Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5B | $5.69B | $6.86B | $8.01B | $10.23B | $13.86B | $17.64B | $21.26B | $23.7B |
| Cost of revenue | $3.62B | $4.29B | $4.64B | $5.26B | $6.72B | $9.44B | $11.87B | $14.13B | $15.56B |
| Gross profit | $1.38B | $1.4B | $2.22B | $2.75B | $3.51B | $4.63B | $5.8B | $7.36B | $8.07B |
| Gross margin | +27.58% | +24.60% | +32.33% | +34.36% | +34.36% | +33.40% | +32.88% | +34.63% | +34.04% |
| Operating | |||||||||
| Research & development | $266.4M | $282M | $303.5M | $352.1M | $0 | $405M | $532.16M | $627.78M | $715.88M |
| Selling, general & administrative | $842.6M | $896.3M | $1.01B | $1.02B | $1.62B | $1.99B | $2.61B | $3.1B | $3.41B |
| Total operating expenses | $1.11B | $1.18B | $1.31B | $1.37B | $1.62B | $2.39B | $3.03B | $3.8B | $4.14B |
| Operating income | $269.4M | $222M | $906.9M | $1.38B | $1.9B | $2.28B | $2.95B | $3.39B | $3.91B |
| Operating margin | +5.39% | +3.90% | +13.21% | +17.21% | +18.54% | +16.46% | +16.72% | +15.95% | +16.50% |
| EBITDA | $483.8M | $616.7M | $1.02B | $1.19B | $2.21B | $2.38B | $3.08B | $3.58B | $3.96B |
| EBIT | $256.8M | $314.3M | $752.7M | $915.8M | $1.9B | $1.95B | $2.45B | $2.97B | $3.23B |
| Below the line | |||||||||
| Interest expense | $90.6M | $147.3M | $219M | $150.4M | $86.1M | $266.89M | $344.97M | $425.63M | $469.05M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$103.2M | -$55M | -$373.2M | -$613.4M | -$155.1M | — | — | — | — |
| Pre-tax income | $166.2M | $167M | $533.7M | $765.4M | $1.74B | $1.57B | $1.98B | $2.42B | $2.75B |
| Income tax expense | $46.6M | $90.4M | $73.5M | $269.6M | $409.1M | $385.63M | $478.58M | $580.75M | $670.54M |
| Earnings | |||||||||
| Net income | $119.6M | $76.6M | $460.2M | $495.8M | $1.33B | $1.22B | $1.49B | $1.89B | $2.01B |
| Net income · continuing ops | $119.6M | $76.6M | $460.2M | $495.8M | $1.33B | $1.19B | $1.48B | $1.88B | $2.02B |
| Net margin | +2.39% | +1.35% | +6.71% | +6.19% | +13.03% | +8.81% | +8.42% | +8.90% | +8.49% |
| EPS · basic | $0.34 | $-0.04 | $1.21 | $1.32 | $3.49 | $6.68 | $8.95 | $11.38 | $12.92 |
| EPS · diluted | $0.34 | $-0.04 | $1.19 | $1.28 | $3.41 | $6.45 | $8.75 | $11.07 | $12.55 |
| EPS · low estimate | — | — | — | — | — | $6.40 | $7.12 | $9.86 | $11.86 |
| EPS · high estimate | — | — | — | — | — | $6.53 | $9.51 | $12.33 | $14.06 |
| Shares · basic | 355.54M | 376.73M | 380.14M | 376.42M | 381.71M | 383.34M | 380.66M | 379.61M | 379.46M |
| Shares · diluted | 355.54M | 378.22M | 386.23M | 386.33M | 390.65M | 388.84M | 392.19M | 393.7M | 391.82M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 19 | 19 | 18 | 11 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 9 | 3 |
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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