| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.8B | $2.7B | $1.9B | -34.0% | -8.2% |
| Op. Income | $360M | $825M | $198M | -56.4% | 81.8% |
| Gross Margin | 27.9% | 36.6% | 40.9% | -8.7pp | -13.0pp |
| Net Margin | 14.1% | 23.7% | 10.7% | -9.6pp | 3.5pp |
| EPS (Diluted) | $0.92 | $2.35 | $0.77 | -60.9% | 19.5% |
| Free Cash Flow | -$80M | $135M | -$507M | -159.3% | 84.2% |
| Item | Amount |
|---|---|
| REVENUE | $1.8B |
| Cost of Revenue | $1.3B |
| GROSS PROFIT | $498M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $138M |
| Operating Expenses | $138M |
| Cost & Expenses | $1.4B |
| OPERATING INCOME | $360M |
| Interest Income | $0 |
| Interest Expense | $206M |
| Other Income/Expenses | -$116M |
| INCOME BEFORE TAX | $244M |
| Income Tax Expense | -$9M |
| Net Income from Continuing Ops | $253M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $252M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $400M |
| EBIT | $360M |
| EBITDA | $760M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.8B |
| Cost of Revenue | $1.3B |
| GROSS PROFIT | $498M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $138M |
| Operating Expenses | $138M |
| Cost & Expenses | $1.4B |
| OPERATING INCOME | $360M |
| Interest Income | $0 |
| Interest Expense | $206M |
| Other Income/Expenses | -$116M |
| INCOME BEFORE TAX | $244M |
| Income Tax Expense | -$9M |
| Net Income from Continuing Ops | $253M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $252M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $400M |
| EBIT | $360M |
| EBITDA | $760M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $252M |
| Depreciation & Amortization | $400M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $49M |
| Change in Working Capital | $257M |
| OPERATING CASH FLOW | $956M |
| Capital Expenditure | -$1.0B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$67M |
| Sales/Maturities of Investments | $68M |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$1.0B |
| Net Debt Issuance | -$284M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$192M |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $62M |
| FREE CASH FLOW | -$80M |
| Net Change in Cash | -$91M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $13M |
| Short-Term Investments | $0 |
| Net Receivables | $1.2B |
| Inventory | $774M |
| Other Current Assets | $597M |
| TOTAL CURRENT ASSETS | $2.6B |
| PP&E (Net) | $39.3B |
| Goodwill | $411M |
| Intangible Assets | $0 |
| Long-Term Investments | $1.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $4.7B |
| TOTAL NON-CURRENT ASSETS | $45.9B |
| TOTAL ASSETS | $48.5B |
| Account Payables | $1.3B |
| Short-Term Debt | $1.6B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.0B |
| TOTAL CURRENT LIABILITIES | $3.9B |
| Long-Term Debt | $18.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $5.2B |
| Other Non-Current Liabilities | $7.6B |
| TOTAL NON-CURRENT LIABILITIES | $31.0B |
| TOTAL LIABILITIES | $34.9B |
| Common Stock | $3M |
| Additional Paid-In Capital | $8.1B |
| Retained Earnings | $5.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $13.4B |
| Minority Interest | $129M |
| TOTAL EQUITY | $13.5B |
| TOTAL LIABILITIES & EQUITY | $48.5B |
| Total Debt | $19.8B |
| Net Debt | $19.8B |
