Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.73B | $8.48B | $7.8B | $8.38B | $8.99B | $9.97B | $10.47B | $10.73B | $11.23B |
| Cost of revenue | $5.86B | $6.39B | $6.1B | $6.6B | $7.1B | $7.89B | $8.06B | $8.27B | $8.98B |
| Gross profit | $1.87B | $2.09B | $1.7B | $1.78B | $1.89B | $2.11B | $2.28B | $2.3B | $2.38B |
| Gross margin | +24.23% | +24.66% | +21.77% | +21.27% | +21.02% | +21.12% | +21.82% | +21.42% | +21.17% |
| Operating | |||||||||
| Research & development | $14.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $562.3M | $608.6M | $580.9M | $610.3M | $634.2M | $737.11M | $740.96M | $788.98M | $837.26M |
| Total operating expenses | $589.7M | $669.9M | $623.8M | $681.8M | $634.2M | $786.37M | $791.18M | $824.91M | $869.5M |
| Operating income | $1.28B | $1.42B | $1.08B | $1.1B | $1.26B | $1.34B | $1.42B | $1.47B | $1.53B |
| Operating margin | +16.60% | +16.76% | +13.78% | +13.14% | +13.97% | +13.49% | +13.60% | +13.74% | +13.60% |
| EBITDA | $1.68B | $1.89B | $1.59B | $1.63B | $1.76B | $1.97B | $2.12B | $2.15B | $2.27B |
| EBIT | $1.26B | $1.44B | $1.07B | $1.11B | $1.11B | $1.34B | $1.39B | $1.38B | $1.47B |
| Below the line | |||||||||
| Interest expense | $152.4M | $70.4M | $53.3M | $41.4M | $79.1M | $69.48M | $71.76M | $73.73M | $76.75M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$174.6M | -$55.9M | -$61M | -$36.9M | -$227.6M | — | — | — | — |
| Pre-tax income | $1.11B | $1.36B | $1.01B | $1.06B | $1.03B | $1.26B | $1.32B | $1.36B | $1.39B |
| Income tax expense | $267.6M | $335M | $248.9M | $259.3M | $253.7M | $297.53M | $319.68M | $330.16M | $346.17M |
| Earnings | |||||||||
| Net income | $841.1M | $1.03B | $765.2M | $805.1M | $768.9M | $914.01M | $976.81M | $1.02B | $1.04B |
| Net income · continuing ops | $841.1M | $1.03B | $765.2M | $805.1M | $774.1M | $951.01M | $1.01B | $1B | $1.03B |
| Net margin | +10.88% | +12.15% | +9.81% | +9.60% | +8.55% | +9.17% | +9.33% | +9.55% | +9.29% |
| EPS · basic | $8.87 | $11.07 | $8.52 | $8.97 | $8.61 | $10.41 | $12.46 | $13.23 | $16.52 |
| EPS · diluted | $8.83 | $11.02 | $8.48 | $8.93 | $8.58 | $10.35 | $12.35 | $13.16 | $16.60 |
| EPS · low estimate | — | — | — | — | — | $9.57 | $11.63 | $12.48 | $15.83 |
| EPS · high estimate | — | — | — | — | — | $12.18 | $13.28 | $14.03 | $17.49 |
| Shares · basic | 94.1M | 92.3M | 89.1M | 89.1M | 90.04M | 90.37M | 89.21M | 90.44M | 89.4M |
| Shares · diluted | 94.5M | 92.7M | 89.5M | 89.5M | 89.6M | 89.33M | 89.57M | 89.2M | 89.56M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 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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