Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.67B | $6.49B | $6.46B | $7.09B | $7.31B | $7.46B | $7.62B | $7.72B | $7.86B |
| Cost of revenue | $2.99B | $2.92B | $3.25B | $3.41B | $2.73B | $3.36B | $3.46B | $3.59B | $3.51B |
| Gross profit | $4.68B | $3.57B | $3.21B | $3.68B | $4.58B | $4.14B | $4.22B | $4.32B | $4.24B |
| Gross margin | +60.98% | +54.96% | +49.63% | +51.94% | +62.67% | +55.40% | +55.32% | +55.88% | +53.95% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $968.7M | $1.07B | $1.17B | $1.21B | $2.28B | $1.63B | $1.63B | $1.73B | $1.69B |
| Total operating expenses | $968.7M | $1.19B | $1.22B | $1.35B | $2.4B | $1.73B | $1.76B | $1.85B | $1.82B |
| Operating income | $3.71B | $2.37B | $1.99B | $2.33B | $2.19B | $2.26B | $2.44B | $2.42B | $2.47B |
| Operating margin | +48.36% | +36.58% | +30.74% | +32.89% | +29.92% | +30.35% | +31.95% | +31.28% | +31.44% |
| EBITDA | $3.91B | $3.14B | $2.52B | $2.98B | $2.88B | $2.94B | $3.03B | $3.07B | $3.08B |
| EBIT | $3.71B | $2.5B | $2.04B | $2.48B | $2.45B | $2.47B | $2.49B | $2.5B | $2.62B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest income | $133.9M | $15.4M | $45.9M | $59.4M | $497.4M | $207.45M | $211.4M | $209.89M | $223.79M |
| Other income / expense | $284.6M | -$425.5M | $504.1M | $486.3M | $686.7M | — | — | — | — |
| Pre-tax income | $3.99B | $1.95B | $2.49B | $2.82B | $2.88B | $3B | $2.93B | $3.08B | $3.14B |
| Income tax expense | $896.1M | $498.6M | $654.6M | $683.8M | $667.2M | $716.02M | $715.29M | $752.39M | $753.63M |
| Earnings | |||||||||
| Net income | $3.08B | $1.56B | $1.79B | $2.1B | $2.09B | $2.14B | $2.16B | $2.2B | $2.21B |
| Net income · continuing ops | $3.1B | $1.45B | $1.84B | $2.14B | $2.21B | $2.26B | $2.29B | $2.25B | $2.3B |
| Net margin | +40.18% | +24.01% | +27.69% | +29.61% | +28.53% | +28.61% | +28.31% | +28.43% | +28.15% |
| EPS · basic | $13.25 | $6.73 | $7.78 | $9.18 | $9.26 | $9.45 | $9.45 | $9.30 | $10.17 |
| EPS · diluted | $13.12 | $6.70 | $7.76 | $9.15 | $9.25 | $9.44 | $9.48 | $9.37 | $10.11 |
| EPS · low estimate | — | — | — | — | — | $8.77 | $9.00 | $9.15 | $9.87 |
| EPS · high estimate | — | — | — | — | — | $9.94 | $9.99 | $9.58 | $10.34 |
| Shares · basic | 226.6M | 226M | 224.1M | 222.8M | 223.77M | 223.7M | 223.8M | 223.22M | 225.81M |
| Shares · diluted | 228.8M | 227.1M | 224.8M | 223.3M | 223.77M | 222.21M | 225.79M | 225.71M | 222.68M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 5 | 2 |
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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