Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.57B | $8.93B | $9.87B | $11.02B | $12.07B | $13.04B | $14.27B | $15.83B | $17.57B |
| Cost of revenue | $904.2M | $1.08B | $1.26B | $1.53B | $1.81B | $1.79B | $1.98B | $2.25B | $2.42B |
| Gross profit | $6.67B | $7.85B | $8.61B | $9.49B | $10.27B | $11.45B | $12.14B | $13.94B | $15.5B |
| Gross margin | +88.06% | +87.90% | +87.21% | +86.11% | +85.03% | +87.81% | +85.05% | +88.05% | +88.23% |
| Operating | |||||||||
| Research & development | $3.05B | $2.66B | $3.16B | $3.63B | $3.75B | $4.17B | $4.67B | $5.01B | $5.63B |
| Selling, general & administrative | $840.1M | $944.7M | $1.14B | $1.46B | $1.75B | $1.71B | $1.89B | $2.06B | $2.33B |
| Total operating expenses | $3.89B | $3.54B | $4.78B | $9.72B | $5.51B | $8.06B | $8.67B | $9.48B | $10.98B |
| Operating income | $2.78B | $4.31B | $3.83B | -$232.9M | $4.76B | $3.38B | $3.61B | $3.95B | $4.58B |
| Operating margin | +36.73% | +48.23% | +38.83% | -2.11% | +39.43% | +25.91% | +25.32% | +24.96% | +26.05% |
| EBITDA | $2.92B | $4.44B | $4.61B | $486.3M | $4.97B | $3.93B | $4.33B | $4.75B | $5.54B |
| EBIT | $2.79B | $4.29B | $4.42B | $279.1M | $4.76B | $3.81B | $4.16B | $4.48B | $5.13B |
| Below the line | |||||||||
| Interest expense | $61.5M | $54.8M | $44.1M | $30.6M | $13.3M | $35.93M | $40.01M | $43.94M | $48.3M |
| Interest income | $4.9M | $144.6M | $614.7M | $598.1M | $490.9M | $664.68M | $734M | $846.35M | $936.97M |
| Other income / expense | -$51.7M | -$75M | $547.8M | $481.4M | -$117.5M | — | — | — | — |
| Pre-tax income | $2.73B | $4.23B | $4.38B | $248.5M | $4.64B | $3.75B | $4.1B | $4.59B | $4.88B |
| Income tax expense | $388.3M | $910.4M | $760.2M | $784.1M | $690M | $599.07M | $667.18M | $703.96M | $803.69M |
| Earnings | |||||||||
| Net income | $2.34B | $3.32B | $3.62B | -$535.6M | $3.95B | $2.84B | $3.03B | $3.46B | $3.74B |
| Net income · continuing ops | $2.34B | $3.32B | $3.62B | -$535.6M | $3.95B | $2.83B | $3.11B | $3.48B | $3.84B |
| Net margin | +30.92% | +37.20% | +36.68% | -4.86% | +32.74% | +21.82% | +21.22% | +21.88% | +21.29% |
| EPS · basic | $9.09 | $12.97 | $14.05 | $-2.08 | $15.46 | $19.47 | $21.64 | $24.94 | $28.63 |
| EPS · diluted | $9.01 | $12.82 | $13.89 | $-2.08 | $15.32 | $19.31 | $21.62 | $25.00 | $28.79 |
| EPS · low estimate | — | — | — | — | — | $18.90 | $19.84 | $18.26 | $27.51 |
| EPS · high estimate | — | — | — | — | — | $19.61 | $23.82 | $34.91 | $31.53 |
| Shares · basic | 257.7M | 256.1M | 257.7M | 257.5M | 255.7M | 257.89M | 255.98M | 257.71M | 255.83M |
| Shares · diluted | 259.9M | 259.1M | 260.5M | 257.9M | 258M | 257.34M | 256.56M | 256.59M | 255.84M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 24 | 23 | 25 | 12 |
| Analysts (EPS) | — | — | — | — | — | 19 | 19 | 14 | 8 |
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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