Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.99B | $3.39B | $3.7B | $4.24B | $5.14B | $5.62B | $6.17B | $6.45B | $4.52B |
| Cost of revenue | $187.34M | $253.35M | $315.15M | $377.72M | $438.72M | $481.21M | $520.32M | $542.33M | $399.58M |
| Gross profit | $2.8B | $3.14B | $3.38B | $3.86B | $4.7B | $5.27B | $5.71B | $5.77B | $4.11B |
| Gross margin | +93.73% | +92.54% | +91.47% | +91.09% | +91.47% | +93.79% | +92.42% | +89.40% | +90.85% |
| Operating | |||||||||
| Research & development | $1.46B | $1.59B | $1.63B | $2.61B | $1.98B | $2.68B | $2.92B | $3.18B | $2.23B |
| Selling, general & administrative | $703.22M | $955.79M | $1.1B | $1.18B | $1.38B | $1.61B | $1.78B | $1.77B | $1.25B |
| Total operating expenses | $2.16B | $2.54B | $2.73B | $3.78B | $3.36B | $4.4B | $4.6B | $5.02B | $3.52B |
| Operating income | $637.54M | $599.56M | $651.77M | $80.14M | $1.34B | $844.1M | $957.39M | $1.01B | $693.41M |
| Operating margin | +21.35% | +17.66% | +17.64% | +1.89% | +26.12% | +15.02% | +15.50% | +15.60% | +15.34% |
| EBITDA | $630.2M | $599.64M | $919.43M | $408.16M | $1.76B | $1.31B | $1.44B | $1.45B | $1.02B |
| EBIT | $572.35M | $531.78M | $836.77M | $318.91M | $1.67B | $1.17B | $1.31B | $1.32B | $941.7M |
| Below the line | |||||||||
| Interest expense | $1.91M | $2.67M | $2.55M | $2.28M | $2.43M | $3.16M | $3.52M | $3.62M | $2.61M |
| Interest income | $0 | $0 | $0 | $128.71M | $105.6M | $97.25M | $104.42M | $107.69M | $75.31M |
| Other income / expense | -$67.09M | -$70.45M | $182.44M | $236.49M | $321.7M | — | — | — | — |
| Pre-tax income | $570.44M | $529.12M | $834.22M | $316.63M | $1.66B | $1.14B | $1.28B | $1.31B | $931.06M |
| Income tax expense | -$378.14M | $188.46M | $236.62M | $284.02M | $377.8M | $297.45M | $327.5M | $337.11M | $234.26M |
| Earnings | |||||||||
| Net income | $948.58M | $340.66M | $597.6M | $32.62M | $1.29B | $784.97M | $875.07M | $888.35M | $616.85M |
| Net income · continuing ops | $948.58M | $340.66M | $597.6M | $32.62M | $1.29B | $797.98M | $880.58M | $923.18M | $636.25M |
| Net margin | +31.76% | +10.04% | +16.17% | +0.77% | +25.03% | +13.97% | +14.17% | +13.77% | +13.65% |
| EPS · basic | $4.30 | $1.53 | $2.67 | $0.16 | $6.59 | $7.72 | $9.07 | $9.56 | $3.21 |
| EPS · diluted | $4.27 | $1.52 | $2.65 | $0.15 | $6.41 | $7.53 | $8.90 | $9.36 | $3.10 |
| EPS · low estimate | — | — | — | — | — | $7.20 | $8.09 | $5.38 | $2.91 |
| EPS · high estimate | — | — | — | — | — | $7.85 | $10.94 | $12.30 | $3.55 |
| Shares · basic | 220.43M | 222M | 223.63M | 207.11M | 195.2M | 194.96M | 194.03M | 196.02M | 195.79M |
| Shares · diluted | 222.07M | 223.96M | 225.93M | 210.53M | 200.7M | 202.68M | 200.83M | 200.2M | 199.08M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 18 | 19 | 20 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 13 | 11 |
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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