| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.6B | $4.1B | $4.2B | 12.9% | 9.4% |
| Op. Income | $524M | $848M | -$703M | -38.2% | 174.5% |
| Gross Margin | 6.4% | -2.1% | 3.0% | 8.5pp | 3.4pp |
| Net Margin | 9.7% | 17.2% | -12.6% | -7.5pp | 22.3pp |
| EPS (Diluted) | $2.12 | $3.81 | $-3.29 | -44.4% | 164.4% |
| Free Cash Flow | -$1.1B | $1.0B | -$27M | -212.6% | -4125.9% |
| Item | Amount |
|---|---|
| REVENUE | $4.6B |
| Cost of Revenue | $4.3B |
| GROSS PROFIT | $296M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$228M |
| Operating Expenses | -$228M |
| Cost & Expenses | $4.1B |
| OPERATING INCOME | $524M |
| Interest Income | $0 |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $524M |
| Income Tax Expense | $79M |
| Net Income from Continuing Ops | $445M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $445M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $411M |
| D&A | $0 |
| EBIT | $603M |
| EBITDA | $603M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $4.6B |
| Cost of Revenue | $4.3B |
| GROSS PROFIT | $296M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$228M |
| Operating Expenses | -$228M |
| Cost & Expenses | $4.1B |
| OPERATING INCOME | $524M |
| Interest Income | $0 |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $524M |
| Income Tax Expense | $79M |
| Net Income from Continuing Ops | $445M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $445M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $411M |
| D&A | $0 |
| EBIT | $603M |
| EBITDA | $603M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $446M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$1.7B |
| Change in Working Capital | $143M |
| OPERATING CASH FLOW | -$1.1B |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $7.6B |
| Sales/Maturities of Investments | $1.9B |
| Other Investing Activities | -$7.3B |
| NET CASH FROM INVESTING | $2.2B |
| Net Debt Issuance | -$1M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$86M |
| Other Financing Activities | $2.6B |
| NET CASH FROM FINANCING | $2.5B |
| FREE CASH FLOW | -$1.1B |
| Net Change in Cash | $3.5B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $10.7B |
| Short-Term Investments | $23.2B |
| Net Receivables | $28.7B |
| Inventory | $0 |
| Other Current Assets | -$51.9B |
| TOTAL CURRENT ASSETS | $10.7B |
| PP&E (Net) | $0 |
| Goodwill | $1.1B |
| Intangible Assets | $12.7B |
| Long-Term Investments | $100.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $290.2B |
| TOTAL NON-CURRENT ASSETS | $404.6B |
| TOTAL ASSETS | $415.3B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$11.2B |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $5.8B |
| Deferred Revenue NC | $7.3B |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $397.1B |
| TOTAL NON-CURRENT LIABILITIES | $404.8B |
| TOTAL LIABILITIES | $404.8B |
| Common Stock | $5.6B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $7.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$3.8B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $10.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $10.5B |
| TOTAL LIABILITIES & EQUITY | $415.3B |
| Total Debt | $5.8B |
| Net Debt | -$4.9B |
