Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E |
|---|---|---|---|---|---|---|
| Revenue & profit | ||||||
| Revenue | $13.73B | $14.05B | $15.68B | $17.24B | $18.18B | $21.9B |
| Cost of revenue | $7.81B | $8.14B | $8.71B | $9.54B | $10.19B | $11.85B |
| Gross profit | $5.91B | $5.91B | $6.97B | $7.7B | $7.98B | $9.44B |
| Gross margin | +43.08% | +42.04% | +44.43% | +44.68% | +43.93% | +43.12% |
| Operating | ||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $3.75B | $4.79B | $4.97B | $5.83B | $5.7B | $6.92B |
| Operating income | $2.16B | $1.11B | $2B | $1.87B | $2.28B | $2.64B |
| Operating margin | +15.74% | +7.93% | +12.73% | +10.87% | +12.56% | +12.03% |
| EBITDA | $3.1B | $2B | $2.91B | $2.9B | $3.33B | $3.87B |
| EBIT | $2.58B | $1.49B | $2.37B | $2.32B | $2.72B | $3.23B |
| Below the line | ||||||
| Interest expense | $424M | $378M | $376M | $441M | $437M | $526.69M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — |
| Pre-tax income | $2.16B | $1.11B | $2B | $1.87B | $2.28B | $2.72B |
| Income tax expense | $475M | $223M | $451M | $380M | $511M | $579.44M |
| Earnings | ||||||
| Net income | $1.56B | $822M | $1.43B | $1.41B | $1.67B | $1.89B |
| Net income · continuing ops | $1.69B | $891M | $1.55B | $1.49B | $1.77B | $2.05B |
| Net margin | +11.38% | +5.85% | +9.15% | +8.20% | +9.17% | +8.61% |
| EPS · basic | $6.02 | $3.39 | $6.30 | $6.42 | $7.97 | $0.00 |
| EPS · diluted | $6.00 | $3.38 | $6.29 | $6.41 | $7.97 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $0.00 |
| EPS · high estimate | — | — | — | — | — | $0.00 |
| Shares · basic | 259.67M | 242.83M | 227.48M | 220.26M | 209.1M | 208.57M |
| Shares · diluted | 260.2M | 243.28M | 227.81M | 220.53M | 209.1M | 209.97M |
| Coverage | ||||||
| Analysts (revenue) | — | — | — | — | — | 1 |
| Analysts (EPS) | — | — | — | — | — | 0 |
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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