| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $635M | $655M | $567M | -3.1% | 12.0% |
| Op. Income | $529M | $431M | $370M | 22.7% | 43.0% |
| Gross Margin | 70.4% | 70.2% | 69.3% | 0.2pp | 1.1pp |
| Net Margin | 46.1% | 61.7% | 63.0% | -15.5pp | -16.8pp |
| EPS (Diluted) | $0.41 | $0.57 | $0.55 | -28.1% | -25.5% |
| Free Cash Flow | $248M | $365M | $410M | -32.1% | -39.5% |
| Item | Amount |
|---|---|
| REVENUE | $635M |
| Cost of Revenue | $188M |
| GROSS PROFIT | $447M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$82M |
| Operating Expenses | -$82M |
| Cost & Expenses | $106M |
| OPERATING INCOME | $529M |
| Interest Income | $150M |
| Interest Expense | $106M |
| Other Income/Expenses | -$210M |
| INCOME BEFORE TAX | $319M |
| Income Tax Expense | $26M |
| Net Income from Continuing Ops | $293M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $293M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $293M |
| D&A | $0 |
| EBIT | $529M |
| EBITDA | $529M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $635M |
| Cost of Revenue | $188M |
| GROSS PROFIT | $447M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$82M |
| Operating Expenses | -$82M |
| Cost & Expenses | $106M |
| OPERATING INCOME | $529M |
| Interest Income | $150M |
| Interest Expense | $106M |
| Other Income/Expenses | -$210M |
| INCOME BEFORE TAX | $319M |
| Income Tax Expense | $26M |
| Net Income from Continuing Ops | $293M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $293M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $293M |
| D&A | $0 |
| EBIT | $529M |
| EBITDA | $529M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $293M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$7M |
| Change in Working Capital | -$38M |
| OPERATING CASH FLOW | $248M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$4.8B |
| Sales/Maturities of Investments | $4.1B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$675M |
| Net Debt Issuance | $394M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $97M |
| FREE CASH FLOW | $248M |
| Net Change in Cash | -$330M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $924M |
| Short-Term Investments | $0 |
| Net Receivables | $605M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.5B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $29.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $144M |
| TOTAL NON-CURRENT ASSETS | $29.6B |
| TOTAL ASSETS | $31.2B |
| Account Payables | $86M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $808M |
| TOTAL CURRENT LIABILITIES | $894M |
| Long-Term Debt | $16.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $28M |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $16.0B |
| TOTAL LIABILITIES | $16.9B |
| Common Stock | $1M |
| Additional Paid-In Capital | $13.4B |
| Retained Earnings | $958M |
| 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 | $31.2B |
| Total Debt | $16.0B |
| Net Debt | $15.1B |
