Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $17.93B | $19.7B | $20.43B | $22.06B | $25.2B | $26.51B | $27.97B | $29.3B | $31.23B |
| Cost of revenue | $13.11B | $14.33B | $14.68B | $15.65B | $17.88B | $18.75B | $19.94B | $20.84B | $22.62B |
| Gross profit | $4.82B | $5.37B | $5.75B | $6.41B | $7.33B | $7.43B | $7.96B | $8.43B | $8.78B |
| Gross margin | +26.89% | +27.24% | +28.15% | +29.07% | +29.08% | +28.03% | +28.45% | +28.76% | +28.12% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.81B | $1.93B | $1.93B | $2.26B | $2.72B | $2.7B | $2.87B | $2.9B | $3.17B |
| Total operating expenses | $1.81B | $1.93B | $1.93B | $2.26B | $2.72B | $2.74B | $2.88B | $2.95B | $3.12B |
| Operating income | $3.01B | $3.44B | $3.82B | $4.15B | $4.61B | $4.99B | $5.09B | $5.36B | $5.89B |
| Operating margin | +16.78% | +17.45% | +18.72% | +18.81% | +18.28% | +18.81% | +18.18% | +18.28% | +18.85% |
| EBITDA | $4.82B | $5.45B | $5.72B | $6.46B | $7.2B | $7.48B | $8.12B | $8.2B | $9.12B |
| EBIT | $2.71B | $3.3B | $3.52B | $4.06B | $4.34B | $4.59B | $4.94B | $5.14B | $5.58B |
| Below the line | |||||||||
| Interest expense | $365M | $378M | $500M | $598M | $912M | $769.74M | $835.44M | $868.06M | $906.82M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$659M | -$520M | -$802M | -$691M | -$1.18B | — | — | — | — |
| Pre-tax income | $2.35B | $2.92B | $3.02B | $3.46B | $3.43B | $3.99B | $4.05B | $4.37B | $4.63B |
| Income tax expense | $532M | $678M | $745M | $713M | $717M | $843.66M | $920.76M | $931.38M | $1.03B |
| Earnings | |||||||||
| Net income | $1.82B | $2.24B | $2.3B | $2.75B | $2.71B | $2.97B | $3.28B | $3.46B | $3.5B |
| Net income · continuing ops | $1.82B | $2.24B | $2.28B | $2.75B | $2.71B | $3B | $3.29B | $3.35B | $3.6B |
| Net margin | +10.13% | +11.36% | +11.28% | +12.45% | +10.74% | +11.21% | +11.73% | +11.81% | +11.22% |
| EPS · basic | $4.32 | $5.42 | $5.69 | $6.84 | $6.72 | $8.32 | $9.33 | $10.32 | $11.34 |
| EPS · diluted | $4.29 | $5.39 | $5.66 | $6.81 | $6.70 | $8.18 | $9.21 | $10.16 | $11.32 |
| EPS · low estimate | — | — | — | — | — | $8.00 | $8.75 | $9.49 | $11.18 |
| EPS · high estimate | — | — | — | — | — | $8.40 | $9.53 | $11.18 | $11.47 |
| Shares · basic | 420.4M | 412.8M | 404.9M | 401.5M | 402.7M | 399.53M | 401.97M | 401.05M | 406.04M |
| Shares · diluted | 422.9M | 415M | 406.9M | 403.4M | 404.2M | 406.4M | 407.06M | 407.03M | 402.17M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 20 | 20 | 17 | 14 |
| Analysts (EPS) | — | — | — | — | — | 18 | 19 | 10 | 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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