Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.79B | $8.77B | $10.24B | $11.17B | $12.04B | $13.05B | $14.12B | $15.21B | $16.47B |
| Cost of revenue | $4.13B | $6.08B | $7.31B | $8.11B | $7.09B | $8.9B | $9.51B | $10.12B | $10.83B |
| Gross profit | $1.66B | $2.7B | $2.93B | $3.06B | $4.95B | $4.12B | $4.66B | $4.98B | $5.3B |
| Gross margin | +28.59% | +30.75% | +28.63% | +27.41% | +41.15% | +31.59% | +33.03% | +32.77% | +32.20% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $405M | $382M | $408M | $415M | $393M | $485.21M | $508.64M | $539.36M | $612.9M |
| Total operating expenses | $645M | $604M | $705M | $693M | $2.26B | $1.35B | $1.54B | $1.63B | $1.73B |
| Operating income | $1.01B | $2.09B | $2.23B | $2.37B | $2.69B | $2.92B | $3.03B | $3.3B | $3.69B |
| Operating margin | +17.45% | +23.87% | +21.74% | +21.21% | +22.37% | +22.38% | +21.47% | +21.69% | +22.43% |
| EBITDA | $1.15B | $2.31B | $2.3B | $2.5B | $2.87B | $2.94B | $3.23B | $3.57B | $3.83B |
| EBIT | $957M | $2.15B | $2.16B | $2.35B | $2.69B | $2.83B | $3.04B | $3.29B | $3.47B |
| Below the line | |||||||||
| Interest expense | $397M | $415M | $464M | $569M | $620M | $653.48M | $675.71M | $747.09M | $798.26M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$450M | -$360M | -$533M | -$587M | -$621M | — | — | — | — |
| Pre-tax income | $560M | $1.73B | $1.69B | $1.78B | $2.07B | $2.1B | $2.38B | $2.46B | $2.7B |
| Income tax expense | $153M | $477M | $541M | $244M | $615M | $556.52M | $587.24M | $636.93M | $673.01M |
| Earnings | |||||||||
| Net income | $410M | $1.26B | $1.14B | $1.54B | $1.46B | $1.61B | $1.77B | $1.9B | $2.08B |
| Net income · continuing ops | $407M | $1.26B | $1.15B | $1.54B | $1.46B | $1.57B | $1.77B | $1.89B | $2.1B |
| Net margin | +7.08% | +14.31% | +11.15% | +13.74% | +12.10% | +12.37% | +12.55% | +12.49% | +12.65% |
| EPS · basic | $1.47 | $4.56 | $4.35 | $6.20 | $6.18 | $9.12 | $10.37 | $11.94 | $14.13 |
| EPS · diluted | $1.46 | $4.53 | $4.32 | $6.14 | $6.12 | $9.03 | $10.38 | $11.90 | $14.05 |
| EPS · low estimate | — | — | — | — | — | $8.88 | $9.83 | $10.54 | $13.65 |
| EPS · high estimate | — | — | — | — | — | $9.30 | $11.07 | $13.63 | $14.44 |
| Shares · basic | 279M | 275M | 262M | 247.5M | 236M | 233.8M | 236.87M | 236.22M | 236.13M |
| Shares · diluted | 281M | 277M | 264M | 247.5M | 238M | 238.43M | 235.71M | 236.63M | 240.25M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 12 | 12 | 9 | 4 |
| Analysts (EPS) | — | — | — | — | — | 15 | 16 | 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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