Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $35.36B | $34.23B | $24.61B | $24.58B | $24.95B | $25.08B | $25.92B | $26.96B | $28.21B |
| Cost of revenue | $18.74B | $19.26B | $15.04B | $14.5B | $15.08B | $15.45B | $15.41B | $15.89B | $16.94B |
| Gross profit | $16.61B | $14.97B | $9.57B | $10.08B | $9.87B | $9.76B | $10.14B | $10.53B | $11.44B |
| Gross margin | +46.99% | +43.72% | +38.90% | +41.02% | +39.55% | +38.92% | +39.12% | +39.04% | +40.55% |
| Operating | |||||||||
| Research & development | $1.98B | $1.86B | $1.12B | $1.07B | $1.17B | $1.12B | $1.15B | $1.21B | $1.26B |
| Selling, general & administrative | $7.11B | $9.04B | $4.4B | $4.08B | $3.98B | $4.21B | $4.33B | $4.66B | $4.87B |
| Total operating expenses | $9.09B | $10.89B | $5.53B | $5.15B | $5.31B | $5.29B | $5.5B | $5.69B | $6.19B |
| Operating income | $7.53B | $4.07B | $4.05B | $4.93B | $4.56B | $4.45B | $4.68B | $4.97B | $5.24B |
| Operating margin | +21.29% | +11.90% | +16.44% | +20.07% | +18.29% | +17.73% | +18.06% | +18.43% | +18.56% |
| EBITDA | $9.58B | $8.72B | -$8.91B | $7.23B | $5.85B | $4.52B | $4.6B | $4.81B | $5.26B |
| EBIT | $7.66B | $6.89B | -$10.34B | $6B | $4.97B | $199.7M | $197.94M | $216.73M | $224.01M |
| Below the line | |||||||||
| Interest expense | $457M | $498M | $932M | $1.18B | $720M | $936.49M | $1.01B | $1B | $1.1B |
| Interest income | $26M | $67M | $250M | $452M | $175M | $291.79M | $306.14M | $312.8M | $344.38M |
| Other income / expense | -$312M | $2.33B | -$15.3B | -$103M | -$350M | — | — | — | — |
| Pre-tax income | $7.21B | $6.4B | -$11.25B | $4.83B | $4.21B | -$766.27M | -$814.84M | -$819.23M | -$876.08M |
| Income tax expense | $1.29B | $612M | -$2.87B | $804M | $1B | -$158.64M | -$156.72M | -$163.43M | -$176.72M |
| Earnings | |||||||||
| Net income | $5.92B | $5.78B | -$7B | $4.17B | $3.25B | $130.22M | $138.29M | $144.2M | $151.9M |
| Net income · continuing ops | $5.93B | $5.79B | -$8.39B | $4.02B | $3.21B | -$407.94M | -$419.62M | -$424.45M | -$463.03M |
| Net margin | +16.75% | +16.88% | -28.42% | +16.98% | +13.03% | +0.52% | +0.53% | +0.53% | +0.54% |
| EPS · basic | $10.23 | $10.21 | $-12.63 | $7.58 | $6.04 | $8.72 | $9.52 | $10.26 | $11.23 |
| EPS · diluted | $10.12 | $10.18 | $-12.63 | $7.55 | $6.00 | $8.69 | $9.49 | $10.28 | $11.28 |
| EPS · low estimate | — | — | — | — | — | $8.59 | $9.31 | $8.94 | $11.16 |
| EPS · high estimate | — | — | — | — | — | $8.94 | $9.58 | $11.60 | $11.52 |
| Shares · basic | 579M | 566M | 553.9M | 550.8M | 534.3M | 536.32M | 532.4M | 533.85M | 529.3M |
| Shares · diluted | 585.3M | 567.6M | 553.9M | 552.4M | 539M | 533.87M | 543.07M | 543.34M | 541.13M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 4 | 2 |
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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