NetEase, Inc. logo NTES - NetEase, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 26
HOLD 5
SELL 1
STRONG
SELL
0
| PRICE TARGET: $148.00 DETAILS
HIGH: $158.00
LOW: $132.00
MEDIAN: $154.00
CONSENSUS: $148.00
UPSIDE: 26.98%
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 30,591.3 27,547.0 28,358.6 27,891.7 28,828.5 26,747.8 26,209.9 25,485.8 26,851.7 27,140.2 27,270.4 24,011.3 25,046.3 25,354.1 24,426.8 23,159.1 23,555.8 24,373.6 22,190.7 20,524.5 20,517.2 19,761.7 18,658.2 18,184.8 17,062.4 15,734.8 14,635.7 14,448.4 14,422.2 19,844.3 13,160.2 16,283.9 14,173.0 14,607.6 12,477.8 13,376.0 13,640.5 12,099.0 9,211.6 8,952.8 7,915.4 7,903.0 6,671.8 4,567.9 3,660.2 3,463.0 3,116.7 2,767.6 2,365.5 2,422.4 2,356.6 2,264.5 2,152.6 2,270.9 2,002.0 1,962.5 1,965.6 2,099.2 1,957.9 1,733.6 1,500.0 1,633.7 1,400.4 1,309.0 1,164.5 1,249.9 868.0 863.1 775.9 920.3 796.0 852.5 644.5 532.2 571.3 535.4 554.4 502.8 571.4 552.7 509.2 483.2 443.4 392.8 308.7 271.4 238.6 206.8 186.8 161.9 129.4 91.1 29.6 10.6 5.5 5.0 24.9 20.1 13.7 6.5
Cost of Revenue 9,374.2 9,854.6 10,181.0 9,839.2 10,349.1 10,475.5 9,733.3 9,443.6 9,835.8 10,315.0 10,304.1 9,635.9 10,149.7 12,109.8 10,682.9 10,217.6 10,719.5 11,455.8 10,380.0 9,334.9 9,464.6 9,834.0 8,772.4 8,392.6 7,684.7 7,524.4 6,765.3 10,643.2 10,265.2 12,186.8 9,308.0 9,038.8 8,219.4 8,863.0 6,530.2 6,639.2 6,156.9 5,635.7 3,878.1 3,672.5 3,328.7 3,683.3 2,822.5 1,722.3 1,171.1 977.6 858.3 767.9 657.8 695.2 609.9 566.9 606.5 662.6 640.0 641.0 634.4 646.1 630.5 580.8 515.0 543.2 441.3 430.6 383.8 405.8 241.0 171.2 134.2 153.8 166.1 130.1 112.5 108.7 105.8 98.2 103.2 100.0 100.4 95.3 88.2 84.0 72.5 65.9 55.5 64.1 48.8 42.5 28.5 25.6 21.9 (58.1) 0 0 0 0 4.2 11.9 10.2 5.9
Gross Profit 21,217.1 17,692.4 18,177.6 18,052.5 18,479.4 16,272.3 16,476.6 16,042.2 17,015.9 16,825.1 16,966.3 14,375.4 14,896.5 13,244.4 13,743.9 12,941.5 12,836.4 12,917.8 11,810.8 11,189.6 11,052.6 9,927.8 9,885.8 9,792.2 9,377.6 8,210.4 7,870.4 8,125.8 8,091.0 7,657.5 7,547.3 7,245.1 5,953.6 5,744.6 5,947.6 6,736.9 7,483.6 6,463.3 5,333.6 5,280.4 4,586.6 4,219.7 3,849.3 2,845.6 2,489.1 2,485.4 2,258.4 1,999.7 1,707.7 1,727.2 1,746.8 1,697.6 1,546.1 1,608.3 1,361.9 1,321.5 1,331.2 1,453.1 1,327.4 1,152.9 985.0 1,090.6 959.2 878.4 780.7 844.1 627.0 691.9 641.7 766.5 631.3 722.4 532.0 423.5 465.6 437.3 451.3 402.8 471.0 457.4 421.0 399.1 370.9 326.9 253.3 207.3 189.8 164.3 158.4 136.3 107.5 149.2 29.6 10.6 5.5 5.0 20.7 8.2 3.4 6.5
Operating Expenses
R&D Expenses 4,482.2 4,434.3 4,541.9 4,356.6 4,386.3 4,469.9 4,424.5 4,455.7 4,174.8 4,479.2 4,347.1 3,908.9 3,749.7 4,090.1 3,969.2 3,581.7 3,398.1 3,847.7 3,761.2 3,406.9 3,060.2 3,029.4 2,789.1 2,408.3 2,142.6 2,267.5 2,162.3 2,062.2 2,037.7 2,155.4 2,260.8 1,917.4 1,458.9 1,242.2 1,152.9 1,051.5 924.8 877.1 820.2 726.3 623.4 586.8 623.5 496.8 451.8 391.6 396.4 292.1 243.4 238.0 257.3 223.6 202.7 189.3 201.7 172.3 155.0 142.5 121.7 103.0 98.3 97.2 81.8 72.0 67.0 63.1 62.8 53.8 50.8 56.1 53.8 52.2 46.2 48.9 47.5 45.1 39.4 38.2 38.7 46.3 31.0 25.8 17.3 14.6 33.4 10.2 8.6 8.4 7.2 6.7 4.1 13.8 0 0 0 0 3.3 3.2 3.3 2.9
SG&A Expenses 4,078.1 4,939.0 5,622.2 4,634.8 3,651.9 3,981.0 4,905.4 4,593.2 5,218.7 5,477.4 5,061.3 4,403.9 3,926.7 4,720.8 5,033.0 4,413.5 3,931.3 4,461.9 4,274.3 4,024.6 3,716.9 3,886.5 4,226.6 3,214.0 2,748.5 2,966.5 2,373.3 2,577.3 1,944.9 3,256.9 3,179.3 2,994.1 3,287.7 3,075.6 2,244.9 2,280.0 1,786.9 1,719.5 1,666.7 1,506.2 1,095.6 1,214.9 1,137.7 898.4 721.6 848.1 662.8 531.5 320.3 410.3 377.8 402.4 252.9 391.0 335.8 265.3 200.8 386.5 286.5 262.7 193.7 200.7 290.4 196.8 158.7 173.9 156.1 121.0 99.8 114.3 112.2 97.5 81.4 104.6 131.5 97.5 13.2 89.2 0.5 (3.6) 82.5 72.9 77.4 65.5 57.1 50.3 (31.8) 55.2 43.4 31.2 25.5 (92.8) 0 0 0 0 68.1 58.1 30.9 22.4
Other 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 0 118.8 0 0 0 0 0 0 86.4 (66.1) 92.1 91.6 0 (318.1) 0 0 0 16.6 104.3 0 0 (0.1) 0 0 29.6 10.6 5.5 5.0 0 0 0 (25.3)
Operating Expenses 8,560.2 9,373.2 10,164.1 8,991.4 8,038.2 8,450.9 9,329.9 9,048.9 9,393.4 9,956.6 9,408.4 8,312.8 7,676.5 8,810.9 9,002.1 7,995.2 7,329.3 8,309.6 8,035.6 7,431.5 6,777.1 6,915.8 7,015.7 5,622.3 4,891.2 5,234.0 4,535.6 4,639.6 3,982.6 5,412.3 5,440.1 4,911.5 4,746.6 4,317.8 3,397.9 3,331.5 2,711.7 2,596.6 2,487.0 2,232.5 1,718.9 1,801.7 1,761.2 1,395.2 1,173.5 1,239.7 1,059.2 823.7 563.6 648.3 635.2 626.0 455.6 580.4 537.5 437.7 355.7 529.0 408.2 365.8 292.0 297.9 372.2 268.7 225.7 237.0 218.9 174.8 150.6 289.2 166.0 149.7 127.6 153.5 179.1 142.6 138.9 61.2 131.4 134.3 113.5 (219.4) 94.7 80.1 90.5 77.0 81.0 63.7 50.6 37.8 29.6 (79.0) 29.6 10.6 5.5 5.0 71.4 61.2 34.1 0
Operating Income
Operating Income 12,656.8 8,319.2 8,013.5 9,061.1 10,441.2 7,821.4 7,146.7 6,993.3 7,622.5 6,868.5 7,557.9 6,062.7 7,220.1 4,433.4 4,741.8 4,946.3 5,507.0 4,608.2 3,775.2 3,758.1 4,275.6 3,011.9 2,870.2 4,169.9 4,486.5 2,976.4 3,334.8 3,724.4 3,755.0 2,245.1 2,535.5 2,333.6 1,206.9 1,426.8 2,549.7 3,405.4 4,771.9 3,866.7 2,846.6 3,047.9 2,867.7 2,418.0 2,088.1 1,450.4 1,315.6 1,245.8 1,199.2 1,176.0 1,144.1 1,078.9 1,111.6 1,071.6 1,090.5 1,027.9 824.5 883.8 975.5 924.1 919.2 787.1 693.0 792.7 587.0 609.6 555.0 607.1 408.1 517.1 491.1 (1,447.6) 466.6 572.7 404.5 336.5 263.1 294.7 312.3 332.9 307.7 323.1 307.5 618.5 276.2 246.7 162.7 130.2 108.8 100.6 107.8 98.3 77.9 (125.8) 29.6 (247.4) 5.5 5.0 (59.3) (53.1) (30.7) 6.5
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0 0 0.9 0 0 0 0 0 0 0 0 0 0 0
Interest Income 890.3 1,669.1 936.7 953.5 1,060.9 1,174.3 1,282.8 1,186.2 1,277.6 1,261.6 1,147.2 935.6 776.0 629.3 556.1 506.0 458.2 395.0 349.6 386.2 388.9 410.0 446.9 396.5 345.2 279.5 184.8 185.2 172.2 167.3 113.2 141.6 165.5 190.7 164.7 162.1 149.8 125.3 162.1 117.9 136.6 132.8 140.4 156.7 167.0 156.7 156.1 146.5 142.2 139.1 123.6 126.1 117.5 115.5 115.5 106.2 86.5 78.6 68.6 59.4 51.4 41.2 36.2 32.8 30.8 29.7 29.8 33.1 35.6 0 39.7 0 30.9 0 0 28.4 0 23.3 0 0 0 0 0 12.7 0 0 0 0 0 0 0 0 0 0 0 0 11.9 0 0 0
Profitability
EBITDA 13,087.4 9,029.6 8,631.3 9,489.5 10,921.9 8,518.9 7,667.3 7,625.3 8,190.4 7,528.3 8,209.8 6,724.0 8,302.4 5,202.6 5,455.6 5,555.4 6,273.2 5,444.2 4,580.7 4,572.5 5,095.4 3,974.5 3,783.2 5,062 5,176.5 3,672.1 4,038.2 4,358.0 4,336.2 2,921.1 3,100.2 2,804.4 1,573.4 1,701.1 2,760.5 3,575.9 4,918.1 3,963.3 2,936.5 3,124.7 2,931.8 2,472.6 2,134.8 1,492.9 1,354.3 1,310.7 1,236.2 1,210.2 1,182.5 1,119.3 1,151.5 1,111.4 1,128.7 1,065.5 876.8 955.7 1,047.2 924.1 994.6 783.3 758.7 792.7 542.8 668.5 613.9 607.1 386.7 537.5 513.1 617.7 489.2 595.4 428.5 357.9 310.8 318.4 317.6 391.5 359.9 342.0 324.4 695.9 279.4 247.6 172.7 156.9 118.5 109.3 115.5 98.5 77.7 (125.8) 29.6 (247.4) 5.5 5.0 (50.7) (53.0) (30.7) 6.5
EBIT 12,656.8 8,319.2 8,013.5 9,061.1 10,441.2 7,821.4 7,146.7 6,993.3 7,622.5 6,868.5 7,557.9 6,062.7 7,220.1 4,433.4 4,741.8 4,946.3 5,507.0 4,608.2 3,775.2 3,758.1 4,275.6 3,011.9 2,870.2 4,169.9 4,486.5 2,976.4 3,334.8 3,724.4 3,755.0 2,245.1 2,535.5 2,333.6 1,206.9 1,426.8 2,549.7 3,405.4 4,771.9 3,866.7 2,846.6 3,047.9 2,867.7 2,418.0 2,088.1 1,450.4 1,315.6 1,245.8 1,199.2 1,176.0 1,144.1 1,078.9 1,111.6 1,071.6 1,090.5 1,027.9 824.5 883.8 975.5 924.1 919.2 787.1 693.0 792.7 587.0 609.6 555.0 607.1 408.1 517.1 491.1 596.1 466.6 572.7 404.4 331.1 286.5 294.7 293.3 370.5 339.7 323.1 307.5 669.0 276.2 246.7 162.7 156.6 108.8 100.6 107.8 98.5 77.9 (125.8) 29.6 (247.4) 5.5 5.0 (50.7) (53.1) (30.7) 6.5
Income Before Tax 13,369.4 7,620.4 10,109.0 10,649.2 12,451.9 10,304.0 7,996.0 8,129.5 9,288.3 7,745.0 9,101.3 8,871.7 8,339.0 4,776.3 8,207.7 5,731.3 5,535.0 6,596.7 4,131.1 4,589.6 5,787.1 1,487.5 3,136.2 5,715.7 5,032.7 3,968.3 4,249.9 4,084.4 4,080.7 2,708.4 2,930.2 2,683.6 1,087.5 1,592.3 2,767.1 3,697.9 4,954.2 4,593.6 3,222.6 3,046.8 3,032.3 2,672.4 2,330.1 1,587.8 1,519.9 1,465.2 1,368.1 1,319.6 1,305.6 1,295.7 1,251.1 1,217.2 1,211.8 1,197.3 978.0 1,008.1 1,094.8 1,038.8 954.8 850.3 771.8 803.8 667.4 561.6 543.6 629.4 459.3 583.5 478.4 (1,404.7) 439.0 577.9 384.3 338.3 280.2 314.3 335.0 356.9 333.4 347.0 328.2 318.9 285.2 259.8 172.8 137.7 114.7 105.5 112.0 102.7 80.0 26.7 0 0 0 0 (59.3) (53.1) (30.7) 0.5
Income Tax Expense 2,523.8 1,250.4 1,316.4 1,560.8 1,905.1 1,385.0 1,289.5 1,300.9 1,485.9 1,068.7 1,290.4 712.1 1,628.6 966.6 1,586.7 1,259.3 1,219.3 934.0 807.6 1,113.2 1,273.4 552.7 342.7 1,064.5 1,082.0 876.3 88.0 685.2 1,269.0 919.7 843.8 420.5 282.7 290.4 225.5 703.5 943.0 882.0 427.2 262.7 530.7 513.8 399.2 145.9 214.5 187.9 197.3 97.9 179.6 49.4 206.5 131.8 142.9 184.2 194.8 149.5 163.1 122.6 140.5 92.4 37.2 83.2 91.3 75.5 94.5 71.2 65.5 115.4 61.7 (77.9) 125.7 139.9 114.9 (52.8) 20.0 2.0 33.6 38.0 28.2 32.9 34.4 33.3 26.6 17.0 18.9 7.6 5.7 7.2 8.1 8.6 4.2 (16.3) 8.9 (188.6) 70.9 57.3 (9.3) (11.5) (3.6) 23.9
Net Income 10,674.1 6,242.0 8,615.7 8,601.0 10,301.2 8,766.5 6,538.4 6,758.7 7,633.9 6,582.3 7,836.9 8,242.8 6,754.6 3,952.7 6,699.4 5,291.5 4,394.0 5,694.2 3,181.8 3,541.8 4,439.2 975.7 2,998.2 4,537.8 3,551.0 3,053.7 12,730.3 3,071.4 2,382.1 1,697.7 1,596.3 2,106.5 751.9 1,285.6 2,527.4 2,972.1 3,922.8 3,683.1 2,740.0 2,720.6 2,460.8 2,164.5 1,881.9 1,424.3 1,264.4 1,271.3 1,159.1 1,202.3 1,123.9 1,237.0 1,048.3 1,095.1 1,063.5 1,008.5 811.9 875.3 941.7 898.6 825.8 772.5 737.4 712.5 585.3 485.7 452.3 571.8 393.8 468.1 416.7 580.5 313.3 437.9 269.4 391.2 260.3 312.2 301.4 328.7 314.5 314.2 293.8 285.5 258.6 242.8 153.9 130.1 109.1 98.3 103.9 94.1 75.8 43.0 (8.9) (41.0) (70.9) (57.3) (50.1) (41.5) (27.1) (23.9)
Per Share Data
EPS (Basic) 16.70 9.65 13.50 13.50 16.25 13.80 10.15 10.50 11.90 10.25 12.20 12.80 10.50 6.10 10.25 8.10 6.70 8.70 4.80 5.30 6.65 1.45 4.45 7.00 5.50 4.75 6.40 4.75 3.70 5.25 3.20 3.25 1.15 1.95 3.85 4.50 5.95 5.60 4.20 4.15 3.75 3.30 2.85 2.15 1.95 1.95 1.75 1.85 1.75 1.90 1.60 1.70 1.65 1.55 1.25 1.35 1.45 1.35 1.25 1.20 1.15 0.50 0.90 0.75 0.70 0.90 0.60 0.75 0.65 0.90 0.50 0.70 0.45 0.65 0.42 0.50 0.48 0.50 0.49 0.48 0.45 0.44 0.10 0.09 0.06 0.05 0.04 0.04 0.04 0.04 0.03 0.02 -0.00 -0.02 -0.12 -0.10 -0.07 -0.02 -0.01 -0.04
EPS (Diluted) 16.55 9.50 13.35 13.35 16.05 13.65 10.15 10.40 11.75 10.10 12.05 12.70 10.35 6.05 10.15 8.00 6.65 8.55 4.75 5.25 6.55 1.45 4.35 6.90 5.40 4.65 6.35 4.75 3.70 5.20 3.20 3.25 1.15 1.95 3.80 4.50 5.90 5.55 4.15 4.10 3.70 3.25 2.85 2.15 1.90 1.95 1.75 1.85 1.70 1.90 1.60 1.70 1.65 1.55 1.25 1.35 1.45 1.35 1.25 1.20 1.15 0.50 0.90 0.75 0.70 0.90 0.60 0.70 0.65 0.90 0.50 0.70 0.40 0.65 0.40 0.47 0.45 0.50 0.45 0.45 0.42 0.44 0.09 0.09 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.02 -0.00 -0.02 -0.12 -0.10 -0.07 -0.02 -0.01 -0.04
Shares Outstanding 639.6 638.4 638.2 637.7 634.8 642.2 644.2 644.2 642.3 651.7 642.8 643.8 644.2 647.9 652.6 654.9 655.5 656.2 665.2 669.5 669.9 672.6 676.8 648.4 646.3 645.7 645.8 644.3 641.2 639.9 642.2 650.1 656.4 656.8 658.8 659.0 657.6 656.3 655.5 655.6 658.0 657.4 657.8 657.5 654.8 653.6 653.6 653.3 651.1 650.1 650.0 649.8 648.4 655.8 657.5 657.2 655.6 654.5 653.7 653.0 651.2 685.5 649.6 649.2 648.0 647.6 647.2 643.8 641.6 641.6 640.0 605.6 605.8 605.8 610.7 620.1 632.0 632.0 645.2 650.9 653.5 653.5 2,619.1 2,569.8 2,550.5 2,538.4 2,533.7 2,523.5 2,506.3 2,498.6 2,507.1 2,461.7 2,858.7 1,750.3 602.1 602.1 685.5 2,388.7 2,048.4 602.1
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 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 2000 Q4 2000 Q3 2000 Q2
Current Assets
Cash & Cash Equivalents 50,815.2 51,520.0 31,326.8 54,430.7 41,748.6 51,383.3 20,184.0 18,982.2 43,026.9 21,428.9 15,116.5 12,766.3 13,700.8 24,889 17,999.2 16,461.9 9,852.0 14,498.2 22,266.8 9,935.8 8,791.0 9,117.2 6,466.2 10,622.8 5,592.8 3,246.4 2,741.4 4,832.3 4,132.1 4,977.4 4,778.1 3,079.3 3,727.4 2,764.1 2,575.5 3,012.5 3,959.3 5,439.5 4,481.8 5,257.2 6,584.5 2,084.9 1,443.1 1,041.3 1,282.1 792.2 1,205.9 1,701.6 1,680.6 1,356.3 728.8 638.1 559.9 522 707.7 782.5 857.8
Short-Term Investments 120,088.6 115,516.4 117,766.3 92,258.1 98,366.0 86,197.5 103,802.6 103,874.0 91,568.8 105,292.1 95,710.4 97,041.9 106,744.1 92,570.4 98,236.1 95,083.3 92,649.4 83,036.4 69,066.6 90,947.1 90,718.6 84,352.4 91,933.8 85,547.4 69,888.5 68,799.7 58,640.3 50,719.3 47,671.1 44,575.1 37,658.5 41,048.6 39,610.2 40,346.0 38,104.3 38,128.0 36,183.8 30,943.2 26,378.2 22,930.8 20,435.2 6,194.1 6,235.0 0 4,929.1 5,238.3 1,873.8 248.8 166.3 332.2 0 0 0 0 0 0 0
Net Receivables 6,492.9 5,341.2 5,962.1 5,776.4 6,742.2 8,146.2 6,173.1 6,364.8 7,767.6 9,234.1 6,492.2 5,343.0 6,091.6 5,041.2 5,208.0 5,213.2 5,277.4 6,345.1 5,422.3 4,452.5 5,056.7 5,936.7 4,949.0 5,018.4 4,559.4 4,169.4 4,706.7 4,494.7 5,070.9 4,002.5 4,569.2 3,864.0 4,446.2 3,619.7 3,259.5 3,403.9 3,682.9 4,251.3 2,661.9 2,491.1 2,416.9 196.3 143.1 225.9 133.7 113.0 137.8 78.2 77.4 17.1 0 0 0 17 1.1 5.2 14.5
Inventory 546.0 689.6 637.3 591.8 517.8 571.5 613.7 574.4 604.0 695.4 722.0 807.0 876.3 993.6 932.9 843.8 861.3 964.7 1,038.6 884.3 874.7 591.5 524.4 558.8 562.1 650.6 686.7 3,966.7 4,277.6 1,065.6 6,291.1 5,676.1 5,121.1 5,474.9 0 0 0 1,578.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 139.3 0 0
Other Current Assets 10,715.9 7,663.2 15,517.4 9,893.1 10,296.1 753.3 9,805.3 8,357.6 8,825.0 2,909.5 9,524.4 8,265.7 8,134.5 4,233.0 2,844.4 3,089.4 3,335.6 3,722.1 3,461.0 3,222.6 3,236.3 3,906.1 2,885.9 3,351.6 4,448.7 8,239.1 3,947.2 4,311.5 5,113.0 10,792.2 4,943.4 4,283.8 5,761.7 6,608.7 6,286.9 5,614.7 3,787.1 3,880.8 1,988.5 1,830.8 2,798.2 143.5 99.0 241.2 41.3 42.4 769.8 13.8 7.3 21.0 9.3 15.5 23.7 6 56.8 104.8 60.9
Total Current Assets 188,658.6 180,730.5 171,209.8 162,950.1 157,670.7 153,324.7 140,578.7 138,153.1 151,792.2 142,692.6 127,565.4 124,223.9 135,547.3 131,603.2 131,592.0 128,009.2 119,073.6 113,120.3 108,943.6 115,959.2 115,528.6 107,831.0 113,765.1 111,113.0 90,221.1 85,105.0 82,546.0 73,043.4 71,646.9 68,715.7 62,950.8 62,374.3 63,382.8 61,947.8 58,827.4 57,620.4 54,185.3 49,383.4 39,865.8 36,949.0 36,095.1 8,951.2 8,392.2 7,972.6 6,582.1 6,323.6 4,056.3 2,084.1 1,956.7 1,733.1 749.9 663.0 589.7 545 908.2 892.4 933.2
Non-Current Assets
Property, Plant & Equipment 8,311.4 8,430.7 8,517.2 8,447.0 8,454.5 8,520.1 8,200.5 8,092.0 8,056.7 8,824.3 7,582.3 7,347.2 6,617.9 7,230.3 6,165.2 6,022.4 5,842.2 6,478.0 4,956.8 4,694.4 4,651.5 5,323.1 4,439.3 4,416.2 5,072.9 4,621.7 4,708.2 5,477.6 5,432.2 5,378.6 5,305.8 4,873.2 4,261.6 3,769.3 3,356.5 2,981.9 2,686.0 2,419.5 2,162.8 2,061.6 2,011.0 662.2 562.4 557.8 475.3 260.1 198.9 60.9 48.6 40.4 25.7 27.1 26.4 28 44.2 31.0 25.7
Goodwill 0 0 0 0 0 1,855.3 0 0 0 1,855.4 0 0 0 2,166.5 0 0 0 595.3 0 0 0 318.9 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 0 0 0 0 0 0 0 0 0 0
Intangible Assets 4,014.8 4,047.4 4,078.7 4,111.1 4,141.0 5,585.4 4,204.9 4,022.3 4,048.5 5,959.7 4,109.7 4,147.5 4,122.4 6,239.5 4,134.5 4,156.7 4,149.9 6,725.3 4,112.8 4,134.6 4,156.4 8,303.7 4,200.1 4,221.9 7,147.1 3,707.2 3,303.9 3,550.5 3,549.4 3,502.6 3,520.6 587.0 590.1 593.3 596.5 582.7 585.8 588.9 592.0 595.0 421.6 191.2 208.3 225.2 244.7 40.0 27.0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 3,045 3,000.8 2,845 2,935 3,025 23,231.4 4,025 3,940 1,050 22,833.2 2,220.8 2,681.8 2,731.8 21,518.2 4,473.8 4,473.8 4,473.8 24,628.7 6,953 7,100 6,740 18,341.3 4,250 6,823.4 13,067.0 2,360 50 50 50 5,345.1 150 150 150 100 50 50 500 2,520.0 1,210 1,620 1,410 0 0 33.6 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 24,472.7 22,513.5 25,226.1 27,865.3 26,283.3 3,474.7 26,714.0 27,630.5 28,641.3 2,199.7 28,674.1 28,184.7 27,952.7 2,522.6 24,955.1 24,262.9 24,581.3 798.4 21,718.5 21,864.0 18,384.9 669.8 17,184.3 16,805.6 2,211.0 15,426.6 14,418.3 9,866.7 9,793.3 2,961.7 7,066.3 6,626.1 4,539.2 3,797.6 3,040.7 3,333.6 4,264.4 2,559.7 5,798.8 4,512.8 3,273.7 43.0 43.9 10.2 146.7 151.3 17.1 10.0 12.2 13.5 1.3 1.1 1.1 1 40.4 54.1 33.3
Total Non-Current Assets 42,738.4 40,825.6 43,279.1 45,548.5 43,187.4 42,666.9 44,317.6 45,189.5 43,272.6 43,232.4 44,009.6 43,681.9 42,694.2 41,157.8 41,115.6 40,170.4 40,174.5 40,523.7 38,844.7 38,897.8 34,975.3 34,043.5 30,966.5 33,057.2 28,432.7 27,019.4 23,277.8 19,756.9 19,792.5 18,252.2 17,038.2 13,025.8 10,392.5 9,083.7 7,672.1 7,582.6 8,669.3 8,112.2 9,789.6 8,816.1 7,143.4 902.5 816.3 830.9 866.7 451.4 250.1 70.9 60.8 53.9 36.3 33.7 29.8 29 84.5 85.1 59.0
Total Assets 231,397.0 221,556.1 214,488.9 208,498.7 200,858.1 195,991.5 184,896.3 183,342.6 195,064.9 185,925.0 171,575.0 167,905.7 178,241.4 172,761.0 172,707.7 168,179.6 159,248.1 153,643.9 147,788.3 154,857.0 150,503.9 141,874.6 144,731.6 144,170.3 118,653.8 112,124.4 105,823.8 92,800.3 91,439.3 86,967.9 79,989.0 75,400.1 73,775.4 71,031.4 66,499.5 65,203.0 62,854.6 58,031.9 49,655.4 45,765.1 43,238.5 9,853.7 9,208.5 8,803.5 7,448.7 6,775.0 4,306.5 2,155.0 2,017.6 1,787.0 786.2 696.7 619.5 574 992.7 977.5 992.1
Current Liabilities
Account Payables 780.9 643.6 718.4 695.4 565.1 720.5 755.4 792.0 871.4 881.0 863.3 740.6 831.1 1,507.1 867.3 942.1 924.6 985.1 1,098.9 889.7 1,071.0 1,134.4 997.1 853.7 1,197.0 1,212.3 1,219.4 2,609.5 2,949.3 1,201.2 2,574.5 2,308.2 2,365.8 2,442.5 2,068.9 1,898.5 1,579.2 1,569.0 762.2 725.6 924.7 103.3 131.4 238.4 224.3 100.5 88.8 19.8 22.7 10.7 16.7 3.8 3.8 8 10.0 3.9 22.7
Short-Term Debt 10,955.5 6,388.5 7,350.0 11,276.3 9,824.0 11,805.1 10,594.3 13,187.2 24,843.4 19,240.2 11,221.2 11,881.6 27,392.8 23,875.7 25,445.6 28,027.1 22,679.5 19,352.3 19,614.1 27,188.2 21,827.0 19,504.7 22,247.5 21,932.6 19,624.5 16,828.2 15,494.8 13,553.8 14,134.6 13,658.6 13,645.9 12,725.7 9,516.2 6,623.5 5,732.6 5,377.7 4,483.4 3,815.7 3,005.0 2,320.9 2,261.4 0 0 0 0 0 665.1 0 0 0 0 0 0 0 112.5 62.6 42.9
Deferred Revenue 21,811.5 20,527.6 19,473.6 16,966.6 17,748.6 19,644.0 15,543.0 13,615.9 14,911.0 16,986.6 14,188.6 12,943.8 12,997.8 15,812.0 13,901.9 12,316.8 12,051.0 14,695.5 13,570.7 11,364.7 11,686.1 12,314.4 10,376.4 9,375.9 11,915.1 10,141.6 8,196.1 7,562.9 8,349.9 9,088.2 7,367.7 6,355.4 7,091.4 7,792.8 6,166.0 6,113.0 6,957.4 8,853 5,526.6 4,934.5 4,582.7 666.2 656.6 648.1 425.4 454.8 369.2 101.5 79.7 0 0 0.0 0.2 0 1.8 0 0
Other Current Liabilities 0 16,073.2 0 0 0 0 0 0 6,545.0 0 5,906.4 5,946.3 6,119.7 0 6,442.5 6,472.2 7,016.1 0 6,593.9 7,647.5 0 546.3 6,192.9 6,392.8 0.1 2.2 4,880.7 4,590.3 5,386.1 (66.9) 4,511.5 3,212.6 4,015.2 0 2,357.0 3,112.1 3,832.5 0 267.7 196.2 128.5 109.7 88.6 137.2 79.4 57.4 124.1 68.1 64.9 17.4 33.0 28.3 24.3 30 10.4 24.0 8.9
Total Current Liabilities 57,437.2 52,402.3 50,088.6 50,451.9 49,138.2 49,667.7 45,712.0 45,927.9 60,049.4 53,842.5 43,868.7 42,339.0 58,180.6 56,828.8 57,028.6 57,444.7 51,764.4 50,501.3 49,008.3 54,341.7 50,647.8 46,743.5 46,928.9 45,195.5 43,407.4 38,243.0 34,610.6 33,932.7 36,229.4 35,109.0 33,124.3 29,620.7 27,879.1 23,750.1 20,095.9 20,189.4 20,187.0 19,176.5 14,361.4 12,811.3 12,002.6 1,450.4 1,322.8 1,377.9 990.0 828.1 1,280.5 209.3 183.9 77.8 49.7 44.9 38.6 38 153.4 90.5 74.5
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 428.0 428.0 428.0 428.0 428.0 428.0 3,953.7 3,730.1 3,655.0 3,549.9 3,355.7 3,174.1 1,275.1 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 10.2 839.5 827.8 827.8 0 0 0 0 0 0 0
Deferred Tax Liabilities 3,232.5 2,638.9 2,212.7 2,724.5 2,671.6 2,173.1 1,828.9 1,448.8 0 2,299.3 0 0 0 2,126.1 1,354.8 0 0 1,345.9 1,582.6 0 0 713.4 533.2 980.5 0 382.0 779.8 911.5 0 393.7 458.3 447.1 277.7 213.2 109.0 281.2 187.2 33.7 47.3 42.8 81.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 1,377.9 1,305.7 1,255.6 1,218.1 1,179.1 816.0 1,199.1 1,192.5 3,949.0 715.3 3,333.1 3,347.3 3,657.3 604.9 1,125.2 2,472.1 2,535.3 365.6 747.3 1,266.8 997.2 10,945.0 11,175.7 11,015.3 770.0 10,626.5 0 0 600.4 5,439.4 2,279.1 1,103.0 554.2 632.9 577.9 504.4 501.4 0.2 0.2 0.2 6.1 11.5 0.2 0.2 0.2 0.2 0 0 11.4 0.1 0.3 0 0 0 0 0.2 0.2
Total Non-Current Liabilities 4,610.4 3,944.6 3,468.3 3,942.6 3,850.7 3,829.8 3,455.9 3,069.3 4,377.0 3,998.4 3,761.1 7,300.9 7,387.3 7,058.7 6,030.0 5,827.8 5,709.4 3,718.7 2,329.8 2,000.5 1,735.2 12,133.3 11,709.0 11,995.8 1,052.9 11,288.5 1,207.2 1,377.0 1,103.6 5,833.1 2,737.5 1,550.1 831.9 846.2 686.9 785.6 688.6 33.9 47.5 43.0 87.5 11.5 0.2 0.2 0.2 0.2 10.2 839.5 839.2 828.0 0.3 0 0 0 0 0.2 0.2
Total Liabilities 62,047.6 56,346.9 53,556.9 54,394.5 52,988.9 53,497.4 49,167.9 48,997.2 64,426.4 57,840.9 47,629.8 49,639.9 65,704.8 63,887.5 63,201.9 63,415.1 57,620.5 54,365.3 51,338.1 56,342.2 52,382.9 58,876.8 58,637.9 57,191.3 44,460.3 49,531.5 35,817.8 35,309.7 37,333.0 40,942.1 35,861.7 31,170.8 28,711.0 24,596.3 20,782.8 20,975.1 20,875.6 19,568.9 14,408.9 12,854.3 12,090.1 1,461.8 1,323.0 1,378.1 990.2 828.3 1,290.7 1,048.8 1,023.0 905.8 50.0 44.9 38.6 38 153.4 90.7 74.7
Stockholders' Equity
Common Stock 0 160,296.1 156,256.2 149,587.3 143,834.2 2.6 132,150.2 130,909.9 127,275.8 2.7 119,978.7 114,264.8 108,642.1 2.7 105,364.7 100,830.8 97,671.5 2.8 83,780.1 86,136.0 85,706.5 2.8 85,246.8 85,804.8 2.7 2.6 63,381.1 50,951.3 47,768.2 2.6 43,375.8 43,611.5 44,488.4 2.7 45,015.8 43,538.0 41,620.0 2.7 35,003.2 32,722.9 31,024.0 0 0 2.7 0 0 0 2.6 2.6 2.6 2.6 2.6 2.6 3 2.5 2.5 2.5
Retained Earnings 0 0 0 0 0 132,288.3 0 0 0 112,214.6 0 0 0 91,074.7 0 0 0 77,494.5 0 0 0 64,162.7 0 0 60,233.3 56,393.6 0 0 0 43,997.4 0 0 0 42,733.1 0 0 0 35,328.8 0 0 0 0 0 6,425.8 0 0 0 53.6 (44.8) (148.7) (293.2) (369.0) (437.7) (481) (194.3) (144.2) (102.8)
Accumulated Other Comprehensive Income 0 0 0 0 0 1,006.8 0 0 0 2,158.2 0 0 0 1,710.5 0 0 0 417.1 0 0 0 578.0 0 0 69.5 1,143.8 0 0 0 1,231.6 0 0 0 1,242.8 0 0 0 1,221.6 0 0 0 0 0 225.8 0 0 3,015.8 33.9 33.9 33.8 (33.1) (33.1) (33.4) (2) (44.0) (50.6) (54.2)
Total Stockholders' Equity 164,722.2 160,398.2 156,256.2 149,587.3 143,834.2 138,685.6 132,150.2 130,909.9 127,275.8 124,285.8 119,978.7 114,264.8 108,642.1 104,731.3 105,364.7 100,830.8 97,671.5 95,328.1 83,780.1 86,136.0 85,706.5 82,126.8 85,246.8 85,804.8 62,597.3 61,453.7 63,381.1 50,951.3 47,768.2 45,231.6 43,375.8 43,611.5 44,488.4 45,732.0 45,015.8 43,538.0 41,620.0 38,191.1 35,003.2 32,722.9 31,024.0 8,408.0 7,885.5 7,438.8 6,458.6 5,946.7 3,015.8 1,106.2 994.5 881.2 736.2 651.8 580.9 536 839.4 886.9 917.5
Total Liabilities & Equity 231,397.0 221,556.1 214,488.9 208,498.7 200,858.1 195,991.5 184,896.3 183,342.6 195,064.9 185,925.0 171,575.0 167,905.7 178,241.4 172,761.0 172,707.7 168,179.6 159,248.1 153,643.9 147,788.3 154,857.0 150,503.9 141,874.6 144,731.6 144,170.3 118,653.8 112,124.4 105,823.8 92,800.3 91,439.3 86,967.9 79,989.0 75,400.1 73,775.4 71,031.4 66,499.5 65,203.0 62,854.6 58,031.9 49,655.4 45,765.1 43,238.5 9,853.7 9,208.5 8,803.5 7,448.7 6,775.0 4,306.5 2,155.0 2,017.6 1,787.0 786.2 696.7 619.5 574 992.7 977.5 992.1
Debt Metrics
Total Debt 10,955.5 6,388.5 7,350.0 11,276.3 9,824.0 12,817.3 11,022.3 13,615.2 25,271.4 20,483.5 11,649.2 15,835.3 31,122.8 28,462.4 28,995.5 31,382.8 25,853.6 21,694.0 19,614.1 27,921.9 22,564.9 20,310.4 22,247.5 21,932.6 20,145.5 17,299.6 15,944.6 14,300.1 14,897.8 13,658.6 13,645.9 12,725.7 9,516.2 6,623.5 5,732.6 5,377.7 4,483.4 3,815.7 3,005.0 2,320.9 2,261.4 0 0 0.2 0 0 675.3 839.5 827.8 827.8 0 0 0 0 112.5 62.6 42.9
Net Debt (39,859.8) (45,131.6) (23,976.8) (43,154.4) (31,924.6) (38,566.1) (9,161.7) (5,367.0) (17,755.5) (945.4) (3,467.3) 3,069.0 17,422.1 3,573.4 10,996.4 14,920.9 16,001.6 7,195.8 (2,652.6) 17,986.1 13,774.0 11,193.2 15,781.3 11,309.8 14,552.7 14,053.3 13,203.2 9,467.8 10,765.7 8,269.4 8,867.8 9,646.5 5,788.7 3,859.4 3,157.1 2,365.2 524.2 (1,623.8) (1,476.8) (2,936.2) (4,323.1) (2,084.9) (1,443.1) (1,041.3) (1,282.1) (792.2) (530.6) (862.1) (852.7) (528.5) (728.8) (638.1) (559.9) (522) (595.2) (719.8) (814.9)
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 2000 Q4
Operating Activities
Net Income 10,845.6 6,155.8 8,792.6 9,088.5 10,546.8 8,919.0 6,706.4 6,828.6 7,802.4 6,676.3 7,810.9 8,159.6 6,710.4 3,809.7 6,621 4,472.0 4,315.8 5,662.7 3,323.4 3,476.4 4,513.7 934.8 2,793.5 4,651.3 3,950.7 3,092.0 4,161.9 3,071.4 2,382.1 1,788.7 1,596.3 2,263.1 804.8 1,301.9 2,541.6 2,994.4 4,011.2 3,711.6 2,795.4 2,784.2 2,501.6 15.8 88.9 153.9 98.3 103.9 94.1 84.1 (50.1)
Depreciation & Amortization 430.6 710.4 617.9 428.4 480.8 697.4 520.6 632.0 567.9 659.8 651.9 661.4 1,082.3 769.1 713.9 609.0 766.2 836.0 805.5 814.4 819.8 962.5 913.0 892.1 690.1 695.6 703.4 633.6 581.2 676.0 564.8 470.8 366.4 274.3 210.8 170.6 146.1 96.7 89.9 76.8 64.1 3.2 0.8 10.0 8.7 7.7 0 0 0
Stock-Based Compensation 616.2 0 902.2 946.4 951.9 931.4 978.1 1,079.1 894.3 813.0 819.5 787.9 822.4 876.6 787.0 764.4 746.2 1,002.9 688.2 700.1 650.3 629.0 676.8 691.9 665.8 622.4 593.3 567.7 620.8 662.3 650.0 618.7 585.7 593.3 497.5 500.1 413.4 274.0 277.3 233.3 205.6 0 0 0 0 0 0 0 0
Change in Working Capital 210.0 4,287.7 2,296.6 1,550.8 468.4 3,073.8 1,116.6 (500.0) (38.8) 2,555.9 817.7 134.2 (3,131.9) 2,325.5 2,272.4 1,110.1 (2,210.7) 2,432.0 803.3 (193.6) 146.2 3,693.0 1,262.0 (1,238.4) 1,054.9 2,226.9 (1,268.6) (254.4) (2,751.6) 3,189.2 (569.1) (1,466.3) (253.3) 622.9 (1,120.5) (17.3) (641.2) (1,516.3) (112.8) (3.0) (197.5) 146.2 (64.3) 63.1 8.0 30.2 0 0 0
Other Non-Cash Items 1,098.4 3,122.8 1,272.2 (298.4) (669.4) (1,013.6) 542.2 (227.7) (153.6) 909.4 49.6 (1,730.2) (60.1) 650.0 (2,673.6) (154.8) 649.9 (1,134.0) 364.2 (277.3) (915.4) 2,069.0 305.8 (724.2) (73.6) (621.9) (222.1) (18.8) 2,251.0 (247.4) 1,570.6 (159.8) 374.6 1,172.9 (293.3) (1,432.1) 380.7 2,827.7 630.4 145.7 536.9 4.4 25.6 (1.6) 0.1 1.6 280.9 0 (106.4)
Operating Cash Flow 13,733.1 14,472.5 12,948.0 10,861.9 12,106.7 13,012.2 10,575.6 6,531.8 9,557.2 11,808.3 9,843.9 7,678.4 6,000.7 9,009.2 7,486.3 6,631.2 4,582.6 8,368.6 6,292.7 4,722.8 5,542.7 8,214.2 5,401.0 4,772.3 6,500.6 5,510.7 3,853.4 4,465.8 3,386.6 5,935.4 3,617.5 1,957.9 1,905.0 3,881.5 1,655.3 2,321.4 4,031.2 5,378.7 3,729.9 3,286.8 3,092.8 169.5 51.1 204.3 117.6 145.8 375.0 84.1 (156.5)
Investing Activities
Capital Expenditure (602.2) (135.8) (474.6) (503.2) (752.8) (312.0) (601.8) (568.4) (603.8) (606.7) (1,385.7) (803.9) (1,479.6) (510.8) (709.3) (530.2) (893.2) (739.7) (625.9) (988.6) (755.9) (636.9) (1,106.0) (1,076.5) (471.2) (996.4) (538.5) (595.6) (1,274.2) (834.4) (3,378.2) (1,665.7) (1,007.7) (572.1) (518.8) (433.0) (325.4) (465.8) (168.0) (262.1) (244.1) (7.2) (3.8) (21.0) (18.9) (12.1) 0 0 0
Acquisitions 0 22.2 0 0 0 0 0 0 0 (370.7) 20.9 (279.0) 0 92.8 2,277.6 6.4 0 616.5 (207.1) 266.3 198.9 (940.5) (250.2) (486.9) 187.3 6,888.8 904.5 (184.8) (183.3) (393.8) (2,706.3) (889.6) (334.6) (154.5) 259.1 10.0 0.9 248.7 (363.6) 0.8 0.5 0 0 0 0 0 0 0 0
Purchases of Investments (55,463.8) (46,365.5) (57,803.5) (36,522.2) (58,801.3) 0 (40,667.2) (70,163.3) (35,040.6) (47,827.7) (33,243.4) (11,145.1) (38,272.3) (30,301.7) (19,675.4) (34,181.2) (26,986.3) (34,422.5) (12,939.7) (33,050.6) (20,853.6) (19,178.0) (31,273.4) (41,492.3) (22,713.4) (30,088.1) (25,019.9) (23,886.7) (21,526.8) (25,493.0) (14,031.1) (10,231.4) (9,022.9) (12,537.9) (13,006.5) (10,343.6) (11,482.5) (11,480.0) (10,555.3) (7,886.7) (6,588.7) 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 48,234.3 46,971.4 33,580.9 40,924.2 46,712.5 0 40,672.9 56,052.5 48,535.5 38,170.7 34,270.4 23,565.3 22,477.9 34,643.2 19,122.5 33,559.3 16,998.7 19,021.4 34,781.6 26,603.4 14,338.5 21,844.5 24,845.9 21,787.5 20,528.6 17,217.1 17,771.1 21,348.0 18,270.8 18,682.8 17,084.4 8,203.8 9,055.1 10,066.1 12,887.8 8,752.8 6,338.5 7,802.5 7,623.4 5,329.8 5,501.1 (0.0) 0 0 (82.5) 165.9 0 0 0
Other Investing Activities (222.4) (7.3) (114.4) (319.2) (298.1) 20,940.5 (347.1) (571.4) (31.1) (90.2) (178.2) 252.1 (118.3) (59.3) (180.8) (37.6) (157.0) (43.2) 148.7 1,626.3 (53.1) (44.2) 281.6 1,011.2 (9.8) 32.5 (196.5) (50.9) (27.7) (193.8) 2,632.3 712.7 242.0 (436.3) (588.1) (1,017.2) (148.4) (712.6) (1,067.2) (499.6) (214.9) (1,434.2) 84.3 (0.2) (8.8) (0.5) 0 0 0
Investing Cash Flow (7,764.1) 304.5 (24,620.6) 3,892.9 (12,841.0) 20,628.5 (720.9) (14,851.2) 12,859.9 (10,724.7) (515.9) 11,589.5 (17,392.4) 3,864.2 987.0 (1,183.2) (11,037.7) (15,567.5) 21,157.6 (5,543.2) (7,125.2) 1,045.0 (7,502.0) (20,257.0) (2,478.4) (6,946.2) (7,079.4) (3,369.9) (4,741.3) (8,232.2) (398.9) (3,870.2) (1,068.2) (3,634.7) (966.5) (3,031.0) (5,617.0) (4,607.2) (4,530.7) (3,317.8) (1,546.1) (1,441.4) 80.5 (21.1) (110.2) 153.2 0 0 0
Financing Activities
Net Debt Issuance 4,696.0 (922.1) (3,861.2) 1,443.8 (2,442.5) 1,063.1 (2,483.0) (11,697.9) 5,641.5 7,996.0 (4,145.3) (16,032.9) 3,877.2 (1,179.6) (3,624.7) 4,330.9 5,318.4 1,390.4 (7,590.3) 5,716.9 2,191.3 (1,907.6) 1,100.0 2,307.5 2,541.2 1,533.8 1,527.9 (846.2) 756.1 41.2 265.4 2,807.3 3,095.8 974.6 457.0 983.5 689.9 810.7 684.1 0 0 0.1 0 0 0 0 0 0 0
Stock Repurchased (1,314.0) (16.3) 35.2 (355.6) (303.6) (1,595.1) (3,994.2) (2,007.0) (1,233.8) (625.8) (296.5) (2,195.2) (2,116.8) (3,007.8) (1,956.8) (2,119.6) (1,243.9) (2,112.3) (6,310.8) (2,469.0) (2,032.3) (171.4) (2,223.4) 0 (2,560.9) 0 (0.0) 0 0 (61.6) (1,785.6) (3,341.5) (2,328.0) (436.6) (933.9) (527.8) (163.3) 0 0 (732.1) (467.0) 0 0 0 0 0 0 0 0
Dividends Paid (5,156.3) (2,525.2) (2,583.7) (3,082.1) (5,584.5) (1,982.6) (1,972.9) (2,264.8) (4,945.0) (2,258.9) (2,423.4) (2,119.3) (1,212.3) (2,019.0) (1,617.6) (1,403.6) (1,683.5) (940.5) (1,028.1) (1,278.9) (260.8) (861.2) (1,377.6) (1,115.1) (926.5) (6,890.5) (923.4) (613.1) (413.6) (399.4) (533.7) (191.6) (315.5) (624.4) (735.6) (980.5) (917.1) (692.5) (683.8) (617.1) (552.8) 0 0 0 0 0 0 0 0
Other Financing Activities (23.4) 0 18.1 42.4 42.5 51.6 (8.4) 50.6 42.2 28.0 11.6 22.2 24.3 23.6 14.3 33.2 (102.0) 588.9 34.8 8.2 1,507.0 (3,435.3) 4.8 (3,097.1) (447.6) 6,528.3 128.2 226.6 68.6 3,216.1 1,139.7 433.9 (455) 40 60 311.5 500 0 0 0 0.0 0 (0.1) 0 0.2 0.0 781.5 0 945.1
Financing Cash Flow (1,797.7) (3,463.6) (6,391.6) (1,951.4) (8,288.2) (2,463.0) (8,458.5) (15,919.1) (495.1) 5,139.3 (6,853.6) (20,325.2) 572.4 (6,182.7) (7,184.8) 840.9 2,289.0 (1,073.6) (14,894.5) 1,977.3 1,405.2 (6,375.6) (2,496.1) 20,178.7 (1,393.9) 1,171.6 732.6 (1,232.8) 411.1 2,796.3 (914.2) (292.0) (2.8) (46.5) (1,152.5) (213.4) 109.6 118.1 0.3 (1,349.2) (1,019.7) 76.7 (5.9) 13.1 13.5 9.5 781.5 0 945.1
Cash Position
Net Change in Cash 3,830.4 12,245.8 (18,182.1) 12,771.6 (9,079.4) 31,291.5 1,328.1 (24,230.2) 21,878.9 6,048.6 2,478.7 (1,105.1) (10,803.8) 6,743.9 1,292.0 6,363.7 (4,187.4) (8,353.1) 12,570.2 1,131.7 (141.4) 2,816.4 (4,622.2) 4,874.1 2,702.5 (290.8) (2,455.2) (101.3) (961.5) 485.0 2,358.5 (2,126.3) 798.1 188.6 (437.0) (946.8) (1,480.2) 957.7 (775.4) (1,327.4) 513.0 (899.2) 321.9 196.2 21.0 308.5 1,156.5 84.1 788.6
Cash at Beginning 51,491.1 39,274.2 58,167.1 45,395.5 54,474.9 23,183.4 21,855.3 46,085.5 24,206.7 18,158.1 15,679.4 16,784.6 27,588.3 20,844.4 19,552.5 13,188.7 17,376.1 25,729.2 13,159.0 12,027.2 12,168.6 9,352.2 13,974.4 9,100.3 6,397.9 6,688.6 9,143.8 9,245.1 10,206.5 9,721.5 7,363.0 9,489.4 8,691.2 2,575.5 3,012.5 3,959.3 5,439.5 4,481.8 5,257.2 6,584.5 6,071.5 2,642.5 2,320.6 2,124.3 1,680.6 1,372.1 199.8 0 (80.9)
Cash at End 55,321.5 51,520.0 39,984.9 58,167.1 45,395.5 54,474.9 23,183.4 21,855.3 46,085.5 24,206.7 18,158.1 15,679.4 16,784.6 27,588.3 20,844.4 19,552.5 13,188.7 17,376.1 25,729.2 13,159.0 12,027.2 12,168.6 9,352.2 13,974.4 9,100.3 6,397.9 6,688.6 9,143.8 9,245.1 10,206.5 9,721.5 7,363.0 9,489.4 2,764.1 2,575.5 3,012.5 3,959.3 5,439.5 4,481.8 5,257.2 6,584.5 1,743.3 2,642.5 2,320.6 1,701.6 1,680.6 1,356.3 84.1 707.7
Free Cash Flow 13,130.9 14,336.7 12,473.3 10,358.7 11,353.8 12,700.2 9,973.8 5,963.4 8,953.3 11,201.6 8,458.3 6,874.5 4,521.1 8,498.4 6,777.0 6,101.0 3,689.4 7,628.9 5,666.8 3,734.2 4,786.8 7,577.4 4,295.0 3,695.8 6,029.5 4,514.3 3,315.0 3,870.2 2,112.4 5,101.0 239.3 292.3 897.3 3,309.3 1,136.4 1,888.3 3,705.7 4,912.9 3,562.0 3,024.7 2,848.6 162.4 47.3 183.3 98.7 133.7 375.0 84.1 (156.5)
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 30,591.3 27,547.0 28,358.6 27,891.7 28,828.5 26,747.8 26,209.9 25,485.8 26,851.7 27,140.2 27,270.4 24,011.3 25,046.3 25,354.1 24,426.8 23,159.1 23,555.8 24,373.6 22,190.7 20,524.5 20,517.2 19,761.7 18,658.2 18,184.8 17,062.4 15,734.8 14,635.7 14,448.4 14,422.2 19,844.3 13,160.2 16,283.9 14,173.0 14,607.6 12,477.8 13,376.0 13,640.5 12,099.0 9,211.6 8,952.8 7,915.4 7,903.0 6,671.8 4,567.9 3,660.2 3,463.0 3,116.7 2,767.6 2,365.5 2,422.4 2,356.6 2,264.5 2,152.6 2,270.9 2,002.0 1,962.5 1,965.6 2,099.2 1,957.9 1,733.6 1,500.0 1,633.7 1,400.4 1,309.0 1,164.5 1,249.9 868.0 863.1 775.9 920.3 796.0 852.5 644.5 532.2 571.3 535.4 554.4 502.8 571.4 552.7 509.2 483.2 443.4 392.8 308.7 271.4 238.6 206.8 186.8 161.9 129.4 91.1 29.6 10.6 5.5 5.0 24.9 20.1 13.7 6.5
Gross Profit 21,217.1 17,692.4 18,177.6 18,052.5 18,479.4 16,272.3 16,476.6 16,042.2 17,015.9 16,825.1 16,966.3 14,375.4 14,896.5 13,244.4 13,743.9 12,941.5 12,836.4 12,917.8 11,810.8 11,189.6 11,052.6 9,927.8 9,885.8 9,792.2 9,377.6 8,210.4 7,870.4 8,125.8 8,091.0 7,657.5 7,547.3 7,245.1 5,953.6 5,744.6 5,947.6 6,736.9 7,483.6 6,463.3 5,333.6 5,280.4 4,586.6 4,219.7 3,849.3 2,845.6 2,489.1 2,485.4 2,258.4 1,999.7 1,707.7 1,727.2 1,746.8 1,697.6 1,546.1 1,608.3 1,361.9 1,321.5 1,331.2 1,453.1 1,327.4 1,152.9 985.0 1,090.6 959.2 878.4 780.7 844.1 627.0 691.9 641.7 766.5 631.3 722.4 532.0 423.5 465.6 437.3 451.3 402.8 471.0 457.4 421.0 399.1 370.9 326.9 253.3 207.3 189.8 164.3 158.4 136.3 107.5 149.2 29.6 10.6 5.5 5.0 20.7 8.2 3.4 6.5
Operating Income 12,656.8 8,319.2 8,013.5 9,061.1 10,441.2 7,821.4 7,146.7 6,993.3 7,622.5 6,868.5 7,557.9 6,062.7 7,220.1 4,433.4 4,741.8 4,946.3 5,507.0 4,608.2 3,775.2 3,758.1 4,275.6 3,011.9 2,870.2 4,169.9 4,486.5 2,976.4 3,334.8 3,724.4 3,755.0 2,245.1 2,535.5 2,333.6 1,206.9 1,426.8 2,549.7 3,405.4 4,771.9 3,866.7 2,846.6 3,047.9 2,867.7 2,418.0 2,088.1 1,450.4 1,315.6 1,245.8 1,199.2 1,176.0 1,144.1 1,078.9 1,111.6 1,071.6 1,090.5 1,027.9 824.5 883.8 975.5 924.1 919.2 787.1 693.0 792.7 587.0 609.6 555.0 607.1 408.1 517.1 491.1 (1,447.6) 466.6 572.7 404.5 336.5 263.1 294.7 312.3 332.9 307.7 323.1 307.5 618.5 276.2 246.7 162.7 130.2 108.8 100.6 107.8 98.3 77.9 (125.8) 29.6 (247.4) 5.5 5.0 (59.3) (53.1) (30.7) 6.5
Net Income 10,674.1 6,242.0 8,615.7 8,601.0 10,301.2 8,766.5 6,538.4 6,758.7 7,633.9 6,582.3 7,836.9 8,242.8 6,754.6 3,952.7 6,699.4 5,291.5 4,394.0 5,694.2 3,181.8 3,541.8 4,439.2 975.7 2,998.2 4,537.8 3,551.0 3,053.7 12,730.3 3,071.4 2,382.1 1,697.7 1,596.3 2,106.5 751.9 1,285.6 2,527.4 2,972.1 3,922.8 3,683.1 2,740.0 2,720.6 2,460.8 2,164.5 1,881.9 1,424.3 1,264.4 1,271.3 1,159.1 1,202.3 1,123.9 1,237.0 1,048.3 1,095.1 1,063.5 1,008.5 811.9 875.3 941.7 898.6 825.8 772.5 737.4 712.5 585.3 485.7 452.3 571.8 393.8 468.1 416.7 580.5 313.3 437.9 269.4 391.2 260.3 312.2 301.4 328.7 314.5 314.2 293.8 285.5 258.6 242.8 153.9 130.1 109.1 98.3 103.9 94.1 75.8 43.0 (8.9) (41.0) (70.9) (57.3) (50.1) (41.5) (27.1) (23.9)
EPS (Diluted) 16.55 9.50 13.35 13.35 16.05 13.65 10.15 10.40 11.75 10.10 12.05 12.70 10.35 6.05 10.15 8.00 6.65 8.55 4.75 5.25 6.55 1.45 4.35 6.90 5.40 4.65 6.35 4.75 3.70 5.20 3.20 3.25 1.15 1.95 3.80 4.50 5.90 5.55 4.15 4.10 3.70 3.25 2.85 2.15 1.90 1.95 1.75 1.85 1.70 1.90 1.60 1.70 1.65 1.55 1.25 1.35 1.45 1.35 1.25 1.20 1.15 0.50 0.90 0.75 0.70 0.90 0.60 0.70 0.65 0.90 0.50 0.70 0.40 0.65 0.40 0.47 0.45 0.50 0.45 0.45 0.42 0.44 0.09 0.09 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.02 -0.00 -0.02 -0.12 -0.10 -0.07 -0.02 -0.01 -0.04
Balance Sheet
Cash & Equivalents 50,815.2 51,520.0 31,326.8 54,430.7 41,748.6 51,383.3 20,184.0 18,982.2 43,026.9 21,428.9 15,116.5 12,766.3 13,700.8 24,889 17,999.2 16,461.9 9,852.0 14,498.2 22,266.8 9,935.8 8,791.0 9,117.2 6,466.2 10,622.8 5,592.8 3,246.4 2,741.4 4,832.3 4,132.1 4,977.4 4,778.1 3,079.3 3,727.4 2,764.1 2,575.5 3,012.5 3,959.3 5,439.5 4,481.8 5,257.2 6,584.5 2,084.9 1,443.1 1,041.3 1,282.1 792.2 1,205.9 1,701.6 1,680.6 1,356.3 728.8 638.1 559.9 522 707.7 782.5 857.8
Total Assets 231,397.0 221,556.1 214,488.9 208,498.7 200,858.1 195,991.5 184,896.3 183,342.6 195,064.9 185,925.0 171,575.0 167,905.7 178,241.4 172,761.0 172,707.7 168,179.6 159,248.1 153,643.9 147,788.3 154,857.0 150,503.9 141,874.6 144,731.6 144,170.3 118,653.8 112,124.4 105,823.8 92,800.3 91,439.3 86,967.9 79,989.0 75,400.1 73,775.4 71,031.4 66,499.5 65,203.0 62,854.6 58,031.9 49,655.4 45,765.1 43,238.5 9,853.7 9,208.5 8,803.5 7,448.7 6,775.0 4,306.5 2,155.0 2,017.6 1,787.0 786.2 696.7 619.5 574 992.7 977.5 992.1
Total Debt 10,955.5 6,388.5 7,350.0 11,276.3 9,824.0 12,817.3 11,022.3 13,615.2 25,271.4 20,483.5 11,649.2 15,835.3 31,122.8 28,462.4 28,995.5 31,382.8 25,853.6 21,694.0 19,614.1 27,921.9 22,564.9 20,310.4 22,247.5 21,932.6 20,145.5 17,299.6 15,944.6 14,300.1 14,897.8 13,658.6 13,645.9 12,725.7 9,516.2 6,623.5 5,732.6 5,377.7 4,483.4 3,815.7 3,005.0 2,320.9 2,261.4 0 0 0.2 0 0 675.3 839.5 827.8 827.8 0 0 0 0 112.5 62.6 42.9
Stockholders' Equity 164,722.2 160,398.2 156,256.2 149,587.3 143,834.2 138,685.6 132,150.2 130,909.9 127,275.8 124,285.8 119,978.7 114,264.8 108,642.1 104,731.3 105,364.7 100,830.8 97,671.5 95,328.1 83,780.1 86,136.0 85,706.5 82,126.8 85,246.8 85,804.8 62,597.3 61,453.7 63,381.1 50,951.3 47,768.2 45,231.6 43,375.8 43,611.5 44,488.4 45,732.0 45,015.8 43,538.0 41,620.0 38,191.1 35,003.2 32,722.9 31,024.0 8,408.0 7,885.5 7,438.8 6,458.6 5,946.7 3,015.8 1,106.2 994.5 881.2 736.2 651.8 580.9 536 839.4 886.9 917.5
Cash Flow
Operating Cash Flow 13,733.1 14,472.5 12,948.0 10,861.9 12,106.7 13,012.2 10,575.6 6,531.8 9,557.2 11,808.3 9,843.9 7,678.4 6,000.7 9,009.2 7,486.3 6,631.2 4,582.6 8,368.6 6,292.7 4,722.8 5,542.7 8,214.2 5,401.0 4,772.3 6,500.6 5,510.7 3,853.4 4,465.8 3,386.6 5,935.4 3,617.5 1,957.9 1,905.0 3,881.5 1,655.3 2,321.4 4,031.2 5,378.7 3,729.9 3,286.8 3,092.8 169.5 51.1 204.3 117.6 145.8 375.0 84.1 (156.5)
Capital Expenditure (602.2) (135.8) (474.6) (503.2) (752.8) (312.0) (601.8) (568.4) (603.8) (606.7) (1,385.7) (803.9) (1,479.6) (510.8) (709.3) (530.2) (893.2) (739.7) (625.9) (988.6) (755.9) (636.9) (1,106.0) (1,076.5) (471.2) (996.4) (538.5) (595.6) (1,274.2) (834.4) (3,378.2) (1,665.7) (1,007.7) (572.1) (518.8) (433.0) (325.4) (465.8) (168.0) (262.1) (244.1) (7.2) (3.8) (21.0) (18.9) (12.1) 0 0 0
Free Cash Flow 13,130.9 14,336.7 12,473.3 10,358.7 11,353.8 12,700.2 9,973.8 5,963.4 8,953.3 11,201.6 8,458.3 6,874.5 4,521.1 8,498.4 6,777.0 6,101.0 3,689.4 7,628.9 5,666.8 3,734.2 4,786.8 7,577.4 4,295.0 3,695.8 6,029.5 4,514.3 3,315.0 3,870.2 2,112.4 5,101.0 239.3 292.3 897.3 3,309.3 1,136.4 1,888.3 3,705.7 4,912.9 3,562.0 3,024.7 2,848.6 162.4 47.3 183.3 98.7 133.7 375.0 84.1 (156.5)