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Arphra AIPlain-English read on Electronic Arts Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.63B | $6.99B | $7.43B | $7.56B | $7.46B | $8.28B | $8.73B | $8.74B | $10.49B |
| Cost of revenue | $1.49B | $1.86B | $1.79B | $1.71B | $1.54B | $1.85B | $1.95B | $1.98B | $2.29B |
| Gross profit | $4.14B | $5.13B | $5.63B | $5.85B | $5.92B | $6.27B | $6.72B | $6.72B | $7.98B |
| Gross margin | +73.46% | +73.41% | +75.87% | +77.39% | +79.32% | +75.71% | +77.03% | +76.89% | +76.12% |
| Operating | |||||||||
| Research & development | $1.78B | $2.19B | $2.33B | $2.42B | $2.57B | $2.66B | $2.78B | $2.79B | $3.37B |
| Selling, general & administrative | $1.28B | $1.63B | $1.71B | $1.71B | $1.71B | $1.88B | $2.02B | $1.99B | $2.44B |
| Total operating expenses | $3.09B | $4B | $4.3B | $4.33B | $4.4B | $4.82B | $5.11B | $5.15B | $5.93B |
| Operating income | $1.05B | $1.13B | $1.33B | $1.52B | $1.52B | $1.64B | $1.74B | $1.67B | $2.03B |
| Operating margin | +18.58% | +16.15% | +17.94% | +20.07% | +20.37% | +19.76% | +19.97% | +19.08% | +19.38% |
| EBITDA | $1.24B | $1.63B | $1.92B | $2.05B | $2.02B | $2.16B | $2.32B | $2.34B | $2.85B |
| EBIT | $1.06B | $1.14B | $1.38B | $1.65B | $1.66B | $1.74B | $1.82B | $1.84B | $2.22B |
| Below the line | |||||||||
| Interest expense | $45M | $58M | $58M | $58M | $58M | $65.94M | $66.72M | $67.71M | $80.87M |
| Interest income | $24M | $4M | $49M | $126M | $125M | $112.63M | $119.01M | $113.94M | $141.33M |
| Other income / expense | -$29M | -$48M | -$6M | $71M | $85M | — | — | — | — |
| Pre-tax income | $1.02B | $1.08B | $1.33B | $1.59B | $1.61B | $1.69B | $1.78B | $1.78B | $2.15B |
| Income tax expense | $180M | $292M | $524M | $316M | $484M | $496.38M | $533.04M | $531.2M | $623.17M |
| Earnings | |||||||||
| Net income | $837M | $789M | $802M | $1.27B | $1.12B | $1.2B | $1.26B | $1.27B | $1.52B |
| Net income · continuing ops | $837M | $789M | $802M | $1.27B | $1.12B | $1.19B | $1.23B | $1.27B | $1.53B |
| Net margin | +14.87% | +11.29% | +10.80% | +16.83% | +15.02% | +14.53% | +14.42% | +14.56% | +14.52% |
| EPS · basic | $2.90 | $2.78 | $2.90 | $4.71 | $4.28 | $8.82 | $9.72 | $9.68 | $14.54 |
| EPS · diluted | $2.87 | $2.76 | $2.88 | $4.68 | $4.23 | $8.87 | $9.57 | $9.55 | $14.38 |
| EPS · low estimate | — | — | — | — | — | $8.16 | $8.52 | $7.52 | $13.15 |
| EPS · high estimate | — | — | — | — | — | $9.48 | $10.90 | $10.62 | $15.75 |
| Shares · basic | 289M | 284M | 277M | 270M | 262M | 264.15M | 263.45M | 263.64M | 263.36M |
| Shares · diluted | 292M | 286M | 278M | 272M | 264M | 263.23M | 263.11M | 263.3M | 262.44M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 10 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 11 | 8 | 3 | 1 |
Coverage notes. Historical figures come’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 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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