| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $5.4B | $6.7B | $5.5B | -19.3% | -1.1% |
| Op. Income | $1.2B | $1.5B | $1.1B | -21.3% | 7.6% |
| Gross Margin | -21.6% | 43.1% | 43.6% | -64.7pp | -65.3pp |
| Net Margin | 11.0% | 13.0% | 11.8% | -2.1pp | -0.9pp |
| EPS (Diluted) | $0.59 | $0.86 | $0.64 | -31.4% | -7.8% |
| Free Cash Flow | -$1.2B | $163M | -$510M | -830.1% | -133.3% |
| Item | Amount |
|---|---|
| REVENUE | $5.4B |
| Cost of Revenue | $6.6B |
| GROSS PROFIT | -$1.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$2.4B |
| Operating Expenses | -$2.4B |
| Cost & Expenses | $4.2B |
| OPERATING INCOME | $1.2B |
| Interest Income | $0 |
| Interest Expense | $548M |
| Other Income/Expenses | -$459M |
| INCOME BEFORE TAX | $722M |
| Income Tax Expense | $128M |
| Net Income from Continuing Ops | $594M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $594M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $594M |
| D&A | $924M |
| EBIT | $996M |
| EBITDA | $1.9B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $594M |
| Depreciation & Amortization | $773M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $98M |
| Other Non-Cash Items | $375M |
| Change in Working Capital | -$596M |
| OPERATING CASH FLOW | $1.2B |
| Capital Expenditure | -$2.4B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $9M |
| NET CASH FROM INVESTING | -$2.4B |
| Net Debt Issuance | $178M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$405M |
| Other Financing Activities | -$19M |
| NET CASH FROM FINANCING | $284M |
| FREE CASH FLOW | -$1.2B |
| Net Change in Cash | -$897M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $5.1B |
| Inventory | $868M |
| Other Current Assets | $1.9B |
| TOTAL CURRENT ASSETS | $9.5B |
| PP&E (Net) | $84.3B |
| Goodwill | $6.6B |
| Intangible Assets | $0 |
| Long-Term Investments | $5.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $11.0B |
| TOTAL NON-CURRENT ASSETS | $107.0B |
| TOTAL ASSETS | $116.6B |
| Account Payables | $3.7B |
| Short-Term Debt | $2.8B |
| Deferred Revenue | $5M |
| Other Current Liabilities | $2.9B |
| TOTAL CURRENT LIABILITIES | $10.3B |
| Long-Term Debt | $47.4B |
| Deferred Revenue NC | $16M |
| Deferred Tax Liabilities | $13.7B |
| Other Non-Current Liabilities | $15.9B |
| TOTAL NON-CURRENT LIABILITIES | $77.4B |
| TOTAL LIABILITIES | $87.8B |
| Common Stock | $22.1B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $7.6B |
| Treasury Stock | -$123M |
| Accum. Other Comp. Income | -$762M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $28.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $28.8B |
| TOTAL LIABILITIES & EQUITY | $116.6B |
| Total Debt | $50.6B |
| Net Debt | $49.4B |
