Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.33B | $8.6B | $7.46B | $7.52B | $8.54B | $8.91B | $9.28B | $9.78B | $10.08B |
| Cost of revenue | $4.68B | $5.83B | $4.6B | $4.31B | $3.34B | $4.73B | $4.98B | $5.06B | $5.45B |
| Gross profit | $2.65B | $2.76B | $2.86B | $3.21B | $5.2B | $4.27B | $4.38B | $4.62B | $4.82B |
| Gross margin | +36.14% | +32.13% | +38.35% | +42.70% | +60.91% | +47.88% | +47.17% | +47.25% | +47.80% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $3.47B | $1.19B | $1.25B | $1.29B | $1.37B |
| Total operating expenses | $1.5B | $1.54B | $1.63B | $1.72B | $3.47B | $2.51B | $2.71B | $2.71B | $2.87B |
| Operating income | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B | $1.64B | $1.72B | $1.85B | $1.94B |
| Operating margin | +15.64% | +14.24% | +16.55% | +19.79% | +20.22% | +18.36% | +18.55% | +18.92% | +19.21% |
| EBITDA | $2.44B | $2.55B | $2.78B | $3.07B | $3.19B | $3.42B | $3.47B | $3.71B | $3.96B |
| EBIT | $1.32B | $1.42B | $1.6B | $1.83B | $2.04B | $2.11B | $2.1B | $2.32B | $2.34B |
| Below the line | |||||||||
| Interest expense | $500M | $519M | $643M | $708M | $789M | $813.91M | $869.25M | $868.68M | $924.69M |
| Interest income | $3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$323M | -$322M | -$281M | -$364M | -$479M | — | — | — | — |
| Pre-tax income | $823M | $902M | $954M | $1.12B | $1.25B | $1.24B | $1.32B | $1.39B | $1.39B |
| Income tax expense | $95M | $93M | $147M | $176M | $246M | $218.46M | $218.38M | $234.61M | $240.95M |
| Earnings | |||||||||
| Net income | $1.35B | $837M | $887M | $1B | $1.07B | $1.1B | $1.16B | $1.24B | $1.27B |
| Net income · continuing ops | $728M | $809M | $807M | $947M | $1B | $1.08B | $1.06B | $1.17B | $1.16B |
| Net margin | +18.46% | +9.74% | +11.89% | +13.35% | +12.54% | +12.39% | +12.49% | +12.64% | +12.56% |
| EPS · basic | $4.66 | $2.84 | $3.01 | $3.34 | $3.53 | $3.94 | $4.21 | $4.56 | $4.90 |
| EPS · diluted | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 | $3.88 | $4.17 | $4.51 | $4.87 |
| EPS · low estimate | — | — | — | — | — | $3.85 | $4.15 | $4.48 | $4.53 |
| EPS · high estimate | — | — | — | — | — | $3.90 | $4.21 | $4.54 | $5.16 |
| Shares · basic | 289M | 289.5M | 291.2M | 297.6M | 300.57M | 302.45M | 301.63M | 301.75M | 303.32M |
| Shares · diluted | 289.5M | 290M | 291.7M | 298.3M | 300.57M | 299.77M | 297.63M | 299.74M | 299.99M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 9 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 11 | 6 | 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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