Income statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $96.25B | $97.06B | $86.38B | $83.67B | $86.29B | $93.13B | $96.04B | $99.87B | $104.47B |
| Cost of revenue | $65.86B | $66.57B | $59.25B | $57.53B | $57.4B | $64.98B | $64.91B | $68.8B | $72.79B |
| Gross profit | $30.39B | $30.49B | $27.13B | $26.15B | $28.89B | $29.18B | $30.79B | $32.22B | $32.91B |
| Gross margin | +31.58% | +31.41% | +31.41% | +31.25% | +33.48% | +31.33% | +32.06% | +32.26% | +31.50% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $18.14B | $17.83B | $15.59B | $16.04B | $16.79B | $18.1B | $17.64B | $19.4B | $19.82B |
| Total operating expenses | $18.14B | $17.83B | $15.59B | $16.04B | $18.73B | $18.57B | $18.85B | $19.2B | $20.92B |
| Operating income | $12.26B | $12.66B | $11.53B | $10.11B | $10.15B | $11.22B | $11.57B | $12.71B | $12.99B |
| Operating margin | +12.73% | +13.04% | +13.35% | +12.08% | +11.77% | +12.05% | +12.05% | +12.72% | +12.44% |
| EBITDA | $14.47B | $12.69B | $13.57B | $12.59B | $10.69B | $13.47B | $13.91B | $14.54B | $14.67B |
| EBIT | $12.07B | $10.17B | $11.65B | $10.62B | $8.75B | $11.59B | $11.55B | $11.98B | $12.95B |
| Below the line | |||||||||
| Interest expense | $859M | $1.14B | $1.47B | $1.47B | $1.41B | $1.59B | $1.63B | $1.67B | $1.75B |
| Interest income | $12M | $37M | $101M | $159M | $0 | $97.5M | $96.48M | $102.14M | $104.85M |
| Other income / expense | -$1.05B | -$3.62B | -$1.36B | -$959M | -$1.41B | — | — | — | — |
| Pre-tax income | $11.21B | $9.04B | $10.18B | $9.15B | $8.75B | $10.1B | $10.7B | $11.26B | $11.61B |
| Income tax expense | $2.77B | $2.6B | $2.45B | $2.2B | $2.09B | $2.4B | $2.49B | $2.63B | $2.82B |
| Earnings | |||||||||
| Net income | $8.44B | $6.44B | $7.73B | $6.96B | $6.65B | $7.95B | $7.77B | $8.32B | $8.56B |
| Net income · continuing ops | $8.44B | $6.44B | $7.73B | $6.96B | $6.65B | $7.65B | $8.21B | $8.42B | $8.86B |
| Net margin | +8.77% | +6.63% | +8.94% | +8.31% | +7.71% | +8.54% | +8.10% | +8.33% | +8.19% |
| EPS · basic | $12.08 | $10.20 | $13.24 | $12.25 | $11.87 | $12.33 | $13.42 | $14.77 | $16.93 |
| EPS · diluted | $12.03 | $10.17 | $13.20 | $12.23 | $11.85 | $12.48 | $13.43 | $14.73 | $16.96 |
| EPS · low estimate | — | — | — | — | — | $12.31 | $12.76 | $13.00 | $16.73 |
| EPS · high estimate | — | — | — | — | — | $12.69 | $13.87 | $16.01 | $17.21 |
| Shares · basic | 696M | 629M | 582M | 567M | 559M | 555.7M | 557.87M | 558.96M | 557.85M |
| Shares · diluted | 699M | 631M | 584M | 567.46M | 560M | 564.15M | 565.09M | 563.71M | 563.83M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 25 | 25 | 19 | 17 |
| Analysts (EPS) | — | — | — | — | — | 19 | 21 | 10 | 4 |
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
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro