| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $655M | $579M | $613M | 13.1% | 6.9% |
| Op. Income | $431M | $378M | $406M | 14.0% | 6.2% |
| Gross Margin | 70.2% | 70.3% | 70.5% | -0.1pp | -0.2pp |
| Net Margin | 61.7% | 62.3% | 64.3% | -0.7pp | -2.6pp |
| EPS (Diluted) | $0.57 | $0.52 | $0.62 | 9.6% | -8.1% |
| Free Cash Flow | $365M | $347M | $337M | 5.2% | 8.3% |
| Item | Amount |
|---|---|
| REVENUE | $655M |
| Cost of Revenue | $195M |
| GROSS PROFIT | $460M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $14M |
| Operating Expenses | $29M |
| Cost & Expenses | $224M |
| OPERATING INCOME | $431M |
| Interest Income | $561M |
| Interest Expense | $195M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $431M |
| Income Tax Expense | $27M |
| Net Income from Continuing Ops | $404M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $404M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $404M |
| D&A | $0 |
| EBIT | $431M |
| EBITDA | $431M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $655M |
| Cost of Revenue | $195M |
| GROSS PROFIT | $460M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $14M |
| Operating Expenses | $29M |
| Cost & Expenses | $224M |
| OPERATING INCOME | $431M |
| Interest Income | $561M |
| Interest Expense | $195M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $431M |
| Income Tax Expense | $27M |
| Net Income from Continuing Ops | $404M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $404M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $404M |
| D&A | $0 |
| EBIT | $431M |
| EBITDA | $431M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $404M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$23M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | $365M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$3.5B |
| Sales/Maturities of Investments | $2.4B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1.1B |
| Net Debt Issuance | $1.5B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$320M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1.4B |
| FREE CASH FLOW | $365M |
| Net Change in Cash | $590M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.0B |
| Short-Term Investments | $0 |
| Net Receivables | $631M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.7B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $29.1B |
| TOTAL NON-CURRENT ASSETS | $29.1B |
| TOTAL ASSETS | $30.8B |
| Account Payables | $130M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $130M |
| Long-Term Debt | $15.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $749M |
| TOTAL NON-CURRENT LIABILITIES | $16.4B |
| TOTAL LIABILITIES | $16.5B |
| Common Stock | $1M |
| Additional Paid-In Capital | $13.5B |
| Retained Earnings | $851M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $14.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $14.3B |
| TOTAL LIABILITIES & EQUITY | $30.8B |
| Total Debt | $15.6B |
| Net Debt | $14.6B |
