Ryder System, Inc.

RRyder System, Inc. US flag

New York Stock Exchange

260.38

USD

+2.32

- -

10.07BMarket Cap

Income Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	6,051	6,257	6,419	6,755	6,672	6,759	7,263	8,392	8,867	8,420	9,920	12,461	11,979	12,708	12,687
+ Sales & Services Revenue	6,051	6,257	6,419	6,755	6,672	6,759	7,263	8,392	8,867	8,420	9,920	12,461	11,979	12,708	12,687
- Cost of Revenue	4,806	5,008	5,099	5,253	5,086	5,257	5,838	6,824	7,555	7,145	7,861	9,621	9,484	10,163	10,109
+ Cost of Goods & Services	4,806	5,008	5,099	5,253	5,086	5,257	5,838	6,824	7,555	7,145	7,861	9,621	9,484	10,163	10,109
Gross Profit	1,245	1,249	1,320	1,502	1,585	1,502	1,425	1,567	1,312	1,275	2,059	2,840	2,495	2,545	2,578
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	898	897	922	932	940	918	986	973	1,029	1,044	1,187	1,415	1,421	1,478	1,470
+ Selling, General & Admin	769	763	791	816	823	804	871	849	907	1,044	1,187	1,415	1,421	1,478	1,470
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	129	134	132	116	117	113	115	124	122	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	346	351	397	570	645	585	439	594	282	231	872	1,425	1,074	1,067	1,108
- Non-Operating (Income) Loss	67	48	28	231	176	177	143	204	325	361	179	209	456	406	423
+ Interest Expense, Net	133	141	140	145	150	148	142	180	241	261	214	228	296	386	404
+ Interest Expense	133	141	140	145	150	148	142	180	241	261	214	228	296	386	404
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-66	-92	-112	87	26	30	1	24	83	100	-35	-19	160	20	19
Pretax Income	279	303	369	338	469	407	296	389	-42	-130	693	1,216	618	661	685
- Income Tax Expense (Benefit)	108	102	126	118	163	142	-424	103	-19	-18	171	353	212	172	184
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	171	201	243	220	306	265	720	287	-23	-112	522	863	406	489	501
- Net Extraordinary Losses (Gains)	2	-9	5	2	1	2	- -	2	1	10	3	-4	- -	- -	2
+ Discontinued Operations	-2	9	-5	-2	-1	-2	- -	-2	-1	-10	-3	4	- -	- -	-2
+ Extraord. & Accounting Changes	3	-18	11	4	2	4	1	5	2	20	6	-8	- -	- -	4
Income (Loss) Incl. MI	170	210	238	218	305	263	720	285	-24	-122	519	867	406	489	499
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	170	210	238	218	305	263	720	285	-24	-122	519	867	406	489	499
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	170	210	238	218	305	263	720	285	-24	-122	519	867	406	489	499
EBIT	346	351	397	570	645	585	439	594	282	231	872	1,425	1,074	1,067	1,108
EBITDA	1,259	1,340	1,437	1,664	1,820	1,811	1,738	2,050	2,263	2,374	2,683	3,256	3,159	3,295	3,348
EBITDA Margin (%)	20.8	21.42	22.39	24.63	27.28	26.79	23.93	24.43	25.52	28.19	27.05	26.13	26.37	25.93	26.39
EBITA	346	351	397	570	645	585	439	594	282	231	872	1,425	1,074	1,067	1,108
Gross Margin (%)	20.57	19.96	20.56	22.23	23.76	22.23	19.62	18.68	14.79	15.14	20.76	22.79	20.83	20.03	20.32
Operating Margin (%)	5.72	5.61	6.19	8.43	9.67	8.65	6.05	7.08	3.19	2.74	8.79	11.44	8.97	8.4	8.73
Profit Margin (%)	2.81	3.36	3.71	3.23	4.57	3.89	9.91	3.39	-0.28	-1.45	5.23	6.96	3.39	3.85	3.93
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.12	1.19	1.27	1.41	1.56	1.7	1.81	2.11	2.19	2.21	2.27	2.66	2.92	3.21	3.55
Depreciation Expense	912	989	1,040	1,094	1,175	1,226	1,299	1,457	1,980	2,143	1,811	1,831	2,085	2,228	2,240
Basic Weighted Avg Shares	51	51	53	53	53	53	53	53	53	54	54	46	44	42	41
Basic EPS, GAAP	3.32	4.09	4.46	4.12	5.7	4.92	13.59	5.36	-0.46	-2.27	9.65	18.73	9.25	11.62	12.23
Basic EPS from Cont Ops	3.35	3.91	4.56	4.15	5.72	4.96	13.6	5.4	-0.44	-2.08	9.7	18.64	9.25	11.62	12.28
Diluted Weighted Avg Shares	51	51	53	53	53	53	53	53	53	54	54	51	46	44	42
Diluted EPS, GAAP	3.32	4.09	4.46	4.12	5.7	4.92	13.54	5.36	-0.46	-2.27	9.65	17.03	8.73	11.06	11.94
Diluted EPS from Cont Ops	3.35	3.91	4.56	4.15	5.72	4.96	13.54	5.4	-0.44	-2.08	9.7	16.95	8.73	11.06	11.98

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	1,088	1,040	1,062	1,044	1,098	1,102	1,323	1,568	1,562	1,596	2,461	2,200	2,265	2,463	2,473
+ Cash, Cash Equivalents & STI	105	66	62	50	61	59	78	68	74	151	234	267	204	154	198
+ Cash & Cash Equivalents	105	66	62	50	61	59	78	68	74	151	234	267	204	154	198
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	755	776	777	795	835	832	1,011	1,242	1,228	1,182	1,465	1,610	1,714	1,861	1,897
+ Accounts Receivable, Net	662	671	680	693	709	740	899	1,087	1,060	1,052	1,281	1,476	1,505	1,634	1,667
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	93	105	97	102	127	92	112	155	168	131	184	134	209	227	230
+ Inventories	66	64	64	66	64	70	74	79	81	61	69	78	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	66	64	64	66	64	70	74	79	81	61	69	78	- -	- -	- -
+ Other ST Assets	163	134	159	133	138	141	160	178	179	201	693	245	347	448	378
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	6,530	7,279	8,041	8,807	9,854	9,801	10,141	11,780	12,913	11,336	11,374	12,195	13,513	14,209	13,914
+ Property, Plant & Equip, Net	5,583	6,234	6,996	7,815	8,736	8,765	9,027	10,147	11,166	9,572	9,261	9,951	10,957	11,287	10,990
+ Property, Plant & Equip	9,721	10,362	11,272	12,313	13,450	13,860	14,589	16,096	17,566	16,261	16,518	17,285	18,055	18,563	18,477
- Accumulated Depreciation	4,139	4,127	4,275	4,498	4,715	5,095	5,562	5,949	6,399	6,688	7,257	7,334	7,098	7,276	7,487
+ LT Investments & Receivables	19	22	33	39	42	48	61	59	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	19	22	33	39	42	48	61	59	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	928	1,022	1,012	953	1,077	988	1,053	1,574	1,747	1,764	2,113	2,244	2,556	2,922	2,924
+ Total Intangible Assets	462	465	456	460	444	435	438	534	526	518	742	1,156	1,336	1,615	1,564
+ Goodwill	377	384	384	393	389	387	396	475	475	475	571	861	940	1,158	1,152
+ Other Intangible Assets	85	80	72	67	55	48	43	59	51	43	171	295	396	457	412
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	466	557	556	494	633	553	614	1,039	1,221	1,245	1,371	1,088	1,220	1,307	1,360
Total Assets	7,618	8,319	9,104	9,851	10,953	10,902	11,464	13,348	14,475	12,932	13,835	14,395	15,778	16,672	16,387
+ Payables & Accruals	753	764	838	938	895	787	1,000	1,164	1,050	1,083	1,347	1,378	1,410	1,417	1,297
+ Accounts Payable	392	399	475	561	502	445	599	732	595	547	748	767	833	828	689
+ Accrued Taxes	86	100	97	97	105	96	104	104	119	169	166	132	143	134	124
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	276	265	266	280	287	246	297	328	336	367	433	479	434	455	484
+ ST Debt	274	368	259	36	635	791	826	1,011	1,227	595	1,433	1,540	1,817	1,422	1,122
+ ST Borrowings	274	368	259	36	635	791	826	937	1,155	517	1,333	1,349	1,583	1,120	819
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	73	72	79	100	191	234	302	303
+ Other ST Liabilities	146	141	134	136	151	165	188	342	349	375	421	398	422	432	359
+ Deferred Revenue	72	73	71	71	75	75	84	241	248	263	278	262	245	227	228
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	74	67	63	65	76	90	105	101	101	111	143	136	177	205	131
Total Current Liabilities	1,174	1,273	1,231	1,111	1,680	1,744	2,015	2,517	2,625	2,053	3,201	3,316	3,649	3,271	2,778
+ LT Debt	3,108	3,453	3,930	4,694	4,868	4,600	4,584	5,850	6,922	6,280	5,503	5,544	6,331	7,463	7,558
+ LT Borrowings	3,108	3,453	3,930	4,694	4,868	4,600	4,584	5,712	6,770	6,094	5,247	5,003	5,531	6,659	6,826
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	137	151	186	256	541	800	804	732
+ Other LT Liabilities	2,018	2,126	2,046	2,227	2,417	2,506	2,024	2,445	2,452	2,343	2,333	2,598	2,729	2,821	2,999
+ Accrued Liabilities	1,151	1,208	1,468	1,486	1,634	1,740	1,273	1,660	1,668	1,653	1,777	1,937	2,128	2,238	2,476
+ Pension Liabilities	587	635	321	472	505	471	432	475	434	285	188	179	231	156	101
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	280	283	258	269	278	295	318	310	350	405	368	482	370	427	422
Total Noncurrent Liabilities	5,126	5,579	5,976	6,921	7,285	7,106	6,607	8,294	9,374	8,623	7,836	8,142	9,060	10,284	10,557
Total Liabilities	6,300	6,851	7,207	8,032	8,965	8,850	8,622	10,811	11,999	10,676	11,037	11,458	12,709	13,555	13,335
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	795	834	944	989	1,033	1,059	1,077	1,111	1,135	1,160	1,221	1,215	1,170	1,165	1,103
+ Common Stock	26	26	27	27	27	27	26	27	27	27	27	23	22	21	20
+ Additional Paid in Capital	769	808	918	962	1,006	1,033	1,051	1,084	1,109	1,133	1,194	1,192	1,148	1,144	1,083
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	1,090	1,221	1,391	1,451	1,667	1,827	2,472	2,337	2,178	1,913	2,266	2,518	2,554	2,644	2,569
+ Other Equity	-567	-588	-438	-620	-713	-834	-708	-912	-836	-817	-689	-796	-655	-692	-620
Equity Before Minority Interest	1,318	1,467	1,897	1,819	1,987	2,052	2,842	2,537	2,476	2,256	2,798	2,937	3,069	3,117	3,052
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	1,318	1,467	1,897	1,819	1,987	2,052	2,842	2,537	2,476	2,256	2,798	2,937	3,069	3,117	3,052
Total Liabilities & Equity	7,618	8,319	9,104	9,851	10,953	10,902	11,464	13,348	14,475	12,932	13,835	14,395	15,778	16,672	16,387
Shares Outstanding	51	51	53	53	53	53	53	53	53	54	54	46	44	42	39
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	211	224	265	356	732	1,034	1,106	1,035
Net Debt	3,278	3,754	4,128	4,681	5,442	5,332	5,331	6,581	7,851	6,459	6,346	6,085	6,910	7,625	7,447
Net Debt to Equity	248.65	255.84	217.63	257.3	273.85	259.83	187.61	259.45	317.05	286.36	226.8	207.18	225.15	244.63	244
Tangible Common Equity Ratio	11.96	12.77	16.66	14.48	14.68	15.45	21.8	15.63	13.98	13.99	15.7	13.45	12	9.98	10.04
Current Ratio	0.93	0.82	0.86	0.94	0.65	0.63	0.66	0.62	0.59	0.78	0.77	0.66	0.62	0.75	0.89
Cash Conversion Cycle	14.8	14.77	11.72	5.65	4.84	10.87	13.01	11.71	16.03	20.15	15.89	14.46	15.87	15.25	20.1

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	171	201	243	220	306	265	720	287	-23	-112	522	863	406	489	501
+ Depreciation & Amortization	912	989	1,040	1,094	1,175	1,226	1,299	1,457	1,980	2,143	1,811	1,831	2,085	2,228	2,240
+ Non-Cash Items	45	20	43	107	93	180	-234	350	328	214	152	207	317	180	349
+ Stock-Based Compensation	17	19	19	21	21	19	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	90	87	114	105	154	125	-446	109	-32	-33	126	266	115	21	130
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	16	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-63	-86	-90	-19	-82	37	212	225	360	247	26	-59	202	159	219
+ Chg in Non-Cash Work Cap	-86	-73	-68	-39	-132	-71	-157	-375	-144	-64	-310	-591	-455	-632	-496
+ (Inc) Dec in Accts Receiv	-92	7	-14	-21	-40	-52	-179	-193	27	-5	-240	-134	-26	-61	-33
+ (Inc) Dec in Inventories	-6	1	-1	-2	1	-6	-3	-6	-1	20	-7	-9	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-25	11	-23	-16	- -	-14	-96	-85	-65	-92	-133	-130	-85	-108	53
+ Inc (Dec) in Accts Payable	37	-91	-30	- -	-93	1	121	-92	-105	13	63	-327	-344	-463	-516
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	9	- -	- -	- -
+ Net Cash From Disc Ops	- -	-3	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,041	1,134	1,252	1,383	1,442	1,601	1,628	1,718	2,141	2,181	2,175	2,310	2,353	2,265	2,594
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	338	543	452	497	427	421	429	396	518	552	822	1,235	827	551	486
+ Disp of Fixed Prod Assets	338	543	452	497	427	421	429	396	518	552	822	1,235	827	551	486
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1,699	-2,133	-2,123	-2,259	-2,668	-1,905	-1,860	-3,050	-3,735	-1,146	-1,941	-2,631	-3,234	-2,683	-2,135
+ Acq of Fixed Prod Assets	-1,699	-2,133	-2,123	-2,259	-2,668	-1,905	-1,860	-3,050	-3,735	-1,146	-1,941	-2,631	-3,234	-2,683	-2,135
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-26	2	91	-60	17	-19	-58	-14	-19	-21	-27	-543	-335	-311	-531
+ Increase in Capital Stock	33	28	91	47	24	18	21	17	8	8	30	14	2	10	- -
+ Decrease in Capital Stock	-60	-27	- -	-106	-6	-37	-78	-31	-28	-29	-57	-557	-337	-321	-531
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-362	-5	-2	-10	- -	- -	-7	-167	- -	- -	-325	-458	-250	-314	-1
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-362	-5	-2	-10	- -	- -	-7	-167	- -	- -	-325	-458	-250	-314	-1
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	66	91	68	68	79	77	- -	- -	- -	-7	-6	4	-6	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1,657	-1,504	-1,604	-1,705	-2,161	-1,407	-1,439	-2,821	-3,217	-601	-1,450	-1,850	-2,663	-2,446	-1,650
+ Dividends Paid	-58	-61	-68	-75	-83	-91	-96	-112	-116	-119	-122	-123	-128	-135	-145
+ Net Cash From Debt	547	462	178	672	485	6	-96	1,155	1,241	-971	-308	-323	826	310	-227
+ Cash From Debt	966	746	557	966	1,283	675	873	2,283	3,016	2,084	300	1,229	2,307	1,789	892
+ Repayments of Debt	-419	-284	-379	-293	-798	-669	-970	-1,128	-1,776	-3,055	-608	-1,552	-1,481	-1,479	-1,119
+ Other Financing Activities	41	-68	146	-226	312	-82	88	57	-21	-396	253	128	-107	289	-9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	504	334	347	312	731	-186	-162	1,086	1,084	-1,507	-204	-861	256	153	-912
Effect of Foreign Exchange Rates	3	1	6	- -	- -	-9	-6	5	-4	5	-1	-4	-9	-21	13
Net Changes in Cash	-112	-36	-5	-10	12	8	27	-18	7	73	521	-401	-54	-28	32
EBITDA	1,259	1,340	1,437	1,664	1,820	1,811	1,738	2,050	2,263	2,374	2,683	3,256	3,159	3,295	3,348
EBITDA Margin (%)	20.8	21.42	22.39	24.63	27.28	26.79	23.93	24.43	25.52	28.19	27.05	26.13	26.37	25.93	26.39
Free Cash Flow	-657	-999	-871	-876	-1,226	-304	-232	-1,332	-1,595	1,035	234	-321	-881	-418	459
Net Cash Paid for Acquisitions	362	5	2	10	- -	- -	7	167	- -	- -	325	458	250	314	1
Free Cash Flow to Firm	-575	-906	-778	-782	-1,128	-208	- -	-1,199	- -	- -	395	-159	-687	-132	754
Free Cash Flow to Equity	228	6	-241	293	-314	123	100	219	164	616	748	591	772	443	718
Free Cash Flow per Basic Share	-12.85	-19.45	-16.33	-16.52	-22.92	-5.69	-4.39	-25.08	-29.93	19.26	4.35	-6.94	-20.07	-9.93	11.25
Price/Free Cash Flow	0.99	0.79	1.17	1.35	0.74	1.14	1.28	0.54	0.49	1	1.08	0.86	0.96	1.4	1.69
Cash Flow to Net Income	6.13	5.4	5.26	6.33	4.73	6.09	2.26	6.04	-87.69	-17.88	4.19	2.66	5.8	4.63	5.2
Capital Expenditures	-1,699	-2,133	-2,123	-2,259	-2,668	-1,905	-1,860	-3,050	-3,735	-1,146	-1,941	-2,631	-3,234	-2,683	-2,135