Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.2B | $1.27B | $1.37B | $1.5B | $1.55B | $1.69B | $1.75B | $1.87B | $2.04B |
| Cost of revenue | $326.68M | $345.94M | $394.77M | $433.05M | $860.07M | $644.03M | $644.77M | $694.01M | $781.77M |
| Gross profit | $877.19M | $925.16M | $975.08M | $1.07B | $694.11M | $1.05B | $1.08B | $1.14B | $1.28B |
| Gross margin | +72.86% | +72.78% | +71.18% | +71.19% | +44.66% | +62.04% | +62.13% | +60.98% | +62.52% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $78.22M | $79.9M | $97.81M | $101.47M | $118.54M | $120.14M | $128.17M | $131.31M | $142.9M |
| Total operating expenses | $78.22M | $79.9M | $97.81M | $101.47M | $118.54M | $119.18M | $127.15M | $135.56M | $144.46M |
| Operating income | $798.97M | $845.25M | $877.27M | $968.77M | $575.57M | $945.69M | $970.44M | $1.04B | $1.1B |
| Operating margin | +66.37% | +66.50% | +64.04% | +64.44% | +37.03% | +55.86% | +55.57% | +55.56% | +53.83% |
| EBITDA | $771.32M | $818.05M | $839.58M | $939.75M | $980.61M | $1.04B | $1.06B | $1.19B | $1.31B |
| EBIT | $490.93M | $519.35M | $516.42M | $567.74M | $575.57M | $616.87M | $651.81M | $703.83M | $767M |
| Below the line | |||||||||
| Interest expense | $145.36M | $146.19M | $155.78M | $189.02M | $211.98M | $212.8M | $223.73M | $230.9M | $255.08M |
| Interest income | $624K | $947K | $1.97M | $9.63M | $7.69M | $7.11M | $7.61M | $7.82M | $8.45M |
| Other income / expense | -$431.64M | -$357.26M | -$505.51M | -$554.39M | -$59.08M | — | — | — | — |
| Pre-tax income | $367.33M | $488M | $371.76M | $414.39M | $516.49M | $509.26M | $507.68M | $563.45M | $612.56M |
| Income tax expense | $1.04M | -$39K | $895K | $4.55M | $0 | $2.2M | $2.3M | $2.41M | $2.73M |
| Earnings | |||||||||
| Net income | $361.41M | $482.87M | $364.56M | $400.39M | $527.46M | $486.85M | $504.96M | $527.71M | $609.88M |
| Net income · continuing ops | $366.29M | $488.04M | $370.87M | $409.84M | $516.49M | $488.02M | $508M | $553.35M | $611.88M |
| Net margin | +30.02% | +37.99% | +26.61% | +26.63% | +33.94% | +28.76% | +28.92% | +28.26% | +29.87% |
| EPS · basic | $2.12 | $2.82 | $2.04 | $2.12 | $2.79 | $2.46 | $2.51 | $2.76 | $2.80 |
| EPS · diluted | $2.12 | $2.81 | $2.04 | $2.11 | $2.82 | $2.47 | $2.55 | $2.79 | $2.81 |
| EPS · low estimate | — | — | — | — | — | $2.46 | $2.52 | $2.65 | $2.69 |
| EPS · high estimate | — | — | — | — | — | $2.48 | $2.56 | $2.95 | $2.94 |
| Shares · basic | 170.48M | 171.84M | 178.7M | 189.76M | 189.32M | 190.1M | 190.3M | 190.08M | 190.9M |
| Shares · diluted | 170.69M | 171.79M | 176.37M | 183.04M | 182.23M | 180.96M | 181.95M | 180.53M | 182.13M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 3 | 4 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 5 | 1 |
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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