Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.39B | $7.51B | $6.97B | $6.78B | $6.55B | $6.5B | $6.64B | $6.85B | $7.1B |
| Cost of revenue | $4.88B | $4.91B | $4.6B | $4.5B | $4.41B | $4.38B | $4.44B | $4.43B | $4.79B |
| Gross profit | $2.5B | $2.6B | $2.36B | $2.28B | $2.14B | $2.16B | $2.24B | $2.25B | $2.44B |
| Gross margin | +33.88% | +34.65% | +33.93% | +33.60% | +32.65% | +33.26% | +33.79% | +32.86% | +34.37% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.53B | $1.47B | $1.51B | $1.64B | $1.6B | $1.48B | $1.53B | $1.64B | $1.7B |
| Total operating expenses | $1.53B | $1.47B | $1.67B | $1.19B | $2.39B | $1.7B | $1.73B | $1.8B | $1.88B |
| Operating income | $972.2M | $1.13B | $696.4M | $1.08B | -$246.2M | $489.6M | $490.59M | $496.84M | $530.98M |
| Operating margin | +13.16% | +15.04% | +10.00% | +15.99% | -3.76% | +7.53% | +7.39% | +7.25% | +7.48% |
| EBITDA | $1.35B | $1.52B | $1.1B | $1.48B | $138.7M | $865.21M | $882.69M | $892.12M | $920.58M |
| EBIT | $970.4M | $1.12B | $695.3M | $1.07B | -$271.5M | $478.52M | $468.73M | $483.15M | $510.36M |
| Below the line | |||||||||
| Interest expense | $217.4M | $265.8M | $284.8M | $218.8M | $169.8M | $218.17M | $216.05M | $230.44M | $228.05M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$219.2M | -$279.1M | -$285.9M | -$230.9M | -$195.1M | — | — | — | — |
| Pre-tax income | $753M | $851.1M | $410.5M | $853.9M | -$441.3M | $254.19M | $263.94M | $269.33M | $283.97M |
| Income tax expense | $180.4M | $164.6M | $89.4M | $142.4M | $88.9M | $48.12M | $48.65M | $51.4M | $53.21M |
| Earnings | |||||||||
| Net income | $572.6M | $686.5M | $321.1M | $711.5M | -$530.2M | $152.09M | $154.28M | $162.66M | $160.82M |
| Net income · continuing ops | $572.6M | $686.5M | $321.1M | $711.5M | -$530.2M | $150.02M | $150.64M | $157.26M | $163.17M |
| Net margin | +7.75% | +9.14% | +4.61% | +10.49% | -8.09% | +2.34% | +2.32% | +2.37% | +2.27% |
| EPS · basic | $0.86 | $1.02 | $0.48 | $1.05 | $-0.78 | $0.80 | $0.85 | $0.93 | $1.00 |
| EPS · diluted | $0.85 | $1.01 | $0.47 | $1.04 | $-0.78 | $0.79 | $0.85 | $0.91 | $0.98 |
| EPS · low estimate | — | — | — | — | — | $0.78 | $0.81 | $0.78 | $0.98 |
| EPS · high estimate | — | — | — | — | — | $0.80 | $0.89 | $1.05 | $1.00 |
| Shares · basic | 590.5M | 650.9M | 675.6M | 680.3M | 678M | 680.27M | 679.48M | 677.04M | 673.8M |
| Shares · diluted | 599.6M | 679.4M | 678.4M | 681.9M | 679.3M | 677.03M | 673.24M | 685.88M | 679.19M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 2 | 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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