Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.82B | $3.68B | $1.87B | $4.09B | $4.9B | $3.95B | $5.25B | $6.05B | $5.93B |
| Cost of revenue | $291.8M | $322M | $542.9M | $685.9M | $1.67B | $1.05B | $1.38B | $1.58B | $1.62B |
| Gross profit | $5.53B | $3.36B | $1.32B | $3.4B | $3.23B | $2.95B | $3.86B | $4.42B | $4.26B |
| Gross margin | +94.99% | +91.24% | +70.92% | +83.22% | +65.93% | +74.69% | +73.55% | +72.95% | +71.81% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $431.7M | $575.8M | $652.1M | $665.6M | $2.05B | $1.25B | $1.61B | $1.83B | $1.88B |
| Total operating expenses | $1.5B | $1.78B | $1.93B | $2.01B | $1.95B | $2.45B | $3.44B | $3.9B | $3.73B |
| Operating income | $4.03B | $1.57B | -$600.9M | $1.39B | $1.28B | $380.02M | $484.52M | $566.1M | $571.98M |
| Operating margin | +69.16% | +42.76% | -32.18% | +34.09% | +26.19% | +9.62% | +9.23% | +9.35% | +9.65% |
| EBITDA | $4.08B | $1.72B | -$420.3M | $1.58B | $1.34B | $572.94M | $772.86M | $861.57M | $835.94M |
| EBIT | $4.03B | $1.57B | -$600.9M | $1.39B | $1.28B | $371.11M | $489M | $566.94M | $540.28M |
| Below the line | |||||||||
| Interest expense | $291.8M | $322M | $542.9M | $685.9M | $123.9M | $621.57M | $838.61M | $992.4M | $959.37M |
| Interest income | $322M | $418.2M | $724.5M | $795.8M | $2.19B | $1.36B | $1.77B | $2.08B | $2.09B |
| Other income / expense | $0 | $0 | $0 | $0 | -$123.7M | — | — | — | — |
| Pre-tax income | $4.03B | $1.57B | -$600.9M | $1.39B | $1.16B | $333.64M | $437.7M | $512.98M | $510.53M |
| Income tax expense | $982.3M | $287.8M | -$104.2M | $302.6M | $214.5M | $65.68M | $90.39M | $104.98M | $100.15M |
| Earnings | |||||||||
| Net income | $2.97B | $1.23B | -$608.4M | $1.02B | $808.7M | $115.3M | $155.63M | $178.59M | $177.56M |
| Net income · continuing ops | $3.05B | $1.28B | -$496.7M | $1.09B | $944.7M | $252.33M | $330.02M | $400.15M | $378.23M |
| Net margin | +51.08% | +33.31% | -32.59% | +24.96% | +16.51% | +2.92% | +2.97% | +2.95% | +2.99% |
| EPS · basic | $8.37 | $3.39 | $-1.68 | $2.85 | $2.25 | $4.11 | $5.20 | $5.92 | $6.24 |
| EPS · diluted | $8.20 | $3.35 | $-1.68 | $2.77 | $2.18 | $4.04 | $5.16 | $5.85 | $6.16 |
| EPS · low estimate | — | — | — | — | — | $3.57 | $4.20 | $4.65 | $5.42 |
| EPS · high estimate | — | — | — | — | — | $4.60 | $5.71 | $7.05 | $6.87 |
| Shares · basic | 355.24M | 361.28M | 361.4M | 358.58M | 359.7M | 356.74M | 361.41M | 360.42M | 360.28M |
| Shares · diluted | 362.57M | 365.71M | 361.4M | 368.02M | 370.9M | 371.96M | 367.72M | 369.16M | 367.38M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 5 | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 8 | 7 | 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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