| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.2B | $3.2B | $3.1B | 0.6% | 5.8% |
| Op. Income | $631M | $766M | $669M | -17.6% | -5.7% |
| Gross Margin | 63.2% | 62.3% | 60.2% | 0.8pp | 3.0pp |
| Net Margin | 16.0% | 19.5% | 17.3% | -3.5pp | -1.3pp |
| EPS (Diluted) | $0.30 | $0.41 | $0.34 | -26.8% | -11.8% |
| Free Cash Flow | $711M | $595M | $1.5B | 19.5% | -51.2% |
| Item | Amount |
|---|---|
| REVENUE | $3.2B |
| Cost of Revenue | $1.2B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $968M |
| SG&A Expenses | $968M |
| Other Expenses | $452M |
| Operating Expenses | $1.4B |
| Cost & Expenses | $2.6B |
| OPERATING INCOME | $631M |
| Interest Income | $2.7B |
| Interest Expense | $1.1B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $631M |
| Income Tax Expense | $108M |
| Net Income from Continuing Ops | $523M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $519M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $476M |
| D&A | $0 |
| EBIT | $631M |
| EBITDA | $631M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $3.2B |
| Cost of Revenue | $1.2B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $968M |
| SG&A Expenses | $968M |
| Other Expenses | $452M |
| Operating Expenses | $1.4B |
| Cost & Expenses | $2.6B |
| OPERATING INCOME | $631M |
| Interest Income | $2.7B |
| Interest Expense | $1.1B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $631M |
| Income Tax Expense | $108M |
| Net Income from Continuing Ops | $523M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $519M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $476M |
| D&A | $0 |
| EBIT | $631M |
| EBITDA | $631M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $519M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $210M |
| Change in Working Capital | $100M |
| OPERATING CASH FLOW | $829M |
| Capital Expenditure | -$118M |
| Acquisitions (Net) | $864M |
| Purchases of Investments | -$1.3B |
| Sales/Maturities of Investments | $3.0B |
| Other Investing Activities | -$4.3B |
| NET CASH FROM INVESTING | -$1.9B |
| Net Debt Issuance | $1.2B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$228M |
| Other Financing Activities | $865M |
| NET CASH FROM FINANCING | $1.8B |
| FREE CASH FLOW | $711M |
| Net Change in Cash | $757M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.8B |
| Short-Term Investments | $26.1B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $27.9B |
| PP&E (Net) | $1.3B |
| Goodwill | $6.0B |
| Intangible Assets | $752M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $8.1B |
| TOTAL ASSETS | $225.1B |
| Account Payables | $0 |
| Short-Term Debt | $1.3B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $145.8B |
| TOTAL CURRENT LIABILITIES | $147.1B |
| Long-Term Debt | $17.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $36.4B |
| TOTAL NON-CURRENT LIABILITIES | $53.6B |
| TOTAL LIABILITIES | $200.7B |
| Common Stock | $16M |
| Additional Paid-In Capital | $17.2B |
| Retained Earnings | $6.4B |
| Treasury Stock | -$92M |
| Accum. Other Comp. Income | -$1.9B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $24.3B |
| Minority Interest | $37M |
| TOTAL EQUITY | $24.4B |
| TOTAL LIABILITIES & EQUITY | $225.1B |
| Total Debt | $18.5B |
| Net Debt | $16.7B |
