Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $2.69B | $3.5B | $3.87B | $4.24B | $4.65B | $4.65B | $4.82B | $5.16B |
| Cost of revenue | $1.35B | $1.89B | $2.13B | $2.33B | $2.55B | $2.61B | $2.73B | $2.82B |
| Gross profit | $1.34B | $1.61B | $1.74B | $1.91B | $2.1B | $2.15B | $2.17B | $2.39B |
| Gross margin | +49.88% | +45.88% | +44.89% | +45.02% | +45.18% | +46.14% | +44.91% | +46.25% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $206.67M | $231.22M | $250.42M | $335.23M | $348.96M | $340.3M | $358.36M | $382.9M |
| Total operating expenses | $206.67M | $231.22M | $250.42M | $335.23M | $402.93M | $354.1M | $364.8M | $400.31M |
| Operating income | $1.14B | $1.37B | $1.49B | $1.57B | $1.7B | $1.72B | $1.76B | $1.87B |
| Operating margin | +42.21% | +39.28% | +38.42% | +37.10% | +36.51% | +37.04% | +36.43% | +36.26% |
| EBITDA | $1.26B | $1.51B | $1.65B | $1.76B | $2.11B | $2.01B | $2.05B | $2.25B |
| EBIT | $1.14B | $1.37B | $1.49B | $1.57B | $1.9B | $1.82B | $1.82B | $1.95B |
| Below the line | ||||||||
| Interest expense | $20.25M | $16.69M | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest income | $0 | $0 | $65.93M | $145.67M | $178.91M | $139.57M | $141.4M | $158.89M |
| Other income / expense | -$14.58M | -$34.04M | $67.76M | $142.58M | $198.87M | — | — | — |
| Pre-tax income | $1.12B | $1.34B | $1.55B | $1.71B | $1.9B | $1.92B | $1.92B | $2.06B |
| Income tax expense | $185.35M | $250.82M | $316.59M | $352.25M | $347.22M | $366.19M | $376.99M | $407M |
| Earnings | ||||||||
| Net income | $936.5M | $1.09B | $1.24B | $1.36B | $1.55B | $1.49B | $1.59B | $1.68B |
| Net income · continuing ops | $936.5M | $1.09B | $1.24B | $1.36B | $1.55B | $1.54B | $1.61B | $1.67B |
| Net margin | +34.78% | +31.14% | +31.99% | +32.17% | +33.41% | +31.98% | +32.92% | +32.50% |
| EPS · basic | $0.99 | $1.15 | $1.30 | $1.42 | $1.61 | $1.59 | $1.71 | $1.84 |
| EPS · diluted | $0.97 | $1.13 | $1.28 | $1.40 | $1.59 | $1.59 | $1.70 | $1.83 |
| EPS · low estimate | — | — | — | — | — | $1.58 | $1.62 | $1.77 |
| EPS · high estimate | — | — | — | — | — | $1.60 | $1.84 | $1.89 |
| Shares · basic | 945.01M | 949.68M | 953.57M | 960.74M | 965.31M | 962.5M | 969.31M | 967.15M |
| Shares · diluted | 961.16M | 964.6M | 966.65M | 974.8M | 977.56M | 985.58M | 972.93M | 968.57M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 3 |
| Analysts (EPS) | — | — | — | — | — | 7 | 8 | 3 |
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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