| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.0B | $3.1B | $3.3B | -1.5% | -8.7% |
| Op. Income | $428M | -$116M | $154M | 469.0% | 177.9% |
| Gross Margin | -43.9% | 44.9% | 48.8% | -88.8pp | -92.7pp |
| Net Margin | -0.1% | -20.1% | 2.6% | 20.1pp | -2.6pp |
| EPS (Diluted) | $-0.00 | $-0.62 | $0.09 | 99.7% | -102.3% |
| Free Cash Flow | -$1.1B | $1.5B | -$227M | -173.6% | -376.7% |
| Item | Amount |
|---|---|
| REVENUE | $3.0B |
| Cost of Revenue | $4.4B |
| GROSS PROFIT | -$1.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $940M |
| Other Expenses | -$2.7B |
| Operating Expenses | -$1.8B |
| Cost & Expenses | $2.6B |
| OPERATING INCOME | $428M |
| Interest Income | $0 |
| Interest Expense | $280M |
| Other Income/Expenses | -$937M |
| INCOME BEFORE TAX | -$509M |
| Income Tax Expense | -$507M |
| Net Income from Continuing Ops | -$2M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$2M |
| D&A | $674M |
| EBIT | -$229M |
| EBITDA | $445M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$2M |
| Depreciation & Amortization | $674M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$108M |
| Other Non-Cash Items | $70M |
| Change in Working Capital | -$72M |
| OPERATING CASH FLOW | $562M |
| Capital Expenditure | -$1.6B |
| Acquisitions (Net) | $3M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $5M |
| NET CASH FROM INVESTING | -$1.6B |
| Net Debt Issuance | -$325M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $1M |
| NET CASH FROM FINANCING | -$324M |
| FREE CASH FLOW | -$1.1B |
| Net Change in Cash | -$1.4B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.0B |
| Short-Term Investments | $0 |
| Net Receivables | $1.3B |
| Inventory | $0 |
| Other Current Assets | $5.6B |
| TOTAL CURRENT ASSETS | $7.9B |
| PP&E (Net) | $19.6B |
| Goodwill | $6.9B |
| Intangible Assets | $4.5B |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | -$4.5B |
| TOTAL NON-CURRENT ASSETS | $26.4B |
| TOTAL ASSETS | $34.3B |
| Account Payables | $1.5B |
| Short-Term Debt | $88M |
| Deferred Revenue | $1.0B |
| Other Current Liabilities | $1.2B |
| TOTAL CURRENT LIABILITIES | $4.4B |
| Long-Term Debt | $17.4B |
| Deferred Revenue NC | $6.4B |
| Deferred Tax Liabilities | $2.3B |
| Other Non-Current Liabilities | $5.0B |
| TOTAL NON-CURRENT LIABILITIES | $31.1B |
| TOTAL LIABILITIES | $35.5B |
| Common Stock | $19.2B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$19.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$601M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | -$1.1B |
| TOTAL LIABILITIES & EQUITY | $34.3B |
| Total Debt | $17.7B |
| Net Debt | $16.7B |
