Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $59.15B | $67.23B | $59.54B | $53.11B | $70.33B | $92.05B | $95.98B | $96.21B |
| Cost of revenue | $55.79B | $63.55B | $54.7B | $49.72B | $67.15B | $88B | $90.73B | $87.96B |
| Gross profit | $3.36B | $3.68B | $4.85B | $3.39B | $3.17B | $6B | $6.26B | $5.94B |
| Gross margin | +5.69% | +5.48% | +8.14% | +6.39% | +4.51% | +6.52% | +6.53% | +6.17% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $28M | $12.52M | $13.05M | $12.55M |
| Selling, general & administrative | $1.23B | $1.37B | $1.72B | $1.78B | $2.09B | $2.86B | $2.95B | $2.98B |
| Total operating expenses | $1.23B | $1.37B | $1.72B | $1.78B | $2.11B | $2.85B | $2.89B | $2.97B |
| Operating income | $2.13B | $2.31B | $3.13B | $1.62B | $1.06B | $2.93B | $3.2B | $3.2B |
| Operating margin | +3.60% | +3.44% | +5.26% | +3.04% | +1.51% | +3.18% | +3.33% | +3.33% |
| EBITDA | $3.23B | $2.88B | $4.02B | $2.46B | $1.76B | $4.23B | $4.48B | $4.49B |
| EBIT | $2.81B | $2.47B | $3.57B | $2B | $1.06B | $3.37B | $3.7B | $3.68B |
| Below the line | ||||||||
| Interest expense | $243M | $403M | $516M | $471M | $542M | $778.5M | $820.14M | $828.59M |
| Interest income | $48M | $71M | $148M | $163M | $202M | $253.25M | $261.71M | $273.22M |
| Other income / expense | $436M | -$247M | -$79M | -$93M | $74M | — | — | — |
| Pre-tax income | $2.57B | $2.07B | $3.05B | $1.52B | $1.13B | $2.86B | $2.98B | $3.05B |
| Income tax expense | $398M | $388M | $714M | $336M | $288M | $698M | $715.06M | $743.65M |
| Earnings | ||||||||
| Net income | $2.08B | $1.61B | $2.24B | $1.14B | $819M | $2.11B | $2.25B | $2.28B |
| Net income · continuing ops | $2.17B | $1.68B | $2.34B | $1.19B | $846M | $2.24B | $2.3B | $2.32B |
| Net margin | +3.51% | +2.39% | +3.77% | +2.14% | +1.16% | +2.29% | +2.35% | +2.37% |
| EPS · basic | $14.49 | $10.74 | $15.07 | $8.09 | $4.96 | $9.20 | $10.99 | $11.24 |
| EPS · diluted | $13.64 | $10.51 | $14.87 | $7.99 | $4.92 | $9.15 | $10.95 | $11.25 |
| EPS · low estimate | — | — | — | — | — | $9.08 | $10.64 | $10.83 |
| EPS · high estimate | — | — | — | — | — | $9.21 | $11.26 | $11.65 |
| Shares · basic | 141.02M | 148.71M | 148.8M | 139.63M | 165.04M | 166.21M | 165.23M | 164.05M |
| Shares · diluted | 152.37M | 153.13M | 150.79M | 142M | 166.47M | 165.43M | 165.17M | 166.94M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 5 | 3 |
| Analysts (EPS) | — | — | — | — | — | 3 | 4 | 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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