| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.3B | $4.4B | $4.3B | -3.4% | 0.1% |
| Op. Income | $268M | $815M | $578M | -67.1% | -53.6% |
| Gross Margin | 12.4% | 23.9% | 19.8% | -11.5pp | -7.4pp |
| Net Margin | 6.0% | 15.4% | 12.0% | -9.4pp | -6.0pp |
| EPS (Diluted) | $6.09 | $16.10 | $11.80 | -62.2% | -48.4% |
| Free Cash Flow | $1.5B | $1.1B | $1.7B | 35.2% | -16.1% |
| Item | Amount |
|---|---|
| REVENUE | $4.3B |
| Cost of Revenue | $3.7B |
| GROSS PROFIT | $527M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $259M |
| Operating Expenses | $259M |
| Cost & Expenses | $4.0B |
| OPERATING INCOME | $268M |
| Interest Income | $7M |
| Interest Expense | $38M |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | $269M |
| Income Tax Expense | $14M |
| Net Income from Continuing Ops | $255M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $255M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $0 |
| EBIT | $307M |
| EBITDA | $307M |
| EPS | $6 |
| EPS Diluted | $6 |
| Item | Amount |
|---|---|
| REVENUE | $4.3B |
| Cost of Revenue | $3.7B |
| GROSS PROFIT | $527M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $259M |
| Operating Expenses | $259M |
| Cost & Expenses | $4.0B |
| OPERATING INCOME | $268M |
| Interest Income | $7M |
| Interest Expense | $38M |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | $269M |
| Income Tax Expense | $14M |
| Net Income from Continuing Ops | $255M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $255M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $0 |
| EBIT | $307M |
| EBITDA | $307M |
| EPS | $6 |
| EPS Diluted | $6 |
| Item | Amount |
|---|---|
| Net Income | $255M |
| Depreciation & Amortization | -$44M |
| Stock-Based Compensation | $17M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $138M |
| Change in Working Capital | $1.1B |
| OPERATING CASH FLOW | $1.5B |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2.7B |
| Sales/Maturities of Investments | $598M |
| Other Investing Activities | $319M |
| NET CASH FROM INVESTING | -$1.7B |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$84M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$85M |
| FREE CASH FLOW | $1.5B |
| Net Change in Cash | -$363M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.5B |
| Short-Term Investments | $18.7B |
| Net Receivables | $11.3B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $32.5B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $1.5B |
| Long-Term Investments | $25.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.6B |
| TOTAL NON-CURRENT ASSETS | $29.8B |
| TOTAL ASSETS | $62.2B |
| Account Payables | $1.1B |
| Short-Term Debt | $0 |
| Deferred Revenue | $7.5B |
| Other Current Liabilities | $33.8B |
| TOTAL CURRENT LIABILITIES | $42.4B |
| Long-Term Debt | $3.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $885M |
| TOTAL NON-CURRENT LIABILITIES | $4.5B |
| TOTAL LIABILITIES | $46.9B |
| Common Stock | $1M |
| Additional Paid-In Capital | $3.8B |
| Retained Earnings | $16.2B |
| Treasury Stock | -$4.5B |
| Accum. Other Comp. Income | -$154M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $15.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $15.4B |
| TOTAL LIABILITIES & EQUITY | $62.2B |
| Total Debt | $3.6B |
| Net Debt | $2.0B |
