| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $13.7B | $14.4B | $13.6B | -4.9% | 0.3% |
| Op. Income | $151M | $1.1B | $89M | -86.7% | 69.7% |
| Gross Margin | 17.3% | 23.7% | 20.4% | -6.4pp | -3.0pp |
| Net Margin | -0.8% | 4.2% | -1.1% | -5.0pp | 0.3pp |
| EPS (Diluted) | $-0.17 | $0.91 | $-0.23 | -118.7% | 26.1% |
| Free Cash Flow | -$872M | $464M | -$191M | -287.9% | -356.5% |
| Item | Amount |
|---|---|
| REVENUE | $13.7B |
| Cost of Revenue | $11.3B |
| GROSS PROFIT | $2.4B |
| R&D Expenses | $0 |
| Selling & Marketing | $483M |
| General & Administrative | $0 |
| SG&A Expenses | $483M |
| Other Expenses | $1.7B |
| Operating Expenses | $2.2B |
| Cost & Expenses | $13.5B |
| OPERATING INCOME | $151M |
| Interest Income | $90M |
| Interest Expense | $432M |
| Other Income/Expenses | -$293M |
| INCOME BEFORE TAX | -$142M |
| Income Tax Expense | -$28M |
| Net Income from Continuing Ops | -$114M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$114M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$114M |
| D&A | $474M |
| EBIT | $290M |
| EBITDA | $764M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$114M |
| Depreciation & Amortization | $474M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$406M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$46M |
| Capital Expenditure | -$826M |
| Acquisitions (Net) | $43M |
| Purchases of Investments | -$121M |
| Sales/Maturities of Investments | $1.9B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $974M |
| Net Debt Issuance | -$1.2B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $291M |
| NET CASH FROM FINANCING | -$921M |
| FREE CASH FLOW | -$872M |
| Net Change in Cash | -$578M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $835M |
| Short-Term Investments | $6.0B |
| Net Receivables | $2.0B |
| Inventory | $2.8B |
| Other Current Assets | $1.6B |
| TOTAL CURRENT ASSETS | $13.3B |
| PP&E (Net) | $39.0B |
| Goodwill | $4.1B |
| Intangible Assets | $2.0B |
| Long-Term Investments | $0 |
| Tax Assets | $2.4B |
| Other Non-Current Assets | $1.4B |
| TOTAL NON-CURRENT ASSETS | $48.9B |
| TOTAL ASSETS | $62.1B |
| Account Payables | $2.8B |
| Short-Term Debt | $3.6B |
| Deferred Revenue | $11.8B |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $24.6B |
| Long-Term Debt | $25.1B |
| Deferred Revenue NC | $6.8B |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3.3B |
| TOTAL NON-CURRENT LIABILITIES | $41.5B |
| TOTAL LIABILITIES | $66.1B |
| Common Stock | $7M |
| Additional Paid-In Capital | $7.4B |
| Retained Earnings | -$6.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4.5B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$4.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | -$4.0B |
| TOTAL LIABILITIES & EQUITY | $62.1B |
| Total Debt | $36.1B |
| Net Debt | $35.2B |
