| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.9B | $3.5B | $3.4B | 10.4% | 13.4% |
| Op. Income | $380M | $619M | $555M | -38.6% | -31.5% |
| Gross Margin | -134.4% | 83.5% | 33.5% | -217.8pp | -167.9pp |
| Net Margin | 9.5% | 11.9% | 8.5% | -2.4pp | 1.0pp |
| EPS (Diluted) | $1.79 | $2.02 | $1.41 | -11.4% | 27.0% |
| Free Cash Flow | -$305M | -$589M | -$153M | 48.2% | -99.3% |
| Item | Amount |
|---|---|
| REVENUE | $3.9B |
| Cost of Revenue | $9.1B |
| GROSS PROFIT | -$5.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$5.6B |
| Operating Expenses | -$5.6B |
| Cost & Expenses | $3.5B |
| OPERATING INCOME | $380M |
| Interest Income | $30M |
| Interest Expense | $279M |
| Other Income/Expenses | $100M |
| INCOME BEFORE TAX | $480M |
| Income Tax Expense | $111M |
| Net Income from Continuing Ops | $369M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $1M |
| NET INCOME | $370M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $371M |
| D&A | $525M |
| EBIT | $263M |
| EBITDA | $788M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $61M |
| Depreciation & Amortization | $130M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $269M |
| Other Non-Cash Items | $636M |
| Change in Working Capital | -$38M |
| OPERATING CASH FLOW | $1.1B |
| Capital Expenditure | -$1.4B |
| Acquisitions (Net) | $28M |
| Purchases of Investments | -$124M |
| Sales/Maturities of Investments | $125M |
| Other Investing Activities | -$297M |
| NET CASH FROM INVESTING | -$1.6B |
| Net Debt Issuance | $980M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$218M |
| Other Financing Activities | -$18M |
| NET CASH FROM FINANCING | $744M |
| FREE CASH FLOW | -$305M |
| Net Change in Cash | $171M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $250M |
| Short-Term Investments | $0 |
| Net Receivables | $2.1B |
| Inventory | $1.4B |
| Other Current Assets | $574M |
| TOTAL CURRENT ASSETS | $4.3B |
| PP&E (Net) | $33.9B |
| Goodwill | $2.0B |
| Intangible Assets | $188M |
| Long-Term Investments | $4.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | $9.2B |
| TOTAL NON-CURRENT ASSETS | $49.7B |
| TOTAL ASSETS | $54.1B |
| Account Payables | $1.8B |
| Short-Term Debt | $2.3B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.4B |
| TOTAL CURRENT LIABILITIES | $5.4B |
| Long-Term Debt | $24.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3.4B |
| Other Non-Current Liabilities | $8.7B |
| TOTAL NON-CURRENT LIABILITIES | $36.3B |
| TOTAL LIABILITIES | $41.8B |
| Common Stock | $6.9B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $5.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$39M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $12.3B |
| Minority Interest | $5M |
| TOTAL EQUITY | $12.3B |
| TOTAL LIABILITIES & EQUITY | $54.1B |
| Total Debt | $26.5B |
| Net Debt | $26.3B |
