| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.0B | $4.5B | $3.7B | -11.8% | 8.9% |
| Op. Income | $483M | $968M | $509M | -50.1% | -5.1% |
| Gross Margin | 51.5% | 79.1% | 61.4% | -27.6pp | -9.8pp |
| Net Margin | 7.4% | 15.2% | 8.4% | -7.8pp | -1.0pp |
| EPS (Diluted) | $0.82 | $1.90 | $0.89 | -56.8% | -7.9% |
| Free Cash Flow | $176M | $2.9B | $72M | -94.0% | 144.4% |
| Item | Amount |
|---|---|
| REVENUE | $4.0B |
| Cost of Revenue | $1.9B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $964M |
| Other Expenses | $611M |
| Operating Expenses | $1.6B |
| Cost & Expenses | $3.5B |
| OPERATING INCOME | $483M |
| Interest Income | $12M |
| Interest Expense | $313M |
| Other Income/Expenses | -$106M |
| INCOME BEFORE TAX | $377M |
| Income Tax Expense | $80M |
| Net Income from Continuing Ops | $297M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $297M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $297M |
| D&A | $595M |
| EBIT | $690M |
| EBITDA | $1.3B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $4.0B |
| Cost of Revenue | $1.9B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $964M |
| Other Expenses | $611M |
| Operating Expenses | $1.6B |
| Cost & Expenses | $3.5B |
| OPERATING INCOME | $483M |
| Interest Income | $12M |
| Interest Expense | $313M |
| Other Income/Expenses | -$106M |
| INCOME BEFORE TAX | $377M |
| Income Tax Expense | $80M |
| Net Income from Continuing Ops | $297M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $297M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $297M |
| D&A | $595M |
| EBIT | $690M |
| EBITDA | $1.3B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $297M |
| Depreciation & Amortization | $595M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $92M |
| Other Non-Cash Items | $187M |
| Change in Working Capital | $309M |
| OPERATING CASH FLOW | $1.5B |
| Capital Expenditure | -$1.3B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$159M |
| NET CASH FROM INVESTING | -$1.5B |
| Net Debt Issuance | $1.7B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$295M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1.4B |
| FREE CASH FLOW | $176M |
| Net Change in Cash | $1.4B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.6B |
| Short-Term Investments | $0 |
| Net Receivables | $3.9B |
| Inventory | $530M |
| Other Current Assets | $350M |
| TOTAL CURRENT ASSETS | $6.8B |
| PP&E (Net) | $55.9B |
| Goodwill | $406M |
| Intangible Assets | $0 |
| Long-Term Investments | $1.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $10.2B |
| TOTAL NON-CURRENT ASSETS | $67.9B |
| TOTAL ASSETS | $74.6B |
| Account Payables | $1.9B |
| Short-Term Debt | $2.4B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $2.0B |
| TOTAL CURRENT LIABILITIES | $6.6B |
| Long-Term Debt | $25.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $9.6B |
| Other Non-Current Liabilities | $7.9B |
| TOTAL NON-CURRENT LIABILITIES | $43.8B |
| TOTAL LIABILITIES | $50.4B |
| Common Stock | $39M |
| Additional Paid-In Capital | $11.4B |
| Retained Earnings | $14.9B |
| Treasury Stock | -$2.0B |
| Accum. Other Comp. Income | -$125M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $24.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $24.2B |
| TOTAL LIABILITIES & EQUITY | $74.6B |
| Total Debt | $28.8B |
| Net Debt | $27.1B |
