Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.36B | $1.73B | $1.78B | $2.04B | $2.14B | $2.2B | $2.29B | $2.4B | $2.65B |
| Cost of revenue | $417.91M | $530.91M | $556.72M | $637.65M | $970.42M | $786.64M | $801.94M | $848.4M | $963.84M |
| Gross profit | $946.67M | $1.2B | $1.23B | $1.4B | $1.17B | $1.42B | $1.48B | $1.55B | $1.68B |
| Gross margin | +69.37% | +69.27% | +68.78% | +68.70% | +54.66% | +64.68% | +64.72% | +64.62% | +63.24% |
| Operating | |||||||||
| Research & development | $0 | $3.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $104.12M | $120.14M | $136.81M | $138.14M | $170.21M | $162.15M | $168.99M | $182.39M | $194.06M |
| Total operating expenses | $522.39M | $631.31M | $587.91M | $770.27M | $417.12M | $653.32M | $679.06M | $729.43M | $817.44M |
| Operating income | $424.29M | $565.46M | $638.78M | $629.09M | $752.57M | $751.21M | $775.59M | $811.46M | $926.18M |
| Operating margin | +31.09% | +32.73% | +35.82% | +30.88% | +35.17% | +34.18% | +33.94% | +33.86% | +34.95% |
| EBITDA | $1.34B | $1.06B | $1.4B | $1.26B | $1.62B | $1.54B | $1.63B | $1.73B | $1.86B |
| EBIT | $949.26M | $571.64M | $894.12M | $659.01M | $1B | $967.51M | $963.55M | $1.05B | $1.16B |
| Below the line | |||||||||
| Interest expense | $204.13M | $226.82M | $250.2M | $307.81M | $407.52M | $346.71M | $367.21M | $377.56M | $422.68M |
| Interest income | $0 | $0 | $0 | $0 | $61.91M | $20.58M | $22.65M | $23.22M | $25.99M |
| Other income / expense | $428.79M | -$394.28M | $88.12M | -$184.23M | -$156.97M | — | — | — | — |
| Pre-tax income | $853.08M | $171.19M | $726.9M | $444.86M | $595.61M | $680.42M | $680.05M | $714.18M | $821.86M |
| Income tax expense | $3.38M | $56.65M | $60.95M | $25.42M | $2.8M | $31.81M | $34.11M | $36.04M | $38.52M |
| Earnings | |||||||||
| Net income | $844.06M | $125.98M | $654.27M | $410.79M | $584.1M | $629.84M | $644.22M | $664.24M | $729.77M |
| Net income · continuing ops | $849.7M | $114.53M | $665.95M | $419.44M | $592.81M | $641.97M | $665.45M | $667.02M | $750.44M |
| Net margin | +61.85% | +7.29% | +36.69% | +20.17% | +27.29% | +28.66% | +28.19% | +27.71% | +27.54% |
| EPS · basic | $1.61 | $0.16 | $1.02 | $0.55 | $0.83 | $0.81 | $0.86 | $0.91 | $0.83 |
| EPS · diluted | $1.60 | $0.16 | $1.02 | $0.55 | $0.83 | $0.82 | $0.84 | $0.91 | $0.84 |
| EPS · low estimate | — | — | — | — | — | $0.81 | $0.84 | $0.82 | $0.82 |
| EPS · high estimate | — | — | — | — | — | $0.83 | $0.85 | $1.01 | $0.85 |
| Shares · basic | 506.25M | 615.53M | 616.95M | 671.56M | 673.91M | 675.81M | 673.89M | 678.56M | 670.65M |
| Shares · diluted | 511.39M | 617.86M | 618.2M | 672.14M | 674.15M | 671.54M | 680.12M | 672.8M | 675.39M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 7 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 7 | 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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