Income statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.82B | $9.45B | $9.96B | $10.21B | $9.14B | $9.11B | $9.29B | $9.51B | $9.95B |
| Cost of revenue | $4.22B | $4.64B | $5.05B | $5.01B | $4.43B | $4.6B | $4.66B | $4.68B | $4.86B |
| Gross profit | $4.6B | $4.81B | $4.91B | $5.2B | $4.71B | $4.54B | $4.67B | $4.67B | $5.06B |
| Gross margin | +52.14% | +50.90% | +49.28% | +50.96% | +51.55% | +49.84% | +50.24% | +49.09% | +50.79% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.7B | $1.82B | $1.78B | $1.58B | $1.85B | $1.66B | $1.62B | $1.74B | $1.8B |
| Total operating expenses | $1.7B | $1.82B | $1.78B | $1.58B | $1.85B | $1.61B | $1.67B | $1.68B | $1.83B |
| Operating income | $2.9B | $2.99B | $3.13B | $3.62B | $2.86B | $3B | $2.95B | $3.03B | $3.17B |
| Operating margin | +32.92% | +31.62% | +31.46% | +35.45% | +31.33% | +32.93% | +31.79% | +31.91% | +31.90% |
| EBITDA | $1.01B | $1.17B | $3.08B | $782.6M | $3.28B | $2.94B | $3B | $3.04B | $3.36B |
| EBIT | $662.6M | $781.4M | $2.66B | $335.6M | $2.86B | $1.9B | $1.85B | $1.99B | $2.08B |
| Below the line | |||||||||
| Interest expense | $352.2M | $397.8M | $433.8M | $411.4M | $352.6M | $378.18M | $374.32M | $381.61M | $406.81M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$2.59B | -$2.61B | -$912.2M | -$3.7B | -$485.3M | — | — | — | — |
| Pre-tax income | $310.4M | $383.6M | $2.22B | -$82.8M | $2.38B | $1.41B | $1.51B | $1.55B | $1.57B |
| Income tax expense | $309.4M | $422.1M | $456.6M | -$51.7M | $621M | $330.94M | $350.42M | $359.66M | $367.07M |
| Earnings | |||||||||
| Net income | -$40.4M | -$71M | $1.73B | -$81.4M | $1.69B | $1.05B | $1.08B | $1.09B | $1.18B |
| Net income · continuing ops | $1M | -$38.5M | $1.77B | -$31.1M | $1.76B | $1.08B | $1.15B | $1.19B | $1.2B |
| Net margin | -0.46% | -0.75% | +17.34% | -0.80% | +18.46% | +11.48% | +11.60% | +11.46% | +11.85% |
| EPS · basic | $-0.21 | $-0.37 | $9.42 | $-0.45 | $9.62 | $11.86 | $12.61 | $13.28 | $15.34 |
| EPS · diluted | $-0.21 | $-0.37 | $9.39 | $-0.45 | $9.61 | $11.83 | $12.50 | $13.37 | $15.22 |
| EPS · low estimate | — | — | — | — | — | $11.54 | $11.75 | $11.15 | $14.73 |
| EPS · high estimate | — | — | — | — | — | $12.38 | $13.09 | $15.61 | $15.63 |
| Shares · basic | 190.36M | 192.54M | 183.31M | 181.48M | 175.41M | 174.72M | 176.07M | 174.45M | 176.76M |
| Shares · diluted | 190.36M | 192.54M | 183.96M | 181.48M | 175.57M | 176.05M | 175.05M | 176.94M | 174.58M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 10 | 8 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 4 | 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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