Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $24.63B | $44.96B | $53.72B | $57.06B | $59.07B | $66.94B | $70.08B | $74.01B | $78.65B |
| Cost of revenue | $23.91B | $34.32B | $38.52B | $37.64B | $21.19B | $39.39B | $40.35B | $43.08B | $44.6B |
| Gross profit | $721M | $10.64B | $15.2B | $19.42B | $37.88B | $27.66B | $29.05B | $31.36B | $32.6B |
| Gross margin | +2.93% | +23.67% | +28.29% | +34.03% | +64.12% | +41.32% | +41.45% | +42.38% | +41.46% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $677M | $1.54B | $1.98B | $2.23B | $2.11B | $2.46B | $2.54B | $2.83B | $2.91B |
| Total operating expenses | $1.74B | $8.3B | $10.99B | $14.32B | $33.17B | $23.11B | $23.83B | $25.02B | $26.21B |
| Operating income | -$1.02B | $2.34B | $4.21B | $5.1B | $4.71B | $5.52B | $5.67B | $6.27B | $6.48B |
| Operating margin | -4.15% | +5.20% | +7.84% | +8.93% | +7.98% | +8.24% | +8.09% | +8.47% | +8.24% |
| EBITDA | $1.51B | $5.12B | $7.83B | $8.5B | $7.54B | $9.7B | $9.99B | $10.21B | $10.88B |
| EBIT | -$980M | $2.66B | $5.16B | $5.57B | $4.6B | $6B | $6.51B | $6.55B | $6.96B |
| Below the line | |||||||||
| Interest expense | $1.58B | $1.67B | $1.77B | $1.4B | $1.22B | $1.77B | $1.81B | $1.97B | $2.01B |
| Interest income | $36M | $298M | $827M | $726M | $610M | $834.77M | $917.48M | $959.28M | $1.03B |
| Other income / expense | -$1.54B | -$1.35B | -$824M | -$928M | -$407M | — | — | — | — |
| Pre-tax income | -$2.56B | $990M | $3.39B | $4.17B | $4.31B | $4.54B | $4.91B | $5.18B | $5.45B |
| Income tax expense | -$593M | $253M | $769M | $1.02B | $953M | $1.09B | $1.13B | $1.2B | $1.28B |
| Earnings | |||||||||
| Net income | -$1.96B | $737M | $2.62B | $3.15B | $3.35B | $3.52B | $3.71B | $3.99B | $4.28B |
| Net income · continuing ops | -$1.96B | $737M | $2.62B | $3.15B | $3.35B | $3.64B | $3.67B | $3.9B | $4.22B |
| Net margin | -7.97% | +1.64% | +4.87% | +5.52% | +5.68% | +5.26% | +5.29% | +5.39% | +5.44% |
| EPS · basic | $-6.10 | $2.26 | $7.99 | $9.58 | $10.21 | $9.23 | $14.67 | $17.30 | $18.01 |
| EPS · diluted | $-6.10 | $2.23 | $7.89 | $9.45 | $10.22 | $9.26 | $14.41 | $16.98 | $18.04 |
| EPS · low estimate | — | — | — | — | — | $6.63 | $10.21 | $14.67 | $16.70 |
| EPS · high estimate | — | — | — | — | — | $10.80 | $17.01 | $18.28 | $18.73 |
| Shares · basic | 321.9M | 330.1M | 331.81M | 333.2M | 327M | 325.25M | 324.93M | 328.85M | 328.63M |
| Shares · diluted | 321.9M | 330.1M | 331.9M | 333.2M | 327M | 328.16M | 329.29M | 324.5M | 325.72M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 16 | 15 |
| Analysts (EPS) | — | — | — | — | — | 13 | 13 | 6 | 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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