Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.32B | $9.6B | $8.89B | $8.6B | $9.8B | $10.03B | $10.55B | $11.35B | $11.72B |
| Cost of revenue | $5.32B | $6.3B | $5.29B | $4.81B | $4.85B | $5.55B | $5.91B | $6.12B | $6.4B |
| Gross profit | $3B | $3.3B | $3.6B | $3.79B | $4.95B | $4.51B | $4.82B | $4.98B | $5.22B |
| Gross margin | +36.07% | +34.39% | +40.50% | +44.02% | +50.55% | +44.92% | +45.71% | +43.86% | +44.56% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $591.5M | $199.99M | $217.41M | $233.6M | $229.88M |
| Total operating expenses | $1.28B | $1.38B | $1.69B | $1.63B | $2.58B | $2.11B | $2.23B | $2.43B | $2.56B |
| Operating income | $1.71B | $1.92B | $1.91B | $2.15B | $2.37B | $2.35B | $2.43B | $2.62B | $2.78B |
| Operating margin | +20.62% | +20.05% | +21.46% | +25.03% | +24.23% | +23.39% | +23.01% | +23.06% | +23.69% |
| EBITDA | $3.04B | $3.37B | $3.53B | $3.92B | $4.05B | $4.19B | $4.34B | $4.82B | $5.02B |
| EBIT | $1.97B | $2.25B | $2.26B | $2.56B | $2.57B | $2.75B | $2.92B | $3.05B | $3.23B |
| Below the line | |||||||||
| Interest expense | $471.1M | $515.1M | $727.4M | $815.3M | $895.1M | $916.5M | $949.54M | $988.27M | $1.03B |
| Interest income | $0 | $1.2M | $0 | $17.2M | $0 | $6.79M | $6.86M | $7.53M | $7.61M |
| Other income / expense | -$216.1M | -$191.6M | -$371.7M | -$406.5M | -$701.4M | — | — | — | — |
| Pre-tax income | $1.5B | $1.73B | $1.54B | $1.75B | $1.67B | $1.85B | $1.97B | $2.03B | $2.19B |
| Income tax expense | $200.3M | $322.9M | $204.6M | $222M | $118M | $202.94M | $206.03M | $225.07M | $238.56M |
| Earnings | |||||||||
| Net income | $1.3B | $1.41B | $1.33B | $1.53B | $1.56B | $1.62B | $1.68B | $1.85B | $1.88B |
| Net income · continuing ops | $1.3B | $1.41B | $1.33B | $1.52B | $1.56B | $1.63B | $1.74B | $1.87B | $1.88B |
| Net margin | +15.65% | +14.68% | +14.99% | +17.77% | +15.90% | +16.16% | +15.95% | +16.32% | +16.08% |
| EPS · basic | $4.12 | $4.46 | $4.22 | $4.81 | $4.86 | $5.58 | $6.04 | $6.50 | $7.01 |
| EPS · diluted | $4.11 | $4.45 | $4.22 | $4.83 | $4.83 | $5.60 | $6.00 | $6.49 | $7.01 |
| EPS · low estimate | — | — | — | — | — | $5.57 | $5.95 | $6.41 | $6.22 |
| EPS · high estimate | — | — | — | — | — | $5.64 | $6.04 | $6.61 | $7.35 |
| Shares · basic | 315.4M | 315.4M | 315.4M | 316.2M | 325.4M | 327.14M | 323.13M | 326.12M | 326.25M |
| Shares · diluted | 316.3M | 316.1M | 315.9M | 316.5M | 327.9M | 325.29M | 329.25M | 324.99M | 326.56M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 7 | 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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