All share and per share amounts are reflective of the two-for-one stock split that began trading at the split-adjusted price on December 24, 2015.
(In millions, except per share data and financial ratios)
Financial History
2018
2017
2016
2015
2014
Year Ended May 31,
Revenues
$
36,397
$
34,350
$
32,376
$
30,601
$
27,799
Gross profit
15,956
15,312
14,971
14,067
12,446
Gross margin
43.8
%
44.6
%
46.2
%
46.0
%
44.8
%
Net income
1,933
4,240
3,760
3,273
2,693
Earnings per common share:
Basic
1.19
2.56
2.21
1.90
1.52
Diluted
1.17
2.51
2.16
1.85
1.49
Weighted average common shares outstanding
1,623.8
1,657.8
1,697.9
1,723.5
1,766.7
Diluted weighted average common shares outstanding
1,659.1
1,692.0
1,742.5
1,768.8
1,811.6
Cash dividends declared per common share
0.78
0.70
0.62
0.54
0.47
Cash flow from operations(1)
4,955
3,846
3,399
4,906
3,158
Price range of common stock:
High
73.49
60.33
68.19
52.75
40.13
Low
50.35
49.01
47.25
36.57
29.56
At May 31,
Cash and equivalents
$
4,249
$
3,808
$
3,138
$
3,852
$
2,220
Short-term investments
996
2,371
2,319
2,072
2,922
Inventories
5,261
5,055
4,838
4,337
3,947
Working capital
9,094
10,587
9,667
9,225
8,319
Total assets
22,536
23,259
21,379
21,590
18,579
Long-term debt
3,468
3,471
1,993
1,072
1,191
Capital lease obligations
75
27
15
5
74
Redeemable preferred stock
0.3
0.3
0.3
0.3
0.3
Shareholders’ equity
9,812
12,407
12,258
12,707
10,824
Year-end stock price
71.80
52.99
55.22
50.84
38.46
Market capitalization
114,983
87,084
92,867
87,044
66,921
Financial Ratios:
Return on equity(2)
17.4
%
34.4
%
30.1
%
27.8
%
24.6
%
Return on assets(2)
8.4
%
19.0
%
17.5
%
16.3
%
14.9
%
Inventory turns
4.0
3.8
3.8
4.0
4.1
Current ratio at May 31
2.5
2.9
2.8
2.5
2.7
Price/Earnings ratio at May 31(2)
61.4
21.1
25.6
27.5
25.9
(1)
Prior year amounts have been updated to reflect the adoption of Accounting Standards Update No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. As a result of adoption, the Company reclassified cash inflows of $177 million, $281 million, $218 million and $132 million for the years ended May 31, 2017, 2016, 2015 and 2014, respectively, related to excess tax benefits from share-based payment awards, from Cash used by financing activities to Cash provided by operations. Additionally, the Company reclassified cash outflows of $29 million, $22 million, $8 million and $13 million for the years ended May 31, 2017, 2016, 2015 and 2014, respectively, related to tax payments for the net settlement of share-based payment awards, from Cash provided by operations to Cash used by financing activities within the Consolidated Statements of Cash Flows. Refer to Note 1 — Summary of Significant Accounting Policies for additional information.
(2)
Certain fiscal 2018 financial ratios reflect the impact of the Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes for additional information.
Selected Quarterly Financial Data
(Unaudited) (In millions, except per share data)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
2018
2017
2018
2017
2018(1)
2017
2018
2017
Revenues
$
9,070
$
9,061
$
8,554
$
8,180
$
8,984
$
8,432
$
9,789
$
8,677
Gross profit
3,962
4,123
3,678
3,616
3,938
3,750
4,378
3,823
Gross margin
43.7
%
45.5
%
43.0
%
44.2
%
43.8
%
44.5
%
44.7
%
44.1
%
Net income (loss)
950
1,249
767
842
(921
)
1,141
1,137
1,008
Earnings (loss) per common share:
Basic
0.58
0.75
0.47
0.51
(0.57
)
0.69
0.71
0.61
Diluted
0.57
0.73
0.46
0.50
(0.57
)
0.68
0.69
0.60
Weighted average common shares outstanding
1,639.1
1,672.0
1,627.0
1,659.1
1,623.5
1,653.1
1,605.7
1,646.9
Diluted weighted average common shares outstanding
1,676.9
1,708.9
1,660.9
1,693.2
1,623.5
1,686.3
1,641.2
1,678.6
Cash dividends declared per common share
0.18
0.16
0.20
0.18
0.20
0.18
0.20
0.18
Price range of common stock:
High
60.53
60.33
61.21
59.18
70.25
58.42
73.49
59.00
Low
50.79
51.48
50.35
49.01
59.24
50.06
63.21
50.81
(1)
The third quarter of fiscal 2018 reflects the impact from the enactment of the Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes for additional information.
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