Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $9.46B | $11.17B | $12.14B | $13.64B | $14.71B | $12.83B | $13.37B | $14.04B |
| Cost of revenue | $7.43B | $8.73B | $9.42B | $10.52B | $11.79B | $10.19B | $10.28B | $11.22B |
| Gross profit | $2.02B | $2.44B | $2.72B | $3.12B | $2.91B | $2.78B | $2.88B | $3.11B |
| Gross margin | +21.39% | +21.83% | +22.44% | +22.89% | +19.81% | +21.63% | +21.55% | +22.14% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $739.87M | $718.33M | $969.99M | $857.12M | $579.43M | $771.56M | $817.8M | $871.56M |
| Operating income | $1.28B | $1.72B | $1.75B | $2.26B | $2.33B | $2.04B | $2.03B | $2.17B |
| Operating margin | +13.57% | +15.40% | +14.45% | +16.60% | +15.87% | +15.89% | +15.22% | +15.44% |
| EBITDA | $1.56B | $1.91B | $1.86B | $2.22B | $2.37B | $2.02B | $2.12B | $2.25B |
| EBIT | $1.43B | $1.85B | $1.88B | $2.39B | $2.41B | $2.05B | $2.2B | $2.38B |
| Below the line | ||||||||
| Interest expense | $147.18M | $130.37M | $127.46M | $126.91M | $126.89M | $122.93M | $129.32M | $129.15M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $0 | $0 | $0 | $0 | -$53.74M | — | — | — |
| Pre-tax income | $1.28B | $1.72B | $1.75B | $2.26B | $2.28B | $2B | $2.04B | $2.13B |
| Income tax expense | $251.89M | $334.73M | $370.56M | $509.92M | $495.77M | $439.87M | $445.79M | $463.4M |
| Earnings | ||||||||
| Net income | $1.02B | $1.38B | $1.38B | $1.76B | $1.78B | $1.59B | $1.6B | $1.73B |
| Net income · continuing ops | $1.03B | $1.38B | $1.38B | $1.75B | $1.78B | $1.53B | $1.6B | $1.66B |
| Net margin | +10.81% | +12.37% | +11.38% | +12.88% | +12.10% | +12.38% | +11.96% | +12.34% |
| EPS · basic | $2.46 | $3.33 | $3.40 | $4.39 | $4.48 | $4.71 | $4.87 | $5.22 |
| EPS · diluted | $2.44 | $3.29 | $3.37 | $4.36 | $4.45 | $4.68 | $4.82 | $5.15 |
| EPS · low estimate | — | — | — | — | — | $4.48 | $4.41 | $5.10 |
| EPS · high estimate | — | — | — | — | — | $4.81 | $5.00 | $5.18 |
| Shares · basic | 419.05M | 419.19M | 409.95M | 399.73M | 396.71M | 398.58M | 393.56M | 398.81M |
| Shares · diluted | 419.62M | 419.19M | 409.95M | 403.22M | 399.14M | 397.47M | 398.64M | 398.58M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 3 |
| Analysts (EPS) | — | — | — | — | — | 12 | 11 | 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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