| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $49.7B | $50.7B | — | -1.9% | — |
| Op. Income | $581M | $1.8B | — | -66.9% | — |
| Gross Margin | 23.5% | 24.8% | — | -1.3pp | — |
| Net Margin | 1.1% | 2.3% | — | -1.2pp | — |
| EPS (Diluted) | $2.47 | $5.32 | — | -53.6% | — |
| Free Cash Flow | -$209M | $775M | — | -127.0% | — |
| Item | Amount |
|---|---|
| REVENUE | $49.7B |
| Cost of Revenue | $38.1B |
| GROSS PROFIT | $11.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $11.1B |
| Operating Expenses | $11.1B |
| Cost & Expenses | $49.2B |
| OPERATING INCOME | $581M |
| Interest Income | $0 |
| Interest Expense | $366M |
| Other Income/Expenses | -$366M |
| INCOME BEFORE TAX | $215M |
| Income Tax Expense | -$331M |
| Net Income from Continuing Ops | $546M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $547M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $547M |
| D&A | $406M |
| EBIT | $581M |
| EBITDA | $987M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $49.7B |
| Cost of Revenue | $38.1B |
| GROSS PROFIT | $11.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $11.1B |
| Operating Expenses | $11.1B |
| Cost & Expenses | $49.2B |
| OPERATING INCOME | $581M |
| Interest Income | $0 |
| Interest Expense | $366M |
| Other Income/Expenses | -$366M |
| INCOME BEFORE TAX | $215M |
| Income Tax Expense | -$331M |
| Net Income from Continuing Ops | $546M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $547M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $547M |
| D&A | $406M |
| EBIT | $581M |
| EBITDA | $987M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $546M |
| Depreciation & Amortization | $406M |
| Stock-Based Compensation | $30M |
| Deferred Income Tax | -$322M |
| Other Non-Cash Items | -$52M |
| Change in Working Capital | -$524M |
| OPERATING CASH FLOW | $84M |
| Capital Expenditure | -$293M |
| Acquisitions (Net) | $33M |
| Purchases of Investments | -$2.8B |
| Sales/Maturities of Investments | $3.2B |
| Other Investing Activities | $243M |
| NET CASH FROM INVESTING | $464M |
| Net Debt Issuance | $1.6B |
| Common Stock Repurchased | -$471M |
| Common Dividends Paid | -$377M |
| Other Financing Activities | -$507M |
| NET CASH FROM FINANCING | $236M |
| FREE CASH FLOW | -$209M |
| Net Change in Cash | $778M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9.5B |
| Short-Term Investments | $0 |
| Net Receivables | $15.2B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $24.7B |
| PP&E (Net) | $5.1B |
| Goodwill | $28.3B |
| Intangible Assets | $11.2B |
| Long-Term Investments | $38.6B |
| Tax Assets | $298M |
| Other Non-Current Assets | $13.2B |
| TOTAL NON-CURRENT ASSETS | $96.8B |
| TOTAL ASSETS | $121.5B |
| Account Payables | $17.1B |
| Short-Term Debt | $1.4B |
| Deferred Revenue | $1.5B |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $20.0B |
| Long-Term Debt | $31.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $2.1B |
| Other Non-Current Liabilities | $23.5B |
| TOTAL NON-CURRENT LIABILITIES | $57.5B |
| TOTAL LIABILITIES | $77.5B |
| Common Stock | $2M |
| Additional Paid-In Capital | $8.9B |
| Retained Earnings | $35.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$451M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $43.9B |
| Minority Interest | $144M |
| TOTAL EQUITY | $44.0B |
| TOTAL LIABILITIES & EQUITY | $121.5B |
| Total Debt | $33.2B |
| Net Debt | $23.7B |
