| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $655M | $452M | $327M | 44.9% | 100.2% |
| Op. Income | $269M | $112M | $150M | 140.7% | 79.3% |
| Gross Margin | 93.2% | 35.9% | 60.3% | 57.2pp | 32.8pp |
| Net Margin | 30.0% | 44.7% | -44.2% | -14.7pp | 74.1pp |
| EPS (Diluted) | $1.28 | $1.21 | $-0.97 | 5.8% | 232.0% |
| Free Cash Flow | $123M | $158M | $163M | -22.5% | -24.9% |
| Item | Amount |
|---|---|
| REVENUE | $655M |
| Cost of Revenue | $45M |
| GROSS PROFIT | $610M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $42M |
| Other Expenses | $300M |
| Operating Expenses | $341M |
| Cost & Expenses | $386M |
| OPERATING INCOME | $269M |
| Interest Income | $0 |
| Interest Expense | $42M |
| Other Income/Expenses | -$45M |
| INCOME BEFORE TAX | $224M |
| Income Tax Expense | $28M |
| Net Income from Continuing Ops | $196M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $196M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $196M |
| D&A | $145M |
| EBIT | $266M |
| EBITDA | $412M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $655M |
| Cost of Revenue | $45M |
| GROSS PROFIT | $610M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $42M |
| Other Expenses | $300M |
| Operating Expenses | $341M |
| Cost & Expenses | $386M |
| OPERATING INCOME | $269M |
| Interest Income | $0 |
| Interest Expense | $42M |
| Other Income/Expenses | -$45M |
| INCOME BEFORE TAX | $224M |
| Income Tax Expense | $28M |
| Net Income from Continuing Ops | $196M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $196M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $196M |
| D&A | $145M |
| EBIT | $266M |
| EBITDA | $412M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $196M |
| Depreciation & Amortization | $145M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | $21M |
| Other Non-Cash Items | -$53M |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | $297M |
| Capital Expenditure | -$174M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $10M |
| NET CASH FROM INVESTING | -$165M |
| Net Debt Issuance | -$37M |
| Common Stock Repurchased | -$101M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$136M |
| FREE CASH FLOW | $123M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $779.0K |
| Short-Term Investments | $0 |
| Net Receivables | $326M |
| Inventory | $26M |
| Other Current Assets | $119M |
| TOTAL CURRENT ASSETS | $490M |
| PP&E (Net) | $7.9B |
| Goodwill | $323M |
| Intangible Assets | $57M |
| Long-Term Investments | $134M |
| Tax Assets | $0 |
| Other Non-Current Assets | $226M |
| TOTAL NON-CURRENT ASSETS | $8.6B |
| TOTAL ASSETS | $9.1B |
| Account Payables | $159M |
| Short-Term Debt | $208M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $426M |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $2.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $857M |
| Other Non-Current Liabilities | $537M |
| TOTAL NON-CURRENT LIABILITIES | $3.6B |
| TOTAL LIABILITIES | $4.8B |
| Common Stock | $1M |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | $2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$6M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.3B |
| TOTAL LIABILITIES & EQUITY | $9.1B |
| Total Debt | $2.5B |
| Net Debt | $2.5B |
