Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $51.68B | $54.02B | $54.61B | $55.09B | $54.77B | $54.32B | $53.94B | $54.18B | $54.81B |
| Cost of revenue | $31.08B | $30.6B | $33.34B | $29.76B | $29.4B | $30.81B | $31B | $30.2B | $31.75B |
| Gross profit | $20.61B | $23.42B | $21.27B | $25.33B | $25.37B | $24.15B | $23.92B | $23.91B | $24.12B |
| Gross margin | +39.87% | +43.36% | +38.95% | +45.97% | +46.32% | +44.46% | +44.34% | +44.13% | +44.01% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $9.75B | $11.18B | $8.77B | $12.08B | $12.05B | $10.88B | $11.04B | $10.86B | $11.09B |
| Total operating expenses | $9.75B | $11.18B | $8.77B | $12.08B | $12.05B | $10.84B | $10.68B | $10.87B | $11.06B |
| Operating income | $10.86B | $12.24B | $12.51B | $13.25B | $13.32B | $12.57B | $12.95B | $12.82B | $12.89B |
| Operating margin | +21.00% | +22.66% | +22.90% | +24.04% | +24.33% | +23.13% | +24.00% | +23.67% | +23.52% |
| EBITDA | $19.77B | $20.92B | $20.74B | $21.4B | $21.21B | $21.48B | $20.86B | $21.24B | $20.64B |
| EBIT | $10.43B | $12.02B | $12.04B | $12.73B | $12.5B | $12.16B | $12.54B | $12.64B | $12.25B |
| Below the line | |||||||||
| Interest expense | $4.04B | $4.56B | $5.19B | $5.23B | $5.04B | $5.06B | $5.02B | $5.18B | $5.23B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$4.47B | -$4.78B | -$5.65B | -$5.74B | -$5.87B | — | — | — | — |
| Pre-tax income | $6.39B | $7.46B | $6.85B | $7.5B | $7.46B | $7.35B | $7.1B | $7.22B | $7.44B |
| Income tax expense | $1.07B | $1.61B | $1.59B | $1.65B | $1.69B | $1.59B | $1.65B | $1.59B | $1.66B |
| Earnings | |||||||||
| Net income | $4.65B | $5.06B | $4.56B | $5.08B | $4.99B | $4.94B | $4.8B | $4.72B | $4.91B |
| Net income · continuing ops | $5.32B | $5.85B | $5.26B | $5.85B | $5.77B | $5.6B | $5.55B | $5.51B | $5.7B |
| Net margin | +9.01% | +9.36% | +8.35% | +9.23% | +9.10% | +9.09% | +8.90% | +8.72% | +8.96% |
| EPS · basic | $25.34 | $31.30 | $30.54 | $35.53 | $36.90 | $41.61 | $45.36 | $55.07 | $53.43 |
| EPS · diluted | $24.47 | $30.74 | $29.99 | $34.97 | $36.21 | $41.17 | $45.12 | $53.64 | $53.22 |
| EPS · low estimate | — | — | — | — | — | $36.61 | $40.95 | $29.21 | $51.99 |
| EPS · high estimate | — | — | — | — | — | $44.07 | $49.28 | $72.22 | $54.03 |
| Shares · basic | 183.67M | 161.5M | 149.21M | 143.06M | 135.16M | 134.44M | 134.85M | 133.89M | 136.48M |
| Shares · diluted | 193.04M | 164.43M | 151.97M | 145.36M | 137.74M | 138.85M | 138.66M | 137.98M | 137.26M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 13 | 12 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 11 | 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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