Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.63B | $5.78B | $4.58B | $4.98B | $5.4B | $6.07B | $6.38B | $6.67B | $7.26B |
| Cost of revenue | $3B | $3.16B | $2.46B | $2.57B | $2.92B | $3.2B | $3.33B | $3.58B | $3.83B |
| Gross profit | $2.63B | $2.62B | $2.12B | $2.41B | $2.48B | $2.83B | $3.03B | $3.08B | $3.49B |
| Gross margin | +46.70% | +45.39% | +46.31% | +48.44% | +45.94% | +46.67% | +47.41% | +46.11% | +48.12% |
| Operating | |||||||||
| Research & development | $567M | $570M | $519M | $563M | $593M | $667.68M | $703.52M | $755.05M | $812.56M |
| Selling, general & administrative | $935M | $982M | $915M | $981M | $1.09B | $1.23B | $1.31B | $1.33B | $1.46B |
| Total operating expenses | $1.65B | $2.1B | $1.64B | $1.67B | $1.68B | $2B | $2.1B | $2.22B | $2.43B |
| Operating income | $979M | $529M | $481M | $742M | $800M | $812.95M | $839.23M | $912.04M | $964.72M |
| Operating margin | +17.40% | +9.15% | +10.49% | +14.90% | +14.83% | +13.40% | +13.15% | +13.67% | +13.29% |
| EBITDA | $1.16B | $1.14B | $761M | $937M | $985M | $1.09B | $1.14B | $1.17B | $1.27B |
| EBIT | $973M | $936M | $585M | $765M | $800M | $868.51M | $930.82M | $971.4M | $1.02B |
| Below the line | |||||||||
| Interest expense | $5M | $60M | $133M | $129M | $108M | $153.47M | $156.61M | $169.13M | $186.4M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$11M | $15M | -$147M | -$107M | -$240M | — | — | — | — |
| Pre-tax income | $968M | $544M | $334M | $635M | $560M | $612.07M | $654.99M | $675.27M | $749.79M |
| Income tax expense | $131M | $81M | $38M | $107M | $141M | $112.27M | $117.25M | $117.84M | $128.19M |
| Earnings | |||||||||
| Net income | $837M | $463M | $296M | $528M | $419M | $502.15M | $523.93M | $560.32M | $617.08M |
| Net income · continuing ops | $837M | $463M | $296M | $528M | $419M | $494.27M | $543.14M | $539.48M | $589.47M |
| Net margin | +14.87% | +8.01% | +6.46% | +10.60% | +7.77% | +8.28% | +8.21% | +8.40% | +8.50% |
| EPS · basic | $15.66 | $8.87 | $5.76 | $10.25 | $8.24 | $18.67 | $20.95 | $22.17 | $29.49 |
| EPS · diluted | $15.53 | $8.81 | $5.72 | $10.18 | $8.18 | $18.55 | $20.58 | $21.96 | $29.40 |
| EPS · low estimate | — | — | — | — | — | $18.24 | $19.71 | $16.85 | $29.00 |
| EPS · high estimate | — | — | — | — | — | $19.16 | $21.63 | $25.79 | $29.80 |
| Shares · basic | 53.45M | 52.21M | 51.38M | 51.5M | 50.82M | 50.73M | 50.67M | 50.45M | 51.23M |
| Shares · diluted | 53.9M | 52.56M | 51.71M | 51.88M | 51.21M | 50.78M | 51.52M | 51.41M | 50.94M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 6 | 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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