The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.
Enlarge
Assets $395.3BLiabilities $151.6BEquity $243.7Bas of Mar 31, 2026
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item
Value
Share
Assets
$395.3B
100%
Cash
$23.4B
6%
Short-term investments
$57.8B
15%
Receivables
$17.5B
4%
Other current assets
$11.1B
3%
Property & equipment
$194.8B
49%
Lease right-of-use
$23.3B
6%
Goodwill
$24.7B
6%
Long-term investments
$8.2B
2%
Other assets
$34.5B
9%
Liabilities
$151.6B
38%
Payables
$13.3B
3%
Accrued liabilities
$31.0B
8%
Long-term debt
$58.7B
15%
Lease liabilities
$25.6B
6%
Other liabilities
$22.9B
6%
Equity
$243.7B
62%
Stockholders' equity
$243.7B
62%
Enlarge
Money moved $58.53BFree cash flow $13.23BJan 1 – Mar 31, 2026
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item
Value
Share
Where the money came from
$58.53B
100%
Operating cash flow
$32.23B
55%
Other investing
$18.30B
31%
Currency effect
$0.01B
0%
Taken from cash
$8.00B
14%
Where it went
−$58.53B
100%
Capital expenditure
−$19.00B
32%
Investments bought, net
−$32.98B
56%
Share buybacks
−$4.42B
8%
Dividends
−$1.35B
2%
Other financing
−$0.78B
1%
Enlarge
Total debt $58.7BCash & short-term investments $81.2BNet cash $22.4BOperating cash flow, last 4 quarters $124.0B
Maturities as filed as of Dec 31, 2025; debt and cash as of Mar 31, 2026.
The numbers behind the diagram
Principal due, as of Dec 31, 2025
Due
Value
2026
$0.0B
2027
$2.8B
2028
$1.5B
2029
$1.0B
2030
$5.0B
after 2030
$48.8B
Instruments, as of Dec 31, 2025
Due
Item
Coupon
Value
–
November2025 debt
4.2%
$30.0B
–
August2024 debt
4.3%
$10.5B
–
August2022 debt
3.5%
$10.0B
–
May2023 debt
4.6%
$8.5B
Enlarge
Debt to equity 0.24×Net cash $22.4BInterest coverage 141.07× (interest paid stands in for interest expense)Return on invested capital 38.4%Cost of debt, after tax 1.1% (interest paid stands in for interest expense)Book values as of Mar 31, 2026.
EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2025 to Mar 31, 2026.
The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.
The filing tags no interest expense line; interest paid, from the cash flow statement, stands in for it.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item
Value
How it is computed
Total debt short-term and long-term borrowings, as on the debt tab
$58.7B
short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet
$243.7B
stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity
$302.4B
total debt + equity
Debt share total debt / total capital
19%
total debt / total capital
Equity share equity / total capital
81%
equity / total capital
Net cash total debt − cash and short-term investments
$22.4B
total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed
$88.6B
operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed
$20.7B
from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation
$109.3B
EBIT + depreciation & amortisation
Interest paid, last 4 quarters four quarters summed
$0.6B
four quarters summed
Debt to equity total debt / equity
0.24×
total debt / equity
Net debt to EBITDA net debt / EBITDA
–net cash $22.4B
net debt / EBITDA
Interest coverage EBIT / interest paid
141.07×(interest paid stands in for interest expense)
EBIT / interest paid
Effective tax rate income tax / pretax income, kept within 0 to 50%
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value
–needs market data
cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC
–needs market data
ROIC − WACC
Enlarge
Assets $366.02BLiabilities $148.78BEquity $217.24Bas of Dec 31, 2025
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item
Value
Share
Assets
$366.02B
100%
Cash
$35.87B
10%
Short-term investments
$45.72B
12%
Receivables
$19.77B
5%
Other current assets
$7.36B
2%
Property & equipment
$176.40B
48%
Lease right-of-use
$20.40B
6%
Goodwill
$24.53B
7%
Intangibles
$3.69B
1%
Indefinite-lived intangibles
$0.40B
0%
Long-term investments
$7.45B
2%
Other assets
$24.42B
7%
Liabilities
$148.78B
41%
Payables
$8.89B
2%
Accrued liabilities
$30.73B
8%
Other current liabilities
$10.39B
3%
Long-term debt
$58.74B
16%
Lease liabilities
$22.94B
6%
Other liabilities
$17.08B
5%
Equity
$217.24B
59%
Stockholders' equity
$217.24B
59%
Enlarge
Money moved $66.97BFree cash flow $14.83BOct 1 – Dec 31, 2025Quarter derived from year-to-date statements.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item
Value
Share
Where the money came from
$66.97B
100%
Operating cash flow
$36.21B
54%
Debt raised
$29.91B
45%
Other financing
$0.85B
1%
Where it went
−$66.97B
100%
Capital expenditure
−$21.38B
32%
Other investing
−$12.80B
19%
Share buybacks
−$4.27B
6%
Dividends
−$1.34B
2%
Currency effect
−$0.02B
0%
Added to cash
−$27.16B
41%
Enlarge
Total debt $58.7BCash & short-term investments $81.6BNet cash $22.8BOperating cash flow, last 4 quarters $115.8BInterest expense, last 4 quarters $1.2B
Maturities as filed as of Dec 31, 2025; debt and cash as of Dec 31, 2025.
The numbers behind the diagram
Principal due, as of Dec 31, 2025
Due
Value
2026
$0.0B
2027
$2.8B
2028
$1.5B
2029
$1.0B
2030
$5.0B
after 2030
$48.8B
Instruments, as of Dec 31, 2025
Due
Item
Coupon
Value
–
November2025 debt
4.2%
$30.0B
–
August2024 debt
4.3%
$10.5B
–
August2022 debt
3.5%
$10.0B
–
May2023 debt
4.6%
$8.5B
Enlarge
Debt to equity 0.27×Net cash $22.8BInterest coverage 71.48×Return on invested capital 35.7%Cost of debt, after tax 1.9%Book values as of Dec 31, 2025.
EBIT, EBITDA, interest and tax are the last four quarters, Jan 1, 2025 to Dec 31, 2025.
The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item
Value
How it is computed
Total debt short-term and long-term borrowings, as on the debt tab
$58.7B
short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet
$217.2B
stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity
$276.0B
total debt + equity
Debt share total debt / total capital
21%
total debt / total capital
Equity share equity / total capital
79%
equity / total capital
Net cash total debt − cash and short-term investments
$22.8B
total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed
$83.3B
operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed
$18.6B
from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation
$101.9B
EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed
$1.2B
four quarters summed
Debt to equity total debt / equity
0.27×
total debt / equity
Net debt to EBITDA net debt / EBITDA
–net cash $22.8B
net debt / EBITDA
Interest coverage EBIT / interest expense
71.48×
EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value
–needs market data
cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC
–needs market data
ROIC − WACC
Enlarge
Assets $303.84BLiabilities $109.78BEquity $194.07Bas of Sep 30, 2025
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item
Value
Share
Assets
$303.84B
100%
Cash
$10.19B
3%
Short-term investments
$34.26B
11%
Receivables
$17.30B
6%
Other current assets
$11.37B
4%
Property & equipment
$160.27B
53%
Lease right-of-use
$17.37B
6%
Goodwill
$21.16B
7%
Intangibles
$3.18B
1%
Indefinite-lived intangibles
$0.43B
0%
Long-term investments
$5.06B
2%
Other assets
$23.27B
8%
Liabilities
$109.78B
36%
Payables
$7.80B
3%
Accrued liabilities
$27.05B
9%
Long-term debt
$28.83B
9%
Lease liabilities
$20.11B
7%
Other liabilities
$25.99B
9%
Equity
$194.07B
64%
Stockholders' equity
$194.07B
64%
Enlarge
Money moved $31.90BFree cash flow $11.17BJul 1 – Sep 30, 2025Quarter derived from year-to-date statements.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item
Value
Share
Where the money came from
$31.90B
100%
Operating cash flow
$30.00B
94%
Currency effect
$0.01B
0%
Taken from cash
$1.89B
6%
Where it went
−$31.90B
100%
Capital expenditure
−$18.83B
59%
Investments bought, net
−$2.84B
9%
Other investing
−$0.18B
1%
Share buybacks
−$8.46B
27%
Dividends
−$1.33B
4%
Other financing
−$0.26B
1%
Enlarge
Total debt $28.8BCash & short-term investments $44.4BNet cash $15.6BOperating cash flow, last 4 quarters $107.6B
Maturities as filed as of Dec 31, 2024; debt and cash as of Sep 30, 2025.
The numbers behind the diagram
Principal due, as of Dec 31, 2024
Due
Value
2025
not tagged
2026
not tagged
2027
$2.8B
2028
$1.5B
2029
$1.0B
after 2029
$23.8B
Instruments, as of Dec 31, 2024
Due
Item
Coupon
Value
–
Senior notes
$29.0B
–
August2024 debt
4.3%
$10.5B
–
August2022 debt
3.5%
$10.0B
–
May2023 debt
4.6%
$8.5B
Enlarge
Debt to equity 0.15×Net cash $15.6BInterest coverage 111.73× (interest paid stands in for interest expense)Return on invested capital 37.9%Cost of debt, after tax 1.8% (interest paid stands in for interest expense)Book values as of Sep 30, 2025.
EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2024 to Sep 30, 2025.
The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.
The filing tags no interest expense line; interest paid, from the cash flow statement, stands in for it.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item
Value
How it is computed
Total debt short-term and long-term borrowings, as on the debt tab
$28.8B
short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet
$194.1B
stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity
$222.9B
total debt + equity
Debt share total debt / total capital
13%
total debt / total capital
Equity share equity / total capital
87%
equity / total capital
Net cash total debt − cash and short-term investments
$15.6B
total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed
$81.9B
operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed
$17.7B
from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation
$99.6B
EBIT + depreciation & amortisation
Interest paid, last 4 quarters four quarters summed
$0.7B
four quarters summed
Debt to equity total debt / equity
0.15×
total debt / equity
Net debt to EBITDA net debt / EBITDA
–net cash $15.6B
net debt / EBITDA
Interest coverage EBIT / interest paid
111.73×(interest paid stands in for interest expense)
EBIT / interest paid
Effective tax rate income tax / pretax income, kept within 0 to 50%
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value
–needs market data
cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC
–needs market data
ROIC − WACC
Enlarge
Assets $294.7BLiabilities $99.7BEquity $195.1Bas of Jun 30, 2025
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item
Value
Share
Assets
$294.7B
100%
Cash
$12.0B
4%
Short-term investments
$35.1B
12%
Receivables
$16.6B
6%
Other current assets
$10.0B
3%
Property & equipment
$147.0B
50%
Lease right-of-use
$15.7B
5%
Goodwill
$20.7B
7%
Long-term investments
$2.0B
1%
Other assets
$35.8B
12%
Liabilities
$99.7B
34%
Payables
$10.3B
3%
Accrued liabilities
$25.1B
9%
Long-term debt
$28.8B
10%
Lease liabilities
$18.8B
6%
Other liabilities
$16.8B
6%
Equity
$195.1B
66%
Stockholders' equity
$195.1B
66%
Enlarge
Money moved $41.94BFree cash flow $9.02BApr 1 – Jun 30, 2025Quarter derived from year-to-date statements.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item
Value
Share
Where the money came from
$41.94B
100%
Operating cash flow
$25.56B
61%
Currency effect
$0.13B
0%
Taken from cash
$16.24B
39%
Where it went
−$41.94B
100%
Capital expenditure
−$16.54B
39%
Investments bought, net
−$7.75B
18%
Other investing
−$1.67B
4%
Share buybacks
−$14.28B
34%
Dividends
−$1.33B
3%
Other financing
−$0.37B
1%
Enlarge
Total debt $28.8BCash & short-term investments $47.1BNet cash $18.2BOperating cash flow, last 4 quarters $102.3B
Maturities as filed as of Dec 31, 2024; debt and cash as of Jun 30, 2025.
The numbers behind the diagram
Principal due, as of Dec 31, 2024
Due
Value
2025
not tagged
2026
not tagged
2027
$2.8B
2028
$1.5B
2029
$1.0B
after 2029
$23.8B
Instruments, as of Dec 31, 2024
Due
Item
Coupon
Value
–
Senior notes
$29.0B
–
August2024 debt
4.3%
$10.5B
–
August2022 debt
3.5%
$10.0B
–
May2023 debt
4.6%
$8.5B
Enlarge
Debt to equity 0.15×Net cash $18.2BInterest coverage 109.47× (interest paid stands in for interest expense)Return on invested capital 47.7%Cost of debt, after tax 2.7% (interest paid stands in for interest expense)Book values as of Jun 30, 2025.
EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2024 to Jun 30, 2025.
The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.
The filing tags no interest expense line; interest paid, from the cash flow statement, stands in for it.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item
Value
How it is computed
Total debt short-term and long-term borrowings, as on the debt tab
$28.8B
short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet
$195.1B
stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity
$223.9B
total debt + equity
Debt share total debt / total capital
13%
total debt / total capital
Equity share equity / total capital
87%
equity / total capital
Net cash total debt − cash and short-term investments
$18.2B
total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed
$78.7B
operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed
$16.7B
from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation
$95.4B
EBIT + depreciation & amortisation
Interest paid, last 4 quarters four quarters summed
$0.7B
four quarters summed
Debt to equity total debt / equity
0.15×
total debt / equity
Net debt to EBITDA net debt / EBITDA
–net cash $18.2B
net debt / EBITDA
Interest coverage EBIT / interest paid
109.47×(interest paid stands in for interest expense)
EBIT / interest paid
Effective tax rate income tax / pretax income, kept within 0 to 50%
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value
–needs market data
cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC
–needs market data
ROIC − WACC
Enlarge
Assets $280.21BLiabilities $95.18BEquity $185.03Bas of Mar 31, 2025
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item
Value
Share
Assets
$280.21B
100%
Cash
$28.75B
10%
Short-term investments
$41.48B
15%
Receivables
$14.51B
5%
Other current assets
$5.48B
2%
Property & equipment
$133.57B
48%
Lease right-of-use
$15.51B
6%
Goodwill
$20.65B
7%
Long-term investments
$0.05B
0%
Other assets
$20.21B
7%
Liabilities
$95.18B
34%
Payables
$8.51B
3%
Accrued liabilities
$23.40B
8%
Long-term debt
$28.83B
10%
Lease liabilities
$18.71B
7%
Other liabilities
$15.73B
6%
Equity
$185.03B
66%
Stockholders' equity
$185.03B
66%
Enlarge
Money moved $44.20BFree cash flow $11.09BJan 1 – Mar 31, 2025
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item
Value
Share
Where the money came from
$44.20B
100%
Operating cash flow
$24.03B
54%
Other investing
$4.69B
11%
Currency effect
$0.11B
0%
Taken from cash
$15.37B
35%
Where it went
−$44.20B
100%
Capital expenditure
−$12.94B
29%
Investments bought, net
−$11.76B
27%
Share buybacks
−$17.64B
40%
Dividends
−$1.33B
3%
Other financing
−$0.53B
1%
Enlarge
Total debt $28.8BCash & short-term investments $70.2BNet cash $41.4BOperating cash flow, last 4 quarters $96.1B
Maturities as filed as of Dec 31, 2024; debt and cash as of Mar 31, 2025.
The numbers behind the diagram
Principal due, as of Dec 31, 2024
Due
Value
2025
not tagged
2026
not tagged
2027
$2.8B
2028
$1.5B
2029
$1.0B
after 2029
$23.8B
Instruments, as of Dec 31, 2024
Due
Item
Coupon
Value
–
Senior notes
$29.0B
–
August2024 debt
4.3%
$10.5B
–
August2022 debt
3.5%
$10.0B
–
May2023 debt
4.6%
$8.5B
Enlarge
Debt to equity 0.16×Net cash $41.4BInterest coverage 101.98× (interest paid stands in for interest expense)Return on invested capital 51.4%Cost of debt, after tax 2.7% (interest paid stands in for interest expense)Book values as of Mar 31, 2025.
EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2024 to Mar 31, 2025.
The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.
The filing tags no interest expense line; interest paid, from the cash flow statement, stands in for it.
The numbers behind the diagram
All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item
Value
How it is computed
Total debt short-term and long-term borrowings, as on the debt tab
$28.8B
short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet
$185.0B
stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity
$213.9B
total debt + equity
Debt share total debt / total capital
13%
total debt / total capital
Equity share equity / total capital
87%
equity / total capital
Net cash total debt − cash and short-term investments
$41.4B
total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed
$73.1B
operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed
$16.0B
from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation
$89.1B
EBIT + depreciation & amortisation
Interest paid, last 4 quarters four quarters summed
$0.7B
four quarters summed
Debt to equity total debt / equity
0.16×
total debt / equity
Net debt to EBITDA net debt / EBITDA
–net cash $41.4B
net debt / EBITDA
Interest coverage EBIT / interest paid
101.98×(interest paid stands in for interest expense)
EBIT / interest paid
Effective tax rate income tax / pretax income, kept within 0 to 50%
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