Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.76B | $3.18B | $3.27B | $3.27B | $3.46B | $3.63B | $3.8B | $3.99B | $4.34B |
| Cost of revenue | $1.4B | $1.59B | $1.65B | $1.75B | $1.92B | $1.95B | $2.03B | $2.13B | $2.31B |
| Gross profit | $1.36B | $1.59B | $1.62B | $1.52B | $1.54B | $1.72B | $1.75B | $1.91B | $2.01B |
| Gross margin | +49.24% | +50.11% | +49.57% | +46.40% | +44.51% | +47.25% | +46.07% | +47.86% | +46.23% |
| Operating | |||||||||
| Research & development | $133M | $156.8M | $175.9M | $178.6M | $0 | $129.28M | $134.52M | $143.96M | $156.5M |
| Selling, general & administrative | $573.2M | $648.1M | $696.2M | $749M | $818.8M | $812.1M | $862.71M | $925.64M | $956.52M |
| Total operating expenses | $707.5M | $804.9M | $872.1M | $819.8M | $818.8M | $927.11M | $953.37M | $1.02B | $1.1B |
| Operating income | $654M | $789.5M | $750.7M | $696.9M | $720M | $775.22M | $808.23M | $890.09M | $936.78M |
| Operating margin | +23.65% | +24.81% | +22.93% | +21.32% | +20.82% | +21.35% | +21.29% | +22.30% | +21.57% |
| EBITDA | $720.5M | $909.8M | $964.1M | $859.4M | $903.5M | $972.11M | $1.01B | $1.07B | $1.19B |
| EBIT | $617.5M | $790.1M | $812M | $683.8M | $697M | $818.11M | $816.67M | $884.92M | $960.87M |
| Below the line | |||||||||
| Interest expense | $37.7M | $40.7M | $51.7M | $44.5M | $64.4M | $59.47M | $61.54M | $62.13M | $70.16M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$74.2M | -$40.1M | $9.6M | -$57.6M | -$87.4M | — | — | — | — |
| Pre-tax income | $579.8M | $749.4M | $760.3M | $639.3M | $632.6M | $753.71M | $754.71M | $799.01M | $904.53M |
| Income tax expense | $130.5M | $162.7M | $164.7M | $134.7M | $150.1M | $164.63M | $168.11M | $177.36M | $200.21M |
| Earnings | |||||||||
| Net income | $449.4M | $586.9M | $596.1M | $505M | $483.2M | $578.73M | $616.54M | $619.02M | $684.58M |
| Net income · continuing ops | $449.3M | $586.7M | $595.6M | $504.6M | $482.5M | $576.87M | $587.83M | $650.11M | $703.99M |
| Net margin | +16.25% | +18.44% | +18.21% | +15.45% | +13.98% | +15.94% | +16.24% | +15.51% | +15.77% |
| EPS · basic | $5.91 | $7.75 | $7.88 | $6.67 | $6.41 | $8.40 | $9.12 | $10.18 | $11.52 |
| EPS · diluted | $5.88 | $7.72 | $7.85 | $6.64 | $6.41 | $8.50 | $9.23 | $10.02 | $11.52 |
| EPS · low estimate | — | — | — | — | — | $8.45 | $8.99 | $9.62 | $11.39 |
| EPS · high estimate | — | — | — | — | — | $8.58 | $9.53 | $10.80 | $11.68 |
| Shares · basic | 76M | 75.7M | 75.6M | 75.7M | 75.3M | 74.63M | 75.36M | 75.79M | 74.93M |
| Shares · diluted | 76.4M | 76M | 75.9M | 75.9M | 75.3M | 75.63M | 76.03M | 75.12M | 75.44M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 3 | 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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