Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $6.49B | $7.75B | $12.12B | $15.88B | $14.3B | $8.88B | $9.16B | $9.61B | $10.09B |
| Cost of revenue | -$57.7M | $1B | $5.37B | $7.58B | $6.21B | $4.12B | $4.1B | $4.28B | $4.53B |
| Gross profit | $6.55B | $6.75B | $6.75B | $8.29B | $8.09B | $4.99B | $5.15B | $5.33B | $5.39B |
| Gross margin | +100.89% | +87.07% | +55.70% | +52.24% | +56.54% | +56.21% | +56.23% | +55.46% | +53.46% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.56B | $2.81B | $2.91B | $2.98B | $3.47B | $2.03B | $2.06B | $2.21B | $2.3B |
| Total operating expenses | $4.54B | $4.98B | $5.28B | $5.63B | $5.75B | $3.53B | $3.61B | $3.81B | $4.06B |
| Operating income | $2.01B | $1.77B | $1.46B | $2.66B | $2.33B | $1.33B | $1.37B | $1.44B | $1.51B |
| Operating margin | +30.98% | +22.79% | +12.09% | +16.75% | +16.30% | +15.02% | +14.95% | +15.02% | +15.00% |
| EBITDA | $2.53B | $2.32B | $2.1B | $3.38B | $3.21B | $1.85B | $1.85B | $1.96B | $2.01B |
| EBIT | $2.01B | $1.77B | $1.46B | $2.66B | $2.33B | $1.33B | $1.37B | $1.47B | $1.51B |
| Below the line | |||||||||
| Interest expense | $23.8M | $990.5M | $5.34B | $7.59B | $6.21B | $3.95B | $4.03B | $4.27B | $4.55B |
| Interest income | $1.41B | $2.88B | $7.33B | $9.76B | $8.62B | $5.33B | $5.55B | $5.98B | $5.94B |
| Other income / expense | $0 | $0 | $0 | $0 | $8M | — | — | — | — |
| Pre-tax income | $2.01B | $1.77B | $1.46B | $2.66B | $2.34B | $1.34B | $1.35B | $1.42B | $1.5B |
| Income tax expense | $464.8M | $430.3M | $357.5M | $628.4M | $602.6M | $327.05M | $346.65M | $347.35M | $363.76M |
| Earnings | |||||||||
| Net income | $1.55B | $1.34B | $1.11B | $2.03B | $1.74B | $1.03B | $1.07B | $1.08B | $1.12B |
| Net income · continuing ops | $1.55B | $1.34B | $1.11B | $2.03B | $1.74B | $1.01B | $1.02B | $1.12B | $1.18B |
| Net margin | +23.82% | +17.23% | +9.14% | +12.79% | +12.15% | +11.63% | +11.67% | +11.27% | +11.09% |
| EPS · basic | $7.16 | $6.16 | $5.09 | $9.80 | $8.79 | $10.79 | $11.92 | $13.13 | $14.90 |
| EPS · diluted | $7.14 | $6.14 | $5.08 | $9.77 | $8.74 | $10.84 | $11.74 | $12.97 | $15.02 |
| EPS · low estimate | — | — | — | — | — | $10.39 | $11.13 | $12.68 | $14.62 |
| EPS · high estimate | — | — | — | — | — | $11.20 | $12.11 | $13.48 | $15.45 |
| Shares · basic | 208.08M | 208.31M | 207.25M | 201.26M | 187.53M | 189.35M | 187.18M | 186.39M | 188.25M |
| Shares · diluted | 208.9M | 208.87M | 207.56M | 201.87M | 188.58M | 189.15M | 189.9M | 189.53M | 186.79M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 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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