Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $19.89B | $22.73B | $17.1B | $16.4B | $15.19B | $14.83B | $15.65B | $16.61B | $17.34B |
| Cost of revenue | $14.04B | $14.98B | $11.08B | $11.02B | $10.78B | $10.17B | $10.49B | $11.27B | $11.46B |
| Gross profit | $5.85B | $7.74B | $6.01B | $5.38B | $4.41B | $4.94B | $4.92B | $5.34B | $5.45B |
| Gross margin | +29.41% | +34.08% | +35.17% | +32.82% | +29.03% | +33.29% | +31.45% | +32.16% | +31.45% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $3.46B | $3.97B | $3.84B | $3.79B | $3.62B | $3.45B | $3.59B | $3.78B | $4.06B |
| Total operating expenses | $3.46B | $3.97B | $3.84B | $3.79B | $3.62B | $3.48B | $3.62B | $3.82B | $3.93B |
| Operating income | $2.39B | $3.77B | $2.18B | $1.6B | $786.28M | $1.39B | $1.44B | $1.52B | $1.63B |
| Operating margin | +12.00% | +16.59% | +12.73% | +9.73% | +5.18% | +9.40% | +9.23% | +9.12% | +9.40% |
| EBITDA | $2.93B | $4.27B | $2.73B | $1.6B | $1.38B | $1.7B | $1.76B | $1.92B | $2.01B |
| EBIT | $2.39B | $3.77B | $2.18B | $1.6B | $786.28M | $1.35B | $1.48B | $1.49B | $1.55B |
| Below the line | |||||||||
| Interest expense | $128.78M | $170.97M | $192.12M | $207.72M | $273.89M | $201.21M | $219.94M | $227.25M | $241.41M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$135.88M | -$198.37M | -$192.12M | -$207.72M | -$273.89M | — | — | — | — |
| Pre-tax income | $2.25B | $3.57B | $1.98B | $1.39B | $512.38M | $1.15B | $1.25B | $1.33B | $1.37B |
| Income tax expense | $526.13M | $822.46M | $443.65M | $309.63M | $77.18M | $237.12M | $248.99M | $264.68M | $277.15M |
| Earnings | |||||||||
| Net income | $1.73B | $2.75B | $1.54B | $1.08B | $435.2M | $885.24M | $940.26M | $1.02B | $1.07B |
| Net income · continuing ops | $1.73B | $2.75B | $1.54B | $1.08B | $435.2M | $886.96M | $957.84M | $1.02B | $1.09B |
| Net margin | +8.67% | +12.10% | +9.01% | +6.57% | +2.86% | +5.97% | +6.01% | +6.12% | +6.18% |
| EPS · basic | $8.55 | $16.98 | $12.06 | $9.13 | $3.91 | $4.26 | $6.27 | $7.49 | $8.31 |
| EPS · diluted | $8.48 | $16.82 | $11.94 | $9.06 | $3.89 | $4.29 | $6.18 | $7.37 | $8.35 |
| EPS · low estimate | — | — | — | — | — | $3.75 | $5.38 | $6.33 | $7.93 |
| EPS · high estimate | — | — | — | — | — | $4.75 | $6.91 | $9.39 | $8.62 |
| Shares · basic | 201.84M | 161.96M | 127.78M | 118.04M | 111.42M | 111.46M | 111.35M | 110.46M | 110.45M |
| Shares · diluted | 203.47M | 163.48M | 129M | 118.98M | 111.82M | 112.86M | 111M | 111.6M | 112.09M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 10 | 11 | 3 | 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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