Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $12.91B | $13.97B | $14.91B | $13.98B | $16.3B | $16.51B | $17.25B | $17.36B | $18.04B |
| Cost of revenue | $0 | $0 | $0 | $0 | $10.9B | $3.76B | $3.9B | $3.89B | $3.94B |
| Gross profit | $12.91B | $13.97B | $14.91B | $13.98B | $5.4B | $12.72B | $13.05B | $13.23B | $14.28B |
| Gross margin | +100.00% | +100.00% | +100.00% | +100.00% | +33.11% | +77.03% | +75.68% | +76.20% | +79.12% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.81B | $1.92B | $2.05B | $2.02B | $2.17B | $2.24B | $2.34B | $2.34B | $2.47B |
| Total operating expenses | $10.14B | $11.4B | $12.15B | $11.5B | $2.17B | $9.63B | $10.34B | $10.48B | $10.81B |
| Operating income | $2.77B | $2.57B | $2.76B | $2.48B | $3.23B | $3.01B | $3.16B | $3.28B | $3.45B |
| Operating margin | +21.42% | +18.42% | +18.53% | +17.73% | +19.81% | +18.25% | +18.31% | +18.89% | +19.10% |
| EBITDA | $3.61B | $2.43B | $2.5B | $2.9B | $3.85B | $3.32B | $3.61B | $3.62B | $3.73B |
| EBIT | $3.31B | $2.07B | $2.09B | $2.51B | $3.46B | $2.99B | $3.02B | $3.09B | $3.18B |
| Below the line | |||||||||
| Interest expense | $395M | $377M | $349M | $405M | $403M | $426.54M | $443.9M | $437.91M | $454.35M |
| Interest income | $4M | $6M | $131M | $189M | $176M | $180.86M | $185.36M | $193.84M | $200.57M |
| Other income / expense | $153M | -$880M | -$1.03B | -$374M | -$168M | — | — | — | — |
| Pre-tax income | $2.92B | $1.69B | $1.74B | $2.1B | $3.06B | $2.47B | $2.67B | $2.71B | $2.82B |
| Income tax expense | $717M | $461M | $483M | $550M | $768M | $660.4M | $674.24M | $683.9M | $704.11M |
| Earnings | |||||||||
| Net income | $2.15B | $1.21B | $1.24B | $1.5B | $2.26B | $1.8B | $1.84B | $1.87B | $1.95B |
| Net income · continuing ops | $2.2B | $1.23B | $1.25B | $1.55B | $2.29B | $1.9B | $1.94B | $1.96B | $2.03B |
| Net margin | +16.66% | +8.62% | +8.31% | +10.74% | +13.88% | +10.90% | +10.68% | +10.78% | +10.79% |
| EPS · basic | $3.64 | $2.13 | $2.34 | $3.14 | $4.97 | $5.02 | $5.65 | $5.55 | $5.62 |
| EPS · diluted | $3.61 | $2.11 | $2.33 | $3.13 | $4.91 | $5.01 | $5.69 | $5.55 | $5.53 |
| EPS · low estimate | — | — | — | — | — | $4.58 | $5.17 | $5.07 | $5.43 |
| EPS · high estimate | — | — | — | — | — | $5.27 | $6.21 | $6.07 | $5.62 |
| Shares · basic | 591M | 566M | 529M | 478M | 461M | 457.12M | 458.27M | 464.84M | 457.51M |
| Shares · diluted | 595M | 570M | 531M | 480M | 461M | 461.22M | 464.41M | 458.7M | 462.63M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 12 | 10 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 7 | 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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