VERIZON COMMUNICATIONS INC
Selected financial measures — level and five-year trend
Selected financial measures — level and five-year trend
Revenue growth
% YoYRevenue growth — five-year track
The tile shows the current value (% YoY) and, below it, how it developed across the recent fiscal years.
- Revenue growth — from 2.40% to 2.50%: FY22 2.40%, FY23 -2.10%, FY24 0.60%, FY25 2.50%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Revenue growth = revenue / prior-year revenue − 1. Source: SEC EDGAR companyfacts · filings 2009–2026
Operating margin
EBIT / revenueOperating margin — five-year track
The tile shows the current value (EBIT / revenue) and, below it, how it developed across the recent fiscal years.
- Operating margin — from 24.30% to 21.20%: FY21 24.30%, FY22 22.30%, FY23 17.10%, FY24 21.30%, FY25 21.20%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Operating margin = EBIT / revenue. Source: SEC EDGAR companyfacts · filings 2009–2026
ROIC
NOPAT / invested capitalROIC — five-year track
The tile shows the current value (NOPAT / invested capital) and, below it, how it developed across the recent fiscal years.
- ROIC — from 10.80% to 9.30%: FY21 10.80%, FY22 9.70%, FY23 6.70%, FY24 9.30%, FY25 9.30%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). Source: SEC EDGAR companyfacts · filings 2009–2026
Free cash flow
OCF − capexFree cash flow — five-year track
The tile shows the current value (OCF − capex) and, below it, how it developed across the recent fiscal years.
- Free cash flow — from 19.25 to 20.13: FY21 19.25, FY22 14.05, FY23 18.71, FY24 19.82, FY25 20.13
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Free cash flow = operating cash flow − capex, in $bn. Source: SEC EDGAR companyfacts · filings 2009–2026
Cash conversion
FCF / OCFCash conversion — five-year track
The tile shows the current value (FCF / OCF) and, below it, how it developed across the recent fiscal years.
- Cash conversion — from 49.00% to 54.00%: FY21 49.00%, FY22 38.00%, FY23 50.00%, FY24 54.00%, FY25 54.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Cash conversion = free cash flow / operating cash flow. Source: SEC EDGAR companyfacts · filings 2009–2026
Payout of FCF
buybacks + dividendsPayout of FCF — five-year track
The tile shows the current value (buybacks + dividends) and, below it, how it developed across the recent fiscal years.
- Payout of FCF — from 54.00% to 57.00%: FY21 54.00%, FY22 77.00%, FY23 59.00%, FY24 57.00%, FY25 57.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Payout ratio = (buybacks + dividends) / free cash flow. Source: SEC EDGAR companyfacts · filings 2009–2026
Segment revenue and profit contributions — revenue × margin by segment.
Segment revenue and profit contributions — revenue × margin by segment.
No segment profit data is tagged for this company.
Income statement — the full earnings ladder, collapsible.
Income statement — the full earnings ladder, collapsible.
| Income statement · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Revenue | 138,191 | 134,788 | 133,974 | 136,835 | 133,613 | 34,440 | 36,381 | 33,821 | 34,504 | 33,485 | 35,681 | 33,330 | 32,796 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating expenses | 108,932 | 106,102 | 111,097 | 106,368 | 101,165 | 26,198 | 31,377 | 25,716 | 26,332 | 25,507 | 28,260 | 27,404 | 24,978 |
| Selling, general and administrative | 33,818 | 34,113 | 32,745 | 30,136 | 28,658 | 7,633 | 10,380 | 7,752 | 7,812 | 7,874 | 8,240 | 9,706 | 8,024 |
| R&D % of revenue | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating income (EBIT) | 29,259 | 28,686 | 22,877 | 30,467 | 32,448 | 8,242 | 5,004 | 8,105 | 8,172 | 7,978 | 7,421 | 5,926 | 7,818 |
| Operating margin % | 21.2% | 21.3% | 17.1% | 22.3% | 24.3% | 23.9% | 13.8% | 24.0% | 23.7% | 23.8% | 20.8% | 17.8% | 23.8% |
| Other income (expense), net | 107 | 995 | -313 | 1,373 | 312 | 477 | -185 | 92 | 79 | 121 | 797 | 72 | -72 |
| Income before income taxes | 22,672 | 22,979 | 16,987 | 28,271 | 29,420 | 6,784 | 3,063 | 6,527 | 6,609 | 6,473 | 6,568 | 4,302 | 6,034 |
| Provision for income taxes | 5,064 | 5,030 | 4,892 | 6,523 | 6,802 | 1,638 | 615 | 1,471 | 1,488 | 1,490 | 1,454 | 891 | 1,332 |
| Effective tax rate % | 22.3% | 21.9% | 28.8% | 23.1% | 23.1% | 24.1% | 20.1% | 22.5% | 22.5% | 23.0% | 22.1% | 20.7% | 22.1% |
| Net income | 17,174 | 17,506 | 11,614 | 21,256 | 22,065 | 5,045 | 2,342 | 4,950 | 5,003 | 4,879 | 5,005 | 3,306 | 4,593 |
| Net margin % | 12.4% | 13.0% | 8.7% | 15.5% | 16.5% | 14.6% | 6.4% | 14.6% | 14.5% | 14.6% | 14.0% | 9.9% | 14.0% |
| Diluted earnings per share ($) | 4.06 | 4.14 | 2.75 | 5.06 | 5.32 | 1.20 | — | 1.17 | 1.18 | 1.15 | — | 0.78 | 1.09 |
| Basic earnings per share ($) | 4.06 | 4.15 | 2.76 | 5.06 | 5.32 | 1.20 | — | 1.17 | 1.18 | 1.16 | — | 0.78 | 1.09 |
Balance sheet — assets, liabilities and equity, collapsible.
Balance sheet — assets, liabilities and equity, collapsible.
| Balance sheet · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Total assets | 404,258 | 384,711 | 380,255 | 379,680 | 366,596 | 417,882 | 404,258 | 388,331 | 383,285 | 380,364 | 384,711 | 381,164 | 379,146 |
| Total current assets | 56,922 | 40,523 | 36,814 | 37,857 | 36,728 | 44,723 | 56,922 | 44,010 | 38,846 | 37,353 | 40,523 | 40,641 | 38,056 |
| Cash and equivalents | 19,048 | 4,194 | 2,065 | 2,605 | 2,921 | 8,366 | 19,048 | 7,706 | 3,435 | 2,257 | 4,194 | 4,987 | 2,432 |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Accounts receivable, net | — | — | — | — | 23,846 | — | — | — | — | — | — | — | — |
| Inventories | 2,441 | 2,247 | 2,057 | 2,388 | 3,055 | 2,320 | 2,441 | 2,700 | 2,137 | 2,197 | 2,247 | 2,523 | 1,841 |
| Other current assets | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other / unclassified, net | 35,433 | 34,082 | 32,692 | 32,864 | 6,906 | 34,037 | 35,433 | 33,604 | 33,274 | 32,899 | 34,082 | 33,131 | 33,783 |
| Total non-current assets | 347,336 | 344,188 | 343,441 | 341,823 | 329,868 | 373,159 | 347,336 | 344,321 | 344,439 | 343,011 | 344,188 | 340,523 | 341,090 |
| Property and equipment, net | 109,467 | 108,522 | 108,310 | 107,434 | 99,696 | 125,972 | 109,467 | 108,467 | 108,069 | 107,923 | 108,522 | 107,528 | 107,890 |
| Goodwill | 22,841 | 22,841 | 22,843 | 28,671 | 28,603 | 30,628 | 22,841 | 22,841 | 22,841 | 22,842 | 22,841 | 22,844 | 22,842 |
| Intangible assets, net | 10,458 | 11,129 | 11,057 | 11,461 | 11,677 | 12,799 | 10,458 | 10,516 | 10,635 | 10,847 | 11,129 | 10,674 | 10,680 |
| Long-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other long-term assets | 23,248 | 19,769 | 19,885 | 17,260 | 13,329 | 22,547 | 23,248 | 21,012 | 21,318 | 19,678 | 19,769 | 18,516 | 18,415 |
| Other / unclassified, net | 181,322 | 181,927 | 181,346 | 176,997 | 176,563 | 181,213 | 181,322 | 181,485 | 181,576 | 181,721 | 181,927 | 180,961 | 181,263 |
| Total liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | 62,370 | 64,771 | 53,223 | 50,171 | 47,160 | 69,880 | 62,370 | 59,563 | 60,952 | 61,066 | 64,771 | 61,816 | 60,806 |
| Accounts payable | 12,154 | 10,425 | 10,021 | 8,750 | 8,040 | — | 12,154 | — | — | — | 10,425 | — | — |
| Current portion of debt | 18,618 | 22,633 | 12,973 | 9,963 | 7,443 | 28,229 | 18,618 | 20,146 | 22,067 | 22,629 | 22,633 | 21,763 | 23,255 |
| Other current liabilities | 14,229 | 14,349 | 12,531 | 12,097 | 11,025 | 14,999 | 14,229 | 14,216 | 14,274 | 14,338 | 14,349 | 13,519 | 13,577 |
| Other / unclassified, net | 17,369 | 17,364 | 17,698 | 19,361 | 20,652 | 26,652 | 17,369 | 25,201 | 24,611 | 24,099 | 17,364 | 26,534 | 23,974 |
| Total non-current liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Long-term debt | 139,532 | 121,381 | 137,701 | 140,676 | 143,425 | 144,231 | 139,532 | 126,629 | 123,929 | 121,020 | 121,381 | 128,878 | 126,022 |
| Other long-term liabilities | 17,848 | 19,327 | 16,560 | 18,397 | 13,513 | 19,122 | 17,848 | 17,320 | 17,141 | 18,426 | 19,327 | 14,946 | 16,429 |
| Other / unclassified, net | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stockholders' equity | 105,741 | 100,575 | 93,799 | 92,463 | 83,200 | 104,622 | 105,741 | 106,345 | 104,361 | 102,037 | 100,575 | 97,668 | 97,539 |
| Common stock and paid-in capital | 13,372 | 13,466 | 13,631 | 13,420 | 13,861 | 13,263 | 13,372 | 13,408 | 13,412 | 13,415 | 13,466 | 13,479 | 13,539 |
| Retained earnings | 94,744 | 89,110 | 82,915 | 82,380 | 71,993 | 96,824 | 94,744 | 95,316 | 93,275 | 91,128 | 89,110 | 86,958 | 86,504 |
| Accumulated other comprehensive income | -1,727 | -923 | -1,380 | -1,865 | -927 | -2,372 | -1,727 | -1,651 | -1,475 | -1,489 | -923 | -1,665 | -1,287 |
| Other / unclassified, net | -648 | -1,078 | -1,367 | -1,472 | -1,727 | -3,093 | -648 | -728 | -851 | -1,017 | -1,078 | -1,104 | -1,217 |
| Total liabilities and equity | 404,258 | 384,711 | 380,255 | 379,680 | 366,596 | 417,882 | 404,258 | 388,331 | 383,285 | 380,364 | 384,711 | 381,164 | 379,146 |
| Memo — leverage & capital | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total debt | 158,150 | 144,014 | 150,674 | 150,639 | 150,868 | 172,460 | 158,150 | 146,775 | 145,996 | 143,649 | 144,014 | 150,641 | 149,277 |
| Net cash (debt) | -139,102 | -139,820 | -148,609 | -148,034 | -147,947 | -164,094 | -139,102 | -139,069 | -142,561 | -141,392 | -139,820 | -145,654 | -146,845 |
| Equity ratio % | 26.2% | 26.1% | 24.7% | 24.4% | 22.7% | 25.0% | 26.2% | 27.4% | 27.2% | 26.8% | 26.1% | 25.6% | 25.7% |
Cash flow — operating, investing, financing and free cash flow.
Cash flow — operating, investing, financing and free cash flow.
| Cash flow · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Net cash from operating activities | 37,137 | 36,912 | 37,475 | 37,141 | 39,539 | 7,984 | 9,114 | 11,266 | 8,975 | 7,782 | 10,432 | 9,911 | — |
| Net income | 17,174 | 17,506 | 11,614 | 21,256 | 22,065 | 5,045 | 2,342 | 4,950 | 5,003 | 4,879 | 5,005 | 3,306 | — |
| Depreciation and amortization | 18,349 | 17,892 | 17,624 | 17,099 | 16,206 | 4,892 | 4,519 | 4,618 | 4,635 | 4,577 | 4,506 | 4,458 | — |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Deferred income taxes | 2,340 | 815 | 2,388 | 2,973 | 4,264 | 703 | 531 | 1,714 | -37 | 132 | 568 | -35 | — |
| Working capital & other, net | -726 | 699 | 5,849 | -4,187 | -2,996 | -2,656 | 1,722 | -16 | -626 | -1,806 | 353 | 2,182 | — |
| Operating cash flow margin % | 26.9% | 27.4% | 28.0% | 27.1% | 29.6% | 23.2% | 25.1% | 33.3% | 26.0% | 23.2% | 29.2% | 29.7% | — |
| Net cash used in investing activities | -16,660 | -18,674 | -23,432 | -28,662 | -67,153 | -13,573 | -4,980 | -4,490 | -3,438 | -3,752 | -5,561 | -4,003 | — |
| Capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Acquisitions, net | -0 | -0 | -30 | 248 | -4,065 | -9,480 | — | — | — | -0 | — | — | — |
| Other investing, net | -16,660 | -18,674 | -23,402 | -28,910 | -63,088 | -4,093 | -4,980 | -4,490 | -3,438 | -3,752 | -5,561 | -4,003 | — |
| Net cash from financing activities | -5,613 | -17,100 | -14,657 | -8,529 | 8,277 | -5,278 | 7,209 | -2,551 | -4,378 | -5,893 | -5,623 | -4,415 | — |
| Share repurchases | — | — | — | — | — | -2,500 | — | — | — | -0 | — | — | — |
| Dividends paid | -11,481 | -11,249 | -11,025 | -10,805 | -10,445 | -2,910 | -2,912 | -2,857 | -2,856 | -2,856 | -2,850 | -2,801 | — |
| Debt repayments, net | -9,034 | -4,688 | -2,022 | -1,964 | -9,078 | -712 | -3,500 | -1,398 | -2,158 | -1,978 | -1,502 | -362 | — |
| Other financing, net | 14,902 | -1,163 | -1,610 | 4,240 | 27,800 | 844 | 13,621 | 1,704 | 636 | -1,059 | -1,271 | -1,252 | — |
| Effect of exchange rate & other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net change in cash | 14,864 | 1,138 | -614 | -50 | -19,337 | -10,867 | 11,343 | 4,225 | 1,159 | -1,863 | -752 | 1,493 | — |
| Free cash flow (OCF − capex) | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free cash flow margin % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Capital returned (buybacks + dividends) | -11,481 | -11,249 | -11,025 | -10,805 | -10,445 | -5,410 | -2,912 | -2,857 | -2,856 | -2,856 | -2,850 | -2,801 | — |
| Payout % of free cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — |
Change by segment — walk and build-up
Change by segment — walk and build-up
Segment walk — not applicable
Fewer than two comparable segment periods — no walk.
Change in profit — volume, margin and cost components
Change in profit — volume, margin and cost components
Driver walk — volume, margin and the cost drivers behind it
$bn / ppEBITDA* — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 46.58 → FY25 47.61, change 1.03.
- Volume 1.17
- Margin -0.14
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 46.58 → FY25 47.61, change 1.03.
- Volume 1.17
- Margin -0.14
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 46.58 → FY25 47.61, change 1.03.
- Volume 1.17
- Costs to EBIT -0.15
- D&A add-back 0.01
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 46.58 → FY25 47.61, change 1.03.
- Volume 1.17
- Costs to EBIT -0.15
- D&A add-back 0.01
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 34.56% → FY25 34.45%, change -0.11%.
- Costs to EBIT -0.11%
- D&A add-back 0.00%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
- Volume 1.45
- Margin 5.65
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
- Volume 1.36
- Margin 5.74
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
- Volume 1.45
- Costs to EBIT 5.49
- D&A add-back 0.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
- Volume 1.36
- Costs to EBIT 5.58
- D&A add-back 0.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 30.23% → FY25 34.45%, change 4.22%.
- Costs to EBIT 4.10%
- D&A add-back 0.12%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 47.57 → FY25 47.61, change 0.04.
- Volume 0.47
- Margin -0.43
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 47.57 → FY25 47.61, change 0.04.
- Volume 0.47
- Margin -0.43
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 47.57 → FY25 47.61, change 0.04.
- Volume 0.47
- Costs to EBIT -1.50
- D&A add-back 1.07
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 47.57 → FY25 47.61, change 0.04.
- Volume 0.47
- Costs to EBIT -1.50
- D&A add-back 1.08
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBITDA* — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 34.76% → FY25 34.45%, change -0.31%.
- Costs to EBIT -1.09%
- D&A add-back 0.78%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
- Volume 0.72
- Margin -0.15
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
- Volume 0.72
- Margin -0.15
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
- Volume 0.72
- Costs to EBIT -0.15
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
- Volume 0.72
- Costs to EBIT -0.15
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 21.28% → FY25 21.17%, change -0.11%.
- Costs to EBIT -0.11%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
- Volume 0.89
- Margin 5.49
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
- Volume 0.81
- Margin 5.58
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
- Volume 0.89
- Costs to EBIT 5.49
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
- Volume 0.81
- Costs to EBIT 5.58
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 17.08% → FY25 21.17%, change 4.10%.
- Costs to EBIT 4.10%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 30.47 → FY25 29.26, change -1.21.
- Volume 0.29
- Margin -1.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 30.47 → FY25 29.26, change -1.21.
- Volume 0.29
- Margin -1.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 30.47 → FY25 29.26, change -1.21.
- Volume 0.29
- Costs to EBIT -1.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 30.47 → FY25 29.26, change -1.21.
- Volume 0.29
- Costs to EBIT -1.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
EBIT — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 22.27% → FY25 21.17%, change -1.09%.
- Costs to EBIT -1.09%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 22.54 → FY25 22.24, change -0.30.
- Volume 0.55
- Margin -0.85
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 22.54 → FY25 22.24, change -0.30.
- Volume 0.56
- Margin -0.86
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 22.54 → FY25 22.24, change -0.30.
- Volume 0.55
- Costs to EBIT -0.15
- Non-operating, net -0.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 22.54 → FY25 22.24, change -0.30.
- Volume 0.56
- Costs to EBIT -0.15
- Non-operating, net -0.71
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 16.72% → FY25 16.09%, change -0.63%.
- Costs to EBIT -0.11%
- Non-operating, net -0.52%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 16.51 → FY25 22.24, change 5.73.
- Volume 0.68
- Margin 5.05
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 16.51 → FY25 22.24, change 5.73.
- Volume 0.60
- Margin 5.13
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 16.51 → FY25 22.24, change 5.73.
- Volume 0.68
- Costs to EBIT 5.49
- Non-operating, net -0.44
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 16.51 → FY25 22.24, change 5.73.
- Volume 0.60
- Costs to EBIT 5.58
- Non-operating, net -0.44
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 12.32% → FY25 16.09%, change 3.77%.
- Costs to EBIT 4.10%
- Non-operating, net -0.33%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 27.78 → FY25 22.24, change -5.54.
- Volume 0.22
- Margin -5.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 27.78 → FY25 22.24, change -5.54.
- Volume 0.25
- Margin -5.79
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 27.78 → FY25 22.24, change -5.54.
- Volume 0.22
- Costs to EBIT -1.50
- Non-operating, net -4.26
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 27.78 → FY25 22.24, change -5.54.
- Volume 0.25
- Costs to EBIT -1.50
- Non-operating, net -4.29
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Pre-tax — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 20.30% → FY25 16.09%, change -4.21%.
- Costs to EBIT -1.09%
- Non-operating, net -3.12%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.51 → FY25 17.17, change -0.33.
- Volume 0.42
- Margin -0.75
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.51 → FY25 17.17, change -0.33.
- Volume 0.43
- Margin -0.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.51 → FY25 17.17, change -0.33.
- Volume 0.42
- Costs to EBIT -0.15
- Non-operating, net -0.70
- Income tax 0.09
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.51 → FY25 17.17, change -0.33.
- Volume 0.43
- Costs to EBIT -0.15
- Non-operating, net -0.71
- Income tax 0.09
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 12.99% → FY25 12.43%, change -0.56%.
- Costs to EBIT -0.11%
- Non-operating, net -0.52%
- Income tax 0.07%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 11.61 → FY25 17.17, change 5.56.
- Volume 0.52
- Margin 5.04
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 11.61 → FY25 17.17, change 5.56.
- Volume 0.44
- Margin 5.12
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 11.61 → FY25 17.17, change 5.56.
- Volume 0.52
- Costs to EBIT 5.49
- Non-operating, net -0.44
- Income tax -0.02
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 11.61 → FY25 17.17, change 5.56.
- Volume 0.44
- Costs to EBIT 5.58
- Non-operating, net -0.44
- Income tax -0.02
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 8.67% → FY25 12.43%, change 3.76%.
- Costs to EBIT 4.10%
- Non-operating, net -0.33%
- Income tax -0.01%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 21.26 → FY25 17.17, change -4.08.
- Volume 0.17
- Margin -4.25
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 21.26 → FY25 17.17, change -4.08.
- Volume 0.19
- Margin -4.27
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 21.26 → FY25 17.17, change -4.08.
- Volume 0.17
- Costs to EBIT -1.50
- Non-operating, net -4.26
- Income tax 1.51
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 21.26 → FY25 17.17, change -4.08.
- Volume 0.19
- Costs to EBIT -1.50
- Non-operating, net -4.29
- Income tax 1.52
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Net income — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 15.53% → FY25 12.43%, change -3.11%.
- Costs to EBIT -1.09%
- Non-operating, net -3.12%
- Income tax 1.10%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts · filings 2009–2026
Common-size P&L — the two compared years
$bn · % of revenue| $bn | FY24 | FY25 | % rev FY24 | % rev FY25 | Δpp |
|---|---|---|---|---|---|
| Revenue | 134.79 | 138.19 | 100.0% | 100.0% | +0.0pp |
| G&A / SG&A | 34.11 | 33.82 | 25.3% | 24.5% | -0.8pp |
| Operating income (EBIT) | 28.69 | 29.26 | 21.3% | 21.2% | -0.1pp |
| D&A | 17.89 | 18.35 | 13.3% | 13.3% | +0.0pp |
| Income tax | 5.03 | 5.06 | 3.7% | 3.7% | -0.1pp |
| Net income | 17.51 | 17.17 | 13.0% | 12.4% | -0.6pp |
From pre-tax result to the bottom line — tax and exceptional effects
From pre-tax result to the bottom line — tax and exceptional effects
Financing & tax — from operating result to the bottom line
$bnFrom operating result to the bottom line — 2024 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY24 17.51 → FY25 17.17, change -0.33.
- Operating (ΔEBIT) 0.57
- Non-operating -0.87
- Tax rate -0.10
- Tax on higher base 0.07
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 22.3 % → 22.8 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
From operating result to the bottom line — 2023 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY23 11.61 → FY25 17.17, change 5.56.
- Operating (ΔEBIT) 6.38
- Non-operating -0.65
- Tax rate 1.53
- Tax on higher base -1.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 29.6 % → 22.8 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
From operating result to the bottom line — 2022 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY22 21.26 → FY25 17.17, change -4.08.
- Operating (ΔEBIT) -1.21
- Non-operating -4.33
- Tax rate 0.16
- Tax on higher base 1.30
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 23.5 % → 22.8 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts · filings 2009–2026
Exceptionals — none tagged
This firm tags no restructuring, impairment, disposal or acquisition-cost item in the compared years — nothing to adjust for. That is a finding, not a gap.
Debt / EBITDA — figure, bridge, evidence
Debt / EBITDA — figure, bridge, evidence
Net debt / EBITDA — nested to source
×Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 2.52× → FY25 2.54×, change 0.02×.
- Δ Net debt 0.08×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 2.52× → FY25 2.54×, change 0.02×.
- Op. cash flow -0.79×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.62×
- Volume -0.06×
- Costs to EBIT 0.01×
- D&A add-back -0.00×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 2.52× → FY25 2.54×, change 0.02×.
- Δ Net debt 0.08×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 2.52× → FY25 2.54×, change 0.02×.
- Op. cash flow -0.80×
- Dividends 0.25×
- Other (FX/leases/M&A) 0.63×
- Volume -0.06×
- Costs to EBIT 0.01×
- D&A add-back -0.00×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 3.35× → FY25 2.54×, change -0.81×.
- Δ Net debt -0.34×
- Δ EBITDA -0.47×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 3.35× → FY25 2.54×, change -0.81×.
- Op. cash flow -0.85×
- Dividends 0.26×
- Other (FX/leases/M&A) 0.25×
- Volume -0.10×
- Costs to EBIT -0.37×
- D&A add-back -0.01×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 3.35× → FY25 2.54×, change -0.81×.
- Δ Net debt -0.36×
- Δ EBITDA -0.45×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 3.35× → FY25 2.54×, change -0.81×.
- Op. cash flow -0.92×
- Dividends 0.28×
- Other (FX/leases/M&A) 0.27×
- Volume -0.09×
- Costs to EBIT -0.34×
- D&A add-back -0.01×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 2.91× → FY25 2.54×, change -0.37×.
- Δ Net debt -0.36×
- Δ EBITDA -0.00×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 2.91× → FY25 2.54×, change -0.37×.
- Op. cash flow -0.78×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.18×
- Volume -0.03×
- Costs to EBIT 0.09×
- D&A add-back -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 2.91× → FY25 2.54×, change -0.37×.
- Δ Net debt -0.36×
- Δ EBITDA -0.00×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Net debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 2.91× → FY25 2.54×, change -0.37×.
- Op. cash flow -0.78×
- Dividends 0.24×
- Other (FX/leases/M&A) 0.18×
- Volume -0.02×
- Costs to EBIT 0.08×
- D&A add-back -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. The itemised view breaks the debt effect into cash-flow items and the EBITDA effect into operating drivers; both subtotals are unchanged. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 2.52× → Q1·26 2.82×, change 0.30×.
- Δ Net debt 0.36×
- Δ EBITDA -0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 3.30× → Q1·26 2.82×, change -0.48×.
- Δ Net debt 0.05×
- Δ EBITDA -0.53×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts · filings 2009–2026
Evidence: 13 filings with the SEC · 10-K, 10-Q, DEF 14A · 2021–2026
- 10-Q · 2026-03-31 · filed 2026-05-01 ↗
- DEF 14A · 2025-12-31 · filed 2026-04-06 ↗
- 10-K · 2026-01-30 · filed 2026-02-17 ↗
- 10-Q · 2025-09-30 · filed 2025-10-29 ↗
- 10-Q · 2025-06-30 · filed 2025-07-25 ↗
- 10-K · 2025-01-31 · filed 2025-02-12 ↗
- 10-K · 2024-01-31 · filed 2024-02-09 ↗
- 10-Q · 2023-06-30 · filed 2023-07-28 ↗
- 10-K · 2023-01-31 · filed 2023-02-10 ↗
- 10-Q · 2022-09-30 · filed 2022-10-25 ↗
- … and 3 more
Build-up — debt, cash, earnings
$bn| $bn | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Gross debt | 123.5 | 143.4 | 140.8 | 137.7 | 121.4 | 140.0 |
| − Cash and equivalents | 22.2 | 2.9 | 2.6 | 2.1 | 4.2 | 19.0 |
| = Net debt | 101.3 | 140.5 | 138.2 | 135.6 | 117.3 | 120.9 |
| EBITDA | 45.5 | 48.7 | 47.6 | 40.5 | 46.6 | 47.6 |
| Net debt / EBITDA | 2.23× | 2.89× | 2.91× | 3.35× | 2.52× | 2.54× |
| Gross debt / EBITDA | 2.71× | 2.95× | 2.96× | 3.40× | 2.61× | 2.94× |
Returns on capital — ROE, ROIC, ROA and their decomposition
Returns on capital — ROE, ROIC, ROA and their decomposition
Returns — ROE, ROIC, ROA and what drives them
%ROE over time
What does the shareholders' equity earn?
- ROE — from 26.50% to 16.20%: FY21 26.50%, FY22 23.00%, FY23 12.40%, FY24 17.40%, FY25 16.20%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROE = net income / equity (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts · filings 2009–2026
ROIC over time
What does total invested capital earn — regardless of whether it is funded by equity or debt?
- ROIC — from 10.80% to 9.30%: FY21 10.80%, FY22 9.70%, FY23 6.70%, FY24 9.30%, FY25 9.30%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). The rate comes from tax expense / pre-tax income. All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts · filings 2009–2026
ROA over time
What do total assets earn?
- ROA — from 6.00% to 4.20%: FY21 6.00%, FY22 5.60%, FY23 3.10%, FY24 4.60%, FY25 4.20%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROA = net income / total assets (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts · filings 2009–2026
Returns compared
The same years, three denominators: equity, invested capital, total assets. The gap between ROE and ROIC shows how much the capital lever contributes.
- ROE — from 26.50% to 16.20%: FY21 26.50%, FY22 23.00%, FY23 12.40%, FY24 17.40%, FY25 16.20%
- ROIC — from 10.80% to 9.30%: FY21 10.80%, FY22 9.70%, FY23 6.70%, FY24 9.30%, FY25 9.30%
- ROA — from 6.00% to 4.20%: FY21 6.00%, FY22 5.60%, FY23 3.10%, FY24 4.60%, FY25 4.20%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROE = net/equity · ROIC = EBIT·(1−tax rate)/(equity+debt−cash) · ROA = net/assets. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 17.41pp → ROE 16.24pp, change -1.16pp.
- Margin -0.74pp
- Asset turnover -0.41pp
- Equity multiplier -0.01pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 13.0 % → 12.4 %, turnover 0.35 → 0.34, multiplier 3.83 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 17.41pp → ROE 16.24pp, change -1.16pp.
- Margin -0.74pp
- Asset turnover -0.41pp
- Equity multiplier -0.01pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 13.0 % → 12.4 %, turnover 0.35 → 0.34, multiplier 3.83 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 17.41pp → ROE 16.24pp, change -1.16pp.
- Margin -0.74pp
- Asset turnover -0.41pp
- Equity multiplier -0.01pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 13.0 % → 12.4 %, turnover 0.35 → 0.34, multiplier 3.83 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 17.41pp → ROE 16.24pp, change -1.16pp.
- Margin -0.74pp
- Asset turnover -0.41pp
- Equity multiplier -0.01pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 13.0 % → 12.4 %, turnover 0.35 → 0.34, multiplier 3.83 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 12.38pp → ROE 16.24pp, change 3.86pp.
- Margin 5.14pp
- Asset turnover -0.43pp
- Equity multiplier -0.84pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 8.7 % → 12.4 %, turnover 0.35 → 0.34, multiplier 4.05 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 12.38pp → ROE 16.24pp, change 3.86pp.
- Margin 5.14pp
- Asset turnover -0.43pp
- Equity multiplier -0.84pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 8.7 % → 12.4 %, turnover 0.35 → 0.34, multiplier 4.05 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 12.38pp → ROE 16.24pp, change 3.86pp.
- Margin 5.14pp
- Asset turnover -0.43pp
- Equity multiplier -0.84pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 8.7 % → 12.4 %, turnover 0.35 → 0.34, multiplier 4.05 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 12.38pp → ROE 16.24pp, change 3.86pp.
- Margin 5.14pp
- Asset turnover -0.43pp
- Equity multiplier -0.84pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 8.7 % → 12.4 %, turnover 0.35 → 0.34, multiplier 4.05 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 22.99pp → ROE 16.24pp, change -6.75pp.
- Margin -4.33pp
- Asset turnover -1.03pp
- Equity multiplier -1.39pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 12.4 %, turnover 0.36 → 0.34, multiplier 4.11 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 22.99pp → ROE 16.24pp, change -6.75pp.
- Margin -4.33pp
- Asset turnover -1.03pp
- Equity multiplier -1.39pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 12.4 %, turnover 0.36 → 0.34, multiplier 4.11 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 22.99pp → ROE 16.24pp, change -6.75pp.
- Margin -4.33pp
- Asset turnover -1.03pp
- Equity multiplier -1.39pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 12.4 %, turnover 0.36 → 0.34, multiplier 4.11 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 22.99pp → ROE 16.24pp, change -6.75pp.
- Margin -4.33pp
- Asset turnover -1.03pp
- Equity multiplier -1.39pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 12.4 %, turnover 0.36 → 0.34, multiplier 4.11 → 3.82. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts · filings 2009–2026
Findings, method and provenance
- Return on equity 16.2% (-1.2pp vs FY24).
- DuPont. margin -0.7pp, asset turnover -0.4pp, equity multiplier -0.0pp — margin did the most work. Margin 13.0% → 12.4%, turnover 0.35 → 0.34×, multiplier 3.83 → 3.82×.
- ROIC 9.3% — NOPAT (EBIT at the effective tax rate) over equity plus debt less cash; the measure that ignores how the mix is financed.
- Capital returned 11.48bn (buybacks 0.00, dividends 11.48) against free cash flow 20.13bn — 57% of it.
All inputs from the same statement layer as the P&L, balance sheet and cash-flow slides. ROE = net income / equity · ROA = net income / assets · ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). DuPont splits ΔROE into margin × asset turnover × equity multiplier using the order-neutral Shapley decomposition for a three-factor product — the three contributions sum to the ROE change exactly.
Free cash flow and capital returned
Free cash flow and capital returned
Capital returns — buybacks, dividends and what funds them
$bn / %Capital returned to shareholders
What flows back to shareholders — and what is available for it? The third series is free cash flow, which pays for both.
- Buybacks — from 0.00 to 0.00: FY21 0.00, FY22 0.00, FY23 0.00, FY24 0.00, FY25 0.00
- Dividends — from 10.45 to 11.48: FY21 10.45, FY22 10.80, FY23 11.03, FY24 11.25, FY25 11.48
- Free cash flow — from 19.25 to 20.13: FY21 19.25, FY22 14.05, FY23 18.71, FY24 19.82, FY25 20.13
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 0.00% to 0.00%: FY21 0.00%, FY22 0.00%, FY23 0.00%, FY24 0.00%, FY25 0.00%
- Dividends — from 54.00% to 57.00%: FY21 54.00%, FY22 77.00%, FY23 59.00%, FY24 57.00%, FY25 57.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Capital returned to shareholders
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
- Buybacks — from 0.00% to 0.00%: FY21 0.00%, FY22 0.00%, FY23 0.00%, FY24 0.00%, FY25 0.00%
- Dividends — from 47.00% to 67.00%: FY21 47.00%, FY22 51.00%, FY23 95.00%, FY24 64.00%, FY25 67.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Buybacks = PaymentsForRepurchaseOfCommonStock, dividends = PaymentsOfDividends(CommonStock); free cash flow = operating cash flow − capex. A zero is a reported zero, not a missing figure. Source: SEC EDGAR companyfacts · filings 2009–2026
Cash hierarchy — from operating cash flow to distributions
$bn / %| FY25 | FY24 | FY23 | FY22 | FY21 | |
|---|---|---|---|---|---|
| Operating cash flow | 37.1 | 36.9 | 37.5 | 37.1 | 39.5 |
| − Capex | 17.0 | 17.1 | 18.8 | 23.1 | 20.3 |
| = Free cash flow | 20.1 | 19.8 | 18.7 | 14.1 | 19.3 |
| Dividends | 11.5 | 11.2 | 11.0 | 10.8 | 10.4 |
| Share repurchases | — | — | — | — | — |
| = Total distributions | 11.5 | 11.2 | 11.0 | 10.8 | 10.4 |
| Distributions / FCF | 57 % | 57 % | 59 % | 77 % | 54 % |
| Distributions / net income | 67 % | 64 % | 95 % | 51 % | 47 % |
Automatically generated quantitative observations
Automatically generated quantitative observations
Selected by rule, not phrased freely: candidates are ranked by size of change and data quality, at most one observation per measure family. Each names start value, end value, change and the evidence page.
- Equity rose from 100.6bn in FY24 to 105.7bn in FY25, a change of +5.1 %. See page 6.
- Total assets rose from 384.7bn in FY24 to 404.3bn in FY25, a change of +5.1 %. See page 6.
- Revenue rose from 134.8bn in FY24 to 138.2bn in FY25, a change of +2.5 %. See page 5.
- Operating profit rose from 28.7bn in FY24 to 29.3bn in FY25, a change of +2.0 %. See page 5.
- Net income fell from 17.5bn in FY24 to 17.2bn in FY25, a change of -1.9 %. See page 5.
- Operating cash flow rose from 36.9bn in FY24 to 37.1bn in FY25, a change of +0.6 %. See page 7.
Data notes
- No segment data resolves for this firm; the segment walk is omitted.
- Single quarters are unwound from cumulative filings; the four quarters sum to the reported fiscal year.
Data provenance and concept ledger
Data provenance and concept ledger
Concept ledger — from a deck line back to the filing
us-gaap| Line | resolved us-gaap tag | facts | state | rest of the chain |
|---|---|---|---|---|
| rev | Revenues | 122 | resolved | RevenueFromContractWithCustomerExcludingAssessedTax, RevenueFromContractWithCustomerIncludingAssessedTax |
| cogs | — | — | not tagged | CostOfGoodsAndServicesSold, CostOfRevenue |
| gross | — | — | not tagged | GrossProfit |
| rnd | — | — | not tagged | ResearchAndDevelopmentExpense |
| sm | — | — | not tagged | SellingAndMarketingExpense, MarketingExpense |
| ga | — | — | not tagged | GeneralAndAdministrativeExpense |
| sga | SellingGeneralAndAdministrativeExpense | 111 | resolved | — |
| opex | CostsAndExpenses | 111 | resolved | OperatingExpenses |
| ebit | OperatingIncomeLoss | 122 | resolved | — |
| other | OtherNonoperatingIncomeExpense | 111 | resolved | NonoperatingIncomeExpense |
| pretax | IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | 100 | resolved | IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
| tax | IncomeTaxExpenseBenefit | 111 | resolved | — |
| net | NetIncomeLoss | 122 | resolved | ProfitLoss |
| epsd | EarningsPerShareDiluted | 122 | resolved | — |
| epsb | EarningsPerShareBasic | 122 | resolved | — |
Loaded: 14,765 facts across 755 concepts for CIK 0000732712. The chain is tried in order; the first tag with a value for 2025-12-31 wins — that is how one report stays readable across firms that report the same measure under different tags.
Sources — every filing behind the numbers
Sources — every filing behind the numbers
Evidence — every filing, with its address
SEC EDGAR| Identifier | Document | Date | Period | Place | Address |
|---|---|---|---|---|---|
| 0001193125-26-221003 | 424B2 | 2026-05-13 | 2026-05-12 | — | open ↗ |
| 0000732712-26-000023 | 10-Q | 2026-05-01 | 2026-03-31 | — | open ↗ |
| 0001193125-26-200654 | S-8 | 2026-05-01 | 2026-04-30 | — | open ↗ |
| 0001308179-26-000210 | DEF 14A | 2026-04-06 | 2025-12-31 | — | open ↗ |
| 0000732712-26-000007 | 10-K | 2026-02-17 | 2026-01-30 | — | open ↗ |
| 0000732712-25-000116 | 10-Q | 2025-10-29 | 2025-09-30 | — | open ↗ |
| 0000732712-25-000086 | 10-Q | 2025-07-25 | 2025-06-30 | — | open ↗ |
| 0000732712-25-000024 | 10-Q | 2025-04-25 | 2025-03-31 | — | open ↗ |
| 0000732712-25-000006 | 10-K | 2025-02-12 | 2025-01-31 | — | open ↗ |
| 0000732712-24-000069 | 10-Q | 2024-10-25 | 2024-09-30 | — | open ↗ |
| 0000732712-24-000052 | 10-Q | 2024-07-25 | 2024-06-30 | — | open ↗ |
| 0000732712-24-000029 | 10-Q | 2024-04-25 | 2024-03-31 | — | open ↗ |
| 0000732712-24-000010 | 10-K | 2024-02-09 | 2024-01-31 | — | open ↗ |
| 0000732712-23-000063 | 10-Q | 2023-10-26 | 2023-09-30 | — | open ↗ |
| 0000732712-23-000055 | 10-Q | 2023-07-28 | 2023-06-30 | — | open ↗ |
| 0000732712-23-000029 | 10-Q | 2023-04-27 | 2023-03-31 | — | open ↗ |
| 0000732712-23-000012 | 10-K | 2023-02-10 | 2023-01-31 | — | open ↗ |
| 0000732712-22-000050 | 10-Q | 2022-10-25 | 2022-09-30 | — | open ↗ |
| 0000732712-22-000043 | 10-Q | 2022-07-28 | 2022-06-30 | — | open ↗ |
| 0000732712-22-000019 | 10-Q | 2022-04-27 | 2022-03-31 | — | open ↗ |
| 0000732712-22-000008 | 10-K | 2022-02-11 | 2022-01-31 | — | open ↗ |
| 0000732712-21-000054 | 10-Q | 2021-10-26 | 2021-09-30 | — | open ↗ |
| 0000732712-21-000046 | 10-Q | 2021-07-28 | 2021-06-30 | — | open ↗ |
| 0000732712-21-000024 | 10-Q | 2021-04-27 | 2021-03-31 | — | open ↗ |
| 0000732712-21-000012 | 10-K | 2021-02-25 | 2021-01-29 | — | open ↗ |
| 0000732712-20-000061 | 10-Q | 2020-10-27 | 2020-09-30 | — | open ↗ |
| 0000732712-20-000052 | 10-Q | 2020-07-28 | 2020-06-30 | — | open ↗ |
| 0000732712-20-000027 | 10-Q | 2020-04-27 | 2020-03-31 | — | open ↗ |
| 0000732712-20-000014 | 10-K | 2020-02-21 | 2020-01-31 | — | open ↗ |
| 0000732712-19-000063 | 10-Q | 2019-10-30 | 2019-09-30 | — | open ↗ |
| 0000732712-19-000052 | 10-Q | 2019-08-08 | 2019-06-30 | — | open ↗ |
| 0000732712-19-000054 | 8-K | 2019-08-08 | 2018-12-31 | — | open ↗ |
| 0000732712-19-000055 | 8-K | 2019-08-08 | 2019-03-31 | — | open ↗ |
| 0000732712-19-000024 | 10-Q | 2019-04-26 | 2019-03-31 | — | open ↗ |
| 0000732712-19-000012 | 10-K | 2019-02-15 | 2019-01-31 | — | open ↗ |
| 0000732712-18-000055 | 10-Q | 2018-10-30 | 2018-09-30 | — | open ↗ |
| 0000732712-18-000044 | 10-Q | 2018-07-31 | 2018-06-30 | — | open ↗ |
| 0000732712-18-000022 | 10-Q | 2018-05-01 | 2018-03-31 | — | open ↗ |
| 0000732712-18-000024 | 8-K | 2018-05-01 | 2017-12-31 | — | open ↗ |
| 0000732712-18-000009 | 10-K | 2018-02-23 | 2018-01-31 | — | open ↗ |
| 0000732712-17-000009 | 10-Q | 2017-10-26 | 2017-09-30 | — | open ↗ |
| 0001193125-17-247167 | 10-Q | 2017-08-03 | 2017-06-30 | — | open ↗ |
| 0001193125-17-141799 | 10-Q | 2017-04-27 | 2017-03-31 | — | open ↗ |
| 0001193125-17-050292 | 10-K | 2017-02-21 | 2017-01-31 | — | open ↗ |
| 0001193125-16-747399 | 10-Q | 2016-10-26 | 2016-09-30 | — | open ↗ |
| 0001193125-16-664131 | 10-Q | 2016-07-29 | 2016-06-30 | — | open ↗ |
| 0001193125-16-664170 | 8-K | 2016-07-29 | 2015-12-31 | — | open ↗ |
| 0001193125-16-562197 | 10-Q | 2016-04-28 | 2016-03-31 | — | open ↗ |
| 0001193125-16-473367 | 10-K | 2016-02-23 | 2016-01-29 | — | open ↗ |
| 0001193125-15-354559 | 10-Q | 2015-10-27 | 2015-09-30 | — | open ↗ |
| 0001193125-15-265779 | 10-Q | 2015-07-28 | 2015-06-30 | — | open ↗ |
| 0001193125-15-151315 | 10-Q | 2015-04-28 | 2015-03-31 | — | open ↗ |
| 0001193125-15-057710 | 10-K | 2015-02-23 | 2015-01-30 | — | open ↗ |
| 0001193125-14-384533 | 10-Q | 2014-10-28 | 2014-09-30 | — | open ↗ |
| 0001193125-14-284281 | 10-Q | 2014-07-29 | 2014-06-30 | — | open ↗ |
| 0001193125-14-166563 | 10-Q | 2014-04-29 | 2014-03-31 | — | open ↗ |
| 0001193125-14-073266 | 10-K | 2014-02-27 | 2014-02-24 | — | open ↗ |
| 0001193125-13-409932 | 10-Q | 2013-10-24 | 2013-09-30 | — | open ↗ |
| 0001193125-13-302540 | 10-Q | 2013-07-25 | 2013-06-30 | — | open ↗ |
| 0001193125-13-172825 | 10-Q | 2013-04-25 | 2013-03-31 | — | open ↗ |
| 0001193125-13-075713 | 10-K | 2013-02-26 | 2013-01-31 | — | open ↗ |
| 0001193125-12-435626 | 10-Q | 2012-10-25 | 2012-09-30 | — | open ↗ |
| 0001193125-12-322636 | 10-Q | 2012-07-30 | 2012-06-30 | — | open ↗ |
| 0001193125-12-186263 | 10-Q | 2012-04-26 | 2012-03-31 | — | open ↗ |
| 0001193125-12-077846 | 10-K | 2012-02-24 | 2012-01-31 | — | open ↗ |
| 0001193125-11-280401 | 10-Q | 2011-10-25 | 2011-09-30 | — | open ↗ |
| 0001193125-11-201011 | 10-Q | 2011-07-28 | 2011-07-28 | — | open ↗ |
| 0001193125-11-113952 | 10-Q | 2011-04-28 | 2011-04-30 | — | open ↗ |
| 0001193125-11-049476 | 10-K | 2011-02-28 | 2011-01-31 | — | open ↗ |
| 0001193125-10-290314 | 8-K | 2010-12-29 | 2009-12-31 | — | open ↗ |
| 0001193125-10-239707 | 10-Q | 2010-10-28 | 2010-09-30 | — | open ↗ |
| 0001193125-10-170567 | 10-Q | 2010-07-29 | 2010-06-30 | — | open ↗ |
| 0001193125-10-096291 | 10-Q | 2010-04-28 | 2010-03-31 | — | open ↗ |
| 0001193125-10-041685 | 10-K | 2010-02-26 | 2010-01-29 | — | open ↗ |
| 0001193125-09-217506 | 10-Q | 2009-10-29 | 2009-09-30 | — | open ↗ |
| 0001193125-09-159648 | 10-Q | 2009-07-30 | 2009-06-30 | — | open ↗ |
76 pieces of evidence for this deck, 0 without an address. Every number in the deck comes from one of these documents; the source pill on each chart names the ones for its window.
Report an error or missing source
Source coverage
Every row is bound to something that is actually in the database or in the built artifact. Missing is a valid state — the gap is shown, not bridged.
| Layer | State | What it rests on |
|---|---|---|
| SEC / XBRL facts | ◐ Conditional | 28566 Fakten im Register, Quelle des Laufs unbenannt |
| Income statement, balance sheet, cash flow | ● Available | Folien GuV · Bilanz · Kapitalfluss |
| Segments | ● Available | Folie Segmente |
| Change decomposition | ● Available | Folien driver_walk_v2 · leverage_walk_v3 · segment_walk_v2 |
| Provenance and concept register | ● Available | Folie provenance · Konzeptregister |
| ARPY normalised model | ○ Missing | dieser Lauf kommt aus EDGAR, nicht aus einem ARPY-Modell |
| Management commentary (MD&A) | ○ Missing | MD&A-Extraktion ist nicht gebaut — kein Management-Claim ohne Zitat und Anker |
| Comparable peers | ○ Missing | kein Peer-Set im Lauf — operative Benchmarks folgen dem Comparables-Modul |
| Languages | ● Available | de · en · fa · ja |
Use the result — then reproduce it
The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.