Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $12.15B | $10.06B | $10.36B | $10.64B | $11.24B | $11.36B | $11.58B | $11.89B |
| Cost of revenue | $7.43B | $6.51B | $6.21B | $6.65B | $7.87B | $7.27B | $7.36B | $7.78B |
| Gross profit | $4.72B | $3.55B | $4.15B | $3.98B | $3.38B | $4.1B | $4.19B | $4.35B |
| Gross margin | +38.86% | +35.29% | +40.06% | +37.46% | +30.05% | +36.08% | +36.15% | +36.62% |
| Operating | ||||||||
| Research & development | $531M | $450M | $518M | $590M | $518M | $588.92M | $585.86M | $593.58M |
| Selling, general & administrative | $2.85B | $3.1B | $2.95B | $2.97B | $2.89B | $3.16B | $3.21B | $3.27B |
| Total operating expenses | $3.37B | $6.39B | $3.44B | $3.97B | $3.69B | $4.02B | $4.01B | $4.07B |
| Operating income | $1.35B | -$2.85B | $707M | $14M | -$308M | $159.23M | $165.17M | $167.74M |
| Operating margin | +11.11% | -28.29% | +6.82% | +0.13% | -2.74% | +1.40% | +1.43% | +1.41% |
| EBITDA | $2.19B | -$1.76B | $1.73B | $1.12B | $766M | $1.26B | $1.31B | $1.37B |
| EBIT | $1.32B | -$2.84B | $750M | $119M | -$215M | $244.56M | $255.6M | $262.73M |
| Below the line | ||||||||
| Interest expense | $207M | $413M | $508M | $408M | $290M | $439.52M | $443.65M | $457.96M |
| Interest income | $14M | $19M | $69M | $67M | $52M | $67.53M | $68.51M | $68.33M |
| Other income / expense | -$234M | -$403M | -$465M | -$303M | -$197M | — | — | — |
| Pre-tax income | $1.12B | -$3.25B | $242M | -$289M | -$505M | -$179.82M | -$187.45M | -$187.43M |
| Income tax expense | $83M | -$135M | $61M | $37M | $395M | -$45.95M | -$46.52M | -$49.35M |
| Earnings | ||||||||
| Net income | $1.28B | -$2.43B | $2.66B | -$649M | -$957M | $161.57M | $163.23M | $167.19M |
| Net income · continuing ops | $1.03B | -$3.11B | $181M | -$326M | -$900M | -$362.33M | -$370.47M | -$367.69M |
| Net margin | +10.57% | -24.19% | +25.64% | -6.10% | -8.51% | +1.42% | +1.41% | +1.41% |
| EPS · basic | $2.56 | $-4.83 | $5.25 | $-1.27 | $-1.75 | $1.95 | $1.98 | $2.18 |
| EPS · diluted | $2.53 | $-4.83 | $5.23 | $-1.27 | $-1.75 | $1.92 | $2.00 | $2.15 |
| EPS · low estimate | — | — | — | — | — | $1.85 | $1.89 | $1.99 |
| EPS · high estimate | — | — | — | — | — | $1.96 | $2.08 | $2.31 |
| Shares · basic | 502M | 504M | 506M | 510M | 513M | 509.24M | 516.28M | 514.26M |
| Shares · diluted | 508M | 504M | 506M | 510M | 513M | 516.07M | 510.58M | 509.7M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 11 | 11 | 8 |
| Analysts (EPS) | — | — | — | — | — | 8 | 9 | 2 |
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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