Q4 2025 Earnings

Financial Services Financial - Data & Stock Exchanges

Income Statement

Revenue

$1.0B-54.6% YoY

Gross Profit

$742M71.9% margin

Operating Income

-$444M-43.1% margin

Net Income

-$667M-64.6% margin

EPS (Diluted)

$-2.49

QoQ Revenue Growth

-44.8%

Cash Flow

Operating Cash Flow

$3.1B

Free Cash Flow

$3.1B

Stock-Based Comp.

$230M

Balance Sheet

Total Assets

$29.7B

Total Liabilities

$14.9B

Stockholders' Equity

$14.8B

Cash & Equivalents

$11.3B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$1.0B	$2.3B	-54.6%
Gross Profit	$742M	$1.7B	-56.7%
Operating Income	-$444M	$1.0B	-143.0%
Net Income	-$667M	$1.3B	-151.6%

Revenue Segments

Bank Servicing, Consumer, Net

$734M43%

Subscription and Circulation, Stablecoin

$364M21%

Bank Servicing, Institutional

$185M11%

Subscription and Circulation, Other

$152M9%

Subscription and Circulation, Blockchain Infrastructure Service

$152M9%

Other Revenue

$71M4%

Bank Servicing, Other

$64M4%

Geographic Segments

UNITED STATES

$1.5B84%

Rest of the World

$287M16%