Automatic Data Processing, Inc. logo ADP - Automatic Data Processing, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 8
HOLD 23
SELL 5
STRONG
SELL
0
| PRICE TARGET: $243.63 DETAILS
HIGH: $281.00
LOW: $190.00
MEDIAN: $242.00
CONSENSUS: $243.63
DOWNSIDE: 0.80%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Revenue
Revenue 20,560.9 19,202.6 18,012.2 16,498.3 15,005.4 14,589.8 14,175.2 13,327.7 12,379.8 11,667.8 10,938.5 12,206.5 11,310.1 10,665.2 9,879.5 8,927.7 8,867.1 8,776.5 7,800 6,835.6 7,983.7 7,754.9 7,147.0 7,004.3 7,017.6 5,938.9 5,540.1 4,798.1 4,112.2 3,566.6 2,893.7 2,469 2,223.4 1,940.6 1,771.8 1,714 1,677.7 1,549.2 1,384.2 1,204.2
Cost of Revenue 10,108.7 9,612 9,206.7 8,767.7 8,031.4 7,884.1 7,554.9 7,278.6 6,732.2 6,313.6 5,903.2 6,584.8 6,059.4 5,703.4 5,219.1 4,586.4 4,410.1 4,234.8 3,681.1 3,216.5 4,038.7 3,525.4 3,096.7 2,970.6 2,900.1 2,564.5 2,376.2 2,063.1 1,722.8 1,516.4 1,177.3 1,026.4 927.2 816.2 756.6 741.6 759.1 723.7 649.2 543.9
Gross Profit 10,452.2 9,590.6 8,805.5 7,730.6 6,974 6,705.7 6,620.3 6,049.1 5,647.6 5,354.2 5,035.3 5,621.7 5,250.7 4,961.8 4,660.4 4,341.3 4,457 4,541.7 4,118.9 3,619.1 3,945 4,229.5 4,050.3 4,033.6 4,117.4 3,374.4 3,163.9 2,735 2,389.4 2,050.2 1,716.4 1,442.6 1,296.2 1,124.4 1,015.2 972.4 918.6 825.5 735 660.3
Operating Expenses
R&D Expenses 988.6 955.7 844.8 798.6 716.6 674.1 636.3 635.4 627.5 603.7 595.4 718 654.3 599.9 577.2 513.9 499.7 525.9 486.1 472.3 550.3 581.2 499.2 474.8 514.3 460.3 412.4 375.2 296.5 249.6 193.2 160.8 0 0 0 0 0 0 0 0
SG&A Expenses 4,051.7 3,691.9 3,454.5 3,128.8 2,932.8 2,889.9 2,979.4 2,835.8 2,601.8 2,502.4 2,425.9 2,681 2,556.5 2,402.9 2,258.5 2,050 2,127.3 2,289.8 2,126.3 1,848.6 1,832.8 1,903.4 1,758.4 1,606.7 1,665.4 1,643.4 1,375.2 1,206.8 1,088.3 933.8 792.1 666.3 749.6 654.4 592.8 561.6 503.6 446.4 390.8 350.5
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 306.8 274.7 279.1 320.9 284.3 272.8 244.6 223.4 201.6 172.5 148.3 140.2 116.1 114.5 113.5 123.6 107 102.2 110.6
Operating Expenses 5,040.3 4,647.6 4,299.3 3,927.4 3,649.4 3,564 3,615.7 3,471.2 3,229.3 3,106.1 3,021.3 3,399 3,210.8 3,002.8 2,835.7 2,563.9 2,627 2,815.7 2,612.4 2,320.9 2,383.1 2,791.3 2,532.2 2,360.6 2,500.6 2,387.9 2,060.4 1,826.6 1,608.2 1,385 1,157.8 975.4 889.8 770.5 707.3 675.1 627.2 553.4 493 461.1
Operating Income
Operating Income 5,411.9 4,943 4,506.2 3,803.2 3,324.6 3,141.7 3,004.6 2,577.9 2,418.3 2,248.1 2,014 2,222.7 2,039.9 1,959 1,824.7 1,777.4 1,830 1,726 1,506.5 1,298.2 1,561.9 1,438.2 1,518.1 1,673.0 1,616.9 986.5 1,103.5 908.4 781.2 665.2 558.6 467.2 406.4 353.9 307.9 297.3 291.4 272.1 242 199.2
Interest Expense 455.9 365.8 257.7 86.3 59.7 107.1 129.9 102.7 80 56.2 6.5 6.1 9.1 7.7 8.6 8.6 33.3 80.5 94.9 72.8 32.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 319.5 241.3 149.5 41 36.5 84.5 97.6 83.5 76.7 62.4 56.9 56.2 64.5 85.2 88.8 98.8 134.2 149.5 165 140.4 92 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 6,242 5,800 5,244.6 4,405.5 3,931.6 3,769.7 3,544.5 2,762.9 2,927.2 2,579.5 2,355.1 2,616.9 2,410.4 2,453.1 2,259.5 2,181 2,246.1 2,211.6 2,007.2 1,680 1,899.3 1,787.2 1,792.8 1,952.1 1,937.7 1,270.8 1,376.3 1,162.8 979.5 866.8 731.1 615.5 546.6 470 422.4 410.8 415 379.1 344.2 309.8
EBIT 5,756 5,238.1 4,695.3 3,890.4 3,420.9 3,289.7 3,135.5 2,385.3 2,611.1 2,290.9 2,077.2 2,280.7 2,093.4 2,129.8 1,941.3 1,871.8 1,938 1,892.5 1,718.4 1,434 1,625.4 1,380.2 1,518.1 1,673.0 1,616.9 986.5 1,103.5 915.2 754.6 665.2 558.6 467.2 406.4 353.9 307.9 297.3 291.4 272.1 242 199.2
Income Before Tax 5,310.1 4,872.3 4,437.6 3,804.1 3,361.2 3,182.6 3,005.6 2,171.1 2,531.1 2,234.7 2,070.7 2,274.6 2,084.3 2,122.1 1,932.7 1,863.2 1,904.7 1,812 1,623.5 1,743 1,677.9 1,494.5 1,645.2 1,787.0 1,525.0 1,289.6 1,084.5 884.2 724 635.4 534.3 446.3 386.6 341.6 299.6 285.3 271.8 255 221.9 183.5
Income Tax Expense 1,230.4 1,120.3 1,025.6 855.2 762.7 716.1 712.8 550.3 797.7 741.3 694.2 772 720.2 733.6 678.5 655.9 576.5 650.3 602.3 670.6 622.5 559.0 627.0 686.2 600.3 448.8 387.7 278.9 210.5 180.7 139.5 112.2 92.4 85.4 71.9 73.6 84.2 84.7 89.9 77.5
Net Income 4,079.7 3,752 3,412 2,948.9 2,598.5 2,466.5 2,292.8 1,620.8 1,733.4 1,492.5 1,452.5 1,515.9 1,405.8 1,388.5 1,254.2 1,211.4 1,332.6 1,235.7 1,138.7 1,554 1,055.4 935.6 1,018.1 1,100.8 924.7 840.8 696.8 605.3 513.5 454.7 394.8 329.3 294.2 256.2 227.7 211.7 187.6 170.3 132 106
Per Share Data
EPS (Basic) 10.02 9.14 8.25 7.04 6.10 5.73 5.27 4.28 3.87 3.26 2.91 3.14 2.84 2.85 2.54 2.42 2.64 2.23 2.03 1.46 1.81 1.19 1.36 1.78 1.47 1.34 1.13 1.01 0.88 0.79 0.69 0.59 0.52 0.46 0.41 0.36 0.32 0.28 0.22 0.19
EPS (Diluted) 9.98 9.10 8.21 7.00 6.07 5.70 5.24 4.25 3.85 3.25 2.89 3.12 2.81 2.82 2.52 2.40 2.63 2.20 2.01 1.45 1.79 1.18 1.34 1.75 1.44 1.31 1.10 0.98 0.85 0.77 0.69 0.59 0.52 0.46 0.41 0.36 0.31 0.27 0.21 0.18
Shares Outstanding 407.1 410.6 413.7 418.8 426.3 430.8 435 440.6 447.8 457 472.6 478.9 482.7 487.3 493.5 500.5 503.2 521.5 549.7 574.8 583.2 591.7 600.1 618.9 629.0 626.8 615.6 600.8 585.5 575.6 570.2 563.6 565.8 557.0 555.4 588.1 586.2 608.2 600 557.9
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Current Assets
Cash & Cash Equivalents 3,347.8 2,913.4 2,083.5 1,436.3 2,575.2 1,908.5 1,949.2 2,170 2,780.4 3,191.1 1,639.3 1,584 1,698.4 1,548.1 1,389.4 1,643.3 2,265.3 917.5 1,746.1 1,900.6 975.4 713.0 1,410.2 798.8 1,275.4 1,227.6 861.3 752.2 590.6 314.4 313.6 238.6 180.8 304 139.1 247.9 240.5 526.4 480.9 505.9
Short-Term Investments 4,498.8 384 14.7 47 0 0 10.5 0 3.2 23.5 26.6 2,032.2 28 30.4 36.3 27.9 30.8 666.3 70.4 367.9 695.8 416.1 595.2 677.0 515.2 596.8 231.2 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 3,579.1 3,428.2 3,009.6 3,170.6 2,727.4 2,441.3 2,439.3 1,984.2 1,703.6 1,742.8 1,546.9 1,498.8 1,595.3 1,391.7 1,364.8 1,127.7 1,055.4 1,034.6 1,041.9 1,202.4 2,172.4 1,057.9 1,005.8 1,045.2 976.6 899.3 860.8 727.9 605.1 507.2 377.1 298.1 294.3 243.6 225.4 262 240.7 206.7 182.3 164.5
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 35.7 38.6 29.6 29.6 29.7
Other Current Assets 31,826.5 38,816.9 37,062.8 50,151 35,439.2 27,214.3 29,943.3 27,669.1 28,171.5 34,543 25,596.4 22,378 22,892.1 22,177.8 25,793 19,517.8 17,352.4 16,190.5 505.8 1,657.1 1,233.6 574.6 664.3 296.3 316.2 340.7 241 349.2 609.6 632.7 520.4 448.7 296.2 186.1 257.3 189.5 208.6 69.2 62.1 69.4
Total Current Assets 43,252.2 45,542.5 42,170.6 54,804.9 40,741.8 31,564.1 34,342.3 31,823.3 32,658.7 39,500.4 28,809.2 27,493 26,201 25,155.6 28,583.5 22,316.7 20,703.9 18,808.9 3,364.2 4,760.1 4,441.1 2,761.6 3,675.5 2,817.3 3,083.5 3,064.5 2,194.3 1,829.3 1,805.3 1,454.3 1,211.1 985.4 771.3 733.7 621.8 735.1 728.4 831.9 754.9 769.5
Non-Current Assets
Property, Plant & Equipment 1,029.5 1,056.2 1,083.8 1,103.5 1,146.7 1,197.6 764.2 793.7 779.9 685 672 667.1 728 706 716.2 673.8 734.5 742.9 723.8 782.4 684.8 642.4 614.7 596.5 614.6 597.3 579.3 583.7 519.3 468.3 416 395.8 361.2 356.6 372.3 400.3 432.8 422.3 350.1 363.6
Goodwill 3,273.5 2,353.6 2,339.4 2,300.5 2,338.4 2,309.4 2,323 2,243.5 1,741 1,682 1,793.5 1,883.5 3,052.6 3,155.3 3,073.6 2,383.3 2,375.5 2,426.7 2,353.6 2,466.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 1,603 1,336 1,343.6 1,333.1 1,210.1 1,215.8 1,071.5 886.4 620.2 534.2 503.2 491 643.2 711.2 715.7 542.4 580.1 637.1 688 618 3,143.3 2,931.8 2,651.0 1,877.2 1,601.4 1,623.7 1,532.4 1,653 1,314.8 1,247.1 705.7 609 575.2 555.8 257.3 201.6 214.1 216.1 201.5 134.5
Long-Term Investments 4.4 7.3 104.6 122.1 (482.9) (731.9) (659.9) (81.8) (2,524.3) 7.8 28.9 54.1 314 86.9 98 104.3 92.4 76.5 68.1 334 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 4,206.7 4,067.1 3,855.4 3,337.1 3,335.5 2,878.6 3,386.7 1,089.6 3,741.4 1,009.5 1,131.6 1,471.1 1,094.9 609.2 677.8 535.3 610.8 872.3 19,323.5 18,405.7 19,346.2 14,784.8 12,892.4 12,985.6 12,589.6 11,565.4 1,518.8 1,109.4 743.4 670.2 868.3 715.4 731.7 523.2 313.5 355.3 304 183.2 138.4 45.8
Total Non-Current Assets 10,117.1 8,820.2 8,800.4 8,263.3 8,030.7 7,601.4 7,545.4 5,038.7 4,521.3 4,169.6 4,301.3 4,566.8 6,067.1 5,659.9 5,654.8 4,545.5 4,647.8 4,925.5 23,284.7 22,730 23,174.3 18,359.0 16,158.2 15,459.3 14,805.6 13,786.4 3,630.5 3,346.1 2,577.5 2,385.6 1,990 1,720.2 1,668.1 1,435.6 943.1 957.2 950.9 821.6 690 543.9
Total Assets 53,369.3 54,362.7 50,971 63,068.2 48,772.5 39,165.5 41,887.7 38,849.1 37,180 43,670 33,110.5 32,051.7 32,268.1 30,815.5 34,238.3 26,862.2 25,351.7 23,734.4 26,648.9 27,490.1 27,615.4 21,120.6 19,833.7 18,276.5 17,889.1 16,850.8 5,824.8 5,175.4 4,382.8 3,839.9 3,201.1 2,705.6 2,439.4 2,169.3 1,564.9 1,692.3 1,679.3 1,653.5 1,444.9 1,313.4
Current Liabilities
Account Payables 169.1 100.6 96.8 110.2 141.1 102 125.5 135.4 149.7 152.3 194.5 152.1 157.3 167.7 153.3 150 130.3 126.9 125.9 125.2 192.7 175.2 174.0 148.7 156.3 129.4 67.0 126.2 110.3 96.4 66 56.2 65.5 34.3 28.4 43.1 41.5 0 0 0
Short-Term Debt 4,769.5 385.4 105.4 136.4 23.5 1,001.8 262 0 0 0 0 2,173 245.9 0 0 0 730 0 0 0 0 0 0 0 0 21.5 130.5 239.8 130.3 96 9.6 2.2 1.4 8.3 10.7 33.6 22.3 28 19.7 20.9
Deferred Revenue 262.8 199.8 188.6 188.2 203.9 212.5 220.7 226.5 232.9 233.2 228.6 237.1 314.6 334.1 350.9 321.5 329.8 356.1 299.1 244.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 31,381.7 43,420.4 41,391.2 53,822.9 34,403.8 28,213.2 31,243.6 29,340 28,821.8 33,331.8 24,650.5 19,564.9 21,960.5 20,885.2 24,591.1 18,585.2 16,000.3 15,306.5 (161.3) 1,214 1,096.7 110.5 215.1 227.0 147.7 1,145.7 1,089.0 855 779.3 643.2 467.6 419.8 349.4 324.4 312.6 305.5 312.8 310.7 265.2 252.4
Total Current Liabilities 41,278.3 45,080 42,767.6 55,158.7 38,094.8 30,126.6 32,627.7 30,413.6 29,815.9 35,847.4 27,113.7 24,167.6 24,732.8 23,239.4 26,786.8 20,052.2 18,763.4 17,341.6 1,790.8 2,592.7 2,800.7 1,768.4 1,998.8 1,411.1 1,336.3 1,296.7 1,286.4 1,221 1,019.9 835.6 543.2 478.2 416.3 367 351.7 382.2 376.6 338.7 284.9 273.3
Non-Current Liabilities
Long-Term Debt 3,974.7 2,991.3 2,989 2,987.1 2,985 1,002.8 2,002.2 2,002.4 2,002.4 2,007.7 9.2 11.5 14.7 16.8 34.2 39.8 42.7 52.1 43.5 74.3 75.7 76.2 84.7 90.6 110.2 132.0 145.8 192.1 401.2 403.7 390.2 373 347.6 333.2 53.8 82.1 259.9 244.7 205.7 312.1
Deferred Tax Liabilities 163.6 64.3 73.6 67 482.9 731.9 659.9 522 163.1 251.1 172.1 215.9 234.4 391.3 373.5 306.4 254.5 170 127.7 123.7 290.5 283.8 320.8 237.6 207.9 151.3 138.2 147.4 102.8 112.9 18.8 33.6 74.9 62.9 66.9 57.7 38.8 29.7 20.2 15
Other Non-Current Liabilities 1,058.3 990.8 933.7 924.2 834.1 837 798.7 728 830.2 701.1 644.3 619.4 603.1 21,442.1 556.2 528 470 587.9 19,063.5 18,687.8 18,664.7 13,574.5 12,057.9 11,422.9 11,533.7 10,688.0 246.5 208.4 198.3 172.4 152.3 129.5 106.1 109.5 39.9 43.3 54.5 58.1 59 48.2
Total Non-Current Liabilities 5,903 4,735.1 4,694.3 4,684.2 5,007.6 3,286.7 3,860.1 3,700.5 3,387.1 3,341 1,188.3 1,222 1,345.4 1,462.1 1,441.1 1,331.1 1,272.8 1,305.6 19,710.2 18,885.8 19,030.9 13,934.5 12,463.4 11,751.2 11,851.8 10,971.3 530.5 547.9 702.3 689 561.3 536.1 528.6 505.6 160.6 183.1 353.2 332.5 284.9 375.3
Total Liabilities 47,181.3 49,815.1 47,461.9 59,842.9 43,102.4 33,413.3 36,487.8 34,113.2 33,203 39,188.4 28,302 25,381.5 26,078.2 24,701.5 28,227.9 21,383.3 20,029.1 18,647.2 21,501 21,478.5 21,831.6 15,702.9 14,462.2 13,162.3 13,188.1 12,268.0 1,816.9 1,768.9 1,722.2 1,524.6 1,104.5 1,014.3 944.9 872.6 512.3 565.3 729.8 671.2 569.8 648.6
Stockholders' Equity
Common Stock 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.9 63.1 62.9 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings 25,240.6 23,622.2 22,118 20,696.3 19,451.1 18,436.3 17,500.6 15,271.3 14,728.2 14,003.3 13,460.3 13,632.9 13,020.3 12,438.3 11,803.9 11,252 10,716.6 10,029.8 9,378.5 9,111.4 7,966 7,326.9 6,710.9 5,977.3 5,153.4 4,477.1 3,848.4 3,374.7 2,922.3 2,538 2,182.8 1,883.4 1,630.1 1,405.3 1,206.9 1,029.8 864.3 716.6 582 479.4
Accumulated Other Comprehensive Income (883.4) (1,808.3) (2,305.8) (1,993.7) 10.6 (14.8) (257.3) (680.8) (379.2) (215.1) (260.6) 178.2 15.4 230.2 367.1 209.5 156 276.2 (33.4) (126.3) 0.7 (19.5) 158.8 (118.3) (233.0) (229.4) (135.5) (932.2) (832.4) (764.3) (682.2) (605.4) (550.7) (586.7) (537.6) (514.2) (482.3) (460) (399.6) (342.5)
Total Stockholders' Equity 6,188 4,547.6 3,509.1 3,225.3 5,670.1 5,752.2 5,399.9 3,459.6 3,977 4,481.6 4,808.5 6,670.2 6,189.9 6,114 6,010.4 5,478.9 5,322.6 5,087.2 5,147.9 6,011.6 5,783.8 5,417.7 5,371.5 5,114.2 4,701.0 4,582.8 4,007.9 3,406.5 2,660.6 2,315.3 2,096.6 1,691.3 1,494.5 1,296.7 1,052.6 1,127 949.5 982.3 875.1 664.8
Total Liabilities & Equity 53,369.3 54,362.7 50,971 63,068.2 48,772.5 39,165.5 41,887.7 38,849.1 37,180 43,670 33,110.5 32,051.7 32,268.1 30,815.5 34,238.3 26,862.2 25,351.7 23,734.4 26,648.9 27,490.1 27,615.4 21,120.6 19,833.7 18,276.5 17,889.1 16,850.8 5,824.8 5,175.4 4,382.8 3,839.9 3,201.1 2,705.6 2,439.4 2,169.3 1,564.9 1,692.3 1,679.3 1,653.5 1,444.9 1,313.4
Debt Metrics
Total Debt 9,065.4 3,705.3 3,444.3 3,494.4 3,351.7 2,349 2,264.2 2,002.4 2,002.4 2,007.7 9.2 2,184.5 260.6 16.8 34.2 39.8 772.7 52.1 43.5 74.3 75.8 76.2 84.7 90.6 110.2 153.5 212.8 431.9 531.5 499.7 399.8 375.2 349 341.5 64.5 115.7 282.2 272.7 225.4 333
Net Debt 5,717.6 791.9 1,360.8 2,058.1 776.5 440.5 315 (167.6) (778) (1,183.4) (1,630.1) 784.3 (1,437.8) (1,531.3) (1,355.2) (1,603.5) (1,492.6) (865.4) (1,702.6) (1,826.3) (899.6) (636.8) (1,325.5) (708.2) (1,165.1) (1,074.1) (648.5) (320.3) (59.1) 185.3 86.2 136.6 168.2 37.5 (74.6) (132.2) 41.7 (253.7) (255.5) (172.9)
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
Operating Activities
Net Income 4,079.7 3,752 3,412 2,948.9 2,598.5 2,466.5 2,292.8 1,620.8 1,733.4 1,492.5 1,374.1 1,505.4 1,369.1 1,388.5 1,254.2 1,211.4 1,332.6 1,235.7 1,138.7 1,554 1,055.4 935.6 1,018.1 1,100.8 924.7 840.8 696.8 605.3 513.5 454.7 394.8 334.1 294.2 256.2 227.7 211.7 187.6
Depreciation & Amortization 486 561.9 549.3 515.1 510.7 480 409 377.6 316.1 288.6 277.9 336.2 317 323.3 318.2 309.2 308.1 361.8 329.3 364 424.4 436.7 274.7 279.1 320.9 284.3 272.8 244.6 223.4 201.6 172.5 148.3 140.2 116.1 114.5 113.5 123.6
Stock-Based Compensation 266.1 243.5 220.4 201.7 175.3 130.8 167.3 175.4 138.9 137.6 143.2 138.4 96.4 78.7 76.3 67.6 96 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (1,145.5) (1,417.4) (938.7) (1,638.3) (937.4) (1,120) (1,205.8) (92.5) (98.3) (128.9) (149) (194.5) (375.2) 51.6 (154.4) (117.4) (258.7) 92.6 (388.6) 65.9 (109.6) (176.5) 288.0 143.2 126.0 (110.6) (134.4) (89.1) (60.5) (13.5) (91.1) 26.6 (55) 69.2 38.1 (47.7) (72.8)
Other Non-Cash Items 1,216.4 1,055 1,044.7 1,035.5 997.3 1,042.9 1,015.7 433.4 25.8 69.4 274.7 86.2 145.3 30 103.9 115.2 132.5 123.6 130.5 221.5 44.3 87.0 0 0 90 46.7 41.9 96.1 78 (12.6) 13.7 (4.8) 0 0 0.2 0 0
Operating Cash Flow 4,939.7 4,157.6 4,207.6 3,099.5 3,093.3 3,026.2 2,688.3 2,515.2 2,125.9 1,859.9 1,905.6 1,821.4 1,577.2 1,910.2 1,705.8 1,682.1 1,562.6 1,786.9 1,298 1,812.5 1,433.4 1,391.9 1,565.1 1,531.7 1,491.0 1,070.1 853.9 852.1 719.1 644.1 478.8 509.1 391.4 437.5 389.7 296.4 247.5
Investing Activities
Capital Expenditure (168.7) (563.4) (571.6) (553.4) (505.9) (616.4) (566.5) (470.8) (470.6) (386) (335.5) (367.7) (282.9) (249.6) (277.7) (226.7) (253.9) (277.6) (322.8) (411) (196.1) (204.1) (133.8) (255.4) (185.4) (166.0) (285) (537) (175.3) (163.5) (117.7) (110.7) (87.4) (56.4) (70.1) (81.7) (139.3)
Acquisitions (1,165.1) (33.6) (32.4) (11.7) 505.9 616.4 (125.5) (612.4) 146.6 162.2 90.5 (1.3) 119.4 (265.7) (776) (78.4) (67) (97.3) (446.9) 565.7 (434.4) (295.2) (651.3) (219.8) (73.7) (175.2) 276 0 0 5.6 0 0 0 0 0 0 0
Purchases of Investments (7,857.9) (6,835.3) (6,618.8) (10,733.2) (9,266.3) (3,905.1) (4,422.6) (4,876.8) (789.2) (660.9) (5,047.6) (3,414.9) (4,902.6) (5,113.5) (4,770.9) (3,846.7) (2,947.6) (6,407.2) (4,449.1) (5,846.5) (11,365) (8,087.1) (3,451.6) (4,597.3) (3,973.4) (7,372.9) (608.3) (618.4) (1,395.2) (1,014.2) (154.7) (117.9) (268.3) (141.3) (4.3) (54.5) 0
Sales/Maturities of Investments 6,539.1 6,039.5 4,705.5 4,249.7 6,238.4 7,648.4 2,909 3,455 3,593.6 5,215.4 3,841 2,059.5 3,638.6 3,962.2 3,305.1 3,406.9 3,320.4 5,140.6 4,878.6 6,319.1 6,629.1 6,003.0 5,515.6 4,167.0 3,087.4 4,001.8 277 550.4 1,362.1 1,208.3 0 0 0 0 0 0 129.3
Other Investing Activities (382.4) 3.8 0 34.2 (487.1) (587) 7.9 0.4 3,250 (13,417.9) (2,308.7) 2,537.7 (150.9) 4,910.2 (4,821.1) (1,634.6) (696) 4,255.4 771 (175.1) 4,928.5 1,264.6 (1,101.9) (175.0) 689.3 3,341.7 (51.8) (82.2) (91.1) (583.9) (142.3) (92.8) (75.7) (339.5) (76.1) 42.8 43.9
Investing Cash Flow (3,035) (1,389) (2,517.3) (7,014.4) (3,515) 3,156.3 (2,197.7) (2,504.6) 5,730.4 (9,087.2) (3,760.3) 813.3 (1,578.4) 3,243.6 (7,340.6) (2,379.5) (644.1) 2,613.9 430.8 452.2 (437.9) (1,318.8) 177.1 (1,080.5) (455.8) (370.6) (392.1) (687.2) (299.5) (547.7) (414.7) (321.4) (431.4) (537.2) (150.5) (93.4) 33.9
Financing Activities
Net Debt Issuance 5,748.6 921.8 (45.7) 127.4 989.6 (2.2) (2.1) (7.3) (2) 1,996.8 (2,175.3) 1,923.8 228.4 (2) (5.7) (732.9) 1,594 11.1 (1.2) (0.2) (0.8) (1) (0.4) (3.6) (22.1) (92.2) (197.4) 113.3 44.3 69.7 (6.2) (1.7) (9) 269.6 (51.1) (22.2) (21.9)
Stock Repurchased (1,280.5) (1,231.7) (1,121.4) (1,969.4) (1,372.3) (1,006.3) (937.7) (989.3) (1,259.6) (1,155.7) (1,557.2) (667.3) (647.3) (741.3) (732.8) (766.4) (580.4) (1,504.8) (1,900.4) (1,299.9) (584.4) (629.9) (938.5) (875.4) (935.1) (201.0) (85.4) (40.9) (127.7) (245.2) (13.1) (129.4) (82.5) (12.3) (294.6) (166.4) (206.6)
Dividends Paid (2,398.9) (2,183.1) (1,903.6) (1,659) (1,575.5) (1,470.5) (1,293) (1,063.7) (995.2) (943.6) (927.6) (883.1) (805.5) (739.7) (692.4) (673.4) (629.4) (548.9) (461.3) (393.9) (344.9) (308.6) (284.6) (276.9) (248.5) (212.6) (181.1) (152.9) (129.8) (112.1) (89.2) (76) (67.2) (57.7) (50.6) (46.2) (39.9)
Other Financing Activities (9,173.6) 1,061.3 (12,701.6) 17,154.4 8,291.6 (3,411.6) 2,025.1 404.4 (6,120.6) 8,817.3 6,167.7 (2,731.6) 1,375.4 (3,470.9) 6,770.1 2,261.7 84.2 (3,228.1) 134.3 81.1 9 8.5 0 0 0 0 (0.1) (1.8) (3.8) 66.5 20 (0.8) 2.7 4.4 20.1 16 19.2
Financing Cash Flow (6,973.4) (1,431.7) (15,680.7) 13,653.4 6,437.5 (5,890.6) (207.7) (1,655.9) (8,281.7) 8,790.1 1,616.7 (2,358.2) 151 (4,953.9) 5,339.2 89 468.4 (5,270.7) (1,884.4) (1,348.8) (746.5) (770.4) (1,130.8) (927.8) (987.5) (333.1) (363.6) (3.2) (143.4) (95.5) 10.9 (129.9) (83.2) 264.6 (348) (195.5) (228)
Cash Position
Net Change in Cash (5,031.4) 1,314.5 (14,011.5) 9,639.8 6,089.6 257.4 254.1 (1,639.5) (410.7) 1,551.8 (344.3) 284.5 151 158.7 (253.9) (622) 1,347.8 (828.6) (139.9) 925.2 262.4 (697.2) 611.4 (476.5) 47.7 366.4 98.2 161.7 276.2 0.9 75 57.8 (123.2) 164.9 (108.8) 7.5 53.4
Cash at Beginning 10,086 8,771.5 22,783 13,143.2 7,053.6 6,796.2 6,542.1 8,181.6 3,191.1 1,639.3 1,983.6 1,699.1 1,548.1 1,389.4 1,643.3 2,265.3 917.5 1,746.1 1,886 975.4 713 1,410.2 798.8 1,275.4 1,227.6 861.3 763.1 590.6 314.4 313.6 238.6 180.8 304 139.1 247.9 240.5 187
Cash at End 5,054.6 10,086 8,771.5 22,783 13,143.2 7,053.6 6,796.2 6,542.1 2,780.4 3,191.1 1,639.3 1,983.6 1,699.1 1,548.1 1,389.4 1,643.3 2,265.3 917.5 1,746.1 1,900.6 975.4 713.0 1,410.2 798.8 1,275.4 1,227.6 861.3 752.3 590.6 314.5 313.6 238.6 180.8 304 139.1 248 240.4
Free Cash Flow 4,771 3,594.2 3,636 2,546.1 2,587.4 2,409.8 2,121.8 2,044.4 1,655.3 1,473.9 1,570.1 1,453.7 1,294.3 1,660.6 1,428.1 1,455.4 1,308.7 1,509.3 975.2 1,401.5 1,237.3 1,187.8 1,431.3 1,276.3 1,305.6 904.1 568.9 315.1 543.8 480.6 361.1 398.4 304 381.1 319.6 214.7 108.2
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
Income Statement
Revenue 20,560.9 19,202.6 18,012.2 16,498.3 15,005.4 14,589.8 14,175.2 13,327.7 12,379.8 11,667.8 10,938.5 12,206.5 11,310.1 10,665.2 9,879.5 8,927.7 8,867.1 8,776.5 7,800 6,835.6 7,983.7 7,754.9 7,147.0 7,004.3 7,017.6 5,938.9 5,540.1 4,798.1 4,112.2 3,566.6 2,893.7 2,469 2,223.4 1,940.6 1,771.8 1,714 1,677.7 1,549.2 1,384.2 1,204.2
Gross Profit 10,452.2 9,590.6 8,805.5 7,730.6 6,974 6,705.7 6,620.3 6,049.1 5,647.6 5,354.2 5,035.3 5,621.7 5,250.7 4,961.8 4,660.4 4,341.3 4,457 4,541.7 4,118.9 3,619.1 3,945 4,229.5 4,050.3 4,033.6 4,117.4 3,374.4 3,163.9 2,735 2,389.4 2,050.2 1,716.4 1,442.6 1,296.2 1,124.4 1,015.2 972.4 918.6 825.5 735 660.3
Operating Income 5,411.9 4,943 4,506.2 3,803.2 3,324.6 3,141.7 3,004.6 2,577.9 2,418.3 2,248.1 2,014 2,222.7 2,039.9 1,959 1,824.7 1,777.4 1,830 1,726 1,506.5 1,298.2 1,561.9 1,438.2 1,518.1 1,673.0 1,616.9 986.5 1,103.5 908.4 781.2 665.2 558.6 467.2 406.4 353.9 307.9 297.3 291.4 272.1 242 199.2
Net Income 4,079.7 3,752 3,412 2,948.9 2,598.5 2,466.5 2,292.8 1,620.8 1,733.4 1,492.5 1,452.5 1,515.9 1,405.8 1,388.5 1,254.2 1,211.4 1,332.6 1,235.7 1,138.7 1,554 1,055.4 935.6 1,018.1 1,100.8 924.7 840.8 696.8 605.3 513.5 454.7 394.8 329.3 294.2 256.2 227.7 211.7 187.6 170.3 132 106
EPS (Diluted) 9.98 9.10 8.21 7.00 6.07 5.70 5.24 4.25 3.85 3.25 2.89 3.12 2.81 2.82 2.52 2.40 2.63 2.20 2.01 1.45 1.79 1.18 1.34 1.75 1.44 1.31 1.10 0.98 0.85 0.77 0.69 0.59 0.52 0.46 0.41 0.36 0.31 0.27 0.21 0.18
Balance Sheet
Cash & Equivalents 3,347.8 2,913.4 2,083.5 1,436.3 2,575.2 1,908.5 1,949.2 2,170 2,780.4 3,191.1 1,639.3 1,584 1,698.4 1,548.1 1,389.4 1,643.3 2,265.3 917.5 1,746.1 1,900.6 975.4 713.0 1,410.2 798.8 1,275.4 1,227.6 861.3 752.2 590.6 314.4 313.6 238.6 180.8 304 139.1 247.9 240.5 526.4 480.9 505.9
Total Assets 53,369.3 54,362.7 50,971 63,068.2 48,772.5 39,165.5 41,887.7 38,849.1 37,180 43,670 33,110.5 32,051.7 32,268.1 30,815.5 34,238.3 26,862.2 25,351.7 23,734.4 26,648.9 27,490.1 27,615.4 21,120.6 19,833.7 18,276.5 17,889.1 16,850.8 5,824.8 5,175.4 4,382.8 3,839.9 3,201.1 2,705.6 2,439.4 2,169.3 1,564.9 1,692.3 1,679.3 1,653.5 1,444.9 1,313.4
Total Debt 9,065.4 3,705.3 3,444.3 3,494.4 3,351.7 2,349 2,264.2 2,002.4 2,002.4 2,007.7 9.2 2,184.5 260.6 16.8 34.2 39.8 772.7 52.1 43.5 74.3 75.8 76.2 84.7 90.6 110.2 153.5 212.8 431.9 531.5 499.7 399.8 375.2 349 341.5 64.5 115.7 282.2 272.7 225.4 333
Stockholders' Equity 6,188 4,547.6 3,509.1 3,225.3 5,670.1 5,752.2 5,399.9 3,459.6 3,977 4,481.6 4,808.5 6,670.2 6,189.9 6,114 6,010.4 5,478.9 5,322.6 5,087.2 5,147.9 6,011.6 5,783.8 5,417.7 5,371.5 5,114.2 4,701.0 4,582.8 4,007.9 3,406.5 2,660.6 2,315.3 2,096.6 1,691.3 1,494.5 1,296.7 1,052.6 1,127 949.5 982.3 875.1 664.8
Cash Flow
Operating Cash Flow 4,939.7 4,157.6 4,207.6 3,099.5 3,093.3 3,026.2 2,688.3 2,515.2 2,125.9 1,859.9 1,905.6 1,821.4 1,577.2 1,910.2 1,705.8 1,682.1 1,562.6 1,786.9 1,298 1,812.5 1,433.4 1,391.9 1,565.1 1,531.7 1,491.0 1,070.1 853.9 852.1 719.1 644.1 478.8 509.1 391.4 437.5 389.7 296.4 247.5
Capital Expenditure (168.7) (563.4) (571.6) (553.4) (505.9) (616.4) (566.5) (470.8) (470.6) (386) (335.5) (367.7) (282.9) (249.6) (277.7) (226.7) (253.9) (277.6) (322.8) (411) (196.1) (204.1) (133.8) (255.4) (185.4) (166.0) (285) (537) (175.3) (163.5) (117.7) (110.7) (87.4) (56.4) (70.1) (81.7) (139.3)
Free Cash Flow 4,771 3,594.2 3,636 2,546.1 2,587.4 2,409.8 2,121.8 2,044.4 1,655.3 1,473.9 1,570.1 1,453.7 1,294.3 1,660.6 1,428.1 1,455.4 1,308.7 1,509.3 975.2 1,401.5 1,237.3 1,187.8 1,431.3 1,276.3 1,305.6 904.1 568.9 315.1 543.8 480.6 361.1 398.4 304 381.1 319.6 214.7 108.2