Item 6. SELECTED FINANCIAL DATA

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
2020			2019			2018			2017			2016
Year Ended May 31,
Revenues(1)	$	37,403		$	39,117		$	36,397		$	34,350		$	32,376
Gross profit	16,241			17,474			15,956			15,312			14,971
Gross margin(1)	43.4		%	44.7		%	43.8		%	44.6		%	46.2		%
Net income(1)(2)	2,539			4,029			1,933			4,240			3,760
Earnings per common share:(2)
Basic	1.63			2.55			1.19			2.56			2.21
Diluted	1.60			2.49			1.17			2.51			2.16
Weighted average common shares outstanding	1,558.8			1,579.7			1,623.8			1,657.8			1,697.9
Diluted weighted average common shares outstanding	1,591.6			1,618.4			1,659.1			1,692.0			1,742.5
Cash dividends declared per common share	0.955			0.86			0.78			0.70			0.62
Cash provided (used) by operations(1)	2,485			5,903			4,955			3,846			3,399
At May 31,
Cash and equivalents(3)	$	8,348		$	4,466		$	4,249		$	3,808		$	3,138
Short-term investments	439			197			996			2,371			2,319
Inventories(1)	7,367			5,622			5,261			5,055			4,838
Working capital	12,272			8,659			9,094			10,587			9,667
Operating lease right-of-use assets, net(4)	3,097			—			—			—			—
Total assets(4)(5)(6)	31,342			23,717			22,536			23,259			21,379
Long-term debt(3)	9,406			3,464			3,468			3,471			1,993
Total operating lease liabilities(4)	3,358			—			—			—			—
Redeemable preferred stock	0.3			0.3			0.3			0.3			0.3
Shareholders' equity(6)	8,055			9,040			9,812			12,407			12,258
Market capitalization	153,553			120,951			114,983			87,084			92,867
Financial Ratios:
Return on equity(2)(6)	29.7		%	42.7		%	17.4		%	34.4		%	30.1		%
Return on assets(2)(3)(4)(5)(6)	9.2		%	17.4		%	8.4		%	19.0		%	17.5		%
Inventory turns	3.3			4.0			4.0			3.8			3.8
Current ratio at May 31(3)(4)	2.5			2.1			2.5			2.9			2.8
Price/Earnings ratio at May 31(2)	61.6			31.0			61.4			21.1			25.6


(1)	Fiscal 2020 reflects the impacts of COVID-19 on our results of operations and financial condition. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information.


(2)	Fiscal 2018 reflects the impact from the enactment of the U.S. Tax Cuts and Jobs Act. Refer to Note 9 — Income Taxes in the accompanying Notes to the Consolidated Financial Statements for additional information.


(3)	During the fourth quarter of fiscal 2020, the Company issued $6 billion of senior unsecured notes. Refer to Note 8 — Long-Term Debt in the accompanying Notes to the Consolidated Financial Statements for additional information.


(4)	Fiscal 2020 reflects the impact from the adoption of Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements for additional information.


(5)	Fiscal 2019 reflects the impact from the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements for additional information.


(6)	Fiscal 2019 reflects the impact from the adoption of ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Refer to Note 1 — Summary of Significant Accounting Policies in the accompanying Notes to the Consolidated Financial Statements for additional information.

2020 FORM 10-K 25

SELECTED QUARTERLY FINANCIAL DATA



(UNAUDITED)	1ST QUARTER						2ND QUARTER						3RD QUARTER					4TH QUARTER
(In millions, except per share data)	2020			2019			2020			2019			2020			2019		2020			2019
Revenues(1)	$	10,660		$	9,948		$	10,326		$	9,374		$	10,104		$	9,611	$	6,313		$	10,184
Gross profit	4,871			4,397			4,544			4,105			4,473			4,339		2,353			4,633
Gross margin(1)	45.7		%	44.2		%	44.0		%	43.8		%	44.3		%	45.1 %		37.3		%	45.5		%
Net income (loss)(1)	1,367			1,092			1,115			847			847			1,101		(790		)	989
Earnings (loss) per common share:
Basic	0.87			0.69			0.71			0.54			0.54			0.70		(0.51		)	0.63
Diluted	0.86			0.67			0.70			0.52			0.53			0.68		(0.51		)	0.62
Weighted average common shares outstanding	1,562.4			1,594.0			1,560.6			1,581.4			1,556.3			1,572.8		1,555.7			1,570.2
Diluted weighted average common shares outstanding	1,597.5			1,634.4			1,594.4			1,620.7			1,591.6			1,609.6		1,555.7			1,607.5
Cash dividends declared per common share	0.22			0.20			0.245			0.22			0.245			0.22		0.245			0.22


(1)	The third and fourth quarters of fiscal 2020 reflect the impacts of COVID-19 on our results of operations and financial condition. Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for additional information.

2020 FORM 10-K 26