| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $7.2B | $7.4B | $6.4B | -2.6% | 12.8% |
| Op. Income | $330M | $391M | -$223M | -15.6% | 248.0% |
| Gross Margin | 10.0% | 20.3% | 13.5% | -10.3pp | -3.4pp |
| Net Margin | 3.1% | 4.3% | -2.3% | -1.2pp | 5.4pp |
| EPS (Diluted) | $0.45 | $0.61 | $-0.26 | -26.2% | 273.1% |
| Free Cash Flow | $788M | -$564M | $359M | 239.7% | 119.5% |
| Item | Amount |
|---|---|
| REVENUE | $7.2B |
| Cost of Revenue | $6.5B |
| GROSS PROFIT | $728M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $398M |
| Operating Expenses | $398M |
| Cost & Expenses | $6.9B |
| OPERATING INCOME | $330M |
| Interest Income | $23M |
| Interest Expense | $42M |
| Other Income/Expenses | -$45M |
| INCOME BEFORE TAX | $285M |
| Income Tax Expense | $58M |
| Net Income from Continuing Ops | $227M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $227M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $227M |
| D&A | $398M |
| EBIT | $330M |
| EBITDA | $728M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $7.2B |
| Cost of Revenue | $6.5B |
| GROSS PROFIT | $728M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $398M |
| Operating Expenses | $398M |
| Cost & Expenses | $6.9B |
| OPERATING INCOME | $330M |
| Interest Income | $23M |
| Interest Expense | $42M |
| Other Income/Expenses | -$45M |
| INCOME BEFORE TAX | $285M |
| Income Tax Expense | $58M |
| Net Income from Continuing Ops | $227M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $227M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $227M |
| D&A | $398M |
| EBIT | $330M |
| EBITDA | $728M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $227M |
| Depreciation & Amortization | $398M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $57M |
| Other Non-Cash Items | -$40M |
| Change in Working Capital | $776M |
| OPERATING CASH FLOW | $1.4B |
| Capital Expenditure | -$630M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $185M |
| NET CASH FROM INVESTING | -$445M |
| Net Debt Issuance | $494M |
| Common Stock Repurchased | -$1.3B |
| Common Dividends Paid | -$93M |
| Other Financing Activities | -$43M |
| NET CASH FROM FINANCING | -$876M |
| FREE CASH FLOW | $788M |
| Net Change in Cash | $97M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3.3B |
| Short-Term Investments | $0 |
| Net Receivables | $1.3B |
| Inventory | $833M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $6.0B |
| PP&E (Net) | $20.4B |
| Goodwill | $970M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.0B |
| TOTAL NON-CURRENT ASSETS | $23.4B |
| TOTAL ASSETS | $29.4B |
| Account Payables | $2.1B |
| Short-Term Debt | $851M |
| Deferred Revenue | $7.0B |
| Other Current Liabilities | $300M |
| TOTAL CURRENT LIABILITIES | $12.5B |
| Long-Term Debt | $4.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $2.4B |
| Other Non-Current Liabilities | $3.1B |
| TOTAL NON-CURRENT LIABILITIES | $10.0B |
| TOTAL LIABILITIES | $22.5B |
| Common Stock | $888M |
| Additional Paid-In Capital | $4.3B |
| Retained Earnings | $16.5B |
| Treasury Stock | -$14.8B |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $6.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $6.9B |
| TOTAL LIABILITIES & EQUITY | $29.4B |
| Total Debt | $5.4B |
| Net Debt | $2.1B |
