| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $948M | $817M | $726M | 16.0% | 30.5% |
| Op. Income | $305M | $119M | $192M | 156.3% | 58.6% |
| Gross Margin | 75.6% | 62.7% | 63.2% | 13.0pp | 12.4pp |
| Net Margin | 22.7% | 11.8% | 19.7% | 10.9pp | 3.0pp |
| EPS (Diluted) | $0.72 | $0.40 | $0.68 | 80.0% | 5.9% |
| Free Cash Flow | $259M | $258M | $240M | 0.2% | 7.7% |
| Item | Amount |
|---|---|
| REVENUE | $948M |
| Cost of Revenue | $231M |
| GROSS PROFIT | $717M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $201M |
| SG&A Expenses | $201M |
| Other Expenses | $211M |
| Operating Expenses | $412M |
| Cost & Expenses | $643M |
| OPERATING INCOME | $305M |
| Interest Income | $858M |
| Interest Expense | $231M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $282M |
| Income Tax Expense | $67M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $215M |
| D&A | $42M |
| EBIT | $305M |
| EBITDA | $347M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $948M |
| Cost of Revenue | $231M |
| GROSS PROFIT | $717M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $201M |
| SG&A Expenses | $201M |
| Other Expenses | $211M |
| Operating Expenses | $412M |
| Cost & Expenses | $643M |
| OPERATING INCOME | $305M |
| Interest Income | $858M |
| Interest Expense | $231M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $282M |
| Income Tax Expense | $67M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $215M |
| D&A | $42M |
| EBIT | $305M |
| EBITDA | $347M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $215M |
| Depreciation & Amortization | $39M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $24M |
| Other Non-Cash Items | $67M |
| Change in Working Capital | -$74M |
| OPERATING CASH FLOW | $281M |
| Capital Expenditure | -$22M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$245M |
| Sales/Maturities of Investments | $231M |
| Other Investing Activities | $607M |
| NET CASH FROM INVESTING | $583M |
| Net Debt Issuance | $930M |
| Common Stock Repurchased | -$100M |
| Common Dividends Paid | -$109M |
| Other Financing Activities | -$1.5B |
| NET CASH FROM FINANCING | -$826M |
| FREE CASH FLOW | $259M |
| Net Change in Cash | $38M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $511M |
| Short-Term Investments | $0 |
| Net Receivables | $232M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $743M |
| PP&E (Net) | $422M |
| Goodwill | $1.5B |
| Intangible Assets | $712M |
| Long-Term Investments | $61.3B |
| Tax Assets | $739M |
| Other Non-Current Assets | $1.7B |
| TOTAL NON-CURRENT ASSETS | $66.5B |
| TOTAL ASSETS | $67.2B |
| Account Payables | $0 |
| Short-Term Debt | $3.5B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $3.5B |
| Long-Term Debt | $435M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $386M |
| Other Non-Current Liabilities | $55.0B |
| TOTAL NON-CURRENT LIABILITIES | $55.9B |
| TOTAL LIABILITIES | $59.4B |
| Common Stock | $8.1B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$26M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$233M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $7.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $7.8B |
| TOTAL LIABILITIES & EQUITY | $67.2B |
| Total Debt | $4.0B |
| Net Debt | $3.5B |
