| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.3B | $4.0B | $4.1B | 7.6% | 3.7% |
| Op. Income | $1.3B | $816M | $1.1B | 63.8% | 22.5% |
| Gross Margin | 83.5% | 43.5% | 48.9% | 40.1pp | 34.7pp |
| Net Margin | 39.4% | 11.5% | 17.3% | 27.9pp | 22.1pp |
| EPS (Diluted) | $7.82 | $2.11 | $3.28 | 270.6% | 138.4% |
| Free Cash Flow | $1.3B | $1.1B | $1.1B | 22.6% | 15.5% |
| Item | Amount |
|---|---|
| REVENUE | $4.3B |
| Cost of Revenue | $707M |
| GROSS PROFIT | $3.6B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.3B |
| Operating Expenses | $2.3B |
| Cost & Expenses | $3.0B |
| OPERATING INCOME | $1.3B |
| Interest Income | $14M |
| Interest Expense | $191M |
| Other Income/Expenses | $872M |
| INCOME BEFORE TAX | $2.2B |
| Income Tax Expense | $505M |
| Net Income from Continuing Ops | $1.7B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1.7B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1.7B |
| D&A | $233M |
| EBIT | $2.4B |
| EBITDA | $2.6B |
| EPS | $8 |
| EPS Diluted | $8 |
| Item | Amount |
|---|---|
| REVENUE | $4.3B |
| Cost of Revenue | $707M |
| GROSS PROFIT | $3.6B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.3B |
| Operating Expenses | $2.3B |
| Cost & Expenses | $3.0B |
| OPERATING INCOME | $1.3B |
| Interest Income | $14M |
| Interest Expense | $191M |
| Other Income/Expenses | $872M |
| INCOME BEFORE TAX | $2.2B |
| Income Tax Expense | $505M |
| Net Income from Continuing Ops | $1.7B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1.7B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1.7B |
| D&A | $233M |
| EBIT | $2.4B |
| EBITDA | $2.6B |
| EPS | $8 |
| EPS Diluted | $8 |
| Item | Amount |
|---|---|
| Net Income | $1.7B |
| Depreciation & Amortization | $233M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$1.1B |
| Change in Working Capital | $522M |
| OPERATING CASH FLOW | $1.4B |
| Capital Expenditure | -$74M |
| Acquisitions (Net) | $2.1B |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $15M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $648M |
| Net Debt Issuance | -$1.6B |
| Common Stock Repurchased | -$250M |
| Common Dividends Paid | -$161M |
| Other Financing Activities | -$1.1B |
| NET CASH FROM FINANCING | -$3.1B |
| FREE CASH FLOW | $1.3B |
| Net Change in Cash | $100M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $1.6B |
| Net Receivables | $4.2B |
| Inventory | $0 |
| Other Current Assets | $18.8B |
| TOTAL CURRENT ASSETS | $25.8B |
| PP&E (Net) | $1.4B |
| Goodwill | $15.8B |
| Intangible Assets | $5.7B |
| Long-Term Investments | $192M |
| Tax Assets | $748M |
| Other Non-Current Assets | $1.2B |
| TOTAL NON-CURRENT ASSETS | $25.0B |
| TOTAL ASSETS | $50.8B |
| Account Payables | $2.9B |
| Short-Term Debt | $589M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $19.8B |
| TOTAL CURRENT LIABILITIES | $23.2B |
| Long-Term Debt | $15.3B |
| Deferred Revenue NC | $289M |
| Deferred Tax Liabilities | $340M |
| Other Non-Current Liabilities | $1.4B |
| TOTAL NON-CURRENT LIABILITIES | $18.0B |
| TOTAL LIABILITIES | $41.2B |
| Common Stock | $2M |
| Additional Paid-In Capital | $13.4B |
| Retained Earnings | -$245M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$3.8B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $9.4B |
| Minority Interest | $196M |
| TOTAL EQUITY | $9.5B |
| TOTAL LIABILITIES & EQUITY | $50.6B |
| Total Debt | $16.5B |
| Net Debt | $15.3B |
