Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5.75B | $6.68B | $6.66B | $6.67B | $7.01B | $7.98B | $8.44B | $8.91B |
| Cost of revenue | $1.66B | $2.03B | $1.95B | $1.78B | $1.72B | $2.13B | $2.25B | $2.32B |
| Gross profit | $4.08B | $4.65B | $4.71B | $4.89B | $5.29B | $6.01B | $6.06B | $6.45B |
| Gross margin | +71.04% | +69.57% | +70.78% | +73.29% | +75.44% | +75.27% | +71.79% | +72.36% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $3.11B | $3.47B | $3.54B | $3.75B | $4.02B | $4.45B | $4.59B | $5.06B |
| Total operating expenses | $3.11B | $3.47B | $3.54B | $3.75B | $4.87B | $4.64B | $4.96B | $5.3B |
| Operating income | $968M | $1.18B | $1.17B | $1.14B | $415M | $1.11B | $1.17B | $1.22B |
| Operating margin | +16.85% | +17.59% | +17.60% | +17.09% | +5.92% | +13.89% | +13.84% | +13.66% |
| EBITDA | $1.19B | $1.31B | $1.39B | $1.37B | $526.4M | $1.32B | $1.38B | $1.43B |
| EBIT | $968.7M | $1.11B | $1.17B | $1.14B | $301.5M | $1.04B | $1.09B | $1.14B |
| Below the line | ||||||||
| Interest expense | $71.4M | $58.7M | $27.6M | $125M | $85.4M | $95.03M | $96.59M | $104.17M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$70.7M | -$128.8M | -$29.3M | -$128.2M | -$198.9M | — | — | — |
| Pre-tax income | $897.3M | $1.05B | $1.14B | $1.01B | $216.1M | $942.23M | $1.01B | $1.05B |
| Income tax expense | $63.1M | $190.7M | $207.1M | $195.9M | $32.9M | $163.13M | $177.26M | $179.65M |
| Earnings | ||||||||
| Net income | $834.2M | $856.3M | $936M | $816M | $183.2M | $769.04M | $829.33M | $876.37M |
| Net income · continuing ops | $834.2M | $856.3M | $936M | $816M | $183.2M | $756.85M | $809.13M | $871.85M |
| Net margin | +14.52% | +12.81% | +14.05% | +12.23% | +2.61% | +9.64% | +9.83% | +9.83% |
| EPS · basic | $3.00 | $3.24 | $3.96 | $3.56 | $0.85 | $7.19 | $7.99 | $8.91 |
| EPS · diluted | $2.95 | $3.17 | $3.88 | $3.50 | $0.82 | $6.97 | $7.79 | $8.65 |
| EPS · low estimate | — | — | — | — | — | $6.50 | $6.89 | $7.43 |
| EPS · high estimate | — | — | — | — | — | $7.06 | $8.19 | $9.31 |
| Shares · basic | 277.9M | 264.3M | 236.4M | 229.2M | 216.8M | 215.31M | 218.23M | 215.76M |
| Shares · diluted | 283M | 270.1M | 241.3M | 233.2M | 222.5M | 223.44M | 221.99M | 223.42M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 14 | 10 |
| Analysts (EPS) | — | — | — | — | — | 11 | 12 | 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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