Margins varied 6.8% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 14.3%
- Worst year
- 13.1%
- Latest · 2025
- 14.4%
# PepsiCo (PEP.US) Canonical: https://gigainvestors.com/s/PEP Analysis as of: 2026-10-16T07:31:07.832Z. Financial observations: FY1996–FY2025. Listing currency: USD. Reporting currency: USD. ## Verdict A wonderful business at too high a price Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $128.38 per share; close as of 2026-10-15. Estimated value: low $85.15 per share, central $97.42 per share, high $112.30 per share. Buy at or below the central value $97.42 per share. Valuation as of 2026-10-16T07:31:07.832Z; scenarios are not confidence intervals. Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 1 revenue decline in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 1 - Years with a net loss: 0 - Operating margin variation: 0.07× Chart: Operating margin; fiscal year observations. - FY2016: 0.16× - FY2017: 0.16× - FY2018: 0.16× - FY2019: 0.15× - FY2020: 0.14× - FY2021: 0.14× - FY2022: 0.13× - FY2023: 0.13× - FY2024: 0.14× - FY2025: 0.14× ### moat: pass - ROIC, median of available years: 28.9% - ROIC, second-lowest year: 26.7% - Typical minus recent gross margin: 0.4 pp - Typical gross margin (annual median): 54.6% - Recent gross margin (lower of latest and 3-year median): 54.1% - Years with nonpositive capital: 0 - Capital spending / revenue: 5.8% - ROIC including acquisitions, ten-year median: 15.1% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 41.5% - FY2017: 42.0% - FY2018: 43.9% - FY2019: 31.1% - FY2020: 26.7% - FY2021: 26.9% - FY2022: 29.1% - FY2023: 27.1% - FY2024: 28.7% - FY2025: 26.1% ### economics: pass - Owner earnings / net income, 5-yr: 0.96× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $42B - Net income, five-year total: $43B - Return on incremental invested capital: 34.2% - Working capital / revenue, annual change: 0.1 pp - Working capital / revenue, change between three-year averages: 0.3 pp - Working capital / revenue, final three-year average: 5.3% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.00× - FY2022: 1.00× - FY2023: 0.95× - FY2024: 0.86× - FY2025: 1.00× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 42.0% vs 27.1% - Per-share earnings: 3.67 to 6.56 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -0.8% - Ordinary dilution, 5-year annual growth: -0.3% - Market cap gain: $45B - Cumulative retained earnings: $20B - Diluted shares, 10-year annual growth: -0.8% - Diluted shares, 5-year annual growth: -0.3% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 7.5% - Per-share value change: $2.89 - Per-share value, starting three-year median: $3.67 - Per-share value, ending three-year median: $6.56 - Buybacks concentrated in cheaper years (correlation): 0.13 - Average buyback yield: 0.9% - Buyback history: 10 years - Debt-funded buybacks: No - Acquisition spending: $12B - Cumulative net income, 10 years: $82B - ROIC, first three-year median: 42.0% - ROIC, last three-year median: 27.1% Chart: Earnings per share; fiscal year observations. - FY2016: $4.36 - FY2017: $3.38 - FY2018: $8.78 - FY2019: $5.20 - FY2020: $5.11 - FY2021: $5.48 - FY2022: $6.42 - FY2023: $6.56 - FY2024: $6.95 - FY2025: $6.00 ### accounting: pass - Sloan accruals: -3.6% - Receivables to sales index (DSRI): 1.09× - Restructuring years, last five: 1 - Stock compensation / operating cash flow: 2.4% - Earnings backed by cash: Yes - Operating cash / earnings: 1.47× - Accounting red flags: 0 - Goodwill and intangibles / equity: 1.67× Chart: Sloan accruals; fiscal year observations. - FY2016: -5.5% - FY2017: -6.4% - FY2018: 4.0% - FY2019: -3.0% - FY2020: -3.8% - FY2021: -4.3% - FY2022: -2.1% - FY2023: -4.3% - FY2024: -2.9% - FY2025: -3.6% ## Holders - [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 33% since Apr 2023 · "PepsiCo Lowers Guidance on Mounting Costs in North America" (finance.yahoo.com, Oct 2026) · sales +2.3% Story as of 2026-10-16T09:59:23.126Z; price observation 2026-10-15. Price needs cash profits to grow 5.4% a year for ten years - 2025-04-24: PepsiCo lowers full-year earnings forecast on tariff costs and lower consumer spending ([finance.yahoo.com](https://finance.yahoo.com/news/pepsico-lowers-full-earnings-forecast-104012157.html)) - 2025-08-29: PepsiCo (PEP) Expands Energy Drink Portfolio; New US$585 Million Partnership with Celsius ([finance.yahoo.com](https://finance.yahoo.com/news/pepsico-pep-expands-energy-drink-172035230.html)) - 2026-02-03: PepsiCo to cut prices of Lay's, Doritos as consumers push back ([finance.yahoo.com](https://finance.yahoo.com/video/pepsico-cut-prices-lays-doritos-180303942.html)) - 2026-05-20: PepsiCo eyes selective price increases due to increased costs ([seekingalpha.com](https://seekingalpha.com/news/4595463-pepsico-eyes-selective-price-increases-due-to-increased-costs?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news)) - 2026-06-26: PepsiCo Q2 earnings expected to reflect weakness in North American snack business, delayed recovery ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pepsico-q2-earnings-expected-reflect-162500959.html)) - 2026-09-24: PepsiCo shares slip as Bloomberg reports retreat from snack price cuts ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pepsico-shares-slip-bloomberg-reports-153432980.html)) ### Sales · FY2024–2025 sales +2.3%; source https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm; observed 2026-02-03. - FY2016: $63B - FY2017: $64B - FY2018: $65B - FY2019: $67B - FY2020: $70B - FY2021: $79B - FY2022: $86B - FY2023: $91B - FY2024: $92B - FY2025: $94B ### Gross margin · FY2025 gross margin 54.1%; source https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm; observed 2026-02-03. - FY2016: 55.1% - FY2017: 54.7% - FY2018: 54.6% - FY2019: 55.1% - FY2020: 54.8% - FY2021: 53.3% - FY2022: 53.0% - FY2023: 54.2% - FY2024: 54.6% - FY2025: 54.1% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in beverages non-alcoholic; annual sales are USD 93.9 billion. - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: revenue 93925000000; grossProfit 50859000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEP.US: PepsiCo, Inc. engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through six segments: PepsiCo Foods North America; PepsiCo Beverages North America; International Beverages Franchise; Europe, Middle East and Africa; Latin America Foods; and Asia Pacific Foods. It offers cereals, chips, dips, granola bars, oatmeal, pasta, rice, and syrups and mixes; refrigerated dips and spreads; beverage concentrates, fountain syrups, and finished goods; and ready-to-drink tea and coffee products. The company also provides SodaStream sparkling water makers and related products, as well as various dairy products under the Agusha, Chudo, and Domik v Derevne brands. It serves wholesale and other distributors, foodservice customers, grocery stores, drug stores, convenience stores, discount/dollar stores, mass merchandisers, membership stores, hard discounters, e-commerce retailers and authorized independent bottlers, and others through a network of direct-store-delivery, customer warehouse, and distributor networks, as well as directly to consumers through e-commerce platforms and retailers. PepsiCo, Inc. was founded in 1898 and is based in Purchase, New York. ### Why customers stay Margins ranged from 54.1% to 54.6% during 2023–25; it earns 28.9% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: grossProfit / revenue = 54.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: grossProfit / revenue = 54.6%. - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: grossProfit / revenue = 54.1%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); 10-year return on capital observations [[2016,0.4146076800435065],[2017,0.41966574516210103],[2018,0.4388401770987065],[2019,0.3108781566470767],[2020,0.26712867324917755],[2021,0.2689197772813462],[2022,0.29121978488395694],[2023,0.2712518424170694],[2024,0.2869449546178487],[2025,0.260964458796582]]; median 0.28908236975090285. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices "Net revenue increased 2%, primarily reflecting effective net pricing." (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); Net revenue increased 2%, primarily reflecting effective net pricing. ### Where the cash goes Spends 2.9% of cash earnings on expansion; earns 34.2% on new investment. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2016: growth capex 0; upkeep 3040000000; owner earnings 5657000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2017: growth capex 193497693.46544838; upkeep 2775502306.5345516; owner earnings 4450497693.465448. Growth capex / owner earnings = 0.043477765138392514. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2018: growth capex 301032418.31857777; upkeep 2980967581.681422; owner earnings 11933032418.318577. Growth capex / owner earnings = 0.025226816434057314. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2019: growth capex 676906795.8825283; upkeep 3555093204.1174717; owner earnings 6602906795.882528. Growth capex / owner earnings = 0.10251648505846502. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2020: growth capex 898245984.040884; upkeep 3341754015.959116; owner earnings 6804245984.040884. Growth capex / owner earnings = 0.13201256776249534. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2021: growth capex 1410000000; upkeep 3215000000; owner earnings 7618000000. Growth capex / owner earnings = 0.18508794959306904. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2022: growth capex 1927000000; upkeep 3280000000; owner earnings 8910000000. Growth capex / owner earnings = 0.21627384960718293. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2023: growth capex 1530802619.6565838; upkeep 3987197380.343416; owner earnings 8604802619.656584. Growth capex / owner earnings = 0.17790095686328222. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); FY2024: growth capex 119595380.87414646; upkeep 5198404619.125854; owner earnings 8194595380.874146. Growth capex / owner earnings = 0.014594421727432355. - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: growth capex 237000000; upkeep 4178000000; owner earnings 8240000000. Growth capex / owner earnings = 0.028762135922330095. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Incremental return on capital 0.3424540362457533, from the economics test's unchanged annual inputs. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Dividend observations: [[2016,4227000000],[2017,4472000000],[2018,4930000000],[2019,5304000000],[2020,5509000000],[2021,5815000000],[2022,6172000000],[2023,6682000000],[2024,7229000000],[2025,7638000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); FY2025: cash repurchases 1000000000 USD. ### Are managers owners Insiders own 0.2% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PEP.US SharesStats.PercentInsiders = 0.186 percentage points; cache date 2026-10-16. ### What could break it "Disruption of our manufacturing operations or supply chain" (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm (filed 2026-02-03); Disruption of our manufacturing operations or supply chain ### What the price says The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 5.7%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-03); Ten-year compound average after fade. Initial solved rate 0.07852176723118143. Price 128.38; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.441077441077441 → FY2025 6.001456664238893. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $107.20 per share - 2016-11: $100.10 per share - 2016-12: $104.63 per share - 2017-01: $103.78 per share - 2017-02: $110.38 per share - 2017-03: $111.86 per share - 2017-04: $113.28 per share - 2017-05: $116.87 per share - 2017-06: $115.49 per share - 2017-07: $116.61 per share - 2017-08: $115.73 per share - 2017-09: $111.43 per share - 2017-10: $110.23 per share - 2017-11: $116.52 per share - 2017-12: $119.92 per share - 2018-01: $120.30 per share - 2018-02: $109.73 per share - 2018-03: $109.15 per share - 2018-04: $100.94 per share - 2018-05: $100.25 per share - 2018-06: $108.87 per share - 2018-07: $115.00 per share - 2018-08: $112.01 per share - 2018-09: $111.80 per share - 2018-10: $112.38 per share - 2018-11: $121.94 per share - 2018-12: $110.48 per share - 2019-01: $112.67 per share - 2019-02: $115.64 per share - 2019-03: $122.55 per share - 2019-04: $128.05 per share - 2019-05: $128.00 per share - 2019-06: $131.13 per share - 2019-07: $127.81 per share - 2019-08: $136.73 per share - 2019-09: $137.10 per share - 2019-10: $137.17 per share - 2019-11: $135.83 per share - 2019-12: $136.67 per share - 2020-01: $142.02 per share - 2020-02: $132.03 per share - 2020-03: $120.10 per share - 2020-04: $132.29 per share - 2020-05: $131.55 per share - 2020-06: $132.26 per share - 2020-07: $137.66 per share - 2020-08: $140.06 per share - 2020-09: $138.60 per share - 2020-10: $133.29 per share - 2020-11: $144.23 per share - 2020-12: $148.30 per share - 2021-01: $136.57 per share - 2021-02: $129.19 per share - 2021-03: $141.45 per share - 2021-04: $144.16 per share - 2021-05: $147.94 per share - 2021-06: $148.17 per share - 2021-07: $156.95 per share - 2021-08: $156.39 per share - 2021-09: $150.41 per share - 2021-10: $161.60 per share - 2021-11: $159.78 per share - 2021-12: $173.71 per share - 2022-01: $173.52 per share - 2022-02: $163.74 per share - 2022-03: $167.38 per share - 2022-04: $171.71 per share - 2022-05: $167.75 per share - 2022-06: $166.66 per share - 2022-07: $174.96 per share - 2022-08: $172.27 per share - 2022-09: $163.26 per share - 2022-10: $181.58 per share - 2022-11: $185.51 per share - 2022-12: $180.66 per share - 2023-01: $171.02 per share - 2023-02: $173.53 per share - 2023-03: $182.30 per share - 2023-04: $190.89 per share - 2023-05: $182.35 per share - 2023-06: $185.22 per share - 2023-07: $187.46 per share - 2023-08: $177.92 per share - 2023-09: $169.44 per share - 2023-10: $163.28 per share - 2023-11: $168.29 per share - 2023-12: $169.84 per share - 2024-01: $168.53 per share - 2024-02: $165.34 per share - 2024-03: $175.01 per share - 2024-04: $175.91 per share - 2024-05: $172.90 per share - 2024-06: $164.93 per share - 2024-07: $172.67 per share - 2024-08: $172.88 per share - 2024-09: $170.05 per share - 2024-10: $166.08 per share - 2024-11: $163.45 per share - 2024-12: $152.06 per share - 2025-01: $150.69 per share - 2025-02: $153.47 per share - 2025-03: $149.94 per share - 2025-04: $135.58 per share - 2025-05: $131.45 per share - 2025-06: $132.04 per share - 2025-07: $137.92 per share - 2025-08: $148.65 per share - 2025-09: $140.44 per share - 2025-10: $146.09 per share - 2025-11: $148.74 per share - 2025-12: $143.52 per share - 2026-01: $153.63 per share - 2026-02: $169.74 per share - 2026-03: $155.29 per share - 2026-04: $158.49 per share - 2026-05: $144.19 per share - 2026-06: $135.40 per share - 2026-07: $139.56 per share - 2026-08: $140.34 per share - 2026-09: $126.72 per share - 2026-10: $127.30 per share ## Annual estimated value (USD per share) - FY2016: low $56.57 per share, central $63.05 per share, high $71.68 per share - FY2017: low $58.06 per share, central $64.40 per share, high $72.85 per share - FY2018: low $53.24 per share, central $61.44 per share, high $70.67 per share - FY2019: low $52.15 per share, central $59.01 per share, high $68.14 per share - FY2020: low $62.13 per share, central $73.50 per share, high $84.65 per share - FY2021: low $67.10 per share, central $80.30 per share, high $93.03 per share - FY2022: low $72.56 per share, central $82.49 per share, high $95.56 per share - FY2023: low $78.83 per share, central $89.02 per share, high $102.60 per share - FY2024: low $78.25 per share, central $88.43 per share, high $102.00 per share - FY2025: low $79.97 per share, central $91.61 per share, high $105.73 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/77476/000007747626000007/pep-20251227.htm); period 2025-12-27, filed 2026-02-03. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
PepsiCo
PEP · US
S&P 500 · Nasdaq-100
A wonderful business at too high a price
Passes the quality tests.
- Share price
- $128.38
- Buy up to
- $97.42
- Expected / yr
- 8.2% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Can it raise prices
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 28.9% (minimum 15%), and the second-worst year 26.7% (minimum 10%).
- 10y median
- 28.9%
- Worst year
- 26.1%
- Latest · 2025
- 26.1%
Each $1 of profit left $0.96 for owners over five years (minimum $0.80).
- Five-year totals
- 0.96×
- Annual median
- 1.00×
- Latest · 2025
- 1.00×
Per-share value rose from 3.67 to 6.56, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- $5.74
- Worst year
- $3.38
- Latest · 2025
- $6.00
Profits were backed by cash: accruals were -3.6% of assets (limit 10%).
- 10y median
- -3.7%
- Worst year
- 4.0%
- Latest · 2025
- -3.6%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 14.6%, three-year average owner earnings per share 6.06 USD.
2. Is the price low enough?
| Value range | $85.15 – $112.30 |
|---|---|
| Buy at or below | Central value $97.42 |
| Discount to value | 1 − 128.38 / 97.42 = -31.8% |
| Return / year | About 8.2% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 6.78/share; 0.7% growth fades over 10 years to 3.0%; excess cash USD 6.75/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$94B
FY2016 · Revenue: $63B; FY2017 · Revenue: $64B; FY2018 · Revenue: $65B; FY2019 · Revenue: $67B; FY2020 · Revenue: $70B; FY2021 · Revenue: $79B; FY2022 · Revenue: $86B; FY2023 · Revenue: $91B; FY2024 · Revenue: $92B; FY2025 · Revenue: $94B
Owner earnings$8.2B
FY2016 · Owner earnings: $5.7B; FY2017 · Owner earnings: $4.5B; FY2018 · Owner earnings: $12B; FY2019 · Owner earnings: $6.6B; FY2020 · Owner earnings: $6.8B; FY2021 · Owner earnings: $7.6B; FY2022 · Owner earnings: $8.9B; FY2023 · Owner earnings: $8.6B; FY2024 · Owner earnings: $8.2B; FY2025 · Owner earnings: $8.2B
Operating margin14.4%
FY2016 · Operating margin: 15.6%; FY2017 · Operating margin: 16.2%; FY2018 · Operating margin: 15.6%; FY2019 · Operating margin: 15.3%; FY2020 · Operating margin: 14.3%; FY2021 · Operating margin: 14.0%; FY2022 · Operating margin: 13.3%; FY2023 · Operating margin: 13.1%; FY2024 · Operating margin: 14.0%; FY2025 · Operating margin: 14.4%
Net cash / debt-$40B
FY2016 · Net cash / debt: -$21B; FY2017 · Net cash / debt: -$20B; FY2018 · Net cash / debt: -$23B; FY2019 · Net cash / debt: -$27B; FY2020 · Net cash / debt: -$35B; FY2021 · Net cash / debt: -$35B; FY2022 · Net cash / debt: -$34B; FY2023 · Net cash / debt: -$35B; FY2024 · Net cash / debt: -$36B; FY2025 · Net cash / debt: -$40B
Diluted shares1.4B
FY2016 · Diluted shares: 1.5B; FY2017 · Diluted shares: 1.4B; FY2018 · Diluted shares: 1.4B; FY2019 · Diluted shares: 1.4B; FY2020 · Diluted shares: 1.4B; FY2021 · Diluted shares: 1.4B; FY2022 · Diluted shares: 1.4B; FY2023 · Diluted shares: 1.4B; FY2024 · Diluted shares: 1.4B; FY2025 · Diluted shares: 1.4B
Prices 15 Oct 2026 · FY2025Original filing ↗ ·