Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $14.46B | $15.93B | $16.11B | $15.9B | $16.04B | $16.61B | $17.2B | $17.75B | $18.5B |
| Cost of revenue | $8.62B | $9.56B | $9.43B | $8.96B | $8.97B | $9.26B | $10.05B | $9.98B | $10.62B |
| Gross profit | $5.83B | $6.37B | $6.68B | $6.94B | $7.08B | $7.27B | $7.55B | $7.71B | $8.06B |
| Gross margin | +40.35% | +39.98% | +41.46% | +43.65% | +44.10% | +43.78% | +43.90% | +43.46% | +43.58% |
| Operating | |||||||||
| Research & development | $239M | $269M | $284M | $292M | $0 | $197.19M | $207.79M | $209.12M | $217.27M |
| Selling, general & administrative | $2.12B | $2.31B | $2.35B | $2.38B | $2.78B | $2.58B | $2.61B | $2.72B | $2.81B |
| Total operating expenses | $2.36B | $2.58B | $2.64B | $2.68B | $2.86B | $2.85B | $2.97B | $3.1B | $3.21B |
| Operating income | $3.48B | $3.79B | $4.04B | $4.26B | $4.22B | $4.32B | $4.57B | $4.52B | $4.74B |
| Operating margin | +24.05% | +23.79% | +25.08% | +26.82% | +26.28% | +25.99% | +26.59% | +25.46% | +25.62% |
| EBITDA | $3.94B | $4.46B | $4.48B | $5.11B | $4.65B | $5B | $5B | $5.2B | $5.33B |
| EBIT | $3.53B | $4.05B | $4.09B | $4.71B | $4.26B | $4.44B | $4.7B | $4.84B | $4.96B |
| Below the line | |||||||||
| Interest expense | $202M | $203M | $266M | $283M | $292M | $292.06M | $301.91M | $318.96M | $333.15M |
| Interest income | $41M | $31M | $53M | $44M | $0 | $34.22M | $34.58M | $36.39M | $37.21M |
| Other income / expense | -$151M | $52M | -$217M | $158M | -$250M | — | — | — | — |
| Pre-tax income | $3.33B | $3.84B | $3.82B | $4.42B | $3.97B | $4.24B | $4.26B | $4.41B | $4.79B |
| Income tax expense | $632M | $808M | $866M | $934M | $900M | $926.12M | $972.9M | $978.93M | $1.05B |
| Earnings | |||||||||
| Net income | $2.69B | $3.03B | $2.96B | $3.49B | $3.07B | $3.3B | $3.49B | $3.54B | $3.6B |
| Net income · continuing ops | $2.69B | $3.03B | $2.96B | $3.49B | $3.07B | $3.34B | $3.46B | $3.61B | $3.67B |
| Net margin | +18.64% | +19.04% | +18.36% | +21.94% | +19.11% | +19.88% | +20.30% | +19.97% | +19.48% |
| EPS · basic | $8.55 | $9.80 | $9.77 | $11.75 | $10.52 | $11.30 | $12.15 | $12.80 | $13.38 |
| EPS · diluted | $8.51 | $9.77 | $9.74 | $11.71 | $10.49 | $11.30 | $12.09 | $12.82 | $13.51 |
| EPS · low estimate | — | — | — | — | — | $11.13 | $11.81 | $12.45 | $13.34 |
| EPS · high estimate | — | — | — | — | — | $11.74 | $12.59 | $13.60 | $13.68 |
| Shares · basic | 315.1M | 309.6M | 302.6M | 296.8M | 292.28M | 294.52M | 293.44M | 292.02M | 292.44M |
| Shares · diluted | 316.4M | 310.7M | 303.6M | 297.8M | 292.3M | 291.3M | 291.51M | 293.99M | 289.86M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 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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