Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $11.62B | $11.61B | $12.14B | $12.82B | $13.64B | $14.09B | $14.52B | $14.81B | $15.89B |
| Cost of revenue | $7.97B | $8.21B | $8.32B | $8.6B | $9.96B | $10.02B | $10.13B | $10.1B | $11B |
| Gross profit | $3.65B | $3.4B | $3.82B | $4.22B | $3.68B | $4.32B | $4.44B | $4.58B | $4.9B |
| Gross margin | +31.38% | +29.29% | +31.47% | +32.91% | +27.00% | +30.67% | +30.58% | +30.90% | +30.81% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.2B | $1.36B | $1.47B | $1.54B | $1.67B | $1.67B | $1.73B | $1.75B | $1.92B |
| Total operating expenses | $1.85B | $2.06B | $2.22B | $2.13B | $1.67B | $2.16B | $2.24B | $2.26B | $2.56B |
| Operating income | $1.8B | $1.34B | $1.6B | $2.09B | $2.01B | $2.03B | $2.08B | $2.22B | $2.32B |
| Operating margin | +15.47% | +11.53% | +13.20% | +16.31% | +14.74% | +14.41% | +14.32% | +14.96% | +14.59% |
| EBITDA | $2.48B | $2.06B | $2.32B | $2.72B | $2.64B | $2.74B | $2.88B | $2.91B | $3.23B |
| EBIT | $1.8B | $1.32B | $1.58B | $2B | $1.93B | $2.01B | $2.11B | $2.15B | $2.26B |
| Below the line | |||||||||
| Interest expense | $285.25M | $357.02M | $398.55M | $470.47M | $549.67M | $502.64M | $516.88M | $546.62M | $587.69M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$278.88M | -$372.78M | -$425.69M | -$560.09M | -$663.79M | — | — | — | — |
| Pre-tax income | $1.52B | $966.28M | $1.18B | $1.53B | $1.35B | $1.52B | $1.5B | $1.52B | $1.69B |
| Income tax expense | $306.73M | $198.09M | $220.12M | $279.66M | $293.11M | $292.46M | $292.74M | $306.1M | $323.85M |
| Earnings | |||||||||
| Net income | $978.45M | $560.4M | $691.54M | $936.34M | $746.8M | $849.44M | $897.37M | $930.15M | $977.74M |
| Net income · continuing ops | $1.21B | $768.19M | $956.98M | $1.25B | $1.05B | $1.2B | $1.19B | $1.28B | $1.37B |
| Net margin | +8.42% | +4.83% | +5.70% | +7.31% | +5.47% | +6.03% | +6.18% | +6.28% | +6.15% |
| EPS · basic | $9.30 | $5.88 | $7.62 | $11.02 | $9.72 | $15.00 | $17.47 | $19.11 | $18.65 |
| EPS · diluted | $8.90 | $5.71 | $7.42 | $10.73 | $9.51 | $14.70 | $17.01 | $18.46 | $18.12 |
| EPS · low estimate | — | — | — | — | — | $14.16 | $15.85 | $18.06 | $17.72 |
| EPS · high estimate | — | — | — | — | — | $15.64 | $18.14 | $19.13 | $18.77 |
| Shares · basic | 105.23M | 92.99M | 90.79M | 84.99M | 86.1M | 86.18M | 86.11M | 86.53M | 86.79M |
| Shares · diluted | 109.95M | 95.83M | 93.18M | 87.27M | 88.1M | 87.39M | 88.7M | 87.95M | 87.83M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 1 | 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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