Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $11.13B | $12.46B | $12.87B | $13.47B | $15.09B | $15.48B | $16.23B | $17.03B | $17.5B |
| Cost of revenue | $3.45B | $4.59B | $4.65B | $4.38B | $6.83B | $5.98B | $6.27B | $6.27B | $6.68B |
| Gross profit | $7.69B | $7.87B | $8.22B | $9.1B | $8.27B | $9.49B | $10.26B | $10.29B | $10.92B |
| Gross margin | +69.05% | +63.14% | +63.90% | +67.52% | +54.77% | +61.29% | +63.26% | +60.43% | +62.41% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | -$382M | -$72M | $78M | $0 | $0 | $31.4M | $31.83M | $34.28M | $34.8M |
| Total operating expenses | $5.96B | $5.96B | $5.96B | $6.72B | $5.43B | $6.65B | $7.09B | $7.55B | $7.81B |
| Operating income | $1.73B | $1.91B | $2.27B | $2.38B | $2.83B | $2.77B | $2.91B | $3.03B | $3.11B |
| Operating margin | +15.50% | +15.33% | +17.61% | +17.63% | +18.77% | +17.89% | +17.93% | +17.82% | +17.79% |
| EBITDA | $4.29B | $3.77B | $3.95B | $4.1B | $4.39B | $4.67B | $4.99B | $5.21B | $5.38B |
| EBIT | $2.62B | $2.39B | $2.49B | $2.52B | $2.83B | $2.92B | $3.06B | $3.26B | $3.39B |
| Below the line | |||||||||
| Interest expense | $1.06B | $955M | $1.03B | $1.01B | $1.14B | $1.19B | $1.22B | $1.29B | $1.37B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$167M | -$471M | -$802M | -$871M | -$1.27B | — | — | — | — |
| Pre-tax income | $1.56B | $1.44B | $1.46B | $1.5B | $1.56B | $1.67B | $1.8B | $1.87B | $1.97B |
| Income tax expense | $320M | $1B | $267M | $377M | $288M | $352.41M | $376M | $375.88M | $398.94M |
| Earnings | |||||||||
| Net income | $1.28B | $406M | $1.1B | $978M | $1.02B | $1.16B | $1.22B | $1.29B | $1.33B |
| Net income · continuing ops | $1.24B | $439M | $1.2B | $1.13B | $1.27B | $1.34B | $1.4B | $1.51B | $1.51B |
| Net margin | +11.53% | +3.26% | +8.56% | +7.26% | +6.76% | +7.47% | +7.53% | +7.57% | +7.58% |
| EPS · basic | $2.35 | $0.71 | $1.92 | $1.70 | $1.77 | $2.73 | $2.96 | $3.17 | $3.41 |
| EPS · diluted | $2.35 | $0.71 | $1.92 | $1.70 | $1.76 | $2.73 | $2.95 | $3.18 | $3.40 |
| EPS · low estimate | — | — | — | — | — | $2.70 | $2.92 | $3.15 | $3.09 |
| EPS · high estimate | — | — | — | — | — | $2.76 | $2.98 | $3.19 | $3.76 |
| Shares · basic | 545M | 571M | 573M | 575M | 577M | 572.71M | 575.84M | 571.55M | 577.35M |
| Shares · diluted | 546M | 572M | 574M | 577M | 578M | 581.4M | 581.98M | 578.95M | 582.21M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 9 | 10 | 4 | 2 |
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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