Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $11.39B | $12.94B | $12.01B | $11.8B | $12.37B | $13.25B | $13.56B | $13.72B |
| Cost of revenue | $9.03B | $10.64B | $9.55B | $9.26B | $10.1B | $10.47B | $10.97B | $11.11B |
| Gross profit | $2.37B | $2.3B | $2.46B | $2.54B | $2.27B | $2.66B | $2.73B | $2.78B |
| Gross margin | +20.76% | +17.77% | +20.52% | +21.52% | +18.34% | +20.11% | +20.14% | +20.24% |
| Operating | ||||||||
| Research & development | $47M | $34M | $33M | $32M | $0 | $24.34M | $24.43M | $25.56M |
| Selling, general & administrative | $2.1B | $540M | $625M | $630M | $632M | $673.64M | $713.87M | $721.14M |
| Total operating expenses | $1B | $964M | $1.2B | $1.12B | $632M | $1.08B | $1.14B | $1.1B |
| Operating income | $1.36B | $1.34B | $1.27B | $1.42B | $1.64B | $1.58B | $1.61B | $1.61B |
| Operating margin | +11.96% | +10.32% | +10.57% | +12.02% | +13.23% | +11.90% | +11.84% | +11.74% |
| EBITDA | $279M | $1.75B | $1.82B | $1.9B | $2.02B | $2.08B | $2.21B | $2.19B |
| EBIT | -$168M | $1.29B | $1.32B | $1.45B | $1.56B | $1.59B | $1.64B | $1.64B |
| Below the line | ||||||||
| Interest expense | $253M | $284M | $436M | $452M | $398M | $462.67M | $492.93M | $501.25M |
| Interest income | $9M | $15M | $53M | $82M | $55M | $67.97M | $69.59M | $72.57M |
| Other income / expense | -$1.78B | -$238M | -$460M | -$676M | -$472M | — | — | — |
| Pre-tax income | -$416M | $1.1B | $809M | $743M | $1.16B | $1.02B | $1.04B | $999.13M |
| Income tax expense | -$57M | $243M | $222M | $183M | $281M | $246.32M | $263.07M | $267.91M |
| Earnings | ||||||||
| Net income | -$560M | $727M | $450M | $424M | $734M | $577.27M | $596.93M | $610.02M |
| Net income · continuing ops | -$359M | $855M | $587M | $560M | $883M | $760.73M | $742.18M | $768.33M |
| Net margin | -4.91% | +5.62% | +3.75% | +3.59% | +5.94% | +4.36% | +4.40% | +4.44% |
| EPS · basic | $-3.52 | $6.02 | $3.77 | $3.56 | $6.41 | $8.02 | $8.92 | $9.56 |
| EPS · diluted | $-3.52 | $5.99 | $3.76 | $3.55 | $6.38 | $8.12 | $8.81 | $9.50 |
| EPS · low estimate | — | — | — | — | — | $8.06 | $8.62 | $8.74 |
| EPS · high estimate | — | — | — | — | — | $8.17 | $8.91 | $10.51 |
| Shares · basic | 143.96M | 121.37M | 119.68M | 119.44M | 115.22M | 115.4M | 116.33M | 115.19M |
| Shares · diluted | 130.38M | 121.38M | 119.67M | 119.43M | 115.74M | 114.64M | 116.08M | 116.48M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 7 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 4 |
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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