Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.26B | $6.26B | $5.87B | $5.81B | $5.5B | $5.73B | $6.18B | $6.58B | $7.03B |
| Cost of revenue | $3.48B | $4B | $3.79B | $3.79B | $3.73B | $3.74B | $4.11B | $4.25B | $4.71B |
| Gross profit | $1.78B | $2.26B | $2.07B | $2.02B | $1.77B | $1.94B | $2.09B | $2.25B | $2.37B |
| Gross margin | +33.77% | +36.04% | +35.32% | +34.79% | +32.15% | +33.82% | +33.88% | +34.19% | +33.74% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $223.76M | $258.88M | $281.05M | $309.73M | $234.81M | $276.69M | $294.48M | $322.05M | $342.45M |
| Total operating expenses | $383.46M | $415.49M | $431.53M | $478.8M | $406.26M | $430.66M | $483.54M | $493.87M | $543.98M |
| Operating income | $1.39B | $1.84B | $1.64B | $1.54B | $1.36B | $1.52B | $1.6B | $1.72B | $1.84B |
| Operating margin | +26.47% | +29.40% | +27.97% | +26.55% | +24.76% | +26.54% | +25.92% | +26.19% | +26.14% |
| EBITDA | $1.65B | $2.12B | $1.97B | $1.9B | $1.73B | $1.85B | $1.98B | $2.08B | $2.23B |
| EBIT | $1.39B | $1.84B | $1.65B | $1.56B | $1.36B | $1.56B | $1.66B | $1.77B | $1.86B |
| Below the line | |||||||||
| Interest expense | $1.73M | $1.56M | $464K | $212K | $296K | $324.32K | $356.33K | $364.79K | $404.34K |
| Interest income | $786K | $4.88M | $12.8M | $17.01M | $4.15M | $11.1M | $11.94M | $12.52M | $13.5M |
| Other income / expense | -$3.18M | $717K | $7.1M | $13.6M | $263K | — | — | — | — |
| Pre-tax income | $1.39B | $1.84B | $1.65B | $1.56B | $1.36B | $1.49B | $1.62B | $1.73B | $1.87B |
| Income tax expense | $354.05M | $464.19M | $408.27M | $371.52M | $337.61M | $361.61M | $410.81M | $437.22M | $466.86M |
| Earnings | |||||||||
| Net income | $1.03B | $1.38B | $1.24B | $1.19B | $1.02B | $1.15B | $1.22B | $1.3B | $1.39B |
| Net income · continuing ops | $1.03B | $1.38B | $1.24B | $1.19B | $1.02B | $1.12B | $1.26B | $1.33B | $1.41B |
| Net margin | +19.68% | +22.00% | +21.13% | +20.40% | +18.63% | +20.00% | +19.82% | +19.81% | +19.73% |
| EPS · basic | $4.47 | $6.13 | $5.66 | $5.51 | $4.85 | $5.42 | $6.25 | $7.00 | $8.23 |
| EPS · diluted | $4.45 | $6.09 | $5.63 | $5.48 | $4.83 | $5.37 | $6.23 | $7.06 | $8.12 |
| EPS · low estimate | — | — | — | — | — | $5.13 | $5.95 | $6.40 | $7.72 |
| EPS · high estimate | — | — | — | — | — | $5.62 | $6.74 | $7.93 | $8.48 |
| Shares · basic | 231.3M | 226.13M | 218.84M | 215.33M | 209.89M | 211.77M | 210.15M | 211.4M | 211.23M |
| Shares · diluted | 232.82M | 226.16M | 220.18M | 216.49M | 209.89M | 210.36M | 207.82M | 209.53M | 208.43M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 6 | 4 |
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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