Unless otherwise indicated, the following disclosures reflect the Company’s continuing operations. All share and per share amounts are reflective of the two-for-one stock splits that began trading at split-adjusted prices on December 24, 2015 and December 26, 2012.
(In millions, except per share data and financial ratios)
Financial History
2016
2015
2014
2013
2012
Year Ended May 31,
Revenues
$
32,376
$
30,601
$
27,799
$
25,313
$
23,331
Gross profit
14,971
14,067
12,446
11,034
10,148
Gross margin %
46.2
%
46.0
%
44.8
%
43.6
%
43.5
%
Net income from continuing operations
3,760
3,273
2,693
2,451
2,257
Net income (loss) from discontinued operations
—
—
—
21
(46
)
Net income
3,760
3,273
2,693
2,472
2,211
Earnings per common share from continuing operations:
Basic
2.21
1.90
1.52
1.37
1.23
Diluted
2.16
1.85
1.49
1.34
1.20
Earnings per common share from discontinued operations:
Basic
—
—
—
0.01
(0.03
)
Diluted
—
—
—
0.01
(0.02
)
Weighted average common shares outstanding
1,697.9
1,723.5
1,766.7
1,794.6
1,839.9
Diluted weighted average common shares outstanding
1,742.5
1,768.8
1,811.6
1,832.9
1,879.2
Cash dividends declared per common share
0.62
0.54
0.47
0.41
0.35
Cash flow from operations, inclusive of discontinued operations
3,096
4,680
3,013
3,032
1,932
Price range of common stock:
High
68.19
52.75
40.13
32.96
28.60
Low
47.25
36.57
29.56
21.95
19.65
At May 31,
Cash and equivalents
$
3,138
$
3,852
$
2,220
$
3,337
$
2,254
Short-term investments
2,319
2,072
2,922
2,628
1,503
Inventories
4,838
4,337
3,947
3,484
3,251
Working capital, excluding assets and liabilities of discontinued operations(1)(2)(3)
9,667
9,255
8,319
9,391
7,271
Total assets, excluding assets of discontinued operations(1)(2)
21,396
21,597
18,587
17,540
14,800
Long-term debt
2,010
1,079
1,199
1,210
228
Capital lease obligations(4)
15
5
74
81
—
Redeemable preferred stock
0.3
0.3
0.3
0.3
0.3
Shareholders’ equity
12,258
12,707
10,824
11,081
10,319
Year-end stock price
55.22
50.84
38.46
30.83
27.05
Market capitalization
92,867
87,044
66,921
55,124
49,546
Financial Ratios:
Return on equity
30.1
%
27.8
%
24.6
%
23.1
%
22.0
%
Return on assets(1)
17.5
%
16.3
%
14.9
%
15.3
%
15.1
%
Inventory turns
3.8
4.0
4.1
4.2
4.5
Current ratio at May 31(1)
2.8
2.5
2.7
3.4
3.0
Price/Earnings ratio at May 31
25.6
27.5
25.9
22.8
23.0
(1)
Prior year amounts have been updated to reflect the adoption of Accounting Standards Update No. 2015-17, which requires all deferred tax assets and deferred tax liabilities to be classified as non-current. Refer to Recently Adopted Accounting Standards in Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements.
(2)
Assets of discontinued operations were $0 million, $0 million, $0 million, $0 million and $615 million for the years ended May 31, 2016, 2015, 2014, 2013 and 2012, respectively.
(3)
Liabilities of discontinued operations were $0 million, $0 million, $0 million, $18 million and $170 million for the years ended May 31, 2016, 2015, 2014, 2013 and 2012, respectively.
(4)
During the fiscal year ended May 31, 2015, the Company restructured the terms of certain capital leases, which subsequently qualified as operating leases.
Selected Quarterly Financial Data
(Unaudited) (In millions, except per share data)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
2016
2015
2016
2015
2016
2015
2016
2015
Revenues
$
8,414
$
7,982
$
7,686
$
7,380
$
8,032
$
7,460
$
8,244
$
7,779
Gross profit
3,995
3,721
3,501
3,327
3,689
3,426
3,786
3,593
Gross margin %
47.5
%
46.6
%
45.6
%
45.1
%
45.9
%
45.9
%
45.9
%
46.2
%
Net income
1,179
962
785
655
950
791
846
865
Earnings per common share:
Basic
0.69
0.56
0.46
0.38
0.56
0.46
0.50
0.50
Diluted
0.67
0.54
0.45
0.37
0.55
0.45
0.49
0.49
Weighted average common shares outstanding
1,709.0
1,729.8
1,706.5
1,726.2
1,693.8
1,722.9
1,682.4
1,715.0
Diluted weighted average common shares outstanding
filings.tools