Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.83B | $5.37B | $6.18B | $7.04B | $7.9B | $8.53B | $9.08B | $9.75B | $11.59B |
| Cost of revenue | $1.43B | $1.62B | $1.87B | $2.16B | $2.43B | $2.54B | $2.82B | $2.96B | $3.56B |
| Gross profit | $3.41B | $3.75B | $4.31B | $4.88B | $5.47B | $5.9B | $6.26B | $6.8B | $8.06B |
| Gross margin | +70.50% | +69.86% | +69.72% | +69.30% | +69.24% | +69.17% | +68.97% | +69.69% | +69.49% |
| Operating | |||||||||
| Research & development | $484.8M | $529.8M | $646.1M | $748.1M | $0 | $613.9M | $654.85M | $679.45M | $793.44M |
| Selling, general & administrative | $1.59B | $1.7B | $1.92B | $2.13B | $3.24B | $2.95B | $3.15B | $3.36B | $3.85B |
| Total operating expenses | $2.07B | $2.23B | $2.56B | $2.88B | $3.24B | $3.47B | $3.71B | $3.94B | $4.65B |
| Operating income | $1.34B | $1.52B | $1.75B | $2B | $2.24B | $2.38B | $2.52B | $2.82B | $3.28B |
| Operating margin | +27.63% | +28.38% | +28.25% | +28.37% | +28.29% | +27.85% | +27.73% | +28.97% | +28.25% |
| EBITDA | $1.88B | $2.12B | $2.66B | $3.04B | $3.13B | $3.5B | $3.8B | $4.03B | $4.98B |
| EBIT | $1.27B | $1.47B | $1.91B | $2.23B | $2.26B | $2.63B | $2.68B | $2.88B | $3.56B |
| Below the line | |||||||||
| Interest expense | $234.1M | $192.4M | $164.7M | $259.2M | $325M | $290.38M | $308.12M | $343.31M | $408.78M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$303.7M | -$242.5M | -$2.1M | -$29.6M | -$299.3M | — | — | — | — |
| Pre-tax income | $1.03B | $1.28B | $1.74B | $1.97B | $1.94B | $2.35B | $2.4B | $2.57B | $3.15B |
| Income tax expense | $226.6M | $296.4M | $374.7M | $417.9M | $399.8M | $478.98M | $525.35M | $545.01M | $677.91M |
| Earnings | |||||||||
| Net income | $1.1B | $1.19B | $1.36B | $1.55B | $1.54B | $1.86B | $1.91B | $2.08B | $2.43B |
| Net income · continuing ops | $805.3M | $985.6M | $1.37B | $1.55B | $1.54B | $1.82B | $1.87B | $2.11B | $2.51B |
| Net margin | +22.69% | +22.12% | +22.08% | +22.01% | +19.44% | +21.78% | +21.03% | +21.38% | +20.93% |
| EPS · basic | $10.41 | $11.22 | $12.80 | $14.47 | $14.31 | $22.10 | $24.24 | $25.34 | $31.47 |
| EPS · diluted | $10.30 | $11.13 | $12.70 | $14.35 | $14.20 | $21.91 | $23.85 | $25.50 | $30.90 |
| EPS · low estimate | — | — | — | — | — | $21.80 | $23.00 | $24.71 | $30.17 |
| EPS · high estimate | — | — | — | — | — | $22.02 | $24.94 | $26.29 | $32.02 |
| Shares · basic | 105.3M | 105.9M | 106.6M | 107.1M | 107.2M | 106.53M | 106.44M | 106.89M | 107.29M |
| Shares · diluted | 106.5M | 106.8M | 107.4M | 108M | 107.8M | 108.32M | 107.76M | 106.77M | 108.85M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 15 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 11 | 2 | 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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