| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.8B | — | $927M | — | 98.8% |
| Op. Income | $500M | — | $265M | — | 88.4% |
| Gross Margin | 54.5% | — | 83.2% | — | -28.7pp |
| Net Margin | 19.4% | — | 22.8% | — | -3.3pp |
| EPS (Diluted) | $0.96 | — | $0.57 | — | 68.4% |
| Free Cash Flow | $410M | — | -$380M | — | 208.1% |
| Item | Amount |
|---|---|
| REVENUE | $1.8B |
| Cost of Revenue | $838M |
| GROSS PROFIT | $1.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $505M |
| Operating Expenses | $505M |
| Cost & Expenses | $1.3B |
| OPERATING INCOME | $500M |
| Interest Income | $1.2B |
| Interest Expense | $38M |
| Other Income/Expenses | -$38M |
| INCOME BEFORE TAX | $462M |
| Income Tax Expense | $116M |
| Net Income from Continuing Ops | $346M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $358M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $358M |
| D&A | $15M |
| EBIT | $500M |
| EBITDA | $515M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.8B |
| Cost of Revenue | $838M |
| GROSS PROFIT | $1.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $505M |
| Operating Expenses | $505M |
| Cost & Expenses | $1.3B |
| OPERATING INCOME | $500M |
| Interest Income | $1.2B |
| Interest Expense | $38M |
| Other Income/Expenses | -$38M |
| INCOME BEFORE TAX | $462M |
| Income Tax Expense | $116M |
| Net Income from Continuing Ops | $346M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $358M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $358M |
| D&A | $15M |
| EBIT | $500M |
| EBITDA | $515M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $358M |
| Depreciation & Amortization | $49M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$183M |
| Change in Working Capital | $228M |
| OPERATING CASH FLOW | $452M |
| Capital Expenditure | -$42M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2.9B |
| Sales/Maturities of Investments | $1.5B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1.4B |
| Net Debt Issuance | $1.3B |
| Common Stock Repurchased | -$204M |
| Common Dividends Paid | -$126M |
| Other Financing Activities | -$88M |
| NET CASH FROM FINANCING | $862M |
| FREE CASH FLOW | $410M |
| Net Change in Cash | -$55M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3.2B |
| Short-Term Investments | $0 |
| Net Receivables | $1.0B |
| Inventory | $0 |
| Other Current Assets | -$4.2B |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $557M |
| Goodwill | $507M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $32M |
| Other Non-Current Assets | -$1.1B |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $29.1B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $6.8B |
| TOTAL CURRENT LIABILITIES | $6.8B |
| Long-Term Debt | $13.9B |
| Deferred Revenue NC | $129M |
| Deferred Tax Liabilities | $106M |
| Other Non-Current Liabilities | -$14.6B |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $22.1B |
| Common Stock | $4M |
| Additional Paid-In Capital | $4.3B |
| Retained Earnings | $1.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$170M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.8B |
| Minority Interest | $1.3B |
| TOTAL EQUITY | $7.1B |
| TOTAL LIABILITIES & EQUITY | $29.1B |
| Total Debt | $14.4B |
| Net Debt | $11.2B |
