Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.59B | $1.84B | $2.09B | $2.2B | $2.32B | $2.46B | $2.6B | $2.76B | $2.87B |
| Cost of revenue | $786.4M | $871.11M | $973.23M | $1.01B | $1.1B | $1.13B | $1.19B | $1.26B | $1.38B |
| Gross profit | $805.05M | $972.79M | $1.11B | $1.19B | $1.22B | $1.33B | $1.42B | $1.46B | $1.49B |
| Gross margin | +50.59% | +52.76% | +53.33% | +54.07% | +52.72% | +54.15% | +54.50% | +53.14% | +51.79% |
| Operating | |||||||||
| Research & development | $250.1M | $255.1M | $267.4M | $266.43M | $300.7M | $304.96M | $320.49M | $357.84M | $355.25M |
| Selling, general & administrative | $331M | $433.03M | $159.64M | $213.39M | $475.66M | $312.86M | $324.56M | $345.8M | $362.36M |
| Total operating expenses | $331M | $497.3M | $483.08M | $489.81M | $475.66M | $534.6M | $559.55M | $607.18M | $647.48M |
| Operating income | $474.04M | $475.48M | $630.21M | $701.3M | $748.3M | $762.7M | $804.7M | $841.99M | $901.23M |
| Operating margin | +29.79% | +25.79% | +30.22% | +31.83% | +32.23% | +30.98% | +30.95% | +30.55% | +31.40% |
| EBITDA | $581.08M | $610.36M | $788M | $872.88M | $965.96M | $965.4M | $1B | $1.1B | $1.13B |
| EBIT | $474.04M | $479.29M | $650.27M | $717.28M | $777.28M | $796.2M | $836.01M | $887.14M | $947.28M |
| Below the line | |||||||||
| Interest expense | $8.2M | $35.7M | $66.32M | $65.78M | $56.32M | $69.66M | $75.99M | $78.93M | $81.36M |
| Interest income | $1.81M | $6.18M | $12.81M | $14.45M | $6.53M | $12.76M | $13.1M | $13.91M | $14.79M |
| Other income / expense | -$6.42M | -$31.89M | -$45.25M | -$49.8M | -$27.35M | — | — | — | — |
| Pre-tax income | $467.62M | $443.59M | $584.95M | $651.5M | $720.96M | $747.67M | $766.75M | $835.5M | $858.07M |
| Income tax expense | $68.03M | $46.68M | $116.82M | $114.38M | $123.92M | $132.87M | $141.84M | $148.3M | $156.57M |
| Earnings | |||||||||
| Net income | $399.59M | $396.92M | $468.17M | $537.13M | $597.04M | $601.13M | $641.07M | $655.64M | $695.63M |
| Net income · continuing ops | $399.59M | $396.92M | $468.17M | $537.13M | $597.04M | $592.17M | $632.97M | $649.29M | $690.4M |
| Net margin | +25.11% | +21.53% | +22.45% | +24.38% | +25.72% | +24.41% | +24.66% | +23.79% | +24.24% |
| EPS · basic | $10.56 | $10.48 | $12.26 | $14.11 | $15.74 | $17.75 | $19.61 | $21.51 | $22.83 |
| EPS · diluted | $10.36 | $10.25 | $12.04 | $13.91 | $15.55 | $17.70 | $19.32 | $21.32 | $22.75 |
| EPS · low estimate | — | — | — | — | — | $17.30 | $18.90 | $19.63 | $22.55 |
| EPS · high estimate | — | — | — | — | — | $17.94 | $19.72 | $22.25 | $22.96 |
| Shares · basic | 37.86M | 37.86M | 38.19M | 38.06M | 37.92M | 38.24M | 37.7M | 38.15M | 37.57M |
| Shares · diluted | 38.57M | 38.74M | 38.9M | 38.62M | 38.39M | 38.2M | 38.41M | 38.19M | 38.36M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 12 | 13 | 6 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 8 | 6 |
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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