| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $22.7B | — | $16.9B | — | 34.9% |
| Op. Income | -$255M | — | -$1.1B | — | 76.3% |
| Gross Margin | 10.8% | — | 7.4% | — | 3.4pp |
| Net Margin | -2.7% | — | -8.5% | — | 5.8pp |
| EPS (Diluted) | $-0.92 | — | $-2.33 | — | 60.5% |
| Free Cash Flow | -$200M | — | -$4.4B | — | 95.5% |
| Item | Amount |
|---|---|
| REVENUE | $22.7B |
| Cost of Revenue | $20.3B |
| GROSS PROFIT | $2.5B |
| R&D Expenses | $910M |
| Selling & Marketing | $0 |
| General & Administrative | $1.8B |
| SG&A Expenses | $1.8B |
| Other Expenses | $0 |
| Operating Expenses | $2.7B |
| Cost & Expenses | $23.0B |
| OPERATING INCOME | -$255M |
| Interest Income | $0 |
| Interest Expense | $710M |
| Other Income/Expenses | -$306M |
| INCOME BEFORE TAX | -$561M |
| Income Tax Expense | $51M |
| Net Income from Continuing Ops | -$612M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$611M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$697M |
| D&A | $460M |
| EBIT | $149M |
| EBITDA | $609M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$612M |
| Depreciation & Amortization | $460M |
| Stock-Based Compensation | $119M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $394M |
| Change in Working Capital | -$134M |
| OPERATING CASH FLOW | $227M |
| Capital Expenditure | -$427M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | -$12.8B |
| Sales/Maturities of Investments | $11.1B |
| Other Investing Activities | -$116M |
| NET CASH FROM INVESTING | -$2.2B |
| Net Debt Issuance | -$313M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $12M |
| NET CASH FROM FINANCING | -$387M |
| FREE CASH FLOW | -$200M |
| Net Change in Cash | -$2.4B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $7.1B |
| Short-Term Investments | $15.9B |
| Net Receivables | $12.5B |
| Inventory | $87.9B |
| Other Current Assets | $4.0B |
| TOTAL CURRENT ASSETS | $127.3B |
| PP&E (Net) | $12.0B |
| Goodwill | $7.3B |
| Intangible Assets | $1.5B |
| Long-Term Investments | $1.0B |
| Tax Assets | $136M |
| Other Non-Current Assets | $5.8B |
| TOTAL NON-CURRENT ASSETS | $27.8B |
| TOTAL ASSETS | $155.1B |
| Account Payables | $11.2B |
| Short-Term Debt | $8.7B |
| Deferred Revenue | $59.4B |
| Other Current Liabilities | $504M |
| TOTAL CURRENT LIABILITIES | $103.4B |
| Long-Term Debt | $44.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $193M |
| Other Non-Current Liabilities | $10.2B |
| TOTAL NON-CURRENT LIABILITIES | $55.0B |
| TOTAL LIABILITIES | $158.4B |
| Common Stock | $5.1B |
| Additional Paid-In Capital | $19.2B |
| Retained Earnings | $14.5B |
| Treasury Stock | -$31.6B |
| Accum. Other Comp. Income | -$10.5B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$3.3B |
| Minority Interest | -$1M |
| TOTAL EQUITY | -$3.3B |
| TOTAL LIABILITIES & EQUITY | $155.1B |
| Total Debt | $53.3B |
| Net Debt | $46.2B |
