Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.55B | $2.8B | $3.32B | $3.8B | $3.94B | $5.38B | $5.76B | $6.19B |
| Cost of revenue | $362M | $408M | $589M | $731M | $776M | $1.02B | $1.09B | $1.19B |
| Gross profit | $2.19B | $2.39B | $2.73B | $3.07B | $3.16B | $4.42B | $4.56B | $5.1B |
| Gross margin | +85.81% | +85.41% | +82.24% | +80.76% | +80.28% | +82.07% | +79.17% | +82.38% |
| Operating | ||||||||
| Research & development | $267M | $253M | $313M | $332M | $329M | $466.04M | $511.04M | $532.92M |
| Selling, general & administrative | $791M | $1.01B | $968M | $1.34B | $1.04B | $1.59B | $1.7B | $1.93B |
| Total operating expenses | $1.29B | $1.38B | $1.52B | $1.96B | $1.55B | $2.47B | $2.63B | $2.76B |
| Operating income | $896M | $1.01B | $1.21B | $1.11B | $1.61B | $1.92B | $2.01B | $2.14B |
| Operating margin | +35.12% | +35.94% | +36.36% | +29.21% | +40.91% | +35.62% | +34.84% | +34.65% |
| EBITDA | $1.19B | $1.33B | $1.51B | $1.6B | $2.03B | $2.46B | $2.68B | $2.87B |
| EBIT | $1.02B | $1.17B | $1.18B | $1.12B | $1.61B | $1.86B | $2.07B | $2.18B |
| Below the line | ||||||||
| Interest expense | $144M | $126M | $401M | $669M | $578M | $816.56M | $870.76M | $932.54M |
| Interest income | $4M | $0 | $15M | $25M | $28M | $33.49M | $35.57M | $37.42M |
| Other income / expense | -$24M | $37M | -$423M | -$663M | -$581M | — | — | — |
| Pre-tax income | $872M | $1.04B | $783M | $447M | $1.03B | $1.09B | $1.16B | $1.3B |
| Income tax expense | $176M | $206M | -$551M | -$160M | $386M | $409.48M | $435.15M | $470.81M |
| Earnings | ||||||||
| Net income | $554M | $836M | $1.33B | $607M | $643M | $1.31B | $1.43B | $1.52B |
| Net income · continuing ops | $696M | $836M | $1.33B | $607M | $643M | $1.31B | $1.43B | $1.49B |
| Net margin | +21.72% | +29.90% | +40.22% | +15.97% | +16.34% | +24.43% | +24.77% | +24.53% |
| EPS · basic | $0.94 | $1.44 | $2.20 | $0.95 | $1.04 | $2.92 | $3.36 | $3.73 |
| EPS · diluted | $0.92 | $1.41 | $2.16 | $0.95 | $1.03 | $2.91 | $3.30 | $3.69 |
| EPS · low estimate | — | — | — | — | — | $2.83 | $3.15 | $3.32 |
| EPS · high estimate | — | — | — | — | — | $2.98 | $3.48 | $4.05 |
| Shares · basic | 589M | 581M | 614M | 637M | 617M | 622.98M | 619.65M | 621.27M |
| Shares · diluted | 600M | 591M | 624M | 642M | 624M | 625.88M | 618.38M | 620.01M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 7 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 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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