P 
103.25
+0.29%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€17.40bn
FY2016FY2025
Net income
€1.65bn
FY2016FY2025
Free cash flow
€2.72bn
FY2016FY2025
Shareholders' equity
€10.45bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €17.40bn | €16.03bn | €14.80bn | €14.20bn | €11.74bn | €10.79bn | €11.00bn | €9.95bn | €9.33bn | €9.73bn |
| Operating income | €2.59bn | €2.21bn | €1.74bn | €2.06bn | €1.64bn | €1.39bn | €1.57bn | €1.55bn | €1.54bn | €1.50bn |
| Net income | €1.65bn | €1.66bn | €1.31bn | €1.22bn | €1.03bn | €576.0m | €841.0m | €919.0m | €862.0m | −€527.0m |
| Diluted earnings per share | 6.52 | 6.63 | 5.16 | 4.80 | 4.04 | 2.37 | 3.53 | 3.87 | 3.71 | -2.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €40.01bn | €39.85bn | €36.72bn | €35.90bn | €32.85bn | €30.16bn | €32.66bn | €27.08bn | €23.78bn | €24.90bn |
| Cash and short-term investments | €4.20bn | €3.82bn | €4.59bn | €4.62bn | €3.66bn | €3.70bn | €3.41bn | €3.21bn | €2.41bn | €2.23bn |
| Total liabilities | €29.59bn | €28.82bn | €26.97bn | €26.30bn | €24.29bn | €23.00bn | €25.27bn | €20.23bn | €17.82bn | €18.83bn |
| Debt | €3.84bn | €5.17bn | €5.54bn | €6.17bn | €5.72bn | €6.65bn | €8.42bn | €3.88bn | €527.0m | €2.93bn |
| Shareholders' equity | €10.45bn | €11.06bn | €9.79bn | €9.63bn | €8.59bn | €7.18bn | €7.40bn | €6.85bn | €5.96bn | €6.05bn |
| Shares outstanding | 253m | 250m | 254m | 254m | 254m | 243m | 239m | 238m | 233m | 225m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.97bn | €2.30bn | €2.05bn | €2.42bn | €1.79bn | €2.97bn | €2.34bn | €1.94bn | €1.52bn | €1.07bn |
| Capital spending | −€250.0m | −€238.0m | −€180.0m | −€198.0m | −€139.0m | −€167.0m | −€232.0m | −€207.0m | −€136.0m | −€173.0m |
| Free cash flow | €2.72bn | €2.06bn | €1.87bn | €2.22bn | €1.65bn | €2.80bn | €2.11bn | €1.74bn | €1.39bn | €899.0m |
| Dividends paid | −€903.0m | −€853.0m | −€726.0m | −€83.2m | −€227.0m | −€102.0m | −€285.0m | −€210.0m | −€170.0m | −€193.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.73bn | €8.92bn | €8.48bn | €2.26bn | €8.38bn | €7.65bn | €7.70bn | €7.11bn |
| Operating income | €1.23bn | €1.39bn | €1.20bn | €314.5m | €1.34bn | €1.08bn | €1.21bn | €996.0m |
| Net income | €793.0m | €829.0m | €826.0m | €201.5m | €885.0m | €773.0m | €689.0m | €623.0m |
| Diluted earnings per share | 3.15 | 3.27 | 3.26 | 0.80 | 3.54 | 3.09 | 2.71 | 2.45 |
| Cash from operations | −€833.0m | €3.54bn | −€570.0m | — | €2.91bn | −€556.0m | €2.19bn | −€46.0m |
| Capital spending | −€92.0m | −€134.0m | −€116.0m | — | −€118.0m | −€120.0m | −€105.0m | −€75.0m |
| Free cash flow | −€925.0m | €3.40bn | −€686.0m | — | €2.79bn | −€676.0m | €2.08bn | −€121.0m |
| Total assets | €40.14bn | €40.01bn | €36.08bn | — | €39.85bn | €35.92bn | €36.72bn | €33.70bn |
| Cash and short-term investments | €2.11bn | €4.20bn | €2.21bn | — | €3.82bn | €3.08bn | €4.25bn | €3.68bn |
| Debt | €522.0m | €3.84bn | €3.54bn | — | €3.08bn | €3.55bn | €3.71bn | €4.26bn |
| Shareholders' equity | €10.52bn | €10.45bn | €9.63bn | — | €11.06bn | €9.92bn | €9.79bn | €9.19bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 14.9% | 15.1% | 11.8% | 14.5% | 12.2% | 9.3% |
| Net margin | 9.5% | 10.3% | 8.9% | 8.6% | 8.7% | 5.3% |
| Return on equity | 15.8% | 15.0% | 13.4% | 12.7% | 12.0% | 8.0% |
| Return on assets | 4.1% | 4.2% | 3.6% | 3.4% | 3.1% | 1.9% |
| Free cash flow yield | 13.0% | 10.4% | 9.0% | 10.5% | 7.8% | 13.2% |
| Revenue growth | 8.5% | 8.3% | 4.3% | 20.9% | 8.8% | -1.9% |
| Earnings growth | -0.3% | 26.4% | 7.4% | 19.0% | 78.3% | -31.5% |
| Current ratio | 0.97x | 0.91x | 0.94x | 0.94x | 0.94x | 0.90x |
| Debt to equity | 0.37x | 0.28x | 0.36x | 0.42x | 0.46x | 0.68x |
| Equity ratio | 26.1% | 27.8% | 26.7% | 26.8% | 26.1% | 23.8% |
| Interest coverage | 12.87x | 11.75x | 8.74x | 10.05x | 7.75x | 3.81x |
| Buybacks as a share of market value | -1.3% | 1.7% | 0.0% | -0.2% | -4.5% | -1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.0% | 10.0% | 6.1% |
| Operating income | 7.9% | 13.2% | 5.6% |
| Net income | 10.6% | 23.5% | 6.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.4% | 13.8% | 13.7% | 14.3% |
| Net margin | 9.9% | 9.4% | 8.8% | 7.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 13.6 | 15.5 | 16.3 | 12.4 | 14.6 | 17.2 | 11.4 | 13.0 | 15.3 | -28.0 |
| Price to sales | 1.3 | 1.6 | 1.4 | 1.1 | 1.3 | 0.9 | 0.9 | 1.2 | 1.4 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 1 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.75 | 3.60 | 3.19 | 0.14 | 0.33 | 2.00 | 1.15 | 2.12 |
- 1-to-1 reverse split · 9 Mar 2001
- 10-for-1 split · 7 Sept 2000
- 6-for-5 split · 17 Jul 1995
- 2-for-1 split · 25 Jan 1994
- 6-for-1 split · 23 Oct 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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