| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $18.0B | $16.0B | $14.1B | 12.9% | 28.2% |
| Op. Income | $7.5B | $5.9B | $4.6B | 27.5% | 62.3% |
| Gross Margin | 68.0% | 67.1% | 64.1% | 0.9pp | 3.9pp |
| Net Margin | 47.3% | 26.0% | 30.8% | 21.3pp | 16.5pp |
| EPS (Diluted) | $1.74 | $0.85 | $0.90 | 104.7% | 93.3% |
| Free Cash Flow | $7.5B | $7.0B | $5.5B | 6.3% | 36.2% |
| Item | Amount |
|---|---|
| REVENUE | $18.0B |
| Cost of Revenue | $5.8B |
| GROSS PROFIT | $12.2B |
| R&D Expenses | $3.0B |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $1.1B |
| Other Expenses | $653M |
| Operating Expenses | $4.7B |
| Cost & Expenses | $10.5B |
| OPERATING INCOME | $7.5B |
| Interest Income | $0 |
| Interest Expense | $761M |
| Other Income/Expenses | -$639M |
| INCOME BEFORE TAX | $6.9B |
| Income Tax Expense | -$1.6B |
| Net Income from Continuing Ops | $8.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8.5B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8.5B |
| D&A | $2.2B |
| EBIT | $7.6B |
| EBITDA | $9.9B |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $18.0B |
| Cost of Revenue | $5.8B |
| GROSS PROFIT | $12.2B |
| R&D Expenses | $3.0B |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $1.1B |
| Other Expenses | $653M |
| Operating Expenses | $4.7B |
| Cost & Expenses | $10.5B |
| OPERATING INCOME | $7.5B |
| Interest Income | $0 |
| Interest Expense | $761M |
| Other Income/Expenses | -$639M |
| INCOME BEFORE TAX | $6.9B |
| Income Tax Expense | -$1.6B |
| Net Income from Continuing Ops | $8.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8.5B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8.5B |
| D&A | $2.2B |
| EBIT | $7.6B |
| EBITDA | $9.9B |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $8.5B |
| Depreciation & Amortization | $2.2B |
| Stock-Based Compensation | $2.2B |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2.9B |
| Change in Working Capital | -$2.3B |
| OPERATING CASH FLOW | $7.7B |
| Capital Expenditure | -$237M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$336M |
| Sales/Maturities of Investments | $101M |
| Other Investing Activities | $105M |
| NET CASH FROM INVESTING | -$367M |
| Net Debt Issuance | $845M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$2.8B |
| Other Financing Activities | -$27M |
| NET CASH FROM FINANCING | -$1.9B |
| FREE CASH FLOW | $7.5B |
| Net Change in Cash | $5.5B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $16.2B |
| Short-Term Investments | $0 |
| Net Receivables | $7.1B |
| Inventory | $2.3B |
| Other Current Assets | $6.0B |
| TOTAL CURRENT ASSETS | $31.6B |
| PP&E (Net) | $2.5B |
| Goodwill | $97.8B |
| Intangible Assets | $32.3B |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $6.9B |
| TOTAL NON-CURRENT ASSETS | $139.5B |
| TOTAL ASSETS | $171.1B |
| Account Payables | $1.6B |
| Short-Term Debt | $3.2B |
| Deferred Revenue | $9.5B |
| Other Current Liabilities | $2.8B |
| TOTAL CURRENT LIABILITIES | $18.5B |
| Long-Term Debt | $62.0B |
| Deferred Revenue NC | $3.5B |
| Deferred Tax Liabilities | $2.7B |
| Other Non-Current Liabilities | $3.1B |
| TOTAL NON-CURRENT LIABILITIES | $71.3B |
| TOTAL LIABILITIES | $89.8B |
| Common Stock | $5M |
| Additional Paid-In Capital | $71.3B |
| Retained Earnings | $9.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $218M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $81.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $81.3B |
| TOTAL LIABILITIES & EQUITY | $171.1B |
| Total Debt | $65.1B |
| Net Debt | $49.0B |
