| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.3B | — | $4.3B | — | -0.3% |
| Op. Income | -$322M | — | -$465M | — | 30.8% |
| Gross Margin | -4.4% | — | -6.3% | — | 1.9pp |
| Net Margin | -5.6% | — | -10.3% | — | 4.7pp |
| EPS (Diluted) | $-0.49 | — | $-0.92 | — | 46.7% |
| Free Cash Flow | -$153M | — | -$677M | — | 77.4% |
| Item | Amount |
|---|---|
| REVENUE | $4.3B |
| Cost of Revenue | $4.5B |
| GROSS PROFIT | -$191M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $144M |
| Other Expenses | -$13M |
| Operating Expenses | $131M |
| Cost & Expenses | $4.6B |
| OPERATING INCOME | -$322M |
| Interest Income | $0 |
| Interest Expense | $152M |
| Other Income/Expenses | -$117M |
| INCOME BEFORE TAX | -$439M |
| Income Tax Expense | -$206M |
| Net Income from Continuing Ops | -$233M |
| Net Income from Discontinued Ops | -$2M |
| Other Adjustments | $0 |
| NET INCOME | -$243M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$243M |
| D&A | $348M |
| EBIT | -$322M |
| EBITDA | $26M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$241M |
| Depreciation & Amortization | $272M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$125M |
| Other Non-Cash Items | -$96M |
| Change in Working Capital | $177M |
| OPERATING CASH FLOW | -$13M |
| Capital Expenditure | -$140M |
| Acquisitions (Net) | $53M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$85M |
| Net Debt Issuance | -$802M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$60M |
| NET CASH FROM FINANCING | $89M |
| FREE CASH FLOW | -$153M |
| Net Change in Cash | -$9M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $57M |
| Short-Term Investments | $0 |
| Net Receivables | $1.4B |
| Inventory | $4.8B |
| Other Current Assets | $164M |
| TOTAL CURRENT ASSETS | $6.4B |
| PP&E (Net) | $9.5B |
| Goodwill | $1.8B |
| Intangible Assets | $1.1B |
| Long-Term Investments | $142M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.0B |
| TOTAL NON-CURRENT ASSETS | $13.6B |
| TOTAL ASSETS | $20.0B |
| Account Payables | $1.9B |
| Short-Term Debt | $115M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $777M |
| TOTAL CURRENT LIABILITIES | $3.3B |
| Long-Term Debt | $7.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $375M |
| Other Non-Current Liabilities | $2.0B |
| TOTAL NON-CURRENT LIABILITIES | $10.4B |
| TOTAL LIABILITIES | $13.7B |
| Common Stock | $76M |
| Additional Paid-In Capital | $5.7B |
| Retained Earnings | -$529M |
| Treasury Stock | -$659M |
| Accum. Other Comp. Income | $1.5B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $6.1B |
| Minority Interest | $207M |
| TOTAL EQUITY | $6.3B |
| TOTAL LIABILITIES & EQUITY | $20.0B |
| Total Debt | $8.2B |
| Net Debt | $8.1B |
