| Fiscal years | 5 |
| Quarters | 8 |
| Statements | GuV · Bilanz · CF |
| Segments | 2 |
| Facts loaded | 14 739 |
| us-gaap concepts | 735 |
| EBITDA | EBIT + D&A |
| Net debt | gross debt − cash |
| Single quarters | cumulative(n) − cumulative(n−1) |
| Free cash flow | operating CF − capex |
| ROIC | EBIT·(1−s) / (EK + Schulden − Kasse) |
| reported | directly from the filing |
| derived | computed from reported measures |
| not available | concept not tagged |
| not uniquely attributable | dimension double-counts |
| 1 · Financial Snapshot | |
| 2 · Segments & statements | |
| 3 · Change analyses | |
| 4 · Capital & returns | |
| 5 · Data provenance |
The tile shows the current value (% YoY) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
The tile shows the current value (EBIT / revenue) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
The tile shows the current value (NOPAT / invested capital) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
The tile shows the current value (OCF − capex) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
The tile shows the current value (FCF / OCF) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
The tile shows the current value (buybacks + dividends) and, below it, how it developed across the recent fiscal years.
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 (fully loaded); annual and quarterly durations identified by period length.
| Segment | Revenue | Gross $ | Gross % | EBITDA $ | EBITDA % | EBIT $ | EBIT % |
|---|---|---|---|---|---|---|---|
| Verizon Business Group | 29.07 | 24.02 | 82.6% | 6.64 | 22.9% | 2.53 | 8.7% |
| Verizon Consumer Group | 106.81 | 82.88 | 77.6% | 43.80 | 41.0% | 29.63 | 27.7% |
| Σ Segments | 135.88 | 106.90 | 78.7% | 50.45 | 37.1% | 32.16 | 23.7% |
| Corporate & reconciling | 2.31 | — | — | -2.84 | -122.5% | -2.90 | -125.3% |
| = Group (consol. P&L) | 138.19 | 106.90 | 77.4% | 47.61 | 34.5% | 29.26 | 21.2% |
| Segment / income-statement line | FY2025 · $bn | % |
|---|---|---|
| Verizon Business Group | 29.07 | 8.7% |
| Revenue | 29.07 | 100.0% |
| − Cost of revenue | 5.05 | 17.4% |
| = Gross profit | 24.02 | 82.6% |
| − Depreciation & amort. | 4.11 | 14.1% |
| = EBIT | 2.53 | 8.7% |
| Verizon Consumer Group | 106.81 | 27.7% |
| Revenue | 106.81 | 100.0% |
| − Cost of revenue | 23.93 | 22.4% |
| = Gross profit | 82.88 | 77.6% |
| − Depreciation & amort. | 14.17 | 13.3% |
| = EBIT | 29.63 | 27.7% |
| Σ Segments | 135.88 | — |
| = Group (consol. P&L) | 138.19 | — |
SEC EDGAR companyfacts 10-K (audited) · Segment-XBRL · curated kpi. Every row reconciles to the group.
Profit levels by segment: Gross, EBITDA, EBIT. Segment data annual-only (no LTM). 2nd dimension: Region.
reported derived (yellow tint).
→ Segment-Walk (who) · → Operating-Bridge (why) · → P&L
| Income statement · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Revenue | 138,191 | 134,788 | 133,974 | 136,835 | 133,613 | 34,440 | 36,381 | 33,821 | 34,504 | 33,485 | 35,681 | 33,330 | 32,796 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating expenses | 108,932 | 106,102 | 111,097 | 106,368 | 101,165 | 26,198 | 31,377 | 25,716 | 26,332 | 25,507 | 28,260 | 27,404 | 24,978 |
| Selling, general and administrative | 33,818 | 34,113 | 32,745 | 30,136 | 28,658 | 7,633 | 10,380 | 7,752 | 7,812 | 7,874 | 8,240 | 9,706 | 8,024 |
| R&D % of revenue | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Operating income (EBIT) | 29,259 | 28,686 | 22,877 | 30,467 | 32,448 | 8,242 | 5,004 | 8,105 | 8,172 | 7,978 | 7,421 | 5,926 | 7,818 |
| Operating margin % | 21.2% | 21.3% | 17.1% | 22.3% | 24.3% | 23.9% | 13.8% | 24.0% | 23.7% | 23.8% | 20.8% | 17.8% | 23.8% |
| Other income (expense), net | 107 | 995 | -313 | 1,373 | 312 | 477 | -185 | 92 | 79 | 121 | 797 | 72 | -72 |
| Income before income taxes | 22,672 | 22,979 | 16,987 | 28,271 | 29,420 | 6,784 | 3,063 | 6,527 | 6,609 | 6,473 | 6,568 | 4,302 | 6,034 |
| Provision for income taxes | 5,064 | 5,030 | 4,892 | 6,523 | 6,802 | 1,638 | 615 | 1,471 | 1,488 | 1,490 | 1,454 | 891 | 1,332 |
| Effective tax rate % | 22.3% | 21.9% | 28.8% | 23.1% | 23.1% | 24.1% | 20.1% | 22.5% | 22.5% | 23.0% | 22.1% | 20.7% | 22.1% |
| Net income | 17,608 | 17,949 | 12,095 | 21,748 | 22,618 | 5,045 | 2,776 | 4,950 | 5,003 | 4,879 | 5,448 | 3,306 | 4,593 |
| Net margin % | 12.7% | 13.3% | 9.0% | 15.9% | 16.9% | 14.6% | 7.6% | 14.6% | 14.5% | 14.6% | 15.3% | 9.9% | 14.0% |
| Diluted earnings per share ($) | 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 · $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 · $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 | 17,608 | 17,949 | 12,095 | 21,748 | 22,618 | 5,045 | 2,776 | 4,950 | 5,003 | 4,879 | 5,448 | 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 | -1,160 | 256 | 5,368 | -4,679 | -3,549 | -2,656 | 1,288 | -16 | -626 | -1,806 | -90 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 134.79 → FY25 138.19, change 3.44.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 133.97 → FY25 138.19, change 4.22.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 106.33 → FY25 106.90, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 106.33 → FY25 106.90, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 106.33 → FY25 106.90, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 78.89pp → FY25 77.36pp, change -1.53pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 104.96 → FY25 106.90, change 1.94.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 104.96 → FY25 106.90, change 1.94.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 104.96 → FY25 106.90, change 1.94.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 78.35pp → FY25 77.36pp, change -0.99pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 46.58 → FY25 47.61, change 1.04.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 46.58 → FY25 47.61, change 1.04.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 46.58 → FY25 47.61, change 1.04.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 34.56pp → FY25 34.45pp, change -0.10pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 40.50 → FY25 47.61, change 7.11.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 30.23pp → FY25 34.45pp, change 4.22pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 28.69 → FY25 29.26, change 0.57.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 21.28pp → FY25 21.17pp, change -0.11pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 22.88 → FY25 29.26, change 6.38.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 17.08pp → FY25 21.17pp, change 4.10pp.
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.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
| $bn | FY23 | FY24 | FY25 | Δ | Anteil |
|---|---|---|---|---|---|
| Verizon Consumer Group | 101.63 | 102.90 | 106.81 | +3.90 | 77% |
| Verizon Business Group | 30.12 | 29.53 | 29.07 | -0.46 | 21% |
| Group (Revenue) | 133.97 | 134.79 | 138.19 | +3.40 | 100% |
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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.
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 (fully loaded); annual and quarterly durations identified by period length.
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%.
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 (fully loaded); annual and quarterly durations identified by period length.
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 22.98 → FY25 22.67, change -0.31.
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 (fully loaded); annual and quarterly durations identified by period length.
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 22.98 → FY25 22.67, change -0.31.
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 (fully loaded); annual and quarterly durations identified by period length.
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 22.98 → FY25 22.67, change -0.31.
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 (fully loaded); annual and quarterly durations identified by period length.
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 22.98 → FY25 22.67, change -0.31.
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 (fully loaded); annual and quarterly durations identified by period length.
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 17.05% → FY25 16.41%, change -0.64%.
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 (fully loaded); annual and quarterly durations identified by period length.
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 16.99 → FY25 22.67, change 5.68.
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 (fully loaded); annual and quarterly durations identified by period length.
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 16.99 → FY25 22.67, change 5.68.
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 (fully loaded); annual and quarterly durations identified by period length.
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 16.99 → FY25 22.67, change 5.68.
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 (fully loaded); annual and quarterly durations identified by period length.
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 16.99 → FY25 22.67, change 5.68.
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 (fully loaded); annual and quarterly durations identified by period length.
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 12.68% → FY25 16.41%, change 3.73%.
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 (fully loaded); annual and quarterly durations identified by period length.
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 28.27 → FY25 22.67, change -5.60.
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 (fully loaded); annual and quarterly durations identified by period length.
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 28.27 → FY25 22.67, change -5.60.
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 (fully loaded); annual and quarterly durations identified by period length.
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 28.27 → FY25 22.67, change -5.60.
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 (fully loaded); annual and quarterly durations identified by period length.
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 28.27 → FY25 22.67, change -5.60.
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 (fully loaded); annual and quarterly durations identified by period length.
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 20.66% → FY25 16.41%, change -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. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
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 17.95 → FY25 17.61, change -0.34.
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 (fully loaded); annual and quarterly durations identified by period length.
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 17.95 → FY25 17.61, change -0.34.
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 (fully loaded); annual and quarterly durations identified by period length.
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 17.95 → FY25 17.61, change -0.34.
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 (fully loaded); annual and quarterly durations identified by period length.
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 17.95 → FY25 17.61, change -0.34.
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 (fully loaded); annual and quarterly durations identified by period length.
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 13.32% → FY25 12.74%, change -0.57%.
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 (fully loaded); annual and quarterly durations identified by period length.
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 12.10 → FY25 17.61, change 5.51.
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 (fully loaded); annual and quarterly durations identified by period length.
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 12.10 → FY25 17.61, change 5.51.
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 by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
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 12.10 → FY25 17.61, change 5.51.
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 (fully loaded); annual and quarterly durations identified by period length.
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 12.10 → FY25 17.61, change 5.51.
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 by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
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 9.03% → FY25 12.74%, change 3.71%.
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. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
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 21.75 → FY25 17.61, change -4.14.
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 (fully loaded); annual and quarterly durations identified by period length.
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 21.75 → FY25 17.61, change -4.14.
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 (fully loaded); annual and quarterly durations identified by period length.
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 21.75 → FY25 17.61, change -4.14.
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 (fully loaded); annual and quarterly durations identified by period length.
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 21.75 → FY25 17.61, change -4.14.
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 (fully loaded); annual and quarterly durations identified by period length.
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 15.89% → FY25 12.74%, change -3.15%.
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. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
| $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 | 17.95 | 17.61 | 13.3% | 12.7% | -0.6pp |
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 17.95 → FY25 17.61, change -0.34.
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 21.9 % → 22.3 %. 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 (fully loaded); annual and quarterly durations identified by period length.
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 12.10 → FY25 17.61, change 5.51.
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.
Effective tax rate 28.8 % → 22.3 %. 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 (fully loaded); annual and quarterly durations identified by period length.
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 21.75 → FY25 17.61, change -4.14.
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.
Effective tax rate 23.1 % → 22.3 %. 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 (fully loaded); annual and quarterly durations identified by period length.
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.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
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×.
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 (fully loaded); annual and quarterly durations identified by period length.
| $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× |
What does the shareholders' equity earn?
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 (fully loaded); annual and quarterly durations identified by period length.
What does total invested capital earn — regardless of whether it is funded by equity or debt?
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 (fully loaded); annual and quarterly durations identified by period length.
What do total assets earn?
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 (fully loaded); annual and quarterly durations identified by period length.
The same years, three denominators: equity, invested capital, total assets. The gap between ROE and ROIC shows how much the capital lever contributes.
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 (fully loaded); annual and quarterly durations identified by period length.
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 17.85pp → ROE 16.65pp, change -1.19pp.
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 13.3 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 17.85pp → ROE 16.65pp, change -1.19pp.
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 13.3 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 17.85pp → ROE 16.65pp, change -1.19pp.
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 13.3 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 17.85pp → ROE 16.65pp, change -1.19pp.
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 13.3 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 12.89pp → ROE 16.65pp, change 3.76pp.
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 9.0 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 12.89pp → ROE 16.65pp, change 3.76pp.
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 9.0 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 12.89pp → ROE 16.65pp, change 3.76pp.
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 9.0 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 12.89pp → ROE 16.65pp, change 3.76pp.
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 9.0 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 23.52pp → ROE 16.65pp, change -6.87pp.
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 15.9 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 23.52pp → ROE 16.65pp, change -6.87pp.
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 15.9 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 23.52pp → ROE 16.65pp, change -6.87pp.
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 15.9 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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 23.52pp → ROE 16.65pp, change -6.87pp.
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 15.9 % → 12.7 %, 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 (fully loaded); annual and quarterly durations identified by period length.
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.
What flows back to shareholders — and what is available for it? The third series is free cash flow, which pays for both.
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 (fully loaded); annual and quarterly durations identified by period length.
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
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 (fully loaded); annual and quarterly durations identified by period length.
The same returns measured against what funds them. Values above 100% mean more was paid out than earned in the year.
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 (fully loaded); annual and quarterly durations identified by period length.
| 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 | 65 % | 63 % | 91 % | 50 % | 46 % |
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.
| 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: 14,739 facts across 735 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.