Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E |
|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||
| Revenue | $2.63B | $2.84B | $3.27B | $3.8B | $4.07B | $4.18B | $4.61B |
| Cost of revenue | $2.32B | $2.46B | $2.75B | $3.12B | $3.43B | $3.55B | $3.8B |
| Gross profit | $318.1M | $376.21M | $520.26M | $676.46M | $640.8M | $709.66M | $749.71M |
| Gross margin | +12.08% | +13.25% | +15.92% | +17.82% | +15.76% | +16.98% | +16.25% |
| Operating | |||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $638.48M | $668.27M | $32.56M | $33.35M | $74.06M | $50.18M | $58.24M |
| Total operating expenses | $0 | $0 | $0 | $0 | -$78.72M | -$27.63M | -$29.08M |
| Operating income | $318.1M | $376.21M | $520.26M | $676.46M | $719.52M | $671.01M | $743.5M |
| Operating margin | +12.08% | +13.25% | +15.92% | +17.82% | +17.69% | +16.06% | +16.12% |
| EBITDA | $351.22M | $428.41M | $600.23M | $766.34M | $787.39M | $798.02M | $866.08M |
| EBIT | $314.01M | $382.24M | $552.82M | $709.81M | $710.6M | $760.6M | $799.35M |
| Below the line | |||||||
| Interest expense | $4.13M | $2.01M | $0 | $0 | $0 | $0 | $0 |
| Interest income | $0 | $0 | $51.74M | $65.07M | $80.06M | $73.13M | $79.28M |
| Other income / expense | $58.31M | $238K | $41.68M | $80.82M | -$8.92M | — | — |
| Pre-tax income | $376.4M | $376.45M | $561.94M | $757.28M | $710.6M | $749.22M | $845.81M |
| Income tax expense | $78.54M | $77.88M | $115.88M | $156.97M | $151.27M | $155.42M | $171.97M |
| Earnings | |||||||
| Net income | $297.86M | $298.57M | $446.06M | $600.31M | $559.34M | $607.07M | $650.85M |
| Net income · continuing ops | $297.86M | $298.57M | $446.06M | $600.31M | $559.34M | $619.54M | $653.98M |
| Net margin | +11.31% | +10.51% | +13.65% | +15.82% | +13.75% | +14.53% | +14.11% |
| EPS · basic | $6.40 | $6.41 | $9.58 | $12.89 | $12.01 | $14.08 | $14.22 |
| EPS · diluted | $5.69 | $5.71 | $8.53 | $11.48 | $10.62 | $12.66 | $12.70 |
| EPS · low estimate | — | — | — | — | — | $12.49 | $12.70 |
| EPS · high estimate | — | — | — | — | — | $12.83 | $12.70 |
| Shares · basic | 46.19M | 46.19M | 46.19M | 46.19M | 46.57M | 46.65M | 46.33M |
| Shares · diluted | 46.19M | 46.19M | 52.68M | 52.69M | 52.69M | 52.19M | 53.11M |
| Coverage | |||||||
| Analysts (revenue) | — | — | — | — | — | 1 | 1 |
| Analysts (EPS) | — | — | — | — | — | 1 | 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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