Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $25.98B | $26.32B | $28.19B | $33.42B | $36.74B | $37.8B | $38.8B | $39.76B | $41.13B |
| Cost of revenue | $6.45B | $6.41B | $8.42B | $12.86B | $10.73B | $12.05B | $12.87B | $12.87B | $13.2B |
| Gross profit | $19.53B | $19.92B | $19.78B | $20.57B | $26.01B | $26.14B | $26.17B | $26.55B | $27.51B |
| Gross margin | +75.16% | +75.66% | +70.15% | +61.53% | +70.80% | +69.14% | +67.47% | +66.77% | +66.88% |
| Operating | |||||||||
| Research & development | $6.32B | $4.43B | $4.78B | $5.96B | $6.97B | $6.66B | $6.93B | $7.08B | $7.19B |
| Selling, general & administrative | $5.37B | $5.41B | $6.18B | $7.1B | $7.05B | $8.02B | $8.04B | $8.41B | $8.31B |
| Total operating expenses | $11.89B | $10.35B | $11.84B | $13.31B | $15.34B | $15.25B | $16.15B | $15.95B | $16.54B |
| Operating income | $7.64B | $9.57B | $7.9B | $7.26B | $10.68B | $9.7B | $9.93B | $10.37B | $10.85B |
| Operating margin | +29.40% | +36.34% | +28.01% | +21.71% | +29.06% | +25.66% | +25.58% | +26.09% | +26.37% |
| EBITDA | $11.3B | $12.17B | $14.8B | $13.36B | $15.84B | $17.08B | $17.77B | $18.23B | $18.69B |
| EBIT | $7.9B | $8.75B | $10.73B | $7.76B | $10.68B | $11.29B | $11.95B | $11.66B | $12.24B |
| Below the line | |||||||||
| Interest expense | $1.2B | $1.41B | $2.88B | $3.16B | $2.76B | $3.51B | $3.51B | $3.59B | $3.74B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$938M | -$2.22B | -$42M | -$2.65B | -$1.7B | — | — | — | — |
| Pre-tax income | $6.7B | $7.35B | $7.86B | $4.61B | $8.98B | $8.17B | $8.38B | $8.78B | $8.95B |
| Income tax expense | $808M | $794M | $1.14B | $519M | $1.27B | $1.09B | $1.13B | $1.19B | $1.18B |
| Earnings | |||||||||
| Net income | $5.89B | $6.55B | $6.72B | $4.09B | $7.71B | $7.35B | $7.19B | $7.78B | $7.66B |
| Net income · continuing ops | $5.89B | $6.55B | $6.72B | $4.09B | $7.71B | $7.27B | $7.45B | $7.38B | $7.7B |
| Net margin | +22.68% | +24.89% | +23.83% | +12.24% | +20.99% | +19.45% | +18.53% | +19.56% | +18.62% |
| EPS · basic | $10.34 | $12.18 | $12.56 | $7.62 | $14.33 | $22.54 | $23.28 | $24.33 | $25.96 |
| EPS · diluted | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 | $22.39 | $23.45 | $24.37 | $25.88 |
| EPS · low estimate | — | — | — | — | — | $20.65 | $21.13 | $19.21 | $24.97 |
| EPS · high estimate | — | — | — | — | — | $23.14 | $24.58 | $30.74 | $27.11 |
| Shares · basic | 570M | 538M | 535M | 541M | 538M | 540.44M | 534.22M | 535.96M | 535.37M |
| Shares · diluted | 573M | 541M | 538M | 541M | 542M | 537.25M | 544.21M | 544.77M | 546.57M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 25 | 25 | 27 | 13 |
| Analysts (EPS) | — | — | — | — | — | 21 | 21 | 12 | 10 |
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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