Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $16.43B | $23.6B | $22.68B | $25.79B | $34.64B | $49.87B | $76.28B | $101.15B | $144.29B |
| Cost of revenue | $8.51B | $13B | $12.22B | $13.06B | $17.49B | $25.09B | $38.68B | $50.87B | $76.37B |
| Gross profit | $7.93B | $10.6B | $10.46B | $12.73B | $17.15B | $23.46B | $37.51B | $48.98B | $70.76B |
| Gross margin | +48.25% | +44.93% | +46.12% | +49.35% | +49.52% | +47.05% | +49.17% | +48.42% | +49.04% |
| Operating | |||||||||
| Research & development | $2.85B | $5.01B | $5.87B | $6.46B | $8.09B | $12.29B | $18.77B | $25.53B | $35.06B |
| Selling, general & administrative | $1.45B | $2.34B | $2.35B | $2.78B | $4.14B | $5.37B | $8.32B | $11.34B | $15.62B |
| Total operating expenses | $4.28B | $9.34B | $10.06B | $10.83B | $13.46B | $20.91B | $31.46B | $41.04B | $59.46B |
| Operating income | $3.65B | $1.26B | $401M | $1.9B | $3.69B | $3.24B | $5.18B | $6.51B | $9.59B |
| Operating margin | +22.20% | +5.36% | +1.77% | +7.37% | +10.66% | +6.50% | +6.79% | +6.44% | +6.64% |
| EBITDA | $4.17B | $5.53B | $4.15B | $5.26B | $7.28B | $10.13B | $15.43B | $20.63B | $29.13B |
| EBIT | $3.7B | $1.27B | $598M | $2.08B | $4.27B | $3.75B | $5.84B | $7.66B | $11.1B |
| Below the line | |||||||||
| Interest expense | $34M | $88M | $106M | $92M | $131M | $201.01M | $305.28M | $410.63M | $569.99M |
| Interest income | $8M | $65M | $206M | $182M | $0 | $266.84M | $413.18M | $557.75M | $776.39M |
| Other income / expense | $27M | -$66M | $107M | $122M | $470M | — | — | — | — |
| Pre-tax income | $3.68B | $1.2B | $508M | $2.02B | $4.17B | $3.73B | $5.59B | $7.38B | $10.34B |
| Income tax expense | $513M | -$122M | -$346M | $381M | -$103M | $302.7M | $461.89M | $596.41M | $883.77M |
| Earnings | |||||||||
| Net income | $3.16B | $1.32B | $854M | $1.64B | $4.34B | $3.22B | $5.09B | $6.69B | $9.61B |
| Net income · continuing ops | $3.16B | $1.32B | $854M | $1.64B | $4.27B | $3.76B | $5.58B | $7.55B | $10.94B |
| Net margin | +19.24% | +5.59% | +3.77% | +6.36% | +12.51% | +6.46% | +6.68% | +6.62% | +6.66% |
| EPS · basic | $2.61 | $0.85 | $0.53 | $1.01 | $2.67 | $7.49 | $13.21 | $17.90 | $25.35 |
| EPS · diluted | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 | $7.44 | $13.10 | $17.85 | $25.06 |
| EPS · low estimate | — | — | — | — | — | $6.66 | $8.95 | $12.50 | $20.31 |
| EPS · high estimate | — | — | — | — | — | $8.19 | $15.67 | $30.77 | $30.19 |
| Shares · basic | 1.21B | 1.56B | 1.61B | 1.62B | 1.62B | 1.62B | 1.61B | 1.63B | 1.63B |
| Shares · diluted | 1.23B | 1.57B | 1.63B | 1.64B | 1.64B | 1.62B | 1.64B | 1.65B | 1.62B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 35 | 35 | 30 | 15 |
| Analysts (EPS) | — | — | — | — | — | 30 | 28 | 15 | 6 |
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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