| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2.2B | $3.1B | $3.0B | -30.1% | -28.7% |
| Op. Income | $677M | $629M | $508M | 7.6% | 33.3% |
| Gross Margin | 100.0% | 63.6% | 59.9% | 36.4pp | 40.1pp |
| Net Margin | 24.5% | 16.0% | 13.3% | 8.5pp | 11.2pp |
| EPS (Diluted) | $1.12 | $1.05 | $0.83 | 6.7% | 34.9% |
| Free Cash Flow | -$250M | $1.7B | $435M | -115.1% | -157.5% |
| Item | Amount |
|---|---|
| REVENUE | $2.2B |
| Cost of Revenue | $0 |
| GROSS PROFIT | $2.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $40M |
| General & Administrative | $737M |
| SG&A Expenses | $777M |
| Other Expenses | $703M |
| Operating Expenses | $1.5B |
| Cost & Expenses | $1.5B |
| OPERATING INCOME | $677M |
| Interest Income | $2.4B |
| Interest Expense | $909M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $677M |
| Income Tax Expense | $149M |
| Net Income from Continuing Ops | $528M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $528M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $489M |
| D&A | $0 |
| EBIT | $677M |
| EBITDA | $677M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $2.2B |
| Cost of Revenue | $0 |
| GROSS PROFIT | $2.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $40M |
| General & Administrative | $737M |
| SG&A Expenses | $777M |
| Other Expenses | $703M |
| Operating Expenses | $1.5B |
| Cost & Expenses | $1.5B |
| OPERATING INCOME | $677M |
| Interest Income | $2.4B |
| Interest Expense | $909M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $677M |
| Income Tax Expense | $149M |
| Net Income from Continuing Ops | $528M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $528M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $489M |
| D&A | $0 |
| EBIT | $677M |
| EBITDA | $677M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $528M |
| Depreciation & Amortization | $112M |
| Stock-Based Compensation | $23M |
| Deferred Income Tax | $11M |
| Other Non-Cash Items | -$204M |
| Change in Working Capital | -$628M |
| OPERATING CASH FLOW | -$158M |
| Capital Expenditure | -$92M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$3.9B |
| Sales/Maturities of Investments | $4.0B |
| Other Investing Activities | -$2.0B |
| NET CASH FROM INVESTING | -$1.9B |
| Net Debt Issuance | $620M |
| Common Stock Repurchased | -$525M |
| Common Dividends Paid | -$200M |
| Other Financing Activities | $3.3B |
| NET CASH FROM FINANCING | $3.2B |
| FREE CASH FLOW | -$250M |
| Net Change in Cash | $1.1B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $12.7B |
| Short-Term Investments | $36.7B |
| Net Receivables | $141.9B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $191.3B |
| PP&E (Net) | $915M |
| Goodwill | $8.2B |
| Intangible Assets | $115M |
| Long-Term Investments | $7.9B |
| Tax Assets | $0 |
| Other Non-Current Assets | $17.9B |
| TOTAL NON-CURRENT ASSETS | $35.0B |
| TOTAL ASSETS | $226.4B |
| Account Payables | $0 |
| Short-Term Debt | $58M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $183.3B |
| TOTAL CURRENT LIABILITIES | $183.4B |
| Long-Term Debt | $11.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5.4B |
| TOTAL NON-CURRENT LIABILITIES | $16.7B |
| TOTAL LIABILITIES | $200.0B |
| Common Stock | $7M |
| Additional Paid-In Capital | $22.5B |
| Retained Earnings | $11.3B |
| Treasury Stock | -$7.7B |
| Accum. Other Comp. Income | -$2.0B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $26.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $26.3B |
| TOTAL LIABILITIES & EQUITY | $226.4B |
| Total Debt | $11.3B |
| Net Debt | -$1.4B |
