Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5.3B | $6.18B | $5.54B | $5.31B | $5.29B | $5.44B | $5.64B | $5.91B |
| Cost of revenue | $3.68B | $4.25B | $3.88B | $3.74B | $3.72B | $3.91B | $3.84B | $4.12B |
| Gross profit | $1.62B | $1.93B | $1.66B | $1.58B | $1.57B | $1.63B | $1.72B | $1.71B |
| Gross margin | +30.54% | +31.29% | +29.96% | +29.66% | +29.73% | +30.00% | +30.45% | +28.90% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $786.81M | $907.02M | $913.48M | $958.14M | $992.25M | $973.52M | $989.15M | $1.07B |
| Total operating expenses | $786.81M | $907.63M | $912.93M | $958.14M | $992.25M | $948.25M | $1.03B | $1.02B |
| Operating income | $832.78M | $1.03B | $747.12M | $617.2M | $580.2M | $671.43M | $673.94M | $692.9M |
| Operating margin | +15.73% | +16.60% | +13.48% | +11.62% | +10.97% | +12.35% | +11.94% | +11.73% |
| EBITDA | $862.81M | $1.06B | $786.71M | $662.69M | $631.81M | $703.24M | $726.83M | $749.66M |
| EBIT | $832.78M | $1.03B | $746.57M | $617.2M | $580.2M | $672.52M | $663.4M | $706.44M |
| Below the line | ||||||||
| Interest expense | $8.64M | $40.91M | $58.43M | $50.25M | $46.77M | $52.83M | $52.68M | $56.79M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$8.64M | -$40.91M | -$58.98M | -$50.25M | -$46.77M | — | — | — |
| Pre-tax income | $824.15M | $984.87M | $688.14M | $566.95M | $533.43M | $600.7M | $615.99M | $638.27M |
| Income tax expense | $173.81M | $236.76M | $165.08M | $132.84M | $127.13M | $141.11M | $146.61M | $153.51M |
| Earnings | ||||||||
| Net income | $650.62M | $748.46M | $523.23M | $434.33M | $406.4M | $459.22M | $479.78M | $510.54M |
| Net income · continuing ops | $650.62M | $748.46M | $523.23M | $434.33M | $406.4M | $471.6M | $465.04M | $496.5M |
| Net margin | +12.29% | +12.11% | +9.44% | +8.18% | +7.68% | +8.45% | +8.50% | +8.64% |
| EPS · basic | $16.21 | $18.89 | $13.45 | $11.37 | $10.89 | $11.07 | $12.25 | $13.18 |
| EPS · diluted | $15.97 | $18.70 | $13.35 | $11.30 | $10.85 | $11.08 | $12.03 | $13.20 |
| EPS · low estimate | — | — | — | — | — | $10.97 | $11.82 | $12.86 |
| EPS · high estimate | — | — | — | — | — | $11.26 | $12.28 | $13.81 |
| Shares · basic | 39.88M | 39.41M | 38.7M | 38.01M | 37.15M | 37.31M | 37.01M | 37.44M |
| Shares · diluted | 40.48M | 39.81M | 39M | 38.23M | 37.29M | 36.96M | 37.56M | 37.17M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 7 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 5 |
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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