Cleveland-Cliffs Inc. logo CLF - Cleveland-Cliffs Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 10
HOLD 22
SELL 11
STRONG
SELL
0
| PRICE TARGET: $10.68 DETAILS
HIGH: $13.00
LOW: $9.00
MEDIAN: $10.00
CONSENSUS: $10.68
DOWNSIDE: 4.90%
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 4,922 4,313 4,734 4,934 4,629 4,325 4,569 5,092 5,199 5,112 5,605 5,984 5,295 5,044 5,653 6,337 5,955 5,346 6,004 5,045 4,049 2,256 1,646 1,092.7 359.1 534.1 555.6 743.2 157 696.3 741.8 714.3 239 600.9 698.4 569.3 461.6 754 553.3 496.2 305.5 476 593.2 498.1 446 1,284.7 1,298.2 1,100.8 940 1,515.8 1,546.6 1,488.5 1,140.5 1,535.9 1,544.9 1,626 1,264.7 1,662.5 2,142.8 1,805.8 1,183.2 1,424.2 1,346 1,184.3 727.7 820.5 666.4 390.3 464.8 916.3 1,189.7 1,008.6 494.4 782.5 619.6 547.6 325.5 549 580.1 489.2 306.4 468.5 514.1 485.3 271.6 250.6 409.7 305.6 240.8 248.3 213.7 170.8 135.9 66.4 96.9 29.7 120.9 144.2 132 33
Cost of Revenue 5,004 4,504 4,780 5,143 5,020 4,598 4,673 4,930 4,914 4,944 5,125 5,340 5,196 5,104 5,305 5,356 4,706 4,072 4,229 3,848 3,761 2,013 1,525.4 1,207.5 356 407.2 400.7 480.2 126.1 494.3 480.2 429.8 242.6 492.3 538.2 424.2 365.9 572.5 467.9 404.7 274.6 432.7 538.1 440.8 365.2 1,116 1,170.7 1,008.8 876.8 1,221.3 1,197.9 1,220.3 902.6 1,297.4 1,346.6 1,176.7 961.2 1,113.4 1,306.1 1,101.4 584.5 941.9 869.5 774.5 577.7 645.5 563.2 402 422.4 630.4 824.7 582.3 412 619.2 512.3 418 263.7 451.6 447.6 357.5 251 388 384.8 349.1 228.6 277.6 288.4 262 229.5 240.3 224.8 168.7 152.5 123.8 108.1 29.1 104 120.9 106.2 23.5
Gross Profit (82) (191) (46) (209) (391) (273) (104) 162 285 168 480 644 99 (60) 348 981 1,249 1,274 1,775 1,197 288 243 120.6 (115) 3 126.9 154.9 263 30.9 202 261.6 284.5 (3.6) 108.6 160.2 145.1 95.7 181.5 85.4 91.5 30.9 43.3 55.1 57.3 80.8 168.7 127.5 92 63.2 294.5 348.7 268.2 237.9 238.5 198.3 449.3 303.5 549.1 836.7 704.4 598.7 482.3 476.5 409.8 150 175 103.2 (11.7) 42.4 285.9 365 426.3 82.4 163.3 107.3 129.6 61.8 97.4 132.5 131.7 55.4 80.5 129.3 136.2 43 (27) 121.3 43.6 11.3 8 (11.1) 2.1 (16.6) (57.4) (11.2) 0.6 16.9 23.3 25.8 9.5
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 29.1 0 29.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 125 144 130 137 133 139 112 103 132 157 144 149 127 116 124 107 122 111 112 104 95 95 59.6 62.1 26.1 37.2 25.5 30.6 28.1 35.4 30.1 26.2 27.7 28 24.6 27.5 25.7 36 31.1 22.5 28.2 27.8 22.4 30.8 29.1 42.4 62.7 52.5 51.1 63.7 70.6 48.9 48.4 80 63.9 83.5 63 81 78.3 69.5 50.7 70.4 68.1 45.3 46 40.6 28.6 23.4 31.8 50.2 41.8 52.1 44.6 59.7 21.6 20.9 14.2 26.7 14.2 15.3 9.8 14.6 11.7 10.3 11.3 11.4 11.6 4 9 9.6 4.5 7.8 6.8 9 5.2 2.8 4.5 5.9 4.9 3.4
Other Expenses 0 (13) 0 152 14 53 43 53 191 111 11 12 3 6 37 34 33 44 14 26 16 40.9 23.4 30.9 55.9 8 7.8 5.6 3.6 3.4 6 4.1 3.5 (24.7) 4.5 2 (11.9) 13.8 19.6 (5.7) 3 (9) 3.5 0.8 (20.2) 91.9 336.3 (8.3) (0.3) 214.1 54.1 (42.7) 21.2 0 58.1 (28.6) 18.8 140.1 (64) (29.5) 10.6 15.3 19.2 (1.3) 0 (42) 0 (160.3) (0.8) (1.7) (15.7) (25.2) (4.8) (35.3) 3.8 (4) 2.7 (13) 2.7 0 (0.6) 16.6 (3.7) (12.3) (1.7) 141.4 0 0 0 0 0 0 0 0 6.4 6.9 6.6 6.5 6.2 6.3
Operating Expenses 125 131 130 289 147 192 155 156 323 268 155 161 130 122 161 141 155 155 126 130 111 135.9 83 93 82 45.2 33.3 36.2 31.7 38.8 36.1 30.3 31.2 3.3 29.1 29.5 13.8 49.8 50.7 16.8 31.2 18.8 25.9 31.6 8.9 134.3 399 44.2 50.8 277.8 124.7 6.2 69.6 101.2 122 84 81.8 221.1 14.3 58.2 61.3 85.7 87.3 44 46 (1.4) 28.6 (136.9) 31 48.5 26.1 26.9 39.8 24.4 25.4 16.9 16.9 13.7 16.9 15.3 9.2 31.2 8 (2) 9.6 152.8 11.6 4 9 9.6 4.5 7.8 6.8 9 11.6 9.7 11.1 12.4 11.1 9.7
Operating Income
Operating Income (207) (322) (176) (498) (538) (465) (259) 6 (38) (100) 325 483 (31) (182) 187 840 1,094 1,119 1,649 1,067 177 107 38 (208) (79) 81.7 121.6 226.8 (0.8) 163.2 225.5 254.2 (40) 105.3 129.7 114.6 81.9 131.7 34.7 74.7 (0.3) 24.5 29.2 25.7 71.9 (1,604.4) (7,759.1) (11.7) (50.7) 16.7 224 262 168.3 (970.1) 76.3 365.3 221.7 328 822.4 616.9 537.4 396.6 389.2 365.8 104 169.8 74.6 (17.3) 11.4 237.4 338.9 399.4 42.6 138.9 81.9 112.7 44.9 83.7 115.6 116.4 46.2 49.3 121.3 138.2 33.4 (179.8) 109.7 39.6 2.3 (1.6) (15.6) (5.7) (23.4) (66.4) (22.8) (9.1) 5.8 10.9 14.7 (0.2)
Interest Expense 148 152 153 149 140 135 102 69 64 63 70 79 77 71 64 64 77 79 81 85 92 70 68.2 68.7 31 24.7 25.3 26.1 25.1 25.8 29.5 31.2 32.4 28.9 27.6 30.1 42.8 44.3 48.7 50.7 56.8 60.3 61.7 63.6 42.9 50.3 47.4 44.8 42.7 44.6 44.7 40.7 49.1 59.8 47.2 47.1 47.3 47.3 49.6 81 38.2 28.9 17.3 13.3 10.2 9.7 10 10 9.3 0 10.7 9.8 7.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0.2 0.3 6.6 1.3 6.6 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5.4 0 0 2 1.9 2.7 2.4 2.5 1.5 3.3 2.7 2.4 3.1 1.9 2.4 3.4 0 5.9 6.3 5.6 0 0 0 0 0 0 0 0 0 0 0 0 0 2.7 2.6 2.6 0 2.5 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 52 26 132 (76) (208) (177) 31 291 233 190 622 784 261 131 476 1,140 1,473 1,426 1,937 1,307 375 254.1 120.4 (97) 4 104.6 144.1 247.7 19.2 186.9 248.1 284.3 57.8 133.8 153.1 138.2 92.2 163 61.8 101.4 36.1 62.5 62.4 57 104.1 (1,533.9) 279.3 161.4 91.6 452.4 414.8 403.5 310 81.8 210.6 491.8 342 493.9 931.5 637.3 619.7 513.8 394.6 453.5 173 227 149.4 (15.7) 67.5 276.2 464.3 456 86.3 175 81.9 134.4 44.9 112.6 130.3 133.6 46.2 64.3 136.2 155.7 33.4 (173.1) (2.2) 40.7 5.6 6.2 (7.3) 2.9 7.7 (60.2) (16.4) (12.6) 12.4 17.4 20.9 6.1
EBIT (207) (322) (156) (469) (490) (435) (204) 63 3 (45) 373 537 19 (115) 239 890 1,172 1,191 1,696 1,095 158 130.4 48 (174) (31) 82.6 121.9 226.7 (0.7) 166.5 228.9 258.8 34.7 98.3 42.7 112.8 20.5 133.9 16.5 78.5 178.6 24.9 108.3 23.6 384.8 (1,607.5) (135.1) 140.9 140 17 222.8 259.2 169.4 (974) 77.7 359.7 224.7 369.9 811.8 671.1 601.4 431 428 365 157.4 163.1 91.4 63.1 12 (25) 254.3 416 48.2 138.9 81.9 112.7 44.9 83.7 115.6 113.4 46.2 49.3 122.5 138.9 33.4 (179.8) (9.3) 32.5 (1.7) (1.6) (15.6) (5.7) (0.4) (66.4) (22.8) (19.5) 5.8 10.9 14.7 (0.2)
Income Before Tax (307) (439) (309) (618) (630) (570) (306) (6) (61) (108) 303 458 (56) (186) 175 757 1,050 1,112 1,615 1,010 66 60 (20) (132) (101) 57.9 96.6 183.4 (25.8) 134.5 200.3 227.6 (69.1) 77.3 13 79.1 (32.1) 89.6 (32.2) 27.8 121.8 (35.4) 46.6 (40) 341.9 (1,638.4) (7,799.4) (54.3) (92.2) (27.6) 178.1 218.5 120.3 (1,028.3) 32.4 317.7 187.6 322.6 765.5 589.2 562.3 402.1 409.5 351.7 169.2 153.4 81.4 53.1 2.7 25.5 243.6 406.2 41 131.8 79.7 117.2 50.5 95.3 124.7 117.8 50 77.2 123.5 140 27.4 139.1 107.8 38.7 (0.7) (11.9) (22.1) 58.1 (6.2) (97.6) (23.6) (14.8) (1.5) 6.8 16 (4.7)
Income Tax Expense (81) (206) (78) (148) (147) (136) (76) (15) (8) 30 29 102 (13) 19 10 157 237 214 334 216 9 (13) (21.9) (25) (50.9) (5.5) 4.8 22 (3.7) (489.6) 0.5 (1.8) 15.7 (245.6) (7.6) 2.6 (1.8) (10.5) (7.1) (2.1) 7.5 (0.6) (3.4) (1.8) 175.1 (305.6) (921.4) (69.1) (21.8) (13.9) 65.7 9.3 (6) 491.1 (64) 42.9 (210.8) 107.8 17.8 151.9 142 14 115.7 99.3 72.3 35.4 1.9 (17.6) 1.1 (29.4) 52 107.4 14.3 27.3 17.5 25.8 13.5 20.1 31.3 29.6 9.9 7.1 34.2 36.5 7 (66) 25.2 5.9 (0.1) (0.8) (0.9) 20.1 (6.2) (3.3) (7.1) (5.2) (5.8) 0.5 5 (1.2)
Net Income (237) (243) (251) (483) (495) (447) (242) 2 (67) (155) 264 347 (57) (214) 152 596 801 893 1,274 780 41 64 (10) (123.9) (52.1) 63.2 90.9 160.8 (22.1) 609.5 437.8 165.1 (84.3) 317.8 53.4 31.8 (28.1) 79.1 (25.8) 12.8 108 (60.3) 10.6 60.2 (759.8) (1,249.9) (5,879.6) 10.9 (70.3) 43.3 117.2 146 107 (1,618.3) 85.1 258 375.8 198.5 589.5 407.7 423.4 393.3 297.4 260.7 93.5 108.2 58.8 45.2 (7.4) 53.9 174.9 270.2 16.7 93.7 56.9 86.9 32.5 70 89.1 83.1 37.9 67.1 85.6 99.7 25.2 203.3 87.5 32.8 (0.6) (8.9) (21.2) (83.9) 0.6 (5.9) (15.1) (9.6) 4.3 6.3 11 (3.5)
Per Share Data
EPS (Basic) -0.42 -0.49 -0.51 -0.97 -1.00 -0.92 -0.52 0.00 -0.14 -0.31 0.52 0.68 -0.11 -0.40 0.29 1.14 1.54 1.78 2.46 1.32 0.08 0.15 -0.03 -0.31 -0.18 0.23 0.34 0.59 -0.08 2.06 1.47 0.55 -0.28 1.07 0.18 0.10 -0.11 0.35 -0.13 0.07 0.62 -0.39 -0.10 0.39 -4.96 -8.16 -38.40 -0.01 -0.46 0.20 0.68 0.87 0.66 -11.36 0.60 1.81 2.64 1.40 4.17 2.93 3.12 2.90 2.20 1.93 0.57 0.80 0.45 0.36 -0.07 0.48 1.67 2.75 0.18 1.04 0.67 1.05 0.39 0.86 1.07 0.96 0.42 0.77 0.97 1.13 0.28 2.35 1.01 0.37 -0.01 -0.11 -0.26 -1.03 0.00 -0.08 -0.19 -0.12 0.05 0.07 0.13 -0.04
EPS (Diluted) -0.42 -0.49 -0.51 -0.97 -1.00 -0.92 -0.52 0.00 -0.14 -0.31 0.52 0.68 -0.11 -0.40 0.29 1.13 1.51 1.69 2.33 1.17 0.07 0.14 -0.03 -0.31 -0.17 0.23 0.33 0.57 -0.08 1.98 1.41 0.55 -0.28 1.05 0.18 0.10 -0.11 0.34 -0.13 0.07 0.62 -0.39 -0.10 0.39 -4.25 -8.16 -38.40 -0.02 -0.46 0.20 0.66 0.82 0.66 -11.36 0.59 1.81 2.63 1.40 4.15 2.92 3.11 2.90 2.18 1.92 0.57 0.80 0.45 0.36 -0.07 0.48 1.61 2.57 0.16 1.04 0.54 0.83 0.31 0.86 0.84 0.77 0.35 0.77 0.77 0.90 0.23 2.35 0.80 0.30 -0.01 -0.11 -0.26 -1.03 0.00 -0.07 -0.19 -0.12 0.05 0.07 0.13 -0.04
Shares Outstanding 564.3 492.2 492.2 497.9 495 485.9 468 473 492 504.9 508 513 506.1 513.3 516 523 521 501.7 500 589.8 585.7 418.9 399.0 396.8 294.4 271.0 270.0 275.8 276.2 295.9 297.9 297.6 297.3 296.4 296.1 296.1 265.2 231.3 206.3 182.3 171.7 153.3 153.2 153.2 153.2 153.1 153.1 153.1 153.0 153.0 153.0 153.0 147.8 142.4 142.4 142.4 142.2 142.2 144.2 139 135.5 135.4 135.3 135.3 135.2 130.9 130.8 125.1 113.2 113.1 104.8 98.1 89.9 86.6 82.6 81.5 81.2 81.2 82.3 85.4 87.4 87.2 87.1 86.9 86.4 85.9 85.6 85.1 84.4 82.6 82.0 81.2 81.5 78.5 80.9 80.8 80.8 82.8 84.4 85.3
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 Q4 1995 Q3 1995 Q2 1995 Q1 1994 Q4 1994 Q3 1994 Q2 1994 Q1 1993 Q4 1993 Q3 1993 Q2 1993 Q1
Current Assets
Cash & Cash Equivalents 45 57 66 61 57 54 39 110 30 198 31 34 59 26 56 47 35 48 42 73 110 112 56 73.7 186.9 352.6 399.3 377.2 430.2 823.2 897.1 802.5 786.6 1,007.7 260.8 321.5 295.3 323.4 132.2 108.2 59.9 527.5 550.4 502.7 274.6 97.3 139.6 197.9 179.7 67.8 41.6 53.9 61.8 185.5 101 55.5 55.5 29.9 49.6 23.5 35.3 67.6 33.1 23.7 66.9 130.3 115.5 71.7 58.6 115.9 86.4 61.5 98.3 152.3 145 101.1 119.1 139.9 132.5 122 137.8 140.6 110.5 99.6 63.6 67.9 138.2 115.3 123.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 157.6 0 0 0 30.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 Receivables 1,882 1,442 1,797 1,783 1,798 1,576 1,583 1,773 1,868 1,840 2,122 2,290 2,216 1,960 2,301 2,571 2,667 2,154 2,348 2,062 1,659 1,193 662.7 544.8 622.5 152.6 223.6 251.8 137.4 344 251.7 152.6 97.6 171.6 115.8 126.8 110.1 177.3 118.5 62.3 196.6 255.3 131.4 103.5 41.9 79.6 115.5 56.7 29 10.9 23.5 10.8 23.1 31.4 42 46 23.6 64.8 71.8 67.1 37.7 82.6 47 54.1 21 59.1 68.9 73.2 45.2 73.4 71.8 61.8 32.8 70.2 67.8 61 27.4 61.8 56.7 42.4 23.9 65.9 50.5 26.8 15.5 36.9 27.1 67.7 22.4
Inventory 4,591 4,772 4,683 4,699 4,886 5,094 4,236 4,199 4,449 4,460 4,592 4,727 4,923 5,130 5,542 5,784 5,562 5,188 4,505 4,280 3,932 3,828 1,795.1 1,933.6 2,148.8 317.4 328.2 329.8 410 181.1 276.1 345 406.1 277.3 300.2 371.2 331.2 269.8 401.3 493.2 509 500.8 497.7 375.2 443.6 423 428.1 207.8 205.5 202.8 191.4 215.5 184.4 154.9 151 175.7 183.2 113.2 88.6 106.4 117.7 52.6 126.6 158.6 141.6 59.6 54.7 87.5 118.7 61.4 78.4 107.3 106.4 45 58 84.6 96.5 55.7 58.7 66.4 66.8 39.7 55.1 43.3 41.3 27.5 40.2 58.8 64.1
Other Current Assets 192 164 143 144 223 183 169 110 122 138 196 114 246 306 426 366 295 263 251 159 160 165 115 90.2 107.4 68.3 113.5 160.6 148.4 39.8 34.9 72.1 28.5 129.6 24.8 88.8 76.6 54.1 47.6 116.3 181.2 476 420.5 179.8 283.3 286.7 161.4 124.7 125.8 119.6 98.7 28.1 31.2 17.2 36 37.1 30.4 40.1 21.1 31.7 16.4 14.3 16.4 11.6 12.5 11.2 14.9 16.6 14.4 15.1 14.5 18.1 31 33.3 34.7 32.8 31.9 35.3 28.4 26.7 21.4 22.9 25.2 78.7 117.4 117.7 26.4 28.9 28.6
Total Current Assets 6,710 6,435 6,689 6,687 6,964 6,907 6,027 6,192 6,469 6,636 6,941 7,165 7,444 7,422 8,325 8,768 8,559 7,653 7,146 6,574 5,861 5,298 2,628.8 2,642.3 3,065.6 897.9 1,064.6 1,119.4 1,126 1,479.6 1,650.6 1,546.9 1,412.4 1,544.6 791.1 908.3 813.2 824.6 699.6 779.2 792 1,630.6 1,470.5 1,161.2 949.2 792.5 844.6 496.9 445.5 313.3 286 308.3 300.5 389 330 314.3 292.7 248 231.1 228.7 207.1 217.1 223.1 248 242 259.9 254 249 236.9 265.8 251.1 248.7 268.5 300.8 305.5 279.5 274.9 292.7 276.3 257.5 249.9 269.1 241.3 248.4 237.8 250 231.9 270.7 238.3
Non-Current Assets
Property, Plant & Equipment 9,345 9,481 9,508 9,620 9,797 9,942 8,687 8,728 8,771 8,895 8,837 8,878 8,950 9,070 9,030 9,047 9,012 9,186 8,974 8,982 9,014 8,743 4,758.4 4,760.9 4,787.8 1,963 1,811.5 1,649.5 1,478.6 1,369 1,239.4 1,167 1,121.4 1,051.6 993.8 999.1 995 984.4 990.1 993.1 1,009.6 2,985.2 3,069.9 2,592.6 2,485.4 2,382.4 1,698.9 275.7 275.5 270.5 274.4 275.5 278.9 278.2 264 273.2 276.2 272.7 150.1 150 151.6 153.9 154.1 155.5 153.4 150 146 134.6 132.6 134 133.8 129.4 129.1 127.7 121.1 120.2 120.7 120 117.7 116.4 111.9 110.4 112.1 34.5 34.5 35.3 35.4 35.3 35.4
Goodwill 1,800 1,814 1,796 1,814 1,767 1,768 1,005 1,005 1,005 1,005 1,130 1,130 1,130 1,130 1,141 1,149 1,127 1,116 1,072 1,070 994 1,406 144 139.3 143.3 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 87.1 92.2 74.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 1,102 1,135 1,142 1,185 1,150 1,170 191 194 197 201 204 207 210 214 209 212 215 221 180 183 185 188 190.1 192.6 210 0 0 0 0 0 49.1 49.3 49.9 52.3 52.8 53.2 53.6 53.8 54.9 55.8 57.1 170.9 178.7 114.8 115.1 107.4 0 15.6 15.6 15.6 31.7 31.7 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
Long-Term Investments 137 142 143 151 156 140 118 119 122 124 135 138 145 163 188 178 155 128 116 116 116 105 1.8 4.8 4.1 62.7 62.7 62.7 121.3 0 113.6 219.9 219.9 0 0 0 0 0 0 0 0 505.7 395.3 495.2 308.4 317.4 0 3.4 7.5 0 26.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 Non-Current Assets 1,021 1,005 1,012 1,014 1,002 1,020 768 690 672 676 812 785 773 756 795 685 700 671 508 488 483 494 238.3 244.3 215.1 120.7 114.9 118.3 113.8 216.2 70.3 66.4 57.3 302.9 83.6 67.5 61.9 59.1 26.3 22.9 27.6 186.5 211.1 49.8 230.1 174.9 440.7 202.4 234.9 295.8 111.8 113.4 150.7 125.7 201 193.7 197 207.1 304.9 305 304.6 308.7 311.4 311.8 311.8 313.6 302.5 307 305.1 294.5 295.7 276.6 250 245.2 232 232.5 232 231.9 228 236.8 236.8 237 241.2 259.6 258.7 260.1 259.9 252.9 250.7
Total Non-Current Assets 13,405 13,577 13,601 13,784 13,872 14,040 10,769 10,736 10,767 10,901 11,118 11,138 11,208 11,333 11,363 11,271 11,209 11,322 10,920 11,172 11,354 11,473 5,852.1 5,848.4 5,846.7 2,605.9 2,426.6 2,273.8 2,180.3 2,050 1,474.4 1,504.6 1,450.5 1,408.8 1,132.2 1,121.8 1,112.5 1,099.3 1,073.3 1,071.8 1,094.3 4,005.7 4,061.4 3,478.1 3,347.2 3,233.3 2,217.2 522.1 573.2 581.9 417.9 420.6 429.6 403.9 465 466.9 473.2 479.8 455 455 456.2 462.6 465.5 467.3 465.2 463.6 448.5 441.6 437.7 428.5 429.5 406 379.1 372.9 353.1 352.7 352.7 351.9 345.7 353.2 348.7 347.4 353.3 294.1 293.2 295.4 295.3 288.2 286.1
Total Assets 20,115 20,012 20,290 20,471 20,836 20,947 16,796 16,928 17,236 17,537 18,059 18,303 18,652 18,755 19,688 20,039 19,768 18,975 18,066 17,746 17,215 16,771 8,480.9 8,490.7 8,912.3 3,503.8 3,491.2 3,393.2 3,306.3 3,529.6 3,125 3,051.5 2,862.9 2,953.4 1,923.3 2,030.1 1,925.7 1,923.9 1,772.9 1,851 1,886.3 5,636.3 5,531.9 4,639.3 4,296.4 4,025.8 3,061.8 1,019 1,018.7 895.2 703.9 728.9 730.1 792.9 795 781.2 765.9 727.8 686.1 683.7 663.3 679.7 688.6 715.3 707.2 723.5 702.5 690.6 674.6 694.3 680.6 654.7 647.6 673.7 658.6 632.2 627.6 644.6 622 610.7 598.6 616.5 594.6 542.5 531 545.4 527.2 558.9 524.4
Current Liabilities
Account Payables 2,011 1,893 1,914 1,947 2,020 2,008 1,983 2,080 2,051 2,099 2,076 2,116 2,173 2,186 2,361 2,594 2,271 2,073 1,828 1,665 1,743 1,575 710.7 504.8 825.3 193.2 212.8 188.1 171.7 186.8 140.8 119 99.5 99.5 102 111.7 91.1 107.6 81.3 91.9 77.2 234.1 220.9 178.9 131.4 159.8 145.6 64.9 74.2 64.7 50.4 59.7 54.8 126.5 93 84.4 88.8 35.1 0 0 0 29.1 0 0 0 38.3 0 0 0 13.4 0 0 0 11.9 0 0 0 16 0 0 0 15.1 0 0 0 16.4 0 0 0
Short-Term Debt 0 115 0 0 0 113 0 0 0 90 0 0 0 136 0 0 0 147 0 0 0 144 0 0 51.8 0 0 0 0 0 3.4 2.4 14.6 0 17 17.4 18 17.4 18.3 0 0 0 0 0 0 0 0 0 0 25 15 20 20 100 100 100 65 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17.3 12.1 12.1 5 20.6 5 5 0 0 0 0.1 0.1
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25 0 0 0 7 0 0 0.3 22.1 18.3 15.5 12.9 21 12.8 12.8 12.8 22.4 0 0 0 16.4 0 141.1 111.1 100.2 165.2 105.1 71.9 129.3 42.9 0 0 34.5 69.3 70.7 77.7 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
Other Current Liabilities 855 777 801 809 803 754 859 807 896 808 751 837 899 798 740 857 939 731 708 620 574 592 356.8 379.4 335.1 132.4 170.1 175.4 167.3 186.4 223.7 340.7 298 277.6 298.5 284.2 200.2 193.6 223.9 124.9 197.2 102.1 106.9 89.4 147 214 92.2 55.1 46.9 84.4 52 50.4 52.3 19.5 0 0 0 67.1 85.5 79.9 65.6 44.6 77.1 79.6 76.6 50.9 87 78 72.2 78.4 90.2 81.2 86.4 93.6 108.6 90.2 85.8 70.2 84.6 82.5 80.2 63.9 85.1 54.2 50.3 47.6 57.1 90.9 53.5
Total Current Liabilities 3,323 3,302 3,280 3,277 3,266 3,322 3,255 3,318 3,396 3,508 3,294 3,408 3,460 3,549 3,580 3,987 3,751 3,561 3,279 2,986 2,933 2,929 1,214.1 1,038 1,370.8 409.4 458.5 437.4 394 468.2 380.7 474.9 424.9 452.2 417.5 413.3 309.3 391.1 323.5 376.1 439.8 714.3 746.3 570.4 540.4 780.6 381.4 197.5 191.1 225.9 186.7 200.8 204.8 246 193 184.4 153.8 102.2 85.5 79.9 65.6 73.7 77.1 79.6 76.6 89.2 87 78 72.2 91.8 90.2 81.2 86.4 105.5 108.6 90.2 85.8 103.5 96.7 94.6 85.2 99.6 90.1 59.2 50.3 64 57.1 91 53.6
Non-Current Liabilities
Long-Term Debt 7,763 7,487 8,039 7,727 7,601 7,065 3,774 3,507 3,664 3,137 3,458 3,963 4,559 4,249 4,475 4,668 5,028 5,238 5,350 5,368 5,734 5,390 4,309.8 4,451.6 4,357.1 2,113.8 2,109.1 2,104.5 2,087 2,092.9 2,300 2,297 2,308.2 2,304.2 1,689.4 1,611.8 1,642.9 2,175.1 2,195.9 2,489.7 2,499.1 1,091.5 725 649.3 525 325 0 0 0 0 35 35 35 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 57.9 57.9 70 70 70 70 75 75 75 75 75
Deferred Tax Liabilities 305 375 506 612 723 858 567 621 628 639 662 545 527 590 0 0 0 0 0 0 0 0 0 0 0 150.5 0 0 0 622.7 0 0 0 623 0 0 0 0 0 0 0 151.2 152 70.8 0 0 136.1 25 39.7 34.5 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 0 0
Other Non-Current Liabilities 2,705 1,956 2,758 2,813 2,762 2,211 2,105 2,110 2,106 1,768 2,381 2,343 2,313 2,008 4,373 4,409 4,381 3,988 5,147 5,113 5,091 4,918 1,659.2 1,691.4 1,692.2 597.0 533.7 531.4 525.1 512.2 475.3 532.4 535.3 552.8 620 639.1 640.4 585.6 608.5 615.4 644.1 190.4 583.4 741 965.5 1,176.2 1,218.9 550.4 545.6 421 399.7 393 391.1 179 123 123.4 122.7 129.7 125.9 126.7 128 128.7 122.8 126 125.4 126.7 124.8 126.6 126.5 125.1 123.7 124.9 122.2 127.6 125.3 124.8 129 128.5 133.2 137.7 134.4 135.5 133.7 126.8 126.5 125.7 128.9 129.1 129.7
Total Non-Current Liabilities 10,773 10,387 11,303 11,152 11,086 10,728 6,446 6,238 6,398 5,907 6,501 6,851 7,399 7,164 8,848 9,077 9,409 9,640 10,497 10,481 10,825 10,763 6,143.1 6,334.5 6,310.5 2,887 2,672.8 2,670.2 2,650.6 3,259.9 2,830.5 2,882.9 2,922.8 3,568.3 2,338.9 2,283.5 2,319.4 2,863.3 2,849.9 3,153.8 3,143.2 1,931.1 1,959.4 1,531.9 1,490.5 1,501.2 1,541.3 575.4 585.3 421 434.7 428 426.1 249 193 193.4 192.7 199.7 195.9 196.7 198 198.7 192.8 196 195.4 196.7 194.8 196.6 196.5 195.1 193.7 194.9 192.2 197.6 195.3 194.8 199 198.5 191.1 195.6 204.4 205.5 203.7 196.8 201.5 200.7 203.9 204.1 204.7
Total Liabilities 14,096 13,689 14,583 14,429 14,352 14,050 9,701 9,556 9,794 9,415 9,795 10,259 10,859 10,713 12,428 13,064 13,160 13,201 13,776 13,467 13,758 13,692 7,357.2 7,372.5 7,681.3 3,296.4 3,131.3 3,107.6 3,044.6 3,728.1 3,211.2 3,357.8 3,347.7 4,020.5 2,756.4 2,696.8 2,628.7 3,254.4 3,173.4 3,529.9 3,583 2,645.4 2,705.7 2,102.3 2,030.9 2,281.8 1,922.7 772.9 776.4 646.9 621.4 628.8 630.9 495 386 377.8 346.5 301.9 281.4 276.6 263.6 272.4 269.9 275.6 272 285.9 281.8 274.6 268.7 286.9 283.9 276.1 278.6 303.1 303.9 285 284.8 302 287.8 290.2 289.6 305.1 293.8 256 251.8 264.7 261 295.1 258.3
Stockholders' Equity
Common Stock 76 76 66 66 66 66 66 66 66 66 66 66 66 66 66 66 66 63 63 63 63 63 53.6 53.6 53.6 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7 37.7 29.8 29.5 23.7 23.5 17.3 17.4 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 17 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 16.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings (766) (529) (286) 1 484 979 1,426 1,668 1,666 1,733 1,888 1,624 1,277 1,334 1,548 1,396 800 (1) (894) (2,168) (2,948) (2,989) (3,052.5) (3,042.5) (2,918.5) (2,842.4) (2,889) (2,952.6) (3,096.8) (3,060.2) (3,654.7) (4,092.5) (4,257.6) (4,207.3) (4,517.2) (4,570.6) (4,602.4) (4,574.3) (4,653.4) (4,627.4) (4,640.4) 2,296.4 2,054.8 1,973.1 1,822.9 1,782.7 1,227.7 286 254 255.7 269.4 290.6 288.4 372.3 483 476.9 493.1 503.7 503.2 500.8 493.8 501.3 500.4 515.3 511.7 513.2 497.5 481.5 468.9 472.1 457.9 440.5 431.3 432 417.4 399.9 385.9 386.1 382.4 361.9 344.9 343.8 332.4 321.2 314.4 315.8 305.3 301.8 304.3
Accumulated Other Comprehensive Income 1,425 1,492 1,563 1,644 1,612 1,537 1,640 1,666 1,648 1,657 1,647 1,643 1,651 1,830 810 658 715 618 23 (66) (120) (133) (282) (305.9) (317.1) (318.8) (265.6) (271.8) (275.5) (283.9) (243.4) (22.2) (31.3) (39.0) (30.8) (19.4) (24.3) (21.3) (1.2) (9) (12.3) (166.6) (91.7) (122.6) (251.3) (388.8) (79) 17.2 47.4 54.9 (111.8) (112.6) (113.4) (6.5) (2) (4) (4.4) (2) (2.1) (2.6) (8.3) (6.4) (6.6) (7) (63) (60.9) (59.9) (58.2) (56.3) (138.3) (143.2) (142.6) (141) (141.6) (144.5) (143) (141.7) (140) (143.5) (141) (139.6) (138.3) (138.5) (137.9) (137.5) (137.3) (155) (154.6) (141.4)
Total Stockholders' Equity 5,822 6,116 5,466 5,819 6,254 6,664 6,854 7,110 7,201 7,887 8,020 7,802 7,546 7,791 7,008 6,729 6,339 5,490 3,996 3,971 3,127 2,756 810.6 792.9 903.2 357.9 359.9 285.6 261.7 424.2 (86.2) (306.3) (485) (444.3) (833.3) (789.1) (830.1) (1,464.3) (1,544.3) (1,830.7) (1,859.4) 2,999.8 2,830.3 2,542.8 2,265.1 1,737.6 996.9 222.4 220.2 228.1 61.7 83.2 79.3 272.2 382 375.6 391.5 402 404.7 407.1 399.7 407.3 418.7 439.7 435.2 437.6 420.7 416 405.9 407.4 396.7 378.6 369 370.6 354.7 347.2 342.8 342.6 334.2 320.5 309 311.4 300.8 286.5 279.2 280.7 266.2 263.8 266.1
Total Liabilities & Equity 20,115 20,012 20,290 20,471 20,836 20,947 16,796 16,928 17,236 17,537 18,059 18,303 18,652 18,755 19,688 20,039 19,768 18,975 18,066 17,746 17,215 16,771 8,480.9 8,490.7 8,912.3 3,654.3 3,491.2 3,393.2 3,306.3 4,152.3 3,125 3,051.5 2,862.9 3,576.4 1,923.3 2,030.1 1,925.7 1,923.9 1,772.9 1,851 1,886.3 5,636.3 5,531.9 4,639.3 4,296.4 4,025.8 3,061.8 1,019 1,018.7 895.2 703.9 728.9 730.1 792.9 795 781.2 765.9 727.8 686.1 683.7 663.3 679.7 688.6 715.3 707.2 723.5 702.5 690.6 674.6 694.3 680.6 654.7 647.6 673.7 658.6 632.2 627.6 644.6 622 610.7 598.6 616.5 594.6 542.5 531 545.4 527.2 558.9 524.4
Debt Metrics
Total Debt 7,763 8,171 8,039 7,727 7,601 7,772 3,774 3,507 3,664 3,590 3,458 3,963 4,559 4,702 4,475 4,668 5,028 5,799 5,350 5,368 5,734 5,989 4,483.9 4,643.1 4,670.1 2,113.8 2,109.1 2,104.5 2,087 2,092.9 2,315.8 2,305.8 2,350.7 2,357.1 1,735.9 1,661.8 1,697 2,230.9 2,259.7 2,507.2 2,516.6 1,091.5 725 649.3 525 525 590 0 0 25 50 55 55 170 170 170 135 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 87.3 70 70 75 90.6 75 75 75 75 75 75.1 75.1
Net Debt 7,718 8,114 7,973 7,666 7,544 7,718 3,735 3,397 3,634 3,392 3,427 3,929 4,500 4,676 4,419 4,621 4,993 5,751 5,308 5,295 5,624 5,877 4,427.9 4,569.4 4,483.2 1,754.2 1,709.8 1,727.3 1,656.8 1,269.7 1,418.7 1,503.3 1,564.1 1,378.8 1,475.1 1,340.3 1,401.7 1,907.5 2,127.5 2,399 2,456.7 564 174.6 146.6 250.4 427.7 450.4 (197.9) (179.7) (42.8) 8.4 1.1 (6.8) (15.5) 69 114.5 79.5 40.1 20.4 46.5 34.7 2.4 36.9 46.3 3.1 (60.3) (45.5) (1.7) 11.4 (45.9) (16.4) 8.5 (28.3) (82.3) (75) (31.1) (49.1) (52.6) (62.5) (52) (62.8) (50) (35.5) (24.6) 11.4 7.1 (63.2) (40.2) (48.1)
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 Q4 1995 Q3 1995 Q2 1995 Q1 1994 Q4 1994 Q3 1994 Q2 1994 Q1 1993 Q4 1993 Q3 1993 Q2 1993 Q1
Operating Activities
Net Income (234) (241) (248) (483) (495) (447) (242) 2 (67) (154) 263 347 (58) (215) 152 595 800 892 1,273 779 41 63 (9.7) (123.6) (52.7) 63.4 91.8 161.4 (22.1) 624.1 199.8 229.4 (13.4) 333 22.8 85.5 (28.6) 98.4 (23.1) 29.5 116.8 85.5 99.6 20.4 33.4 (0.6) (11.1) (4.8) (21.2) 2.2 38 (92.2) 0.6 (12.8) (5.9) 7.7 (15.1) 4.3 6.3 11 (3.5) 5 (10.7) 7.8 2.7 19.9 20.1 16.9 0.5 17.9 21.1 12.9 3 18.3 21.3 17.8 3.6 17.7 17.3 20.9 5 15.4 14.8 10.4 2.2 14 7.2 33.5 (0.1)
Depreciation & Amortization 259 272 288 393 282 258 235 228 230 235 249 247 242 246 237 250 301 235 241 212 219 124.1 72.4 77.1 36.5 22 22.2 21 19.9 20.4 19.2 25.5 23.9 21.4 21.5 21.6 23.2 27 29.4 26.9 35.2 13.7 16.8 7.3 8.2 7.3 7.8 5.2 8.3 7.7 8.6 8.9 10.8 5.6 6.2 6.7 6.4 6.6 6.5 6.2 6.3 6.2 5.4 5.5 5.4 4.5 5.2 5.4 5.2 4.6 4.8 5 4.5 4.5 4.5 4.3 4.3 3.9 3.7 5.1 4.1 4.5 3.3 3.4 3.2 3.2 3.5 3.3 3.5
Stock-Based Compensation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 (272) 177 (129) 180 (16) (229) (57) 286 (217) 538 120 268 (234) 572 86 (149) (680) (252) (345) (795) (805) (358.3) 186.6 10.9 (99.2) 80.7 22.8 47 (113.1) 72.2 28.9 (0.8) (67.6) (253.5) 28.4 (20.9) (73.5) 104.1 69.4 68 (114.4) 3.9 (31.2) 182.7 (24.5) (27) (9.7) 21.6 (2.1) (15.1) (15.6) 45.2 8.5 (25.2) 42.5 40.6 (19.4) (24.1) 28 (24.9) (27.9) 40.1 (22.4) 3 (5.3) 3.7 (4) 6.3 (46.4) 13.1 (6.6) (14.6) (13.2) (1.6) 7.6 0.2 (0.1) (27.3) 16.7 (1.8) (4.8) 18.7 57.1 40.6 0.6 (77.2) (4.9) (5) (1.7)
Other Non-Cash Items 7 (96) 26 105 29 141 (20) 3 196 17 19 5 15 6 2 18 112 52 15 100 156 (25.5) 14.1 (78.1) 2.4 14.2 77.5 32.9 4.1 33.6 (9.9) (160.5) (85.8) 30.5 66.2 6.7 53.8 1.4 15.7 9.7 (164.1) (48.3) 37.8 (37.5) 3.6 (15.8) 35.9 7.4 13 (4.6) 79.8 92.8 0.3 (4.4) 2.8 (15.2) (2.3) 1.5 4.1 12.5 2.3 6.4 53.9 (46.7) (53.2) 6.9 4.7 1.2 (3.5) 8.8 24.2 (36.8) (38.5) (0.6) 34 (20.4) (22.3) 22.7 (20.1) (14.1) (1.2) (4.4) 13.8 (12.5) (4.7) (3.2) 31 (31.5) (0.1)
Operating Cash Flow (325) (13) (143) 45 (351) (472) (84) 519 142 618 767 887 (39) 489 536 865 533 1,137 1,516 511 (379) (207.8) 246 (138.7) (160.5) 174.4 237 262.3 (111.2) 289.8 238 93.6 (142.9) 131.4 138.9 92.9 (25.1) 230.9 91.4 107.2 (126.5) 60.9 128.7 194.4 20.7 (36.1) 25.1 29.4 (2) (9.8) 4.5 56.4 14 (34) 38.8 39.8 (34.9) 2 44 4.8 (22.8) 58.6 26.2 (30.4) (50.4) 32.5 74 29.8 (44.2) 51.6 51.3 (23.1) (37.5) 27.2 67.4 1.9 (13.1) 25.6 17.6 10.1 4.7 35.4 89.3 41.9 1.3 (63.9) 39.2 0.3 1.6
Investing Activities
Capital Expenditure (152) (140) (157) (112) (152) (205) (151) (157) (182) (165) (162) (131) (188) (227) (248) (232) (236) (232) (175) (162) (136) (146.1) (96) (144.8) (138.1) (195.3) (159.8) (166.8) (134.1) (101.4) (80.3) (43) (71.4) (76.8) (29.5) (21.5) (27.9) (23.3) (25.6) (9.8) (10.4) (30.5) (27) (19.1) (7.3) (12.6) (5.3) (5.1) (7.3) (3.9) (1.8) (1.2) (2.8) (4.8) 1.8 (2.6) (0.6) (13.9) (4.4) (3.7) (1.4) (14.1) (6.9) (6.5) (5.8) (13.7) (17.8) (10.4) (9.5) (15.2) (37.5) (10.8) (13.4) (30.4) (2.3) (1.6) (2.4) (6.6) (4.9) (7.3) (3.7) (5.3) (2.5) (2.2) (0.9) (1.9) (1) (1.2) (0.9)
Acquisitions 0 53 0 0 0 (2,512) 0 0 0 0 0 0 0 0 (31) 0 0 (707) 0 54 0 (657.7) 0 0 (869.3) 0 0 0 0 (2.5) (12.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 Investing Activities 12 2 19 1 7 (18) 5 5 3 44 2 6 3 18 19 0 1 (26) 3 1 1 2 8.2 (0.1) (0.1) 0.4 2.7 0 8.5 4.5 18.5 14.6 0 (6.5) (103.9) 0.6 0.5 4.9 0.4 0.4 5.5 5.3 (66.4) (357.2) 3.9 11 (1.5) 1.5 1.5 5.4 1.5 (13) (10.2) (3.5) (6.7) 8.6 0.3 (4.4) (3.3) (3.4) (4.1) 6.1 (0.5) (2.1) (3) 0.2 0 0 1.3 0.1 15 (12.5) 2.3 18.4 (6.6) (5.7) (1.7) 3.9 1.5 (1.8) 0.8 7.8 (72.8) (1) (1) 2.9 (0.2) (3.4) (2.6)
Investing Cash Flow (140) (85) (138) (111) (145) (2,735) (146) (152) (179) (121) (160) (125) (185) (209) (260) (232) (235) (965) (172) (107) (135) (801.8) (87.8) (144.9) (1,007.5) (194.9) (157.1) (166.8) (125.6) (99.4) (73.9) (28.4) (71.4) (75.6) (36.1) (20.9) (27.4) (18.4) (25.2) (9.4) (4.9) (25.2) (93.4) (376.3) (3.4) (1.6) (6.8) (3.6) (5.8) 1.5 (0.3) (14.2) (13) (8.3) (4.9) 6 (0.3) (18.3) (7.7) (7.1) (5.5) (8) (7.4) (8.6) (8.8) (13.5) (17.8) (10.4) (8.2) (15.1) (22.5) (23.3) (11.1) (12) (8.9) (7.3) (4.1) (2.7) (3.4) (9.1) (2.9) 2.5 (75.3) (3.2) (1.9) 1 (1.2) (4.6) (3.5)
Financing Activities
Net Debt Issuance 507 (802) 308 121 532 3,277 213 (165) 502 (291) (508) (622) 307 (229) (191) (429) (254) (149) (4) (396) 230 1,068.1 (149.6) 213.6 1,041.9 0 0 (4.9) (10.3) (218.2) (1) (15.3) 0 697.1 (12.4) (38.5) (624) (4.4) (301) (22.7) (72.9) (49.2) (27.5) 75 0 (25) (25) 0 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (9.1) 0 0 0 0 0 0 0 (4.3) 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 (125) (608) 0 (58) (94) 0 (30) (34) (157) (19) 0 (1,343) 0 0 0 0 0 0 0 0 (128.6) (124.3) (47.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) (6.3) 0 0 0 0 0 0 0 0 0 0 0 (3.8) (6.3) 0 0 (12) 0 0 0 0 (8.3) (2) (1.2) (3.2) 0 0 (1.7) 0 (10.7) 0 0 (2.7) 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.2) 0 (23.9) (16.9) (27) (60.4) (14.1) (14.8) 0 0 0 0 (3.9) (44.3) 0 (8.7) (7.4) (24.4) (17) (11.1) (5.8) (3.5) (3.6) 0 0 (4.1) 0 0 0 (4.1) 0 0 0 (1.1) (0.9) (1.1) (3.8) (3.9) (4) (4) (4.1) (4.2) (4.2) (4.2) (4.2) (4.1) (4.3) (3.7) (3.7) (3.7) (3.7) (3.7) (3.7) (3.8) (3.8) (3.8) (3.8) (3.9) (3.9) (3.9) (4) (3.6) (3.6) (3.6) (3.6) (15.6) (3.6) (3.6)
Other Financing Activities (53) (60) (22) (53) (33) (48) (54) 3 (25) (39) (44) (71) (50) (51) (42) (35) (38) (17) (28) (45) (40) (3.1) (27.3) (23.7) (19.9) 44 (42.8) (2.5) (8.4) (1.8) (36.8) (3.4) (7) (9.7) (3.1) (8.3) (5.6) (8.4) (5.7) (9.4) (9.4) (1.6) 3.2 (1.4) 0.4 1.4 6.9 0.2 (4.5) 0.4 (123.8) 0.1 0.1 0.6 50.1 0.6 1.3 4.2 0 (5.5) 0 0 (5.2) 0 0 0 0 0 0 0 0 0 0 (3.9) 0 (8.8) 0 0.1 0.1 (12.7) (0.2) (4.3) 0.3 0 0.3 0.5 0.4 0.2 0
Financing Cash Flow 454 89 286 68 499 3,229 159 (287) (131) (330) (610) (787) 257 (310) (267) (621) (311) (166) (1,375) (441) 512 1,064.8 (176.9) 166 1,005.1 (27.2) (59) (150.1) (157.8) (267.5) (82) (18.7) (7) 687.5 (59.8) (46.8) 23 (20.4) (43.5) (49.1) (93.4) (53.4) (27.8) 73.5 0.9 149.6 (18.1) 0.2 (4.5) 0.4 (127.9) 0.1 0.1 0.6 49 (0.4) 35.2 (3.4) (10.2) (9.5) (4) (16.1) (9.4) (4.2) (4.2) (4.2) (12.4) (6.3) (4.9) (6.9) (3.7) (3.7) (5.4) (7.6) (14.5) (12.6) (3.8) (15.5) (3.8) (16.6) (4.1) (8.3) (3.3) (3.6) (3.3) (7.4) (15.2) (3.4) (3.6)
Cash Position
Net Change in Cash (12) (9) 5 4 3 15 (71) 80 (168) 167 (3) (25) 33 (30) 9 12 (13) 6 (31) (37) (2) 56 (17.7) (113.2) (172.7) (39.7) 22.1 (53) (393) (73.9) 94.6 15.9 (191.7) 978.3 260.8 321.5 0 0 0 48.3 (225.3) (18.1) 7.5 (108.4) 18.2 111.9 0.2 26 (12.3) (7.9) (123.7) 42.3 1.1 (41.7) 82.8 45.5 0 (19.7) 26.1 (11.8) (32.3) 34.5 9.4 (4.2) (4.2) (4.2) (12.4) (6.3) (4.9) (6.9) (3.7) (3.7) (5.4) 7.3 43.9 (12.6) (20.8) (15.5) 10.5 (15.8) (2.8) 30.1 10.9 36 (4.3) (7.4) (15.2) (7.9) (5.4)
Cash at Beginning 57 66 61 57 54 39 110 30 198 31 34 59 26 56 47 35 48 42 73 110 112 56 73.7 186.9 359.6 399.3 377.2 430.2 823.2 897.1 802.5 786.6 978.3 0 0 0 0 0 0 59.9 285.2 116 108.5 216.9 179.7 67.8 67.6 41.6 53.9 61.8 185.5 143.2 142.1 183.8 101 55.5 55.5 49.6 23.5 35.3 67.6 33.1 23.7 27.9 130.3 0 0 0 115.9 0 0 0 152.3 0 0 0 139.9 0 0 0 140.6 0 0 0 67.9 0 0 0 128.6
Cash at End 45 57 66 61 57 54 39 110 30 198 31 34 59 26 56 47 35 48 42 73 110 112 56 73.7 186.9 359.6 399.3 377.2 430.2 823.2 897.1 802.5 786.6 978.3 260.8 321.5 295.3 323.4 132.2 108.2 59.9 97.9 116 108.5 197.9 179.7 67.8 67.6 41.6 53.9 61.8 185.5 143.2 142.1 183.8 101 55.5 29.9 49.6 23.5 35.3 67.6 33.1 23.7 126.1 (4.2) (12.4) (6.3) 111 (6.9) (3.7) (3.7) 146.9 7.3 43.9 (12.6) 119.1 (15.5) 10.5 (15.8) 137.8 30.1 10.9 36 63.6 (7.4) (15.2) (7.9) 123.2
Free Cash Flow (477) (153) (300) (67) (503) (677) (235) 362 (40) 453 605 756 (227) 262 288 633 297 905 1,341 349 (515) (353.9) 150 (283.5) (298.6) (20.9) 77.2 95.5 (245.3) 188.4 157.7 50.6 (214.3) 66.3 101.7 71.4 (53) 207.6 65.8 97.4 (136.9) 30.4 101.7 175.3 13.4 (48.7) 19.8 24.3 (9.3) (13.7) 2.7 55.2 11.2 (38.8) 40.6 37.2 (35.5) (11.9) 39.6 1.1 (24.2) 44.5 19.3 (36.9) (56.2) 18.8 56.2 19.4 (53.7) 36.4 13.8 (33.9) (50.9) (3.2) 65.1 0.3 (15.5) 19 12.7 2.8 1 30.1 86.8 39.7 0.4 (65.8) 38.2 (0.9) 0.7
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 4,922 4,313 4,734 4,934 4,629 4,325 4,569 5,092 5,199 5,112 5,605 5,984 5,295 5,044 5,653 6,337 5,955 5,346 6,004 5,045 4,049 2,256 1,646 1,092.7 359.1 534.1 555.6 743.2 157 696.3 741.8 714.3 239 600.9 698.4 569.3 461.6 754 553.3 496.2 305.5 476 593.2 498.1 446 1,284.7 1,298.2 1,100.8 940 1,515.8 1,546.6 1,488.5 1,140.5 1,535.9 1,544.9 1,626 1,264.7 1,662.5 2,142.8 1,805.8 1,183.2 1,424.2 1,346 1,184.3 727.7 820.5 666.4 390.3 464.8 916.3 1,189.7 1,008.6 494.4 782.5 619.6 547.6 325.5 549 580.1 489.2 306.4 468.5 514.1 485.3 271.6 250.6 409.7 305.6 240.8 248.3 213.7 170.8 135.9 66.4 96.9 29.7 120.9 144.2 132 33
Gross Profit (82) (191) (46) (209) (391) (273) (104) 162 285 168 480 644 99 (60) 348 981 1,249 1,274 1,775 1,197 288 243 120.6 (115) 3 126.9 154.9 263 30.9 202 261.6 284.5 (3.6) 108.6 160.2 145.1 95.7 181.5 85.4 91.5 30.9 43.3 55.1 57.3 80.8 168.7 127.5 92 63.2 294.5 348.7 268.2 237.9 238.5 198.3 449.3 303.5 549.1 836.7 704.4 598.7 482.3 476.5 409.8 150 175 103.2 (11.7) 42.4 285.9 365 426.3 82.4 163.3 107.3 129.6 61.8 97.4 132.5 131.7 55.4 80.5 129.3 136.2 43 (27) 121.3 43.6 11.3 8 (11.1) 2.1 (16.6) (57.4) (11.2) 0.6 16.9 23.3 25.8 9.5
Operating Income (207) (322) (176) (498) (538) (465) (259) 6 (38) (100) 325 483 (31) (182) 187 840 1,094 1,119 1,649 1,067 177 107 38 (208) (79) 81.7 121.6 226.8 (0.8) 163.2 225.5 254.2 (40) 105.3 129.7 114.6 81.9 131.7 34.7 74.7 (0.3) 24.5 29.2 25.7 71.9 (1,604.4) (7,759.1) (11.7) (50.7) 16.7 224 262 168.3 (970.1) 76.3 365.3 221.7 328 822.4 616.9 537.4 396.6 389.2 365.8 104 169.8 74.6 (17.3) 11.4 237.4 338.9 399.4 42.6 138.9 81.9 112.7 44.9 83.7 115.6 116.4 46.2 49.3 121.3 138.2 33.4 (179.8) 109.7 39.6 2.3 (1.6) (15.6) (5.7) (23.4) (66.4) (22.8) (9.1) 5.8 10.9 14.7 (0.2)
Net Income (237) (243) (251) (483) (495) (447) (242) 2 (67) (155) 264 347 (57) (214) 152 596 801 893 1,274 780 41 64 (10) (123.9) (52.1) 63.2 90.9 160.8 (22.1) 609.5 437.8 165.1 (84.3) 317.8 53.4 31.8 (28.1) 79.1 (25.8) 12.8 108 (60.3) 10.6 60.2 (759.8) (1,249.9) (5,879.6) 10.9 (70.3) 43.3 117.2 146 107 (1,618.3) 85.1 258 375.8 198.5 589.5 407.7 423.4 393.3 297.4 260.7 93.5 108.2 58.8 45.2 (7.4) 53.9 174.9 270.2 16.7 93.7 56.9 86.9 32.5 70 89.1 83.1 37.9 67.1 85.6 99.7 25.2 203.3 87.5 32.8 (0.6) (8.9) (21.2) (83.9) 0.6 (5.9) (15.1) (9.6) 4.3 6.3 11 (3.5)
EPS (Diluted) -0.42 -0.49 -0.51 -0.97 -1.00 -0.92 -0.52 0.00 -0.14 -0.31 0.52 0.68 -0.11 -0.40 0.29 1.13 1.51 1.69 2.33 1.17 0.07 0.14 -0.03 -0.31 -0.17 0.23 0.33 0.57 -0.08 1.98 1.41 0.55 -0.28 1.05 0.18 0.10 -0.11 0.34 -0.13 0.07 0.62 -0.39 -0.10 0.39 -4.25 -8.16 -38.40 -0.02 -0.46 0.20 0.66 0.82 0.66 -11.36 0.59 1.81 2.63 1.40 4.15 2.92 3.11 2.90 2.18 1.92 0.57 0.80 0.45 0.36 -0.07 0.48 1.61 2.57 0.16 1.04 0.54 0.83 0.31 0.86 0.84 0.77 0.35 0.77 0.77 0.90 0.23 2.35 0.80 0.30 -0.01 -0.11 -0.26 -1.03 0.00 -0.07 -0.19 -0.12 0.05 0.07 0.13 -0.04
Balance Sheet
Cash & Equivalents 45 57 66 61 57 54 39 110 30 198 31 34 59 26 56 47 35 48 42 73 110 112 56 73.7 186.9 352.6 399.3 377.2 430.2 823.2 897.1 802.5 786.6 1,007.7 260.8 321.5 295.3 323.4 132.2 108.2 59.9 527.5 550.4 502.7 274.6 97.3 139.6 197.9 179.7 67.8 41.6 53.9 61.8 185.5 101 55.5 55.5 29.9 49.6 23.5 35.3 67.6 33.1 23.7 66.9 130.3 115.5 71.7 58.6 115.9 86.4 61.5 98.3 152.3 145 101.1 119.1 139.9 132.5 122 137.8 140.6 110.5 99.6 63.6 67.9 138.2 115.3 123.2
Total Assets 20,115 20,012 20,290 20,471 20,836 20,947 16,796 16,928 17,236 17,537 18,059 18,303 18,652 18,755 19,688 20,039 19,768 18,975 18,066 17,746 17,215 16,771 8,480.9 8,490.7 8,912.3 3,503.8 3,491.2 3,393.2 3,306.3 3,529.6 3,125 3,051.5 2,862.9 2,953.4 1,923.3 2,030.1 1,925.7 1,923.9 1,772.9 1,851 1,886.3 5,636.3 5,531.9 4,639.3 4,296.4 4,025.8 3,061.8 1,019 1,018.7 895.2 703.9 728.9 730.1 792.9 795 781.2 765.9 727.8 686.1 683.7 663.3 679.7 688.6 715.3 707.2 723.5 702.5 690.6 674.6 694.3 680.6 654.7 647.6 673.7 658.6 632.2 627.6 644.6 622 610.7 598.6 616.5 594.6 542.5 531 545.4 527.2 558.9 524.4
Total Debt 7,763 8,171 8,039 7,727 7,601 7,772 3,774 3,507 3,664 3,590 3,458 3,963 4,559 4,702 4,475 4,668 5,028 5,799 5,350 5,368 5,734 5,989 4,483.9 4,643.1 4,670.1 2,113.8 2,109.1 2,104.5 2,087 2,092.9 2,315.8 2,305.8 2,350.7 2,357.1 1,735.9 1,661.8 1,697 2,230.9 2,259.7 2,507.2 2,516.6 1,091.5 725 649.3 525 525 590 0 0 25 50 55 55 170 170 170 135 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 87.3 70 70 75 90.6 75 75 75 75 75 75.1 75.1
Stockholders' Equity 5,822 6,116 5,466 5,819 6,254 6,664 6,854 7,110 7,201 7,887 8,020 7,802 7,546 7,791 7,008 6,729 6,339 5,490 3,996 3,971 3,127 2,756 810.6 792.9 903.2 357.9 359.9 285.6 261.7 424.2 (86.2) (306.3) (485) (444.3) (833.3) (789.1) (830.1) (1,464.3) (1,544.3) (1,830.7) (1,859.4) 2,999.8 2,830.3 2,542.8 2,265.1 1,737.6 996.9 222.4 220.2 228.1 61.7 83.2 79.3 272.2 382 375.6 391.5 402 404.7 407.1 399.7 407.3 418.7 439.7 435.2 437.6 420.7 416 405.9 407.4 396.7 378.6 369 370.6 354.7 347.2 342.8 342.6 334.2 320.5 309 311.4 300.8 286.5 279.2 280.7 266.2 263.8 266.1
Cash Flow
Operating Cash Flow (325) (13) (143) 45 (351) (472) (84) 519 142 618 767 887 (39) 489 536 865 533 1,137 1,516 511 (379) (207.8) 246 (138.7) (160.5) 174.4 237 262.3 (111.2) 289.8 238 93.6 (142.9) 131.4 138.9 92.9 (25.1) 230.9 91.4 107.2 (126.5) 60.9 128.7 194.4 20.7 (36.1) 25.1 29.4 (2) (9.8) 4.5 56.4 14 (34) 38.8 39.8 (34.9) 2 44 4.8 (22.8) 58.6 26.2 (30.4) (50.4) 32.5 74 29.8 (44.2) 51.6 51.3 (23.1) (37.5) 27.2 67.4 1.9 (13.1) 25.6 17.6 10.1 4.7 35.4 89.3 41.9 1.3 (63.9) 39.2 0.3 1.6
Capital Expenditure (152) (140) (157) (112) (152) (205) (151) (157) (182) (165) (162) (131) (188) (227) (248) (232) (236) (232) (175) (162) (136) (146.1) (96) (144.8) (138.1) (195.3) (159.8) (166.8) (134.1) (101.4) (80.3) (43) (71.4) (76.8) (29.5) (21.5) (27.9) (23.3) (25.6) (9.8) (10.4) (30.5) (27) (19.1) (7.3) (12.6) (5.3) (5.1) (7.3) (3.9) (1.8) (1.2) (2.8) (4.8) 1.8 (2.6) (0.6) (13.9) (4.4) (3.7) (1.4) (14.1) (6.9) (6.5) (5.8) (13.7) (17.8) (10.4) (9.5) (15.2) (37.5) (10.8) (13.4) (30.4) (2.3) (1.6) (2.4) (6.6) (4.9) (7.3) (3.7) (5.3) (2.5) (2.2) (0.9) (1.9) (1) (1.2) (0.9)
Free Cash Flow (477) (153) (300) (67) (503) (677) (235) 362 (40) 453 605 756 (227) 262 288 633 297 905 1,341 349 (515) (353.9) 150 (283.5) (298.6) (20.9) 77.2 95.5 (245.3) 188.4 157.7 50.6 (214.3) 66.3 101.7 71.4 (53) 207.6 65.8 97.4 (136.9) 30.4 101.7 175.3 13.4 (48.7) 19.8 24.3 (9.3) (13.7) 2.7 55.2 11.2 (38.8) 40.6 37.2 (35.5) (11.9) 39.6 1.1 (24.2) 44.5 19.3 (36.9) (56.2) 18.8 56.2 19.4 (53.7) 36.4 13.8 (33.9) (50.9) (3.2) 65.1 0.3 (15.5) 19 12.7 2.8 1 30.1 86.8 39.7 0.4 (65.8) 38.2 (0.9) 0.7