Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $13.74B | $14.4B | $15.44B | $16.66B | $17.17B | $18.24B | $19.15B | $20.08B |
| Cost of revenue | $11.72B | $12.31B | $13.19B | $13.86B | $14.14B | $15.41B | $16.28B | $17.21B |
| Gross profit | $2.01B | $2.08B | $2.24B | $2.8B | $3.03B | $2.97B | $3.05B | $3.28B |
| Gross margin | +14.66% | +14.48% | +14.54% | +16.79% | +17.66% | +16.31% | +15.93% | +16.32% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $851M | $951M | $942M | $983M | $934.94M | $1.07B | $1.12B | $1.19B |
| Total operating expenses | $862M | $996M | $1.62B | $971M | $925.94M | $1.33B | $1.4B | $1.47B |
| Operating income | $1.15B | $1.09B | $621M | $1.83B | $2.11B | $1.66B | $1.7B | $1.81B |
| Operating margin | +8.39% | +7.56% | +4.02% | +10.97% | +12.27% | +9.13% | +8.88% | +9.03% |
| EBITDA | $1.48B | $1.42B | $946M | $2.12B | $2.41B | $2.04B | $2.09B | $2.17B |
| EBIT | $1.15B | $1.09B | $615M | $1.83B | $2.11B | $1.64B | $1.75B | $1.79B |
| Below the line | ||||||||
| Interest expense | $184M | $199M | $212M | $193M | $203M | $225.34M | $234.35M | $247.78M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$185M | -$202M | -$218M | -$188M | -$204M | — | — | — |
| Pre-tax income | $967M | $886M | $403M | $1.64B | $1.9B | $1.46B | $1.49B | $1.61B |
| Income tax expense | $208M | $193M | $195M | $388M | $441.18M | $443.19M | $470.06M | $505.61M |
| Earnings | ||||||||
| Net income | $753M | $685M | $199M | $1.25B | $1.46B | $1.03B | $1.11B | $1.16B |
| Net income · continuing ops | $759M | $693M | $208M | $1.25B | $1.46B | $1.09B | $1.08B | $1.14B |
| Net margin | +5.48% | +4.76% | +1.29% | +7.53% | +8.48% | +5.64% | +5.78% | +5.79% |
| EPS · basic | $5.34 | $5.00 | $1.45 | $9.36 | $11.22 | $12.34 | $13.51 | $14.69 |
| EPS · diluted | $5.27 | $4.96 | $1.44 | $9.22 | $11.13 | $12.34 | $13.20 | $14.61 |
| EPS · low estimate | — | — | — | — | — | $12.17 | $12.84 | $12.73 |
| EPS · high estimate | — | — | — | — | — | $12.45 | $13.38 | $15.64 |
| Shares · basic | 141M | 137M | 137M | 134M | 132.41M | 132.53M | 132.41M | 133.63M |
| Shares · diluted | 143M | 138M | 138M | 136M | 132.41M | 133.7M | 131.23M | 131.87M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 9 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 6 |
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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