Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $48.7B | $59.28B | $60.12B | $64.17B | $64.93B | $66.71B | $70.15B | $74.9B | $74.94B |
| Cost of revenue | $13.63B | $17.41B | $16.13B | $15.19B | $18.2B | $17.22B | $17.88B | $20.05B | $19.83B |
| Gross profit | $35.08B | $41.87B | $43.99B | $48.98B | $46.73B | $48.81B | $50.42B | $56.7B | $55.87B |
| Gross margin | +72.02% | +70.63% | +73.17% | +76.32% | +71.98% | +73.16% | +71.87% | +75.70% | +74.55% |
| Operating | |||||||||
| Research & development | $12.25B | $13.55B | $30.53B | $17.94B | $12.51B | $21.66B | $23.51B | $24.56B | $25.15B |
| Selling, general & administrative | $9.4B | $9.67B | $9.88B | $10.1B | $10.73B | $11.09B | $11.29B | $11.87B | $12.46B |
| Total operating expenses | $21.88B | $23.59B | $41.04B | $28.75B | $23.25B | $33.52B | $35.12B | $36.8B | $38.23B |
| Operating income | $13.2B | $18.28B | $2.95B | $20.22B | $23.49B | $16.32B | $17.44B | $17.76B | $18.38B |
| Operating margin | +27.10% | +30.84% | +4.91% | +31.51% | +36.17% | +24.47% | +24.86% | +23.71% | +24.52% |
| EBITDA | $17.9B | $21.32B | $6.91B | $25.71B | $29.32B | $21.63B | $23.08B | $23.81B | $23.6B |
| EBIT | $14.69B | $17.41B | $3.04B | $21.21B | $23.49B | $16.31B | $17B | $18.24B | $18.87B |
| Below the line | |||||||||
| Interest expense | $806M | $962M | $1.15B | $1.27B | $1.36B | $1.3B | $1.39B | $1.52B | $1.5B |
| Interest income | $36M | $157M | $365M | $415M | $343M | $398.64M | $410.41M | $446.82M | $456.7M |
| Other income / expense | $680M | -$1.84B | -$1.07B | -$285M | -$2.42B | — | — | — | — |
| Pre-tax income | $13.88B | $16.44B | $1.89B | $19.94B | $21.07B | $14.72B | $15.28B | $16.57B | $16.85B |
| Income tax expense | $1.52B | $1.92B | $1.51B | $2.8B | $2.8B | $1.97B | $2.15B | $2.31B | $2.25B |
| Earnings | |||||||||
| Net income | $13.05B | $14.52B | $365M | $17.12B | $18.25B | $12.55B | $12.62B | $14.2B | $13.59B |
| Net income · continuing ops | $12.36B | $14.53B | $377M | $17.13B | $18.26B | $12.23B | $12.63B | $14.2B | $13.71B |
| Net margin | +26.79% | +24.49% | +0.61% | +26.68% | +28.12% | +18.81% | +17.99% | +18.96% | +18.13% |
| EPS · basic | $5.16 | $5.73 | $0.14 | $6.76 | $7.30 | $5.10 | $9.76 | $10.86 | $10.23 |
| EPS · diluted | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 | $5.14 | $9.64 | $10.69 | $10.36 |
| EPS · low estimate | — | — | — | — | — | $5.07 | $9.24 | $9.25 | $10.16 |
| EPS · high estimate | — | — | — | — | — | $5.25 | $9.86 | $11.55 | $10.61 |
| Shares · basic | 2.53B | 2.53B | 2.61B | 2.53B | 2.5B | 2.48B | 2.52B | 2.51B | 2.51B |
| Shares · diluted | 2.54B | 2.54B | 2.55B | 2.54B | 2.51B | 2.52B | 2.49B | 2.5B | 2.49B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 8 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 6 | 3 | 1 |
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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