Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.2B | $3.58B | $4.22B | $4.69B | $5.15B | $5.65B | $6.08B | $6.5B | $7B |
| Cost of revenue | $1.36B | $1.55B | $1.87B | $2.03B | $2.09B | $2.39B | $2.54B | $2.75B | $2.92B |
| Gross profit | $1.84B | $2.02B | $2.36B | $2.66B | $3.05B | $3.17B | $3.53B | $3.7B | $4.03B |
| Gross margin | +57.53% | +56.57% | +55.78% | +56.67% | +59.36% | +56.02% | +58.00% | +57.01% | +57.65% |
| Operating | |||||||||
| Research & development | $225.28M | $253.58M | $287.64M | $307.53M | $331.28M | $375.14M | $398.17M | $438.71M | $452.6M |
| Selling, general & administrative | $670.39M | $739.37M | $874M | $917.14M | $991.02M | $1.11B | $1.21B | $1.28B | $1.37B |
| Total operating expenses | $935.42M | $1.02B | $1.22B | $1.34B | $1.37B | $1.62B | $1.66B | $1.86B | $1.96B |
| Operating income | $903.68M | $1B | $1.13B | $1.32B | $1.69B | $1.63B | $1.74B | $1.95B | $2.01B |
| Operating margin | +28.27% | +27.96% | +26.80% | +28.17% | +32.75% | +28.86% | +28.66% | +30.07% | +28.69% |
| EBITDA | $1.1B | $1.18B | $1.36B | $1.53B | $1.91B | $1.95B | $2.08B | $2.16B | $2.35B |
| EBIT | $912.35M | $982.8M | $1.16B | $1.31B | $1.68B | $1.67B | $1.74B | $1.9B | $2.04B |
| Below the line | |||||||||
| Interest expense | $23.99M | $22.31M | $47.38M | $45.71M | $12.61M | $44.19M | $46.95M | $49.48M | $55.03M |
| Interest income | $362K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$20.02M | -$39.8M | -$30.21M | -$55.1M | -$7.8M | — | — | — | — |
| Pre-tax income | $883.66M | $960.48M | $1.1B | $1.26B | $1.68B | $1.57B | $1.77B | $1.83B | $1.98B |
| Income tax expense | $409.16M | $181.05M | $204.11M | $243.85M | $276.84M | $300.71M | $316.79M | $336.63M | $359.04M |
| Earnings | |||||||||
| Net income | $474.51M | $779.44M | $897.56M | $1.02B | $1.4B | $1.29B | $1.43B | $1.48B | $1.64B |
| Net income · continuing ops | $474.51M | $779.44M | $897.56M | $1.02B | $1.4B | $1.29B | $1.39B | $1.54B | $1.6B |
| Net margin | +14.84% | +21.78% | +21.25% | +21.79% | +27.22% | +22.88% | +23.59% | +22.82% | +23.44% |
| EPS · basic | $3.27 | $5.34 | $6.12 | $6.94 | $9.55 | $11.05 | $12.46 | $13.42 | $14.71 |
| EPS · diluted | $3.24 | $5.30 | $6.09 | $6.92 | $9.51 | $11.11 | $12.24 | $13.43 | $14.44 |
| EPS · low estimate | — | — | — | — | — | $11.08 | $11.86 | $12.95 | $14.24 |
| EPS · high estimate | — | — | — | — | — | $11.13 | $12.37 | $13.72 | $14.55 |
| Shares · basic | 145.31M | 146.07M | 146.77M | 147.02M | 146.72M | 145.72M | 145.46M | 146.5M | 147.56M |
| Shares · diluted | 146.45M | 147.04M | 147.46M | 147.55M | 147.34M | 148.3M | 147.39M | 148.75M | 146.23M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 13 | 9 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 6 | 3 |
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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