| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $45.9B | $50.5B | — | -9.2% | — |
| Op. Income | -$907M | $1.6B | — | -155.2% | — |
| Gross Margin | 3.7% | 8.9% | — | -5.2pp | — |
| Net Margin | -24.1% | 4.8% | — | -29.0pp | — |
| EPS (Diluted) | $-2.77 | $0.60 | — | -561.7% | — |
| Free Cash Flow | $1.1B | $5.3B | — | -79.2% | — |
| Item | Amount |
|---|---|
| REVENUE | $45.9B |
| Cost of Revenue | $44.2B |
| GROSS PROFIT | $1.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $2.6B |
| Other Expenses | $0 |
| Operating Expenses | $2.6B |
| Cost & Expenses | $46.8B |
| OPERATING INCOME | -$907M |
| Interest Income | $392M |
| Interest Expense | $348M |
| Other Income/Expenses | -$13.9B |
| INCOME BEFORE TAX | -$14.8B |
| Income Tax Expense | -$3.8B |
| Net Income from Continuing Ops | -$11.1B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$11.1B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$11.1B |
| D&A | $1.7B |
| EBIT | -$907M |
| EBITDA | $748M |
| EPS | -$3 |
| EPS Diluted | -$3 |
| Item | Amount |
|---|---|
| Net Income | -$11.1B |
| Depreciation & Amortization | $9.8B |
| Stock-Based Compensation | $101M |
| Deferred Income Tax | -$4.0B |
| Other Non-Cash Items | $5.1B |
| Change in Working Capital | $3.9B |
| OPERATING CASH FLOW | $3.9B |
| Capital Expenditure | -$2.8B |
| Acquisitions (Net) | -$729M |
| Purchases of Investments | -$2.4B |
| Sales/Maturities of Investments | $2.6B |
| Other Investing Activities | -$4.4B |
| NET CASH FROM INVESTING | -$7.7B |
| Net Debt Issuance | $1.0B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$599M |
| Other Financing Activities | -$55M |
| NET CASH FROM FINANCING | $353M |
| FREE CASH FLOW | $1.1B |
| Net Change in Cash | -$3.3B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $23.4B |
| Short-Term Investments | $15.1B |
| Net Receivables | $64.5B |
| Inventory | $15.3B |
| Other Current Assets | $5.2B |
| TOTAL CURRENT ASSETS | $123.5B |
| PP&E (Net) | $65.8B |
| Goodwill | $483M |
| Intangible Assets | $0 |
| Long-Term Investments | $64.6B |
| Tax Assets | $22.0B |
| Other Non-Current Assets | $12.8B |
| TOTAL NON-CURRENT ASSETS | $165.7B |
| TOTAL ASSETS | $289.2B |
| Account Payables | $25.8B |
| Short-Term Debt | $57.3B |
| Deferred Revenue | $4.5B |
| Other Current Liabilities | $25.3B |
| TOTAL CURRENT LIABILITIES | $114.9B |
| Long-Term Debt | $106.9B |
| Deferred Revenue NC | $5.4B |
| Deferred Tax Liabilities | $1.4B |
| Other Non-Current Liabilities | $21.9B |
| TOTAL NON-CURRENT LIABILITIES | $138.3B |
| TOTAL LIABILITIES | $253.2B |
| Common Stock | $42M |
| Additional Paid-In Capital | $23.9B |
| Retained Earnings | $22.5B |
| Treasury Stock | -$2.8B |
| Accum. Other Comp. Income | -$7.7B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $36.0B |
| Minority Interest | $28M |
| TOTAL EQUITY | $36.0B |
| TOTAL LIABILITIES & EQUITY | $289.2B |
| Total Debt | $167.6B |
| Net Debt | $144.2B |
