Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $9.72B | $11.64B | $14.33B | $15.35B | $16.1B | $17.25B | $18.51B | $19.83B |
| Cost of revenue | $6.22B | $7.01B | $8.95B | $9.63B | $10.39B | $11.03B | $11.56B | $12.75B |
| Gross profit | $3.5B | $4.63B | $5.38B | $5.71B | $5.71B | $6.53B | $6.99B | $7.12B |
| Gross margin | +35.97% | +39.79% | +37.55% | +37.23% | +35.44% | +37.82% | +37.74% | +35.89% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.2B | $1.4B | $1.53B | $1.65B | $1.73B | $1.9B | $1.96B | $2.09B |
| Total operating expenses | $1.2B | $1.4B | $1.53B | $1.65B | $1.73B | $1.87B | $2.03B | $2.07B |
| Operating income | $2.3B | $3.23B | $3.86B | $4.07B | $3.97B | $4.57B | $4.92B | $5.26B |
| Operating margin | +23.63% | +27.76% | +26.90% | +26.51% | +24.68% | +26.46% | +26.59% | +26.55% |
| EBITDA | $4.24B | $5.46B | $6.63B | $6.98B | $7.16B | $7.76B | $8.61B | $8.82B |
| EBIT | $2.27B | $3.25B | $3.85B | $4.08B | $4.05B | $4.6B | $4.92B | $5.28B |
| Below the line | ||||||||
| Interest expense | $424M | $445M | $635M | $691M | $716M | $750.52M | $813.44M | $881.57M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$450M | -$430M | -$644M | -$680M | -$636M | — | — | — |
| Pre-tax income | $1.85B | $2.8B | $3.21B | $3.39B | $3.34B | $3.66B | $4.02B | $4.24B |
| Income tax expense | $460M | $697M | $787M | $813M | $844M | $909.44M | $1.01B | $1.06B |
| Earnings | ||||||||
| Net income | $1.39B | $2.11B | $2.42B | $2.58B | $2.49B | $2.75B | $3.11B | $3.18B |
| Net income · continuing ops | $1.39B | $2.11B | $2.42B | $2.58B | $2.49B | $2.77B | $3.04B | $3.33B |
| Net margin | +14.27% | +18.08% | +16.91% | +16.78% | +15.49% | +15.92% | +16.82% | +16.04% |
| EPS · basic | $19.14 | $29.77 | $35.40 | $38.82 | $38.71 | $46.70 | $54.13 | $60.84 |
| EPS · diluted | $19.03 | $29.66 | $35.28 | $38.69 | $38.61 | $46.92 | $53.78 | $60.68 |
| EPS · low estimate | — | — | — | — | — | $46.10 | $51.62 | $54.44 |
| EPS · high estimate | — | — | — | — | — | $48.14 | $56.07 | $68.50 |
| Shares · basic | 72.43M | 70.7M | 68.47M | 66.35M | 64.4M | 64.81M | 64.27M | 63.89M |
| Shares · diluted | 72.82M | 70.97M | 68.71M | 66.57M | 64.6M | 64.29M | 64.04M | 64.52M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 9 |
| Analysts (EPS) | — | — | — | — | — | 15 | 15 | 7 |
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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