Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $14.3B | $13.69B | $14.21B | $14.26B | $14.43B | $15.17B | $15.92B | $16.66B | $17.73B |
| Cost of revenue | $10.11B | $9.77B | $10.02B | $10B | $10.06B | $10.86B | $11.04B | $11.37B | $12.62B |
| Gross profit | $4.19B | $3.92B | $4.19B | $4.26B | $4.37B | $4.47B | $4.87B | $4.91B | $5.23B |
| Gross margin | +29.33% | +28.64% | +29.51% | +29.85% | +30.28% | +29.46% | +30.61% | +29.49% | +29.51% |
| Operating | |||||||||
| Research & development | $159M | $150M | $144M | $152M | $152M | $160.43M | $164.94M | $175.57M | $181.55M |
| Selling, general & administrative | $1.95B | $1.73B | $1.82B | $1.82B | $1.98B | $1.98B | $2.12B | $2.24B | $2.38B |
| Total operating expenses | $2.09B | $1.89B | $2.01B | $2.25B | $2.24B | $2.27B | $2.42B | $2.58B | $2.75B |
| Operating income | $2.11B | $2.03B | $2.19B | $2.01B | $2.13B | $2.21B | $2.4B | $2.45B | $2.59B |
| Operating margin | +14.74% | +14.86% | +15.38% | +14.08% | +14.78% | +14.55% | +15.06% | +14.72% | +14.62% |
| EBITDA | $2.31B | $2.26B | $2.44B | $2.23B | $2.31B | $2.52B | $2.58B | $2.7B | $2.92B |
| EBIT | $2.11B | $2.07B | $2.25B | $2.05B | $2.13B | $2.27B | $2.38B | $2.5B | $2.7B |
| Below the line | |||||||||
| Interest expense | $136M | $143M | $150M | -$31M | $196M | $111.21M | $118.15M | $122.37M | $132.54M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$147M | -$145M | -$155M | $31M | -$199M | — | — | — | — |
| Pre-tax income | $1.96B | $1.89B | $2.03B | $2.04B | $1.93B | $2.14B | $2.2B | $2.3B | $2.5B |
| Income tax expense | $541M | $519M | $533M | $305M | $479M | $468.8M | $475.3M | $526.19M | $543.82M |
| Earnings | |||||||||
| Net income | $1.25B | $1.25B | $1.41B | $1.65B | $1.38B | $1.61B | $1.68B | $1.72B | $1.8B |
| Net income · continuing ops | $1.42B | $1.37B | $1.5B | $1.73B | $1.46B | $1.65B | $1.76B | $1.79B | $1.9B |
| Net margin | +8.71% | +9.16% | +9.90% | +11.53% | +9.59% | +10.60% | +10.56% | +10.33% | +10.15% |
| EPS · basic | $2.91 | $2.98 | $3.42 | $4.10 | $3.53 | $4.25 | $4.78 | $5.30 | $5.74 |
| EPS · diluted | $2.89 | $2.96 | $3.39 | $4.07 | $3.50 | $4.19 | $4.71 | $5.21 | $5.68 |
| EPS · low estimate | — | — | — | — | — | $4.11 | $4.49 | $4.91 | $5.57 |
| EPS · high estimate | — | — | — | — | — | $4.22 | $4.81 | $5.60 | $5.77 |
| Shares · basic | 427.7M | 420M | 411.4M | 401.7M | 393.68M | 393.37M | 396.63M | 391.77M | 390.65M |
| Shares · diluted | 431.4M | 423M | 414.6M | 404.4M | 393.68M | 389.87M | 391.13M | 397.01M | 394.15M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 12 | 11 |
| Analysts (EPS) | — | — | — | — | — | 8 | 9 | 8 | 6 |
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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