Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.36B | $2.59B | $2.63B | $2.69B | $2.79B | $2.98B | $3.14B | $3.28B |
| Cost of revenue | $1.04B | $1.16B | $1.2B | $1.2B | $1.25B | $1.36B | $1.44B | $1.5B |
| Gross profit | $1.32B | $1.43B | $1.43B | $1.49B | $1.54B | $1.65B | $1.7B | $1.8B |
| Gross margin | +56.05% | +55.07% | +54.23% | +55.25% | +55.16% | +55.21% | +54.17% | +55.02% |
| Operating | ||||||||
| Research & development | $59.42M | $52.53M | $71.4M | $64.99M | $68.24M | $76.11M | $77.78M | $84.49M |
| Selling, general & administrative | $708.95M | $724.18M | $752.64M | $812.13M | $747.28M | $846.5M | $892.03M | $947.05M |
| Total operating expenses | $708.95M | $724.18M | $752.64M | $812.13M | $815.51M | $895.27M | $946.08M | $977.13M |
| Operating income | $615.13M | $702.36M | $672.76M | $674M | $724.27M | $769.48M | $784.87M | $856.12M |
| Operating margin | +26.04% | +27.12% | +25.59% | +25.06% | +25.94% | +25.79% | +24.98% | +26.10% |
| EBITDA | $703.55M | $771.62M | $786.74M | $810.58M | $874.79M | $931.89M | $946.64M | $1.03B |
| EBIT | $599.67M | $671.69M | $674.84M | $674.41M | $724.27M | $782.69M | $816.33M | $861.47M |
| Below the line | ||||||||
| Interest expense | $25.49M | $22.41M | $59.51M | $88.92M | $101.11M | $89.63M | $95.99M | $102.21M |
| Interest income | $2.15M | $2.03M | $2.68M | $4.91M | $2.05M | $3.47M | $3.84M | $3.8M |
| Other income / expense | -$40.95M | -$53.08M | -$57.42M | -$88.52M | -$126.62M | — | — | — |
| Pre-tax income | $574.18M | $649.28M | $615.34M | $585.48M | $597.65M | $674.66M | $686.15M | $723.79M |
| Income tax expense | $119.81M | $136.18M | $127.85M | $118.2M | $113.17M | $131.97M | $142.67M | $141.58M |
| Earnings | ||||||||
| Net income | $454.37M | $513.1M | $487.49M | $467.28M | $484.47M | $521.89M | $547.55M | $583.05M |
| Net income · continuing ops | $454.37M | $513.1M | $487.49M | $467.28M | $484.47M | $532.53M | $567.33M | $583.2M |
| Net margin | +19.23% | +19.81% | +18.55% | +17.37% | +17.35% | +17.49% | +17.43% | +17.78% |
| EPS · basic | $7.82 | $8.90 | $8.54 | $8.17 | $8.56 | $11.54 | $12.75 | $13.36 |
| EPS · diluted | $7.74 | $8.81 | $8.46 | $8.11 | $8.51 | $11.60 | $12.60 | $13.43 |
| EPS · low estimate | — | — | — | — | — | $11.51 | $12.34 | $12.98 |
| EPS · high estimate | — | — | — | — | — | $11.70 | $12.95 | $13.82 |
| Shares · basic | 58.09M | 57.63M | 57.09M | 57.62M | 56.61M | 57.08M | 56.7M | 56.69M |
| Shares · diluted | 58.73M | 58.25M | 57.63M | 57.62M | 56.92M | 56.76M | 56.38M | 57.38M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 7 | 4 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 3 |
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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