Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $213.99B | $238.59B | $262.17B | $293.96B | $321.33B | $338.3B | $357.82B | $380.58B | $410.08B |
| Cost of revenue | $207.72B | $230.99B | $254.42B | $285.26B | $311.19B | $318.23B | $344.52B | $375.27B | $399.7B |
| Gross profit | $6.27B | $7.6B | $7.76B | $8.7B | $10.14B | $10.37B | $11.08B | $11.76B | $12.12B |
| Gross margin | +2.93% | +3.19% | +2.96% | +2.96% | +3.16% | +3.07% | +3.10% | +3.09% | +2.96% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $3.59B | $4.85B | $5.31B | $5.66B | $6.49B | $6.78B | $6.93B | $7.79B | $8.24B |
| Total operating expenses | $3.59B | $4.85B | $5.31B | $5.66B | $6.49B | $6.9B | $7.01B | $7.38B | $8.32B |
| Operating income | $2.68B | $2.75B | $2.45B | $3.04B | $3.65B | $3.42B | $3.68B | $4.04B | $4.17B |
| Operating margin | +1.25% | +1.15% | +0.93% | +1.03% | +1.14% | +1.01% | +1.03% | +1.06% | +1.02% |
| EBITDA | $2.91B | $3.11B | $3.41B | $3.36B | $3.74B | $4.16B | $4.42B | $4.62B | $4.93B |
| EBIT | $2.4B | $2.42B | $2.44B | $2.25B | $2.68B | $2.91B | $3.09B | $3.28B | $3.56B |
| Below the line | |||||||||
| Interest expense | $182.54M | $231.98M | $275.65M | $248.68M | $419.75M | $356.71M | $385.27M | $397.03M | $444.53M |
| Interest income | $8.47M | $21.31M | $46.72M | $91.69M | $128.21M | $102.38M | $106.03M | $112.52M | $121.27M |
| Other income / expense | -$453.15M | -$568.62M | -$285.68M | -$1.04B | -$1.39B | — | — | — | — |
| Pre-tax income | $2.22B | $2.18B | $2.16B | $2B | $2.26B | $2.44B | $2.61B | $2.76B | $3.08B |
| Income tax expense | $677.25M | $516.52M | $428.26M | $484.7M | $690.52M | $615.68M | $663.62M | $691.4M | $731.38M |
| Earnings | |||||||||
| Net income | $1.54B | $1.7B | $1.75B | $1.51B | $1.55B | $1.83B | $2.03B | $2.1B | $2.21B |
| Net income · continuing ops | $1.54B | $1.67B | $1.73B | $1.52B | $1.57B | $1.83B | $1.93B | $2.16B | $2.33B |
| Net margin | +0.72% | +0.71% | +0.67% | +0.51% | +0.48% | +0.54% | +0.57% | +0.55% | +0.54% |
| EPS · basic | $7.48 | $8.15 | $8.62 | $7.60 | $8.02 | $17.75 | $20.05 | $21.93 | $25.39 |
| EPS · diluted | $7.39 | $8.04 | $8.53 | $7.53 | $7.96 | $17.77 | $19.80 | $21.97 | $25.12 |
| EPS · low estimate | — | — | — | — | — | $17.53 | $19.29 | $20.05 | $24.51 |
| EPS · high estimate | — | — | — | — | — | $17.89 | $20.24 | $24.53 | $25.76 |
| Shares · basic | 205.92M | 208.47M | 204.59M | 198.5M | 193.82M | 193.47M | 195.33M | 194.6M | 193.99M |
| Shares · diluted | 208.47M | 211.21M | 204.59M | 200.28M | 195.21M | 197.03M | 194.13M | 193.83M | 194.08M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 9 | 7 |
| Analysts (EPS) | — | — | — | — | — | 6 | 8 | 3 | 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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