Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.6B | $11.67B | $12.84B | $13.69B | $14.73B | $16.01B | $17.14B | $18.54B | $19.74B |
| Cost of revenue | $1.52B | $1.66B | $1.57B | $1.44B | $2.34B | $2.01B | $2.24B | $2.36B | $2.61B |
| Gross profit | $7.08B | $10.01B | $11.27B | $12.25B | $12.39B | $13.98B | $14.86B | $15.8B | $17.21B |
| Gross margin | +82.30% | +85.80% | +87.75% | +89.46% | +84.10% | +87.33% | +86.74% | +85.24% | +87.17% |
| Operating | |||||||||
| Research & development | $1.07B | $1.18B | $1.36B | $1.31B | $1.28B | $1.54B | $1.65B | $1.8B | $1.92B |
| Selling, general & administrative | $4.93B | $6.85B | $7.63B | $8.43B | $8.11B | $9.61B | $10.36B | $10.83B | $11.54B |
| Total operating expenses | $6.89B | $8.93B | $10.23B | $10.93B | $10.41B | $12.65B | $13.48B | $14.27B | $15.52B |
| Operating income | $186M | $1.09B | $1.03B | $1.32B | $1.98B | $1.63B | $1.82B | $1.95B | $2.06B |
| Operating margin | +2.16% | +9.30% | +8.05% | +9.63% | +13.43% | +10.21% | +10.64% | +10.49% | +10.42% |
| EBITDA | $1.13B | $1.61B | $2.07B | $2.63B | $2.87B | $2.85B | $3.09B | $3.47B | $3.54B |
| EBIT | $313M | $815M | $1.26B | $1.79B | $1.98B | $1.99B | $2.09B | $2.26B | $2.43B |
| Below the line | |||||||||
| Interest expense | $351M | $277M | $245M | $246M | $299M | $314.25M | $321.13M | $362.11M | $368.68M |
| Interest income | $9M | $60M | $207M | $235M | $255M | $270.33M | $284.45M | $304.74M | $327.48M |
| Other income / expense | -$224M | -$547M | -$15M | $223M | -$387M | — | — | — | — |
| Pre-tax income | -$38M | $538M | $1.02B | $1.54B | $1.59B | $1.55B | $1.72B | $1.89B | $1.97B |
| Income tax expense | -$53M | $195M | $330M | $318M | $290M | $381.78M | $402.5M | $431.19M | $471.95M |
| Earnings | |||||||||
| Net income | $12M | $352M | $797M | $1.23B | $1.29B | $1.24B | $1.37B | $1.45B | $1.54B |
| Net income · continuing ops | $15M | $343M | $688M | $1.22B | $1.3B | $1.25B | $1.34B | $1.46B | $1.49B |
| Net margin | +0.14% | +3.02% | +6.21% | +9.01% | +8.78% | +7.77% | +8.01% | +7.84% | +7.79% |
| EPS · basic | $-1.80 | $2.25 | $5.50 | $9.39 | $10.32 | $20.42 | $23.97 | $28.65 | $32.05 |
| EPS · diluted | $-1.80 | $2.18 | $5.31 | $8.95 | $9.81 | $19.68 | $23.10 | $27.80 | $31.06 |
| EPS · low estimate | — | — | — | — | — | $17.00 | $19.62 | $22.03 | $30.09 |
| EPS · high estimate | — | — | — | — | — | $20.53 | $24.26 | $30.92 | $32.48 |
| Shares · basic | 149.73M | 156.67M | 144.97M | 131.43M | 125.36M | 126.12M | 124.53M | 125.48M | 126.46M |
| Shares · diluted | 149.73M | 161.75M | 150.23M | 137.92M | 131.94M | 131.57M | 131.95M | 131.18M | 131.63M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 26 | 26 | 18 | 11 |
| Analysts (EPS) | — | — | — | — | — | 20 | 19 | 9 | 3 |
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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