| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.9B | $4.7B | $5.3B | 3.5% | -8.1% |
| Op. Income | $114M | $291M | $56M | -60.9% | 102.8% |
| Gross Margin | 13.7% | 16.4% | 11.5% | -2.7pp | 2.2pp |
| Net Margin | -4.9% | -0.3% | -11.7% | -4.6pp | 6.8pp |
| EPS (Diluted) | $-0.24 | $-0.01 | $-0.62 | -1624.8% | 61.2% |
| Free Cash Flow | $798M | $157M | $786M | 409.4% | 1.5% |
| Item | Amount |
|---|---|
| REVENUE | $4.9B |
| Cost of Revenue | $4.2B |
| GROSS PROFIT | $665M |
| R&D Expenses | $0 |
| Selling & Marketing | $255M |
| General & Administrative | $168M |
| SG&A Expenses | $423M |
| Other Expenses | $128M |
| Operating Expenses | $552M |
| Cost & Expenses | $4.7B |
| OPERATING INCOME | $114M |
| Interest Income | $6M |
| Interest Expense | $108M |
| Other Income/Expenses | -$365M |
| INCOME BEFORE TAX | -$251M |
| Income Tax Expense | -$14M |
| Net Income from Continuing Ops | -$237M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$240M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$240M |
| D&A | $670M |
| EBIT | $114M |
| EBITDA | $784M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$240M |
| Depreciation & Amortization | -$2.3B |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3.3B |
| Change in Working Capital | $193M |
| OPERATING CASH FLOW | $1.0B |
| Capital Expenditure | -$207M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$46M |
| NET CASH FROM INVESTING | -$253M |
| Net Debt Issuance | -$760M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$766M |
| FREE CASH FLOW | $798M |
| Net Change in Cash | $16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.1B |
| Short-Term Investments | $61M |
| Net Receivables | $1.6B |
| Inventory | $1.7B |
| Other Current Assets | $280M |
| TOTAL CURRENT ASSETS | $4.7B |
| PP&E (Net) | $9.8B |
| Goodwill | $0 |
| Intangible Assets | $998M |
| Long-Term Investments | $161M |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.5B |
| TOTAL NON-CURRENT ASSETS | $13.5B |
| TOTAL ASSETS | $18.2B |
| Account Payables | $2.2B |
| Short-Term Debt | $2.6B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.2B |
| TOTAL CURRENT LIABILITIES | $6.5B |
| Long-Term Debt | $6.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $369M |
| TOTAL NON-CURRENT LIABILITIES | $6.4B |
| TOTAL LIABILITIES | $12.9B |
| Common Stock | $1.7B |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | $190M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $730M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.5B |
| Minority Interest | $834M |
| TOTAL EQUITY | $5.3B |
| TOTAL LIABILITIES & EQUITY | $18.2B |
| Total Debt | $8.6B |
| Net Debt | $7.5B |
