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Revenue grew 44.7% to US$65.2 billion and the constructed operating margin went from 18.9% to 40.4% in two years, almost all of it one molecule. But the realized U.S. price fell 10%, free cash flow was US$9.0 billion against US$20.6 billion of net income, and three years of dividends and buybacks came to 159% of free cash flow with US$25.6 billion of net borrowing paying the difference. At US$1,074.68 the shares trade at 107.7 times free cash flow per share.

Gross margin went from 40.2% to 44.5% in two years and Institutional & Specialty operating margin from 14.8% to 22.8%, with two of the three points of organic growth coming from price. But the filing never separates the price the customer paid from the cost the company stopped paying; restructuring has been special every year since 2022 with the estimate nearly doubled; and US$1,595.7 million was paid for Ovivo Electronics, 69.3% of it goodwill, with no revenue disclosed. At US$262.52 the shares trade at 38.9 times free cash flow.

Net sales grew 4.73% and the gross profit rate rose for the second year to 24.21%, with eCommerce supplying 92.5% of the growth. But operating income grew only 1.63% - claims costs, a US$0.7 billion PhonePe charge and depreciation - and the capital added in the year earned 0.39% against capital expenditure of US$26.6 billion. Most of the 12.64% rise in net income is a US$2,869 million swing in investment marks: pre-tax income before them rose 1.07%.

Return on tangible common equity of 19.96% and a third consecutive year of 17-18% return on equity. But net interest income outside Markets was flat at US$92.6 billion while the assets behind it grew, Markets bought its growth with 20.83% more balance sheet at a falling return per dollar, and the Firm distributed 83.35% of earnings while buying back stock at 2.57 times tangible book against 1.65 two years earlier. The provision exceeded charge-offs by US$4.4 billion, and the adverse credit scenario would add US$10.7 billion.