Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.71B | $12.95B | $15.09B | $14.86B | $15.94B | $18.67B | $19.55B | $20.27B | $21.81B |
| Cost of revenue | $6.35B | $10.19B | $12.02B | $11.52B | $12.19B | $14.75B | $14.84B | $15.78B | $17.38B |
| Gross profit | $2.36B | $2.76B | $3.07B | $3.35B | $3.75B | $4.03B | $4.25B | $4.43B | $4.72B |
| Gross margin | +27.06% | +21.33% | +20.35% | +22.53% | +23.54% | +21.60% | +21.75% | +21.83% | +21.64% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $1.9B | $2.27B | $2.43B | $2.64B | $2.96B | $3.19B | $3.42B | $3.57B | $3.9B |
| Operating income | $454.05M | $497.7M | $639.33M | $709.6M | $796.4M | $863.83M | $936.73M | $918.41M | $1.04B |
| Operating margin | +5.21% | +3.84% | +4.24% | +4.77% | +5.00% | +4.63% | +4.79% | +4.53% | +4.76% |
| EBITDA | $719.24M | $801.24M | $952.46M | $1.06B | $1.2B | $1.3B | $1.38B | $1.4B | $1.55B |
| EBIT | $454.05M | $497.7M | $639.33M | $709.6M | $796.4M | $883.11M | $890.53M | $956.11M | $989.17M |
| Below the line | |||||||||
| Interest expense | $46.85M | $57.02M | $59.64M | $65.18M | $97.05M | $89.37M | $96.64M | $97.54M | $103.26M |
| Interest income | $168K | $48K | $7.82M | $11.74M | $13.1M | $13.34M | $14.1M | $14.32M | $15.13M |
| Other income / expense | -$46.68M | -$56.97M | -$51.82M | -$53.44M | -$83.95M | — | — | — | — |
| Pre-tax income | $407.37M | $440.73M | $587.52M | $656.16M | $712.45M | $785.21M | $840.23M | $846.96M | $927.78M |
| Income tax expense | $94.47M | $100.94M | $140.83M | $154.19M | $165.93M | $184.94M | $191.11M | $204.13M | $217.35M |
| Earnings | |||||||||
| Net income | $312.9M | $339.79M | $446.69M | $501.97M | $546.52M | $592.22M | $625.99M | $676.6M | $726M |
| Net income · continuing ops | $312.9M | $339.79M | $446.69M | $501.97M | $546.52M | $594.66M | $631.69M | $676.61M | $702.03M |
| Net margin | +3.59% | +2.62% | +2.96% | +3.38% | +3.43% | +3.17% | +3.20% | +3.34% | +3.33% |
| EPS · basic | $8.44 | $9.14 | $11.99 | $13.51 | $14.72 | $20.31 | $22.55 | $24.79 | $27.27 |
| EPS · diluted | $8.38 | $9.10 | $11.91 | $13.43 | $14.64 | $20.25 | $22.39 | $24.39 | $26.86 |
| EPS · low estimate | — | — | — | — | — | $19.44 | $21.46 | $23.44 | $24.22 |
| EPS · high estimate | — | — | — | — | — | $22.46 | $23.81 | $25.72 | $31.10 |
| Shares · basic | 37.09M | 37.16M | 37.27M | 37.16M | 37.12M | 36.98M | 37.2M | 37.48M | 37.01M |
| Shares · diluted | 37.36M | 37.36M | 37.52M | 37.37M | 37.34M | 37.46M | 37.01M | 37.29M | 37.66M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 13 | 3 | 1 |
| Analysts (EPS) | — | — | — | — | — | 14 | 13 | 3 | 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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