Every report, with the filing it was built from.

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%.

Revenue of $52.02 billion, up 18.3%, with free cash flow of $9.76 billion, 18.8% of revenue and 97% of net income. Net income of $10.05 billion includes a $5.01 billion release of the valuation allowance on Dutch deferred tax assets: without it, earnings are $5.04 billion. At $81.71 the shares trade at 16.7 times reported earnings and 33.4 times adjusted earnings, for a free cash flow yield of 5.8%.

Revenue of $56.65 billion, up 5.3%, but flat against the company's own pro forma base: operating expenses grew 10.5% and operating income fell 3.5%. An 8.3% tax rate carries a $720 million one-off; without it earnings fell 7.8%. At $68.69 the shares trade at 26.7 times earnings for a free cash flow yield of 3.6% net of share-based pay.

Revenue of $63.89 billion, up 23.9%, with operating margin at 39.9% and free cash flow of $26.91 billion, 116.4% of net income. Net income of $23.13 billion is lifted by a $397 million tax benefit: at the taxes actually paid in cash it falls to $20.14 billion. At $369.63 the shares trade at 65.1 times free cash flow, a yield of 1.54%.

Sales of €32.67 billion, up 15.6%, with operating margin at 34.6% and free cash flow of €11.03 billion, 114.8% of net income. Return on invested capital is 85.1%, flattered by customer down payments that fund working capital. At €921.40 the shares trade at 36.96 times earnings for a free cash flow yield of 3.11%.

Net sales of $416.16 billion, up 6.4%, with operating margin at 32.0% and free cash flow of $98.77 billion, down 9.2%. Reported net income grew 19.5%, but stripping the State Aid line out of both years leaves 7.3%. Buybacks and dividends of $106.13 billion were 107.5% of free cash flow, cutting net cash to $20.04 billion.

Revenue of $34.64 billion, up 34.3%, with operating margin at 10.7% and free cash flow from continuing operations of $5.52 billion. Net income of $4.34 billion includes an $853 million tax release and $366 million of investment gains: normalised for both, income from continuing operations is about $3.01 billion. Return on tangible capital is 34.0%, against 5.2% on total invested capital.

Revenue of $23.77 billion, up 10.5%, with gross margin at 89.3% and operating margin at 36.6%. Stripping the Figma fee out of the FY2024 base, net income grew 8.7% rather than 28.2% and net margin slipped from 30.5% to 30.0%. Buybacks of $11.28 billion, 114.5% of free cash flow, turned net cash into $53 million of net debt.