Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.59B | $6.63B | $3.95B | $4.37B | $6.21B | $8.6B | $8.66B | $8.7B | $9.35B |
| Cost of revenue | $518M | $56M | $3.61B | $2.36B | $1.81B | $4.96B | $5.1B | $4.99B | $5.56B |
| Gross profit | $3.07B | $6.57B | $336M | $2.01B | $4.41B | $3.49B | $3.56B | $3.55B | $3.8B |
| Gross margin | +85.55% | +99.16% | +8.51% | +46.07% | +70.94% | +40.59% | +41.06% | +40.77% | +40.69% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $665M | $647M | $730M | $693M | $0 | $973.65M | $985.49M | $1.02B | $1.05B |
| Total operating expenses | $1.06B | $1.84B | $1.81B | $1.59B | $3.93B | $4.1B | $4.25B | $4.2B | $4.6B |
| Operating income | $2.01B | $4.73B | -$1.47B | $422M | $474M | -$583.96M | -$588.9M | -$586.01M | -$606.73M |
| Operating margin | +56.04% | +71.37% | -37.32% | +9.66% | +7.63% | -6.79% | -6.80% | -6.73% | -6.49% |
| EBITDA | $2.17B | $4.89B | -$1.32B | $574M | $626M | -$287.79M | -$288.82M | -$294.86M | -$319.23M |
| EBIT | $2.17B | $4.89B | -$1.32B | $574M | $626M | -$284.57M | -$292.06M | -$292.84M | -$317.62M |
| Below the line | |||||||||
| Interest expense | $163M | $153M | $153M | $152M | $152M | $288.63M | $279.76M | $276.23M | $308.37M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Pre-tax income | $2.01B | $4.73B | -$1.47B | $422M | $474M | -$580.72M | -$576.29M | -$578.14M | -$618.47M |
| Income tax expense | $361M | $848M | -$367M | $29M | $36M | -$41.42M | -$41.66M | -$41.86M | -$45.38M |
| Earnings | |||||||||
| Net income | $1.64B | $3.88B | -$1.11B | $388M | $433M | -$361.35M | -$364.47M | -$367.12M | -$374.92M |
| Net income · continuing ops | $1.65B | $3.88B | -$1.11B | $393M | $438M | -$345.83M | -$350.93M | -$357.33M | -$367.79M |
| Net margin | +45.83% | +58.51% | -28.15% | +8.88% | +6.97% | -4.20% | -4.21% | -4.22% | -4.01% |
| EPS · basic | $18.55 | $51.73 | $-18.65 | $4.67 | $5.79 | $19.21 | $20.09 | $18.36 | $20.57 |
| EPS · diluted | $18.39 | $51.30 | $-18.39 | $4.64 | $5.79 | $19.18 | $19.89 | $18.50 | $20.60 |
| EPS · low estimate | — | — | — | — | — | $18.18 | $17.93 | $17.16 | $19.11 |
| EPS · high estimate | — | — | — | — | — | $20.28 | $22.10 | $20.23 | $22.52 |
| Shares · basic | 77.87M | 72.97M | 63.5M | 71.26M | 57.17M | 57.05M | 57.1M | 56.72M | 57.16M |
| Shares · diluted | 84.47M | 73.58M | 66.01M | 61.6M | 57.17M | 57.43M | 57.73M | 57.23M | 56.78M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 5 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 1 | 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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