Operating results, Walgreen absolutely killed fiscal-year operating and free cash flow numbers, setting company records in both areas. The $4.4 billion in operating cash flow, along with $2.88 billion generated in free cash flow, are stellar, continuing Walgreen's top-of-the-charts dividend yield.
When you consider that Walgreen spent large parts of fiscal 2012 without the benefit of the Express Scripts partnership, annual revenues weren't nearly as bad as the headlines would have you believe. In 2011, Walgreen had net sales of $72.1 billion. It ended 2012 with $71.6 billion in revenue, all of a 0.08% decline.