Models

Source: Visible Alpha consensus via S&P Xpressfeed · Consensus as of 2026-07-15 · generated 2026-07-20.

Model trust

The core P&L is well populated, but several company-specific KPIs are thinner — reported ARR, for instance, rests on a single broker beyond the current year — so read those lines with more caution than the headline set.

Base currency: USD · VA scales normalized from Abs, M; item currencies and units retained · Coverage depth and vintage; broker count is the maximum represented.

Brokers	Line items	Last revision
37	390	2026-07-15

Operating KPIs

The most decision-useful drivers are subscription & support revenue, current remaining performance obligations (cRPO) and total billings, all with reasonably broad coverage.

Base currency: USD · VA scales normalized from Abs, M; item currencies and units retained · FY-1A / FY0E / FY+1E; broker count shown per KPI.

Operating KPI	Source	FY-1A	FY0E	FY+1E	Brokers
Provision for income tax - Operating	CD	—	3,201,738.93bn Amount	3,193,565.90bn Amount	36
General and administrative - Operating	CD	—	2,482,554.15bn Amount	2,675,345.25bn Amount	34
Total operating expense - Operating	CD	—	19,314,156.28bn Amount	21,404,808.15bn Amount	34
Changes in deferred revenue	CD	—	2,327,579.81bn Amount	2,538,549.87bn Amount	33
Free cash flow	CD	—	14,091,044.76bn Amount	15,099,609.01bn Amount	33
Gross margin - Operating(%)	CD	—	80.6%	80.8%	33
Marketing and sales - Operating	CD	—	12,009,912.02bn Amount	13,308,142.90bn Amount	33
Total billings	CD	—	43,808,665.86bn Amount	48,666,674.32bn Amount	33
Total cost of revenue - Operating	CD	—	8,046,852.91bn Amount	8,887,785.26bn Amount	33
Capital expenditures	CD	—	698,730.76bn Amount	678,571.71bn Amount	32
Depreciation and amortization	CD	—	3,479,795.19bn Amount	3,758,653.12bn Amount	32
Free cash flow per share($)	CD	—	14.68 Amount	17.77 Amount	32

P&L bridge

Base currency: USD · VA scales normalized from Abs, M; item currencies and units retained · Margins are derived against revenue; YoY compares adjacent fiscal columns; broker count shown per line.

P&L line	FY-1A	FY0E	FY+1E	Brokers
Revenue	—	41,508,382.06bn Amount	46,145,025.04bn Amount (11.2% YoY)	37
Gross Profit	—	33,320,775.16bn Amount (80.3% margin)	37,059,201.13bn Amount (80.3% margin; 11.2% YoY)	37
Ebitda	—	17,628,793.99bn Amount (42.5% margin)	19,620,967.81bn Amount (42.5% margin; 11.3% YoY)	31
Operating Income	—	14,137,943.89bn Amount (34.1% margin)	15,835,596.76bn Amount (34.3% margin; 12.0% YoY)	37
Net Income	—	11,301,189.65bn Amount (27.2% margin)	11,981,348.75bn Amount (26.0% margin; 6.0% YoY)	37
Eps	—	11.78 Amount	14.13 Amount (20.0% YoY)	37

Consensus dispersion

Base currency: USD · VA scales normalized from Abs, M; item currencies and units retained · Top high-low spreads relative to absolute mean; requires at least 3 brokers.

Line item	Period	Mean	Min	Q1	Q3	Max	Spread / mean	Brokers
Free cash flow per share($)	2QFY-2027	0.70 Amount	-0.81 Amount	0.49 Amount	0.92 Amount	2.48 Amount	469.1%	28
Free cash flow	2QFY-2027	580,777.01bn Amount	-669,421.10bn Amount	342,131.68bn Amount	711,061.50bn Amount	2,038,046.85bn Amount	466.2%	29
Free cash flow per share($)	2QFY-2026	0.81 Amount	-0.35 Amount	0.60 Amount	1.05 Amount	1.93 Amount	283.1%	26
Free cash flow	2QFY-2026	785,417.15bn Amount	-338,136.70bn Amount	595,768.01bn Amount	1,013,353.76bn Amount	1,871,547.75bn Amount	281.3%	27
Capital expenditures	4QFY-2026	242,069.48bn Amount	139,000.00bn Amount	200,129.86bn Amount	255,967.77bn Amount	785,378.07bn Amount	267.0%	30
Changes in deferred revenue	FY-2028	2,647,763.28bn Amount	486,029.49bn Amount	2,185,611.96bn Amount	3,444,614.33bn Amount	4,746,912.11bn Amount	160.9%	33

Quarterly path

Base currency: USD · VA scales normalized from Abs, M; item currencies and units retained · Next four supplied quarters; final column is maximum broker coverage in the row.

Quarter	Provision for income tax - Operating	General and administrative - Operating	Total operating expense - Operating	Changes in deferred revenue	Free cash flow	Total revenue	EPS Diluted, Applicable to common stockholders($)	Broker coverage
2QFY-2027	740,319.80bn Amount	681,051.52bn Amount	5,310,122.56bn Amount	-1,552,933.97bn Amount	580,777.01bn Amount	11,321,056.61bn Amount	3.28 Amount	36
3QFY-2027	759,230.07bn Amount	652,719.49bn Amount	5,310,040.76bn Amount	-1,773,699.52bn Amount	1,905,479.19bn Amount	11,406,458.93bn Amount	3.36 Amount	36
4QFY-2027	822,587.46bn Amount	713,261.74bn Amount	5,710,394.83bn Amount	9,792,100.74bn Amount	5,739,091.43bn Amount	12,249,377.46bn Amount	3.62 Amount	36
1QFY-2028	836,756.73bn Amount	683,689.81bn Amount	5,560,662.51bn Amount	-4,237,070.66bn Amount	6,725,994.18bn Amount	12,141,271.87bn Amount	3.70 Amount	35

480 stale period values omitted; 3 line items fully removed.