| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $23.3B | $22.7B | $17.8B | 2.3% | 30.4% |
| Op. Income | -$4.8B | -$255M | -$5.7B | -1778.0% | 16.7% |
| Gross Margin | -10.2% | 10.8% | -19.7% | -21.0pp | 9.4pp |
| Net Margin | -22.9% | -2.7% | -34.6% | -20.2pp | 11.7pp |
| EPS (Diluted) | $-7.14 | $-0.92 | $-9.97 | -676.1% | 28.4% |
| Free Cash Flow | $1.8B | -$200M | -$2.0B | 998.5% | 191.9% |
| Item | Amount |
|---|---|
| REVENUE | $23.3B |
| Cost of Revenue | $25.6B |
| GROSS PROFIT | -$2.4B |
| R&D Expenses | $897M |
| Selling & Marketing | $0 |
| General & Administrative | $1.5B |
| SG&A Expenses | $1.5B |
| Other Expenses | -$12M |
| Operating Expenses | $2.4B |
| Cost & Expenses | $28.1B |
| OPERATING INCOME | -$4.8B |
| Interest Income | $0 |
| Interest Expense | $694M |
| Other Income/Expenses | -$410M |
| INCOME BEFORE TAX | -$5.2B |
| Income Tax Expense | $140M |
| Net Income from Continuing Ops | -$5.3B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$5.3B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$5.4B |
| D&A | $491M |
| EBIT | -$4.5B |
| EBITDA | -$4.0B |
| EPS | -$7 |
| EPS Diluted | -$7 |
| Item | Amount |
|---|---|
| Net Income | -$5.3B |
| Depreciation & Amortization | $491M |
| Stock-Based Compensation | $89M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5.6B |
| Change in Working Capital | $304M |
| OPERATING CASH FLOW | $1.1B |
| Capital Expenditure | $674M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | -$14.8B |
| Sales/Maturities of Investments | $13.8B |
| Other Investing Activities | -$142M |
| NET CASH FROM INVESTING | -$2.0B |
| Net Debt Issuance | -$4M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $3M |
| NET CASH FROM FINANCING | -$87M |
| FREE CASH FLOW | $1.8B |
| Net Change in Cash | -$914M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6.2B |
| Short-Term Investments | $16.8B |
| Net Receivables | $12.3B |
| Inventory | $82.4B |
| Other Current Assets | $4.4B |
| TOTAL CURRENT ASSETS | $122.1B |
| PP&E (Net) | $12.3B |
| Goodwill | $7.3B |
| Intangible Assets | $1.5B |
| Long-Term Investments | $1.1B |
| Tax Assets | $44M |
| Other Non-Current Assets | $5.7B |
| TOTAL NON-CURRENT ASSETS | $27.9B |
| TOTAL ASSETS | $150.0B |
| Account Payables | $11.7B |
| Short-Term Debt | $8.7B |
| Deferred Revenue | $58.0B |
| Other Current Liabilities | $524M |
| TOTAL CURRENT LIABILITIES | $103.3B |
| Long-Term Debt | $44.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $191M |
| Other Non-Current Liabilities | $10.2B |
| TOTAL NON-CURRENT LIABILITIES | $55.0B |
| TOTAL LIABILITIES | $158.3B |
| Common Stock | $5.1B |
| Additional Paid-In Capital | $19.2B |
| Retained Earnings | $9.1B |
| Treasury Stock | -$31.1B |
| Accum. Other Comp. Income | -$10.5B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$8.3B |
| Minority Interest | -$3M |
| TOTAL EQUITY | -$8.3B |
| TOTAL LIABILITIES & EQUITY | $150.0B |
| Total Debt | $53.4B |
| Net Debt | $47.2B |
