| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $631M | $504M | $519M | 25.1% | 21.6% |
| Op. Income | $218M | $212M | $259M | 2.4% | -15.9% |
| Gross Margin | 45.1% | 62.0% | 57.7% | -16.9pp | -12.6pp |
| Net Margin | 24.7% | 24.1% | 37.9% | 0.7pp | -13.1pp |
| EPS (Diluted) | $5.20 | $4.05 | $6.54 | 28.6% | -20.5% |
| Free Cash Flow | -$89M | $19M | $111M | -568.9% | -180.7% |
| Item | Amount |
|---|---|
| REVENUE | $631M |
| Cost of Revenue | $346M |
| GROSS PROFIT | $285M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $62M |
| Operating Expenses | $67M |
| Cost & Expenses | $413M |
| OPERATING INCOME | $218M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | $191M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $161M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $156M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $156M |
| D&A | $62M |
| EBIT | $218M |
| EBITDA | $280M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| REVENUE | $631M |
| Cost of Revenue | $346M |
| GROSS PROFIT | $285M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $62M |
| Operating Expenses | $67M |
| Cost & Expenses | $413M |
| OPERATING INCOME | $218M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | $191M |
| Income Tax Expense | $30M |
| Net Income from Continuing Ops | $161M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $156M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $156M |
| D&A | $62M |
| EBIT | $218M |
| EBITDA | $280M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| Net Income | $156M |
| Depreciation & Amortization | $62M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | -$86M |
| OPERATING CASH FLOW | $135M |
| Capital Expenditure | -$224M |
| Acquisitions (Net) | -$320M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $21M |
| NET CASH FROM INVESTING | -$524M |
| Net Debt Issuance | $367M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$518M |
| Other Financing Activities | $471M |
| NET CASH FROM FINANCING | $62M |
| FREE CASH FLOW | -$89M |
| Net Change in Cash | -$296M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $639M |
| Short-Term Investments | $0 |
| Net Receivables | $147M |
| Inventory | $0 |
| Other Current Assets | $271M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $17M |
| Goodwill | $0 |
| Intangible Assets | $3.4B |
| Long-Term Investments | $16M |
| Tax Assets | $0 |
| Other Non-Current Assets | $586M |
| TOTAL NON-CURRENT ASSETS | $4.0B |
| TOTAL ASSETS | $5.1B |
| Account Payables | $36M |
| Short-Term Debt | $36M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $364M |
| Long-Term Debt | $1.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $193M |
| TOTAL NON-CURRENT LIABILITIES | $2.0B |
| TOTAL LIABILITIES | $2.4B |
| Common Stock | $447M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.9B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$45M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $397M |
| TOTAL EQUITY | $2.7B |
| TOTAL LIABILITIES & EQUITY | $5.1B |
| Total Debt | $2.0B |
| Net Debt | $1.3B |
