Income statement
| In USD | FY 2022 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $8.41B | $9.04B | $8.36B | $8.76B | $8.86B | $9.28B | $9.62B | $10.04B |
| Cost of revenue | $6.1B | $6.64B | $6.09B | $6.23B | $6.31B | $6.74B | $7.07B | $7.12B |
| Gross profit | $2.31B | $2.4B | $2.27B | $2.53B | $2.55B | $2.65B | $2.66B | $2.88B |
| Gross margin | +27.46% | +26.54% | +27.19% | +28.87% | +28.75% | +28.55% | +27.65% | +28.63% |
| Operating | ||||||||
| Research & development | $136.6M | $136.1M | $135.8M | $137.8M | $0 | $97.89M | $103.74M | $104.63M |
| Selling, general & administrative | $1.13B | $1.19B | $1.18B | $1.26B | $1.44B | $1.4B | $1.46B | $1.5B |
| Total operating expenses | $1.27B | $1.33B | $1.32B | $1.4B | $1.44B | $1.46B | $1.58B | $1.63B |
| Operating income | $1.04B | $1.07B | $954.9M | $1.13B | $1.1B | $1.11B | $1.2B | $1.23B |
| Operating margin | +12.37% | +11.86% | +11.42% | +12.88% | +12.47% | +11.97% | +12.42% | +12.25% |
| EBITDA | $1.31B | $1.37B | $1.11B | $1.38B | $1.3B | $1.38B | $1.44B | $1.49B |
| EBIT | $1.06B | $1.08B | $813.7M | $1.07B | $1.06B | $1.02B | $1.06B | $1.14B |
| Below the line | ||||||||
| Interest expense | $70.2M | $84.1M | $119M | $117M | $135.4M | $128.73M | $135.8M | $140.27M |
| Interest income | $0 | $0 | $11.8M | $0 | $0 | $4.42M | $4.62M | $4.71M |
| Other income / expense | -$51M | -$72.8M | -$260.2M | -$173.9M | -$178.8M | — | — | — |
| Pre-tax income | $988.7M | $999.3M | $694.7M | $953.5M | $925.1M | $909.06M | $942.32M | $992.05M |
| Income tax expense | $248.6M | $242.2M | $191.7M | $248.6M | $237.1M | $244.62M | $258.01M | $256.11M |
| Earnings | ||||||||
| Net income | $740.1M | $757.1M | $503M | $704.9M | $688M | $678.65M | $684.08M | $736.21M |
| Net income · continuing ops | $740.1M | $757.1M | $503M | $704.9M | $688M | $666.84M | $693.1M | $730.3M |
| Net margin | +8.80% | +8.38% | +6.01% | +8.05% | +7.77% | +7.31% | +7.11% | +7.33% |
| EPS · basic | $8.93 | $9.28 | $6.23 | $8.73 | $8.80 | $10.22 | $11.22 | $12.49 |
| EPS · diluted | $8.83 | $9.21 | $6.20 | $8.73 | $8.78 | $10.05 | $11.12 | $12.42 |
| EPS · low estimate | — | — | — | — | — | $9.90 | $10.88 | $11.82 |
| EPS · high estimate | — | — | — | — | — | $10.35 | $11.34 | $13.48 |
| Shares · basic | 82.9M | 81.6M | 80.7M | 80.4M | 77.4M | 78.14M | 77.62M | 78.14M |
| Shares · diluted | 83.8M | 82.2M | 81.1M | 80.7M | 77.4M | 77.29M | 77.1M | 77.11M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 7 |
| Analysts (EPS) | — | — | — | — | — | 7 | 8 | 5 |
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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