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
2017
2016
2015
2014
2013
Year Ended May 31,
Revenues
$
34,350
$
32,376
$
30,601
$
27,799
$
25,313
Gross profit
15,312
14,971
14,067
12,446
11,034
Gross margin
44.6
%
46.2
%
46.0
%
44.8
%
43.6
%
Net income from continuing operations
4,240
3,760
3,273
2,693
2,451
Net income (loss) from discontinued operations
—
—
—
—
21
Net income
4,240
3,760
3,273
2,693
2,472
Earnings per common share from continuing operations:
Basic
2.56
2.21
1.90
1.52
1.37
Diluted
2.51
2.16
1.85
1.49
1.34
Earnings per common share from discontinued operations:
Basic
—
—
—
—
0.01
Diluted
—
—
—
—
0.01
Weighted average common shares outstanding
1,657.8
1,697.9
1,723.5
1,766.7
1,794.6
Diluted weighted average common shares outstanding
1,692.0
1,742.5
1,768.8
1,811.6
1,832.9
Cash dividends declared per common share
0.70
0.62
0.54
0.47
0.41
Cash flow from operations, inclusive of discontinued operations
3,640
3,096
4,680
3,013
3,032
Price range of common stock:
High
60.33
68.19
52.75
40.13
32.96
Low
49.01
47.25
36.57
29.56
21.95
At May 31,
Cash and equivalents
$
3,808
$
3,138
$
3,852
$
2,220
$
3,337
Short-term investments
2,371
2,319
2,072
2,922
2,628
Inventories
5,055
4,838
4,337
3,947
3,484
Working capital, excluding assets and liabilities of discontinued operations(1)
10,587
9,667
9,225
8,319
9,391
Total assets, excluding assets of discontinued operations(1)(2)
23,259
21,379
21,590
18,579
17,531
Long-term debt(2)
3,471
1,993
1,072
1,191
1,201
Capital lease obligations(3)
27
15
5
74
81
Redeemable preferred stock
0.3
0.3
0.3
0.3
0.3
Shareholders’ equity
12,407
12,258
12,707
10,824
11,081
Year-end stock price
52.99
55.22
50.84
38.46
30.83
Market capitalization
87,084
92,867
87,044
66,921
55,124
Financial Ratios:
Return on equity
34.4
%
30.1
%
27.8
%
24.6
%
23.1
%
Return on assets(2)
19.0
%
17.5
%
16.3
%
14.9
%
15.3
%
Inventory turns
3.8
3.8
4.0
4.1
4.2
Current ratio at May 31
2.9
2.8
2.5
2.7
3.4
Price/Earnings ratio at May 31
21.1
25.6
27.5
25.9
22.8
(1)
Liabilities of discontinued operations were $0 million, $0 million, $0 million, $0 million and $18 million for the years ended May 31, 2017, 2016, 2015, 2014 and 2013, respectively. There were no assets of discontinued operations for the years presented.
(2)
Prior year amounts have been updated to reflect the adoption of Accounting Standards Update No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires all debt issuance costs to be presented as a direct deduction from the carrying amount of the corresponding debt liability on the balance sheet. Refer to Recently Adopted Accounting Standards in Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements.
(3)
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
2017
2016
2017
2016
2017
2016
2017
2016
Revenues
$
9,061
$
8,414
$
8,180
$
7,686
$
8,432
$
8,032
$
8,677
$
8,244
Gross profit
4,123
3,995
3,616
3,501
3,750
3,689
3,823
3,786
Gross margin
45.5
%
47.5
%
44.2
%
45.6
%
44.5
%
45.9
%
44.1
%
45.9
%
Net income
1,249
1,179
842
785
1,141
950
1,008
846
Earnings per common share:
Basic
0.75
0.69
0.51
0.46
0.69
0.56
0.61
0.50
Diluted
0.73
0.67
0.50
0.45
0.68
0.55
0.60
0.49
Weighted average common shares outstanding
1,672.0
1,709.0
1,659.1
1,706.5
1,653.1
1,693.8
1,646.9
1,682.4
Diluted weighted average common shares outstanding
filings.tools