Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.9B | $5.85B | $5.51B | $5.46B | $6.64B | $6.94B | $7.32B | $7.8B | $8.62B |
| Cost of revenue | $2.85B | $3.6B | $3.03B | $2.65B | $2.75B | $3.28B | $3.47B | $3.7B | $4.29B |
| Gross profit | $2.05B | $2.25B | $2.48B | $2.81B | $3.89B | $3.54B | $3.82B | $3.94B | $4.34B |
| Gross margin | +41.87% | +38.47% | +45.00% | +51.47% | +58.57% | +51.06% | +52.10% | +50.60% | +50.37% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | -$35.5M | -$27.6M | $24M | $13.5M | $1.71B | $602.2M | $645.81M | $681.55M | $760.58M |
| Total operating expenses | $1.04B | $984.9M | $1.18B | $1.35B | $2.05B | $1.79B | $1.89B | $2.06B | $2.26B |
| Operating income | $1.01B | $1.27B | $1.3B | $1.46B | $1.84B | $1.79B | $1.85B | $2.01B | $2.2B |
| Operating margin | +20.55% | +21.64% | +23.53% | +26.68% | +27.63% | +25.76% | +25.29% | +25.82% | +25.54% |
| EBITDA | $1.8B | $2.15B | $2.22B | $2.57B | $3B | $3.16B | $3.27B | $3.4B | $3.78B |
| EBIT | $1.05B | $1.33B | $1.32B | $1.53B | $1.84B | $1.83B | $1.94B | $2.02B | $2.32B |
| Below the line | |||||||||
| Interest expense | $341.1M | $360.5M | $489.6M | $517.2M | $639M | $646.11M | $669.03M | $714.01M | $790.24M |
| Interest income | $4M | $4.3M | $9M | $10.4M | $10.2M | $11.87M | $12.37M | $13.4M | $14.92M |
| Other income / expense | -$300.3M | -$309.4M | -$481.6M | -$452.7M | -$618.9M | — | — | — | — |
| Pre-tax income | $706.6M | $956.4M | $813.9M | $1B | $1.22B | $1.17B | $1.27B | $1.34B | $1.47B |
| Income tax expense | $117.8M | $164.6M | $139.5M | $158.1M | $203.8M | $203.08M | $203.64M | $218.79M | $240.62M |
| Earnings | |||||||||
| Net income | $584.9M | $804.1M | $714.3M | $760.4M | $929.5M | $971.7M | $1.01B | $1.05B | $1.18B |
| Net income · continuing ops | $588.8M | $791.8M | $674.4M | $844.7M | $1.01B | $1.01B | $1.08B | $1.13B | $1.22B |
| Net margin | +11.94% | +13.74% | +12.97% | +13.94% | +13.99% | +14.00% | +13.74% | +13.43% | +13.67% |
| EPS · basic | $1.35 | $1.84 | $1.59 | $1.63 | $1.96 | $2.13 | $2.30 | $2.53 | $2.72 |
| EPS · diluted | $1.27 | $1.70 | $1.48 | $1.62 | $1.95 | $2.06 | $2.24 | $2.44 | $2.68 |
| EPS · low estimate | — | — | — | — | — | $2.05 | $2.20 | $2.38 | $2.60 |
| EPS · high estimate | — | — | — | — | — | $2.08 | $2.29 | $2.50 | $2.75 |
| Shares · basic | 393.6M | 407.1M | 416.1M | 454.2M | 472.9M | 475.25M | 473.25M | 473.59M | 472.41M |
| Shares · diluted | 417.3M | 442.7M | 447.9M | 456M | 474.5M | 471.59M | 471.68M | 478.36M | 469.78M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 3 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 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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