Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $9.9B | $11.08B | $12.58B | $14.57B | $16.99B | $19B | $20.51B | $21.82B | $23.74B |
| Cost of revenue | $8.4B | $9.47B | $10.49B | $11.8B | $13.66B | $15.16B | $17.05B | $17.73B | $19.09B |
| Gross profit | $1.5B | $1.6B | $2.09B | $2.77B | $3.33B | $3.51B | $3.69B | $4.13B | $4.24B |
| Gross margin | +15.16% | +14.48% | +16.60% | +18.98% | +19.58% | +18.46% | +18.00% | +18.92% | +17.84% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $970.94M | $1.04B | $1.21B | $1.42B | $1.66B | $1.88B | $1.98B | $2.15B | $2.37B |
| Total operating expenses | $970.94M | $1.04B | $1.21B | $1.42B | $1.66B | $1.8B | $2.01B | $2.06B | $2.25B |
| Operating income | $530.8M | $564.88M | $875.76M | $1.34B | $1.67B | $1.68B | $1.81B | $1.85B | $2.04B |
| Operating margin | +5.36% | +5.10% | +6.96% | +9.23% | +9.84% | +8.87% | +8.84% | +8.49% | +8.58% |
| EBITDA | $647.81M | $680.56M | $1.01B | $1.51B | $1.99B | $1.92B | $2.1B | $2.23B | $2.41B |
| EBIT | $535.37M | $571.95M | $890.05M | $1.38B | $1.82B | $1.71B | $1.9B | $1.93B | $2.13B |
| Below the line | |||||||||
| Interest expense | $6.07M | $13.2M | $17.2M | $3.78M | $0 | $10.01M | $11.17M | $11.86M | $12.98M |
| Interest income | $949K | $2.76M | $15.42M | $35.4M | $0 | $22.96M | $25.12M | $27.21M | $29.72M |
| Other income / expense | -$1.5M | -$6.13M | -$2.9M | $32.52M | $144.9M | — | — | — | — |
| Pre-tax income | $529.3M | $558.75M | $872.85M | $1.38B | $1.82B | $1.69B | $1.82B | $1.99B | $2.13B |
| Income tax expense | $145.6M | $152.63M | $239.52M | $370.24M | $546.2M | $472.46M | $518.34M | $564.07M | $591.75M |
| Earnings | |||||||||
| Net income | $383.53M | $406.12M | $632.99M | $1.01B | $1.27B | $1.23B | $1.35B | $1.42B | $1.56B |
| Net income · continuing ops | $383.7M | $406.12M | $633.33M | $1.01B | $1.27B | $1.25B | $1.35B | $1.39B | $1.52B |
| Net margin | +3.87% | +3.67% | +5.03% | +6.91% | +7.47% | +6.49% | +6.56% | +6.52% | +6.59% |
| EPS · basic | $7.09 | $8.13 | $13.37 | $21.61 | $28.19 | $29.43 | $32.49 | $36.83 | $43.40 |
| EPS · diluted | $7.06 | $8.10 | $13.31 | $21.52 | $28.19 | $29.35 | $32.85 | $37.07 | $43.49 |
| EPS · low estimate | — | — | — | — | — | $28.41 | $32.65 | $32.52 | $41.96 |
| EPS · high estimate | — | — | — | — | — | $30.08 | $33.18 | $41.75 | $45.06 |
| Shares · basic | 54.07M | 49.93M | 47.36M | 46.62M | 45.05M | 45.22M | 44.7M | 44.82M | 44.8M |
| Shares · diluted | 54.35M | 50.14M | 47.56M | 46.81M | 45.05M | 44.62M | 45.2M | 45.22M | 45.4M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 3 | 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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