Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.72B | $3.92B | $3.79B | $3.87B | $4.03B | $4.24B | $4.44B | $4.68B | $4.89B |
| Cost of revenue | $1.61B | $1.68B | $1.62B | $1.62B | $1.71B | $1.77B | $1.84B | $1.99B | $2.07B |
| Gross profit | $2.11B | $2.24B | $2.17B | $2.25B | $2.32B | $2.51B | $2.55B | $2.63B | $2.76B |
| Gross margin | +56.71% | +57.19% | +57.26% | +58.17% | +57.52% | +59.13% | +57.48% | +56.22% | +56.40% |
| Operating | |||||||||
| Research & development | $169.77M | $177.12M | $185.28M | $189.36M | $199.37M | $213.06M | $212.27M | $226.67M | $245.26M |
| Selling, general & administrative | $943.98M | $938.46M | $904.11M | $936.3M | $998.31M | $1.06B | $1.06B | $1.14B | $1.21B |
| Total operating expenses | $1.11B | $1.12B | $1.09B | $1.13B | $1.2B | $1.21B | $1.33B | $1.35B | $1.46B |
| Operating income | $994.74M | $1.13B | $1.08B | $1.13B | $1.12B | $1.22B | $1.28B | $1.34B | $1.35B |
| Operating margin | +26.76% | +28.73% | +28.50% | +29.11% | +27.78% | +28.75% | +28.83% | +28.58% | +27.69% |
| EBITDA | $1.1B | $1.24B | $1.18B | $1.22B | $1.23B | $1.33B | $1.35B | $1.49B | $1.52B |
| EBIT | $991.83M | $1.13B | $1.06B | $1.1B | $1.11B | $1.17B | $1.24B | $1.29B | $1.34B |
| Below the line | |||||||||
| Interest expense | $43.24M | $55.39M | $77.37M | $74.63M | $68.52M | $77.98M | $85.63M | $88.92M | $93.9M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$45.38M | -$55.63M | -$105.96M | -$89.83M | -$69.58M | — | — | — | — |
| Pre-tax income | $949.36M | $1.07B | $973.73M | $1.04B | $1.05B | $1.14B | $1.19B | $1.26B | $1.28B |
| Income tax expense | $180.38M | $198.09M | $184.95M | $174.08M | $179.72M | $191.42M | $206.41M | $213.47M | $230.23M |
| Earnings | |||||||||
| Net income | $768.99M | $872.5M | $788.78M | $863.14M | $869.19M | $919.13M | $949.62M | $990.53M | $1.05B |
| Net income · continuing ops | $768.99M | $872.5M | $788.78M | $863.14M | $869.19M | $891.39M | $957.12M | $1B | $1.07B |
| Net margin | +20.68% | +22.26% | +20.82% | +22.29% | +21.59% | +21.67% | +21.38% | +21.15% | +21.55% |
| EPS · basic | $33.25 | $38.79 | $36.10 | $40.67 | $42.17 | $47.04 | $51.44 | $56.88 | $62.65 |
| EPS · diluted | $32.78 | $38.41 | $35.90 | $40.67 | $42.17 | $46.64 | $51.17 | $56.95 | $62.67 |
| EPS · low estimate | — | — | — | — | — | $46.45 | $50.49 | $56.89 | $62.20 |
| EPS · high estimate | — | — | — | — | — | $46.81 | $51.83 | $57.00 | $63.13 |
| Shares · basic | 23.13M | 22.49M | 21.85M | 21.22M | 20.61M | 20.81M | 20.81M | 20.65M | 20.74M |
| Shares · diluted | 23.46M | 22.72M | 21.97M | 21.32M | 20.61M | 20.58M | 20.67M | 20.79M | 20.56M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 2 | 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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