| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.7B | $2.5B | -17.2% | 21.6% |
| Op. Income | $840M | $1.4B | $479M | -40.6% | 75.4% |
| Gross Margin | 52.3% | 58.7% | 47.6% | -6.4pp | 4.7pp |
| Net Margin | 21.9% | 30.1% | 16.0% | -8.2pp | 6.0pp |
| EPS (Diluted) | $4.30 | $7.11 | $2.57 | -39.5% | 67.3% |
| Free Cash Flow | $937M | $1.1B | $638M | -16.4% | 46.9% |
| Item | Amount |
|---|---|
| REVENUE | $3.1B |
| Cost of Revenue | $1.5B |
| GROSS PROFIT | $1.6B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3.4B |
| SG&A Expenses | $3.4B |
| Other Expenses | -$2.6B |
| Operating Expenses | $773M |
| Cost & Expenses | $2.2B |
| OPERATING INCOME | $840M |
| Interest Income | $308M |
| Interest Expense | $35M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $840M |
| Income Tax Expense | $164M |
| NET INCOME | $676M |
| D&A | $42M |
| EBIT | $853M |
| EBITDA | $895M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| REVENUE | $3.1B |
| Cost of Revenue | $1.5B |
| GROSS PROFIT | $1.6B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3.4B |
| SG&A Expenses | $3.4B |
| Other Expenses | -$2.6B |
| Operating Expenses | $773M |
| Cost & Expenses | $2.2B |
| OPERATING INCOME | $840M |
| Interest Income | $308M |
| Interest Expense | $35M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $840M |
| Income Tax Expense | $164M |
| NET INCOME | $676M |
| D&A | $42M |
| EBIT | $853M |
| EBITDA | $895M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| Net Income | $676M |
| Depreciation & Amortization | $42M |
| Stock-Based Compensation | -$5M |
| Deferred Income Tax | $27M |
| Other Non-Cash Items | -$57M |
| Change in Working Capital | $264M |
| OPERATING CASH FLOW | $947M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2.9B |
| Sales/Maturities of Investments | $1.6B |
| Other Investing Activities | $676M |
| NET CASH FROM INVESTING | -$674M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$103M |
| Common Dividends Paid | -$133M |
| Other Financing Activities | -$68M |
| NET CASH FROM FINANCING | -$302M |
| FREE CASH FLOW | $937M |
| Net Change in Cash | -$29M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.4B |
| Short-Term Investments | $18.3B |
| Net Receivables | $4.2B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $24.0B |
| PP&E (Net) | $219M |
| Goodwill | $0 |
| Intangible Assets | $1.3B |
| Long-Term Investments | $13.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.0B |
| TOTAL NON-CURRENT ASSETS | $17.1B |
| TOTAL ASSETS | $41.0B |
| Account Payables | $0 |
| Short-Term Debt | $25M |
| Deferred Revenue | $5.3B |
| Other Current Liabilities | $13.3B |
| TOTAL CURRENT LIABILITIES | $18.6B |
| Long-Term Debt | $790M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.8B |
| Other Non-Current Liabilities | $3.8B |
| TOTAL NON-CURRENT LIABILITIES | $6.5B |
| TOTAL LIABILITIES | $25.1B |
| Common Stock | $397M |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | $16.7B |
| Treasury Stock | -$2.7B |
| Accum. Other Comp. Income | -$34M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $15.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $15.9B |
| TOTAL LIABILITIES & EQUITY | $41.0B |
| Total Debt | $886M |
| Net Debt | -$545M |
