Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $292.11B | $322.47B | $357.78B | $372.81B | $402.07B | $407.26B | $425.19B | $448.61B | $476.72B |
| Cost of revenue | $239.99B | $267.97B | $303.35B | $321.41B | $346.71B | $348.39B | $365.67B | $386.89B | $419.4B |
| Gross profit | $52.12B | $54.5B | $54.43B | $51.4B | $55.36B | $56.49B | $58.86B | $62.35B | $67.03B |
| Gross margin | +17.84% | +16.90% | +15.21% | +13.79% | +13.77% | +13.87% | +13.84% | +13.90% | +14.06% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $41.23B | $0 | $14.67B | $15.41B | $16.99B | $17.07B |
| Total operating expenses | $38.81B | $46.55B | $40.69B | $42.89B | $44.98B | $46.67B | $47.03B | $52.13B | $54.08B |
| Operating income | $13.31B | $7.95B | $13.74B | $8.52B | $10.39B | $11.98B | $12.3B | $12.8B | $13.88B |
| Operating margin | +4.56% | +2.47% | +3.84% | +2.28% | +2.58% | +2.94% | +2.89% | +2.85% | +2.91% |
| EBITDA | $17.53B | $12.35B | $18.2B | $13.68B | $9.86B | $15.25B | $15.6B | $16.27B | $18.19B |
| EBIT | $13.04B | $8.12B | $13.83B | $9.11B | $5.26B | $10.05B | $10.89B | $11.58B | $11.78B |
| Below the line | |||||||||
| Interest expense | $2.5B | $2.29B | $2.66B | $2.96B | $3.12B | $3.19B | $3.36B | $3.56B | $3.75B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$2.77B | -$2.12B | -$2.57B | -$2.37B | -$8.25B | — | — | — | — |
| Pre-tax income | $10.54B | $5.84B | $11.17B | $6.15B | $2.14B | $7.18B | $7.33B | $7.75B | $8.19B |
| Income tax expense | $2.55B | $1.51B | $2.81B | $1.56B | $408M | $1.68B | $1.77B | $1.85B | $1.92B |
| Earnings | |||||||||
| Net income | $8B | $4.31B | $8.34B | $4.61B | $1.77B | $5.59B | $5.55B | $6.17B | $6.53B |
| Net income · continuing ops | $7.99B | $4.33B | $8.37B | $4.59B | $1.73B | $5.59B | $5.82B | $6.02B | $6.33B |
| Net margin | +2.74% | +1.34% | +2.33% | +1.24% | +0.44% | +1.37% | +1.31% | +1.38% | +1.37% |
| EPS · basic | $6.00 | $3.29 | $6.49 | $3.66 | $1.40 | $7.37 | $8.27 | $9.68 | $11.08 |
| EPS · diluted | $5.95 | $3.26 | $6.47 | $3.66 | $1.39 | $7.38 | $8.37 | $9.63 | $10.89 |
| EPS · low estimate | — | — | — | — | — | $7.07 | $8.22 | $9.05 | $10.58 |
| EPS · high estimate | — | — | — | — | — | $7.63 | $8.55 | $10.15 | $11.39 |
| Shares · basic | 1.32B | 1.31B | 1.29B | 1.26B | 1.27B | 1.26B | 1.27B | 1.26B | 1.26B |
| Shares · diluted | 1.33B | 1.32B | 1.29B | 1.26B | 1.27B | 1.28B | 1.26B | 1.27B | 1.27B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 18 | 15 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 17 | 10 | 4 |
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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