Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $18.87B | $22.1B | $23.09B | $23.49B | $24.3B | $25.45B | $26.4B | $27.74B | $29.12B |
| Cost of revenue | $12.24B | $14.36B | $14.8B | $14.96B | $15.9B | $15.94B | $16.96B | $18.37B | $19.29B |
| Gross profit | $6.63B | $7.74B | $8.29B | $8.52B | $8.4B | $9.09B | $9.27B | $9.82B | $10.3B |
| Gross margin | +35.16% | +35.03% | +35.90% | +36.29% | +34.58% | +35.73% | +35.11% | +35.40% | +35.39% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $5.16B | $5.76B | $6.17B | $6.64B | $7.19B | $7.01B | $7.51B | $7.74B | $8.32B |
| Total operating expenses | $5.47B | $6.13B | $6.54B | $7.08B | $7.19B | $7.64B | $7.54B | $8.08B | $8.3B |
| Operating income | $1.16B | $1.61B | $1.75B | $1.44B | $1.21B | $1.55B | $1.69B | $1.75B | $1.81B |
| Operating margin | +6.16% | +7.31% | +7.57% | +6.14% | +5.00% | +6.08% | +6.42% | +6.32% | +6.21% |
| EBITDA | $1.55B | $1.99B | $2.16B | $1.68B | $753.7M | $1.65B | $1.77B | $1.87B | $1.87B |
| EBIT | $1.26B | $1.65B | $1.81B | $1.27B | $215.67M | $1.16B | $1.27B | $1.34B | $1.37B |
| Below the line | |||||||||
| Interest expense | $62.15M | $73.89M | $64.47M | $96.83M | $163.51M | $119.1M | $122.56M | $124.24M | $134.16M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $37.43M | -$41.6M | -$4.71M | -$266.77M | -$1.16B | — | — | — | — |
| Pre-tax income | $1.2B | $1.57B | $1.74B | $1.18B | $52.17M | $1.07B | $1.11B | $1.21B | $1.21B |
| Income tax expense | $301.56M | $389.9M | $425.82M | $271.89M | -$13.78M | $261.62M | $273.62M | $284.04M | $297.67M |
| Earnings | |||||||||
| Net income | $898.79M | $1.18B | $1.32B | $904.08M | $65.95M | $837.77M | $880.63M | $904.4M | $946.52M |
| Net income · continuing ops | $898.79M | $1.18B | $1.32B | $904.08M | $65.95M | $838.44M | $881.52M | $918.48M | $968.3M |
| Net margin | +4.76% | +5.35% | +5.70% | +3.85% | +0.27% | +3.29% | +3.34% | +3.26% | +3.25% |
| EPS · basic | $6.27 | $8.36 | $9.38 | $6.49 | $0.47 | $7.74 | $8.52 | $9.26 | $10.91 |
| EPS · diluted | $6.23 | $8.31 | $9.33 | $6.47 | $0.47 | $7.69 | $8.37 | $9.26 | $10.95 |
| EPS · low estimate | — | — | — | — | — | $7.54 | $7.97 | $9.14 | $10.81 |
| EPS · high estimate | — | — | — | — | — | $7.84 | $8.99 | $9.44 | $11.16 |
| Shares · basic | 143.44M | 141.47M | 140.37M | 139.21M | 138.95M | 140.23M | 140.08M | 138.26M | 139.58M |
| Shares · diluted | 144.22M | 142.32M | 141.03M | 139.67M | 139.25M | 138.68M | 139.14M | 139.8M | 138.96M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 7 | 6 | 3 | 2 |
| Analysts (EPS) | — | — | — | — | — | 5 | 5 | 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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