I 
22.96
+1.37%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€44.08bn
FY2016FY2025
Net income
€6.29bn
FY2016FY2025
Free cash flow
€1.19bn
FY2016FY2025
Shareholders' equity
€50.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €44.08bn | €44.74bn | €49.34bn | €53.95bn | €39.11bn | €33.15bn | €36.44bn | €35.08bn | €31.26bn | €29.22bn |
| Gross profit | €24.05bn | €23.88bn | €23.30bn | €20.20bn | €17.06bn | €16.14bn | €16.26bn | €15.44bn | €13.36bn | €12.92bn |
| Research and development | — | — | €384.0m | €363.0m | €337.0m | €293.0m | €280.0m | €266.5m | €246.4m | €211.4m |
| Operating income | €10.19bn | €9.73bn | €8.97bn | €7.98bn | €7.34bn | €5.56bn | €5.88bn | €5.44bn | €2.71bn | €4.55bn |
| Net income | €6.29bn | €5.61bn | €4.80bn | €4.34bn | €3.88bn | €3.61bn | €3.41bn | €3.01bn | €2.80bn | €2.73bn |
| Diluted earnings per share | 0.94 | 0.91 | 0.77 | 0.67 | 0.60 | 0.56 | 0.53 | 0.46 | 0.44 | 0.42 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €160.76bn | €158.29bn | €150.03bn | €154.67bn | €141.75bn | €122.52bn | €122.37bn | €113.04bn | €110.69bn | €106.71bn |
| Cash and short-term investments | €6.35bn | €4.57bn | €5.47bn | €4.99bn | €4.54bn | €3.79bn | €2.48bn | €3.14bn | €3.44bn | €1.77bn |
| Total liabilities | €97.34bn | €97.24bn | €89.74bn | €96.55bn | €85.63bn | €75.30bn | €75.17bn | €69.06bn | €67.96bn | €66.02bn |
| Debt | €54.65bn | €57.29bn | €51.06bn | €49.28bn | €43.87bn | €40.16bn | €40.52bn | €37.50bn | €36.33bn | €30.94bn |
| Shareholders' equity | €50.07bn | €47.13bn | €43.11bn | €41.12bn | €40.48bn | €35.41bn | €37.68bn | €38.31bn | €37.06bn | €37.24bn |
| Shares outstanding | 6,680m | 6,177m | 6,219m | 6,438m | 6,438m | 6,418m | 6,454m | 6,520m | 6,438m | 6,460m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €8.80bn | €11.93bn | €12.13bn | €10.44bn | €8.11bn | €8.35bn | €6.92bn | €7.59bn | €5.69bn | €6.72bn |
| Capital spending | −€7.61bn | −€8.21bn | −€7.72bn | −€6.79bn | −€6.92bn | −€5.85bn | −€5.58bn | −€6.35bn | −€6.13bn | −€5.02bn |
| Free cash flow | €1.19bn | €3.72bn | €4.41bn | €3.66bn | €1.19bn | €2.50bn | €1.33bn | €1.24bn | −€439.9m | €1.70bn |
| Dividends paid | −€1.27bn | −€1.17bn | −€949.0m | −€890.0m | −€570.0m | −€562.0m | −€329.6m | −€142.7m | −€187.1m | −€186.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €10.45bn | €12.02bn | €11.68bn | €11.12bn | €9.88bn | €12.86bn | €22.10bn | €10.48bn |
| Gross profit | €5.83bn | €3.31bn | €2.50bn | €2.58bn | €5.49bn | €7.20bn | €11.88bn | €2.46bn |
| Operating income | €2.63bn | €2.59bn | €2.11bn | €2.70bn | €2.21bn | €3.26bn | €657.8m | €2.21bn |
| Net income | €2.63bn | €1.71bn | €978.0m | €1.74bn | €1.56bn | €2.00bn | €141.2m | €1.34bn |
| Diluted earnings per share | 0.40 | 0.26 | 0.15 | 0.26 | 0.23 | 0.30 | 0.02 | 0.22 |
| Cash from operations | — | — | — | — | €3.12bn | €3.50bn | — | — |
| Capital spending | — | — | — | — | −€1.41bn | −€2.72bn | — | — |
| Free cash flow | — | — | — | — | €1.70bn | €782.0m | — | — |
| Total assets | €165.10bn | €165.03bn | €160.76bn | €160.43bn | €157.57bn | €162.19bn | €158.29bn | €154.97bn |
| Cash and short-term investments | — | €7.02bn | €6.35bn | €8.37bn | €3.34bn | €3.45bn | €4.57bn | €8.63bn |
| Debt | €46.45bn | €57.54bn | €54.59bn | €11.60bn | €53.90bn | €57.49bn | €54.96bn | €52.35bn |
| Shareholders' equity | €59.10bn | €49.68bn | €50.07bn | €49.60bn | €53.88bn | €46.96bn | €47.13bn | €45.16bn |
Financial ratios
Data as of 7 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 54.6% | 53.4% | 47.2% | 37.4% | 43.6% | 48.7% | — | — |
| Operating margin | 23.1% | 21.7% | 18.2% | 14.8% | 18.8% | 16.8% | — | — |
| Net margin | 14.3% | 12.5% | 9.7% | 8.0% | 9.9% | 10.9% | — | — |
| Return on equity | 12.6% | 11.9% | 11.1% | 10.6% | 9.6% | 10.2% | — | — |
| Return on assets | 3.9% | 3.5% | 3.2% | 2.8% | 2.7% | 2.9% | — | — |
| Free cash flow yield | 12.4% | 16.4% | 16.1% | 13.5% | 11.7% | 11.1% | — | — |
| Revenue growth | -1.5% | -9.3% | -8.6% | 37.9% | 18.0% | -9.0% | — | — |
| Earnings growth | 12.0% | 16.8% | 10.7% | 11.7% | 7.6% | 6.0% | — | — |
| Current ratio | 0.87x | 0.69x | 0.82x | 0.81x | 0.92x | 0.83x | — | — |
| Debt to equity | 1.09x | 1.17x | 1.37x | 1.17x | 1.04x | 0.44x | — | — |
| Equity ratio | 31.1% | 29.8% | 28.7% | 26.6% | 28.6% | 28.9% | — | — |
| Interest coverage | 2.37x | 4.41x | 3.81x | 4.18x | 5.89x | 5.26x | — | — |
| R&D as a share of sales | — | — | 0.8% | 0.7% | 0.9% | 0.9% | 0.8% | 0.8% |
| Buybacks as a share of market value | -8.2% | 0.7% | 3.4% | 0.0% | -0.3% | 0.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | 5.9% | 3.4% |
| Operating income | 8.5% | 12.9% | 10.3% |
| Net income | 13.1% | 11.7% | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 54.0% | 47.6% | 47.1% | 45.7% |
| Operating margin | 22.4% | 19.2% | 18.8% | 16.9% |
| Net margin | 13.4% | 11.0% | 10.8% | 10.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.7 | 14.6 | 15.4 | 16.2 | 17.3 | 20.8 | 17.4 | 15.2 | 14.8 | 14.8 |
| Price to sales | 2.8 | 1.8 | 1.5 | 1.3 | 1.7 | 2.3 | 1.6 | 1.3 | 1.3 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 6 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.432 | 0.662 | 0.823 | 0.519 | 0.442 | 0.413 | 0.378 | 0.336 |
- 1.023-for-1 split · 3 Jan 2013
- 1.028-for-1 split · 4 Jul 2012
- 1.015-for-1 split · 3 Jan 2012
- 1.01-for-1 split · 13 Jul 2011
- 1.019-for-1 split · 3 Dec 2010
- 1.025-for-1 split · 14 Jun 2010
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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