| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $40.9B | $43.8B | $40.9B | -6.8% | -0.1% |
| Op. Income | $3.8B | $5.3B | $3.8B | -28.8% | 0.2% |
| Gross Margin | 43.2% | 44.8% | 41.6% | -1.6pp | 1.6pp |
| Net Margin | 6.0% | 8.6% | 7.0% | -2.6pp | -1.0pp |
| EPS (Diluted) | $1.19 | $1.86 | $1.34 | -36.0% | -11.2% |
| Free Cash Flow | $2.0B | -$517M | $23.1B | 493.4% | -91.2% |
| Item | Amount |
|---|---|
| REVENUE | $40.9B |
| Cost of Revenue | $23.2B |
| GROSS PROFIT | $17.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $318M |
| General & Administrative | $13.5B |
| SG&A Expenses | $13.8B |
| Other Expenses | $0 |
| Operating Expenses | $13.8B |
| Cost & Expenses | $37.0B |
| OPERATING INCOME | $3.8B |
| Interest Income | $36.6B |
| Interest Expense | $21.0B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3.8B |
| Income Tax Expense | $1.3B |
| Net Income from Continuing Ops | $2.5B |
| Net Income from Discontinued Ops | -$1M |
| Other Adjustments | -$38M |
| NET INCOME | $2.4B |
| Net Income Deductions | -$20M |
| BOTTOM LINE NET INCOME | $2.2B |
| D&A | $0 |
| EBIT | $3.8B |
| EBITDA | $3.8B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $40.9B |
| Cost of Revenue | $23.2B |
| GROSS PROFIT | $17.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $318M |
| General & Administrative | $13.5B |
| SG&A Expenses | $13.8B |
| Other Expenses | $0 |
| Operating Expenses | $13.8B |
| Cost & Expenses | $37.0B |
| OPERATING INCOME | $3.8B |
| Interest Income | $36.6B |
| Interest Expense | $21.0B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3.8B |
| Income Tax Expense | $1.3B |
| Net Income from Continuing Ops | $2.5B |
| Net Income from Discontinued Ops | -$1M |
| Other Adjustments | -$38M |
| NET INCOME | $2.4B |
| Net Income Deductions | -$20M |
| BOTTOM LINE NET INCOME | $2.2B |
| D&A | $0 |
| EBIT | $3.8B |
| EBITDA | $3.8B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $2.4B |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4.9B |
| Change in Working Capital | -$3.6B |
| OPERATING CASH FLOW | $3.7B |
| Capital Expenditure | -$1.6B |
| Acquisitions (Net) | $38M |
| Purchases of Investments | -$77.1B |
| Sales/Maturities of Investments | $75.4B |
| Other Investing Activities | -$23.2B |
| NET CASH FROM INVESTING | -$26.4B |
| Net Debt Issuance | -$4.1B |
| Common Stock Repurchased | -$6.0B |
| Common Dividends Paid | -$1.4B |
| Other Financing Activities | $34.3B |
| NET CASH FROM FINANCING | $25.3B |
| FREE CASH FLOW | $2.0B |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $349.6B |
| Short-Term Investments | $325.9B |
| Net Receivables | $62.7B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $738.1B |
| PP&E (Net) | $33.3B |
| Goodwill | $19.1B |
| Intangible Assets | $4.3B |
| Long-Term Investments | $444.2B |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.4T |
| TOTAL NON-CURRENT ASSETS | $1.9T |
| TOTAL ASSETS | $2.7T |
| Account Payables | $74.8B |
| Short-Term Debt | $400.0B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.1T |
| TOTAL CURRENT LIABILITIES | $1.5T |
| Long-Term Debt | $315.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $315.8B |
| TOTAL LIABILITIES | $2.4T |
| Common Stock | $31M |
| Additional Paid-In Capital | $108.5B |
| Retained Earnings | $215.1B |
| Treasury Stock | -$89.5B |
| Accum. Other Comp. Income | -$41.9B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $212.3B |
| Minority Interest | $1.5B |
| TOTAL EQUITY | $213.8B |
| TOTAL LIABILITIES & EQUITY | $2.7T |
| Total Debt | $715.8B |
| Net Debt | $366.2B |
