| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $625M | $433M | $426M | 44.3% | 46.7% |
| Op. Income | $278M | $96M | $130M | 189.4% | 114.1% |
| Gross Margin | 46.3% | 24.3% | 26.7% | 21.9pp | 19.6pp |
| Net Margin | 36.5% | 9.3% | 15.7% | 27.2pp | 20.8pp |
| EPS (Diluted) | $1.02 | $0.18 | $0.30 | 466.7% | 240.0% |
| Free Cash Flow | $276M | $104M | $164M | 164.8% | 69.1% |
| Item | Amount |
|---|---|
| REVENUE | $625M |
| Cost of Revenue | $336M |
| GROSS PROFIT | $289M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $11M |
| Cost & Expenses | $347M |
| OPERATING INCOME | $278M |
| Interest Income | $2M |
| Interest Expense | $51M |
| Other Income/Expenses | -$49M |
| INCOME BEFORE TAX | $229M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $228M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $228M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $228M |
| D&A | $82M |
| EBIT | $280M |
| EBITDA | $362M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $625M |
| Cost of Revenue | $336M |
| GROSS PROFIT | $289M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $11M |
| Cost & Expenses | $347M |
| OPERATING INCOME | $278M |
| Interest Income | $2M |
| Interest Expense | $51M |
| Other Income/Expenses | -$49M |
| INCOME BEFORE TAX | $229M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $228M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $228M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $228M |
| D&A | $82M |
| EBIT | $280M |
| EBITDA | $362M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $228M |
| Depreciation & Amortization | $82M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$27M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $283M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$7M |
| Net Debt Issuance | -$172M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$42M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$215M |
| FREE CASH FLOW | $276M |
| Net Change in Cash | $62M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $251M |
| Short-Term Investments | $2M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $454M |
| TOTAL CURRENT ASSETS | $707M |
| PP&E (Net) | $4.9B |
| Goodwill | $112M |
| Intangible Assets | $0 |
| Long-Term Investments | $9M |
| Tax Assets | $0 |
| Other Non-Current Assets | $13M |
| TOTAL NON-CURRENT ASSETS | $5.0B |
| TOTAL ASSETS | $5.8B |
| Account Payables | $0 |
| Short-Term Debt | $321M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $174M |
| TOTAL CURRENT LIABILITIES | $495M |
| Long-Term Debt | $2.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $818.0K |
| TOTAL NON-CURRENT LIABILITIES | $2.7B |
| TOTAL LIABILITIES | $3.2B |
| Common Stock | $223M |
| Additional Paid-In Capital | $605M |
| Retained Earnings | $1.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $437.0K |
| Other Equity | -$472.0K |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | -$472.0K |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $5.8B |
| Total Debt | $3.1B |
| Net Debt | $2.8B |
