Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $13.93B | $15.29B | $12.02B | $11.8B | $13.16B | $14.51B | $15.01B | $15.45B |
| Cost of revenue | $11.9B | $13.54B | $10.3B | $9.96B | $11.21B | $12.54B | $13.01B | $13.29B |
| Gross profit | $2.03B | $1.76B | $1.72B | $1.84B | $1.96B | $2.16B | $2.17B | $2.33B |
| Gross margin | +14.59% | +11.48% | +14.28% | +15.59% | +14.86% | +14.91% | +14.47% | +15.10% |
| Operating | ||||||||
| Research & development | $56M | $55M | $55M | $0 | $0 | $22.73M | $23.11M | $23.09M |
| Selling, general & administrative | $744M | $687M | $532M | $847M | $566M | $783.62M | $780.25M | $795.41M |
| Total operating expenses | $800M | $742M | $540M | $847M | $566M | $786.34M | $812M | $808.55M |
| Operating income | $1.23B | $1.01B | $1.18B | $992M | $1.39B | $1.37B | $1.46B | $1.46B |
| Operating margin | +8.84% | +6.63% | +9.78% | +8.41% | +10.56% | +9.43% | +9.71% | +9.43% |
| EBITDA | $1.98B | $1.88B | $1.76B | $1.46B | $2.09B | $2.07B | $2.12B | $2.18B |
| EBIT | $1.28B | $1.21B | $1.07B | $839M | $1.47B | $1.31B | $1.38B | $1.4B |
| Below the line | ||||||||
| Interest expense | $270M | $313M | $460M | $293M | $314M | $411.53M | $422.93M | $442.91M |
| Interest income | $0 | $14M | $36M | $68M | $30M | $52.09M | $53.77M | $56.17M |
| Other income / expense | -$198M | -$122M | -$542M | -$429M | -$235M | — | — | — |
| Pre-tax income | $1.03B | $891M | $634M | $563M | $1.16B | $913.5M | $944.75M | $974.1M |
| Income tax expense | $156M | $159M | $146M | $133M | $240M | $198.61M | $208.19M | $220.86M |
| Earnings | ||||||||
| Net income | $878M | $719M | $707M | $4.01B | $912M | $1.39B | $1.47B | $1.44B |
| Net income · continuing ops | $878M | $732M | $488M | $430M | $915M | $723.74M | $746.72M | $757.58M |
| Net margin | +6.30% | +4.70% | +5.88% | +33.97% | +6.93% | +9.57% | +9.82% | +9.31% |
| EPS · basic | $2.69 | $2.27 | $2.25 | $13.12 | $3.33 | $4.04 | $4.58 | $5.14 |
| EPS · diluted | $2.65 | $2.25 | $2.23 | $13.00 | $3.30 | $4.00 | $4.52 | $5.04 |
| EPS · low estimate | — | — | — | — | — | $3.95 | $4.48 | $4.79 |
| EPS · high estimate | — | — | — | — | — | $4.06 | $4.56 | $5.18 |
| Shares · basic | 325.99M | 316.43M | 314.78M | 305.46M | 274.26M | 275.24M | 275.15M | 276.11M |
| Shares · diluted | 331.62M | 320.01M | 317.02M | 308.21M | 275.97M | 275.11M | 273.8M | 275.38M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 8 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 3 |
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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