Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.91B | $7.84B | $7.68B | $7.75B | $8.09B | $8.66B | $9.06B | $9.41B | $9.98B |
| Cost of revenue | $4.94B | $4.94B | $4.82B | $4.79B | $4.87B | $5.35B | $5.73B | $5.9B | $6B |
| Gross profit | $2.97B | $2.9B | $2.87B | $2.96B | $3.22B | $3.24B | $3.42B | $3.54B | $3.9B |
| Gross margin | +37.56% | +37.03% | +37.32% | +38.20% | +39.77% | +37.46% | +37.72% | +37.65% | +39.10% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $149.6M | $84.3M | $83.93M | $87.83M | $92.36M | $97.55M |
| Selling, general & administrative | $1.69B | $1.63B | $1.65B | $1.56B | $1.84B | $1.91B | $1.99B | $2.01B | $2.13B |
| Total operating expenses | $1.69B | $1.63B | $1.65B | $1.75B | $1.84B | $1.96B | $2.07B | $2.14B | $2.22B |
| Operating income | $1.28B | $1.28B | $1.22B | $1.21B | $1.37B | $1.41B | $1.5B | $1.49B | $1.6B |
| Operating margin | +16.21% | +16.31% | +15.87% | +15.57% | +16.97% | +16.23% | +16.53% | +15.86% | +16.00% |
| EBITDA | $1.8B | $1.6B | $1.56B | $2.23B | $1.86B | $2.13B | $2.2B | $2.3B | $2.4B |
| EBIT | $1.51B | $1.31B | $1.25B | $1.89B | $1.48B | $1.7B | $1.81B | $1.87B | $1.96B |
| Below the line | |||||||||
| Interest expense | $106.32M | $116.46M | $131.31M | $131.17M | $109.77M | $139.45M | $144M | $151.07M | $157.73M |
| Interest income | $4.44M | $4.43M | $13.5M | $37.16M | $73.03M | $45.83M | $45.93M | $49.78M | $52.3M |
| Other income / expense | $119.32M | -$89.44M | -$96.34M | $550.66M | $891K | — | — | — | — |
| Pre-tax income | $1.4B | $1.19B | $1.12B | $1.76B | $1.37B | $1.53B | $1.65B | $1.65B | $1.79B |
| Income tax expense | $277.01M | $200.29M | $179.14M | $357.05M | $276.82M | $291.48M | $309.7M | $322.45M | $331.85M |
| Earnings | |||||||||
| Net income | $1.12B | $1.07B | $1.06B | $2.7B | $1.09B | $1.37B | $1.48B | $1.54B | $1.64B |
| Net income · continuing ops | $1.12B | $989.91M | $943.86M | $1.4B | $1.1B | $1.25B | $1.31B | $1.4B | $1.46B |
| Net margin | +14.21% | +13.58% | +13.75% | +34.82% | +13.52% | +15.82% | +16.29% | +16.33% | +16.44% |
| EPS · basic | $7.81 | $7.47 | $7.56 | $19.58 | $7.97 | $10.61 | $11.59 | $12.76 | $14.52 |
| EPS · diluted | $7.74 | $7.42 | $7.52 | $19.45 | $7.92 | $10.66 | $11.65 | $12.51 | $14.25 |
| EPS · low estimate | — | — | — | — | — | $10.40 | $10.67 | $10.82 | $13.91 |
| EPS · high estimate | — | — | — | — | — | $10.89 | $12.13 | $14.68 | $14.47 |
| Shares · basic | 143.92M | 142.68M | 139.85M | 137.74M | 137.24M | 136.34M | 138.08M | 138.45M | 137.29M |
| Shares · diluted | 145.27M | 143.6M | 140.6M | 138.7M | 138.03M | 138.06M | 137.65M | 137.72M | 137.16M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 4 | 2 |
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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