Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5.11B | $5.49B | $4.77B | $4.18B | $4.09B | $3.92B | $4.02B | $4.34B |
| Cost of revenue | $2.6B | $2.88B | $2.67B | $2.46B | $2.4B | $2.23B | $2.26B | $2.53B |
| Gross profit | $2.51B | $2.6B | $2.11B | $1.72B | $1.68B | $1.63B | $1.74B | $1.87B |
| Gross margin | +49.18% | +47.48% | +44.16% | +41.19% | +41.16% | +41.67% | +43.21% | +43.05% |
| Operating | ||||||||
| Research & development | $532.3M | $617.9M | $606.8M | $631.7M | $785.5M | $624.61M | $635.41M | $692.74M |
| Selling, general & administrative | $322.5M | $329.8M | $314M | $300.8M | $371.5M | $296.6M | $313.83M | $337.33M |
| Total operating expenses | $899.7M | $1.08B | $982.3M | $1.08B | $1.18B | $1.01B | $1B | $1.12B |
| Operating income | $1.61B | $1.53B | $1.13B | $637.4M | $500M | $656.38M | $668.28M | $754.12M |
| Operating margin | +31.57% | +27.84% | +23.57% | +15.26% | +12.23% | +16.73% | +16.62% | +17.38% |
| EBITDA | $2.05B | $2.21B | $1.76B | $1.12B | $1.02B | $1.14B | $1.16B | $1.3B |
| EBIT | $1.61B | $1.52B | $1.14B | $667.1M | $553.8M | $699.05M | $729.65M | $767.37M |
| Below the line | ||||||||
| Interest expense | $13.4M | $47.9M | $64.4M | $30.7M | $27.1M | $35.13M | $36.14M | $39.87M |
| Interest income | $1.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$14M | -$50.4M | -$46.2M | -$1M | $26.7M | — | — | — |
| Pre-tax income | $1.6B | $1.48B | $1.08B | $636.4M | $526.7M | $667.89M | $688.51M | $733.33M |
| Income tax expense | $100.4M | $201.4M | $96M | $40.4M | $49.6M | $53.19M | $56.01M | $61.14M |
| Earnings | ||||||||
| Net income | $1.5B | $1.28B | $982.8M | $596M | $477.1M | $600.35M | $640.06M | $690.74M |
| Net income · continuing ops | $1.5B | $1.28B | $982.8M | $596M | $477.1M | $616.8M | $607.84M | $656.33M |
| Net margin | +29.33% | +23.25% | +20.59% | +14.27% | +11.67% | +15.31% | +15.92% | +15.92% |
| EPS · basic | $9.07 | $7.85 | $6.17 | $3.72 | $3.09 | $4.96 | $5.21 | $6.14 |
| EPS · diluted | $8.97 | $7.81 | $6.13 | $3.69 | $3.08 | $5.00 | $5.17 | $6.09 |
| EPS · low estimate | — | — | — | — | — | $4.80 | $4.59 | $4.14 |
| EPS · high estimate | — | — | — | — | — | $5.23 | $5.98 | $9.01 |
| Shares · basic | 165.2M | 162.4M | 159.4M | 160.1M | 154.4M | 153.68M | 154.22M | 155.73M |
| Shares · diluted | 167M | 163.3M | 160.3M | 161.5M | 155.1M | 156.44M | 153.89M | 154.37M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 16 | 8 |
| Analysts (EPS) | — | — | — | — | — | 12 | 12 | 4 |
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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