| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.0B | $2.3B | 26.0% | 10.7% |
| Op. Income | $542M | $502M | $483M | 8.0% | 12.2% |
| Gross Margin | 27.6% | 31.9% | 43.1% | -4.4pp | -15.6pp |
| Net Margin | 10.5% | 14.7% | 11.0% | -4.2pp | -0.4pp |
| EPS (Diluted) | $0.40 | $0.45 | $0.38 | -11.1% | 5.3% |
| Free Cash Flow | -$707M | -$480M | -$1.1B | -47.3% | 37.0% |
| Item | Amount |
|---|---|
| REVENUE | $2.5B |
| Cost of Revenue | $1.8B |
| GROSS PROFIT | $691M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $149M |
| Operating Expenses | $149M |
| Cost & Expenses | $2.0B |
| OPERATING INCOME | $542M |
| Interest Income | $0 |
| Interest Expense | $232M |
| Other Income/Expenses | -$212M |
| INCOME BEFORE TAX | $330M |
| Income Tax Expense | $66M |
| Net Income from Continuing Ops | $264M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $264M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $264M |
| D&A | $405M |
| EBIT | $562M |
| EBITDA | $967M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $2.5B |
| Cost of Revenue | $1.8B |
| GROSS PROFIT | $691M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $149M |
| Operating Expenses | $149M |
| Cost & Expenses | $2.0B |
| OPERATING INCOME | $542M |
| Interest Income | $0 |
| Interest Expense | $232M |
| Other Income/Expenses | -$212M |
| INCOME BEFORE TAX | $330M |
| Income Tax Expense | $66M |
| Net Income from Continuing Ops | $264M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $264M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $264M |
| D&A | $405M |
| EBIT | $562M |
| EBITDA | $967M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $264M |
| Depreciation & Amortization | $405M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $38M |
| Other Non-Cash Items | -$15M |
| Change in Working Capital | $82M |
| OPERATING CASH FLOW | $774M |
| Capital Expenditure | -$1.5B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $67M |
| NET CASH FROM INVESTING | -$1.4B |
| Net Debt Issuance | -$3.1B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$143M |
| Other Financing Activities | $3.9B |
| NET CASH FROM FINANCING | $644M |
| FREE CASH FLOW | -$707M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $49M |
| Short-Term Investments | $510M |
| Net Receivables | $1.4B |
| Inventory | $0 |
| Other Current Assets | $3.7B |
| TOTAL CURRENT ASSETS | $5.7B |
| PP&E (Net) | $0 |
| Goodwill | $3.5B |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $39.0B |
| TOTAL NON-CURRENT ASSETS | $42.5B |
| TOTAL ASSETS | $48.2B |
| Account Payables | $1.3B |
| Short-Term Debt | $3.0B |
| Deferred Revenue | $89M |
| Other Current Liabilities | $1.9B |
| TOTAL CURRENT LIABILITIES | $6.3B |
| Long-Term Debt | $20.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $6.3B |
| Other Non-Current Liabilities | $3.8B |
| TOTAL NON-CURRENT LIABILITIES | $30.8B |
| TOTAL LIABILITIES | $37.1B |
| Common Stock | $6M |
| Additional Paid-In Capital | $9.1B |
| Retained Earnings | $2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$26M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $11.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $11.2B |
| TOTAL LIABILITIES & EQUITY | $48.2B |
| Total Debt | $23.7B |
| Net Debt | $23.6B |
