Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.54B | $3.98B | $4.13B | $4.05B | $4.02B | $3.85B | $3.92B | $4.09B | $4.25B |
| Cost of revenue | $2.21B | $2.51B | $2.63B | $2.72B | $2.79B | $2.62B | $2.68B | $2.75B | $2.75B |
| Gross profit | $1.33B | $1.46B | $1.5B | $1.33B | $1.23B | $1.25B | $1.28B | $1.39B | $1.4B |
| Gross margin | +37.70% | +36.79% | +36.39% | +32.88% | +30.52% | +32.48% | +32.74% | +34.09% | +32.86% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $619.92M | $665.1M | $747.86M | $751M | $743.07M | $712.06M | $727.12M | $732.1M | $759.93M |
| Total operating expenses | $744.78M | $811.68M | $885.3M | $1.1B | $717.73M | $833.01M | $888.15M | $918.32M | $939.71M |
| Operating income | $589.86M | $650.98M | $617.26M | $227.35M | $507.84M | $438.01M | $433.58M | $442.68M | $471.15M |
| Operating margin | +16.66% | +16.37% | +14.95% | +5.61% | +12.65% | +11.38% | +11.07% | +10.82% | +11.08% |
| EBITDA | $820.16M | $986.15M | $1.03B | $581.14M | $911.15M | $818.9M | $787.26M | $822.5M | $886.18M |
| EBIT | $554.62M | $682.28M | $717.99M | $219.4M | $507.84M | $448.11M | $462.25M | $494.85M | $510.6M |
| Below the line | |||||||||
| Interest expense | $73.91M | $59.29M | $136.71M | $126.29M | $107.03M | $114.91M | $121.21M | $123.11M | $132.2M |
| Interest income | $652K | $780K | $5.2M | $8.58M | $4.94M | $6.07M | $5.86M | $6.2M | $6.56M |
| Other income / expense | -$109.15M | -$27.99M | -$35.98M | -$134.23M | -$607.34M | — | — | — | — |
| Pre-tax income | $480.71M | $622.99M | $581.28M | $93.11M | -$99.5M | $176.46M | $179.85M | $192.41M | $191.98M |
| Income tax expense | $81.87M | $130.38M | $100.91M | $67.82M | $42.66M | $30.05M | $30.94M | $32.24M | $33.99M |
| Earnings | |||||||||
| Net income | $390.98M | $486.23M | $474.62M | $10.3M | -$144.34M | $101.53M | $105.4M | $112.61M | $113.97M |
| Net income · continuing ops | $398.84M | $492.61M | $480.37M | $25.29M | -$142.16M | $110.89M | $116.29M | $118.99M | $123.66M |
| Net margin | +11.04% | +12.23% | +11.49% | +0.25% | -3.59% | +2.64% | +2.69% | +2.75% | +2.68% |
| EPS · basic | $7.77 | $9.57 | $9.27 | $0.20 | $-2.91 | $11.22 | $12.27 | $13.71 | $14.99 |
| EPS · diluted | $7.60 | $9.48 | $9.22 | $0.20 | $-2.91 | $11.09 | $12.32 | $13.49 | $14.78 |
| EPS · low estimate | — | — | — | — | — | $10.86 | $11.93 | $8.70 | $14.46 |
| EPS · high estimate | — | — | — | — | — | $11.23 | $12.66 | $17.09 | $15.58 |
| Shares · basic | 50.29M | 50.81M | 51.23M | 51.38M | 49.56M | 49.55M | 49.07M | 49.75M | 49.97M |
| Shares · diluted | 51.43M | 51.3M | 51.45M | 51.63M | 49.56M | 49.22M | 49.73M | 49.09M | 49.31M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 12 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 5 | 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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