Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.4B | $6.22B | $6.44B | $6.63B | $7.08B | $8.59B | $9.01B | $9.51B | $9.86B |
| Cost of revenue | $1.54B | $2.07B | $2.28B | $2.2B | $2.23B | $2.89B | $3.05B | $3.1B | $3.28B |
| Gross profit | $2.86B | $4.15B | $4.17B | $4.43B | $4.85B | $5.8B | $6.01B | $6.16B | $6.54B |
| Gross margin | +65.02% | +66.70% | +64.65% | +66.83% | +68.55% | +67.51% | +66.72% | +64.79% | +66.34% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.65B | $3.31B | $3.41B | $3.6B | $3.86B | $4.57B | $4.9B | $5.16B | $5.18B |
| Total operating expenses | $2.91B | $3.35B | $3.46B | $3.68B | $3.92B | $4.74B | $4.87B | $5.06B | $5.45B |
| Operating income | -$43.6M | $798.4M | $704.2M | $756.4M | $932.1M | $1.01B | $1.04B | $1.15B | $1.16B |
| Operating margin | -0.99% | +12.84% | +10.93% | +11.41% | +13.17% | +11.70% | +11.56% | +12.09% | +11.73% |
| EBITDA | $221.3M | $1.04B | $952.8M | $1.05B | $1.21B | $1.35B | $1.43B | $1.48B | $1.6B |
| EBIT | -$26.3M | $808.6M | $732.3M | $819.6M | $994.8M | $1.08B | $1.11B | $1.2B | $1.28B |
| Below the line | |||||||||
| Interest expense | $48.5M | $54M | $40.4M | $42.2M | $44.1M | $54.61M | $57.08M | $58.92M | $62.11M |
| Interest income | $9.7M | $5.5M | $32.2M | $73M | $74M | $74.61M | $78.66M | $81.7M | $85.2M |
| Other income / expense | -$31.2M | -$43.8M | -$12.3M | $21M | $18.6M | — | — | — | — |
| Pre-tax income | -$74.8M | $754.6M | $691.9M | $777.4M | $950.7M | $1.03B | $1.11B | $1.1B | $1.18B |
| Income tax expense | $46.3M | $154.5M | $169.2M | $131.1M | $207.8M | $210.93M | $229.8M | $241.01M | $244.14M |
| Earnings | |||||||||
| Net income | -$121.1M | $600.1M | $522.7M | $646.3M | $742.9M | $793.36M | $847.54M | $883.71M | $907.02M |
| Net income · continuing ops | -$121.1M | $600.1M | $522.7M | $646.3M | $742.9M | $812.08M | $872.3M | $920.75M | $916.36M |
| Net margin | -2.75% | +9.65% | +8.11% | +9.75% | +10.49% | +9.24% | +9.40% | +9.30% | +9.20% |
| EPS · basic | $-1.65 | $8.22 | $7.72 | $9.91 | $11.86 | $18.84 | $20.48 | $23.48 | $24.43 |
| EPS · diluted | $-1.65 | $8.08 | $7.58 | $9.72 | $11.61 | $18.30 | $20.38 | $22.72 | $23.61 |
| EPS · low estimate | — | — | — | — | — | $17.91 | $19.54 | $20.47 | $22.90 |
| EPS · high estimate | — | — | — | — | — | $18.63 | $20.82 | $24.68 | $24.26 |
| Shares · basic | 73.5M | 73M | 67.7M | 65.2M | 62.6M | 62.08M | 62.01M | 63.18M | 62.38M |
| Shares · diluted | 73.5M | 74.3M | 69M | 66.5M | 64M | 64.18M | 63.97M | 64.17M | 64.48M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 6 | 3 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 3 | 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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