N 
29.84
+1.02%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€19.45bn
FY2016FY2025
Net income
€2.02bn
FY2016FY2025
Free cash flow
€2.38bn
FY2016FY2025
Shareholders' equity
€9.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €19.45bn | €19.27bn | €22.62bn | €33.97bn | €22.15bn | €15.35bn | €23.04bn | €24.34bn | €23.31bn | €23.18bn |
| Gross profit | €5.36bn | €7.70bn | €7.51bn | €6.77bn | €5.62bn | €5.01bn | €6.36bn | €6.25bn | €6.29bn | €7.39bn |
| Operating income | €3.45bn | €5.67bn | €5.58bn | €4.71bn | €3.37bn | €2.00bn | €2.86bn | −€2.67bn | €2.11bn | €3.01bn |
| Net income | €2.02bn | €1.90bn | €1.99bn | €1.65bn | €1.21bn | −€55.0m | €1.40bn | −€2.82bn | €1.36bn | €1.35bn |
| Diluted earnings per share | 2.09 | 1.98 | 2.07 | 1.72 | 1.26 | -0.06 | 1.44 | -2.86 | 1.36 | 1.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €39.10bn | €40.84bn | €37.89bn | €40.39bn | €38.25bn | €39.55bn | €41.14bn | €40.63bn | €47.32bn | €47.11bn |
| Cash and short-term investments | €4.66bn | €6.10bn | €4.12bn | €4.39bn | €4.36bn | €4.49bn | €3.01bn | €2.11bn | €3.23bn | €2.07bn |
| Total liabilities | €27.73bn | €29.18bn | €25.96bn | €30.41bn | €29.38bn | €28.28bn | €27.16bn | €26.04bn | €29.02bn | €28.11bn |
| Debt | €16.75bn | €17.99bn | €15.96bn | €16.28bn | €16.70bn | €17.36bn | €17.86bn | €16.66bn | €19.34bn | €18.59bn |
| Shareholders' equity | €9.34bn | €9.48bn | €9.45bn | €7.57bn | €5.89bn | €8.03bn | €10.55bn | €10.95bn | €14.73bn | €15.22bn |
| Shares outstanding | 970m | 961m | 961m | 961m | 961m | 961m | 970m | 987m | 1,001m | 1,000m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €4.53bn | €3.99bn | €4.86bn | €2.16bn | €1.00bn | €3.43bn | €4.02bn | €2.88bn | €2.77bn | €3.38bn |
| Capital spending | −€2.15bn | −€2.20bn | −€2.42bn | −€5.0m | −€1.20bn | −€1.47bn | −€1.85bn | −€1.81bn | −€1.77bn | −€2.15bn |
| Free cash flow | €2.38bn | €1.79bn | €2.43bn | €2.16bn | −€203.0m | €1.96bn | €2.17bn | €1.07bn | €994.0m | €1.23bn |
| Dividends paid | −€1.68bn | −€1.34bn | −€1.45bn | −€1.16bn | −€1.71bn | −€1.80bn | −€1.90bn | −€1.40bn | −€1.28bn | −€1.53bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.00bn | €5.10bn | €4.87bn | €4.63bn | €4.98bn | €4.98bn | €5.10bn | €5.10bn |
| Gross profit | €1.45bn | €1.91bn | −€346.0m | €1.86bn | €1.92bn | €1.92bn | €1.97bn | €1.97bn |
| Operating income | €1.19bn | €938.0m | €671.0m | €949.0m | €981.5m | €981.5m | €846.5m | €846.5m |
| Net income | €685.0m | €530.0m | €355.0m | €521.0m | €573.5m | €573.5m | €429.0m | €429.0m |
| Diluted earnings per share | 0.74 | 0.57 | 0.37 | 0.54 | 0.59 | 0.59 | 0.45 | 0.45 |
| Cash from operations | €920.0m | €1.38bn | €668.0m | €1.22bn | €1.32bn | €1.32bn | €995.0m | €995.0m |
| Capital spending | −€481.0m | −€320.0m | −€728.0m | −€352.0m | −€534.0m | −€534.0m | −€575.0m | −€575.0m |
| Free cash flow | €439.0m | €1.06bn | −€60.0m | €863.0m | €787.0m | €787.0m | €420.0m | €420.0m |
| Total assets | €40.78bn | €41.05bn | €39.10bn | €37.29bn | €36.51bn | €36.51bn | €40.84bn | €40.84bn |
| Cash and short-term investments | €5.00bn | €5.15bn | €4.66bn | €4.27bn | €3.25bn | €3.25bn | €6.10bn | €5.68bn |
| Debt | €1.22bn | €1.96bn | €15.80bn | €3.19bn | €3.52bn | €3.52bn | €16.80bn | €2.93bn |
| Shareholders' equity | €9.58bn | €8.00bn | €9.34bn | €8.36bn | €7.78bn | €7.78bn | €9.48bn | €9.48bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 27.6% | 40.0% | 33.2% | 19.9% | 25.4% | 32.7% |
| Operating margin | 17.8% | 29.4% | 24.7% | 13.9% | 15.2% | 13.0% |
| Net margin | 10.4% | 9.9% | 8.8% | 4.9% | 5.5% | -0.4% |
| Return on equity | 21.7% | 20.1% | 21.0% | 21.8% | 20.6% | -0.7% |
| Return on assets | 5.2% | 4.7% | 5.2% | 4.1% | 3.2% | -0.1% |
| Free cash flow yield | 23.3% | 21.8% | 25.7% | 7.6% | 7.8% | 17.3% |
| Revenue growth | 1.0% | -14.8% | -33.4% | 53.3% | 44.3% | -33.4% |
| Earnings growth | 6.4% | -4.3% | 20.4% | 35.8% | -2307.3% | -103.9% |
| Current ratio | 1.18x | 1.31x | 1.22x | 1.23x | 1.18x | 1.40x |
| Debt to equity | 1.67x | 1.77x | 1.55x | 1.97x | 2.61x | 2.00x |
| Equity ratio | 23.9% | 23.2% | 24.9% | 18.8% | 15.4% | 20.3% |
| Interest coverage | 4.59x | 11.58x | 8.02x | 5.72x | 6.52x | 3.27x |
| Buybacks as a share of market value | -0.9% | 0.0% | 0.0% | -0.0% | 0.0% | 1.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -17.0% | 4.9% | -2.9% |
| Operating income | -9.8% | 11.5% | 0.6% |
| Net income | 7.1% | — | 3.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 33.7% | 28.7% | 28.6% | 28.5% |
| Operating margin | 23.6% | 20.4% | 18.7% | 13.2% |
| Net margin | 10.1% | 7.9% | 6.6% | 4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.4 | 11.8 | 13.1 | 14.2 | 22.7 | -331.3 | 15.5 | -7.8 | 14.2 | 13.3 |
| Price to sales | 1.3 | 1.2 | 1.1 | 0.7 | 1.2 | 1.2 | 0.9 | 0.9 | 0.8 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 27 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.17 | 1.80 | 2.48 | 1.50 | 1.20 | 1.33 | 1.413 | 0.767 |
- 3-for-1 split · 12 Jul 1999
- 4-for-1 split · 21 Jul 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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