Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-19.
Street snapshot
The 13 price targets span $120 to $203, with a mean of $162 and a median of $164 — a wide range in USD for a name where opinion clusters at hold.
Currency: USD · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 15.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 3, Outperform 1, Hold 9, Underperform 1, Sell 1 | 15 |
| Consensus score | 2.73 | 15 |
| Target price | mean 162.5; high 203.0; low 120.0 | 13 |
Forward table
Consensus keeps revenue close to flat — FY2026 of about $6,426m sits just under the FY2025 actual of $6,500m before building toward roughly $7,060m by FY2028 — yet normalized EPS climbs from the $13.17 FY2025 actual toward $17.48 in FY2028, so the Street models earnings growth well ahead of the top line. Gross margin holds near 68–70% and no dividend is modeled (DPS of 0).
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 | 6,426 | -1.1% | 14 | 6,385 / 6,474 |
| FY0E | EBITDA | 1,574 | -2.3% | 12 | 1,539 / 1,620 |
| FY0E | EBIT | 1,278 | 7.5% | — | — / — |
| FY0E | Net income (GAAP) | 872.8 | 19.7% | 9 | 862.7 / 890.8 |
| FY0E | Net income (normalized) | 925.1 | -4.5% | — | — / — |
| FY0E | EPS (GAAP) | 12.89 | 33.6% | 9 | 12.49 / 13.28 |
| FY0E | EPS (normalized) | 13.68 | 3.9% | 15 | 13.07 / 14.20 |
| FY0E | Free cash flow | 1,193 | 2.1% | — | — / — |
| FY0E | Dividend per share | 0.00 | — | — | — / — |
| FY0E | Gross margin | 69.7% | 2.0% | — | — / — |
| FY0E | Capital expenditure | -101.3 | -16.5% | — | — / — |
| FY0E | Net debt | 1,170 | -9.5% | — | — / — |
| FY0E | Cash from operations | 1,284 | -1.0% | — | — / — |
| FY0E | ROE | 512.4% | 301.7% | — | — / — |
| FY+1E | Revenue | 6,706 | 4.4% | 14 | 6,544 / 6,884 |
| FY+1E | EBITDA | 1,640 | 4.2% | 12 | 1,530 / 1,698 |
| FY+1E | EBIT | 1,334 | 4.4% | — | — / — |
| FY+1E | Net income (GAAP) | 913.2 | 4.6% | 9 | 859.0 / 943.6 |
| FY+1E | Net income (normalized) | 965.0 | 4.3% | — | — / — |
| FY+1E | EPS (GAAP) | 14.33 | 11.1% | 9 | 13.47 / 15.95 |
| FY+1E | EPS (normalized) | 15.30 | 11.8% | 15 | 13.78 / 17.01 |
| FY+1E | Free cash flow | 1,203 | 0.8% | — | — / — |
| FY+1E | Dividend per share | 0.00 | — | — | — / — |
| FY+1E | Gross margin | 69.6% | -0.1% | — | — / — |
| FY+1E | Capital expenditure | -106.5 | 5.2% | — | — / — |
| FY+1E | Net debt | 622.5 | -46.8% | — | — / — |
| FY+1E | ROE | 462.6% | -9.7% | — | — / — |
| FY+1E | Cash from operations | 1,305 | 1.7% | — | — / — |
| FY+2E | Revenue | 7,060 | 5.3% | 10 | 6,741 / 7,319 |
| FY+2E | EBITDA | 1,737 | 5.9% | 10 | 1,551 / 1,843 |
| FY+2E | EBIT | 1,439 | 7.9% | — | — / — |
| FY+2E | Net income (GAAP) | 980.9 | 7.4% | 6 | 883.0 / 1,030 |
| FY+2E | Net income (normalized) | 1,025 | 6.2% | — | — / — |
| FY+2E | EPS (GAAP) | 16.32 | 14.0% | 6 | 14.77 / 20.27 |
| FY+2E | EPS (normalized) | 17.48 | 14.2% | 10 | 15.68 / 21.43 |
| FY+2E | Free cash flow | 1,406 | 16.9% | — | — / — |
| FY+2E | Dividend per share | 0.00 | — | — | — / — |
| FY+2E | Gross margin | 69.4% | -0.3% | — | — / — |
| FY+2E | Capital expenditure | -114.0 | 7.1% | — | — / — |
| FY+2E | Net debt | 526.2 | -15.5% | — | — / — |
| FY+2E | Cash from operations | 1,375 | 5.3% | — | — / — |
| FY+2E | ROE | 227.1% | -50.9% | — | — / — |
| Q2 FY2026 | Revenue | 1,649 | -2.2% | 13 | 1,614 / 1,675 |
| Q2 FY2026 | EBITDA | 430.1 | -2.9% | 10 | 401.0 / 445.6 |
| Q2 FY2026 | EBIT | 347.7 | 5.0% | — | — / — |
| Q2 FY2026 | Net income (GAAP) | 240.6 | -0.2% | 9 | 222.0 / 254.5 |
| Q2 FY2026 | Net income (normalized) | 252.7 | -0.9% | — | — / — |
| Q2 FY2026 | EPS (GAAP) | 3.53 | 13.5% | 9 | 3.23 / 3.81 |
| Q2 FY2026 | EPS (normalized) | 3.75 | 6.2% | 14 | 3.35 / 3.97 |
| Q2 FY2026 | Free cash flow | 263.9 | -30.4% | — | — / — |
| Q2 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q2 FY2026 | Gross margin | 69.7% | 3.0% | — | — / — |
| Q2 FY2026 | Capital expenditure | -24.57 | -19.4% | — | — / — |
| Q2 FY2026 | Net debt | 1,291 | 1210.9% | — | — / — |
| Q2 FY2026 | Cash from operations | 293.2 | -28.3% | — | — / — |
| Q3 FY2026 | Revenue | 1,503 | -1.4% | 13 | 1,486 / 1,528 |
| Q3 FY2026 | EBITDA | 323.6 | -6.7% | 10 | 304.0 / 349.2 |
| Q3 FY2026 | EBIT | 253.3 | 4.2% | — | — / — |
| Q3 FY2026 | Net income (GAAP) | 170.3 | 381.2% | 9 | 149.3 / 194.0 |
| Q3 FY2026 | Net income (normalized) | 185.6 | -0.5% | — | — / — |
| Q3 FY2026 | EPS (GAAP) | 2.54 | 441.3% | 9 | 2.31 / 2.94 |
| Q3 FY2026 | EPS (normalized) | 2.73 | -1.2% | 14 | 2.55 / 3.16 |
| Q3 FY2026 | Free cash flow | 300.5 | -4.3% | — | — / — |
| Q3 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q3 FY2026 | Gross margin | 69.7% | 2.9% | — | — / — |
| Q3 FY2026 | Capital expenditure | -23.93 | -20.4% | — | — / — |
| Q3 FY2026 | Net debt | 939.3 | 53.5% | — | — / — |
| Q3 FY2026 | Cash from operations | 337.4 | -1.6% | — | — / — |
| Q3 FY2026 | ROE | 246.3% | 215.8% | — | — / — |
| Q4 FY2026 | Revenue | 1,764 | 0.7% | 13 | 1,742 / 1,784 |
| Q4 FY2026 | EBITDA | 422.3 | -3.1% | 10 | 412.0 / 434.4 |
| Q4 FY2026 | EBIT | 348.3 | 2.6% | — | — / — |
| Q4 FY2026 | Net income (GAAP) | 240.4 | -0.7% | 9 | 225.0 / 250.9 |
| Q4 FY2026 | Net income (normalized) | 257.0 | 0.1% | — | — / — |
| Q4 FY2026 | EPS (GAAP) | 3.66 | 9.1% | 9 | 3.46 / 4.08 |
| Q4 FY2026 | EPS (normalized) | 3.93 | -0.3% | 14 | 3.69 / 4.32 |
| Q4 FY2026 | Free cash flow | 274.4 | -2.5% | — | — / — |
| Q4 FY2026 | Dividend per share | 0.00 | — | — | — / — |
| Q4 FY2026 | Gross margin | 68.1% | 2.1% | — | — / — |
| Q4 FY2026 | Capital expenditure | -25.57 | -14.7% | — | — / — |
| Q4 FY2026 | Net debt | 757.7 | -33.4% | — | — / — |
| Q4 FY2026 | ROE | 357.6% | 137.4% | — | — / — |
| Q4 FY2026 | Cash from operations | 262.8 | -17.1% | — | — / — |
| Q1 FY2027 | Revenue | 1,555 | 2.9% | 11 | 1,505 / 1,594 |
| Q1 FY2027 | EBITDA | 404.4 | 1.1% | 9 | 382.2 / 433.8 |
| Q1 FY2027 | EBIT | 327.0 | 14.2% | — | — / — |
| Q1 FY2027 | Net income (GAAP) | 224.2 | 1.0% | 7 | 201.6 / 243.1 |
| Q1 FY2027 | Net income (normalized) | 235.5 | 15.9% | — | — / — |
| Q1 FY2027 | EPS (GAAP) | 3.46 | 8.9% | 7 | 2.95 / 4.12 |
| Q1 FY2027 | EPS (normalized) | 3.75 | 12.8% | 13 | 3.25 / 4.37 |
| Q1 FY2027 | Free cash flow | 313.8 | 51.9% | — | — / — |
| Q1 FY2027 | Dividend per share | 0.00 | — | — | — / — |
| Q1 FY2027 | Gross margin | 71.1% | 1.5% | — | — / — |
| Q1 FY2027 | Capital expenditure | -24.30 | -1.6% | — | — / — |
| Q1 FY2027 | Net debt | 497.0 | -60.5% | — | — / — |
| Q1 FY2027 | ROE | 353.4% | 201.4% | — | — / — |
| Q1 FY2027 | Cash from operations | 246.2 | 26.3% | — | — / — |
Estimate momentum
Over the past 180 days the Street has cut its out-year revenue line materially — FY2027 from about $7,151m to $6,706m and FY2028 from roughly $7,938m to $7,060m — while normalized EPS held up far better, FY2027 nudging up from $14.88 to $15.30 and FY2028 easing only modestly from $18.72 to $17.48. The revenue markdown runs across both forward years rather than a single period.
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 |
|---|---|---|---|---|---|---|
| 2027 | Revenue | 30d | 6,726 | 6,706 | down 0.3% | — |
| 2027 | Revenue | 90d | 6,851 | 6,706 | down 2.1% | — |
| 2027 | Revenue | 180d | 7,151 | 6,706 | down 6.2% | — |
| 2028 | Revenue | 30d | 7,107 | 7,060 | down 0.7% | — |
| 2028 | Revenue | 90d | 7,247 | 7,060 | down 2.6% | — |
| 2028 | Revenue | 180d | 7,938 | 7,060 | down 11.1% | — |
| 2028 | EPS (normalized) | 30d | 17.57 | 17.48 | down 0.5% | — |
| 2028 | EPS (normalized) | 90d | 16.94 | 17.48 | up 3.2% | — |
| 2028 | EPS (normalized) | 180d | 18.72 | 17.48 | down 6.6% | — |
| 2027 | EPS (normalized) | 30d | 15.31 | 15.30 | down 0.0% | — |
| 2027 | EPS (normalized) | 90d | 14.72 | 15.30 | up 3.9% | — |
| 2027 | EPS (normalized) | 180d | 14.88 | 15.30 | up 2.9% | — |
Beat / miss record
The record points to earnings beats struck below the revenue line rather than demand surprises.
Current sequences by metric: Revenue: 1 consecutive miss; EPS (normalized): 8 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 | 1,515 | 1,511 | -0.3% | Miss | — |
| Q1 FY2026 | EPS (normalized) | 2.92 | 3.32 | 13.6% | Beat | — |
| Q4 FY2025 | Revenue | 1,749 | 1,753 | 0.2% | Beat | — |
| Q4 FY2025 | EPS (normalized) | 3.51 | 3.94 | 12.2% | Beat | — |
| Q3 FY2025 | Revenue | 1,521 | 1,524 | 0.2% | Beat | — |
| Q3 FY2025 | EPS (normalized) | 2.43 | 2.76 | 13.7% | Beat | — |
| Q2 FY2025 | Revenue | 1,674 | 1,686 | 0.7% | Beat | — |
| Q2 FY2025 | EPS (normalized) | 3.31 | 3.53 | 6.8% | Beat | — |
| Q1 FY2025 | Revenue | 1,535 | 1,534 | -0.0% | Miss | — |
| Q1 FY2025 | EPS (normalized) | 2.72 | 2.98 | 9.7% | Beat | — |
| Q4 FY2024 | Revenue | 1,690 | 1,715 | 1.5% | Beat | — |
| Q4 FY2024 | EPS (normalized) | 3.26 | 5.45 | 67.2% | Beat | — |
| Q3 FY2024 | Revenue | 1,475 | 1,484 | 0.6% | Beat | — |
| Q3 FY2024 | EPS (normalized) | 2.37 | 2.50 | 5.6% | Beat | — |
| Q2 FY2024 | Revenue | 1,585 | 1,595 | 0.7% | Beat | — |
| Q2 FY2024 | EPS (normalized) | 3.03 | 3.22 | 6.4% | Beat | — |
Where the street disagrees
Near-term views are tight by comparison, with FY2026 normalized EPS carrying a standard deviation of only about 0.34.
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 |
|---|---|---|---|---|---|---|
| Q3 FY2024 | Net income (GAAP) | 211.3 | 154.1 | 378.6 | 106.3% | 5 |
| Q3 FY2024 | EPS (GAAP) | 2.72 | 1.99 | 4.86 | 105.4% | 5 |
| 2029 | EPS (normalized) | 21.14 | 16.71 | 25.57 | 41.9% | 2 |
| 2029 | EPS (GAAP) | 19.96 | 15.97 | 23.94 | 40.0% | 2 |
| 2028 | EPS (GAAP) | 16.32 | 14.77 | 20.27 | 33.7% | 6 |