| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $824M | $796M | $908M | 3.5% | -9.2% |
| Op. Income | $183M | $625M | $195M | -70.7% | -5.9% |
| Gross Margin | 58.7% | 100.0% | 100.0% | -41.3pp | -41.3pp |
| Net Margin | 16.4% | 15.3% | 27.4% | 1.0pp | -11.0pp |
| EPS (Diluted) | $1.35 | $1.21 | $0.00 | 11.6% | Infinity% |
| Free Cash Flow | $315M | -$6M | $180M | 5821.8% | 75.1% |
| Item | Amount |
|---|---|
| REVENUE | $824M |
| Cost of Revenue | $341M |
| GROSS PROFIT | $484M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $236M |
| SG&A Expenses | $236M |
| Other Expenses | $65M |
| Operating Expenses | $301M |
| Cost & Expenses | $641M |
| OPERATING INCOME | $183M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $183M |
| Income Tax Expense | $48M |
| Net Income from Continuing Ops | $135M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $135M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $124M |
| D&A | $2M |
| EBIT | $188M |
| EBITDA | $190M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $824M |
| Cost of Revenue | $341M |
| GROSS PROFIT | $484M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $236M |
| SG&A Expenses | $236M |
| Other Expenses | $65M |
| Operating Expenses | $301M |
| Cost & Expenses | $641M |
| OPERATING INCOME | $183M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $183M |
| Income Tax Expense | $48M |
| Net Income from Continuing Ops | $135M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $135M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $124M |
| D&A | $2M |
| EBIT | $188M |
| EBITDA | $190M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $135M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $28M |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $148M |
| OPERATING CASH FLOW | $315M |
| Capital Expenditure | -$400.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.1B |
| Sales/Maturities of Investments | $1.5B |
| Other Investing Activities | -$28M |
| NET CASH FROM INVESTING | $326M |
| Net Debt Issuance | $200.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$98M |
| NET CASH FROM FINANCING | -$109M |
| FREE CASH FLOW | $315M |
| Net Change in Cash | $532M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.7B |
| Short-Term Investments | $6.3B |
| Net Receivables | $6.0B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $14.9B |
| PP&E (Net) | $43M |
| Goodwill | $2M |
| Intangible Assets | $375M |
| Long-Term Investments | $297M |
| Tax Assets | $343M |
| Other Non-Current Assets | $360M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $16.3B |
| Account Payables | $520M |
| Short-Term Debt | $0 |
| Deferred Revenue | $2.7B |
| Other Current Liabilities | $8.7B |
| TOTAL CURRENT LIABILITIES | $12.3B |
| Long-Term Debt | $297M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $4M |
| Other Non-Current Liabilities | -$4M |
| TOTAL NON-CURRENT LIABILITIES | $362M |
| TOTAL LIABILITIES | $12.7B |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $803M |
| Retained Earnings | $2.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$198M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.6B |
| TOTAL LIABILITIES & EQUITY | $16.3B |
| Total Debt | $362M |
| Net Debt | -$1.3B |
