Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.67B | $4.21B | $4.03B | $3.98B | $4.36B | $4.4B | $4.59B | $4.88B | $5.12B |
| Cost of revenue | $2.11B | $2.5B | $2.29B | $2.2B | $2.61B | $2.45B | $2.71B | $2.88B | $3.01B |
| Gross profit | $1.56B | $1.71B | $1.73B | $1.78B | $1.75B | $1.83B | $1.97B | $2.05B | $2.21B |
| Gross margin | +42.41% | +40.64% | +43.06% | +44.71% | +40.10% | +41.48% | +42.96% | +42.03% | +43.11% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $27M | $26M | $0 | $0 | $9.69M | $9.69M | $10.51M | $11.12M |
| Total operating expenses | $761M | $781M | $791M | $894M | $724M | $842.41M | $919.75M | $938.18M | $971.5M |
| Operating income | $795M | $928M | $943M | $886M | $1.03B | $1.01B | $1.05B | $1.1B | $1.19B |
| Operating margin | +21.67% | +22.07% | +23.42% | +22.26% | +23.50% | +22.95% | +22.94% | +22.58% | +23.24% |
| EBITDA | $1.54B | $1.69B | $1.78B | $1.8B | $2.02B | $1.99B | $2.07B | $2.22B | $2.37B |
| EBIT | $884M | $1.02B | $1.1B | $1.03B | $1.17B | $1.16B | $1.23B | $1.26B | $1.4B |
| Below the line | |||||||||
| Interest expense | $284M | $325M | $394M | $449M | $512M | $473.68M | $489.02M | $530.21M | $542.84M |
| Interest income | $0 | $16M | $26M | $21M | $0 | $17.08M | $17.66M | $19.05M | $20.04M |
| Other income / expense | -$195M | -$220M | -$236M | -$310M | -$364M | — | — | — | — |
| Pre-tax income | $600M | $708M | $707M | $576M | $661M | $678.97M | $719.31M | $771.13M | $792.06M |
| Income tax expense | -$74M | $22M | $4M | -$114M | -$149M | $3.84M | $4.16M | $4.43M | $4.53M |
| Earnings | |||||||||
| Net income | $674M | $686M | $703M | $690M | $810M | $805.09M | $805.01M | $869.26M | $925.81M |
| Net income · continuing ops | $674M | $686M | $703M | $690M | $810M | $800.86M | $814.94M | $857.9M | $894.87M |
| Net margin | +18.37% | +16.31% | +17.46% | +17.33% | +18.57% | +18.28% | +17.52% | +17.80% | +18.09% |
| EPS · basic | $2.63 | $2.73 | $2.78 | $2.69 | $3.15 | $3.42 | $3.68 | $4.01 | $4.41 |
| EPS · diluted | $2.63 | $2.73 | $2.78 | $2.69 | $3.14 | $3.42 | $3.68 | $4.03 | $4.36 |
| EPS · low estimate | — | — | — | — | — | $3.39 | $3.58 | $3.97 | $4.11 |
| EPS · high estimate | — | — | — | — | — | $3.44 | $3.75 | $4.07 | $4.62 |
| Shares · basic | 250.2M | 250.9M | 253M | 256.5M | 257M | 257.74M | 255.08M | 256.57M | 258.78M |
| Shares · diluted | 250.7M | 251.2M | 253.3M | 256.8M | 257.8M | 256.82M | 258.17M | 260.23M | 256.15M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 6 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 5 | 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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