Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $9.78B | $11.16B | $12.84B | $14.74B | $15.91B | $15.58B | $16.8B | $17.86B | $19.41B |
| Cost of revenue | $118M | $405M | $1.51B | $2.15B | $1.88B | $1.97B | $2.1B | $2.23B | $2.48B |
| Gross profit | $9.66B | $10.75B | $11.34B | $12.59B | $14.03B | $13.56B | $14.29B | $15.96B | $17.11B |
| Gross margin | +98.79% | +96.37% | +88.28% | +85.44% | +88.16% | +87.03% | +85.08% | +89.40% | +88.14% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $6.58B | $7.33B | $7.3B | $8.21B | $7.24B | $8.2B | $8.94B | $9.2B | $10.28B |
| Total operating expenses | $7.87B | $8.73B | $9.06B | $9.95B | $9.47B | $10.23B | $10.86B | $11.97B | $12.74B |
| Operating income | $1.79B | $2.02B | $2.28B | $2.64B | $4.56B | $3.26B | $3.53B | $3.76B | $4.16B |
| Operating margin | +18.31% | +18.12% | +17.76% | +17.93% | +28.66% | +20.94% | +20.99% | +21.03% | +21.44% |
| EBITDA | $1.93B | $2.17B | $2.45B | $2.82B | $4.76B | $3.55B | $3.87B | $3.98B | $4.31B |
| EBIT | $1.79B | $2.02B | $2.28B | $2.64B | $4.56B | $3.27B | $3.54B | $3.91B | $4.1B |
| Below the line | |||||||||
| Interest expense | $150M | $305M | $1.37B | $2.1B | $1.85B | $1.86B | $2.08B | $2.19B | $2.42B |
| Interest income | $823M | $1.51B | $3.75B | $4.23B | $3.99B | $4.29B | $4.54B | $4.94B | $5.31B |
| Other income / expense | $0 | $0 | $0 | $0 | -$1.85B | — | — | — | — |
| Pre-tax income | $1.79B | $2.02B | $2.28B | $2.64B | $2.71B | $2.75B | $2.87B | $3.23B | $3.44B |
| Income tax expense | $388M | $513M | $541M | $575M | $579M | $626.98M | $650.04M | $712.91M | $770.15M |
| Earnings | |||||||||
| Net income | $1.4B | $1.51B | $1.74B | $2.07B | $2.14B | $2.07B | $2.24B | $2.43B | $2.67B |
| Net income · continuing ops | $1.4B | $1.51B | $1.74B | $2.07B | $2.14B | $2.15B | $2.28B | $2.39B | $2.66B |
| Net margin | +14.35% | +13.53% | +13.54% | +14.03% | +13.42% | +13.31% | +13.34% | +13.61% | +13.75% |
| EPS · basic | $6.81 | $7.16 | $8.16 | $9.94 | $10.53 | $12.33 | $13.76 | $15.88 | $19.13 |
| EPS · diluted | $6.63 | $6.98 | $7.97 | $9.70 | $10.30 | $11.88 | $13.51 | $15.50 | $18.67 |
| EPS · low estimate | — | — | — | — | — | $11.60 | $12.93 | $13.77 | $18.28 |
| EPS · high estimate | — | — | — | — | — | $12.05 | $14.62 | $17.23 | $19.02 |
| Shares · basic | 205.7M | 209.9M | 211.8M | 207.1M | 202M | 201.6M | 200.98M | 202.87M | 202.66M |
| Shares · diluted | 211.2M | 215.3M | 216.9M | 212.3M | 206.6M | 208.03M | 208.3M | 205.65M | 208.66M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 7 | 4 | 2 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 2 | 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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