| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.6B | $3.4B | $2.7B | 7.8% | 33.6% |
| Op. Income | $341M | $537M | $474M | -36.5% | -28.0% |
| Gross Margin | 39.1% | 90.6% | 41.4% | -51.5pp | -2.3pp |
| Net Margin | 4.2% | 8.1% | 9.5% | -3.9pp | -5.3pp |
| EPS (Diluted) | $0.58 | $1.05 | $1.12 | -44.8% | -48.2% |
| Free Cash Flow | $713M | $694M | $696M | 2.9% | 2.5% |
| Item | Amount |
|---|---|
| REVENUE | $3.6B |
| Cost of Revenue | $2.2B |
| GROSS PROFIT | $1.4B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $667M |
| SG&A Expenses | $667M |
| Other Expenses | $411M |
| Operating Expenses | $1.1B |
| Cost & Expenses | $3.3B |
| OPERATING INCOME | $341M |
| Interest Income | $0 |
| Interest Expense | $161M |
| Other Income/Expenses | -$161M |
| INCOME BEFORE TAX | $180M |
| Income Tax Expense | $26M |
| Net Income from Continuing Ops | $154M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $151M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $151M |
| D&A | $362M |
| EBIT | $341M |
| EBITDA | $703M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $3.6B |
| Cost of Revenue | $2.2B |
| GROSS PROFIT | $1.4B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $667M |
| SG&A Expenses | $667M |
| Other Expenses | $411M |
| Operating Expenses | $1.1B |
| Cost & Expenses | $3.3B |
| OPERATING INCOME | $341M |
| Interest Income | $0 |
| Interest Expense | $161M |
| Other Income/Expenses | -$161M |
| INCOME BEFORE TAX | $180M |
| Income Tax Expense | $26M |
| Net Income from Continuing Ops | $154M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $151M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $151M |
| D&A | $362M |
| EBIT | $341M |
| EBITDA | $703M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $151M |
| Depreciation & Amortization | $362M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $60M |
| Change in Working Capital | $180M |
| OPERATING CASH FLOW | $753M |
| Capital Expenditure | -$40M |
| Acquisitions (Net) | -$442M |
| Purchases of Investments | -$5M |
| Sales/Maturities of Investments | $1M |
| Other Investing Activities | $9M |
| NET CASH FROM INVESTING | -$477M |
| Net Debt Issuance | -$141M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$168M |
| Other Financing Activities | $123M |
| NET CASH FROM FINANCING | -$168M |
| FREE CASH FLOW | $713M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.4B |
| Short-Term Investments | $0 |
| Net Receivables | $5.2B |
| Inventory | $0 |
| Other Current Assets | $27.8B |
| TOTAL CURRENT ASSETS | $34.4B |
| PP&E (Net) | $1.4B |
| Goodwill | $22.6B |
| Intangible Assets | $10.7B |
| Long-Term Investments | $0 |
| Tax Assets | $43M |
| Other Non-Current Assets | $1.6B |
| TOTAL NON-CURRENT ASSETS | $36.3B |
| TOTAL ASSETS | $70.7B |
| Account Payables | $0 |
| Short-Term Debt | $866M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $31.7B |
| TOTAL CURRENT LIABILITIES | $32.5B |
| Long-Term Debt | $12.6B |
| Deferred Revenue NC | $892M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$14.0B |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $47.3B |
| Common Stock | $257M |
| Additional Paid-In Capital | $17.8B |
| Retained Earnings | $5.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$525M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $23.3B |
| Minority Interest | $26M |
| TOTAL EQUITY | $23.3B |
| TOTAL LIABILITIES & EQUITY | $70.7B |
| Total Debt | $14.0B |
| Net Debt | $12.6B |
