Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $12.52B | $14.85B | $14.66B | $14.54B | $14.09B | $14.79B | $15.48B | $15.97B | $16.92B |
| Cost of revenue | $7.23B | $9.14B | $9.05B | $9.03B | $9.41B | $9.31B | $9.73B | $10.01B | $10.58B |
| Gross profit | $5.29B | $5.72B | $5.6B | $5.51B | $4.69B | $5.35B | $5.8B | $5.85B | $5.99B |
| Gross margin | +42.24% | +38.48% | +38.23% | +37.87% | +33.25% | +36.18% | +37.44% | +36.65% | +35.38% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | -$64M | -$79M | -$29M | -$50M | $0 | -$26.91M | -$28.62M | -$28.39M | -$30.34M |
| Total operating expenses | $130M | -$238M | $136M | $140M | $164M | $150.2M | $154.66M | $162.97M | $170.58M |
| Operating income | $5.16B | $5.95B | $5.47B | $5.37B | $4.52B | $5.27B | $5.5B | $5.59B | $6.09B |
| Operating margin | +41.20% | +40.09% | +37.30% | +36.91% | +32.08% | +35.62% | +35.53% | +34.98% | +35.99% |
| EBITDA | $7.09B | $7.59B | $7.27B | $7.07B | $5.87B | $7.03B | $7.31B | $7.62B | $7.77B |
| EBIT | $5.67B | $6.09B | $5.64B | $5.39B | $4.59B | $5.37B | $5.7B | $5.71B | $6.03B |
| Below the line | |||||||||
| Interest expense | $722M | $742M | $809M | $832M | $844M | $850.75M | $881.57M | $929.48M | $960.22M |
| Interest income | $7M | $42M | $79M | $85M | $0 | $55.93M | $58.03M | $60.76M | $64.6M |
| Other income / expense | -$208M | -$609M | -$638M | -$811M | -$752M | — | — | — | — |
| Pre-tax income | $4.95B | $5.35B | $4.83B | $4.56B | $3.77B | $4.48B | $4.77B | $4.95B | $5.14B |
| Income tax expense | $1.17B | $1.23B | $1.16B | $1.09B | $880M | $1.09B | $1.12B | $1.16B | $1.2B |
| Earnings | |||||||||
| Net income | $3.78B | $4.11B | $3.67B | $3.47B | $2.89B | $3.38B | $3.6B | $3.77B | $3.82B |
| Net income · continuing ops | $3.78B | $4.11B | $3.67B | $3.47B | $2.89B | $3.35B | $3.64B | $3.72B | $3.92B |
| Net margin | +30.19% | +27.70% | +25.03% | +23.87% | +20.50% | +22.83% | +23.28% | +23.60% | +22.59% |
| EPS · basic | $1.68 | $1.95 | $1.83 | $1.79 | $1.54 | $1.93 | $2.18 | $2.37 | $2.51 |
| EPS · diluted | $1.68 | $1.95 | $1.82 | $1.79 | $1.54 | $1.91 | $2.17 | $2.35 | $2.54 |
| EPS · low estimate | — | — | — | — | — | $1.85 | $1.99 | $2.32 | $2.48 |
| EPS · high estimate | — | — | — | — | — | $1.96 | $2.32 | $2.40 | $2.60 |
| Shares · basic | 2.25B | 2.14B | 2.01B | 1.94B | 1.86B | 1.86B | 1.88B | 1.85B | 1.87B |
| Shares · diluted | 2.26B | 2.14B | 2.01B | 1.94B | 1.86B | 1.85B | 1.86B | 1.87B | 1.88B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 14 | 14 | 4 | 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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