Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $23.52B | $28.82B | $35.13B | $33.66B | $28.44B | $28.66B | $31.04B | $33.55B | $33.48B |
| Cost of revenue | $19.24B | $23.59B | $27.5B | $26.95B | $23.83B | $23.16B | $25.32B | $27.33B | $27.2B |
| Gross profit | $4.28B | $5.23B | $7.63B | $6.71B | $4.62B | $5.59B | $6.09B | $6.37B | $6.63B |
| Gross margin | +18.19% | +18.14% | +21.72% | +19.93% | +16.23% | +19.49% | +19.61% | +18.98% | +19.79% |
| Operating | |||||||||
| Research & development | $324.1M | $341.2M | $410.9M | $452.9M | $445.5M | $392.41M | $427.95M | $462.29M | $444.55M |
| Selling, general & administrative | $676.8M | $726.3M | $753.3M | $744M | $735.8M | $656.88M | $705.96M | $769.93M | $754.19M |
| Total operating expenses | $1.97B | $1.55B | $1.68B | $1.82B | $1.66B | $1.51B | $1.66B | $1.75B | $1.75B |
| Operating income | $2.31B | $3.68B | $5.95B | $4.89B | $2.96B | $4B | $4.37B | $4.63B | $4.71B |
| Operating margin | +9.81% | +12.76% | +16.93% | +14.53% | +10.41% | +13.97% | +14.09% | +13.81% | +14.06% |
| EBITDA | $3.28B | $4.47B | $6.87B | $5.81B | $4.2B | $5.01B | $5.39B | $5.63B | $5.71B |
| EBIT | $2.31B | $3.68B | $5.95B | $4.89B | $3.37B | $4.07B | $4.51B | $4.7B | $4.96B |
| Below the line | |||||||||
| Interest expense | $4.1M | $0 | $5.1M | $31.1M | $346.5M | $127.51M | $137.91M | $148.73M | $151.15M |
| Interest income | $13.4M | $59.4M | $288.6M | $391.7M | $257.9M | $272.89M | $293.28M | $330.75M | $314.63M |
| Other income / expense | $88.1M | $170.1M | -$228.2M | $508.5M | $61.8M | — | — | — | — |
| Pre-tax income | $2.4B | $3.85B | $5.72B | $5.4B | $3.02B | $4.18B | $4.57B | $4.68B | $4.81B |
| Income tax expense | $530.8M | $837.1M | $1.12B | $1.24B | $647.7M | $849.38M | $924.55M | $1.05B | $1.04B |
| Earnings | |||||||||
| Net income | $1.87B | $3.01B | $4.6B | $4.16B | $2.38B | $3.16B | $3.58B | $3.72B | $3.79B |
| Net income · continuing ops | $1.87B | $3.01B | $4.6B | $4.16B | $2.38B | $3.26B | $3.42B | $3.75B | $3.7B |
| Net margin | +7.93% | +10.45% | +13.10% | +12.36% | +8.35% | +11.02% | +11.52% | +11.10% | +11.31% |
| EPS · basic | $3.58 | $5.76 | $8.78 | $7.92 | $4.52 | $5.70 | $6.67 | $7.78 | $7.79 |
| EPS · diluted | $3.57 | $5.75 | $8.76 | $7.90 | $4.51 | $5.68 | $6.70 | $7.67 | $7.83 |
| EPS · low estimate | — | — | — | — | — | $5.29 | $6.09 | $6.35 | $7.42 |
| EPS · high estimate | — | — | — | — | — | $6.09 | $7.49 | $9.50 | $8.36 |
| Shares · basic | 521.7M | 522.6M | 523.9M | 525.3M | 526M | 523.51M | 525.18M | 524.45M | 526.68M |
| Shares · diluted | 522.6M | 523.35M | 525M | 526.6M | 526.8M | 530.16M | 529.5M | 521.73M | 521.63M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 10 | 7 | 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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