unproven
- Revenue
- $7.2 bn
- Free cash flow
- $2.4 bn
- Operating margin
- 21.9%
- Revenue
- $6.1 bn
- Operating margin
- 10.8%
- Revenue
- $11.3 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 23.1%
- Revenue
- $23.6 bn
- Free cash flow
- $2.1 bn
- Revenue
- $9.4 bn
- Free cash flow
- −$2.4 bn
- Operating margin
- 22.6%
Other equipment markets must offset weak large agriculture
Marketplace profits growing; expansion returns unproven
- Revenue
- $7.2 bn
- Free cash flow
- $2.4 bn
- Operating margin
- 21.9%
- Revenue
- $6.1 bn
- Operating margin
- 10.8%
- Revenue
- $11.3 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 23.1%
- Revenue
- $23.6 bn
- Free cash flow
- $2.1 bn
- Revenue
- $9.4 bn
- Free cash flow
- −$2.4 bn
- Operating margin
- 22.6%
Capacity-return inflection
Growing cloud demand must earn the larger infrastructure base
- Revenue
- $13.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 12%
- Revenue
- $4 bn
- Free cash flow
- $848.6 m
- Revenue
- $982 m
- Free cash flow
- −$233.1 m
- Operating margin
- -44.5%
- Revenue
- $164.7 bn
- Free cash flow
- $12.6 bn
- Operating margin
- 12.7%
- Revenue
- $402.1 bn
- Free cash flow
- $7.8 bn
- Operating margin
- 1.2%
Capacity-return inflection
Growing cloud demand must earn the larger infrastructure base
- Revenue
- $13.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 12%
- Revenue
- $4 bn
- Free cash flow
- $848.6 m
- Revenue
- $982 m
- Free cash flow
- −$233.1 m
- Operating margin
- -44.5%
- Revenue
- $164.7 bn
- Free cash flow
- $12.6 bn
- Operating margin
- 12.7%
- Revenue
- $402.1 bn
- Free cash flow
- $7.8 bn
- Operating margin
- 1.2%
Capacity-return inflection
Growing cloud demand must earn the larger infrastructure base
- Revenue
- $13.2 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 12%
- Revenue
- $4 bn
- Free cash flow
- $848.6 m
- Revenue
- $982 m
- Free cash flow
- −$233.1 m
- Operating margin
- -44.5%
- Revenue
- $164.7 bn
- Free cash flow
- $12.6 bn
- Operating margin
- 12.7%
- Revenue
- $402.1 bn
- Free cash flow
- $7.8 bn
- Operating margin
- 1.2%
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Operating progress must remain useful when price support fades
More sales must become stronger margins as comparable transactions fall
- Revenue
- $11.1 bn
- Free cash flow
- $921.7 m
- Operating margin
- 19.9%
- Revenue
- $94.2 bn
- Free cash flow
- $19.7 bn
- Revenue
- $15.1 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 37.2%
- Revenue
- $4.3 bn
- Free cash flow
- $931 m
- Operating margin
- 18.6%
- Revenue
- $12.2 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 35.8%
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Operating progress must remain useful when price support fades
More sales must become stronger margins as comparable transactions fall
- Revenue
- $11.1 bn
- Free cash flow
- $921.7 m
- Operating margin
- 19.9%
- Revenue
- $94.2 bn
- Free cash flow
- $19.7 bn
- Revenue
- $15.1 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 37.2%
- Revenue
- $4.3 bn
- Free cash flow
- $931 m
- Operating margin
- 18.6%
- Revenue
- $12.2 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 35.8%
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Operating progress must remain useful when price support fades
More sales must become stronger margins as comparable transactions fall
- Revenue
- $11.1 bn
- Free cash flow
- $921.7 m
- Operating margin
- 19.9%
- Revenue
- $94.2 bn
- Free cash flow
- $19.7 bn
- Revenue
- $15.1 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 37.2%
- Revenue
- $4.3 bn
- Free cash flow
- $931 m
- Operating margin
- 18.6%
- Revenue
- $12.2 bn
- Free cash flow
- $2.2 bn
- Operating margin
- 35.8%
Technology comes first. Customer orders must follow.
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
- Revenue
- $19.4 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 8.5%
- Revenue
- $23.8 bn
- Free cash flow
- $9.9 bn
- Operating margin
- 36.6%
- Revenue
- $45.9 bn
- Free cash flow
- $7.3 bn
- Revenue
- $12 bn
- Free cash flow
- $2 bn
- Operating margin
- 22.4%
- Revenue
- $4.8 bn
- Free cash flow
- $1.3 bn
- Operating margin
- -6.1%
Technology comes first. Customer orders must follow.
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
- Revenue
- $19.4 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 8.5%
- Revenue
- $23.8 bn
- Free cash flow
- $9.9 bn
- Operating margin
- 36.6%
- Revenue
- $45.9 bn
- Free cash flow
- $7.3 bn
- Revenue
- $12 bn
- Free cash flow
- $2 bn
- Operating margin
- 22.4%
- Revenue
- $4.8 bn
- Free cash flow
- $1.3 bn
- Operating margin
- -6.1%
Technology comes first. Customer orders must follow.
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
- Revenue
- $19.4 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 8.5%
- Revenue
- $23.8 bn
- Free cash flow
- $9.9 bn
- Operating margin
- 36.6%
- Revenue
- $45.9 bn
- Free cash flow
- $7.3 bn
- Revenue
- $12 bn
- Free cash flow
- $2 bn
- Operating margin
- 22.4%
- Revenue
- $4.8 bn
- Free cash flow
- $1.3 bn
- Operating margin
- -6.1%
Strong refining margins meet a smaller refinery base
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Proven profits, open commitments
- Revenue
- $303.2 bn
- Free cash flow
- $9.4 bn
- Operating margin
- 3.9%
- Revenue
- $17.2 bn
- Free cash flow
- $3.1 bn
- Revenue
- $18.9 bn
- Free cash flow
- $8.2 bn
- Revenue
- $11.1 bn
- Free cash flow
- $953.4 m
- Operating margin
- 9.5%
- Revenue
- $14.1 bn
- Free cash flow
- $1.7 bn
- Operating margin
- 32.1%
Strong refining margins meet a smaller refinery base
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Proven profits, open commitments
- Revenue
- $303.2 bn
- Free cash flow
- $9.4 bn
- Operating margin
- 3.9%
- Revenue
- $17.2 bn
- Free cash flow
- $3.1 bn
- Revenue
- $18.9 bn
- Free cash flow
- $8.2 bn
- Revenue
- $11.1 bn
- Free cash flow
- $953.4 m
- Operating margin
- 9.5%
- Revenue
- $14.1 bn
- Free cash flow
- $1.7 bn
- Operating margin
- 32.1%
Strong refining margins meet a smaller refinery base
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Proven profits, open commitments
- Revenue
- $303.2 bn
- Free cash flow
- $9.4 bn
- Operating margin
- 3.9%
- Revenue
- $17.2 bn
- Free cash flow
- $3.1 bn
- Revenue
- $18.9 bn
- Free cash flow
- $8.2 bn
- Revenue
- $11.1 bn
- Free cash flow
- $953.4 m
- Operating margin
- 9.5%
- Revenue
- $14.1 bn
- Free cash flow
- $1.7 bn
- Operating margin
- 32.1%
Search and Cloud must earn the growing computing commitment
New medicines must keep replacing older sales
- Revenue
- $24.6 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 19.1%
- Revenue
- $63.4 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 9.2%
- Revenue
- $36.8 bn
- Free cash flow
- $8.1 bn
- Operating margin
- 24.7%
- Revenue
- $21.9 bn
- Free cash flow
- $5.2 bn
- Revenue
- $20.4 bn
- Free cash flow
- $3.6 bn
- Operating margin
- 16.2%
Search and Cloud must earn the growing computing commitment
New medicines must keep replacing older sales
- Revenue
- $24.6 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 19.1%
- Revenue
- $63.4 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 9.2%
- Revenue
- $36.8 bn
- Free cash flow
- $8.1 bn
- Operating margin
- 24.7%
- Revenue
- $21.9 bn
- Free cash flow
- $5.2 bn
- Revenue
- $20.4 bn
- Free cash flow
- $3.6 bn
- Operating margin
- 16.2%
Search and Cloud must earn the growing computing commitment
New medicines must keep replacing older sales
- Revenue
- $24.6 bn
- Free cash flow
- $5.3 bn
- Operating margin
- 19.1%
- Revenue
- $63.4 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 9.2%
- Revenue
- $36.8 bn
- Free cash flow
- $8.1 bn
- Operating margin
- 24.7%
- Revenue
- $21.9 bn
- Free cash flow
- $5.2 bn
- Revenue
- $20.4 bn
- Free cash flow
- $3.6 bn
- Operating margin
- 16.2%
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
More payments must leave more profit
- Revenue
- $4.8 bn
- Free cash flow
- $665.3 m
- Operating margin
- 4.1%
- Revenue
- $67.6 bn
- Free cash flow
- $8.9 bn
- Operating margin
- 16.5%
- Revenue
- $8.3 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 24.8%
- Revenue
- $189 bn
- Free cash flow
- $16.6 bn
- Revenue
- $21.7 bn
- Free cash flow
- $2.1 bn
- Operating margin
- 10%
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
More payments must leave more profit
- Revenue
- $4.8 bn
- Free cash flow
- $665.3 m
- Operating margin
- 4.1%
- Revenue
- $67.6 bn
- Free cash flow
- $8.9 bn
- Operating margin
- 16.5%
- Revenue
- $8.3 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 24.8%
- Revenue
- $189 bn
- Free cash flow
- $16.6 bn
- Revenue
- $21.7 bn
- Free cash flow
- $2.1 bn
- Operating margin
- 10%
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
More payments must leave more profit
- Revenue
- $4.8 bn
- Free cash flow
- $665.3 m
- Operating margin
- 4.1%
- Revenue
- $67.6 bn
- Free cash flow
- $8.9 bn
- Operating margin
- 16.5%
- Revenue
- $8.3 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 24.8%
- Revenue
- $189 bn
- Free cash flow
- $16.6 bn
- Revenue
- $21.7 bn
- Free cash flow
- $2.1 bn
- Operating margin
- 10%
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Deeper adoption, durability unproven
Cloud capacity returns unresolved
- Revenue
- $85.5 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 10.6%
- Revenue
- $25.5 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 12.1%
- Revenue
- $37.4 bn
- Free cash flow
- $2.9 bn
- Operating margin
- 14.5%
- Revenue
- $80.3 bn
- Free cash flow
- $4.2 bn
- Revenue
- $3.2 bn
- Free cash flow
- $396.2 m
- Operating margin
- 14.3%
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Deeper adoption, durability unproven
Cloud capacity returns unresolved
- Revenue
- $85.5 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 10.6%
- Revenue
- $25.5 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 12.1%
- Revenue
- $37.4 bn
- Free cash flow
- $2.9 bn
- Operating margin
- 14.5%
- Revenue
- $80.3 bn
- Free cash flow
- $4.2 bn
- Revenue
- $3.2 bn
- Free cash flow
- $396.2 m
- Operating margin
- 14.3%
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Deeper adoption, durability unproven
Cloud capacity returns unresolved
- Revenue
- $85.5 bn
- Free cash flow
- $3.8 bn
- Operating margin
- 10.6%
- Revenue
- $25.5 bn
- Free cash flow
- $1.3 bn
- Operating margin
- 12.1%
- Revenue
- $37.4 bn
- Free cash flow
- $2.9 bn
- Operating margin
- 14.5%
- Revenue
- $80.3 bn
- Free cash flow
- $4.2 bn
- Revenue
- $3.2 bn
- Free cash flow
- $396.2 m
- Operating margin
- 14.3%
Aircraft recovery still lacks durable returns
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
- Revenue
- $11.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 25.6%
- Revenue
- $4.6 bn
- Free cash flow
- $333.7 m
- Operating margin
- 14%
- Revenue
- $5.5 bn
- Operating margin
- 75.8%
- Revenue
- $6.5 bn
- Free cash flow
- $4.2 bn
- Operating margin
- 64.9%
- Revenue
- $28.4 bn
- Free cash flow
- $3.7 bn
Aircraft recovery still lacks durable returns
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
- Revenue
- $11.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 25.6%
- Revenue
- $4.6 bn
- Free cash flow
- $333.7 m
- Operating margin
- 14%
- Revenue
- $5.5 bn
- Operating margin
- 75.8%
- Revenue
- $6.5 bn
- Free cash flow
- $4.2 bn
- Operating margin
- 64.9%
- Revenue
- $28.4 bn
- Free cash flow
- $3.7 bn
Aircraft recovery still lacks durable returns
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
- Revenue
- $11.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 25.6%
- Revenue
- $4.6 bn
- Free cash flow
- $333.7 m
- Operating margin
- 14%
- Revenue
- $5.5 bn
- Operating margin
- 75.8%
- Revenue
- $6.5 bn
- Free cash flow
- $4.2 bn
- Operating margin
- 64.9%
- Revenue
- $28.4 bn
- Free cash flow
- $3.7 bn




