Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.99B | $3.56B | $4.09B | $4.64B | $5.3B | $6.2B | $7B | $7.93B | $8.48B |
| Cost of revenue | $307.01M | $371.62M | $435.04M | $647.5M | $722.25M | $781.59M | $875.1M | $1.03B | $1.05B |
| Gross profit | $2.68B | $3.19B | $3.65B | $3.99B | $4.57B | $5.56B | $6.24B | $6.71B | $7.34B |
| Gross margin | +89.73% | +89.57% | +89.36% | +86.05% | +86.36% | +89.66% | +89.08% | +84.67% | +86.52% |
| Operating | |||||||||
| Research & development | $1.13B | $1.25B | $1.44B | $1.55B | $1.77B | $2.11B | $2.35B | $2.68B | $2.96B |
| Selling, general & administrative | $749.28M | $846.34M | $932.75M | $1.03B | $1.12B | $1.4B | $1.55B | $1.77B | $1.92B |
| Total operating expenses | $1.9B | $2.12B | $2.4B | $2.64B | $2.92B | $3.58B | $4.04B | $4.61B | $4.97B |
| Operating income | $779.09M | $1.07B | $1.25B | $1.35B | $1.65B | $1.91B | $2.09B | $2.33B | $2.54B |
| Operating margin | +26.07% | +30.15% | +30.59% | +29.10% | +31.15% | +30.83% | +29.82% | +29.40% | +29.96% |
| EBITDA | $916.12M | $1.2B | $1.46B | $1.67B | $1.87B | $2.19B | $2.49B | $2.87B | $3.09B |
| EBIT | $785.42M | $1.07B | $1.32B | $1.47B | $1.64B | $1.97B | $2.19B | $2.44B | $2.74B |
| Below the line | |||||||||
| Interest expense | $16.98M | $22.93M | $36.19M | $76M | $116.54M | $96M | $112.02M | $121.57M | $131.3M |
| Interest income | $2.63M | $10.1M | $29.64M | $62.48M | $101.58M | $84.23M | $94.55M | $102.39M | $114.94M |
| Other income / expense | -$10.65M | -$28.32M | $30.7M | $45.06M | -$127.74M | — | — | — | — |
| Pre-tax income | $768.44M | $1.05B | $1.28B | $1.4B | $1.52B | $1.88B | $2.16B | $2.38B | $2.48B |
| Income tax expense | $72.48M | $196.41M | $240.78M | $340.34M | $413.16M | $447.49M | $483.88M | $568.08M | $606.27M |
| Earnings | |||||||||
| Net income | $695.96M | $848.95M | $1.04B | $1.06B | $1.11B | $1.45B | $1.65B | $1.86B | $1.99B |
| Net income · continuing ops | $695.96M | $848.95M | $1.04B | $1.06B | $1.11B | $1.45B | $1.65B | $1.8B | $1.91B |
| Net margin | +23.29% | +23.84% | +25.46% | +22.74% | +20.94% | +23.41% | +23.49% | +23.47% | +23.43% |
| EPS · basic | $2.54 | $3.13 | $3.86 | $3.89 | $4.09 | $8.01 | $9.54 | $10.85 | $11.30 |
| EPS · diluted | $2.50 | $3.09 | $3.82 | $3.85 | $4.06 | $7.94 | $9.36 | $10.88 | $11.30 |
| EPS · low estimate | — | — | — | — | — | $7.90 | $8.77 | $8.68 | $10.99 |
| EPS · high estimate | — | — | — | — | — | $8.00 | $9.77 | $13.44 | $11.71 |
| Shares · basic | 273.5M | 271.2M | 269.38M | 271.21M | 271.33M | 269.9M | 270.54M | 270.27M | 272.5M |
| Shares · diluted | 278.86M | 275.01M | 272.75M | 273.83M | 273.31M | 274.3M | 270.68M | 274.07M | 272.06M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 20 | 19 | 13 | 12 |
| Analysts (EPS) | — | — | — | — | — | 12 | 14 | 8 | 6 |
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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