| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $49.7B | $49.7B | — | 0.1% | — |
| Op. Income | -$1.7B | -$7.0B | — | 75.0% | — |
| Gross Margin | 15.2% | 16.4% | — | -1.2pp | — |
| Net Margin | -2.2% | -13.3% | — | 11.1pp | — |
| EPS (Diluted) | $-2.24 | $-13.50 | — | 83.4% | — |
| Free Cash Flow | $224M | $1.1B | — | -80.4% | — |
| Item | Amount |
|---|---|
| REVENUE | $49.7B |
| Cost of Revenue | $42.2B |
| GROSS PROFIT | $7.5B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3.7B |
| SG&A Expenses | $3.7B |
| Other Expenses | $5.6B |
| Operating Expenses | $9.3B |
| Cost & Expenses | $51.5B |
| OPERATING INCOME | -$1.7B |
| Interest Income | $0 |
| Interest Expense | $168M |
| Other Income/Expenses | $197M |
| INCOME BEFORE TAX | -$1.5B |
| Income Tax Expense | -$443M |
| Net Income from Continuing Ops | -$1.1B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1.1B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1.1B |
| D&A | $329M |
| EBIT | -$1.7B |
| EBITDA | -$1.4B |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$1.1B |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $815M |
| Change in Working Capital | $723M |
| OPERATING CASH FLOW | $437M |
| Capital Expenditure | -$213M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$776M |
| Sales/Maturities of Investments | $1.6B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $660M |
| Net Debt Issuance | -$187M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$187M |
| FREE CASH FLOW | $224M |
| Net Change in Cash | $830M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $17.9B |
| Short-Term Investments | $0 |
| Net Receivables | $18.1B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $36.0B |
| PP&E (Net) | $2.4B |
| Goodwill | $10.8B |
| Intangible Assets | $4.5B |
| Long-Term Investments | $20.9B |
| Tax Assets | $914M |
| Other Non-Current Assets | $2.2B |
| TOTAL NON-CURRENT ASSETS | $41.7B |
| TOTAL ASSETS | $77.7B |
| Account Payables | $20.5B |
| Short-Term Debt | $196M |
| Deferred Revenue | $736M |
| Other Current Liabilities | -$50M |
| TOTAL CURRENT LIABILITIES | $21.5B |
| Long-Term Debt | $18.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.7B |
| Other Non-Current Liabilities | $15.8B |
| TOTAL NON-CURRENT LIABILITIES | $36.1B |
| TOTAL LIABILITIES | $57.6B |
| Common Stock | $1M |
| Additional Paid-In Capital | $20.8B |
| Retained Earnings | $8.7B |
| Treasury Stock | -$9.4B |
| Accum. Other Comp. Income | -$58M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $20.0B |
| Minority Interest | $103M |
| TOTAL EQUITY | $20.1B |
| TOTAL LIABILITIES & EQUITY | $77.7B |
| Total Debt | $18.8B |
| Net Debt | $889M |
