Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $10.2B | $10.18B | $7.67B | $7.12B | $6.91B | $7.05B | $7.7B | $7.97B |
| Cost of revenue | $6.1B | $6.56B | $5.99B | $5.81B | $6.39B | $6.02B | $6.42B | $6.82B |
| Gross profit | $4.1B | $3.62B | $1.68B | $1.31B | $516M | $1.1B | $1.2B | $1.25B |
| Gross margin | +40.17% | +35.55% | +21.92% | +18.43% | +7.47% | +15.55% | +15.52% | +15.67% |
| Operating | ||||||||
| Research & development | $5M | $6M | $7M | $7M | $0 | $4.49M | $4.93M | $5.05M |
| Selling, general & administrative | $491M | $491M | $518M | $568M | $545M | $534.98M | $594.3M | $613.69M |
| Total operating expenses | $455M | $540M | $496M | $628M | $51M | $382.75M | $421.59M | $415.11M |
| Operating income | $3.64B | $3.08B | $1.19B | $685M | $465M | $730.82M | $801.81M | $828.21M |
| Operating margin | +35.71% | +30.24% | +15.45% | +9.62% | +6.73% | +10.36% | +10.41% | +10.40% |
| EBITDA | $4.11B | $3.06B | $1.72B | $1.2B | $1.04B | $1.29B | $1.37B | $1.44B |
| EBIT | $3.63B | $2.58B | $1.22B | $696M | $533M | $800.47M | $872.59M | $902.04M |
| Below the line | ||||||||
| Interest expense | $313M | $270M | $280M | $269M | $273M | $266M | $293.25M | $307.5M |
| Interest income | $5M | $25M | $76M | $53M | $22M | $48.92M | $52.96M | $53.87M |
| Other income / expense | -$327M | -$775M | -$249M | -$258M | -$205M | — | — | — |
| Pre-tax income | $3.32B | $2.31B | $937M | $427M | $260M | $513.2M | $573.35M | $585.46M |
| Income tax expense | $709M | $425M | $98M | $31M | -$64M | $46.88M | $49.82M | $50.36M |
| Earnings | ||||||||
| Net income | $2.61B | $1.88B | $839M | $396M | $324M | $486.77M | $528.65M | $553.91M |
| Net income · continuing ops | $2.61B | $1.88B | $839M | $396M | $324M | $497.21M | $554.78M | $553.71M |
| Net margin | +25.56% | +18.46% | +10.93% | +5.56% | +4.69% | +6.90% | +6.86% | +6.95% |
| EPS · basic | $3.48 | $2.53 | $1.15 | $0.54 | $0.45 | $0.34 | $0.71 | $1.07 |
| EPS · diluted | $3.47 | $2.53 | $1.15 | $0.54 | $0.45 | $0.34 | $0.71 | $1.07 |
| EPS · low estimate | — | — | — | — | — | $0.27 | $0.50 | $1.03 |
| EPS · high estimate | — | — | — | — | — | $0.45 | $0.81 | $1.10 |
| Shares · basic | 749.5M | 741.9M | 731.65M | 728.4M | 721.3M | 720.69M | 714.62M | 724.82M |
| Shares · diluted | 750.98M | 742.95M | 732.22M | 728.96M | 721.83M | 727.65M | 724.77M | 715.28M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 4 |
| Analysts (EPS) | — | — | — | — | — | 7 | 8 | 1 |
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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