Understand companies.
Invest with clarity.

Revenue of $67.36 billion, up 17.3%, with cloud overtaking software and cloud infrastructure growing 76.9%. Free cash flow is negative by $23.69 billion after $55.7 billion of capital expenditure, the incremental return on capital is 4.1% against a 10.1% ROIC, and $273 billion of lease and purchase commitments sit off the balance sheet. At $225.78 the shares trade at 38.3 times income available to common while the company's own long bonds pay 6.85%.

Revenue of $1.09 billion, up 46.6%, with operating profit up 56.5% and return on invested capital of 137.7% on $137.6 million of capital employed. But the take rate fell from 3.679% to 2.679% in two years, $188.0 million of the cash produced is merchant money rather than the company's, and two merchants now exceed 10% of revenue each. At $14.14 the shares trade at 21.2 times net profit and 21.9 times the cash actually available.

Revenue of $18.44 billion, up 23.7%, with operating margin from 28.6% to 32.0% and ROIC of 64.5%. Free cash flow of $5.41 billion is 101.0% of net income, but 18.6% of operating cash flow is the increase in customer deposits and the 10.1% tax rate becomes 14.5% without the release of uncertain tax positions. At $97.20 the shares trade at 22.96 times the best of the three years in the filing.

Revenue of $281.72 billion, up 14.9%, with operating margin at 45.6% and ROIC of 29.3%. Net income rose 15.5% but free cash flow fell 3.3% to $71.61 billion: capex took 47.4% of operating cash flow and a further $20.51 billion of capacity arrived through finance leases. At $497.41 the shares trade at 36.3 times earnings for a free cash flow yield of 1.94%.