Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $113.98B | $176.38B | $144.77B | $129.88B | $122.69B | $136.93B | $128.75B | $114.99B | $150.56B |
| Cost of revenue | $110.9B | $159.63B | $131.88B | $125.12B | $117.32B | $126.99B | $120.82B | $109.31B | $144.93B |
| Gross profit | $3.08B | $16.75B | $12.89B | $4.76B | $5.37B | $7.54B | $7.2B | $6.49B | $8.64B |
| Gross margin | +2.70% | +9.50% | +8.90% | +3.66% | +4.38% | +5.51% | +5.59% | +5.64% | +5.74% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $865M | $934M | $998M | $961M | $1.04B | $1.03B | $980.75M | $889.53M | $1.13B |
| Total operating expenses | $952M | $1.06B | $1.03B | $1.01B | $1.06B | $1.07B | $1.03B | $884.1M | $1.16B |
| Operating income | $2.13B | $15.69B | $11.86B | $3.76B | $4.31B | $6.67B | $6.44B | $5.68B | $7.32B |
| Operating margin | +1.87% | +8.90% | +8.19% | +2.89% | +3.51% | +4.87% | +5.00% | +4.94% | +4.86% |
| EBITDA | $4.55B | $18.34B | $14.66B | $7.03B | $6.72B | $9.74B | $9.24B | $8.05B | $10.38B |
| EBIT | $2.15B | $15.87B | $11.96B | $4.25B | $3.56B | $6.53B | $6.31B | $5.61B | $7.4B |
| Below the line | |||||||||
| Interest expense | $603M | $562M | $592M | $556M | $556M | $579.33M | $552M | $481.39M | $658.34M |
| Interest income | $0 | $0 | $293M | $0 | $0 | $92.97M | $85.53M | $79.54M | $100.19M |
| Other income / expense | -$587M | -$383M | -$90M | -$57M | -$1.31B | — | — | — | — |
| Pre-tax income | $1.54B | $15.31B | $11.77B | $3.7B | $3.01B | $6.08B | $5.61B | $5.25B | $6.55B |
| Income tax expense | $255M | $3.43B | $2.62B | $692M | $759M | $1.37B | $1.25B | $1.11B | $1.49B |
| Earnings | |||||||||
| Net income | $930M | $11.53B | $8.84B | $2.77B | $2.35B | $4.67B | $4.32B | $3.88B | $5.01B |
| Net income · continuing ops | $1.29B | $11.88B | $9.15B | $3.01B | $2.25B | $4.91B | $4.51B | $4.07B | $5.11B |
| Net margin | +0.82% | +6.54% | +6.10% | +2.13% | +1.91% | +3.41% | +3.36% | +3.37% | +3.33% |
| EPS · basic | $2.27 | $29.08 | $24.95 | $8.58 | $7.57 | $27.69 | $20.64 | $17.97 | $33.47 |
| EPS · diluted | $2.27 | $29.00 | $24.95 | $8.58 | $7.57 | $27.64 | $20.63 | $18.02 | $33.25 |
| EPS · low estimate | — | — | — | — | — | $13.05 | $13.13 | $12.75 | $25.29 |
| EPS · high estimate | — | — | — | — | — | $39.36 | $25.94 | $20.69 | $42.29 |
| Shares · basic | 407M | 395M | 353M | 322M | 309M | 306.37M | 306.49M | 307.34M | 309.71M |
| Shares · diluted | 407M | 396M | 353M | 322M | 309M | 309.12M | 310.6M | 309.41M | 306.96M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 10 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 4 | 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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