Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $17.89B | $16.26B | $15.43B | $14.74B | $14.3B | $14.75B | $15.05B | $15.28B | $14.97B |
| Cost of revenue | $12.31B | $9.77B | $8.99B | $9.12B | $9.29B | $9.33B | $9.45B | $9.28B | $9.5B |
| Gross profit | $5.58B | $6.5B | $6.44B | $5.62B | $5.01B | $5.59B | $5.81B | $5.72B | $5.86B |
| Gross margin | +31.17% | +39.95% | +41.74% | +38.15% | +35.06% | +37.90% | +38.58% | +37.44% | +39.17% |
| Operating | |||||||||
| Research & development | $681M | $662.2M | $805.2M | $808.7M | $965.9M | $838.51M | $858.25M | $893.23M | $867.09M |
| Selling, general & administrative | $4.53B | $4.18B | $4.65B | $4.43B | $3.79B | $4.26B | $4.37B | $4.33B | $4.26B |
| Total operating expenses | $5.61B | $4.88B | $5.67B | $5.61B | $7.68B | $6.44B | $6.57B | $6.72B | $6.26B |
| Operating income | -$34M | $1.61B | $766.2M | $10.1M | -$2.66B | -$651.77M | -$694.2M | -$690.39M | -$697.72M |
| Operating margin | -0.19% | +9.93% | +4.97% | +0.07% | -18.62% | -4.42% | -4.61% | -4.52% | -4.66% |
| EBITDA | $4.48B | $6.43B | $3.52B | $2.82B | -$395.4M | $1.91B | $1.95B | $2.05B | $2.01B |
| EBIT | -$28.2M | $3.41B | $776M | -$73.2M | -$3.19B | -$853.53M | -$887.24M | -$899.52M | -$898.77M |
| Below the line | |||||||||
| Interest expense | $636.2M | $592.4M | $573.1M | $550M | $471.3M | $529.06M | $524.26M | $549.14M | $546.02M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$630.4M | $1.2B | -$563.3M | -$633.3M | -$1B | — | — | — | — |
| Pre-tax income | -$664.4M | $2.81B | $202.9M | -$623.2M | -$3.67B | -$1.38B | -$1.43B | -$1.44B | -$1.43B |
| Income tax expense | $604.7M | $734.6M | $148.2M | $11M | -$150.1M | — | — | — | — |
| Earnings | |||||||||
| Net income | -$1.27B | $2.08B | $54.7M | -$634.2M | -$3.51B | -$1.4B | -$1.41B | -$1.47B | -$1.46B |
| Net income · continuing ops | -$1.27B | $2.08B | $54.7M | -$634.2M | -$3.51B | -$1.37B | -$1.46B | -$1.49B | -$1.47B |
| Net margin | -7.10% | +12.78% | +0.35% | -4.30% | -24.58% | -9.46% | -9.40% | -9.60% | -9.73% |
| EPS · basic | $-1.05 | $1.71 | $0.05 | $-0.53 | $-3.00 | $2.43 | $2.68 | $2.94 | $0.00 |
| EPS · diluted | $-1.05 | $1.71 | $0.05 | $-0.53 | $-3.00 | $2.46 | $2.68 | $2.96 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $2.40 | $2.61 | $1.16 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $2.59 | $2.75 | $4.76 | $0.00 |
| Shares · basic | 1.21B | 1.21B | 1.2B | 1.19B | 1.17B | 1.16B | 1.18B | 1.18B | 1.17B |
| Shares · diluted | 1.21B | 1.22B | 1.21B | 1.19B | 1.17B | 1.18B | 1.17B | 1.17B | 1.18B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 6 | 6 | 2 | 0 |
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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