Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.78B | $7.9B | $8.31B | $8.46B | $9.04B | $9.71B | $10.24B | $10.81B | $11.51B |
| Cost of revenue | $3.07B | $5.02B | $5.04B | $5.07B | $5.51B | $5.96B | $6.23B | $6.59B | $6.86B |
| Gross profit | $2.71B | $2.89B | $3.28B | $3.39B | $3.53B | $3.83B | $3.95B | $4.24B | $4.5B |
| Gross margin | +46.91% | +36.54% | +39.41% | +40.10% | +39.05% | +39.49% | +38.63% | +39.19% | +39.10% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | -$21M | -$47M | -$40M | $0 | $0 | -$15.12M | -$16.02M | -$17.58M | -$17.94M |
| Total operating expenses | $1.29B | $1.51B | $1.65B | $1.65B | $1.4B | $1.72B | $1.9B | $1.99B | $2.15B |
| Operating income | $1.42B | $1.37B | $1.63B | $1.74B | $2.13B | $2.03B | $2.14B | $2.25B | $2.41B |
| Operating margin | +24.62% | +17.39% | +19.61% | +20.56% | +23.57% | +20.91% | +20.94% | +20.84% | +20.94% |
| EBITDA | $2.56B | $2.66B | $2.93B | $3.21B | $3.68B | $3.58B | $3.85B | $4.03B | $4.44B |
| EBIT | $1.44B | $1.43B | $1.59B | $1.85B | $2.28B | $2.18B | $2.21B | $2.43B | $2.57B |
| Below the line | |||||||||
| Interest expense | $918M | $513M | $666M | $738M | $808M | $822.3M | $854.23M | $950.61M | $962.72M |
| Interest income | $12M | $4M | $32M | $33M | $20M | $32.95M | $34.51M | $35.42M | $37.4M |
| Other income / expense | -$903M | -$459M | -$706M | -$624M | -$659M | — | — | — | — |
| Pre-tax income | $521M | $915M | $924M | $1.12B | $1.47B | $1.28B | $1.35B | $1.5B | $1.54B |
| Income tax expense | $503M | $201M | $184M | $228M | $291M | $258.7M | $273.23M | $284.39M | $313.04M |
| Earnings | |||||||||
| Net income | -$1.48B | $756M | $740M | $888M | $1.18B | $1.05B | $1.12B | $1.16B | $1.23B |
| Net income · continuing ops | $18M | $714M | $740M | $888M | $1.18B | $1.07B | $1.13B | $1.14B | $1.24B |
| Net margin | -25.59% | +9.57% | +8.90% | +10.49% | +13.06% | +10.83% | +10.99% | +10.74% | +10.69% |
| EPS · basic | $-1.93 | $1.02 | $1.00 | $1.20 | $1.60 | $1.95 | $2.09 | $2.27 | $2.49 |
| EPS · diluted | $-1.93 | $1.02 | $1.00 | $1.20 | $1.60 | $1.95 | $2.12 | $2.29 | $2.48 |
| EPS · low estimate | — | — | — | — | — | $1.93 | $2.10 | $2.29 | $2.36 |
| EPS · high estimate | — | — | — | — | — | $1.96 | $2.14 | $2.31 | $2.59 |
| Shares · basic | 762.9M | 736.03M | 737.04M | 737.76M | 740.11M | 745.32M | 737.98M | 741.08M | 734.85M |
| Shares · diluted | 764.82M | 736.9M | 738.17M | 739.85M | 745.14M | 740.46M | 751.27M | 737.85M | 749.77M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 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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