Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $3.97B | $2.38B | $4.54B | $5.74B | $5.73B | $6.01B | $6.34B | $9.71B |
| Cost of revenue | $0 | $0 | $0 | $0 | $3.96B | $1.38B | $1.49B | $2.21B |
| Gross profit | $3.97B | $2.38B | $4.54B | $5.74B | $1.77B | $4.5B | $4.76B | $7.34B |
| Gross margin | +100.00% | +100.00% | +100.00% | +100.00% | +30.85% | +74.98% | +75.12% | +75.67% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $4.8B | $0 | $1.63B | $1.8B | $2.67B |
| Total operating expenses | $129M | $157M | $232M | $4.8B | $1.45B | $2.25B | $2.48B | $3.63B |
| Operating income | $3.84B | $2.23B | $4.31B | $944M | $323M | $2.32B | $2.53B | $3.69B |
| Operating margin | +96.75% | +93.41% | +94.89% | +16.43% | +5.64% | +38.57% | +39.99% | +38.06% |
| EBITDA | $0 | $0 | $0 | $1.48B | $1.15B | $2.35B | $2.46B | $3.71B |
| EBIT | $0 | $0 | $0 | $910M | $487M | $501.37M | $524.06M | $804.69M |
| Below the line | ||||||||
| Interest expense | $29M | $29M | $97M | $132M | $164M | $147.67M | $149.92M | $233.78M |
| Interest income | $0 | $0 | $0 | $2.72B | $0 | $947.19M | $997.96M | $1.5B |
| Other income / expense | -$2.29B | -$1.43B | -$4.34B | -$166M | $0 | — | — | — |
| Pre-tax income | $1.55B | $793M | -$35M | $778M | $323M | $365.6M | $387.33M | $594.48M |
| Income tax expense | $320M | $158M | $23M | $136M | $52M | $61.74M | $64.68M | $98.9M |
| Earnings | ||||||||
| Net income | $1.24B | $635M | -$58M | $622M | $265M | $278.1M | $290.63M | $471.73M |
| Net income · continuing ops | $1.23B | $635M | -$58M | $642M | $271M | $288.81M | $318M | $480.87M |
| Net margin | +31.23% | +26.65% | -1.28% | +10.83% | +4.62% | +4.63% | +4.59% | +4.86% |
| EPS · basic | $8.24 | $5.52 | $-0.47 | $4.98 | $1.89 | $5.66 | $6.50 | $7.73 |
| EPS · diluted | $8.24 | $5.52 | $-0.47 | $4.75 | $1.88 | $5.51 | $6.37 | $7.67 |
| EPS · low estimate | — | — | — | — | — | $5.51 | $6.37 | $7.67 |
| EPS · high estimate | — | — | — | — | — | $5.51 | $6.37 | $7.67 |
| Shares · basic | 105M | 115M | 124M | 125M | 131M | 130.73M | 129.72M | 130.59M |
| Shares · diluted | 105M | 115M | 124M | 131M | 132M | 130.85M | 131.89M | 133.05M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 1 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 1 | 1 | 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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