Income statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $26.91B | $26.97B | $60.92B | $130.5B | $215.94B | $389.34B | $550.87B | $660.73B | $686.09B |
| Cost of revenue | $9.44B | $11.62B | $16.62B | $32.64B | $62.48B | $106.48B | $152.36B | $178.3B | $182.37B |
| Gross profit | $17.48B | $15.36B | $44.3B | $97.86B | $153.46B | $288.55B | $404.77B | $491.01B | $512.83B |
| Gross margin | +64.93% | +56.93% | +72.72% | +74.99% | +71.07% | +74.11% | +73.48% | +74.31% | +74.75% |
| Operating | |||||||||
| Research & development | $5.27B | $7.34B | $8.68B | $12.91B | $18.5B | $42.6B | $60.68B | $71.16B | $76.96B |
| Selling, general & administrative | $2.17B | $2.44B | $2.65B | $3.49B | $4.58B | $11.71B | $17.29B | $20.04B | $21.22B |
| Total operating expenses | $7.43B | $11.13B | $11.33B | $16.41B | $23.08B | $54.3B | $75.11B | $90.22B | $97.64B |
| Operating income | $10.04B | $4.22B | $32.97B | $81.45B | $130.39B | $235.07B | $319.66B | $386.95B | $416.59B |
| Operating margin | +37.31% | +15.66% | +54.12% | +62.42% | +60.38% | +60.38% | +58.03% | +58.56% | +60.72% |
| EBITDA | $11.35B | $5.99B | $35.58B | $86.14B | $144.55B | $248.72B | $351.87B | $411.74B | $435.72B |
| EBIT | $10.18B | $4.44B | $34.08B | $84.27B | $141.71B | $239.14B | $349.84B | $413.9B | $434.1B |
| Below the line | |||||||||
| Interest expense | $236M | $262M | $257M | $247M | $259M | $971.65M | $1.36B | $1.58B | $1.64B |
| Interest income | $29M | $267M | $866M | $1.79B | $2.3B | $5.09B | $7.19B | $8.56B | $8.82B |
| Other income / expense | -$100M | -$43M | $846M | $2.57B | $11.06B | — | — | — | — |
| Pre-tax income | $9.94B | $4.18B | $33.82B | $84.03B | $141.45B | $239.58B | $339.8B | $418.27B | $417.98B |
| Income tax expense | $189M | -$187M | $4.06B | $11.15B | $21.38B | $32.91B | $45.68B | $53.66B | $57.97B |
| Earnings | |||||||||
| Net income | $9.75B | $4.37B | $29.76B | $72.88B | $120.07B | $212.58B | $288.62B | $349.91B | $368.11B |
| Net income · continuing ops | $9.75B | $4.37B | $29.76B | $72.88B | $120.07B | $203.24B | $295.81B | $356.11B | $372.98B |
| Net margin | +36.23% | +16.19% | +48.85% | +55.85% | +55.60% | +54.60% | +52.39% | +52.96% | +53.65% |
| EPS · basic | $0.39 | $0.18 | $1.21 | $2.97 | $4.93 | $8.92 | $12.67 | $14.54 | $12.60 |
| EPS · diluted | $0.38 | $0.17 | $1.19 | $2.94 | $4.90 | $8.87 | $12.37 | $14.26 | $12.29 |
| EPS · low estimate | — | — | — | — | — | $8.14 | $8.96 | $11.16 | $9.32 |
| EPS · high estimate | — | — | — | — | — | $9.64 | $14.45 | $17.59 | $14.83 |
| Shares · basic | 24.96B | 24.87B | 24.69B | 24.56B | 24.3B | 24.51B | 24.38B | 24.54B | 24.18B |
| Shares · diluted | 25.35B | 25.07B | 24.94B | 24.8B | 24.43B | 24.48B | 24.29B | 24.46B | 24.52B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 37 | 40 | 25 | 12 |
| Analysts (EPS) | — | — | — | — | — | 31 | 30 | 14 | 12 |
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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