Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $27.31B | $27.28B | $27.12B | $28.75B | $29.44B | $30.44B | $32.35B | $34.19B | $36.24B |
| Cost of revenue | $6.6B | $5.66B | $6.5B | $6.25B | $3.92B | $6.16B | $6.21B | $6.58B | $7.09B |
| Gross profit | $20.7B | $21.62B | $20.62B | $22.5B | $25.52B | $24.2B | $25.31B | $27.66B | $29.75B |
| Gross margin | +75.82% | +79.26% | +76.04% | +78.26% | +86.69% | +79.50% | +78.23% | +80.88% | +82.09% |
| Operating | |||||||||
| Research & development | $4.6B | $4.98B | $5.72B | $5.91B | $5.69B | $6.32B | $6.71B | $6.81B | $7.28B |
| Selling, general & administrative | $5.25B | $5.67B | $6.09B | $6.09B | $5.71B | $6.48B | $6.82B | $7.11B | $7.52B |
| Total operating expenses | $10.79B | $14.29B | $13.01B | $20.84B | $13.71B | $17.43B | $18.54B | $18.75B | $19.7B |
| Operating income | $9.92B | $7.33B | $7.61B | $1.66B | $11.82B | $7.68B | $7.82B | $8.21B | $8.96B |
| Operating margin | +36.32% | +26.87% | +28.05% | +5.78% | +40.14% | +25.23% | +24.17% | +24.01% | +24.72% |
| EBITDA | $11.33B | $8.85B | $10.5B | $4.43B | $10.82B | $9.22B | $9.81B | $10.11B | $10.75B |
| EBIT | $9.28B | $6.75B | $7.8B | $1.67B | $10.82B | $7.26B | $7.58B | $8.31B | $8.63B |
| Below the line | |||||||||
| Interest expense | $1B | $935M | $944M | $977M | $1.02B | $1.03B | $1.13B | $1.21B | $1.27B |
| Interest income | $0 | $106M | $376M | $281M | $0 | $240.86M | $255.95M | $273.97M | $279.96M |
| Other income / expense | -$1.64B | -$1.52B | -$746M | -$972M | -$2.02B | — | — | — | — |
| Pre-tax income | $8.28B | $5.81B | $6.86B | $690M | $9.8B | $6.25B | $6.53B | $7.07B | $7.35B |
| Income tax expense | $2.08B | $1.25B | $1.25B | $211M | $1.29B | $1.28B | $1.37B | $1.47B | $1.55B |
| Earnings | |||||||||
| Net income | $6.23B | $4.59B | $5.67B | $480M | $8.51B | $5.07B | $5.44B | $5.91B | $6.18B |
| Net income · continuing ops | $6.2B | $4.57B | $5.61B | $479M | $8.51B | $5.34B | $5.43B | $5.72B | $6.05B |
| Net margin | +22.80% | +16.83% | +20.89% | +1.67% | +28.90% | +16.66% | +16.80% | +17.30% | +17.05% |
| EPS · basic | $4.96 | $3.66 | $4.54 | $0.38 | $6.84 | $0.26 | $9.60 | $10.49 | $11.72 |
| EPS · diluted | $4.93 | $3.64 | $4.50 | $0.38 | $6.78 | $0.26 | $9.63 | $10.55 | $11.71 |
| EPS · low estimate | — | — | — | — | — | $0.22 | $8.19 | $7.89 | $11.32 |
| EPS · high estimate | — | — | — | — | — | $0.35 | $10.93 | $12.13 | $12.27 |
| Shares · basic | 1.26B | 1.26B | 1.25B | 1.25B | 1.24B | 1.23B | 1.23B | 1.25B | 1.25B |
| Shares · diluted | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.27B | 1.25B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 18 | 19 | 20 | 11 |
| Analysts (EPS) | — | — | — | — | — | 15 | 15 | 9 | 3 |
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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