Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.73B | $5.48B | $5.91B | $6.27B | $6.5B | $6.45B | $6.75B | $7.17B | $7.33B |
| Cost of revenue | $1.44B | $1.69B | $1.9B | $2.02B | $2.1B | $2.07B | $2.13B | $2.28B | $2.43B |
| Gross profit | $3.29B | $3.78B | $4B | $4.24B | $4.4B | $4.36B | $4.62B | $4.82B | $5.04B |
| Gross margin | +69.50% | +69.07% | +67.78% | +67.72% | +67.66% | +67.65% | +68.42% | +67.25% | +68.72% |
| Operating | |||||||||
| Research & development | $34.6M | $0 | $0 | $0 | $1.05B | $352.06M | $359.74M | $378.52M | $398.13M |
| Selling, general & administrative | $2.16B | $2.48B | $2.7B | $2.88B | $3.07B | $3.03B | $3.1B | $3.25B | $3.46B |
| Total operating expenses | $2.37B | $2.68B | $2.77B | $3.09B | $3.37B | $3.11B | $3.42B | $3.56B | $3.56B |
| Operating income | $915.75M | $1.1B | $1.24B | $1.16B | $1.03B | $1.21B | $1.27B | $1.33B | $1.34B |
| Operating margin | +19.34% | +20.09% | +20.94% | +18.45% | +15.79% | +18.77% | +18.89% | +18.61% | +18.29% |
| EBITDA | $1.3B | $1.35B | $1.47B | $1.72B | $1.23B | $1.52B | $1.56B | $1.66B | $1.73B |
| EBIT | $1.09B | $1.15B | $1.28B | $1.52B | $1.03B | $1.33B | $1.39B | $1.45B | $1.5B |
| Below the line | |||||||||
| Interest expense | $118.51M | $126.2M | $132.77M | $131.05M | $112.07M | $133.25M | $132.98M | $141.05M | $143.75M |
| Interest income | $1.89M | $4.88M | $38.53M | $61.56M | $64.72M | $57.19M | $58.9M | $61.89M | $62.51M |
| Other income / expense | $54.12M | -$72.91M | -$89.77M | $231.09M | -$57.59M | — | — | — | — |
| Pre-tax income | $969.87M | $1.03B | $1.15B | $1.39B | $968.08M | $1.24B | $1.29B | $1.38B | $1.4B |
| Income tax expense | $176.27M | $219.39M | $264.66M | $133.66M | $238.9M | $228.43M | $236.9M | $258.43M | $269.33M |
| Earnings | |||||||||
| Net income | $793.56M | $807.8M | $882.47M | $1.25B | $729.18M | $963.73M | $1.05B | $1.09B | $1.1B |
| Net income · continuing ops | $793.56M | $807.8M | $882.47M | $1.25B | $729.18M | $993.01M | $1.04B | $1.12B | $1.1B |
| Net margin | +16.76% | +14.75% | +14.94% | +20.00% | +11.22% | +14.94% | +15.57% | +15.26% | +15.03% |
| EPS · basic | $9.33 | $10.08 | $11.17 | $16.12 | $9.68 | $13.67 | $15.33 | $17.92 | $25.63 |
| EPS · diluted | $9.21 | $9.96 | $11.08 | $16.00 | $9.65 | $13.70 | $15.41 | $17.61 | $25.57 |
| EPS · low estimate | — | — | — | — | — | $13.25 | $14.16 | $15.64 | $25.25 |
| EPS · high estimate | — | — | — | — | — | $14.03 | $16.56 | $21.76 | $25.95 |
| Shares · basic | 85.03M | 80.18M | 79M | 77.79M | 72M | 71.98M | 72.57M | 72.11M | 72.67M |
| Shares · diluted | 86.18M | 81.07M | 79.68M | 78.34M | 72.1M | 72.72M | 72.24M | 72.7M | 72.12M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 5 | 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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