Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $6.23B | $6.81B | $7.45B | $8.01B | $8.17B | $7.45B | $7.8B | $8.43B |
| Cost of revenue | $0 | $0 | $0 | $0 | $4.39B | $1.36B | $1.4B | $1.51B |
| Gross profit | $6.39B | $6.81B | $7.45B | $8.01B | $3.79B | $6.17B | $6.37B | $7.07B |
| Gross margin | +102.67% | +100.00% | +100.00% | +100.00% | +46.32% | +82.89% | +81.66% | +83.87% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $41M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $41M | $36M | $36M | $41M | $2.71B | $850.83M | $899.2M | $954.27M |
| Operating income | $1.1B | $6.77B | $7.42B | $7.97B | $1.07B | $5.2B | $5.62B | $6.11B |
| Operating margin | +17.73% | +99.47% | +99.52% | +99.49% | +13.13% | +69.77% | +72.00% | +72.46% |
| EBITDA | $1.62B | $0 | $0 | $0 | $1.24B | $5.25B | $5.49B | $6.08B |
| EBIT | $1.43B | $0 | $0 | $0 | $1.15B | $359.38M | $362.46M | $399.95M |
| Below the line | ||||||||
| Interest expense | $94M | $85M | $76M | $76M | $80M | $71.01M | $75.54M | $80.35M |
| Interest income | $94M | $85M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $231M | -$5.65B | -$6.34B | -$6.85B | $0 | — | — | — |
| Pre-tax income | $1.34B | $1.12B | $1.07B | $1.12B | $1.07B | $1.05B | $1.05B | $1.18B |
| Income tax expense | $254M | $225M | $221M | $237M | $231M | $223.42M | $234.01M | $249.58M |
| Earnings | ||||||||
| Net income | $1.39B | $898M | $852M | $887M | $842M | $799.38M | $849.61M | $946.41M |
| Net income · continuing ops | $1.08B | $898M | $852M | $887M | $842M | $810.14M | $852.21M | $921.81M |
| Net margin | +22.32% | +13.19% | +11.43% | +11.07% | +10.30% | +10.73% | +10.89% | +11.23% |
| EPS · basic | $12.70 | $10.55 | $10.06 | $10.57 | $10.08 | $11.16 | $12.11 | $13.03 |
| EPS · diluted | $12.62 | $10.53 | $10.05 | $10.57 | $10.08 | $11.07 | $12.10 | $12.97 |
| EPS · low estimate | — | — | — | — | — | $11.07 | $12.10 | $12.97 |
| EPS · high estimate | — | — | — | — | — | $11.07 | $12.10 | $12.97 |
| Shares · basic | 85.1M | 85.1M | 84.7M | 83.9M | 83.5M | 84.26M | 83.86M | 82.99M |
| Shares · diluted | 85.6M | 85.3M | 84.8M | 83.9M | 83.5M | 83.52M | 82.75M | 84.1M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 1 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 1 | 1 | 1 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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