Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-19.
Street snapshot
The 15 price targets are widely spread, from $83 to $190, with a mean of $111.93 well above the $100 median (USD).
Currency: USD · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 17.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 7, Outperform 2, Hold 8, Underperform 0, Sell 0 | 17 |
| Consensus score | 2.06 | 17 |
| Target price | mean 111.9; high 190.0; low 83.00 | 15 |
Forward table
Consensus has revenue compounding in the mid-single digits, from $4,951m actual in FY2025 to $5,242m (FY2026) and $5,549m (FY2027), with gross margin holding near 63–64% and free cash flow climbing from $1,673m to $1,955m. The company pays no dividend across the horizon, and net debt is modelled to fall steadily from $2,587m in FY2025 toward a small net cash position by FY2028.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst count is the estimate count for each period and metric.
| Period | Metric | Mean | YoY | Analysts | Low / high |
|---|---|---|---|---|---|
| FY0E | Revenue | 5,242 | 5.9% | 17 | 5,200 / 5,259 |
| FY0E | EBITDA | 1,750 | 10.3% | 14 | 1,725 / 1,769 |
| FY0E | EBIT | 1,317 | 17.9% | — | — / — |
| FY0E | Net income (GAAP) | 932.9 | 6.6% | 11 | 865.8 / 1,009 |
| FY0E | Net income (normalized) | 1,241 | 6.1% | — | — / — |
| FY0E | EPS (GAAP) | 7.12 | 14.5% | 13 | 6.63 / 7.69 |
| FY0E | EPS (normalized) | 9.39 | 17.0% | 3 | 9.20 / 9.49 |
| FY0E | Free cash flow | 1,805 | 7.8% | — | — / — |
| FY0E | Dividend per share | 0.00 | — | — | — / — |
| FY0E | Gross margin | 64.0% | 0.7% | — | — / — |
| FY0E | Capital expenditure | -26.82 | -3.9% | — | — / — |
| FY0E | Net debt | 1,685 | -34.8% | — | — / — |
| FY0E | ROE | 255.3% | 44.7% | — | — / — |
| FY0E | Cash from operations | 1,808 | 13.4% | — | — / — |
| FY+1E | Revenue | 5,549 | 5.8% | 17 | 5,499 / 5,612 |
| FY+1E | EBITDA | 1,891 | 8.1% | 14 | 1,836 / 1,957 |
| FY+1E | EBIT | 1,457 | 10.6% | — | — / — |
| FY+1E | Net income (GAAP) | 1,095 | 17.3% | 11 | 951.2 / 1,278 |
| FY+1E | Net income (normalized) | 1,314 | 5.9% | — | — / — |
| FY+1E | EPS (GAAP) | 8.98 | 26.0% | 13 | 7.49 / 10.75 |
| FY+1E | EPS (normalized) | 10.77 | 14.8% | 3 | 10.01 / 11.45 |
| FY+1E | Free cash flow | 1,955 | 8.4% | — | — / — |
| FY+1E | Dividend per share | 0.00 | — | — | — / — |
| FY+1E | Gross margin | 63.9% | -0.0% | — | — / — |
| FY+1E | Capital expenditure | -32.36 | 20.7% | — | — / — |
| FY+1E | Net debt | 855.8 | -49.2% | — | — / — |
| FY+1E | Cash from operations | 1,943 | 7.5% | — | — / — |
| FY+1E | ROE | 125.3% | -50.9% | — | — / — |
| FY+2E | Revenue | 5,874 | 5.9% | 10 | 5,745 / 5,968 |
| FY+2E | EBITDA | 2,093 | 10.7% | 7 | 2,040 / 2,166 |
| FY+2E | EBIT | 1,655 | 13.5% | — | — / — |
| FY+2E | Net income (GAAP) | 1,279 | 16.9% | 7 | 1,188 / 1,423 |
| FY+2E | Net income (normalized) | 1,389 | 5.7% | — | — / — |
| FY+2E | EPS (GAAP) | 10.93 | 21.8% | 8 | 9.02 / 13.28 |
| FY+2E | EPS (normalized) | 11.22 | 4.1% | 2 | 10.41 / 12.03 |
| FY+2E | Free cash flow | 2,153 | 10.1% | — | — / — |
| FY+2E | Dividend per share | 0.00 | — | — | — / — |
| FY+2E | Gross margin | 64.5% | 0.8% | — | — / — |
| FY+2E | Capital expenditure | -29.99 | -7.3% | — | — / — |
| FY+2E | Net debt | -58.87 | -106.9% | — | — / — |
| FY+2E | Cash from operations | 2,018 | 3.9% | — | — / — |
| FY+2E | ROE | 68.9% | -45.0% | — | — / — |
| Q2 FY2026 | Revenue | 1,295 | 6.3% | 16 | 1,286 / 1,300 |
| Q2 FY2026 | EBITDA | 426.5 | 11.7% | 13 | 421.7 / 431.6 |
| Q2 FY2026 | EBIT | 317.0 | 20.0% | — | — / — |
| Q2 FY2026 | Net income (GAAP) | 225.8 | 12.9% | 10 | 203.0 / 248.3 |
| Q2 FY2026 | Net income (normalized) | 299.8 | 18.1% | — | — / — |
| Q2 FY2026 | EPS (GAAP) | 1.69 | 20.2% | 12 | 1.53 / 1.88 |
| Q2 FY2026 | EPS (normalized) | 2.24 | 18.0% | 3 | 2.17 / 2.29 |
| Q2 FY2026 | Free cash flow | 473.2 | 29.9% | — | — / — |
| Q2 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q2 FY2026 | Gross margin | 63.9% | 0.2% | — | — / — |
| Q2 FY2026 | Capital expenditure | -6.83 | -8.4% | — | — / — |
| Q2 FY2026 | Net debt | 2,300 | -21.0% | — | — / — |
| Q2 FY2026 | ROE | 298.1% | -7.7% | — | — / — |
| Q2 FY2026 | Cash from operations | 450.2 | 38.5% | — | — / — |
| Q3 FY2026 | Revenue | 1,326 | 4.8% | 16 | 1,300 / 1,344 |
| Q3 FY2026 | EBITDA | 444.4 | 8.8% | 13 | 431.7 / 458.5 |
| Q3 FY2026 | EBIT | 333.5 | 17.5% | — | — / — |
| Q3 FY2026 | Net income (GAAP) | 237.7 | 12.9% | 10 | 210.7 / 271.1 |
| Q3 FY2026 | Net income (normalized) | 317.4 | 12.8% | — | — / — |
| Q3 FY2026 | EPS (GAAP) | 1.82 | 20.4% | 12 | 1.57 / 2.08 |
| Q3 FY2026 | EPS (normalized) | 2.41 | 20.9% | 3 | 2.39 / 2.44 |
| Q3 FY2026 | Free cash flow | 443.3 | 10.1% | — | — / — |
| Q3 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q3 FY2026 | Gross margin | 63.6% | -0.9% | — | — / — |
| Q3 FY2026 | Capital expenditure | -7.14 | -21.5% | — | — / — |
| Q3 FY2026 | Net debt | 2,111 | -14.2% | — | — / — |
| Q3 FY2026 | Cash from operations | 457.6 | 22.5% | — | — / — |
| Q3 FY2026 | ROE | 347.6% | 97.1% | — | — / — |
| Q4 FY2026 | Revenue | 1,359 | 6.7% | 16 | 1,342 / 1,400 |
| Q4 FY2026 | EBITDA | 465.9 | 8.1% | 13 | 449.3 / 479.7 |
| Q4 FY2026 | EBIT | 356.0 | 16.0% | — | — / — |
| Q4 FY2026 | Net income (GAAP) | 257.5 | 5.0% | 10 | 228.4 / 276.9 |
| Q4 FY2026 | Net income (normalized) | 332.4 | 11.2% | — | — / — |
| Q4 FY2026 | EPS (GAAP) | 2.00 | 11.4% | 12 | 1.75 / 2.18 |
| Q4 FY2026 | EPS (normalized) | 2.57 | 11.8% | 3 | 2.47 / 2.63 |
| Q4 FY2026 | Free cash flow | 421.5 | 12.2% | — | — / — |
| Q4 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q4 FY2026 | Gross margin | 64.4% | 0.5% | — | — / — |
| Q4 FY2026 | Capital expenditure | -7.11 | -31.3% | — | — / — |
| Q4 FY2026 | Net debt | 1,908 | -28.3% | — | — / — |
| Q4 FY2026 | ROE | 283.2% | -19.8% | — | — / — |
| Q4 FY2026 | Cash from operations | 427.3 | 25.4% | — | — / — |
| Q1 FY2027 | Revenue | 1,341 | 5.8% | 8 | 1,335 / 1,350 |
| Q1 FY2027 | EBITDA | 444.7 | 7.6% | 5 | 439.9 / 452.5 |
| Q1 FY2027 | EBIT | 339.2 | 15.7% | — | — / — |
| Q1 FY2027 | Net income (GAAP) | 251.2 | 17.0% | 5 | 223.8 / 262.3 |
| Q1 FY2027 | Net income (normalized) | 313.5 | 14.7% | — | — / — |
| Q1 FY2027 | EPS (GAAP) | 1.95 | 22.1% | 7 | 1.73 / 2.12 |
| Q1 FY2027 | EPS (normalized) | 2.34 | 14.3% | 1 | 2.34 / 2.34 |
| Q1 FY2027 | Free cash flow | 492.2 | 5.9% | — | — / — |
| Q1 FY2027 | Dividend per share | 0.00 | — | — | — / — |
| Q1 FY2027 | Gross margin | 63.8% | 0.7% | — | — / — |
| Q1 FY2027 | Capital expenditure | -8.29 | 15.6% | — | — / — |
| Q1 FY2027 | Net debt | 1,652 | -31.4% | — | — / — |
| Q1 FY2027 | Cash from operations | 502.8 | 15.5% | — | — / — |
| Q1 FY2027 | ROE | 225.7% | -24.8% | — | — / — |
Estimate momentum
Normalized-EPS estimates have edged higher lately — FY2028 to $11.22 from $10.52 ninety days ago — though only three analysts contribute, so the move rests on a thin base.
Currency: USD · Scale: money in millions, absolute (per share) · Point-in-time consensus; analyst count is shown where supplied.
| Period | Metric | Lookback | Then | Now | Direction / magnitude | Analysts |
|---|---|---|---|---|---|---|
| 2028 | Revenue | 30d | 5,877 | 5,874 | down 0.1% | — |
| 2028 | Revenue | 90d | 5,870 | 5,874 | up 0.1% | — |
| 2028 | Revenue | 180d | 6,066 | 5,874 | down 3.2% | — |
| 2027 | Revenue | 30d | 5,549 | 5,549 | down 0.0% | — |
| 2027 | Revenue | 90d | 5,547 | 5,549 | up 0.0% | — |
| 2027 | Revenue | 180d | 5,663 | 5,549 | down 2.0% | — |
| 2027 | EPS (normalized) | 30d | 10.77 | 10.77 | flat 0.0% | — |
| 2027 | EPS (normalized) | 90d | 10.59 | 10.77 | up 1.8% | — |
| 2027 | EPS (normalized) | 180d | 11.03 | 10.77 | down 2.3% | — |
| 2028 | EPS (normalized) | 30d | 11.22 | 11.22 | flat 0.0% | — |
| 2028 | EPS (normalized) | 90d | 10.52 | 11.22 | up 6.7% | — |
Beat / miss record
Normalized-EPS surprises are choppier: large beats through 2024 (up to +27.9% in Q3) gave way to misses of -5.2% and -7.1% in FY2025 Q1 and Q3.
Current sequences by metric: Revenue: 8 consecutive beats; EPS (normalized): 2 consecutive beats.
Currency: USD · Scale: money in millions, absolute (per share) · Consensus is captured before each actual first became effective; analyst count shown per observation.
| Quarter | Metric | Consensus as of | Actual | Surprise | Outcome | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2026 | Revenue | 1,263 | 1,267 | 0.3% | Beat | — |
| Q1 FY2026 | EPS (normalized) | 1.99 | 2.05 | 2.7% | Beat | — |
| Q4 FY2025 | Revenue | 1,272 | 1,274 | 0.1% | Beat | — |
| Q4 FY2025 | EPS (normalized) | 2.22 | 2.30 | 3.7% | Beat | — |
| Q3 FY2025 | Revenue | 1,233 | 1,265 | 2.6% | Beat | — |
| Q3 FY2025 | EPS (normalized) | 2.15 | 1.99 | -7.1% | Miss | — |
| Q2 FY2025 | Revenue | 1,207 | 1,218 | 0.9% | Beat | — |
| Q2 FY2025 | EPS (normalized) | 1.89 | 1.90 | 0.4% | Beat | — |
| Q1 FY2025 | Revenue | 1,189 | 1,194 | 0.4% | Beat | — |
| Q1 FY2025 | EPS (normalized) | 1.97 | 1.86 | -5.2% | Miss | — |
| Q4 FY2024 | Revenue | 1,179 | 1,193 | 1.1% | Beat | — |
| Q4 FY2024 | EPS (normalized) | 1.73 | 1.97 | 13.8% | Beat | — |
| Q3 FY2024 | Revenue | 1,144 | 1,148 | 0.3% | Beat | — |
| Q3 FY2024 | EPS (normalized) | 1.40 | 1.80 | 27.9% | Beat | — |
| Q2 FY2024 | Revenue | 1,114 | 1,124 | 0.9% | Beat | — |
| Q2 FY2024 | EPS (normalized) | 1.28 | 1.43 | 11.4% | Beat | — |
Where the street disagrees
Revenue and EBITDA, by contrast, are tightly clustered (FY2026 revenue standard deviation of about $14m on a $5,242m mean).
Currency: USD · Scale: money in millions, absolute (per share) · Dispersion is high-low divided by absolute mean; analyst count shown per item.
| Period | Metric | Mean | Low | High | Spread / mean | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2025 | EPS (normalized) | 1.97 | 1.30 | 2.97 | 85.1% | 4 |
| Q2 FY2025 | EPS (normalized) | 1.89 | 1.37 | 2.38 | 53.2% | 4 |
| Q4 FY2024 | EPS (normalized) | 1.73 | 1.33 | 2.15 | 47.6% | 7 |
| Q3 FY2024 | EPS (normalized) | 1.40 | 1.09 | 1.75 | 46.8% | 5 |
| 2028 | EPS (GAAP) | 10.93 | 9.02 | 13.28 | 38.9% | 8 |