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STRONG
BUY 0
BUY 18
HOLD 12
SELL 0
STRONG
SELL 0
| PRICE TARGET: $80.50 DETAILS
HIGH: $83.00
LOW: $77.00
MEDIAN: $80.50
CONSENSUS: $80.50
UPSIDE: 8.01%
Annual Quarterly
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
Revenue
Revenue 8,539 7,515 7,462 8,596 7,329 6,418 6,624 6,873 6,583 6,399 6,456 7,179 6,566 6,253 6,503 6,432 6,205 6,807 6,464 6,126 5,879 5,472 5,513 8,673 8,006 8,739 5,926 5,141 4,781 4,324 3,890 3,614 3,482
Cost of Revenue 3,337.9 4,306 4,600 5,834 4,680 3,788 4,189 4,475 4,080 4,051 4,266 5,090 4,562 4,423 4,749 4,724 3,570 4,212 4,102 3,755 3,181 1,137 1,400 3,582 2,686 2,848 1,393 1,516 3,213 2,842 2,473 2,356 0
Gross Profit 5,201.1 3,209 2,862 2,762 2,649 2,630 2,435 2,398 2,503 2,348 2,190 2,089 2,004 1,830 1,754 1,708 2,635 2,595 2,362 2,371 2,698 4,335 4,113 5,091 5,320 5,891 4,533 3,625 1,568 1,482 1,417 1,258 0
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
SG&A Expenses 3,474.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (50) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Expenses 0 1,722 1,627 1,538 1,503 1,400 1,320 1,236 1,165 1,092 1,012 937 862 827 751 780 1,937 1,796 2,450 2,593 3,199 3,744 3,682 5,108 5,341 5,188 3,642 2,901 852 806 798 755 3,482
Operating Expenses 3,474.1 1,722 1,627 1,538 1,503 1,400 1,320 1,236 1,165 1,092 1,012 937 862 827 751 730 1,937 1,796 2,450 2,593 3,199 3,744 3,682 5,108 5,341 5,188 3,642 2,901 852 806 798 755 3,482
Operating Income
Operating Income 1,727 1,487 1,235 1,224 1,146 1,230 1,115 1,162 1,338 1,256 1,178 1,152 1,142 1,003 1,003 978 698 799 (88) (222) (501) 591 431 (17) (21) 703 891 724 716 676 619 503 3,482
Interest Expense 789 708 643 519 500 505 460 458 438 435 396 407 398 389 415 431 435 400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 3 11 7 11 12 6 12 5 3 5 9 19 18 30 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 3,187 3,071 2,777 2,547 2,437 2,357 2,213 2,165 2,205 2,072 1,942 1,821 1,782 1,609 1,567 1,597 1,340 1,429 457 354 24 1,022 893 468 503 1,340 1,486 1,259 1,227 1,144 1,096 955 3,482
EBIT 2,037 1,831 1,597 1,421 1,323 1,314 1,224 1,232 1,324 1,261 1,192 1,136 1,154 1,011 1,021 1,021 770 840 (88) (222) (501) 591 431 (17) (21) 703 891 724 716 676 619 503 3,482
Income Before Tax 1,248 1,123 954 902 823 809 764 774 886 826 796 729 756 622 606 590 335 440 (321) (321) (321) 122 15 (435) (421) 88 354 342 352 361 322 282 0
Income Tax Expense 246 176 147 93 95 115 131 115 424 273 271 250 302 245 191 224 115 139 (195) (188) (180) (5) 58 (41) (94) 50 63 100 108 137 118 103 0
Net Income 1,071 1,003 887 837 1,353 755 680 657 460 551 523 477 452 382 415 340 229 295 (215) (79) (84) 121 (45) (650) (459) 36 277 285 244 224 204 179 155
Per Share Data
EPS (Basic) 3.53 3.34 3.01 2.84 4.66 2.65 2.40 2.33 1.64 1.99 1.90 1.76 1.71 1.43 1.65 1.40 0.96 1.25 -0.97 -0.36 -0.39 0.65 -0.29 -4.46 -4.19 0.04 2.18 2.45 2.63 2.45 2.27 2.09 1.90
EPS (Diluted) 3.53 3.33 3.01 2.85 4.66 2.64 2.39 2.32 1.64 1.98 1.89 1.74 1.66 1.39 1.57 1.28 0.91 1.20 -0.97 -0.36 -0.39 0.64 -0.29 -4.46 -4.17 0.04 2.17 2.45 2.61 2.44 2.26 2.08 1.90
Shares Outstanding 300.6 297.6 291.2 289.5 289 285 283 282.2 280 278 276 271 265 260.7 250.8 231.5 227.2 225.7 222.5 219.5 213.6 169.2 153.3 138.9 130 111 110.1 107.7 92.8 91.4 89.9 85.6 81.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Current Assets
Cash & Cash Equivalents 615 103 227 164 452 32 140 153 182 235 90 213 669 532 377 189 182 132 101 67 56 56 79
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
Net Receivables 1,323 1,063 944 1,580 943 872 1,145 1,227 1,242 1,013 1,029 952 581 476 757 1,364 1,440 959 720 476 373 296 154
Inventory 791 769 938 1,117 667 576 605 650 672 626 1,319 1,405 1,030 892 617 813 467 430 361 317 302 304 347
Other Current Assets 743 304 224 75 70 488 50 58 39 75 241 220 554 594 997 667 360 296 225 278 283 254 250
Total Current Assets 3,472 2,790 2,839 3,433 2,627 2,404 2,331 2,468 2,475 2,280 2,742 2,827 2,999 2,494 2,748 3,033 2,449 1,817 1,407 1,138 1,014 910 830
Non-Current Assets
Property, Plant & Equipment 30,702 27,485 25,098 22,744 22,378 21,049 18,973 18,126 16,761 15,715 9,682 9,190 8,636 6,944 5,234 8,362 7,835 8,121 6,040 5,435 5,280 5,074 4,826
Goodwill 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 0 0 0 0 0 0 0 0 0 0 1,077 0 581 476 0 1,364 1,440 0 0 0 0 0 0
Long-Term Investments 79 69 76 71 71 70 71 69 64 65 9 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 5,688 5,576 5,504 5,105 3,677 6,143 5,462 3,866 3,750 3,562 2,323 2,607 4,214 4,375 5,933 4,896 4,676 5,524 3,863 3,220 2,321 2,159 1,728
Total Non-Current Assets 36,916 33,130 30,678 27,920 26,126 27,262 24,506 22,061 20,575 19,342 12,514 12,074 12,873 11,344 11,167 14,069 13,402 13,645 9,903 8,655 7,601 7,233 6,554
Total Assets 40,388 35,920 33,517 31,353 28,753 29,666 26,837 24,529 23,050 21,622 15,256 14,901 15,872 13,838 13,915 17,102 15,851 15,462 11,310 9,793 8,615 8,143 7,384
Current Liabilities
Account Payables 1,404 1,093 809 936 886 668 635 733 740 610 509 516 392 357 549 1,025 1,094 775 580 478 411 357 244
Short-Term Debt 959 1,256 1,068 1,110 376 587 1,201 1,071 1,251 1,262 734 514 476 519 1,104 1,397 1,110 782 621 1,025 742 548 403
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 443 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 1,185 355 255 266 311 1,250 299 306 308 315 (132) 430 0 0 9 122 (1,059) 0 0 0 0 0 0
Total Current Liabilities 3,548 3,521 2,895 2,985 2,204 3,074 2,704 2,624 2,784 2,655 1,954 1,863 1,755 1,650 2,898 3,810 3,202 2,507 1,810 2,075 1,723 1,510 1,221
Non-Current Liabilities
Long-Term Debt 17,826 15,194 14,508 13,122 12,046 11,744 11,951 10,615 9,123 8,640 5,895 6,015 6,948 6,704 5,357 6,923 6,824 7,075 4,831 3,347 3,045 3,012 2,817
Deferred Tax Liabilities 3,817 3,047 2,741 2,536 0 0 0 0 0 0 282 100 750 700 505 875 859 828 784 894 859 811 763
Other Non-Current Liabilities 5,332 5,298 5,186 5,020 7,244 8,690 7,014 6,429 6,574 5,927 3,990 3,893 0 0 (1) 0 0 0 0 0 0 0 0
Total Non-Current Liabilities 27,129 23,651 22,497 20,773 19,361 20,515 19,078 17,113 15,788 14,677 10,364 4,700 8,013 7,462 5,977 9,808 9,972 9,812 6,653 5,015 4,734 4,808 4,700
Total Liabilities 30,677 27,172 25,392 23,758 21,565 23,589 21,782 19,737 18,572 17,332 12,318 12,143 12,806 12,180 12,761 15,126 13,402 13,006 9,094 7,816 6,913 6,674 6,277
Stockholders' Equity
Common Stock 3 3 3 3 3 3 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 0 1
Retained Earnings 2,443 2,035 1,658 1,350 1,057 214 (25) (271) (531) (616) (1,927) (2,007) (1,734) (1,844) (1,720) (1,055) (320) (189) (234) (189) (338) 0 (595)
Accumulated Other Comprehensive Income (36) (41) (46) (52) (59) (86) (73) (65) (50) (50) (33) (28) (336) (419) (753) (325) (256) (105) (145) (102) (6) 1,469 (4,299)
Total Stockholders' Equity 9,144 8,230 7,544 7,015 6,631 5,496 5,018 4,755 4,441 4,253 2,841 2,706 2,333 1,585 1,133 1,890 2,361 2,456 2,216 1,977 1,702 1,469 1,107
Total Liabilities & Equity 40,388 35,920 33,517 31,353 28,753 29,666 26,837 24,529 23,050 21,622 15,256 14,901 15,872 13,838 13,915 17,102 15,851 15,462 11,310 9,793 8,615 8,143 7,384
Debt Metrics
Total Debt 18,939 16,590 15,669 14,340 12,502 12,423 13,293 11,777 10,487 10,034 6,826 6,757 7,739 7,281 6,570 8,380 7,934 7,857 5,452 4,372 3,787 3,560 3,220
Net Debt 18,324 16,487 15,442 14,176 12,050 12,391 13,153 11,624 10,305 9,799 6,736 6,544 7,070 6,749 6,193 8,191 7,752 7,725 5,351 4,305 3,731 3,504 3,141
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Operating Activities
Net Income 1,071 1,003 886 833 751 697 680 657 460 551 (98) 132 (44) (650) (545) 36 277 242 244 224 204 179
Depreciation & Amortization 1,306 1,240 1,180 1,126 1,114 1,043 992 933 881 811 525 431 462 485 524 637 595 535 0 0 0 0
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
Change in Working Capital (61) 262 416 (1,113) (46) (25) (33) 105 (174) 7 (227) (229) (318) 27 (490) (363) 42 (186) (35) (12) 89 12
Other Non-Cash Items (283) (277) (330) (80) (249) (609) 1 (174) 121 (4) 598 (30) (351) 752 928 135 (7) (129) 391 403 314 365
Operating Cash Flow 2,235 2,370 2,309 855 1,819 1,276 1,790 1,703 1,705 1,629 599 398 (251) 614 417 453 917 516 624 661 682 612
Investing Activities
Capital Expenditure (3,824) (3,018) (3,219) (2,374) (2,076) (2,311) (2,104) (2,074) (1,665) (1,672) (593) (525) (535) (747) (1,262) (1,032) (1,124) (1,295) (678) (659) (535) (575)
Acquisitions 4 129 6 2 1 89 97 0 0 0 61 219 0 0 0 (74) (1,938) 0 0 (20) (146) 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 (607) (3,050) 0 0 0 (344) (380) (345) (830) (212) (293) (102)
Sales/Maturities of Investments 0 0 0 0 0 0 0 146 0 0 613 2,942 0 0 0 0 0 0 0 0 0 0
Other Investing Activities (214) (160) (167) (102) 843 (614) (809) (532) (203) (243) (119) 100 738 1,576 136 583 (122) 6 (43) 50 (42) (32)
Investing Cash Flow (4,034) (3,049) (3,380) (2,474) (1,232) (2,836) (2,816) (2,606) (1,868) (1,915) (494) (392) 203 829 (1,126) (867) (3,564) (1,634) (1,551) (841) (1,016) (709)
Financing Activities
Net Debt Issuance 2,394 982 1,492 1,813 100 1,020 1,432 1,240 404 530 (153) (283) (59) (1,049) 435 341 2,225 1,024 669 92 236 (6)
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 (11) 0 (8) (6) (395) (194) (3) (122) (1) (1) (2)
Dividends Paid (663) (626) (579) (546) (509) (467) (436) (407) (377) (347) (11) (11) 0 (149) (189) (167) (163) (140) (119) (103) (84) (67)
Other Financing Activities (20) (33) 32 (11) (137) 782 0 0 0 0 0 (39) 17 (17) 12 133 0 0 0 0 0 0
Financing Cash Flow 2,236 609 1,137 1,325 (296) 1,588 1,008 874 110 255 74 (43) 230 (1,223) 716 464 2,678 1,150 938 180 311 148
Cash Position
Net Change in Cash 437 (70) 66 (294) 427 (108) (17) (25) (55) (31) 1,045 0 181 228 7 50 31 32 11 0 (23) 51
Cash at Beginning 178 248 182 476 49 157 174 199 254 285 0 0 351 123 182 132 101 69 58 56 79 28
Cash at End 615 178 248 182 476 49 157 174 199 254 1,045 725 532 351 189 182 132 101 69 56 56 79
Free Cash Flow (1,589) (648) (910) (1,519) (257) (1,035) (314) (371) 40 (43) 6 (127) (786) (133) (845) (579) (207) (779) (54) 2 147 37
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
Income Statement
Revenue 8,539 7,515 7,462 8,596 7,329 6,418 6,624 6,873 6,583 6,399 6,456 7,179 6,566 6,253 6,503 6,432 6,205 6,807 6,464 6,126 5,879 5,472 5,513 8,673 8,006 8,739 5,926 5,141 4,781 4,324 3,890 3,614 3,482
Gross Profit 5,201.1 3,209 2,862 2,762 2,649 2,630 2,435 2,398 2,503 2,348 2,190 2,089 2,004 1,830 1,754 1,708 2,635 2,595 2,362 2,371 2,698 4,335 4,113 5,091 5,320 5,891 4,533 3,625 1,568 1,482 1,417 1,258 0
Operating Income 1,727 1,487 1,235 1,224 1,146 1,230 1,115 1,162 1,338 1,256 1,178 1,152 1,142 1,003 1,003 978 698 799 (88) (222) (501) 591 431 (17) (21) 703 891 724 716 676 619 503 3,482
Net Income 1,071 1,003 887 837 1,353 755 680 657 460 551 523 477 452 382 415 340 229 295 (215) (79) (84) 121 (45) (650) (459) 36 277 285 244 224 204 179 155
EPS (Diluted) 3.53 3.33 3.01 2.85 4.66 2.64 2.39 2.32 1.64 1.98 1.89 1.74 1.66 1.39 1.57 1.28 0.91 1.20 -0.97 -0.36 -0.39 0.64 -0.29 -4.46 -4.17 0.04 2.17 2.45 2.61 2.44 2.26 2.08 1.90
Balance Sheet
Cash & Equivalents 615 103 227 164 452 32 140 153 182 235 90 213 669 532 377 189 182 132 101 67 56 56 79
Total Assets 40,388 35,920 33,517 31,353 28,753 29,666 26,837 24,529 23,050 21,622 15,256 14,901 15,872 13,838 13,915 17,102 15,851 15,462 11,310 9,793 8,615 8,143 7,384
Total Debt 18,939 16,590 15,669 14,340 12,502 12,423 13,293 11,777 10,487 10,034 6,826 6,757 7,739 7,281 6,570 8,380 7,934 7,857 5,452 4,372 3,787 3,560 3,220
Stockholders' Equity 9,144 8,230 7,544 7,015 6,631 5,496 5,018 4,755 4,441 4,253 2,841 2,706 2,333 1,585 1,133 1,890 2,361 2,456 2,216 1,977 1,702 1,469 1,107
Cash Flow
Operating Cash Flow 2,235 2,370 2,309 855 1,819 1,276 1,790 1,703 1,705 1,629 599 398 (251) 614 417 453 917 516 624 661 682 612
Capital Expenditure (3,824) (3,018) (3,219) (2,374) (2,076) (2,311) (2,104) (2,074) (1,665) (1,672) (593) (525) (535) (747) (1,262) (1,032) (1,124) (1,295) (678) (659) (535) (575)
Free Cash Flow (1,589) (648) (910) (1,519) (257) (1,035) (314) (371) 40 (43) 6 (127) (786) (133) (845) (579) (207) (779) (54) 2 147 37