| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.9B | $4.6B | $5.1B | 7.2% | -3.2% |
| Op. Income | $915M | $524M | $2.1B | 74.6% | -56.4% |
| Gross Margin | 60.8% | 6.4% | 81.5% | 54.4pp | -20.7pp |
| Net Margin | 15.3% | 9.7% | 33.2% | 5.6pp | -17.9pp |
| EPS (Diluted) | $3.80 | $2.12 | $9.63 | 79.2% | -60.5% |
| Free Cash Flow | $233M | -$1.1B | $222M | 120.4% | 5.0% |
| Item | Amount |
|---|---|
| REVENUE | $4.9B |
| Cost of Revenue | $1.9B |
| GROSS PROFIT | $3.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.1B |
| Operating Expenses | $2.1B |
| Cost & Expenses | $4.0B |
| OPERATING INCOME | $915M |
| Interest Income | $0 |
| Interest Expense | $81M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $915M |
| Income Tax Expense | $161M |
| Net Income from Continuing Ops | $754M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $754M |
| Net Income Deductions | -$2M |
| BOTTOM LINE NET INCOME | $745M |
| D&A | $0 |
| EBIT | $996M |
| EBITDA | $996M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| REVENUE | $4.9B |
| Cost of Revenue | $1.9B |
| GROSS PROFIT | $3.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.1B |
| Operating Expenses | $2.1B |
| Cost & Expenses | $4.0B |
| OPERATING INCOME | $915M |
| Interest Income | $0 |
| Interest Expense | $81M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $915M |
| Income Tax Expense | $161M |
| Net Income from Continuing Ops | $754M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $754M |
| Net Income Deductions | -$2M |
| BOTTOM LINE NET INCOME | $745M |
| D&A | $0 |
| EBIT | $996M |
| EBITDA | $996M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| Net Income | $754M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$1.2B |
| Change in Working Capital | $677M |
| OPERATING CASH FLOW | $233M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$9.0B |
| Sales/Maturities of Investments | $5.1B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3.9B |
| Net Debt Issuance | $493M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$86M |
| Other Financing Activities | $2.1B |
| NET CASH FROM FINANCING | $2.5B |
| FREE CASH FLOW | $233M |
| Net Change in Cash | -$1.2B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9.5B |
| Short-Term Investments | $36.9B |
| Net Receivables | $29.1B |
| Inventory | $0 |
| Other Current Assets | -$66.0B |
| TOTAL CURRENT ASSETS | $9.5B |
| PP&E (Net) | $0 |
| Goodwill | $1.1B |
| Intangible Assets | $12.8B |
| Long-Term Investments | $102.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $291.7B |
| TOTAL NON-CURRENT ASSETS | $407.7B |
| TOTAL ASSETS | $417.2B |
| Account Payables | $0 |
| Short-Term Debt | $400M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $400M |
| Long-Term Debt | $5.9B |
| Deferred Revenue NC | $7.6B |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $400.4B |
| TOTAL NON-CURRENT LIABILITIES | $405.9B |
| TOTAL LIABILITIES | $406.3B |
| Common Stock | $5.6B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $8.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4.1B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $10.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $10.9B |
| TOTAL LIABILITIES & EQUITY | $417.2B |
| Total Debt | $6.3B |
| Net Debt | -$3.2B |
