Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5.41B | $6.16B | $6.78B | $6.54B | $6.54B | $7.12B | $7.6B | $8.17B |
| Cost of revenue | $4.07B | $4.74B | $4.75B | $4.66B | $4.59B | $5.13B | $5.27B | $5.85B |
| Gross profit | $1.35B | $1.42B | $2.02B | $1.88B | $1.96B | $2.06B | $2.22B | $2.37B |
| Gross margin | +24.91% | +23.10% | +29.85% | +28.73% | +29.98% | +28.86% | +29.20% | +28.99% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $351M | $397M | $443M | $447M | $443M | $480.89M | $516.17M | $539.28M |
| Total operating expenses | $374.6M | $216M | $427M | -$829M | $440M | $8.21M | $8.49M | $9.52M |
| Operating income | $973.8M | $1.21B | $1.6B | $2.71B | $1.52B | $2.12B | $2.27B | $2.41B |
| Operating margin | +17.99% | +19.59% | +23.55% | +41.42% | +23.26% | +29.78% | +29.84% | +29.53% |
| EBITDA | $1.45B | $1.77B | $2.17B | $3.34B | $2.15B | $2.7B | $2.88B | $3.14B |
| EBIT | $998.2M | $1.26B | $1.66B | $2.77B | $1.52B | $2.14B | $2.32B | $2.49B |
| Below the line | ||||||||
| Interest expense | $142.7M | $169M | $165M | $169M | $229M | $207.7M | $213.51M | $225.28M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$118.3M | -$116M | -$103M | -$111M | -$234M | — | — | — |
| Pre-tax income | $855.5M | $1.09B | $1.49B | $2.6B | $1.29B | $1.95B | $2.06B | $2.21B |
| Income tax expense | $153.2M | $235M | $293M | $600M | $250M | $406.05M | $433.16M | $465.16M |
| Earnings | ||||||||
| Net income | $702.5M | $867M | $1.17B | $2B | $1.14B | $1.5B | $1.61B | $1.73B |
| Net income · continuing ops | $702.3M | $856M | $1.2B | $2B | $1.04B | $1.53B | $1.65B | $1.79B |
| Net margin | +12.98% | +14.07% | +17.25% | +30.52% | +17.37% | +21.11% | +21.16% | +21.20% |
| EPS · basic | $11.26 | $13.91 | $18.88 | $32.50 | $18.85 | $19.34 | $22.62 | $27.05 |
| EPS · diluted | $11.22 | $13.87 | $18.82 | $32.41 | $18.80 | $19.09 | $22.81 | $26.97 |
| EPS · low estimate | — | — | — | — | — | $18.15 | $21.63 | $25.69 |
| EPS · high estimate | — | — | — | — | — | $21.29 | $25.53 | $28.74 |
| Shares · basic | 62.4M | 62.3M | 61.9M | 61.4M | 60.3M | 60.51M | 60.56M | 60.16M |
| Shares · diluted | 62.6M | 62.5M | 62.1M | 61.6M | 60.5M | 59.9M | 60.22M | 60.9M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 15 | 9 |
| Analysts (EPS) | — | — | — | — | — | 11 | 15 | 5 |
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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