Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $63.37B | $67.97B | $67.71B | $69.94B | $77.08B | $80.42B | $83.83B | $87.92B | $92.89B |
| Cost of revenue | $46.53B | $49.03B | $50.42B | $50.94B | $49.06B | $55.61B | $58.56B | $62.83B | $63.75B |
| Gross profit | $16.84B | $18.94B | $17.29B | $19B | $28.02B | $24.56B | $25.56B | $25.51B | $27.63B |
| Gross margin | +26.57% | +27.86% | +25.53% | +27.17% | +36.36% | +30.54% | +30.49% | +29.01% | +29.75% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $5.76B | $5.86B | $6.18B | $5.99B | $0 | $4.74B | $4.87B | $5.31B | $5.41B |
| Total operating expenses | $8.32B | $12.57B | $15.13B | $13.38B | $23.36B | $18.7B | $20.65B | $21.18B | $21.67B |
| Operating income | $8.52B | $6.36B | $2.16B | $5.62B | $4.66B | $4.62B | $4.77B | $5.21B | $5.2B |
| Operating margin | +13.44% | +9.36% | +3.19% | +8.04% | +6.05% | +5.75% | +5.69% | +5.92% | +5.59% |
| EBITDA | $10.13B | $7.98B | $3.93B | $7.37B | $5.72B | $6.35B | $6.68B | $7B | $7.3B |
| EBIT | $9.44B | $7.3B | $3.21B | $6.66B | $5.72B | $5.72B | $5.89B | $6.47B | $6.63B |
| Below the line | |||||||||
| Interest expense | $920M | $938M | $1.05B | $1.04B | $1.06B | $1.18B | $1.22B | $1.28B | $1.39B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Pre-tax income | $8.52B | $6.36B | $2.16B | $5.62B | $4.66B | $4.54B | $4.8B | $4.93B | $5.21B |
| Income tax expense | $1.64B | $1.06B | $560M | $1.18B | $1.26B | $1.15B | $1.17B | $1.28B | $1.33B |
| Earnings | |||||||||
| Net income | $6.86B | $5.28B | $1.58B | $4.43B | $3.38B | $3.56B | $3.67B | $3.87B | $4.04B |
| Net income · continuing ops | $6.88B | $5.3B | $1.6B | $4.44B | $3.4B | $3.44B | $3.77B | $3.86B | $4.08B |
| Net margin | +10.82% | +7.77% | +2.33% | +6.33% | +4.38% | +4.42% | +4.37% | +4.40% | +4.35% |
| EPS · basic | $7.70 | $6.35 | $1.82 | $5.98 | $4.80 | $9.88 | $10.92 | $12.47 | $13.52 |
| EPS · diluted | $7.65 | $6.30 | $1.81 | $5.94 | $4.80 | $9.90 | $10.99 | $12.25 | $13.50 |
| EPS · low estimate | — | — | — | — | — | $9.64 | $10.71 | $10.30 | $12.98 |
| EPS · high estimate | — | — | — | — | — | $10.49 | $11.50 | $13.27 | $13.86 |
| Shares · basic | 825.54M | 779.1M | 762.43M | 689.21M | 664.96M | 667.94M | 668.23M | 666.07M | 660.47M |
| Shares · diluted | 869.4M | 808.9M | 762.43M | 711.1M | 664.96M | 663.49M | 660.85M | 660.16M | 664.91M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 7 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 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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