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| PROJECTED INCOME STATEMENT | ||||||
| ($mm, except per share data) | ||||||
| Projected Income Statement | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | |
| Revenue | 5,292.0 | 5,688.9 | 6,058.7 | 6,391.9 | 6,711.5 | |
| Revenue Growth (%) | 8.0% | 7.5% | 6.5% | 5.5% | 5.0% | |
| Cost of Goods Sold | 2,990.0 | 3,185.8 | 3,362.6 | 3,515.5 | 3,657.8 | |
| Gross Profit | 2,302.0 | 2,503.1 | 2,696.1 | 2,876.4 | 3,053.7 | |
| Gross Margin (%) | 43.5% | 44.0% | 44.5% | 45.0% | 45.5% | |
| Operating Expenses: | ||||||
| SG&A | 756.8 | 796.4 | 836.1 | 862.9 | 892.6 | |
| R&D | 254.0 | 267.4 | 278.7 | 287.6 | 295.3 | |
| D&A | 211.7 | 221.9 | 236.3 | 242.9 | 255.0 | |
| Other OpEx | 100.5 | 102.4 | 109.1 | 108.7 | 114.1 | |
| Total Operating Expenses | 1,323.0 | 1,388.1 | 1,460.1 | 1,502.1 | 1,557.1 | |
| EBITDA | 1,190.7 | 1,336.9 | 1,472.3 | 1,617.2 | 1,751.7 | |
| EBITDA Margin (%) | 22.5% | 23.5% | 24.3% | 25.3% | 26.1% | |
| EBIT (Operating Income) | 979.0 | 1,115.0 | 1,236.0 | 1,374.3 | 1,496.7 | |
| EBIT Margin (%) | 18.5% | 19.6% | 20.4% | 21.5% | 22.3% | |
| Interest Expense | 61.9 | 58.1 | 54.4 | 50.6 | 46.9 | |
| Other Income / (Expense) | 20.0 | 22.0 | 24.0 | 26.0 | 28.0 | |
| Pre-Tax Income (EBT) | 937.1 | 1,078.9 | 1,205.6 | 1,349.6 | 1,477.8 | |
| Income Tax Expense | 234.3 | 269.7 | 301.4 | 337.4 | 369.4 | |
| Effective Tax Rate (%) | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | |
| Net Income | 702.9 | 809.2 | 904.2 | 1,012.2 | 1,108.3 | |
| Net Margin (%) | 13.3% | 14.2% | 14.9% | 15.8% | 16.5% | |
| Shares Outstanding (mm) | 250.0 | 250.0 | 250.0 | 250.0 | 250.0 | |
| Earnings Per Share (EPS) | $2.81 | $3.24 | $3.62 | $4.05 | $4.43 | |