Arch Capital Group Ltd. logo ACGL - Arch Capital Group Ltd.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 16
HOLD 16
SELL 2
STRONG
SELL
0
| PRICE TARGET: $103.50 DETAILS
HIGH: $114.00
LOW: $93.00
MEDIAN: $103.00
CONSENSUS: $103.50
UPSIDE: 7.48%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1
Revenue
Revenue 4,361 5,387 4,977 4,973 4,592 5,020 4,480 4,062 3,878 3,787 3,293 3,096 3,118 2,951.7 2,491 2,268 1,946 2,251.5 2,036.3 2,427.8 2,210.6 2,225.0 2,138.9 2,323.5 1,614.8 1,664.1 1,698.7 1,741.7 1,679.5 1,383.5 1,398.6 1,456.0 1,236.2 1,361.9 1,420.4 1,335.3 1,251.7 1,010.0 1,178.2 1,207.1 1,056.5 901.0 949.4 983.9 1,143.0 1,048.6 1,043.6 1,024.1 936.4 908.0 814.9 854.7 900.6 880.9 863.7 866.5 768.4 747.7 855.6 775.6 775.1 825.5 797.4 776.3 844.9 926.2 976.2 848.7 750.4 534.9 746.8 835.9 849.2 858.2 867.2 867.3 859.8 902.8 850.3 859.2 840.3 818.3 799.0 796.7 753.6 808.3 795.6 753.8 746.3 722.9 538.0 305.7 131.1 18.1 23.2 16.9 (9.8) 4.1 36.3 92.8
Cost of Revenue 2,089 3,059 2,986 3,127 3,351 3,114 3,084 2,460 2,335 2,280 2,222 2,052 2,004 1,741.8 2,131 1,516 1,379 1,353.4 1,532.0 1,495.0 1,507.6 1,382.2 1,464.2 1,485.3 1,362.7 1,066.8 1,013.6 977.6 916.4 1,037.0 901.0 929.0 828.2 887.8 1,240.0 880.3 734.9 722.3 685.5 757.3 690.8 677.4 703.3 694.9 656.8 671.0 665.2 643.7 596.6 591.8 574.4 550.3 527.0 756.1 571.9 528.0 514.2 501.4 544.2 542.3 602.6 160.7 470.5 470.6 545.7 923.0 667.4 622.0 614.1 614.0 682.3 523.9 519.1 507.5 534.1 542.9 540.2 562.5 563.3 610.8 597.9 622.7 815.0 592.5 551.7 585.2 699.1 573.8 582.5 561.5 427.0 228.4 98.1 7.2 5.5 1.5 0 0 32.4 70.7
Gross Profit 2,272 2,328 1,991 1,846 1,241 1,906 1,396 1,602 1,543 1,507 1,071 1,044 1,114 1,209.9 360 752 567 898.1 504.3 932.8 703.0 842.8 674.7 838.2 252.1 597.3 685.1 764.0 763.1 346.5 497.6 527.1 407.9 474.1 180.4 455.0 516.8 287.7 492.8 449.8 365.7 223.6 246.1 289.1 486.2 377.6 378.4 380.4 339.8 316.1 240.6 304.3 373.6 124.8 291.8 338.6 254.3 246.3 311.4 233.3 172.4 664.8 326.9 305.7 299.2 3.2 308.8 226.8 136.3 (79.1) 64.5 312.1 330.1 350.7 333.0 324.4 319.6 340.3 287.1 248.4 242.5 195.6 (16.0) 204.2 201.9 223.1 96.5 180.0 163.9 161.4 111.1 77.2 33.0 10.9 17.7 15.3 (9.8) 4.1 3.9 22.1
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 0 (79) 0 29 50 1,584 19 23 46 31 20 21 30 17.8 18 28 32 18.1 19.7 16.0 25.4 25.3 17.9 17.9 20.8 26.8 17.1 18.3 18.0 26.8 14.3 22.5 15.3 14.0 17.1 24.9 27.8 36.7 18.5 17.2 9.4 0 10.7 17.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Expenses 1,127 1,020 488 406 513 (881) 327 425 430 390 369 378 390 344.9 329 361 386 329.7 288.6 293.7 310.2 273.4 272.1 259.5 296.3 257.5 247.8 248.0 250.6 221.4 217.1 233.0 232.4 232.0 231.5 229.6 234.7 184.1 174.1 177.9 171.0 189.6 159.5 155.2 170.6 167.3 153.6 170.7 160.2 144.4 124.0 133.3 126.1 134.3 121.0 125.3 112.9 108.0 114.4 139.0 147.5 434.2 175.6 60.8 75.5 (288.2) 25.8 59.4 (19.5) 55.2 33.5 108.1 126.3 110.9 124.7 112.5 106.1 96.0 92.4 91.2 98.8 82.3 70.9 70.4 76.6 103.1 80.8 71.0 65.4 75.3 42.7 33.8 23.5 12.1 5.0 4.0 17.2 1.5 1.7 3.7
Operating Expenses 1,127 941 488 435 563 703 346 448 476 421 389 399 420 362.7 347 389 418 347.8 308.3 309.6 335.5 298.7 290.0 277.4 317.1 284.3 264.9 266.2 268.6 248.3 231.5 255.5 247.7 245.9 248.6 254.4 262.5 220.8 192.6 195.1 180.4 189.6 170.3 172.6 170.6 167.3 153.6 170.7 160.2 144.4 124.0 133.3 126.1 134.3 121.0 125.3 112.9 108.0 114.4 139.0 147.5 434.2 175.6 60.8 75.5 (288.2) 25.8 59.4 (19.5) 55.2 33.5 108.1 126.3 110.9 124.7 112.5 106.1 96.0 92.4 91.2 98.8 82.3 70.9 70.4 76.6 103.1 80.8 71.0 65.4 75.3 42.7 33.8 23.5 12.1 5.0 4.0 17.2 1.5 1.7 3.7
Operating Income
Operating Income 1,145 1,387 1,503 1,411 678 1,203 1,050 1,154 1,067 1,086 682 645 694 847.1 13 363 149 550.3 196.0 623.2 367.4 544.1 384.7 560.8 (65.0) 313.0 420.2 497.8 494.5 98.2 266.1 271.5 160.2 228.2 (68.1) 200.6 254.3 66.9 300.2 254.8 185.3 33.9 75.8 116.4 315.5 210.2 224.7 209.8 179.6 171.7 116.6 171.1 247.5 (9.5) 170.8 213.2 141.3 138.3 196.9 94.3 24.9 230.6 151.2 244.9 223.7 291.4 283.1 167.4 155.8 (134.3) 31.0 204.0 203.8 239.8 208.3 211.9 213.5 244.3 194.7 157.2 143.7 113.2 (86.9) 133.8 125.3 120.0 15.7 109.0 98.4 86.1 68.4 43.4 9.5 (1.2) 12.6 11.3 (27.0) 2.6 2.2 18.4
Interest Expense 37 38 37 38 35 37 35 35 34 34 34 33 32 31.7 33 33 33 32.2 33.2 35.7 38.3 38.4 41.3 31.1 32.6 31.2 31.3 29.3 29.1 29.8 29.7 30.3 30.6 30.5 29.5 28.7 28.7 18.5 15.9 15.7 16.1 15.8 13.3 4.0 12.7 12.7 4.2 14.3 14.4 9.4 5.9 5.9 5.9 6.2 7.4 7.4 7.5 8.1 8.1 7.8 7.7 7.5 7.4 7.9 7.3 7.0 6.0 5.7 5.7 6.3 6.2 5.8 5.5 5.5 5.5 5.5 5.5 5.5 5.4 5.7 5.6 5.6 5.6 5.6 5.6 5.6 6.3 4.6 1.4 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 10 10 0 0 (8) 0 0 8 0 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 1,212 1,504 1,589 1,497 762 1,073 1,173 1,383 1,221 1,246 799 771 797 944.9 53 481 245 682.8 354.7 796.4 491.9 691.0 569.5 543.3 (20.1) 393.2 488.6 579.4 590.9 147.3 338.2 336.8 245.7 320.9 24.3 292.8 362.4 101.8 337.7 284.0 212.8 55.3 87.0 136.6 334.2 225.4 233.9 233.3 197.3 186.3 128.2 187.9 267.2 13.3 202.5 228.5 173.7 146.4 174.5 102.1 32.6 238.1 158.6 252.8 231.0 298.4 289.1 173.1 161.5 (128.0) 37.2 209.8 209.4 245.3 213.8 217.4 219.0 249.8 200.0 162.9 149.3 118.9 (81.3) 139.4 130.9 125.6 22.1 113.6 99.8 86.1 68.4 43.4 9.5 (1.2) 12.6 11.3 0 0 2.2 18.4
EBIT 1,182 1,457 1,540 1,449 713 974 1,085 1,356 1,200 1,222 775 747 774 919.2 27 454 218 649.7 334.6 781.1 477.5 671.8 552.8 526.8 (36.7) 371.3 468.6 559.6 570.4 121.1 311.9 310.4 218.9 289.1 (7.5) 262.0 331.1 101.8 332.8 279.2 208.0 55.3 87.0 136.6 334.2 225.4 233.9 233.3 197.3 186.3 128.2 187.9 267.2 13.3 202.5 228.5 173.7 146.4 174.5 102.1 32.6 238.1 158.6 252.8 231.0 298.4 289.1 173.1 161.5 (128.0) 37.2 209.8 209.4 245.3 213.8 217.4 219.0 249.8 200.0 162.9 149.3 118.9 (81.3) 139.4 130.9 125.6 22.1 113.6 99.8 86.1 68.4 43.4 9.5 (1.2) 12.6 11.3 0 0 2.2 18.4
Income Before Tax 1,145 1,448 1,565 1,451 695 1,001 1,086 1,366 1,221 1,257 795 736 781 923.7 3 426 210 658.1 425.6 769.8 514.6 633.4 512.4 492.5 (60.7) 340.1 437.3 530.3 541.4 91.3 282.1 280.0 188.3 258.6 (37.0) 233.3 302.4 83.3 316.9 263.5 191.9 39.5 73.7 132.6 321.4 212.6 229.7 219.0 182.9 176.9 122.2 182.0 261.3 7.1 195.1 221.0 166.2 138.3 166.4 94.3 24.9 230.6 151.2 244.9 223.7 291.4 283.1 167.4 155.8 (134.3) 31.0 204.0 203.8 239.8 208.3 211.9 213.5 244.3 194.7 157.2 143.7 113.2 (86.9) 133.8 125.3 120.0 15.7 109.0 98.4 86.1 68.4 43.4 14.3 (1.2) 12.6 11.3 (27.0) 2.6 2.2 18.4
Income Tax Expense 98 210 215 214 121 66 98 97 101 (1,076) 72 67 64 60.9 (15) 22 12 34.4 4.1 51.2 38.9 34.1 23.7 26.1 27.9 27.3 38.1 44.5 45.9 35.0 33.4 23.7 21.9 56.8 8.2 34.2 28.4 (12.3) 13.2 14.1 16.3 11.4 9.7 6.8 12.7 5.5 6.4 7.3 3.7 15.5 7.4 5.1 4.9 (12.1) 5.4 0.8 1.9 (5.0) (2.4) (2.3) (0.6) (3.5) 3.2 1.4 6.8 0.2 2.2 8.8 9.5 2.2 (1.8) 5.3 8.0 (1.0) 2.1 6.0 8.5 (1.4) 2.4 14.3 11.4 12.4 (0.6) 7.8 9.4 12.8 (2.3) 4.7 11.0 2.4 6.6 4.9 (5.0) (5.9) 4.2 3.3 (12.6) 0.9 4.8 12.6
Net Income 1,047 1,238 1,350 1,237 574 935 988 1,269 1,120 2,334 723 671 715 859.7 17 404 196 623.3 419.9 675.5 438.2 543.5 419.0 298.8 144.1 326.4 392.5 469.0 448.5 136.5 227.4 243.6 150.4 214.6 (33.7) 185.2 253.1 74.0 252.9 211.1 154.8 58.6 80.0 115.8 283.3 215.2 228.7 208.0 182.5 161.5 114.8 176.9 256.5 19.2 189.7 220.3 164.3 143.3 168.8 96.6 25.5 234.1 148.0 243.5 217.0 291.2 280.9 158.6 146.3 (136.5) 32.9 198.7 195.9 240.9 206.2 205.9 205.0 245.7 192.3 142.9 132.3 100.9 (86.3) 126.0 115.9 107.1 18.0 104.3 87.5 83.7 61.8 43.5 19.2 4.7 8.4 8.0 (14.3) 2.3 (2.6) 5.8
Per Share Data
EPS (Basic) 2.88 3.40 3.63 3.30 1.51 2.48 2.62 3.38 2.99 6.29 1.93 1.79 1.92 2.32 0.02 1.07 0.50 1.62 1.00 1.67 1.07 1.32 1.01 0.72 0.33 0.78 0.95 1.14 1.09 0.31 0.54 0.58 0.34 0.50 -0.08 0.43 0.60 0.17 0.68 0.57 0.41 0.15 0.21 0.30 0.75 0.55 0.56 0.51 0.45 0.40 0.28 0.44 0.64 0.05 0.45 0.53 0.39 0.36 0.41 0.23 0.06 0.58 0.32 0.52 0.44 0.61 0.51 0.28 0.26 -0.25 0.05 0.34 0.32 0.41 0.32 0.31 0.30 0.37 0.28 0.21 0.20 0.32 -0.28 0.41 0.37 0.35 0.06 0.36 0.36 0.34 0.26 0.19 0.11 0.04 0.07 0.07 -0.12 0.02 -0.02 0.04
EPS (Diluted) 2.88 3.35 3.56 3.23 1.48 2.41 2.56 3.30 2.92 6.12 1.88 1.75 1.87 2.32 0.02 1.04 0.48 1.58 0.98 1.63 1.05 1.30 1.00 0.71 0.32 0.76 0.92 1.12 1.07 0.31 0.53 0.56 0.33 0.49 -0.08 0.42 0.58 0.17 0.66 0.55 0.40 0.14 0.20 0.29 0.72 0.53 0.55 0.49 0.43 0.38 0.27 0.42 0.62 0.05 0.44 0.51 0.38 0.35 0.40 0.22 0.06 0.56 0.31 0.49 0.42 0.58 0.49 0.27 0.25 -0.24 0.05 0.32 0.31 0.39 0.31 0.29 0.29 0.36 0.27 0.20 0.19 0.15 -0.13 0.19 0.17 0.16 0.03 0.16 0.14 0.13 0.10 0.07 0.04 0.01 0.07 0.07 -0.12 0.02 -0.02 0.04
Shares Outstanding 359.7 369 369 372.2 381.9 372.5 373.2 372.7 370.9 369.6 369.2 368.7 367.3 365.9 365.2 369.2 374.2 379.4 389.3 397.7 400.8 403.0 402.9 402.5 403.9 402.9 402.6 401.5 400.2 402.2 402.9 404.8 407.5 406.3 404.7 403.5 402.1 363.6 362.8 361.8 361.3 362.1 361.7 365.2 372.6 380.6 395.8 398.0 395.6 394.9 394.5 394.1 392.7 402.7 405.2 403.6 401.9 401.9 394.7 393.7 400.5 400.5 441.0 458.9 477.4 477.4 541.4 543.8 542.8 542.8 541.0 567.0 587.7 587.7 626.1 652.5 665.4 665.4 659.2 658.7 656.1 315.4 312.8 311.1 309.3 309.3 296.9 288.2 245.5 245.5 235.7 234.2 182.9 117.2 115.5 115.1 115.1 111.6 111.4 139.7
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2 2009 Q1 2007 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2001 Q3 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1 1999 Q4 1999 Q3 1999 Q2 1999 Q1 1998 Q4 1998 Q3 1998 Q2 1998 Q1 1997 Q4 1997 Q3 1997 Q2 1997 Q1 1996 Q4 1996 Q3 1996 Q2 1996 Q1 1995 Q3
Current Assets
Cash & Cash Equivalents 914 993 1,063 983 1,187 979 1,025 1,020 993 917 859 904 803 855 813.6 813.5 812.9 858.7 1,137.7 1,234.1 942.0 906.4 976.4 854.3 882.3 726.2 880.1 605.3 633.1 646.6 651.0 526.6 680.9 606.2 862.4 740.3 703.8 842.9 578.8 516.6 558.0 341.5 338.7 334.6 336.7 244.0 250.8 188.1 78.6 56.9 62.0 88.9 91.7 57.8 14.7 12.1 20.3 11.5 15.8 17.4 11.4 9.5 0 0 0 12.0 0 0 0 9.0 0 0 0 1.5 0 0 0 0
Short-Term Investments 11,261 10,550 10,103 9,330 8,847 8,329 9,280 8,080 7,851 7,130 6,787 6,631 6,272 5,645 5,965.9 6,008.7 5,818.4 6,280.5 7,260.0 20,932.5 20,616.6 21,199.8 20,960.7 19,870.0 18,182.5 18,228.1 17,773.0 17,374.6 16,379.4 15,993.8 15,737.6 15,760.3 15,860.0 15,840.8 15,916.1 15,046.4 14,978.1 14,556.6 12,732.9 12,394.8 11,776.0 763.9 847.8 571.5 1,217.3 1,300.5 2,236.2 84.0 358.8 229.3 244.9 175.6 480.5 229.7 85.9 65.6 72.4 97.4 47.0 38.8 140.8 72.8 0 0 0 108.8 0 0 0 89.2 0 0 0 104.9 0 0 0 0
Net Receivables 19,456 7,993 18,809 19,110 18,379 16,403 17,472 15,757 15,181 13,522 13,563 13,774 12,875 11,920 11,671.6 11,330.7 10,974.7 10,342.7 9,991.6 9,064.0 8,578.9 8,552.3 9,032.9 8,746.4 8,599.1 8,245.0 6,881.1 6,879.8 6,772.2 6,297.6 6,124.5 6,122.9 5,887.7 5,653.8 5,640.0 5,296.6 5,153.5 4,904.0 4,908.4 4,896.0 4,701.5 1,790.6 2,126.5 782.2 1,928.6 1,912.6 2,699.3 1,132.8 1,117.7 905.0 885.8 836.3 569.3 462.3 68.4 103.2 83.6 1.0 0.1 0.5 237.7 201.2 133.1 115.1 103.8 123.1 83 60.8 54 47.5 47.3 39.5 35.4 23.7 0 0 0 0.4
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 (13,209) 0 0 0 0 0 (27,838) (26,742) (23,739) (23,653) (23,768) (22,066) (20,219) (20,566.5) (20,276.9) (19,557.9) (19,211.3) (20,214.2) (32,771.7) (31,543.9) (31,892.6) (32,420.1) (30,835.2) (29,021.1) (28,434.0) (26,702.4) (25,996.5) (24,884.3) (23,913.4) (23,525.0) (23,424.5) (23,425.3) (23,027.5) (23,365.6) (22,044.7) (21,777.4) (21,163.1) (18,761.4) (18,348.4) (17,535.9) (3,153.0) (3,563.8) (1,966.2) (3,766.1) (3,731.8) (5,727.9) (1,637.2) (1,788.0) (1,427.3) (1,381.6) (1,228.9) (1,261.7) (847.2) (228.9) (206.5) (208.1) (109.9) (62.9) (56.7) (390.0) (283.4) (133.1) (115.1) (103.8) (244.0) (83) (60.8) (54) (145.7) (47.3) (39.5) (35.4) (130.1) 0 0 0 (0.4)
Total Current Assets 34,814 8,986 33,054 32,652 31,308 28,139 30,712 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-Current Assets
Property, Plant & Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 0 0 0 0 0 571 0 0 0 345 0 0 0 342 0 0 0 344.9 0 0 0 314.6 0 0 0 326.6 0 0 0 249.6 0 0 0 198.2 0 0 0 204.0 0 0 0 0 0 0 0 0 0 0 0 0 0 28.9 0 28.6 26.6 26.6 20.4 6.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 2,964 1,222 3,054 3,133 3,093 2,514 3,230 725 778 386 739 775 785 462 806.7 868.0 926.4 600.1 963.3 667.2 679.5 378.2 713.8 688.5 705.5 411.5 624.5 641.0 659.2 385.3 566.7 593.0 626.0 454.4 0 0 0 577.5 0 0 0 0 0 0 0 0 0 31.4 35.9 35.9 35.9 0 28.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 37,498 37,447 37,332 36,709 34,903 33,501 34,649 36,039 34,478 33,198 30,976 29,767 28,670 27,215 25,901.4 25,629.1 25,913.7 26,291.3 27,112.0 28,362.4 27,556.7 25,757.7 26,607.7 25,067.2 23,219.9 23,259.4 23,187.1 22,677.6 21,912.8 21,471.2 21,359.5 21,300.5 21,373.7 21,363.4 21,388.6 20,071.3 19,716.3 18,957.1 17,088.3 16,329.6 15,739.3 10,704.3 10,652.0 10,458.1 10,632.3 10,235.8 8,694.1 4,545.2 4,257.9 3,627.8 2,538.2 2,206.4 1,862.6 1,534.2 218.1 210.2 191.0 187.2 175.7 160.5 390.0 492.5 0 0 0 438.0 0 0 0 401.4 0 0 0 362.6 0 0 0 0
Other Non-Current Assets 6,170 19,401 5,745 6,294 5,872 6,181 5,065 (36,764) (35,256) (33,929) (31,715) (30,542) (29,455) (28,019) (26,708.1) (26,497.1) (26,840.1) (27,236.2) (28,075.4) (29,029.5) (28,236.2) (26,450.5) (27,321.5) (25,755.7) (23,925.3) (23,997.5) (23,811.6) (23,318.7) (22,572.0) (22,106.1) (21,926.2) (21,893.5) (21,999.7) (22,016.0) (22,073.0) (20,784.3) (20,466.6) (19,738.6) (17,179.2) (16,417.9) (15,831.9) (10,704.3) (10,652.0) (10,458.1) (10,632.3) (10,235.8) (8,694.1) (4,576.6) (4,293.8) (3,663.7) (2,574.1) (2,235.3) (1,891.5) (1,562.8) (244.7) (236.8) (211.4) (193.3) (175.7) (160.5) (390.0) (492.5) 0 0 0 (438.0) 0 0 0 (401.4) 0 0 0 (362.6) 0 0 0 0
Total Non-Current Assets 46,632 58,070 46,131 46,136 43,868 42,767 42,944 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 81,446 67,056 79,185 78,788 75,176 70,906 73,656 65,465 62,768 58,906 55,227 53,856 51,103 47,990 46,337.1 45,719.2 45,677.9 45,100.9 44,783.7 46,481.9 44,204.3 43,282.3 42,716.0 41,199.6 38,416.1 37,885.4 35,572.6 34,851.7 33,977.0 32,218.3 32,252.5 31,853.1 32,132.0 32,051.7 32,624.8 30,862.6 30,092.2 29,372.1 25,643.2 24,411.9 24,541.4 16,777.4 16,935.1 15,375.8 16,641.9 16,092.3 15,464.0 6,916.1 6,509.9 5,585.3 4,203.0 3,706.8 2,991.3 2,446.5 565.6 546.1 440.2 295.9 277.0 268.6 774.2 864.4 871 858.8 792.7 757.8 710.2 670.6 638.7 581.2 557.2 512.9 455.9 432.5 404 366.7 369.7 345.3
Current Liabilities
Account Payables 4,997 4,597 4,931 5,127 4,879 4,302 4,668 4,611 4,407 3,817 4,022 3,955 3,571 3,264 3,407.7 3,395.7 3,324.8 3,415.4 3,232.4 2,966.5 2,844.6 2,678.8 3,064.6 2,978.9 2,887.4 2,786.5 2,696.6 2,634.5 2,540.8 2,472.2 2,472.2 2,455.4 2,382.2 2,301.9 2,216.4 2,188.0 2,087.6 2,017.8 1,921.1 1,896.4 1,805.5 128.7 114.3 156.5 159.0 147.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14.7 0 0 0 9.4 0 0 0 0 0 0 0 0 0 0 0 0
Short-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 155.7 155.7 155.7 210.7 335.6 500.6 484.3 490.7 491.0 488.6 455.7 554.8 572.3 755.3 816.1 826.2 686.5 735.0 756.6 398.1 397.8 457.4 125 100 100 100 100 0 0 200 200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 10,939 7,441 11,124 11,625 11,090 10,218 11,238 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 34,365 (4,905) 33,061 32,314 31,191 29,618 28,947 (4,611) (4,407) (3,817) (4,022) (3,955) (3,571) (3,264) (3,407.7) (3,395.7) (3,324.8) (3,415.4) (3,232.4) (3,122.2) (3,000.3) (2,834.5) (3,275.3) (3,314.5) (3,387.9) (3,270.8) (3,187.3) (3,125.5) (3,029.4) (2,927.9) (3,027.0) (3,027.7) (3,137.5) (3,118.0) (3,042.6) (2,874.4) (2,822.6) (2,774.5) (2,319.2) (2,294.2) (2,263.0) (1,445.9) (1,643.8) (392.9) (1,691.4) (1,680.7) (851.4) (104.4) (356.7) (317.9) (87.2) (145.8) (135.2) (63.3) (50.0) (46.7) (40.1) 0 (0.3) (0.7) (16.4) (14.7) 0 0 0 (11.6) 0 0 0 (2.9) 0 0 0 (13.9) 0 0 0 0
Total Current Liabilities 51,099 7,441 49,451 49,794 47,738 44,319 45,820 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-Current Liabilities
Long-Term Debt 2,729 2,729 2,728 2,728 2,728 2,728 2,727 2,727 2,727 2,726 2,726 2,726 2,726 2,725 2,725.2 2,724.9 2,724.6 2,724.4 2,724.1 2,861.7 2,861.4 2,861.1 2,860.8 2,860.7 1,871.9 1,871.6 1,871.4 1,733.9 1,733.7 1,733.5 1,733.4 1,733.2 1,733.0 1,732.9 1,732.7 1,732.6 1,732.4 1,732.3 791.4 791.4 791.3 636.2 646.7 517.6 300 300 300 300 0 200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13.2 0 0 0 25.1 0 0 0 3.0 0 0 0 0
Other Non-Current Liabilities 3,430 32,680 3,287 3,225 3,165 3,039 2,835 (2,727) (2,727) (2,726) (2,726) (2,726) (2,726) (2,725) (2,725.2) (2,724.9) (2,724.6) (2,724.4) (2,724.1) (2,861.7) (2,861.4) (2,861.1) (2,860.8) (2,860.7) (1,871.9) (1,871.6) (1,871.4) (1,733.9) (1,733.7) (1,733.5) (1,733.4) (1,733.2) (1,733.0) (1,732.9) (1,732.7) (1,732.6) (1,732.4) (1,732.3) (791.4) (791.4) (791.3) (636.2) (646.7) (517.6) (300) (300) (300) (300) 0 (200) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (13.2) 0 0 0 (25.1) 0 0 0 (3.0) 0 0 0 0
Total Non-Current Liabilities 6,159 35,409 6,015 5,953 5,893 5,767 5,562 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 57,258 42,850 55,466 55,747 53,631 50,086 51,382 44,800 43,411 40,551 39,986 39,213 37,104 35,069 34,533.1 33,293.2 32,748.6 31,545.8 31,386.0 31,519.4 30,173.3 29,294.9 29,448.3 28,472.7 26,500.7 25,569.8 23,510.8 23,032.5 22,818.0 21,780.7 21,814.4 21,622.1 21,921.5 21,805.7 22,646.9 20,880.6 20,412.6 20,061.0 17,250.6 16,714.0 17,167.6 12,379.4 12,556.3 11,052.4 12,612.0 12,461.9 11,589.2 4,878.6 4,499.7 3,874.6 2,636.7 2,226.2 1,580.1 1,075.6 289.2 274.4 167.8 23.6 8.6 13.7 525.0 517.8 509.6 487.2 430 359.8 315.1 255.1 220.6 180.2 161 133.7 98.4 80.3 55.7 25.6 29 10.3
Stockholders' Equity
Common Stock 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.6 0.6 0.7 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0 0 0.2 0 0 0 0.2 0 0 0 0.2 0 0 0 0
Retained Earnings 28,082 27,045 25,817 24,477 23,250 22,686 23,642 22,664 21,405 20,295 17,971 17,258 16,597 15,892 15,042.6 15,035.6 14,641.5 14,455.9 13,842.8 13,454.0 12,790.2 12,362.5 11,829.3 11,420.7 11,132.3 11,021.0 10,705.0 10,323.0 9,864.4 9,426.3 9,300.2 9,083.2 8,850.0 8,562.9 8,359.4 8,412.1 8,238.3 7,996.7 7,972.6 7,725.3 7,519.7 4,053.3 3,816.3 3,605.8 3,046.7 2,894.6 2,193.7 519.7 415.4 328.0 161.6 99.9 47.4 3.9 (16.3) (17.2) (22.8) (33.6) (16.7) (18.9) (16.4) (22.2) (2.6) 1.2 (14.7) 10.3 5.3 11.9 8.7 7.2 8.9 5.7 5.3 5.1 3.7 2.8 1.8 (0.1)
Accumulated Other Comprehensive Income (333) 5 0 (48) (408) (720) (200) (810) (821) (676) (1,453) (1,319) (1,297) (1,646) (1,891.8) (1,258.3) (649.4) (64.6) 49.2 230.0 205.8 488.9 386.4 349.5 21.9 212.1 211.7 206.8 38.3 (178.7) (221.0) (194.2) (134.0) 118.0 129.7 78.4 (15.7) (114.5) 119.8 163.8 101.6 173.2 141.0 138.5 (23.8) (261.3) 103.0 (11.8) 46.7 20.8 48.0 25.4 16.0 7.7 (1.2) (1.5) 5.3 17.8 1.3 (9.8) (0.2) 26.9 0 0 0 46.0 0 0 0 52.7 0 0 0 6.5 0 0 0 0
Total Stockholders' Equity 24,188 24,206 23,719 23,041 21,545 20,820 22,274 20,665 19,355 18,353 15,239 14,641 13,988 12,910 11,795.1 12,417.6 12,919.6 13,545.9 13,387.5 13,986.1 13,096.5 13,105.9 12,452.0 11,991.8 11,367.2 11,497.4 11,158.1 10,757.4 10,114.6 9,439.8 9,355.1 9,163.8 9,150.4 9,196.6 8,911.1 8,898.9 8,605.8 8,253.7 7,352.3 6,703.9 6,413.6 4,398.0 4,378.8 4,323.3 4,030.0 3,630.4 3,874.8 2,037.5 2,010.2 1,710.7 1,566.3 1,480.6 1,411.2 1,370.9 276.4 271.7 272.5 272.3 268.4 254.9 249.3 346.5 361.4 371.6 362.7 398.0 395.1 415.5 418.1 401.0 396.2 379.2 357.5 352.2 348.3 341.1 340.7 335
Total Liabilities & Equity 81,446 67,056 79,185 78,788 75,176 70,906 73,656 65,465 62,768 58,906 55,227 53,856 51,103 47,990 46,337.1 45,719.2 45,677.9 45,100.9 44,783.7 46,481.9 44,204.3 43,282.3 42,716.0 41,199.6 38,416.1 37,885.4 35,572.6 34,851.7 33,977.0 32,218.3 32,252.5 31,853.1 32,132.0 32,051.7 32,624.8 30,862.6 30,092.2 29,372.1 25,643.2 24,411.9 24,541.4 16,777.4 16,935.1 15,375.8 16,641.9 16,092.3 15,464.0 6,916.1 6,509.9 5,585.3 4,203.0 3,706.8 2,991.3 2,446.5 565.6 546.1 440.2 295.9 277.0 268.6 774.2 864.4 871 858.8 792.7 757.8 710.2 670.6 638.7 581.2 557.2 512.9 455.9 432.5 404 366.7 369.7 345.3
Debt Metrics
Total Debt 2,729 2,729 2,728 2,728 2,728 2,728 2,727 2,727 2,727 2,726 2,726 2,726 2,726 2,725 2,725.2 2,724.9 2,724.6 2,724.4 2,724.1 3,017.4 3,017.1 3,016.8 3,071.5 3,196.3 2,372.5 2,355.9 2,362.1 2,224.9 2,222.3 2,189.2 2,288.1 2,305.5 2,488.3 2,549.0 2,559.0 2,419.0 2,467.4 2,488.9 1,189.5 1,189.2 1,248.8 761.2 746.7 617.6 400 400 300 300 200 400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt 1,815 1,736 1,665 1,745 1,541 1,749 1,702 1,707 1,734 1,809 1,867 1,822 1,923 1,870 1,911.6 1,911.3 1,911.7 1,865.7 1,586.4 1,783.4 2,075.2 2,110.4 2,095.1 2,342.1 1,490.2 1,629.7 1,482.0 1,619.6 1,589.2 1,542.7 1,637.1 1,778.9 1,807.4 1,942.8 1,696.6 1,678.7 1,763.6 1,646.0 610.7 672.6 690.8 419.7 408.0 283.0 63.3 156.0 49.2 111.9 121.4 343.1 (62.0) (88.9) (91.7) (57.8) (14.7) (12.1) (20.3) (11.5) (15.8) (17.4) (11.4) (9.5) 0 0 0 (12.0) 0 0 0 (9.0) 0 0 0 (1.5) 0 0 0 0
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2005 Q3 2005 Q2 2005 Q1 2004 Q2 2004 Q1 2003 Q4 2003 Q3 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2002 Q2 2002 Q1 2001 Q4 2001 Q3 2001 Q2 2000 Q4 2000 Q3 2000 Q2 2000 Q1 1999 Q4 1999 Q3 1999 Q2 1999 Q1 1998 Q4 1998 Q3 1998 Q2 1998 Q1 1997 Q4 1997 Q3 1997 Q2 1997 Q1 1996 Q4 1996 Q3 1996 Q2 1996 Q1 1995 Q3
Operating Activities
Net Income 1,047 1,238 1,350 1,237 574 935 988 1,269 1,120 2,333 723 669 717 862.8 18.3 403.9 197.4 623.7 421.4 718.7 475.7 599.3 488.7 466.4 (88.7) 312.8 399.2 485.8 495.5 56.3 248.8 256.3 166.4 201.8 (45.2) 199.1 274.0 95.6 303.6 249.4 175.6 (86.3) 126.0 115.9 104.3 87.5 83.7 82.6 61.8 52.5 43.5 (7.7) 19.2 4.0 4.7 0.9 8.3 (14.3) 2.3 (2.6) 5.8 (19.7) (3.7) 15.9 (24.6) 5 (6.6) 3.1 1.6 (1.8) 3.3 0.3 0.2 1.4 0.9 1 0.8 (0.1)
Depreciation & Amortization 30 47 49 48 49 99 88 27 21 24 24 24 23 25.7 26.1 27.2 27.2 33.1 20.1 15.3 14.4 19.2 16.7 16.5 16.6 21.9 20.0 19.8 20.4 26.1 26.3 26.5 26.7 31.8 31.8 30.8 31.3 4.8 4.9 4.9 4.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock-Based Compensation 0 24 25 25 74 33 16 16 68 20 15 17 41 7.6 14 21 45.4 14.8 14.7 16.8 40.8 14.8 14.5 13.4 28.5 12.0 12.9 15.6 25.9 10.0 10.4 20.8 14.7 9.5 15.6 27.1 15.7 10.3 10.5 21.5 14.3 0 0 2.1 0 2.6 0 0 0 0 49.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 75 883 1,122 134 779 482 1,253 412 519 (416) 1,006 297 265 129.8 1,072 129 4 279.9 738.6 362.2 528.9 366.9 867.9 676.3 261.9 185.2 455.3 90.7 (132.6) 151.1 270.9 (288.6) 109.6 (165.0) 606.3 136.7 (62.1) 159.0 311.8 13.0 160.1 493.2 582.8 (142.1) 22.1 (161.5) (934.4) (5.9) 23.2 (248.0) 373.2 (581.9) 772.6 (0.3) 6.8 (20.3) 3.7 19.1 (19.8) 16.7 2.2 (169.0) 52.9 80.6 112.3 (108.4) 114.2 40 61.8 (42.9) 44.4 33.6 43.1 (75.7) 47.7 32.5 6.7 1.8
Other Non-Cash Items 36 (788) (360) (320) (18) 24 (327) (206) (164) (296) 202 144 (83) (44.4) 250.0 321.3 277.8 (151.5) (179.9) (263.1) (296.9) (445.2) (378.0) (461.4) 392.0 (26.5) (56.8) (134.8) (173.8) 194.8 67.7 81.8 82.8 (46.6) (81.3) (43.8) (75.2) 94.7 (134.9) (70.0) (32.2) (410.5) 116.1 387.5 551.4 (511.0) 1,330.7 (1,347.1) (1,069.6) 1,087.3 (83.1) 64.8 27.8 45.0 (15.2) 11.6 (5.4) (5.8) 0.7 18.8 (23.1) 167.9 (40.6) (88.2) (66) 128.6 (93.1) (20.2) (49.6) 64.9 (35.1) (22.1) (36.7) 81.2 (30.6) (26.3) (6.7) (1.9)
Operating Cash Flow 1,188 1,404 2,186 1,124 1,458 1,573 2,018 1,518 1,564 1,665 1,970 1,151 963 981.5 1,379.7 902.4 551.6 800.0 1,015.0 849.7 762.8 555.1 1,009.9 711.1 610.5 505.3 830.6 477.1 235.4 438.3 624.1 96.7 400.2 31.5 527.1 345.9 208.1 359.5 495.9 218.7 322.5 419.9 357.8 327.8 446.4 397.0 466.5 478.2 367.4 300.5 326.8 228.5 65.4 48.3 (9.3) 4.0 (0.6) 0.6 2.5 2.3 (2.7) (24.7) 6.8 11.3 14.1 21.0 13.1 21.8 12.6 18.3 13.4 11.2 6.1 6.5 17.4 6.5 0.6 (0.2)
Investing Activities
Capital Expenditure (8) (11) (12) (12) (9) (13) (12) (11) (15) (15) (11) (15) (11) (13.3) (14.6) (12.1) (11.8) (7.0) (10.8) (11.1) (12.5) (13.2) (9.0) (9.2) (8.5) (10.2) (11.3) (6.9) (9.4) (10.8) (5.8) (9.0) (4.2) (6.0) (5.8) (5.9) (5.2) (3.7) (3.3) (4.3) (4.0) (3.0) (4.6) (3.0) (4.8) (6.1) (11.6) (7.1) (7.2) (5.6) (12.5) (3.1) (1.3) (0.8) (5.4) (0.3) (0.6) 0 0 0 0 (0.0) (0.0) (0.1) (0.2) (0.1) 0 (0.1) (0.1) (0.4) (0.2) (0.2) (0.1) (2.2) (0.6) 0 (0.1) 0
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 14.3 1,539.8 0 0 0 (556.8) 0 (546.3) 0 0 0 0 0 0 0 0 0 0 0 0 27.7 (27.7) 0 0 (1,971.8) (19.5) (1.5) 0 0 0 0 0 0 11.8 0 (11.8) 0 (2.3) 0 0 (2.5) (0.2) (0.1) (34.2) (1.8) (4.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (10,009) (8,970) (11,409) (8,864) (10,923) (11,265) (9,036) (6,753) (9,418) (6,681) (4,870) (5,451) (4,383) (3,785.8) (3,901.7) (3,571.3) (8,266.2) (5,086.8) (7,870.6) (13,934.6) (12,271.3) (6,920.4) (9,310.9) (15,339.1) (12,966.9) (6,908.4) (8,180.4) (9,559.9) (7,680.3) (9,211.7) (8,537.5) (8,127.1) (9,985.4) (9,703.4) (9,504.0) (10,182.7) (11,449.6) (8,360.8) (11,121.8) (10,076.9) (8,632.6) (5,489.6) (1,017.6) (977.3) (1,940.5) (1,473.3) (1,142.8) (1,992.9) (618.8) (984.1) (48.5) (319.5) (570.2) (315.4) (832.1) 18.9 (65.5) (85.0) (16.8) (57.2) (162.2) (87.7) (85) (158.7) (82.8) (104.3) (119.1) (98) (101.8) (104.0) (90.8) (62.8) (77.5) (39.8) (64.6) (122.9) (115.8) (336.4)
Sales/Maturities of Investments 9,383 8,453 10,040 7,649 9,926 11,699 6,265 5,198 8,078 5,187 2,950 4,456 3,399 2,806.7 2,595.2 2,982.6 7,964.7 4,569.4 8,234.7 13,304.3 12,583.6 6,428.9 8,635.8 13,850.9 12,599.4 6,577.3 7,717.1 9,158.3 7,518.3 9,051.2 8,081.8 8,271.7 9,730.1 9,341.8 8,920.4 10,012.8 11,132.3 9,039.3 10,271.5 9,929.2 8,439.7 4,112.9 737.9 623.0 1,513.2 923.1 687.8 1,314.8 242.9 683.8 (217.1) 39.7 345.6 298.3 101.5 (19.3) 92.8 82.0 17.4 (7.2) 226.1 160.9 79.5 154.8 60.9 90.5 106.5 76.3 84.3 90.8 77.5 45.4 80.8 36.8 42.6 120.5 115.4 0
Other Investing Activities (5) 111 (2) (1) (2) (1) 820 57 (54) (23) (4) 5 (1) (17.3) (1,509.8) 97.8 0.6 (162.0) (156.1) 40.9 (246.6) 69.8 (114.1) (34.2) 97.5 (214.7) (29.0) (43.6) (123.3) 7.3 (31.0) 24.7 201.6 (111.8) 72.9 (38.6) 200.5 (169.4) (26.5) 31.1 (36.4) 0 (1.8) 1.8 0 7.6 0 0 0 0 (8.8) 0 0 (18.8) 0.4 (0.9) 0 0 (4.3) 4.8 0.0 (52.0) 0.1 (0.1) 0.1 (0.1) 0.1 0 0 0 0 0 0 (0.1) 0.1 0.1 (0.1) 0
Investing Cash Flow (639) (417) (1,383) (1,228) (1,008) 420 (1,963) (1,509) (1,409) (1,532) (1,935) (1,005) (996) (995.3) (1,291) (502) (313) (686.4) (359.6) (600.5) (493.2) (434.8) (798.2) (1,531.7) (278.5) (556.0) (503.5) (452.2) (294.8) (163.9) (492.5) 160.3 (57.9) (479.4) (544.2) (214.5) (121.9) (1,466.4) (899.4) (122.4) (233.3) (1,379.7) (286.1) (355.6) (432.1) (556.3) (466.6) (685.2) (394.9) (305.9) (280.4) (282.9) (225.9) (39.3) (736.1) (1.2) (7.5) (4.9) (3.7) (59.5) 63.9 21.2 (5.4) (4.1) (22) (13.9) (12.5) (21.8) (17.6) (13.6) (13.5) (17.6) 3.2 (5.3) (22.5) (2.3) (0.6) (336.4)
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (55) (125.1) 823.6 16.3 (21.6) 137.3 2.3 33.0 (98.4) (17.3) (181.0) (61.4) (10.5) 138.9 (50) (22) 1,300.7 0 (105) (74.2) 0 0 0 0 0 0 200 0 0 (0.2) 0.2 (0.0) (0.0) (0.0) (0.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (800) (798) (732) (116) (224) (22) 6 24 (32) 0 0 18 (18) 2.9 (9) (308) (272) (362.1) (836.9) (306.0) (189.3) 1.7 0 (5.1) (80.0) 0 0.6 1.3 (2.9) (93.8) (9.1) (181.3) (98.6) (13.6) (230.6) (2.8) (4.0) 0 (2.3) (1.7) (75.3) (0.6) (0.0) (0.8) (0.3) (0.6) (0.1) (0.1) (0.4) (0.3) (13.1) 0 0 0 (10.9) 0 0 0 (0.0) (0.2) (59.2) (0.0) (0.1) (0.0) (0.0) 0.0 0 0 0 0.0 0 0 (0.2) 0 0 0 0 0
Dividends Paid (15) (10) (10) (12) (15) (1,876) (10) (10) (10) (10) (10) (10) (10) (10.2) (10) (10) (10) (10.2) (17.3) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (10.4) (11.1) (12.4) (11.3) (11.2) (11.6) (5.5) (5.5) (5.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (12) 0 (2) 0 (2) 1 (3) 0 0 0 (2) (23) (2) (1.2) (3) (118) 32 18.5 (50.2) 525.5 13.1 17.0 30.3 (2.2) (60.4) (7.8) (165.4) (43.8) 21.8 (45.0) 33.1 (21.4) (168.4) 129.0 6.3 (35.9) (190.5) 92.8 472.7 (14.2) 67.7 954.7 0 0 96.4 0 (205.2) 0 0 0 0 0 0 0 740.8 0 1.8 (0.1) (1.1) (0.0) 0.0 0.1 0 0 0 0 (0.1) 0.1 (0.2) (0.2) 0 (0.3) 0 (0.5) 0 (0.9) (0.2) 336.8
Financing Cash Flow (827) (778) (743) (128) (241) (1,890) (7) 14 (42) (17) (7) (15) (30) (1.8) (22) (449) (233) (347.7) (904.3) 209.0 (186.6) (44.8) (105.2) 805.8 (134.5) (34.2) (37.4) (50.6) 41.5 (252.1) (3.7) (394.1) (338.9) 191.5 132.9 (100.1) (227.7) 1,381.9 467.2 (126.4) (87.0) 959.2 3.4 2.1 96.7 181.0 1.1 200.8 0.7 2.5 (12.4) 74.5 179.1 (0.0) 740.7 (0.3) (0.1) 0.0 (0.4) 63.2 (59.2) 0.1 0.1 (0.0) (0.0) 0.4 0.1 0 0.2 0.2 0 0 (0.2) 0.5 0.1 0.9 0.2 336.8
Cash Position
Net Change in Cash (1,153) 213 46 (177) 225 48 85 27 102 143 2 138 (58) 15.0 30 (88) 2 (234.1) (269.6) 450.9 77.0 103.6 122.3 (5.8) 166.7 (58.8) 279.4 (27.1) (14.4) 14.8 126.7 (149.1) 5.0 (256.2) 122.0 36.6 (139.2) 264.1 62.2 (41.4) 4.6 (0.3) 75.3 (26.3) 109.6 21.7 1.0 (6.1) (26.9) (2.8) 34.0 20.1 18.7 9.0 (4.7) 2.5 (8.2) (4.3) (1.6) 5.9 2.0 (3.3) 1.5 7.3 (8) 7.3 0.7 0 (5) 5.0 (0.1) (6.4) 9.1 1.7 (5) 5.1 0.2 0.2
Cash at Beginning 2,067 1,854 1,808 1,985 1,760 1,712 1,627 1,600 1,498 1,355 1,353 1,215 1,273 1,258.3 1,228.2 1,316.1 1,314.8 1,548.9 1,818.5 1,367.5 1,290.5 1,187.0 1,064.7 1,070.4 903.7 962.5 683.1 710.2 724.6 709.8 583.1 732.3 727.3 862.4 740.3 703.8 842.9 578.8 516.6 558.0 553.3 162.0 86.7 113.1 78.6 56.9 55.9 62.0 88.9 91.7 57.8 37.6 19.0 10.0 14.7 12.1 20.3 15.8 17.4 11.4 9.5 12.8 11.3 4 12 4.7 4 4 9 4.1 4.2 10.6 1.5 0 0 0 1 0
Cash at End 914 2,067 1,854 1,808 1,985 1,760 1,712 1,627 1,600 1,498 1,355 1,353 1,215 1,273.3 1,258.3 1,228.2 1,316.1 1,314.8 1,548.9 1,818.5 1,367.5 1,290.5 1,187.0 1,064.7 1,070.4 903.7 962.5 683.1 710.2 724.6 709.8 583.1 732.3 606.2 862.4 740.3 703.8 842.9 578.8 516.6 558.0 161.8 162.0 86.7 188.1 78.6 56.9 55.9 62.0 88.9 91.7 57.8 37.6 19.0 10.0 14.7 12.1 11.5 15.8 17.4 11.4 9.5 12.8 11.3 4 12.0 4.7 4 4 9.1 4.1 4.2 10.6 1.7 (5) 5.1 1.2 0.2
Free Cash Flow 1,180 1,393 2,174 1,112 1,449 1,560 2,006 1,507 1,549 1,650 1,959 1,136 952 968.2 1,365.2 890.3 539.8 793.0 1,004.2 838.6 750.4 541.9 1,000.8 701.9 602.0 495.1 819.3 470.2 226.0 427.6 618.3 87.7 395.9 25.5 521.3 340.0 202.9 355.8 492.6 214.3 318.6 416.9 353.2 324.8 441.6 390.9 454.9 471.1 360.2 294.9 314.3 225.4 64.1 47.5 (14.7) 3.7 (1.2) 0.6 2.5 2.3 (2.7) (24.7) 6.8 11.2 13.9 21.0 13.1 21.7 12.5 17.9 13.2 11 6 4.3 16.8 6.5 0.5 (0.2)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1
Income Statement
Revenue 4,361 5,387 4,977 4,973 4,592 5,020 4,480 4,062 3,878 3,787 3,293 3,096 3,118 2,951.7 2,491 2,268 1,946 2,251.5 2,036.3 2,427.8 2,210.6 2,225.0 2,138.9 2,323.5 1,614.8 1,664.1 1,698.7 1,741.7 1,679.5 1,383.5 1,398.6 1,456.0 1,236.2 1,361.9 1,420.4 1,335.3 1,251.7 1,010.0 1,178.2 1,207.1 1,056.5 901.0 949.4 983.9 1,143.0 1,048.6 1,043.6 1,024.1 936.4 908.0 814.9 854.7 900.6 880.9 863.7 866.5 768.4 747.7 855.6 775.6 775.1 825.5 797.4 776.3 844.9 926.2 976.2 848.7 750.4 534.9 746.8 835.9 849.2 858.2 867.2 867.3 859.8 902.8 850.3 859.2 840.3 818.3 799.0 796.7 753.6 808.3 795.6 753.8 746.3 722.9 538.0 305.7 131.1 18.1 23.2 16.9 (9.8) 4.1 36.3 92.8
Gross Profit 2,272 2,328 1,991 1,846 1,241 1,906 1,396 1,602 1,543 1,507 1,071 1,044 1,114 1,209.9 360 752 567 898.1 504.3 932.8 703.0 842.8 674.7 838.2 252.1 597.3 685.1 764.0 763.1 346.5 497.6 527.1 407.9 474.1 180.4 455.0 516.8 287.7 492.8 449.8 365.7 223.6 246.1 289.1 486.2 377.6 378.4 380.4 339.8 316.1 240.6 304.3 373.6 124.8 291.8 338.6 254.3 246.3 311.4 233.3 172.4 664.8 326.9 305.7 299.2 3.2 308.8 226.8 136.3 (79.1) 64.5 312.1 330.1 350.7 333.0 324.4 319.6 340.3 287.1 248.4 242.5 195.6 (16.0) 204.2 201.9 223.1 96.5 180.0 163.9 161.4 111.1 77.2 33.0 10.9 17.7 15.3 (9.8) 4.1 3.9 22.1
Operating Income 1,145 1,387 1,503 1,411 678 1,203 1,050 1,154 1,067 1,086 682 645 694 847.1 13 363 149 550.3 196.0 623.2 367.4 544.1 384.7 560.8 (65.0) 313.0 420.2 497.8 494.5 98.2 266.1 271.5 160.2 228.2 (68.1) 200.6 254.3 66.9 300.2 254.8 185.3 33.9 75.8 116.4 315.5 210.2 224.7 209.8 179.6 171.7 116.6 171.1 247.5 (9.5) 170.8 213.2 141.3 138.3 196.9 94.3 24.9 230.6 151.2 244.9 223.7 291.4 283.1 167.4 155.8 (134.3) 31.0 204.0 203.8 239.8 208.3 211.9 213.5 244.3 194.7 157.2 143.7 113.2 (86.9) 133.8 125.3 120.0 15.7 109.0 98.4 86.1 68.4 43.4 9.5 (1.2) 12.6 11.3 (27.0) 2.6 2.2 18.4
Net Income 1,047 1,238 1,350 1,237 574 935 988 1,269 1,120 2,334 723 671 715 859.7 17 404 196 623.3 419.9 675.5 438.2 543.5 419.0 298.8 144.1 326.4 392.5 469.0 448.5 136.5 227.4 243.6 150.4 214.6 (33.7) 185.2 253.1 74.0 252.9 211.1 154.8 58.6 80.0 115.8 283.3 215.2 228.7 208.0 182.5 161.5 114.8 176.9 256.5 19.2 189.7 220.3 164.3 143.3 168.8 96.6 25.5 234.1 148.0 243.5 217.0 291.2 280.9 158.6 146.3 (136.5) 32.9 198.7 195.9 240.9 206.2 205.9 205.0 245.7 192.3 142.9 132.3 100.9 (86.3) 126.0 115.9 107.1 18.0 104.3 87.5 83.7 61.8 43.5 19.2 4.7 8.4 8.0 (14.3) 2.3 (2.6) 5.8
EPS (Diluted) 2.88 3.35 3.56 3.23 1.48 2.41 2.56 3.30 2.92 6.12 1.88 1.75 1.87 2.32 0.02 1.04 0.48 1.58 0.98 1.63 1.05 1.30 1.00 0.71 0.32 0.76 0.92 1.12 1.07 0.31 0.53 0.56 0.33 0.49 -0.08 0.42 0.58 0.17 0.66 0.55 0.40 0.14 0.20 0.29 0.72 0.53 0.55 0.49 0.43 0.38 0.27 0.42 0.62 0.05 0.44 0.51 0.38 0.35 0.40 0.22 0.06 0.56 0.31 0.49 0.42 0.58 0.49 0.27 0.25 -0.24 0.05 0.32 0.31 0.39 0.31 0.29 0.29 0.36 0.27 0.20 0.19 0.15 -0.13 0.19 0.17 0.16 0.03 0.16 0.14 0.13 0.10 0.07 0.04 0.01 0.07 0.07 -0.12 0.02 -0.02 0.04
Balance Sheet
Cash & Equivalents 914 993 1,063 983 1,187 979 1,025 1,020 993 917 859 904 803 855 813.6 813.5 812.9 858.7 1,137.7 1,234.1 942.0 906.4 976.4 854.3 882.3 726.2 880.1 605.3 633.1 646.6 651.0 526.6 680.9 606.2 862.4 740.3 703.8 842.9 578.8 516.6 558.0 341.5 338.7 334.6 336.7 244.0 250.8 188.1 78.6 56.9 62.0 88.9 91.7 57.8 14.7 12.1 20.3 11.5 15.8 17.4 11.4 9.5 0 0 0 12.0 0 0 0 9.0 0 0 0 1.5 0 0 0 0
Total Assets 81,446 67,056 79,185 78,788 75,176 70,906 73,656 65,465 62,768 58,906 55,227 53,856 51,103 47,990 46,337.1 45,719.2 45,677.9 45,100.9 44,783.7 46,481.9 44,204.3 43,282.3 42,716.0 41,199.6 38,416.1 37,885.4 35,572.6 34,851.7 33,977.0 32,218.3 32,252.5 31,853.1 32,132.0 32,051.7 32,624.8 30,862.6 30,092.2 29,372.1 25,643.2 24,411.9 24,541.4 16,777.4 16,935.1 15,375.8 16,641.9 16,092.3 15,464.0 6,916.1 6,509.9 5,585.3 4,203.0 3,706.8 2,991.3 2,446.5 565.6 546.1 440.2 295.9 277.0 268.6 774.2 864.4 871 858.8 792.7 757.8 710.2 670.6 638.7 581.2 557.2 512.9 455.9 432.5 404 366.7 369.7 345.3
Total Debt 2,729 2,729 2,728 2,728 2,728 2,728 2,727 2,727 2,727 2,726 2,726 2,726 2,726 2,725 2,725.2 2,724.9 2,724.6 2,724.4 2,724.1 3,017.4 3,017.1 3,016.8 3,071.5 3,196.3 2,372.5 2,355.9 2,362.1 2,224.9 2,222.3 2,189.2 2,288.1 2,305.5 2,488.3 2,549.0 2,559.0 2,419.0 2,467.4 2,488.9 1,189.5 1,189.2 1,248.8 761.2 746.7 617.6 400 400 300 300 200 400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stockholders' Equity 24,188 24,206 23,719 23,041 21,545 20,820 22,274 20,665 19,355 18,353 15,239 14,641 13,988 12,910 11,795.1 12,417.6 12,919.6 13,545.9 13,387.5 13,986.1 13,096.5 13,105.9 12,452.0 11,991.8 11,367.2 11,497.4 11,158.1 10,757.4 10,114.6 9,439.8 9,355.1 9,163.8 9,150.4 9,196.6 8,911.1 8,898.9 8,605.8 8,253.7 7,352.3 6,703.9 6,413.6 4,398.0 4,378.8 4,323.3 4,030.0 3,630.4 3,874.8 2,037.5 2,010.2 1,710.7 1,566.3 1,480.6 1,411.2 1,370.9 276.4 271.7 272.5 272.3 268.4 254.9 249.3 346.5 361.4 371.6 362.7 398.0 395.1 415.5 418.1 401.0 396.2 379.2 357.5 352.2 348.3 341.1 340.7 335
Cash Flow
Operating Cash Flow 1,188 1,404 2,186 1,124 1,458 1,573 2,018 1,518 1,564 1,665 1,970 1,151 963 981.5 1,379.7 902.4 551.6 800.0 1,015.0 849.7 762.8 555.1 1,009.9 711.1 610.5 505.3 830.6 477.1 235.4 438.3 624.1 96.7 400.2 31.5 527.1 345.9 208.1 359.5 495.9 218.7 322.5 419.9 357.8 327.8 446.4 397.0 466.5 478.2 367.4 300.5 326.8 228.5 65.4 48.3 (9.3) 4.0 (0.6) 0.6 2.5 2.3 (2.7) (24.7) 6.8 11.3 14.1 21.0 13.1 21.8 12.6 18.3 13.4 11.2 6.1 6.5 17.4 6.5 0.6 (0.2)
Capital Expenditure (8) (11) (12) (12) (9) (13) (12) (11) (15) (15) (11) (15) (11) (13.3) (14.6) (12.1) (11.8) (7.0) (10.8) (11.1) (12.5) (13.2) (9.0) (9.2) (8.5) (10.2) (11.3) (6.9) (9.4) (10.8) (5.8) (9.0) (4.2) (6.0) (5.8) (5.9) (5.2) (3.7) (3.3) (4.3) (4.0) (3.0) (4.6) (3.0) (4.8) (6.1) (11.6) (7.1) (7.2) (5.6) (12.5) (3.1) (1.3) (0.8) (5.4) (0.3) (0.6) 0 0 0 0 (0.0) (0.0) (0.1) (0.2) (0.1) 0 (0.1) (0.1) (0.4) (0.2) (0.2) (0.1) (2.2) (0.6) 0 (0.1) 0
Free Cash Flow 1,180 1,393 2,174 1,112 1,449 1,560 2,006 1,507 1,549 1,650 1,959 1,136 952 968.2 1,365.2 890.3 539.8 793.0 1,004.2 838.6 750.4 541.9 1,000.8 701.9 602.0 495.1 819.3 470.2 226.0 427.6 618.3 87.7 395.9 25.5 521.3 340.0 202.9 355.8 492.6 214.3 318.6 416.9 353.2 324.8 441.6 390.9 454.9 471.1 360.2 294.9 314.3 225.4 64.1 47.5 (14.7) 3.7 (1.2) 0.6 2.5 2.3 (2.7) (24.7) 6.8 11.2 13.9 21.0 13.1 21.7 12.5 17.9 13.2 11 6 4.3 16.8 6.5 0.5 (0.2)