Financial Models

25 published · 25 C15-verified · 0 pre-IPO · last published: RBLX (2026-07-28)

RBLX Roblox

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 1
KPI: DAU YoY growth × ABPDAU growth → bookings; GAAP revenue via deferred-recognition ratio
Thesis: Age-check funnel cut FY26 bookings guide 14pp; DAU 132M + ABPDAU drive +10% FY26E / +14% FY27E bookings, FCF ~$1.2B — Hold
Updated: 2026-07-28 · 68 KB

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Income statement preview for RBLX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Total Revenue (as filed: Revenue)	$2,799.3	$3,602.0	$4,890.6	$5,991.2	$6,557.1	$7,422.9
Less: Cost of Revenue	($649.1)	($801.2)	($1,072.3)	($1,226.6)	($1,337.6)	($1,514.3)
Less: Developer Exchange Fees	(740.8)	(922.8)	(1,503.1)	(1,772.9)	(1,979.4)	(2,278.8)
Less: Infrastructure and Trust & Safety	(878.4)	(915.4)	(1,153.5)	(1,338.3)	(1,445.5)	(1,610.8)
Less: Research and Development	(1,253.6)	(1,444.2)	(1,567.7)	(1,731.8)	(1,841.9)	(2,019.0)
Less: General and Administrative	(390.1)	(407.5)	(580.1)	(800.1)	(824.3)	(898.2)
Less: Sales and Marketing	(146.5)	(174.2)	(246.2)	(268.7)	(295.1)	(326.6)
Total Cost and Expenses	($4,058.3)	($4,665.3)	($6,122.9)	($7,138.4)	($7,723.8)	($8,647.7)
Income (Loss) from Operations	($1,259.1)	($1,063.3)	($1,232.3)	($1,147.2)	($1,166.7)	($1,224.8)
Interest Income	$141.8	$179.5	$201.6	$231.2	$260.9	$293.7
Interest Expense (2030 0% converts)	($40.7)	($41.2)	($41.5)	($40.0)	($40.0)	($40.0)
Other Income (Expense), Net	(0.5)	(11.5)	4.2	2.0	0.0	0.0
Income (Loss) Before Income Taxes	($1,158.5)	($936.5)	($1,068.0)	($954.0)	($945.8)	($971.1)
Less: Provision for (Benefit from) Income Taxes	($0.5)	($4.1)	($3.6)	($5.5)	($6.6)	($8.9)
Consolidated Net Income (Loss)	($1,158.9)	($940.6)	($1,071.6)	($959.6)	($952.3)	($980.0)
Less: Net Loss Attributable to NCI (Luobu JV)	(7.0)	(5.2)	(6.6)	(8.0)	(8.0)	(8.0)
Net Income (Loss) Attributable to Common Stockholders	($1,151.9)	($935.4)	($1,065.1)	($951.6)	($944.3)	($972.0)
Weighted Avg Shares — Basic (M)	616.445	647.482	689.612	722.444	750.653	779.178
Weighted Avg Shares — Diluted (M; = basic, net losses)	616.445	647.482	689.612	722.444	750.653	779.178
EPS — Basic	($1.87)	($1.44)	($1.54)	($1.32)	($1.26)	($1.25)
EPS — Diluted	($1.87)	($1.44)	($1.54)	($1.32)	($1.26)	($1.25)
Ratios & Assumptions
YoY Total Revenue Growth	25.8%	28.7%	35.8%	22.5%	9.4%	13.2%
Operating Margin	(45.0%)	(29.5%)	(25.2%)	(19.1%)	(17.8%)	(16.5%)
Net Margin	(41.2%)	(26.0%)	(21.8%)	(15.9%)	(14.4%)	(13.1%)
Effective Tax Rate	(0.0%)	(0.4%)	(0.3%)	(0.6%)	(0.7%)	(0.9%)

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full RBLX model (xlsx)Free — takes a moment to sign in or register

HOOD Robinhood Markets

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: QoQ growth x revenue component (5 transaction products + 8 NII lines + Gold/Proxy/Other split)
Thesis: Crypto is the binding constraint; event contracts + NII compound: FY26E $5.0B (+11%), EPS ~$1.88 mid-Street
Updated: 2026-07-19 · 98 KB

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Income statement preview for HOOD. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Options	$505.0	$760.0	$1,123.0	$1,230.4	$1,412.9	$1,610.7
Cryptocurrencies	135.0	626.0	901.0	574.7	645.9	775.1
Equities	104.0	177.0	302.0	403.0	468.0	538.2
Event Contracts				$625.2	$955.6	$1,290.1
Other Transaction-Based	41.0	84.0	302.0	203.5	254.2	292.4
Transaction-Based Revenues	$785.0	$1,647.0	$2,628.0	$3,036.9	$3,736.6	$4,506.3
Margin Interest	$243.0	$319.0	$573.0	$854.4	$1,024.6	$1,209.0
Securities Lending, Net	79.0	94.0	190.0	21.1	28.6	32.9
Interest on Segregated Cash, Securities and Deposits	210.0	261.0	319.0	224.5	223.9	230.6
Interest on Corporate Cash and Investments (from Q2'22)	$288.0	$256.0	$167.0	$141.2	$153.2	$160.8
Cash Sweep	$123.0	$179.0	$229.0	$177.7	$185.4	$196.5
Credit Card, Net	$9.0	$24.0	$64.0	$150.6	$209.5	$272.3
Other Interest Income			4.0	4.0	4.0	4.0
Less: Interest Expense on Corporate Credit Facilities	(23.0)	(24.0)	(32.0)	(33.9)	(37.1)	(39.3)
Net Interest Revenues	$929.0	$1,109.0	$1,514.0	$1,539.7	$1,792.0	$2,066.8
Other Revenues	$151.0	$195.0	$331.0	$404.3	$468.9	$532.7
Total Net Revenues	$1,865.0	$2,951.0	$4,473.0	$4,980.8	$5,997.4	$7,105.9
Less: Brokerage and Transaction	($146.0)	($164.0)	($211.0)	($271.2)	($320.5)	($362.4)
Less: Technology and Development	(805.0)	(818.0)	(897.0)	(1,016.5)	(1,143.8)	(1,243.5)
Less: Operations	(116.0)	(112.0)	(130.0)	(159.2)	(182.5)	(206.1)
Less: Provision for Credit Losses	(43.0)	(76.0)	(114.0)	(162.5)	(194.5)	(220.3)
Less: Marketing	(122.0)	(272.0)	(399.0)	(550.6)	(620.9)	(696.4)
Less: General and Administrative	(1,169.0)	(455.0)	(628.0)	(767.2)	(852.7)	(945.1)
Total Operating Expenses	($2,401.0)	($1,897.0)	($2,379.0)	($2,927.2)	($3,315.0)	($3,673.7)
Less: Change in FV of Convertible Notes and Warrant Liability (2021 only)	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Other Income, Net	3.0	10.0	14.0	0.0	0.0	0.0
Income (Loss) Before Income Taxes	($533.0)	$1,064.0	$2,108.0	$2,053.6	$2,682.4	$3,432.1
Less: Provision for (Benefit from) Income Taxes	($8.0)	$347.0	($225.0)	($327.8)	($456.0)	($617.8)
Net Income (Loss), incl. NCI	($541.0)	$1,411.0	$1,883.0	$1,725.8	$2,226.4	$2,814.3
Less: NI Attributable to NCI	0.0	0.0	0.0	4.0	0.0	0.0
Net Income (Loss) Attributable to Robinhood	($541.0)	$1,411.0	$1,883.0	$1,729.8	$2,226.4	$2,814.3
EPS — Basic (Q4s from year-end 8-K)	($0.61)	$1.60	$2.12	$1.92	$2.44	$3.04
EPS — Diluted	($0.61)	$1.56	$2.05	$1.88	$2.39	$2.99
Shares — Basic (M, weighted avg)	890.9	881.1	888.5	903.2	914.1	925.1
Shares — Diluted (M, weighted avg)	890.9	906.2	918.8	919.2	930.2	941.4
Ratios & Assumptions
YoY Transaction-Based Revenue Growth	(3.6%)	109.8%	59.6%	15.6%	23.0%	20.6%
YoY Net Interest Revenue Growth	119.1%	19.4%	36.5%	1.7%	16.4%	15.3%
YoY Other Revenue Growth	25.8%	29.1%	69.7%	22.1%	16.0%	13.6%
YoY Total Net Revenue Growth	37.3%	58.2%	51.6%	11.4%	20.4%	18.5%
Net Margin	(29.0%)	47.8%	42.1%	34.7%	37.1%	39.6%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full HOOD model (xlsx)Free — takes a moment to sign in or register

PYPL PayPal Holdings

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 11Q + 5A projection
Segments: 2
KPI: TPV YoY growth × transaction take rate + OVAS growth; expense/loss rates on TPV; composite customer-money cash bridge
Thesis: TPV +9%→+5.5% vs take-rate erosion −4bp/yr; Lores $1.5B+ cost program holds margin; buybacks drive EPS — Hold, stabilization not re-rating
Updated: 2026-07-19 · 81 KB

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Income statement preview for PYPL. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Transaction Revenues (revenue note)	$26,857	$28,842	$29,798	$31,645	$33,333	$34,778
Revenues from Other Value Added Services (revenue note)	2,914	2,955	3,374	3,589	3,751	3,897
Total Net Revenues	$29,771	$31,797	$33,172	$35,234	$37,084	$38,675
Less: Transaction Expense	($14,385)	($15,697)	($15,987)	($17,757)	($19,436)	($21,019)
Less: Transaction and Credit Losses	(1,682)	(1,442)	(1,720)	(1,797)	(2,001)	(2,135)
Less: Customer Support and Operations	(1,919)	(1,768)	(1,704)	(1,669)	(1,622)	(1,614)
Less: Sales and Marketing	(1,809)	(2,001)	(2,283)	(2,436)	(2,588)	(2,661)
Less: Technology and Development	(2,973)	(2,979)	(3,103)	(3,315)	(3,406)	(3,456)
Less: General and Administrative	(2,059)	(2,147)	(1,979)	(2,063)	(2,104)	(2,117)
Less: Restructuring and Other	84	(438)	(331)	(284)	(140)	(60)
Total Operating Expenses	($24,743)	($26,472)	($27,107)	($29,322)	($31,298)	($33,061)
Operating Income	$5,028	$5,325	$6,065	$5,912	$5,786	$5,614
Transaction Margin Dollars	13,704	14,658	15,465	15,680	15,647	15,521
Other Income (Expense), Net	$383	$4	$227	$59	$59	$59
Income Before Income Taxes	$5,411	$5,329	$6,292	$5,971	$5,845	$5,673
Less: Income Tax Expense (FY21 = +70 benefit)	($1,165)	($1,182)	($1,059)	($1,187)	($1,157)	($1,123)
Net Income (Loss)	$4,246	$4,147	$5,233	$4,785	$4,688	$4,550
EPS — Basic	$3.85	$4.03	$5.46	$5.38	$5.64	$5.81
EPS — Diluted	$3.84	$3.99	$5.41	$5.34	$5.60	$5.77
Shares — Basic (M)	1,103	1,029	959	889	831	783
Shares — Diluted (M)	1,107	1,039	968	895	837	789
Ratios & Assumptions
YoY Transaction Revenues Growth	6.6%	7.4%	3.3%	6.2%	5.3%	4.3%
YoY Total Revenue Growth	8.2%	6.8%	4.3%	6.2%	5.3%	4.3%
Operating Margin	16.9%	16.7%	18.3%	16.8%	15.6%	14.5%
Net Margin	14.3%	13.0%	15.8%	13.6%	12.6%	11.8%
Effective Tax Rate	21.5%	22.2%	16.8%	19.9%	19.8%	19.8%

The full workbook adds 21 historical and 11 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full PYPL model (xlsx)Free — takes a moment to sign in or register

ASML ASML Holding N.V.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: Litho units x ASP-change + IBM (service) growth; EUR currency of record
Thesis: EUV monopoly, supply-constrained: FY26E +35% (EUR 44B guide); Q4-26E EUR 14.4B execution + 2027 CMD reset are the swings
Updated: 2026-07-18 · 74 KB

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Income statement preview for ASML. EUR in millions, except per share (EPS in EUR). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Net System Sales	€21,938.6	€21,768.7	€24,474.3	€32,793.0	€41,272.8	€50,614.0
Net Service and Field Option Sales (Installed Base Mgmt)	5,619.9	6,494.2	8,193.0	11,199.6	12,846.2	13,888.2
Total Net Sales	€27,558.5	€28,262.9	€32,667.3	€43,992.5	€54,119.0	€64,502.2
Less: Total Cost of Sales	(€13,422.4)	(€13,770.9)	(€15,409.3)	(€19,794.2)	(€23,874.3)	(€28,087.8)
Gross Profit	€14,136.1	€14,492.0	€17,258.0	€24,198.3	€30,244.6	€36,414.4
Other Income (4Q21 divestiture gain)	€0.0	€0.0	€0.0	€0.0	€0.0	€0.0
Less: Research and Development Costs	(3,980.6)	(4,303.7)	(4,698.8)	(4,897.5)	(5,286.5)	(5,820.1)
Less: Selling, General and Administrative Costs	(1,113.2)	(1,165.7)	(1,257.8)	(1,412.1)	(1,713.4)	(1,854.6)
Income from Operations	€9,042.3	€9,022.6	€11,301.4	€17,888.7	€23,244.7	€28,739.7
Interest and Other, Net	€41.2	€19.8	€104.7	€140.9	€140.0	€140.0
Income Before Income Taxes	€9,083.5	€9,042.4	€11,406.1	€18,029.6	€23,384.7	€28,879.7
Less: Benefit from (Provision for) Income Taxes	(€1,435.8)	(€1,680.6)	(€2,013.4)	(€3,107.5)	(€4,022.2)	(€4,967.3)
Income After Income Taxes	€7,647.7	€7,361.8	€9,392.7	€14,922.1	€19,362.6	€23,912.4
Profit Related to Equity Method Investments	€191.3	€209.8	€216.7	€285.7	€280.0	€280.0
Net Income	€7,839.0	€7,571.6	€9,609.4	€15,207.8	€19,642.6	€24,192.4
Shares — Weighted Avg Basic (M)	393.8	393.3	388.5	384.4	382.2	380.2
Shares — Weighted Avg Diluted (M)	394.1	393.6	388.9	384.7	382.6	380.6
EPS — Basic	€19.91	€19.25	€24.73	€39.57	€51.39	€63.62
EPS — Diluted	€19.89	€19.24	€24.71	€39.53	€51.33	€63.56
Ratios & Assumptions
YoY Total Net Sales Growth	30.2%	2.6%	15.6%	34.7%	23.0%	19.2%
YoY Net System Sales Growth	42.2%	(0.8%)	12.4%	34.0%	25.9%	22.6%
YoY Installed Base Mgmt Sales Growth	(2.1%)	15.6%	26.2%	36.7%	14.7%	8.1%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full ASML model (xlsx)Free — takes a moment to sign in or register

DIS The Walt Disney Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 6Q + 5A projection
Segments: 3
KPI: YoY growth x segment (Entertainment / Sports / Experiences) + segment-OI-margin + services-mix drivers
Thesis: Streaming margin inflection: Ent OI margin 11% FY25 to ~14.5% FY30E; parks/cruise capex cycle; FY26 = 53 wks
Updated: 2026-07-16 · 77 KB

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Income statement preview for DIS. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Revenues — Services	$79,562.0	$81,841.0	$84,588.0	$91,541.3	$95,542.2	$101,004.8
Revenues — Products	9,336.0	9,520.0	9,837.0	10,530.1	11,030.5	11,598.1
Total Revenues	$88,898.0	$91,361.0	$94,425.0	$102,071.4	$106,572.7	$112,602.9
Less: Cost of Services (exclusive of D&A)	($53,139.0)	($52,509.0)	($52,677.0)	($56,786.3)	($58,741.4)	($61,612.9)
Less: Cost of Products (exclusive of D&A)	(6,062.0)	(6,189.0)	(6,089.0)	(6,312.7)	(6,618.3)	(6,935.7)
Less: Selling, General, Administrative and Other	(15,336.0)	(15,759.0)	(16,501.0)	(17,236.3)	(17,918.2)	(19,255.1)
Less: Depreciation and Amortization	(5,369.0)	(4,990.0)	(5,326.0)	(5,594.8)	(6,041.4)	(6,159.4)
Total Costs and Expenses	($79,906.0)	($79,447.0)	($80,593.0)	($85,930.0)	($89,319.3)	($93,963.1)
Less: Restructuring and Impairment Charges	($3,892.0)	($3,595.0)	($819.0)	($239.0)	$0.0	$0.0
Other Income (Expense), Net	96.0	(65.0)	0.0	0.0	0.0	0.0
Interest Expense, Net	(1,209.0)	(1,260.0)	(1,305.0)	(1,035.0)	(1,040.0)	(1,020.0)
Equity in the Income of Investees	782.0	575.0	295.0	305.0	330.0	340.0
Income Before Income Taxes	$4,769.0	$7,569.0	$12,003.0	$15,172.3	$16,543.4	$17,959.8
Less: Income Taxes	($1,379.0)	($1,796.0)	$1,428.0	($4,098.5)	($4,053.1)	($4,400.1)
Net Income from Continuing Operations	$3,390.0	$5,773.0	$13,431.0	$11,073.8	$12,490.3	$13,559.6
Income (Loss) from Discontinued Operations, Net	0.0	0.0	0.0	0.0	0.0	0.0
Net Income (consolidated)	$3,390.0	$5,773.0	$13,431.0	$11,073.8	$12,490.3	$13,559.6
Less: NI Attributable to Noncontrolling Interests	(1,036.0)	(801.0)	(1,027.0)	(790.0)	(999.2)	(1,084.8)
Net Income Attributable to Disney	$2,354.0	$4,972.0	$12,404.0	$10,283.8	$11,491.1	$12,474.9
EPS — Basic	$1.29	$2.72	$6.88	$5.82	$6.64	$7.36
EPS — Diluted	$1.29	$2.72	$6.85	$5.80	$6.62	$7.33
Shares — Basic (M, weighted avg)	1,828.0	1,825.0	1,804.0	1,765.7	1,730.1	1,695.5
Shares — Diluted (M, weighted avg)	1,830.0	1,831.0	1,811.0	1,771.9	1,736.0	1,701.3
Ratios & Assumptions
YoY Services Revenue Growth	7.2%	2.9%	3.4%	8.2%	4.4%	5.7%
YoY Products Revenue Growth	9.6%	2.0%	3.3%	7.0%	4.8%	5.1%
YoY Total Revenue Growth	7.5%	2.8%	3.4%	8.1%	4.4%	5.7%
YoY Entertainment Revenue Growth (recast basis from FY24)	2.7%	1.4%	3.1%	10.3%	5.0%	6.0%
YoY Sports Revenue Growth (Star India JV drag FY25)	(0.9%)	3.0%	0.3%	3.5%	1.1%	3.5%

The full workbook adds 22 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

Download the full DIS model (xlsx)Free — takes a moment to sign in or register

PLTR Palantir Technologies

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Government / Commercial) + contribution-bridge margins (SBC = tying residual) + US-geo driver
Thesis: US-led AIP compounding: NDR 150 + Gov +84%; FY26E $7.9B (+76%) decel to +21% FY30E at ~55% GAAP OM
Updated: 2026-07-16 · 76 KB

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Income statement preview for PLTR. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Government Segment Revenue	$1,222.2	$1,569.6	$2,402.3	$4,000.0	$5,724.3	$7,441.6
Commercial Segment Revenue	1,002.8	1,295.9	2,073.2	3,864.9	5,820.2	7,915.4
Total Revenue	$2,225.0	$2,865.5	$4,475.4	$7,864.9	$11,544.5	$15,357.0
Less: Cost of Revenue	($431.1)	($566.0)	($789.2)	($1,038.0)	($1,482.3)	($1,935.0)
Gross Profit	$1,793.9	$2,299.5	$3,686.3	$6,826.9	$10,062.1	$13,422.1
Less: Sales and Marketing	($745.0)	($887.8)	($1,056.9)	($1,500.9)	($2,057.3)	($2,580.0)
Less: Research and Development	(404.6)	(507.9)	(557.7)	(775.2)	(1,101.4)	(1,428.2)
Less: General and Administrative	(524.3)	(593.5)	(657.7)	(848.0)	(1,133.8)	(1,351.4)
Total Operating Expenses	($1,673.9)	($1,989.1)	($2,272.3)	($3,124.0)	($4,292.5)	($5,359.6)
Income (Loss) from Operations	$120.0	$310.4	$1,414.0	$3,702.8	$5,769.7	$8,062.4
Interest Income	$132.6	$196.8	$229.2	$301.4	$432.4	$540.9
Less: Interest Expense	(3.5)			0.0	0.0	0.0
Other Income (Expense), Net	(12.0)	(18.0)	14.2	68.2	0.0	0.0
Income (Loss) Before Provision for Income Taxes	$237.1	$489.2	$1,657.4	$4,072.4	$6,202.1	$8,603.4
Less: Provision for Income Taxes	($19.7)	($21.3)	($22.7)	($75.9)	($124.0)	($344.1)
Net Income (Loss)	$217.4	$467.9	$1,634.6	$3,996.5	$6,078.1	$8,259.2
Less: Net Income Attributable to NCI (Japan JV, from Q4'22)	($7.5)	($5.7)	($9.6)	($21.8)	($31.0)	($43.0)
Net Income (Loss) Attributable to Common Stockholders	$209.8	$462.2	$1,625.0	$3,974.7	$6,047.1	$8,216.2
EPS — Basic (Q4s from year-end 8-K)	$0.10	$0.21	$0.69	$1.65	$2.47	$3.31
EPS — Diluted	$0.09	$0.19	$0.63	$1.54	$2.30	$3.08
Shares — Basic (M, weighted avg)	2,147.4	2,250.2	2,369.6	2,408.3	2,447.0	2,483.7
Shares — Diluted (M, weighted avg)	2,297.9	2,450.8	2,565.2	2,586.4	2,628.0	2,667.4
Ratios & Assumptions
YoY Government Revenue Growth	14.0%	28.4%	53.1%	66.5%	43.1%	30.0%
YoY Commercial Revenue Growth	20.2%	29.2%	60.0%	86.4%	50.6%	36.0%
YoY US Revenue Growth	18.7%	37.9%	74.7%	88.8%	51.8%	35.0%
YoY International Revenue Growth	13.7%	14.0%	19.7%	38.2%	27.0%	23.8%
YoY Total Revenue Growth	16.7%	28.8%	56.2%	75.7%	46.8%	33.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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AMZN Amazon.com

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: YoY growth x segment (NA / International / AWS) + disaggregation, mix and segment-margin drivers
Thesis: AWS re-acceleration (+28% and rising) funds the ~$200B AI capex cycle; retail margin grind does the rest
Updated: 2026-07-13 · 74 KB

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Income statement preview for AMZN. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
North America Segment Net Sales	$352,828.0	$387,497.0	$426,305.0	$477,936.4	$527,336.9	$577,433.9
International Segment Net Sales	131,200.0	142,906.0	161,894.0	189,347.9	210,822.4	229,796.4
AWS Segment Net Sales	90,757.0	107,556.0	128,725.0	165,532.0	207,609.6	253,283.7
Total Net Sales	$574,785.0	$637,959.0	$716,924.0	$832,816.4	$945,768.9	$1,060,514.1
Less: Cost of Sales	($304,739.0)	($326,288.0)	($356,414.0)	($406,915.8)	($457,139.2)	($511,167.8)
Less: Fulfillment	(90,619.0)	(98,505.0)	(109,074.0)	(123,830.5)	(138,238.2)	(152,714.0)
Less: Technology and Infrastructure	(85,622.0)	(88,544.0)	(108,521.0)	(132,770.9)	(150,395.2)	(163,319.2)
Less: Marketing	(44,370.0)	(43,907.0)	(47,129.0)	(52,020.0)	(57,121.7)	(62,570.3)
Less: General and Administrative	(11,816.0)	(11,359.0)	(11,172.0)	(11,816.0)	(13,115.6)	(14,316.9)
Other Operating Income (Expense), Net	(767.0)	(763.0)	(4,639.0)	(1,797.0)	(1,800.0)	(1,800.0)
Total Operating Expenses	($537,933.0)	($569,366.0)	($636,949.0)	($729,150.2)	($817,809.9)	($905,888.2)
Operating Income	$36,852.0	$68,593.0	$79,975.0	$103,666.1	$127,959.0	$154,625.8
Interest Income	$2,949.0	$4,677.0	$4,381.0	$4,660.0	$5,050.0	$5,600.0
Less: Interest Expense	(3,182.0)	(2,406.0)	(2,274.0)	(4,250.0)	(5,000.0)	(5,200.0)
Other Income (Expense), Net	938.0	(2,250.0)	15,229.0	16,547.0	1,200.0	1,200.0
Total Non-Operating Income (Expense)	$705.0	$21.0	$17,336.0	$16,957.0	$1,250.0	$1,600.0
Income Before Income Taxes	$37,557.0	$68,614.0	$97,311.0	$120,623.1	$129,209.0	$156,225.8
Less: Provision for (Benefit from) Income Taxes	($7,120.0)	($9,265.0)	($19,087.0)	($23,698.1)	($22,611.6)	($28,120.6)
Equity-Method Investment Activity, Net of Tax	(12.0)	(101.0)	(554.0)	(94.0)	(100.0)	(100.0)
Net Income (Loss)	$30,425.0	$59,248.0	$77,670.0	$96,831.0	$106,497.5	$128,005.2
EPS — Basic	$2.95	$5.66	$7.29	$8.99	$9.83	$11.75
EPS — Diluted	$2.90	$5.53	$7.17	$8.88	$9.71	$11.61
Shares — Basic	10,304.0	10,473.0	10,656.0	10,767.2	10,831.9	10,896.9
Shares — Diluted	10,492.0	10,721.0	10,827.0	10,898.5	10,964.0	11,029.8
Ratios & Assumptions
YoY Total Net Sales Growth	11.8%	11.0%	12.4%	16.2%	13.6%	12.1%
Operating Margin	6.4%	10.8%	11.2%	12.4%	13.5%	14.6%
North America Segment Operating Margin	4.2%	6.4%	6.9%	8.1%	8.5%	9.3%
International Segment Operating Margin	(2.0%)	2.7%	2.9%	3.2%	3.8%	3.1%
AWS Segment Operating Margin	27.1%	37.0%	35.4%	35.6%	36.3%	37.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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AVGO Broadcom

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 6Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Semiconductor Solutions / Infrastructure Software) + COGS-mix + AOA-runoff drivers
Thesis: XPU custom-AI ramp: FY26E AI ~$55B, FY27E ~$103B at the >$100B floor; revenue $105B to $161B FY27E
Updated: 2026-07-13 · 70 KB

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Income statement preview for AVGO. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Net Revenue — Semiconductor Solutions	$28,182.0	$30,096.0	$36,858.0	$75,911.9	$128,812.3	$175,184.7
Net Revenue — Infrastructure Software (VMware from Q1'24)	7,637.0	21,478.0	27,029.0	29,282.6	32,201.1	35,099.2
Total Net Revenue	$35,819.0	$51,574.0	$63,887.0	$105,194.5	$161,013.4	$210,283.9
Check: Products + Subs − Total (must = 0)	0.000	0.000	0.000
Less: Cost of Products Sold	($8,636.0)	($9,797.0)	($12,115.0)	($22,503.8)	($35,947.3)	($48,365.3)
Less: Cost of Subscriptions & Services	(636.0)	(2,991.0)	(2,371.0)	(3,057.5)	(4,258.0)	(5,257.1)
Less: Amortization of Acquisition-Related Intangibles (COGS)	(1,853.0)	(6,023.0)	(6,031.0)	(5,779.6)	(5,460.5)	(4,914.5)
Less: Restructuring Charges (COGS)	(4.0)	(254.0)	(76.0)	(23.0)	0.0	0.0
Total Cost of Revenue	($11,129.0)	($19,065.0)	($20,593.0)	($31,363.9)	($45,665.8)	($58,536.9)
Gross Margin	$24,690.0	$32,509.0	$43,294.0	$73,830.6	$115,347.6	$151,747.0
Less: Research & Development	($5,253.0)	($9,310.0)	($10,977.0)	($12,794.9)	($15,688.0)	($18,505.0)
Less: Selling, General & Administrative	(1,592.0)	(4,959.0)	(4,211.0)	(4,807.9)	(6,284.4)	(7,359.9)
Less: Amortization of Acquisition-Related Intangibles (OpEx)	(1,394.0)	(3,244.0)	(2,031.0)	(2,017.4)	(1,978.9)	(1,879.9)
Less: Restructuring & Other Charges	(244.0)	(1,533.0)	(591.0)	(174.0)	0.0	0.0
Total Operating Expenses	($8,483.0)	($19,046.0)	($17,810.0)	($19,794.2)	($23,951.3)	($27,744.9)
Operating Income	$16,207.0	$13,463.0	$25,484.0	$54,036.4	$91,396.3	$124,002.2
Less: Interest Expense	($1,622.0)	($3,953.0)	($3,210.0)	($3,137.0)	($3,120.0)	($3,120.0)
Other Income (Expense), Net	512.0	406.0	455.0	791.0	480.0	480.0
Income Before Income Taxes	$15,097.0	$9,916.0	$22,729.0	$51,690.4	$88,756.3	$121,362.2
Less: Provision for (Benefit from) Income Taxes	($1,015.0)	($3,748.0)	$397.0	($5,336.2)	($10,650.8)	($15,777.1)
Income from Continuing Operations	$14,082.0	$6,168.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
Income (Loss) from Discontinued Operations, Net	0.0	(273.0)	0.0	0.0	0.0	0.0
Net Income	$14,082.0	$5,895.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
Less: Dividends on Preferred Stock	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0
Net Income Attributable to Common Stock	$14,082.0	$5,895.0	$23,126.0	$46,354.2	$78,105.6	$105,585.1
EPS — Basic	$3.39	$1.27	$4.91	$9.76	$16.34	$21.96
EPS — Diluted	$3.30	$1.23	$4.77	$9.49	$15.91	$21.38
Shares — Basic	4,150.0	4,624.0	4,712.0	4,750.8	4,779.1	4,807.8
Shares — Diluted	4,270.0	4,778.0	4,853.0	4,884.5	4,909.0	4,938.5
Ratios & Assumptions
YoY Total Net Revenue Growth	7.9%	44.0%	23.9%	64.7%	53.1%	30.6%
Gross Margin %	68.9%	63.0%	67.8%	70.2%	71.6%	72.2%
Operating Margin	45.2%	26.1%	39.9%	51.4%	56.8%	59.0%
Net Margin	39.3%	11.4%	36.2%	44.1%	48.5%	50.2%
Effective Tax Rate	6.7%	37.8%	(1.7%)	10.3%	12.0%	13.0%

The full workbook adds 22 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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COIN Coinbase Global

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 9
KPI: Volume x blended take rate x mix (transaction) + QoQ-growth S&S components (stablecoin / rewards / interest & finance / other)
Thesis: Volume x take-rate cycle trough (FY26E -18%) + stablecoin/staking S&S compounding; buybacks fund the wait
Updated: 2026-07-13 · 109 KB

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Income statement preview for COIN. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Consumer transaction revenue, net	$1,334.0	$3,430.3	$3,322.8	$2,224.5	$2,805.0	$3,139.0
Institutional transaction revenue, net	90.2	345.6	479.7	533.6	673.2	753.4
Other transaction revenue, net (2023+)	95.5	210.2	252.9	207.9	261.8	293.0
Total Transaction Revenue	$1,519.7	$3,986.1	$4,055.4	$2,966.0	$3,740.0	$4,185.3
Stablecoin revenue (2023+ presentation)	$694.2	$910.5	$1,348.8	$1,287.5	$1,502.7	$1,728.1
Blockchain rewards	330.9	705.8	677.4	428.1	484.1	542.2
Custodial fee revenue	69.5			0.0	0.0
Earn campaign revenue (2021 only; folded 2022)				0.0	0.0
Interest income				0.0	0.0
Interest and finance fee income (2023+)	186.7	265.8	247.0	281.5	305.5	329.9
Other subscription and services revenue	125.6	425.1	554.8	468.1	548.9	631.2
Total Subscription & Services Revenue	$1,406.9	$2,307.1	$2,828.0	$2,465.3	$2,841.2	$3,231.4
Net Revenue	$2,926.5	$6,293.2	$6,883.4	$5,431.3	$6,581.1	$7,416.8
Crypto asset sales revenue (2021-2022)				$0.0	$0.0
Corporate interest and other income	181.8	270.8	297.9	285.8	263.6	276.8
Total Other Revenue	$181.8	$270.8	$297.9	$285.8	$263.6	$276.8
Total Revenue	$3,108.4	$6,564.0	$7,181.3	$5,717.1	$6,844.8	$7,693.6
Less: Transaction expense	($420.7)	($897.7)	($1,020.2)	($798.4)	($958.3)	($1,077.1)
Less: Technology and development	(1,324.5)	(1,468.3)	(1,670.6)	(2,071.6)	(2,342.6)	(2,461.9)
Less: Sales and marketing	(332.3)	(654.4)	(1,058.6)	(1,084.5)	(1,300.5)	(1,461.8)
Less: General and administrative	(1,074.3)	(1,300.3)	(1,619.6)	(1,484.7)	(1,703.4)	(1,846.5)
Less: Losses (gains) on crypto held for operations (2024+)	0.0	71.7	(20.7)	(35.2)	0.0	0.0
Less: Crypto asset impairment, net (2023 presentation)	34.7	0.0	0.0	0.0	0.0
Less: Restructuring	(142.6)	0.0	0.0	(55.0)	0.0	0.0
Less: Other operating expense, net	(10.3)	(7.9)	(356.1)	(34.9)	0.0	0.0
Total Operating Expenses	($3,270.0)	($4,256.9)	($5,745.9)	($5,564.3)	($6,304.8)	($6,847.3)
Operating Income (Loss)	($161.7)	$2,307.2	$1,435.4	$152.8	$540.0	$846.3
EBITDA (OpInc + D&A)	($22.0)	$2,434.7	$1,623.9	$356.7	$715.8	$1,005.8
Interest expense	($82.8)	($80.6)	($85.4)	($90.3)	($90.3)	($90.3)
Gains (losses) on crypto held for investment (2024+)	0.0	687.1	(528.9)	(482.4)	0.0	0.0
Other income (expense), net	167.6	29.1	700.9	61.6	0.0	0.0
Income (Loss) Before Income Taxes	($76.8)	$2,942.6	$1,522.1	($358.2)	$449.7	$756.0
Less: Provision for (Benefit from) Income Taxes	171.7	(363.6)	(261.7)	49.3	(89.9)	(151.2)
Net Income (Loss)	$94.9	$2,579.1	$1,260.3	($308.9)	$359.7	$604.8
NI Attributable to Common — Basic (numerator)	$94.8	$2,577.8	$1,260.3	($308.9)	$359.7	$604.8
NI Attributable to Common — Diluted (numerator)	94.8	2,591.2	1,277.3	(308.9)	359.7	604.8
Weighted Avg Shares — Basic (M)	235.8	247.4	260.1	264.8	264.8	264.8
Weighted Avg Shares — Diluted (M)	254.4	273.4	287.2	264.8	264.8	264.8
EPS — Basic	$0.40	$10.42	$4.85	($1.17)	$1.36	$2.28
EPS — Diluted	$0.37	$9.48	$4.45	($1.17)	$1.36	$2.28
Ratios & Assumptions
Operating Margin	(5.2%)	35.1%	20.0%	2.7%	7.9%	11.0%
Net Margin	3.1%	39.3%	17.6%	(5.4%)	5.3%	7.9%
Effective Tax Rate [DRIVER]	223.5%	12.4%	17.2%	13.8%	20.0%	20.0%

The full workbook adds 22 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CPRT Copart

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 2
KPI: YoY growth x segment (Service/Vehicle x US/International)
Thesis: US service stall (FY26 flat) vs Intl DD growth; cash-pile buybacks at 52-wk lows carry EPS $1.59→$2.19 by FY30
Updated: 2026-07-13 · 76 KB

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Income statement preview for CPRT. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Service Revenues	$3,198.1	$3,561.0	$3,968.7	$3,977.6	$4,137.6	$4,342.5
Vehicle Sales	671.4	675.8	678.3	683.4	699.1	720.9
Total Revenue	$3,869.5	$4,236.8	$4,647.0	$4,660.9	$4,836.7	$5,063.4
Less: Facility Operations (Yard Operations pre-FY26)	($1,518.0)	($1,710.1)	($1,944.3)	($1,933.2)	($1,993.7)	($2,081.5)
Less: Cost of Vehicle Sales	(614.5)	(619.5)	(603.0)	(601.5)	(615.2)	(634.4)
Less: General and Administrative	(250.4)	(335.2)	(402.9)	(422.0)	(435.3)	(455.7)
Total Operating Expenses	($2,382.9)	($2,664.8)	($2,950.2)	($2,956.7)	($3,044.1)	($3,171.6)
Operating Income	$1,486.6	$1,572.0	$1,696.7	$1,704.3	$1,792.6	$1,891.8
Interest Income (Expense), Net	$65.9	$145.7	$178.9	$173.8	$113.2	$105.2
Other Income (Expense), Net	1.8	(3.1)	20.0	6.6	9.7	10.1
Loss on Extinguishment of Debt (4Q22 notes redemption)				$0.0	$0.0	$0.0
Total Other Income (Expense)	$67.8	$142.6	$198.9	$180.4	$122.8	$115.4
Income Before Income Taxes	$1,554.3	$1,714.6	$1,895.6	$1,884.6	$1,915.4	$2,007.2
Less: Income Tax Expense	($316.6)	($352.3)	($347.2)	($365.3)	($373.5)	($391.4)
Net Income (Consolidated)	$1,237.7	$1,362.3	$1,548.4	$1,519.3	$1,541.9	$1,615.8
Less: Net Loss (Income) Attributable to Redeemable NCI		($0.7)	($4.1)	($4.3)	($4.0)	($4.0)
Net Income Attributable to Copart, Inc.	$1,237.7	$1,363.0	$1,552.4	$1,523.6	$1,545.9	$1,619.8
Weighted Avg Shares — Basic (M)	953.574	960.739	965.306	949.053	899.660	867.679
Weighted Avg Shares — Diluted (M)	966.647	974.798	977.563	956.604	905.884	873.681
EPS — Basic	$1.30	$1.42	$1.61	$1.61	$1.72	$1.87
EPS — Diluted	$1.28	$1.40	$1.59	$1.59	$1.71	$1.85
Ratios & Assumptions
YoY Service Revenues Growth	12.1%	11.3%	11.4%	0.2%	4.0%	5.0%
YoY Vehicle Sales Growth	3.6%	0.7%	0.4%	0.7%	2.3%	3.1%
YoY Total Revenue Growth	10.5%	9.5%	9.7%	0.3%	3.8%	4.7%
Implied Vehicle Sales Gross Margin	8.5%	8.3%	11.1%	12.0%	12.0%	12.0%
Operating Margin	38.4%	37.1%	36.5%	36.6%	37.1%	37.4%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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NFLX Netflix

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 4
KPI: YoY growth x regional streaming revenue (UCAN / EMEA / LATAM / APAC) + content amort/spend-ratio drivers
Thesis: Ads scaling + pricing carry low-teens growth post-members disclosure; OM 31.5% guided FY26E stepping to 38% FY30E
Updated: 2026-07-13 · 66 KB

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Income statement preview for NFLX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Streaming Revenue — UCAN (US & Canada)	$14,873.8	$17,359.4	$19,957.2	$22,117.3	$23,937.1	$25,612.7
Streaming Revenue — EMEA	10,556.5	12,387.0	14,514.6	16,753.8	18,802.7	20,870.9
Streaming Revenue — LATAM	4,446.5	4,839.8	5,357.5	6,226.9	7,019.7	7,791.8
Streaming Revenue — APAC	3,763.7	4,414.7	5,353.7	6,278.6	7,172.1	8,104.5
DVD Revenue (wound down Sep 2023)	82.8	0.0	0.0	0.0	0.0	0.0
Total Revenues	$33,723.3	$39,001.0	$45,183.0	$51,376.7	$56,931.6	$62,380.0
Less: Cost of Revenues	($19,715.4)	($21,038.5)	($23,275.3)	($25,412.1)	($27,280.5)	($29,006.7)
Less: Marketing	(2,657.9)	(2,917.6)	(3,301.3)	(3,735.1)	(4,027.2)	(4,553.7)
Less: Technology and Development	(2,675.8)	(2,925.3)	(3,391.4)	(3,774.5)	(4,122.9)	(4,491.4)
Less: General and Administrative	(1,720.3)	(1,702.0)	(1,888.4)	(2,243.1)	(2,384.9)	(2,495.2)
Operating Income	$6,954.0	$10,417.6	$13,326.6	$16,211.9	$19,116.1	$21,833.0
Less: Interest Expense	($699.8)	($718.7)	($776.5)	($1,027.1)	($1,020.0)	($1,020.0)
Interest and Other Income (Expense)	(48.8)	266.8	172.5	3,002.2	200.0	200.0
Income Before Income Taxes	$6,205.4	$9,965.7	$12,722.6	$18,187.0	$18,296.1	$21,013.0
Less: Provision for (Benefit from) Income Taxes	($797.4)	($1,254.0)	($1,741.4)	($3,068.5)	($2,835.9)	($3,257.0)
Net Income	$5,408.0	$8,711.6	$10,981.2	$15,118.5	$15,460.2	$17,756.0
EPS — Basic	$1.23	$2.03	$2.58	$3.60	$3.72	$4.33
EPS — Diluted	$1.20	$1.98	$2.53	$3.53	$3.66	$4.25
Shares — Basic	4,415.7	4,295.2	4,249.5	4,203.8	4,153.6	4,099.6
Shares — Diluted	4,495.0	4,392.6	4,343.9	4,279.1	4,228.0	4,173.0
Ratios & Assumptions
YoY Total Revenue Growth	6.7%	15.6%	15.9%	13.7%	10.8%	9.6%
Operating Margin	20.6%	26.7%	29.5%	31.6%	33.6%	35.0%
Net Margin	16.0%	22.3%	24.3%	29.4%	27.2%	28.5%
Effective Tax Rate	12.9%	12.6%	13.7%	16.9%	15.5%	15.5%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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TSM Taiwan Semiconductor Manufacturing Company

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 6
KPI: QoQ growth x platform (HPC / Smartphone / IoT / Automotive / DCE / Others); NT$ currency of record
Thesis: AI-foundry monopoly: FY26E +37.5% NT$ on HPC; GM glides 66% to 59% by FY30E on overseas-fab dilution
Updated: 2026-07-13 · 76 KB

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Income statement preview for TSM. NT$ in billions, except per share (EPS in NT$). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
High Performance Computing Revenue	929.5	1,476.1	2,209.2	3,312.7	4,062.1	4,712.1
Smartphone Revenue	821.5	1,013.0	1,104.6	1,274.2	1,361.6	1,416.0
Internet of Things Revenue	172.9	173.7	190.5	304.0	336.4	370.1
Automotive Revenue	129.7	144.7	190.5	197.8	222.3	244.5
Digital Consumer Electronics Revenue	43.2	28.9	38.1	50.0	52.9	54.0
Others Revenue	64.9	57.9	76.2	99.4	108.3	113.8
Net Revenue	NT$2,161.7	NT$2,894.3	NT$3,809.1	NT$5,238.1	NT$6,143.7	NT$6,910.5
Less: Cost of Revenue	(NT$986.6)	(NT$1,270.0)	(NT$1,527.8)	(NT$1,779.1)	(NT$2,260.0)	(NT$2,729.6)
Gross Profit	NT$1,175.1	NT$1,624.4	NT$2,281.3	NT$3,459.0	NT$3,883.7	NT$4,180.8
Less: Research and Development Expenses	(NT$182.4)	(NT$204.2)	(NT$246.4)	(NT$322.1)	(NT$385.2)	(NT$449.2)
Less: Sales, General and Administrative Expenses	(71.5)	(96.9)	(99.2)	(119.1)	(135.2)	(152.0)
Total Operating Expenses	(NT$253.8)	(NT$301.1)	(NT$345.6)	(NT$441.2)	(NT$520.4)	(NT$601.2)
Other Operating Income and Expenses, Net	NT$0.2	(NT$1.2)	NT$0.4	NT$1.7	NT$0.0	NT$0.0
Income from Operations	NT$921.5	NT$1,322.1	NT$1,936.1	NT$3,019.5	NT$3,363.3	NT$3,579.6
Share of Profits of Associates	NT$4.7	NT$4.9	NT$5.5	NT$1.7	NT$0.0	NT$0.0
Net Interest Income (Expenses)	48.3	76.7	93.4	116.4	135.2	138.2
Other Gains and Losses	4.8	2.2	6.7	1.0	0.0	0.0
Total Non-operating Income and Expenses	NT$57.7	NT$83.8	NT$105.6	NT$119.1	NT$135.2	NT$138.2
Income Before Income Tax	NT$979.2	NT$1,405.8	NT$2,041.7	NT$3,138.6	NT$3,498.5	NT$3,717.8
Less: Income Tax Expenses	(NT$141.4)	(NT$233.4)	(NT$326.3)	(NT$531.6)	(NT$594.7)	(NT$632.0)
Net Income	NT$837.8	NT$1,172.4	NT$1,715.4	NT$2,607.0	NT$2,903.8	NT$3,085.8
Less: Net Income Attributable to Noncontrolling Interests	(NT$0.7)	(NT$0.8)	(NT$2.5)	NT$0.3	NT$0.0	NT$0.0
Net Income Attributable to Shareholders of the Parent	NT$838.5	NT$1,173.3	NT$1,717.9	NT$2,606.7	NT$2,903.8	NT$3,085.8
Ratios & Assumptions
YoY Net Revenue Growth	(4.5%)	33.9%	31.6%	37.5%	17.3%	12.5%
YoY HPC Revenue Growth	0.1%	58.8%	49.7%	49.9%	22.6%	16.0%
YoY Smartphone Revenue Growth	(7.0%)	23.3%	9.0%	15.4%	6.9%	4.0%

The full workbook adds 22 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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META Meta Platforms

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 3
KPI: YoY growth x revenue disaggregation (Advertising / FoA Other / Reality Labs); segment operating income tied FoA + RL = total
Thesis: AI capex supercycle: $125-145B FY26 capex vs ads +25% guide; FY26E $253B at consensus, FCF pinned near zero through FY27
Updated: 2026-07-10 · 65 KB

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Income statement preview for META. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Advertising Revenue (Family of Apps)	$131,948.0	$160,633.0	$196,175.0	$246,490.6	$291,834.5	$338,528.0
Other Revenue (Family of Apps)	1,058.0	1,722.0	2,584.0	3,956.0	5,108.3	6,232.2
Reality Labs Revenue	1,896.0	2,146.0	2,207.0	2,405.8	2,767.8	3,459.8
Total Revenue	$134,902.0	$164,501.0	$200,966.0	$252,852.4	$299,710.6	$348,219.9
Less: Cost of Revenue	($25,959.0)	($30,161.0)	($36,175.0)	($50,277.9)	($64,437.8)	($76,608.4)
Less: Research and Development	(38,483.0)	(43,873.0)	(57,372.0)	(84,610.3)	(100,149.3)	(109,689.3)
Less: Marketing and Sales	(12,301.0)	(11,347.0)	(11,991.0)	(14,600.1)	(18,239.8)	(20,893.2)
Less: General and Administrative	(11,408.0)	(9,740.0)	(12,152.0)	(13,670.5)	(16,226.9)	(18,107.4)
Total Costs and Expenses	($88,151.0)	($95,121.0)	($117,690.0)	($163,158.8)	($199,053.8)	($225,298.3)
Income from Operations	$46,751.0	$69,380.0	$83,276.0	$89,693.5	$100,656.8	$122,921.6
Interest and Other Income (Expense), Net	$677.0	$1,283.0	$2,656.0	($670.0)	$800.0	$800.0
Income Before Provision for Income Taxes	$47,428.0	$70,663.0	$85,932.0	$89,023.5	$101,456.8	$123,721.6
Less: Provision for (Benefit from) Income Taxes	($8,330.0)	($8,303.0)	($25,474.0)	($4,733.4)	($15,218.5)	($19,176.9)
Net Income	$39,098.0	$62,360.0	$60,458.0	$84,290.2	$86,238.3	$104,544.8
EPS — Basic	$15.19	$24.61	$23.98	$33.16	$33.66	$40.48
EPS — Diluted	$14.87	$23.86	$23.49	$32.78	$33.27	$40.01
Shares — Basic (M, weighted avg)	2,574.0	2,534.0	2,521.0	2,541.6	2,562.0	2,582.5
Shares — Diluted (M, weighted avg)	2,629.0	2,614.0	2,574.0	2,571.7	2,592.3	2,613.1
Ratios & Assumptions
YoY FoA Other Revenue Growth	30.9%	62.8%	50.1%	53.1%	29.1%	22.0%
YoY Total Revenue Growth	15.7%	21.9%	22.2%	25.8%	18.5%	16.2%
Operating Margin	34.7%	42.2%	41.4%	35.5%	33.6%	35.3%
FoA Operating Margin (FoA OI / FoA Revenue)	47.3%	53.7%	51.6%	43.7%	40.9%	42.0%
Net Margin	29.0%	37.9%	30.1%	33.3%	28.8%	30.0%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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SKHY SK hynix

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 8Q + 5A projection
Segments: 3
KPI: QoQ bit-shipment growth × blended ASP change per product (DRAM / NAND Flash / Other); KRW currency of record
Thesis: HBM-led supercycle at a 72%-OM blow-off: sold-out 2026 (+216% rev), 2027 ASP correction modeled vs Street's uninterrupted ramp
Updated: 2026-07-10 · 86 KB

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Income statement preview for SKHY. KRW in billions, except per share (EPS in KRW). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
DRAM Revenue	₩20,768.7	₩44,731.7	₩74,904.1	₩237,610.9	₩252,600.8	₩202,080.7
NAND Flash Revenue	9,653.1	19,274.1	20,690.1	68,370.4	68,393.7	53,347.1
Other Revenue (modules/services)	2,344.0	2,187.2	1,552.5	1,415.4	1,428.6	1,428.6
Total Revenue	₩32,765.7	₩66,193.0	₩97,146.7	₩307,396.7	₩322,423.1	₩256,856.4
Less: Cost of Sales	(₩33,299.2)	(₩34,364.8)	(₩38,455.9)	(₩65,508.4)	(₩92,084.3)	(₩89,899.7)
Gross Profit	(₩533.4)	₩31,828.1	₩58,690.8	₩241,888.3	₩230,338.9	₩166,956.6
Less: Selling & Administrative Expenses	(₩7,196.9)	(₩8,360.8)	(₩11,484.5)	(₩22,262.6)	(₩27,711.9)	(₩25,685.6)
Operating Profit	(₩7,730.3)	₩23,467.3	₩47,206.3	₩219,625.7	₩202,626.9	₩141,271.0
Finance Income	₩2,261.8	₩4,855.1	₩16,373.5	₩18,330.5	₩1,612.1	₩1,284.3
Less: Finance Expenses	(6,093.2)	(5,708.0)	(12,505.0)	(3,023.5)	0.0	0.0
Share of Profit (Loss) of Equity-Accounted Investees	15.1	(38.2)	(564.6)	(26.8)	0.0	0.0
Other Income	623.9	1,476.6	333.3	15.0	0.0	0.0
Less: Other Expenses	(735.1)	(167.4)	(378.0)	(14.5)	0.0	0.0
Profit Before Income Tax	(₩11,657.8)	₩23,885.4	₩50,465.6	₩234,906.3	₩204,239.1	₩142,555.3
Less: Income Tax Expense/(Benefit)	₩2,520.3	(₩4,088.4)	(₩7,517.6)	(₩51,594.6)	(₩44,932.6)	(₩31,362.2)
Profit for the Period (Net Income)	(₩9,137.5)	₩19,796.9	₩42,947.9	₩183,311.7	₩159,306.5	₩111,193.1
Ratios & Assumptions
YoY Total Revenue Growth	(26.6%)	102.0%	46.8%	216.4%	4.9%	(20.3%)
YoY DRAM Revenue Growth	(26.3%)	115.4%	67.5%	217.2%	6.3%	(20.0%)
YoY NAND Flash Revenue Growth	(31.9%)	99.7%	7.3%	230.5%	0.0%	(22.0%)

The full workbook adds 22 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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U Unity Software

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 21Q + 5A history · 7Q + 5A projection
Segments: 2
KPI: YoY growth x filed segment (Create / Grow); cross-regime 2021 basis preserved; Strategic/Non-Strategic overlay calibrates the path
Thesis: Vector ad inflection (strategic Grow +49%) + ironSource sunset; GAAP-profit Q4'26E; FY26 +13.5% -> FY30 +10.1%
Updated: 2026-07-09 · 64 KB

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Income statement preview for U. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Create Solutions Revenue	$859.2	$614.0	$621.4	$654.2	$714.7	$779.0
Grow Solutions Revenue	$1,328.1	$1,199.3	$1,228.2	$1,445.0	$1,635.7	$1,881.1
Total Revenue	$2,187.3	$1,813.3	$1,849.6	$2,099.2	$2,350.4	$2,660.1
Less: Cost of Revenue	($733.7)	($480.9)	($477.7)	($604.5)	($367.2)	($412.3)
Gross Profit	$1,453.6	$1,332.4	$1,371.9	$1,494.6	$1,983.3	$2,247.8
Less: Research and Development	($1,053.6)	($924.8)	($929.5)	($966.3)	($953.9)	($1,024.1)
Less: Sales and Marketing	(834.6)	(752.6)	(652.9)	(702.9)	(684.4)	(731.5)
Less: General and Administrative	(398.2)	(410.1)	(268.5)	(199.5)	(194.9)	(207.5)
Total Operating Expenses	($2,286.4)	($2,087.6)	($1,851.0)	($1,868.7)	($1,833.2)	($1,963.2)
Loss from Operations	($832.8)	($755.1)	($479.1)	($374.1)	$150.1	$284.6
Less: Interest Expense	($24.6)	($23.5)	($24.0)	($24.0)	($14.0)	($14.0)
Interest Income and Other Income (Expense), Net	59.5	111.6	107.9	47.5	66.0	70.0
Loss Before Income Taxes	($797.8)	($667.1)	($395.2)	($350.6)	$202.1	$340.6
Less: Provision for (Benefit from) Income Taxes	($28.5)	$2.8	($6.3)	($7.3)	($21.2)	($53.2)
Net Loss (incl. NCI)	($826.3)	($664.3)	($401.5)	($357.9)	$180.9	$287.4
Less: NI Attributable to NCI and Redeemable NCI	(4.3)	(0.2)	1.3	0.7	0.0	0.0
Net Loss Attributable to Unity Software Inc.	($822.0)	($664.1)	($402.8)	($358.6)	$180.9	$287.4
EPS — Basic and Diluted (as filed)	($2.16)	($1.68)	($0.96)	($0.82)	$0.40	$0.62
EPS — Diluted	($2.16)	($1.68)	($0.96)	($0.82)	$0.40	$0.62
Shares — Basic (M, weighted avg)	380.5	396.0	420.9	439.5	453.7	466.4
Shares — Diluted (M, weighted avg)	380.5	396.0	420.9	439.5	453.7	466.4
Ratios & Assumptions
YoY Total Revenue Growth	57.2%	(17.1%)	2.0%	13.5%	12.0%	13.2%
Gross Margin %	66.5%	73.5%	74.2%	71.2%	84.4%	84.5%
Operating Margin	(38.1%)	(41.6%)	(25.9%)	(17.8%)	6.4%	10.7%
Net Margin (incl. NCI)	(37.8%)	(36.6%)	(21.7%)	(17.0%)	7.7%	10.8%
Effective Tax Rate	(3.6%)	0.4%	(1.6%)	(2.1%)	10.5%	15.6%

The full workbook adds 21 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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INTU Intuit

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 2
KPI: YoY-by-quarter growth × sub-offering (GBS: Online/Desktop Eco; Consumer: TurboTax/Credit Karma/ProTax); tax-season seasonality preserved
Thesis: Online Eco +16% + IES mid-market; DIY value-based pricing pivot; 2026 Plan +250bp FY27 OM; FY26 +13.5% → FY30 +7.4%
Updated: 2026-07-08 · 83 KB

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Income statement preview for INTU. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY23	FY24	FY25	FY26E	FY27E	FY28E
Service Revenue	$12,398	$13,861	$16,400	$18,828	$20,964	$23,041
Product and Other Revenue (FY21-23: Product)	1,970	2,424	2,431	2,543	2,717	2,903
Total Net Revenue	$14,368	$16,285	$18,831	$21,371	$23,681	$25,944
Less: Cost of Service Revenue	($2,909)	($3,250)	($3,624)	($4,065)	($4,532)	($4,931)
Less: Cost of Product and Other Revenue	(71)	(69)	(68)	(64)	(82)	(87)
Less: Amortization of Acquired Technology	(163)	(146)	(156)	(174)	(159)	(138)
Total Cost of Revenue	($3,143)	($3,465)	($3,848)	($4,304)	($4,773)	($5,156)
Gross Profit	$11,225	$12,820	$14,983	$17,067	$18,908	$20,788
Less: Selling and Marketing	($3,762)	($4,312)	($5,035)	($5,639)	($6,182)	($6,716)
Less: Research and Development	(2,539)	(2,754)	(2,928)	(3,396)	(3,704)	(4,030)
Less: General and Administrative	(1,300)	(1,418)	(1,601)	(1,694)	(1,841)	(1,988)
Less: Amortization of Other Acquired Intangible Assets	(483)	(483)	(481)	(484)	(441)	(384)
Less: Restructuring	0	(223)	(15)	(320)	0	0
Total Operating Expenses (excl. COGS; derived)	($8,084)	($9,190)	($10,060)	($11,532)	($12,168)	($13,118)
Total Costs and Expenses (as filed)	($11,227)	($12,655)	($13,908)	($15,836)	($16,941)	($18,274)
Operating Income	$3,141	$3,630	$4,923	$5,534	$6,740	$7,670
Less: Interest Expense	($248)	($242)	($247)	($245)	($245)	($245)
Interest and Other Income, Net	96	162	158	340	340	340
Income Before Income Taxes	$2,989	$3,550	$4,834	$5,629	$6,835	$7,765
Less: Income Tax Provision	($605)	($587)	($965)	($1,310)	($1,606)	($1,825)
Net Income	$2,384	$2,963	$3,869	$4,320	$5,229	$5,940
EPS — Basic	$8.49	$10.58	$13.82	$15.60	$19.35	$22.51
EPS — Diluted	$8.42	$10.43	$13.67	$15.55	$19.35	$22.51
Shares — Basic (M)	281	280	280	277	270	264
Shares — Diluted (M)	283	284	283	278	270	264
Ratios & Assumptions
YoY Service Revenue Growth	12.9%	11.8%	18.3%	14.8%	11.3%	9.9%
YoY Product and Other Revenue Growth	12.8%	23.0%	0.3%	4.6%	6.8%	6.8%
YoY Total Revenue Growth	12.9%	13.3%	15.6%	13.5%	10.8%	9.6%
Service Gross Margin (direct cost only)	76.5%	76.6%	77.9%	78.4%	78.4%	78.6%
Product and Other Gross Margin (direct cost only)	96.4%	97.2%	97.2%	97.5%	97.0%	97.0%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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ADBE Adobe

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 22Q + 5A history · 10Q + 5A projection
Segments: 2
KPI: QoQ growth × customer group (BP&C / C&MP subscription revenue)
Thesis: Organic ARR decel caps growth at HSD; ~95%-of-FCF buybacks carry GAAP EPS $18→$29 by FY30; freemium conversion is the unmodeled upside
Updated: 2026-07-04 · 73 KB

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Income statement preview for ADBE. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Subscription Revenue	$18,284	$20,521	$22,904	$25,773	$28,173	$29,746
Product Revenue	460	386	325	357	356	356
Services and Other Revenue	665	598	540	436	377	320
Total Revenue	$19,409	$21,505	$23,769	$26,566	$28,905	$30,422
Less: Cost of Subscription Revenue	($1,822)	($1,799)	($2,027)	($2,323)	($2,564)	($2,707)
Less: Cost of Product Revenue	(29)	(25)	(23)	(22)	(21)	(21)
Less: Cost of Services and Other Revenue	(503)	(534)	(501)	(465)	(395)	(336)
Total Cost of Revenue	($2,354)	($2,358)	($2,551)	($2,810)	($2,980)	($3,064)
Gross Profit	$17,055	$19,147	$21,218	$23,755	$25,925	$27,358
Less: Research and Development	($3,473)	($3,944)	($4,294)	($4,774)	($5,246)	($5,575)
Less: Sales and Marketing	(5,351)	(5,764)	(6,488)	(7,440)	(8,180)	(8,548)
Less: General and Administrative	(1,413)	(1,529)	(1,573)	(2,032)	(2,096)	(2,190)
Less: Acquisition Termination Fee (Figma, Q1'24)		($1,000)	$0	$0	$0	$0
Less: Amortization of Intangibles	(168)	(169)	(157)	(160)	(139)	(102)
Total Operating Expenses	($10,405)	($12,406)	($12,512)	($14,406)	($15,661)	($16,415)
Operating Income	$6,650	$6,741	$8,706	$9,350	$10,264	$10,943
Interest Expense	($113)	($169)	($263)	($258)	($260)	($260)
Investment Gains (Losses), Net	16	48	43	23	0	0
Other Income (Expense), Net	246	311	248	203	188	188
Total Non-Operating Income (Expense), Net	$149	$190	$28	($32)	($72)	($72)
Income Before Income Taxes	$6,799	$6,931	$8,734	$9,318	$10,192	$10,871
Less: Provision for Income Taxes	($1,371)	($1,371)	($1,604)	($2,130)	($2,344)	($2,500)
Net Income	$5,428	$5,560	$7,130	$7,187	$7,848	$8,370
EPS — Basic	$11.87	$12.43	$16.73	$18.00	$20.71	$23.13
EPS — Diluted	$11.82	$12.36	$16.70	$17.98	$20.71	$23.13
Shares — Basic (M)	457	447	426	399	379	362
Shares — Diluted (M)	459	450	427	400	379	362
Ratios & Assumptions
YoY Subscription Revenue Growth	11.6%	12.2%	11.6%	12.5%	9.3%	5.6%
YoY Product Revenue Growth	(13.5%)	(16.1%)	(15.8%)	9.8%	(0.3%)	0.0%
YoY Services and Other Revenue Growth	(3.1%)	(10.1%)	(9.7%)	(19.3%)	(13.6%)	(15.1%)
YoY Total Revenue Growth	10.2%	10.8%	10.5%	11.8%	8.8%	5.2%
Subscription Gross Margin	90.0%	91.2%	91.2%	91.0%	90.9%	90.9%

The full workbook adds 22 historical and 10 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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BSP Bending Spoons S.p.A.

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 2Q + 3A (424B4 disclosure depth; deepens with post-IPO 10-Qs) history · 8Q + 5A projection
Segments: 1
KPI: Monthly Paying Customers × ARPU (units × ASP, single consolidated segment)
Thesis: Post-IPO ($29, Jul '26): acquisition annualization FY26 +100% → +15% FY30; $933M raise banked for M&A; net-cash ~FY29E
Updated: 2026-07-04 · 31 KB

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Income statement preview for BSP. Dollars in millions, except per share (IFRS; USD presentation). Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Revenue	$387.1	$671.1	$1,306.4	$2,609.8	$3,434.1	$4,224.0
Less: Cost of Revenue	($150.6)	($242.2)	($449.1)	($874.5)	($1,153.5)	($1,410.8)
Gross Profit	$236.5	$428.9	$857.3	$1,735.3	$2,280.6	$2,813.2
Less: Research & Development	($51.8)	($92.6)	($120.7)	($297.1)	($338.0)	($409.7)
Less: Sales & Marketing	(42.6)	(79.2)	(131.7)	(253.3)	(324.3)	(392.8)
Less: General & Administrative	(57.8)	(129.8)	(327.0)	(594.3)	(730.2)	(844.8)
Total Operating Expenses	($152.3)	($301.5)	($579.4)	($1,144.7)	($1,392.4)	($1,647.4)
Operating Income (Loss)	$84.3	$127.4	$277.9	$590.6	$888.2	$1,165.8
EBITDA	$119.2	$216.5	$434.9	$870.8	$1,141.3	$1,396.8
Less: Interest Expense	($17.2)	($32.6)	($142.6)	($354.6)	($334.5)	($315.2)
Other (Expense) Income, Net	(9.6)	10.1	(24.1)	49.3	0.0	0.0
Income (Loss) Before Income Taxes	$57.5	$104.8	$111.2	$285.4	$553.7	$850.6
Less: Income Tax (Expense) Benefit	$103.1	($15.8)	($111.4)	($103.2)	($144.0)	($221.2)
Net Income (Loss)	$160.6	$89.0	($0.2)	$182.2	$409.7	$629.5
Net Income Attributable to NCI	($0.1)	($0.5)	($0.1)	$0.0	$0.0	$0.0
Net Income to BSP Shareholders	$160.8	$89.5	($0.1)	$182.2	$409.7	$629.5
EPS, Basic	$0.32	$0.16	$0.00	$0.30	$0.65	$0.99
EPS, Diluted	$0.31	$0.15	$0.00	$0.28	$0.61	$0.94
Weighted Avg Shares — Basic (M)	502.4	559.5	581.0	617.2	635.2	635.2
Weighted Avg Shares — Diluted (M)	518.6	596.8	621.2	654.1	672.1	672.1
Ratios & Assumptions
YoY Revenue Growth		73.4%	94.7%	99.8%	31.6%	23.0%
Gross Margin	61.1%	63.9%	65.6%	66.5%	66.4%	66.6%
Operating Margin	21.8%	19.0%	21.3%	22.6%	25.9%	27.6%
Net Margin	41.5%	13.3%	(0.0%)	7.0%	11.9%	14.9%
Effective Tax Rate [DRIVER]	(179.3%)	15.1%	100.2%	26.0%	26.0%	26.0%

The full workbook adds 4 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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MU Micron Technology

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 23Q + 5A history · 9Q + 5A projection
Segments: 3
KPI: bit growth × ASP change × technology (DRAM / NAND / Other)
Thesis: $50B FQ4'26 guide-anchored; 2027-28 supply response normalizes GM 86%→52% by FY29; SCA floor holds trough above prior-cycle peaks
Updated: 2026-07-04 · 64 KB

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Income statement preview for MU. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY2026E	FY2027E	FY2028E
Revenue	$15,540	$25,111	$37,378	$129,016	$217,842	$190,006
Less: Cost of Goods Sold	($16,956)	($19,498)	($22,505)	($25,510)	($48,107)	($81,015)
Gross Margin	($1,416)	$5,613	$14,873	$103,506	$169,735	$108,991
Less: Research and Development	($3,114)	($3,430)	($3,798)	($5,139)	($6,258)	($7,494)
Less: Selling, General, and Administrative	(920)	(1,129)	(1,205)	(1,513)	(1,960)	(1,993)
Less: Restructure and Asset Impairments	($171)	($1)	($39)	$0	$0	$0
Less: Other Operating (Income) Expense, Net	(124)	251	(61)	(43)	0	0
Operating Income (Loss)	($5,745)	$1,304	$9,770	$96,811	$161,517	$99,504
Interest Income	$468	$529	$496	$759	$1,089	$1,233
Interest Expense	(388)	(562)	(477)	(106)	0	0
Other Non-Operating Income (Expense), Net	7	(31)	(135)	(859)	(1,307)	(1,140)
Pretax Income (Loss)	($5,658)	$1,240	$9,654	$96,605	$161,299	$99,597
Less: Income Tax (Provision) / Benefit	($177)	($451)	($1,124)	($14,354)	($25,001)	($15,437)
Equity in Net Income (Loss) of Equity Method Investees	2	(11)	9	13	0	0
Net Income (Loss)	($5,833)	$778	$8,539	$82,264	$136,298	$84,159
EPS — Basic	($5.34)	$0.70	$7.65	$72.94	$121.35	$77.22
EPS — Diluted	($5.34)	$0.70	$7.59	$71.93	$119.55	$76.07
Shares — Basic (M)	1,093	1,105	1,116	1,128	1,123	1,090
Shares — Diluted (M)	1,093	1,118	1,125	1,144	1,140	1,106
Ratios & Assumptions
YoY Revenue Growth	(49.5%)	61.6%	48.9%	245.2%	68.8%	(12.8%)
Gross Margin %	(9.1%)	22.4%	39.8%	80.2%	77.9%	57.4%
Operating Margin	(37.0%)	5.2%	26.1%	75.0%	74.1%	52.4%
Net Margin	(37.5%)	3.1%	22.8%	63.8%	62.6%	44.3%
Effective Tax Rate	(3.1%)	36.4%	11.6%	14.9%	15.5%	15.5%

The full workbook adds 23 historical and 9 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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SPCX Space Exploration Technologies

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 2Q + 3A (424B4 disclosure depth; deepens with post-IPO 10-Qs) history · 8Q + 5A projection
Segments: 3
KPI: Subs × ARPU (Starlink Consumer) + QoQ growth × 5 sub-segments (Space / E&G / AI)
Thesis: Post-IPO ($135, Jun '26): Starlink subs 10.3M→36M; $25B notes fund AI capex supercycle; FY26 +21% → FY30 +18%
Updated: 2026-07-04 · 42 KB

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Income statement preview for SPCX. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Space Revenue	$3,557.0	$3,796.0	$4,086.0	$3,243.8	$4,150.1	$4,648.1
Connectivity Revenue (Starlink)	3,869.0	7,599.0	11,387.0	15,284.4	21,223.0	26,727.9
AI Revenue (xAI + X)	2,961.0	2,620.0	3,201.0	4,027.0	6,259.1	8,690.4
Total Revenue	$10,387.0	$14,015.0	$18,674.0	$22,555.2	$31,632.3	$40,066.4
Less: Cost of Revenue	($6,110.0)	($7,996.0)	($9,451.0)	($11,223.2)	($15,089.6)	($18,230.2)
Gross Profit	$4,277.0	$6,019.0	$9,223.0	$11,331.9	$16,542.7	$21,836.2
Less: Research & Development	($2,105.0)	($3,464.0)	($8,643.0)	($13,825.2)	($14,391.5)	($14,423.9)
Less: Selling, General & Administrative	(1,665.0)	(1,813.0)	(2,644.0)	(3,419.1)	(4,301.9)	(5,008.3)
Less: Restructuring Charges (Credits)	(237.0)	(213.0)	(487.0)	11.0	0.0	0.0
Less: Impairment	(3,775.0)	(63.0)	(38.0)	0.0	0.0	0.0
Total Costs and Expenses	($13,892.0)	($13,549.0)	($21,263.0)	($28,456.5)	($33,782.9)	($37,662.4)
Income (Loss) from Operations	($3,505.0)	$466.0	($2,589.0)	($5,901.4)	($2,150.7)	$2,404.0
EBITDA	($870.0)	$4,290.0	$4,112.0	$6,611.7	$15,967.7	$21,423.1
Interest Income	$249.0	$371.0	$492.0	$2,311.2	$3,283.5	$3,012.6
Interest Expense	(1,693.0)	(1,580.0)	(1,945.0)	(2,247.5)	(2,197.6)	(2,184.2)
Other Income (Expense), Net	(42.0)	985.0	(177.0)	(1,876.0)	0.0	0.0
Income (Loss) Before Income Taxes	($4,991.0)	$242.0	($4,219.0)	($7,713.7)	($1,064.8)	$3,232.3
Less: Provision for (Benefit from) Income Taxes	$363.0	$549.0	($718.0)	($57.7)	($16.0)	($484.8)
Net Income (Loss)	($4,628.0)	$791.0	($4,937.0)	($7,771.3)	($1,080.8)	$2,747.5
Ratios & Assumptions
YoY Total Revenue Growth		34.9%	33.2%	20.8%	40.2%	26.7%
YoY Space Revenue Growth		6.7%	7.6%	(20.6%)	27.9%	12.0%
YoY Connectivity Revenue Growth		96.4%	49.8%	34.2%	38.9%	25.9%
YoY AI Revenue Growth		(11.5%)	22.2%	25.8%	55.4%	38.8%
Gross Margin (memo)	41.2%	42.9%	49.4%	50.2%	52.3%	54.5%

The full workbook adds 3 historical and 7 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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NVDA NVIDIA

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 2
KPI: QoQ growth × segment (Compute & Networking / Graphics)
Thesis: AI infra ramp: GB300 + Vera Rubin H2 FY27 drive FY27E rev +71% to ~$369B, decel to +8% by FY31; net margin holds ~55%
Updated: 2026-06-18 · 51 KB

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Income statement preview for NVDA. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2024	FY2025	FY2026	FY27E	FY28E	FY29E
Revenue	$60,922	$130,497	$215,938	$368,856	$419,207	$490,678
Less: Cost of Revenue	($16,621)	($32,639)	($62,475)	($92,907)	($106,639)	($132,483)
Gross Profit	$44,301	$97,858	$153,463	$275,949	$312,567	$358,195
Less: Research and Development	($8,675)	($12,914)	($18,497)	($26,799)	($29,320)	($33,366)
Less: Sales, General & Administrative	(2,654)	(3,491)	(4,579)	(6,470)	(7,435)	(8,342)
Total Operating Expenses	($11,329)	($16,405)	($23,076)	($33,269)	($36,755)	($41,708)
Operating Income	$32,972	$81,453	$130,387	$242,680	$275,812	$316,487
Interest Income	$866	$1,786	$2,300	$2,449	$2,298	$2,453
Interest Expense	(257)	(247)	(259)	(447)	(503)	(589)
Other Income/(Expense), Net (incl. equity gains)	237	1,034	9,022	17,365	2,096	2,453
Pretax Income	$33,818	$84,026	$141,450	$262,048	$279,702	$320,805
Less: Income Tax (Provision)/Benefit	($4,058)	($11,146)	($21,383)	($42,944)	($42,630)	($48,121)
Net Income	$29,760	$72,880	$120,067	$219,104	$237,072	$272,684
EPS — Basic	$1.210	$2.970	$4.930	$9.090	$10.034	$11.777
EPS — Diluted	$1.190	$2.940	$4.900	$9.051	$9.991	$11.727
Shares — Basic (M, post-split)	24,690	24,555	24,359	24,104	23,626	23,153
Shares — Diluted (M, post-split)	24,940	24,804	24,514	24,209	23,728	23,254
Ratios & Assumptions
YoY Revenue Growth	125.9%	114.2%	65.5%	70.8%	13.7%	17.0%
Gross Margin %	72.7%	75.0%	71.1%	74.8%	74.6%	73.0%
Operating Margin	54.1%	62.4%	60.4%	65.8%	65.8%	64.5%
Net Margin	48.8%	55.8%	55.6%	59.4%	56.6%	55.6%
Effective Tax Rate	12.0%	13.3%	15.1%	16.4%	15.2%	15.0%

The full workbook adds 16 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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ORCL Oracle

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 4
KPI: YoY growth × segment (Cloud / Software / Hardware / Services), FY26-recast regime
Thesis: $638B RPO converts: Cloud +65% FY27 on the DC build; GM troughs at the $90B capex/depreciation wave, FY30E rev ~$200B (10% haircut to mgmt path)
Updated: 2026-06-12 · 59 KB

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Income statement preview for ORCL. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY24	FY25	FY26	FY27E	FY28E	FY29E
Cloud Revenue (SaaS + IaaS)	$19,774	$24,506	$33,989	$56,218	$85,442	$121,328
Software Revenue	24,690	24,724	24,541	24,296	24,053	23,812
Hardware Revenue	3,066	2,936	3,084	3,207	3,304	3,403
Services Revenue	5,431	5,233	5,743	6,317	6,823	7,232
Total Revenues	$52,961	$57,399	$67,357	$90,039	$119,621	$155,775
Less: Cloud and Software Expenses	($9,427)	($11,569)	($17,597)	($33,234)	($44,948)	($55,153)
Less: Hardware Expenses	(891)	(782)	(868)	(898)	(925)	(953)
Less: Services Expenses	(4,825)	(4,576)	(4,556)	(4,991)	(5,390)	(5,713)
Less: Sales and Marketing	(8,274)	(8,651)	(8,331)	(8,103)	(9,057)	(10,904)
Less: Research and Development	(8,915)	(9,860)	(10,272)	(10,001)	(10,812)	(12,774)
Less: General and Administrative	(1,548)	(1,602)	(1,618)	(1,602)	(1,914)	(2,337)
Less: Amortization of Intangible Assets	(3,010)	(2,307)	(1,671)	(1,024)	(814)	(779)
Less: Restructuring and Other	(718)	(374)	(1,838)	(377)	(359)	(389)
Total Operating Expenses	($37,608)	($39,721)	($46,751)	($60,229)	($74,219)	($89,002)
Operating Income	$15,353	$17,678	$20,606	$29,810	$45,402	$66,773
Less: Interest Expense	($3,514)	($3,578)	($4,599)	($5,867)	($6,793)	($7,431)
Non-Operating Income (Expenses), Net	(98)	60	3,547	600	600	600
Income Before Income Taxes	$11,741	$14,160	$19,554	$24,543	$39,209	$59,942
Less: Provision for Income Taxes	($1,274)	($1,717)	($2,467)	($4,663)	($7,450)	($11,689)
Net Income	$10,467	$12,443	$17,087	$19,880	$31,759	$48,253
Less: Preferred Stock Dividends (6.50% Series D)	$0	$0	($103)	($325)	($325)	($325)
Net Income Available to Common Shareholders	$10,467	$12,443	$16,984	$19,555	$31,434	$47,928
EPS — Basic	$3.82	$4.46	$5.94	$6.64	$10.48	$15.91
EPS — Diluted	$3.71	$4.34	$5.83	$6.55	$10.35	$15.71
Ratios & Assumptions
YoY Cloud Revenue Growth	24.5%	23.9%	38.7%	65.4%	52.0%	42.0%
YoY Software Revenue Growth	(2.0%)	0.1%	(0.7%)	(1.0%)	(1.0%)	(1.0%)
YoY Hardware Revenue Growth	(6.4%)	(4.2%)	5.0%	4.0%	3.0%	3.0%
YoY Services Revenue Growth	(2.9%)	(3.6%)	9.7%	10.0%	8.0%	6.0%
YoY Total Revenue Growth	6.0%	8.4%	17.3%	33.7%	32.9%	30.2%

The full workbook adds 16 historical and 8 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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CHYM Chime Financial

current ✓ C14 trace ✓ C15 terminals

Window: 8Q + 3A history · 8Q + 5A projection
Segments: 1
KPI: Members × PV per Active Member × Take Rate (intensive: count × $/unit); MyPay ARR informational
Thesis: Consumer fintech compounding: Members 8.6M → 13M+; PV/Member rising; MyPay attach driving ARPU; FY26 +27% → FY30 +18%
Updated: 2026-05-25 · 42 KB

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Income statement preview for CHYM. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	2023	2024	2025	2026E	2027E	2028E
Revenue	$1,278.5	$1,673.3	$2,186.8	$2,778.4	$3,303.6	$3,713.6
Less: Cost of Revenue	($219.7)	($207.5)	($263.0)	($293.7)	($335.9)	($371.4)
Gross Profit	$1,058.7	$1,465.8	$1,923.7	$2,484.8	$2,967.7	$3,342.3
Less: Transaction & Risk Losses	($152.4)	($219.7)	($407.3)	($376.5)	($397.2)	($427.1)
Less: Member Support & Operations	(272.8)	(286.9)	(458.0)	(406.4)	(441.0)	(475.3)
Less: Sales & Marketing	(443.8)	(519.8)	(635.4)	(731.5)	(849.5)	(909.8)
Less: Technology & Development	(259.0)	(309.6)	(934.9)	(464.4)	(502.9)	(545.9)
Less: General & Administrative	(154.9)	(177.2)	(512.1)	(283.8)	(275.8)	(297.1)
Less: Depreciation & Amortization	(11.6)	(14.8)	(16.0)	(18.1)	(21.5)	(24.1)
Total Operating Expenses	($1,294.5)	($1,528.0)	($2,963.7)	($2,280.5)	($2,487.8)	($2,679.4)
Operating Income (Loss)	($235.8)	($62.2)	($1,040.0)	$204.2	$479.9	$662.9
EBITDA	($222.8)	($36.8)	($1,010.0)	$222.3	$501.4	$687.0
Other Income, Net	$32.8	$39.5	$30.9	$38.0	$45.0	$50.0
Income (Loss) Before Income Taxes	($203.0)	($22.7)	($1,009.1)	$242.2	$524.9	$712.9
Less: Provision for Income Taxes	($0.2)	($2.6)	($0.8)	($17.9)	($99.6)	($149.7)
Net Income (Loss)	($203.2)	($25.3)	($1,009.9)	$224.4	$425.4	$563.2
EPS, Basic	($3.22)	($0.39)	($4.27)	$0.60	$1.13	$1.50
EPS, Diluted	($3.22)	($0.39)	($4.27)	$0.60	$1.13	$1.50
Weighted Avg Shares — Basic (M)	63.1	64.9	236.3	375.9	375.9	375.9
Weighted Avg Shares — Diluted (M)	63.1	64.9	236.3	375.9	375.9	375.9
Ratios & Assumptions
YoY Revenue Growth	61.8%	97.1%	142.7%	27.1%	18.9%	12.4%
Gross Margin	82.8%	87.6%	88.0%	89.4%	89.8%	90.0%
Operating Margin	(18.4%)	(3.7%)	(47.6%)	7.4%	14.5%	17.8%
Net Margin	(15.9%)	(1.5%)	(46.2%)	8.1%	12.9%	15.2%
Effective Tax Rate [DRIVER]	(0.1%)	(11.5%)	(0.1%)	7.4%	19.0%	21.0%

The full workbook adds 10 historical and 6 projected quarters, plus KPI Drivers · Balance Sheet · Cash Flow Statement — every subtotal a live formula, every projection traced to a driver.

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SE Sea

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 4
KPI: QoQ growth × segment (Garena / Shopee / Monee / Other)
Thesis: Shopee ROW expansion (Brazil/Latam) + Monee consumer credit compounding; FY26 +32% → FY30 +13%
Updated: 2026-05-20 · 52 KB

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Income statement preview for SE. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Service Revenue	$11,942.4	$15,261.3	$20,913.1	$27,673.3	$30,746.1	$36,261.0
Sales of Goods	$1,121.2	$1,558.6	$2,025.4	$2,707.9	$2,856.2	$3,239.0
Total Revenue	$13,063.6	$16,819.9	$22,938.5	$30,381.2	$33,602.3	$39,500.0
Less: Cost of Service	($6,202.5)	($8,164.4)	($10,812.0)	($14,261.9)	($15,623.7)	($18,311.8)
Less: Cost of Goods Sold	($1,027.4)	($1,450.4)	($1,882.7)	($2,563.6)	($2,659.3)	($2,996.1)
Total Cost of Revenue	($7,229.9)	($9,614.8)	($12,694.7)	($16,825.6)	($18,282.9)	($21,307.9)
Gross Profit	$5,833.6	$7,205.1	$10,243.7	$13,555.6	$15,319.3	$18,192.1
Less: Sales and Marketing	($2,779.2)	($3,472.7)	($4,492.2)	($5,838.1)	($6,128.6)	($6,912.5)
Less: General and Administrative	($1,134.7)	($1,267.7)	($1,357.8)	($1,684.4)	($1,770.8)	($1,975.0)
Less: Research and Development	($1,164.1)	($1,206.0)	($1,157.1)	($1,196.2)	($1,199.6)	($1,303.5)
Less: Provision for Credit Losses	($633.9)	($776.9)	($1,372.6)	($2,079.0)	($2,189.7)	($2,488.5)
Other Operating Income/(Expense), Net	$103.1	$180.4	$121.3	$120.7	$134.4	$158.0
Total Operating Expenses	($5,608.9)	($6,542.9)	($8,258.4)	($10,677.1)	($11,154.3)	($12,521.5)
Operating Income (Loss)	$224.8	$662.2	$1,985.3	$2,878.5	$4,165.1	$5,670.6
Interest Income	$331.3	$365.8	$331.1	$338.4	$327.0	$395.0
Interest Expense	($41.1)	($38.3)	($33.6)	($11.0)	($13.4)	($15.8)
Other Income/(Expense), Net (incl. equity investees)	($89.7)	($220.6)	($20.8)	($29.6)	($33.6)	($39.5)
Pretax Income (Loss)	$425.4	$769.0	$2,262.0	$3,176.4	$4,445.1	$6,010.3
Less: Income Tax (Expense)/Benefit	($262.7)	($321.2)	($651.1)	($1,047.0)	($1,431.9)	($1,863.2)
Net Income (Loss)	$162.7	$447.8	$1,610.9	$2,129.4	$3,013.2	$4,147.1
Less: NI Attributable to Non-controlling Interest	$12.0	$3.5	$32.7	$44.1	$60.3	$82.9
Net Income to Sea Limited	$150.7	$444.3	$1,578.1	$2,085.3	$2,952.9	$4,064.2
EPS — Basic	$0.27	$0.77	$2.65	$3.50	$4.96	$6.70
EPS — Diluted	$0.25	$0.74	$2.52	$3.27	$4.63	$6.24
Shares — Basic (M)	566.6	575.0	595.0	595.0	595.0	606.9
Shares — Diluted (M)	594.4	604.7	638.2	638.2	638.2	651.0
IS Ratios & Projection Drivers
Effective Tax Rate						31.0%

The full workbook adds 16 historical and 8 projected quarters, plus Balance Sheet · Cash Flow Statement · KPI Drivers — Segment Revenue — every subtotal a live formula, every projection traced to a driver.

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INTC Intel

current ✓ C13 recon ✓ C14 trace ✓ C15 terminals

Window: 16Q + 5A history · 8Q + 5A projection
Segments: 7
KPI: QoQ growth × segment (CCG / DCAI / NEX / Intel Foundry / Mobileye / All Other / Eliminations)
Thesis: Intel Foundry external customer ramp + DCAI AI server share recovery; FY26 +6.5% → FY30 +8.1%
Updated: 2026-05-17 · 44 KB

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Income statement preview for INTC. Dollars in millions, except per share. Actual fiscal years followed by our estimates.
Income Statement
	Actual			Estimate
	FY2023	FY2024	FY2025	FY26E	FY27E	FY28E
Revenue	$54,228	$53,101	$52,853	$56,276	$61,537	$67,137
Less: Cost of Sales	($32,517)	($35,756)	($34,478)	($33,124)	($32,899)	($34,911)
Gross Profit	$21,711	$17,345	$18,375	$23,153	$28,638	$32,226
Less: Research and Development	($16,046)	($16,546)	($13,774)	($14,040)	($14,300)	($14,770)
Less: Marketing, General and Administrative	($5,634)	($5,507)	($4,624)	($4,667)	($4,996)	($5,237)
Less: Restructuring and Other Charges	$62	($6,970)	($2,191)	($4,320)	$0	$0
Total Operating Expenses	($21,618)	($29,023)	($20,589)	($23,028)	($19,297)	($20,007)
Operating Income (Loss)	$93	($11,678)	($2,214)	$125	$9,341	$12,219
Gains (Losses) on Equity Investments, Net	$40	$242	$514	$78	$200	$200
Interest and Other, Net	$629	$226	$3,257	($588)	$200	$200
Income (Loss) Before Taxes	$762	($11,210)	$1,557	($385)	$9,741	$12,619
Less: Provision for (Benefit from) Taxes	$913	($8,023)	($1,531)	($1,083)	($2,046)	($2,650)
Net Income (Loss)	$1,675	($19,233)	$26	($1,468)	$7,696	$9,969
Less: Net Income (Loss) Attributable to NCI	($14)	($477)	$293	($703)	($200)	($200)
Net Income (Loss) Attributable to Intel	$1,689	($18,756)	($267)	($765)	$7,896	$10,169
EPS, Basic	$0.00	$0.00	$0.00	($0.15)	$1.52	$1.93
EPS, Diluted	$0.40	($4.38)	($0.06)	($0.15)	$1.52	$1.93
Weighted Avg Shares — Basic (M)	0.0	0.0	0.0	5,128	5,200	5,275
Weighted Avg Shares — Diluted (M)	0.0	0.0	0.0	5,128	5,200	5,275

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Methodology

Every projected revenue cell traces to a KPI/driver row (C14). Terminal driver cells are rates, counts, or historical anchors — never typed-in projected dollar levels (C15). Every subtotal-vs-reported reconciliation row ties to $0 (C13). Each model is written per-ticker against its actual schema — no cloning, no level-input shortcuts.