Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $23.1B | $24.7B | $17.6B | $17.72B | $16.23B | $16.9B | $18.07B | $19.21B | $17.37B |
| Cost of revenue | $21.49B | $22.83B | $16.46B | $16.42B | $14.87B | $15.65B | $16.23B | $17.85B | $16.32B |
| Gross profit | $1.61B | $1.87B | $1.14B | $1.31B | $1.36B | $1.24B | $1.32B | $1.39B | $1.26B |
| Gross margin | +6.96% | +7.57% | +6.47% | +7.38% | +8.37% | +7.33% | +7.28% | +7.25% | +7.24% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $44.31M | $0 | $14.33M | $14.95M | $15.6M | $14.14M |
| Selling, general & administrative | $526.37M | $603.42M | $624.27M | $639.62M | $564.29M | $590.15M | $628.85M | $663.6M | $606.88M |
| Total operating expenses | $526.37M | $603.42M | $624.27M | $639.62M | $564.29M | $615.86M | $637.76M | $661.05M | $616.31M |
| Operating income | $1.08B | $1.27B | $514.61M | $669.14M | $794.96M | $663.29M | $700.32M | $746.67M | $684.83M |
| Operating margin | +4.68% | +5.13% | +2.92% | +3.78% | +4.90% | +3.93% | +3.88% | +3.89% | +3.94% |
| EBITDA | $1.17B | $1.36B | $613.59M | $766.3M | $888.38M | $731.64M | $779.76M | $829.31M | $781.83M |
| EBIT | $1.08B | $1.27B | $514.61M | $669.14M | $785.56M | $664.25M | $705.13M | $754.65M | $648.3M |
| Below the line | |||||||||
| Interest expense | $59.82M | $100.02M | $105.42M | $89.94M | $63.1M | $84.72M | $89.1M | $93.79M | $84.07M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$59.82M | -$100.02M | -$105.42M | -$89.94M | -$72.5M | — | — | — | — |
| Pre-tax income | $1.02B | $1.17B | $409.19M | $579.2M | $722.46M | $570.82M | $614.11M | $640.73M | $578.84M |
| Income tax expense | $178.05M | $226.24M | $84.06M | $113.51M | $135.38M | $110.6M | $117.85M | $128.23M | $111.31M |
| Earnings | |||||||||
| Net income | $844.25M | $940.52M | $325.13M | $465.69M | $587.08M | $451.23M | $494.5M | $521.39M | $460.65M |
| Net income · continuing ops | $844.25M | $940.52M | $325.13M | $465.69M | $587.08M | $443.74M | $490.71M | $518.66M | $475.8M |
| Net margin | +3.65% | +3.81% | +1.85% | +2.63% | +3.62% | +2.67% | +2.74% | +2.71% | +2.65% |
| EPS · basic | $6.37 | $7.48 | $2.74 | $3.89 | $4.88 | $6.20 | $7.32 | $8.00 | $7.01 |
| EPS · diluted | $6.31 | $7.40 | $2.72 | $3.86 | $4.83 | $6.16 | $7.35 | $8.02 | $7.00 |
| EPS · low estimate | — | — | — | — | — | $5.53 | $5.65 | $7.24 | $6.58 |
| EPS · high estimate | — | — | — | — | — | $6.32 | $8.02 | $8.80 | $7.87 |
| Shares · basic | 132.48M | 125.74M | 118.55M | 119.81M | 120.24M | 119.64M | 120.74M | 119.28M | 119.91M |
| Shares · diluted | 133.83M | 127.15M | 119.68M | 120.68M | 121.5M | 122.51M | 120.66M | 121.88M | 121.98M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 13 | 15 | 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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