| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $49.7B | $48.2B | $47.0B | 3.0% | 5.8% |
| Op. Income | $12.4B | $9.5B | $7.1B | 31.5% | 74.9% |
| Gross Margin | 60.1% | 55.6% | 50.9% | 4.6pp | 9.2pp |
| Net Margin | 15.1% | 17.6% | 14.2% | -2.4pp | 1.0pp |
| EPS (Diluted) | $0.97 | $1.06 | $0.82 | -8.5% | 18.3% |
| Free Cash Flow | -$22.9B | $46.9B | $25.9B | -149.0% | -188.5% |
| Item | Amount |
|---|---|
| REVENUE | $49.7B |
| Cost of Revenue | $19.8B |
| GROSS PROFIT | $29.9B |
| R&D Expenses | $0 |
| Selling & Marketing | $1.6B |
| General & Administrative | $11.4B |
| SG&A Expenses | $13.0B |
| Other Expenses | $4.5B |
| Operating Expenses | $17.4B |
| Cost & Expenses | $37.3B |
| OPERATING INCOME | $12.4B |
| Interest Income | $34.3B |
| Interest Expense | $18.5B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $12.4B |
| Income Tax Expense | $4.9B |
| Net Income from Continuing Ops | $7.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $7.5B |
| Net Income Deductions | $167M |
| BOTTOM LINE NET INCOME | $7.0B |
| D&A | $594M |
| EBIT | $12.4B |
| EBITDA | $13.0B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $49.7B |
| Cost of Revenue | $19.8B |
| GROSS PROFIT | $29.9B |
| R&D Expenses | $0 |
| Selling & Marketing | $1.6B |
| General & Administrative | $11.4B |
| SG&A Expenses | $13.0B |
| Other Expenses | $4.5B |
| Operating Expenses | $17.4B |
| Cost & Expenses | $37.3B |
| OPERATING INCOME | $12.4B |
| Interest Income | $34.3B |
| Interest Expense | $18.5B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $12.4B |
| Income Tax Expense | $4.9B |
| Net Income from Continuing Ops | $7.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $7.5B |
| Net Income Deductions | $167M |
| BOTTOM LINE NET INCOME | $7.0B |
| D&A | $594M |
| EBIT | $12.4B |
| EBITDA | $13.0B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $7.5B |
| Depreciation & Amortization | $594M |
| Stock-Based Compensation | $969M |
| Deferred Income Tax | $550M |
| Other Non-Cash Items | $11.2B |
| Change in Working Capital | -$43.8B |
| OPERATING CASH FLOW | -$22.9B |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$195.7B |
| Sales/Maturities of Investments | $170.2B |
| Other Investing Activities | $24.4B |
| NET CASH FROM INVESTING | -$1.2B |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$11.6B |
| Common Dividends Paid | -$2.4B |
| Other Financing Activities | $18.7B |
| NET CASH FROM FINANCING | $10.0B |
| FREE CASH FLOW | -$22.9B |
| Net Change in Cash | -$14.7B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $231.8B |
| Short-Term Investments | $731.9B |
| Net Receivables | $103.4B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.1T |
| PP&E (Net) | $12.5B |
| Goodwill | $69.0B |
| Intangible Assets | $0 |
| Long-Term Investments | $2.1T |
| Tax Assets | $0 |
| Other Non-Current Assets | $163.6B |
| TOTAL NON-CURRENT ASSETS | $2.3T |
| TOTAL ASSETS | $3.4T |
| Account Payables | $0 |
| Short-Term Debt | $48.1B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $2.5T |
| TOTAL CURRENT LIABILITIES | $2.6T |
| Long-Term Debt | $317.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $229.7B |
| TOTAL NON-CURRENT LIABILITIES | $547.5B |
| TOTAL LIABILITIES | $3.1T |
| Common Stock | $26.1B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $261.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$10.5B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $303.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $303.2B |
| TOTAL LIABILITIES & EQUITY | $3.4T |
| Total Debt | $365.9B |
| Net Debt | $134.1B |
