| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $1.5B | 7.2% | 3.6% |
| Op. Income | $350M | $207M | $287M | 69.4% | 22.0% |
| Gross Margin | 29.4% | 21.0% | 24.9% | 8.4pp | 4.5pp |
| Net Margin | 17.7% | 11.3% | 15.1% | 6.4pp | 2.6pp |
| EPS (Diluted) | $5.06 | $3.01 | $4.17 | 68.1% | 21.3% |
| Free Cash Flow | $480M | $357M | $306M | 34.2% | 56.6% |
| Item | Amount |
|---|---|
| REVENUE | $1.6B |
| Cost of Revenue | $1.1B |
| GROSS PROFIT | $466M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $116M |
| Operating Expenses | $116M |
| Cost & Expenses | $1.2B |
| OPERATING INCOME | $350M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $350M |
| Income Tax Expense | $70M |
| Net Income from Continuing Ops | $280M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $280M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $280M |
| D&A | $19M |
| EBIT | $357M |
| EBITDA | $376M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| REVENUE | $1.6B |
| Cost of Revenue | $1.1B |
| GROSS PROFIT | $466M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $116M |
| Operating Expenses | $116M |
| Cost & Expenses | $1.2B |
| OPERATING INCOME | $350M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $350M |
| Income Tax Expense | $70M |
| Net Income from Continuing Ops | $280M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $280M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $280M |
| D&A | $19M |
| EBIT | $357M |
| EBITDA | $376M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| Net Income | $280M |
| Depreciation & Amortization | $19M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$81M |
| Change in Working Capital | $278M |
| OPERATING CASH FLOW | $496M |
| Capital Expenditure | -$17M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.0B |
| Sales/Maturities of Investments | $712M |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$349M |
| Net Debt Issuance | $9.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$18M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$18M |
| FREE CASH FLOW | $480M |
| Net Change in Cash | $130M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.3B |
| Short-Term Investments | $0 |
| Net Receivables | $772M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $2.0B |
| PP&E (Net) | $174M |
| Goodwill | $43M |
| Intangible Assets | $7M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $224M |
| TOTAL ASSETS | $9.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $82M |
| TOTAL CURRENT LIABILITIES | $82M |
| Long-Term Debt | $574M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $6.5B |
| TOTAL NON-CURRENT LIABILITIES | $7.1B |
| TOTAL LIABILITIES | $7.1B |
| Common Stock | $100M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $2.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $9.4B |
| Total Debt | $574M |
| Net Debt | -$678M |
