Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $28.72B | $31.5B | $36.02B | $36.44B | $38.54B | $40.01B | $41.17B | $42.55B | $43.63B |
| Cost of revenue | $17.47B | $20.18B | $22.25B | $22.18B | $27.74B | $26.26B | $26.72B | $27.68B | $27.54B |
| Gross profit | $11.25B | $11.31B | $13.76B | $14.26B | $10.79B | $13.81B | $14.09B | $14.65B | $15.23B |
| Gross margin | +39.19% | +35.92% | +38.22% | +39.12% | +28.01% | +34.52% | +34.23% | +34.42% | +34.90% |
| Operating | |||||||||
| Research & development | $347M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $6.26B | $7.38B | $8B | $7.44B | $7.17B | $8.07B | $8.57B | $8.5B | $9.16B |
| Total operating expenses | $6.6B | $7.78B | $8.26B | $7.91B | $7.17B | $8.51B | $8.6B | $9.08B | $9.42B |
| Operating income | $4.65B | $3.53B | $5.5B | $6.35B | $3.62B | $5.46B | $5.86B | $5.96B | $6.13B |
| Operating margin | +16.20% | +11.22% | +15.28% | +17.41% | +9.39% | +13.66% | +14.23% | +14.00% | +14.05% |
| EBITDA | $5.85B | $4.76B | $7.65B | $8.07B | $4.65B | $7.2B | $7.51B | $7.68B | $8.21B |
| EBIT | $4.73B | $3.66B | $6.43B | $6.77B | $3.3B | $6.14B | $6.19B | $6.48B | $6.71B |
| Below the line | |||||||||
| Interest expense | $365M | $428M | $550M | $508M | $282M | $497.64M | $514.86M | $513.94M | $537.6M |
| Interest income | $55M | $134M | $241M | $328M | $0 | $203.72M | $214.56M | $219.1M | $233.83M |
| Other income / expense | $851M | $57M | $1B | -$253M | -$372M | — | — | — | — |
| Pre-tax income | $5.5B | $3.59B | $6.51B | $6.09B | $3.25B | $5.75B | $5.95B | $5.95B | $6.24B |
| Income tax expense | $1.19B | $865M | $1.54B | $1.47B | $782M | $1.39B | $1.41B | $1.44B | $1.48B |
| Earnings | |||||||||
| Net income | $4.3B | $2.72B | $4.96B | $4.61B | $2.45B | $4.29B | $4.57B | $4.74B | $4.71B |
| Net income · continuing ops | $4.31B | $2.73B | $4.97B | $4.62B | $2.47B | $4.41B | $4.44B | $4.73B | $4.65B |
| Net margin | +14.97% | +8.63% | +13.77% | +12.65% | +6.36% | +10.73% | +11.10% | +11.14% | +10.80% |
| EPS · basic | $3.06 | $1.97 | $3.64 | $3.44 | $1.89 | $3.02 | $3.40 | $3.72 | $3.87 |
| EPS · diluted | $3.04 | $1.96 | $3.62 | $3.42 | $1.89 | $3.05 | $3.38 | $3.66 | $3.90 |
| EPS · low estimate | — | — | — | — | — | $2.95 | $3.29 | $2.97 | $3.78 |
| EPS · high estimate | — | — | — | — | — | $3.11 | $3.52 | $4.05 | $4.00 |
| Shares · basic | 1.4B | 1.38B | 1.36B | 1.34B | 1.29B | 1.29B | 1.29B | 1.3B | 1.29B |
| Shares · diluted | 1.41B | 1.39B | 1.37B | 1.35B | 1.3B | 1.3B | 1.29B | 1.29B | 1.31B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 18 | 18 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 6 | 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
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