Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $43.03B | $51.28B | $60.25B | $50.52B | $44.67B | $41.65B | $45.08B | $49.09B |
| Cost of revenue | $29.32B | $35.55B | $37.94B | $31.02B | $28.37B | $26.54B | $28.72B | $30.69B |
| Gross profit | $13.72B | $15.73B | $22.31B | $19.5B | $16.3B | $15.1B | $16.85B | $17.99B |
| Gross margin | +31.87% | +30.67% | +37.02% | +38.59% | +36.48% | +36.25% | +37.37% | +36.65% |
| Operating | ||||||||
| Research & development | $1.59B | $1.91B | $2.18B | $2.29B | $2.31B | $1.87B | $2.02B | $2.13B |
| Selling, general & administrative | $3.2B | $3.65B | $4.31B | $4.51B | $4.24B | $3.61B | $3.76B | $4.19B |
| Total operating expenses | $6.05B | $6.7B | $7.72B | $8.07B | $7.88B | $6.31B | $6.99B | $7.51B |
| Operating income | $7.66B | $9.03B | $14.59B | $11.43B | $8.42B | $8.93B | $9.6B | $10.6B |
| Operating margin | +17.81% | +17.60% | +24.22% | +22.62% | +18.84% | +21.43% | +21.30% | +21.59% |
| EBITDA | $10.65B | $12.08B | $17.48B | $14.67B | $11.66B | $11.45B | $12.62B | $13.71B |
| EBIT | $8.6B | $10.19B | $15.47B | $12.55B | $9.43B | $9.99B | $11.09B | $11.73B |
| Below the line | ||||||||
| Interest expense | $993M | $1.06B | $2.45B | $3.35B | $3.17B | $2.44B | $2.64B | $2.86B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$40M | $111M | -$1.57B | -$2.25B | -$2.16B | — | — | — |
| Pre-tax income | $7.62B | $9.14B | $13.03B | $9.18B | $6.26B | $7.6B | $7.86B | $9.01B |
| Income tax expense | $1.66B | $2.01B | $2.87B | $2.09B | $1.26B | $1.61B | $1.77B | $1.91B |
| Earnings | ||||||||
| Net income | $5.96B | $7.13B | $10.17B | $7.1B | $5.03B | $5.69B | $6.25B | $7.01B |
| Net income · continuing ops | $5.97B | $7.13B | $10.16B | $7.09B | $5B | $5.72B | $6.14B | $6.81B |
| Net margin | +13.86% | +13.91% | +16.87% | +14.05% | +11.25% | +13.66% | +13.86% | +14.28% |
| EPS · basic | $19.14 | $23.42 | $34.80 | $25.72 | $18.56 | $17.97 | $22.90 | $27.63 |
| EPS · diluted | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 | $18.01 | $22.75 | $27.39 |
| EPS · low estimate | — | — | — | — | — | $16.67 | $20.72 | $21.28 |
| EPS · high estimate | — | — | — | — | — | $18.67 | $24.45 | $35.72 |
| Shares · basic | 311.6M | 304.5M | 292.2M | 276M | 270.9M | 269.86M | 271.16M | 269.42M |
| Shares · diluted | 314M | 306.3M | 293.6M | 277.1M | 271.7M | 274.27M | 274.38M | 273.23M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 7 |
| Analysts (EPS) | — | — | — | — | — | 17 | 17 | 11 |
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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