Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $10.42B | $9.8B | $10.11B | $10.28B | $11.1B | $12.17B | $12.81B | $13.46B | $14.11B |
| Cost of revenue | $2.65B | $2.68B | $2.83B | $2.88B | $3.17B | $3.4B | $3.63B | $3.69B | $4.03B |
| Gross profit | $7.77B | $7.12B | $7.28B | $7.4B | $7.93B | $8.93B | $9.39B | $9.81B | $10.26B |
| Gross margin | +74.57% | +72.64% | +71.98% | +71.99% | +71.45% | +73.42% | +73.36% | +72.88% | +72.68% |
| Operating | |||||||||
| Research & development | $1.33B | $1.33B | $1.54B | $1.48B | $1.64B | $1.82B | $1.89B | $1.96B | $2.06B |
| Selling, general & administrative | $3.09B | $3.1B | $3.41B | $3.23B | $3.59B | $3.99B | $4.29B | $4.42B | $4.67B |
| Total operating expenses | $4.85B | $4.77B | $5.34B | $5.09B | $5.65B | $6.09B | $6.36B | $6.78B | $7.15B |
| Operating income | $2.92B | $2.35B | $1.94B | $2.32B | $2.28B | $2.49B | $2.72B | $2.82B | $2.94B |
| Operating margin | +28.05% | +23.99% | +19.20% | +22.54% | +20.51% | +20.50% | +21.22% | +20.93% | +20.84% |
| EBITDA | $1.17B | -$924M | $4.37B | $2.86B | $2.85B | $3.88B | $4.24B | $4.25B | $4.55B |
| EBIT | $667M | -$1.37B | $3.97B | $2.54B | $2.55B | $3.42B | $3.74B | $3.94B | $4.21B |
| Below the line | |||||||||
| Interest expense | $269M | $235M | $263M | $259M | $246M | $301.47M | $317.29M | $322.37M | $337.28M |
| Interest income | $19M | $73M | $204M | $272M | $198M | $263.06M | $267.19M | $291.2M | $311.19M |
| Other income / expense | -$2.53B | -$3.95B | $1.77B | -$40M | $30M | — | — | — | — |
| Pre-tax income | $398M | -$1.6B | $3.71B | $2.28B | $2.31B | $3.17B | $3.45B | $3.67B | $3.69B |
| Income tax expense | $146M | -$327M | $932M | $297M | $311M | $544.75M | $600.2M | $606.41M | $655.82M |
| Earnings | |||||||||
| Net income | $13.61B | -$1.27B | $2.77B | $1.98B | $2.03B | $2.59B | $2.68B | $2.76B | $2.97B |
| Net income · continuing ops | $252M | -$1.27B | $2.78B | $1.98B | $2B | $2.69B | $2.83B | $2.94B | $2.97B |
| Net margin | +130.60% | -12.96% | +27.36% | +19.21% | +18.30% | +21.33% | +20.94% | +20.48% | +21.03% |
| EPS · basic | $20.87 | $-2.28 | $5.22 | $3.98 | $4.44 | $6.28 | $6.90 | $7.62 | $8.56 |
| EPS · diluted | $20.87 | $-2.28 | $5.19 | $3.94 | $4.34 | $6.11 | $6.75 | $7.52 | $8.40 |
| EPS · low estimate | — | — | — | — | — | $5.72 | $6.40 | $6.95 | $8.09 |
| EPS · high estimate | — | — | — | — | — | $6.35 | $7.02 | $7.91 | $8.64 |
| Shares · basic | 652M | 558M | 530M | 496M | 451M | 449.46M | 450.84M | 447.92M | 447.26M |
| Shares · diluted | 652M | 558M | 533M | 501M | 460M | 464.55M | 463.92M | 461.96M | 459.26M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 6 | 4 |
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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