Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.2B | $4.62B | $5.32B | $6.13B | $7.05B | $9.67B | $10.72B | $11.97B | $13.16B |
| Cost of revenue | $861.78M | $898.01M | $1.03B | $1.25B | $1.62B | $2.05B | $2.29B | $2.55B | $2.74B |
| Gross profit | $3.34B | $3.72B | $4.29B | $4.88B | $5.43B | $7.48B | $8.39B | $9.23B | $10.15B |
| Gross margin | +79.50% | +80.54% | +80.62% | +79.68% | +76.98% | +77.28% | +78.21% | +77.13% | +77.08% |
| Operating | |||||||||
| Research & development | $1.5B | $1.59B | $1.85B | $2.08B | $2.48B | $3.28B | $3.77B | $4.19B | $4.54B |
| Selling, general & administrative | $1.04B | $956.28M | $1.1B | $1.43B | $1.84B | $2.26B | $2.52B | $2.84B | $3.11B |
| Total operating expenses | $2.61B | $2.57B | $3.01B | $3.53B | $4.52B | $5.63B | $6.33B | $7.24B | $7.72B |
| Operating income | $734.79M | $1.15B | $1.27B | $1.36B | $914.93M | $1.95B | $2.16B | $2.41B | $2.66B |
| Operating margin | +17.48% | +24.89% | +23.94% | +22.13% | +12.97% | +20.13% | +20.11% | +20.15% | +20.22% |
| EBITDA | $1.01B | $1.33B | $1.56B | $1.85B | $2.5B | $3.03B | $3.41B | $3.89B | $4.15B |
| EBIT | $808.88M | $1.11B | $1.31B | $1.55B | $1.84B | $2.49B | $2.63B | $3.09B | $3.41B |
| Below the line | |||||||||
| Interest expense | $3.37M | $1.7M | $2.7M | $36.83M | $446.73M | $230.69M | $251.45M | $286.18M | $307.43M |
| Interest income | $74.05M | $0 | $36.67M | $67.02M | $277.68M | $183.31M | $209.51M | $225.77M | $248.94M |
| Other income / expense | $70.72M | -$45.26M | $32.23M | $158.15M | $478.22M | — | — | — | — |
| Pre-tax income | $805.51M | $1.1B | $1.31B | $1.51B | $1.39B | $2.18B | $2.5B | $2.71B | $2.99B |
| Income tax expense | $49.16M | $139.39M | $90.19M | $99.72M | $55.99M | $130.5M | $146.09M | $159.26M | $178.54M |
| Earnings | |||||||||
| Net income | $757.52M | $984.59M | $1.23B | $2.26B | $1.33B | $1.91B | $2.16B | $2.3B | $2.56B |
| Net income · continuing ops | $756.36M | $964.07M | $1.22B | $1.41B | $1.34B | $2.05B | $2.28B | $2.61B | $2.8B |
| Net margin | +18.02% | +21.33% | +23.13% | +36.94% | +18.89% | +19.78% | +20.19% | +19.22% | +19.41% |
| EPS · basic | $4.96 | $6.44 | $8.08 | $14.78 | $8.13 | $15.07 | $17.77 | $21.14 | $23.45 |
| EPS · diluted | $4.81 | $6.29 | $7.92 | $14.51 | $8.04 | $14.77 | $17.28 | $20.51 | $23.26 |
| EPS · low estimate | — | — | — | — | — | $14.64 | $16.34 | $15.50 | $22.69 |
| EPS · high estimate | — | — | — | — | — | $15.05 | $18.10 | $35.11 | $23.68 |
| Shares · basic | 152.7M | 153M | 152.15M | 153.14M | 160.17M | 160.78M | 160.6M | 159.49M | 158.66M |
| Shares · diluted | 157.34M | 156.49M | 155.2M | 155.94M | 161.68M | 160.86M | 160.67M | 163.15M | 162.3M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 18 | 19 | 14 | 7 |
| Analysts (EPS) | — | — | — | — | — | 14 | 15 | 9 | 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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