| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $644M | $1.2B | — | -47.5% | — |
| Op. Income | $390M | $343M | — | 13.8% | — |
| Gross Margin | 193.1% | 47.9% | — | 145.2pp | — |
| Net Margin | 44.7% | 22.7% | — | 21.9pp | — |
| EPS (Diluted) | $0.61 | $0.59 | — | 3.1% | — |
| Free Cash Flow | -$493M | $603M | — | -181.8% | — |
| Item | Amount |
|---|---|
| REVENUE | $644M |
| Cost of Revenue | $786M |
| GROSS PROFIT | $1.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $156M |
| General & Administrative | $97M |
| SG&A Expenses | $253M |
| Other Expenses | $53M |
| Operating Expenses | $306M |
| Cost & Expenses | $253M |
| OPERATING INCOME | $390M |
| Interest Income | $1.2B |
| Interest Expense | $523M |
| Other Income/Expenses | -$39M |
| INCOME BEFORE TAX | $351M |
| Income Tax Expense | $58M |
| Net Income from Continuing Ops | $293M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $287M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $287M |
| D&A | $38M |
| EBIT | $315M |
| EBITDA | $353M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $644M |
| Cost of Revenue | $786M |
| GROSS PROFIT | $1.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $156M |
| General & Administrative | $97M |
| SG&A Expenses | $253M |
| Other Expenses | $53M |
| Operating Expenses | $306M |
| Cost & Expenses | $253M |
| OPERATING INCOME | $390M |
| Interest Income | $1.2B |
| Interest Expense | $523M |
| Other Income/Expenses | -$39M |
| INCOME BEFORE TAX | $351M |
| Income Tax Expense | $58M |
| Net Income from Continuing Ops | $293M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $287M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $287M |
| D&A | $38M |
| EBIT | $315M |
| EBITDA | $353M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $287M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$883M |
| Change in Working Capital | $184M |
| OPERATING CASH FLOW | -$411M |
| Capital Expenditure | -$81M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$54M |
| NET CASH FROM INVESTING | -$54M |
| Net Debt Issuance | -$1.6B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2.1B |
| NET CASH FROM FINANCING | $505M |
| FREE CASH FLOW | -$493M |
| Net Change in Cash | $28M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5.9B |
| Short-Term Investments | $1.6B |
| Net Receivables | $112M |
| Inventory | $0 |
| Other Current Assets | -$5.4B |
| TOTAL CURRENT ASSETS | $2.2B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $103M |
| Long-Term Investments | $63.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $11.3B |
| TOTAL NON-CURRENT ASSETS | $74.4B |
| TOTAL ASSETS | $76.6B |
| Account Payables | $729M |
| Short-Term Debt | $9.1B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $26.7B |
| TOTAL CURRENT LIABILITIES | $36.8B |
| Long-Term Debt | $9.0B |
| Deferred Revenue NC | $7M |
| Deferred Tax Liabilities | $2M |
| Other Non-Current Liabilities | $52.3B |
| TOTAL NON-CURRENT LIABILITIES | $33.4B |
| TOTAL LIABILITIES | $70.2B |
| Common Stock | $1.0B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $745M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3.9B |
| Other Equity | $708M |
| TOTAL STOCKHOLDERS' EQUITY | $6.3B |
| Minority Interest | $135M |
| TOTAL EQUITY | $6.5B |
| TOTAL LIABILITIES & EQUITY | $76.6B |
| Total Debt | $18.2B |
| Net Debt | $12.3B |
