Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $29.9B | $50.58B | $58.05B | $61.64B | $63.36B | $64.95B | $67.45B | $70.77B | $78.23B |
| Cost of revenue | $27.77B | $39.42B | $42.53B | $45.09B | $48.89B | $49.38B | $51.38B | $54.07B | $59.89B |
| Gross profit | $2.13B | $11.16B | $15.52B | $16.56B | $14.48B | $16.06B | $17.28B | $18.52B | $19.78B |
| Gross margin | +7.13% | +22.06% | +26.73% | +26.86% | +22.84% | +24.73% | +25.61% | +26.17% | +25.28% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $502M | $2.45B | $3.72B | $3.87B | $2.49B | $3.65B | $3.76B | $3.87B | $4.2B |
| Total operating expenses | $247M | $7.5B | $10B | $10.56B | $8.65B | $10.67B | $10.56B | $11.53B | $12.2B |
| Operating income | $1.89B | $3.66B | $5.52B | $6B | $5.82B | $6.15B | $6.22B | $6.61B | $7.33B |
| Operating margin | +6.31% | +7.24% | +9.51% | +9.73% | +9.19% | +9.47% | +9.22% | +9.35% | +9.37% |
| EBITDA | $3.68B | $5.05B | $8.78B | $7.92B | $8.03B | $8.6B | $9.3B | $9.66B | $10.75B |
| EBIT | $1.68B | $2.94B | $6.44B | $5.41B | $5.59B | $6.37B | $6.62B | $6.75B | $7.35B |
| Below the line | |||||||||
| Interest expense | $1.28B | $1.03B | $834M | $747M | $679M | $791.66M | $841.31M | $865.5M | $966.64M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$1.49B | -$1.75B | $87M | -$1.34B | $363M | — | — | — | — |
| Pre-tax income | $398M | $1.91B | $5.61B | $4.66B | $6.19B | $5.82B | $6.16B | $6.42B | $6.99B |
| Income tax expense | $118M | $596M | $999M | $1.2B | $1.18B | $1.23B | $1.3B | $1.36B | $1.45B |
| Earnings | |||||||||
| Net income | $280M | $1.32B | $4.61B | $3.46B | $5.01B | $4.53B | $4.92B | $5.09B | $5.52B |
| Net income · continuing ops | $280M | $1.32B | $4.61B | $3.46B | $5.01B | $4.62B | $4.81B | $5.11B | $5.44B |
| Net margin | +0.94% | +2.61% | +7.94% | +5.61% | +7.90% | +6.98% | +7.29% | +7.19% | +7.05% |
| EPS · basic | $0.44 | $2.07 | $7.21 | $5.39 | $7.72 | $5.55 | $8.08 | $9.35 | $10.66 |
| EPS · diluted | $0.44 | $2.06 | $7.17 | $5.33 | $7.66 | $5.47 | $8.08 | $9.32 | $10.63 |
| EPS · low estimate | — | — | — | — | — | $4.25 | $3.18 | $8.56 | $9.89 |
| EPS · high estimate | — | — | — | — | — | $7.29 | $9.64 | $10.22 | $11.10 |
| Shares · basic | 636M | 638M | 639M | 648M | 648M | 654.36M | 648.81M | 644.62M | 651.74M |
| Shares · diluted | 641M | 641M | 643M | 648M | 654M | 651.71M | 649M | 656.41M | 653.41M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 12 | 8 | 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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