Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.42B | $5.86B | $5B | $4.14B | $4.7B | $4.98B | $5.29B | $5.46B | $5.69B |
| Cost of revenue | $2.55B | $2.4B | $2.13B | $1.46B | $1.4B | $1.84B | $1.91B | $1.9B | $2.09B |
| Gross profit | $3.87B | $3.45B | $2.87B | $2.67B | $3.3B | $3.12B | $3.34B | $3.42B | $3.74B |
| Gross margin | +60.32% | +58.94% | +57.34% | +64.61% | +70.26% | +62.68% | +63.04% | +62.70% | +65.85% |
| Operating | |||||||||
| Research & development | $315.7M | $307.9M | $306.9M | $294.1M | $385.6M | $361.41M | $384.99M | $389.3M | $394.7M |
| Selling, general & administrative | $1.94B | $2.05B | $1.84B | $1.53B | $316.9M | $1.33B | $1.44B | $1.44B | $1.54B |
| Total operating expenses | $3.11B | $3.04B | $4.41B | $1.98B | $2.25B | $3B | $3.26B | $3.42B | $3.41B |
| Operating income | $763.3M | $407.7M | -$1.54B | $690M | $1.06B | $138.1M | $153.1M | $150.85M | $160.03M |
| Operating margin | +11.89% | +6.96% | -30.76% | +16.68% | +22.50% | +2.77% | +2.89% | +2.77% | +2.81% |
| EBITDA | $1.67B | $1.22B | -$863.2M | $880.5M | $232.7M | $146.2M | $159.09M | $160.32M | $170.36M |
| EBIT | $761.6M | $432.5M | -$1.52B | $668.2M | $61.4M | -$213.58M | -$231.56M | -$236.91M | -$251.16M |
| Below the line | |||||||||
| Interest expense | $179.7M | $171M | $186.3M | $171.2M | $163.4M | $187.43M | $204.97M | $210.89M | $212.6M |
| Interest income | $5.4M | $11.8M | $23M | $47.3M | $28.6M | $35.86M | $38.96M | $40.72M | $41.71M |
| Other income / expense | -$181.4M | -$146.2M | -$170.3M | -$193M | -$1.16B | — | — | — | — |
| Pre-tax income | $581.9M | $261.5M | -$1.71B | $497M | -$102M | -$403.03M | -$441.09M | -$444.68M | -$465.77M |
| Income tax expense | $146.6M | $58.5M | -$221.3M | $102.6M | $216.2M | -$84.73M | -$91.05M | -$93.26M | -$97.94M |
| Earnings | |||||||||
| Net income | $428.7M | $203.5M | -$1.49B | $385.6M | -$322.4M | -$441.96M | -$473.34M | -$486.52M | -$502.55M |
| Net income · continuing ops | $435.3M | $203M | -$1.49B | $394.4M | -$318.2M | -$447.92M | -$489.56M | -$483.13M | -$522.9M |
| Net margin | +6.68% | +3.47% | -29.77% | +9.32% | -6.86% | -8.87% | -8.94% | -8.92% | -8.84% |
| EPS · basic | $3.11 | $1.47 | $-10.73 | $2.77 | $-2.30 | $6.06 | $6.42 | $7.04 | $7.31 |
| EPS · diluted | $3.10 | $1.47 | $-10.73 | $2.75 | $-2.30 | $5.97 | $6.42 | $7.07 | $7.29 |
| EPS · low estimate | — | — | — | — | — | $5.54 | $6.18 | $6.49 | $6.93 |
| EPS · high estimate | — | — | — | — | — | $6.42 | $6.76 | $7.91 | $7.65 |
| Shares · basic | 138M | 138.7M | 138.8M | 139.4M | 140.2M | 139.48M | 140.67M | 138.98M | 141.18M |
| Shares · diluted | 138.4M | 138.9M | 138.8M | 140.3M | 140.2M | 141.35M | 139.73M | 139.92M | 139.31M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 8 | 4 |
| Analysts (EPS) | — | — | — | — | — | 9 | 10 | 4 | 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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