Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $11.3B | $13.51B | $14.96B | $16.03B | $16.59B | $17.19B | $18.04B | $18.93B | $19.96B |
| Cost of revenue | $8.01B | $9.65B | $10.54B | $11.13B | $11.56B | $12.08B | $12.92B | $13.31B | $14.15B |
| Gross profit | $3.29B | $3.87B | $4.42B | $4.9B | $5.03B | $5.13B | $5.55B | $5.65B | $6.04B |
| Gross margin | +29.12% | +28.61% | +29.56% | +30.55% | +30.34% | +29.84% | +30.79% | +29.83% | +30.27% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.2B | $1.45B | $1.52B | $1.65B | $1.71B | $1.74B | $1.87B | $1.97B | $2.02B |
| Total operating expenses | $1.2B | $1.45B | $1.58B | $1.67B | $1.71B | $1.8B | $1.92B | $1.98B | $2.02B |
| Operating income | $2.09B | $2.41B | $2.84B | $3.22B | $3.32B | $3.41B | $3.54B | $3.81B | $4.02B |
| Operating margin | +18.53% | +17.85% | +19.00% | +20.11% | +20.02% | +19.83% | +19.64% | +20.14% | +20.14% |
| EBITDA | $3.15B | $3.66B | $4.32B | $4.77B | $5.25B | $5.16B | $5.52B | $5.65B | $6.17B |
| EBIT | $1.88B | $2.22B | $2.72B | $2.98B | $3.32B | $3.18B | $3.31B | $3.6B | $3.77B |
| Below the line | |||||||||
| Interest expense | $303.6M | $386.8M | $529.7M | $550M | $574M | $585.55M | $625.72M | $652.58M | $685.7M |
| Interest income | $2.5M | $3.3M | $6.5M | $9M | $8M | $8.5M | $8.96M | $9.46M | $9.67M |
| Other income / expense | -$518.2M | -$580.9M | -$651.8M | -$792M | -$728M | — | — | — | — |
| Pre-tax income | $1.58B | $1.83B | $2.19B | $2.43B | $2.59B | $2.57B | $2.67B | $2.9B | $3.03B |
| Income tax expense | $282.8M | $343.9M | $460.1M | $388M | $455M | $483.76M | $495.02M | $516.25M | $559.45M |
| Earnings | |||||||||
| Net income | $1.29B | $1.49B | $1.73B | $2.04B | $2.14B | $2.17B | $2.3B | $2.33B | $2.42B |
| Net income · continuing ops | $1.29B | $1.49B | $1.73B | $2.04B | $2.14B | $2.14B | $2.26B | $2.28B | $2.51B |
| Net margin | +11.42% | +11.01% | +11.57% | +12.74% | +12.89% | +12.62% | +12.73% | +12.29% | +12.11% |
| EPS · basic | $4.05 | $4.70 | $5.47 | $6.50 | $6.86 | $7.19 | $8.12 | $8.99 | $9.73 |
| EPS · diluted | $4.04 | $4.69 | $5.47 | $6.49 | $6.85 | $7.28 | $8.06 | $8.92 | $9.67 |
| EPS · low estimate | — | — | — | — | — | $7.19 | $7.89 | $8.59 | $9.52 |
| EPS · high estimate | — | — | — | — | — | $7.46 | $8.33 | $9.87 | $9.85 |
| Shares · basic | 318.81M | 316.53M | 316.45M | 314.4M | 311.9M | 312.33M | 309.31M | 310.61M | 309.66M |
| Shares · diluted | 319.43M | 317.08M | 316.67M | 314.8M | 311.9M | 309.55M | 311.4M | 314.77M | 312.43M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 19 | 19 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 17 | 8 | 6 |
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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