Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $19.67B | $29.49B | $23.18B | $23.38B | $22.57B | $29.22B | $27.38B | $27.57B | $27.95B |
| Cost of revenue | $5.35B | $4.87B | $4.95B | $5.68B | $7.2B | $7.63B | $7.11B | $7.03B | $7.09B |
| Gross profit | $14.32B | $24.62B | $18.24B | $17.7B | $15.37B | $21.56B | $20.27B | $20.15B | $21.08B |
| Gross margin | +72.83% | +83.48% | +78.66% | +75.70% | +68.11% | +73.80% | +74.03% | +73.08% | +75.41% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $4.68B | $7.11B | $6.35B | $6.39B | $4.54B | $7.48B | $6.72B | $6.82B | $7.04B |
| Total operating expenses | $8.22B | $14.65B | $8.63B | $9.62B | $7.44B | $10.72B | $10.43B | $10.02B | $10.66B |
| Operating income | $6.1B | $9.97B | $9.6B | $8.08B | $7.93B | $11.09B | $10.07B | $9.91B | $10.08B |
| Operating margin | +31.02% | +33.79% | +41.42% | +34.57% | +35.14% | +37.95% | +36.79% | +35.95% | +36.05% |
| EBITDA | $9.76B | $13.62B | $13.33B | $12.46B | $11.3B | $15.52B | $15.06B | $14.46B | $15.12B |
| EBIT | $6.11B | $10.08B | $9.84B | $8.36B | $6.56B | $10.32B | $9.62B | $9.77B | $10.04B |
| Below the line | |||||||||
| Interest expense | $178M | $179M | $148M | $138M | $220M | $209.16M | $198.18M | $202.98M | $203.26M |
| Interest income | $3M | $0 | $240M | $277M | $0 | $218.86M | $206.98M | $207.69M | $200.82M |
| Other income / expense | -$169M | -$65M | $86M | $136M | -$1.59B | — | — | — | — |
| Pre-tax income | $5.93B | $9.9B | $9.69B | $8.22B | $6.34B | $10.2B | $9.32B | $9.62B | $9.74B |
| Income tax expense | $1.27B | $2.14B | $2.1B | $1.82B | $1.36B | $2.26B | $2.05B | $2.1B | $2.07B |
| Earnings | |||||||||
| Net income | $4.66B | $7.76B | $7.59B | $6.4B | $4.98B | $8.01B | $7.65B | $7.74B | $7.75B |
| Net income · continuing ops | $4.66B | $7.76B | $7.59B | $6.4B | $4.98B | $8.2B | $7.35B | $7.59B | $7.88B |
| Net margin | +23.71% | +26.31% | +32.76% | +27.39% | +22.07% | +27.43% | +27.93% | +28.08% | +27.72% |
| EPS · basic | $8.03 | $13.31 | $13.07 | $11.31 | $9.16 | $17.08 | $14.80 | $15.02 | $16.67 |
| EPS · diluted | $7.99 | $13.22 | $13.00 | $11.25 | $9.11 | $16.99 | $14.73 | $14.81 | $16.47 |
| EPS · low estimate | — | — | — | — | — | $10.28 | $11.15 | $9.07 | $14.35 |
| EPS · high estimate | — | — | — | — | — | $20.80 | $16.33 | $18.18 | $19.16 |
| Shares · basic | 581M | 583M | 581M | 566M | 539.23M | 534.22M | 536.56M | 538.37M | 538.26M |
| Shares · diluted | 584M | 587M | 584M | 569M | 539.23M | 537.83M | 542.55M | 543.16M | 534.66M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 8 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 16 | 17 | 10 | 4 |
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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