| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.6B | $1.4B | -3.1% | 12.4% |
| Op. Income | $249M | $350M | $123M | -29.0% | 101.5% |
| Gross Margin | 85.2% | 29.4% | 15.6% | 55.8pp | 69.7pp |
| Net Margin | 13.2% | 17.7% | 7.4% | -4.5pp | 5.8pp |
| EPS (Diluted) | $3.66 | $5.06 | $1.82 | -27.7% | 101.1% |
| Free Cash Flow | $274M | $480M | $236M | -42.9% | 16.0% |
| Item | Amount |
|---|---|
| REVENUE | $1.5B |
| Cost of Revenue | $227M |
| GROSS PROFIT | $1.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.1B |
| Operating Expenses | $1.1B |
| Cost & Expenses | $1.3B |
| OPERATING INCOME | $249M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $249M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $203M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $203M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $203M |
| D&A | $21M |
| EBIT | $256M |
| EBITDA | $277M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| REVENUE | $1.5B |
| Cost of Revenue | $227M |
| GROSS PROFIT | $1.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.1B |
| Operating Expenses | $1.1B |
| Cost & Expenses | $1.3B |
| OPERATING INCOME | $249M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $249M |
| Income Tax Expense | $46M |
| Net Income from Continuing Ops | $203M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $203M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $203M |
| D&A | $21M |
| EBIT | $256M |
| EBITDA | $277M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| Net Income | $203M |
| Depreciation & Amortization | $21M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$54M |
| Change in Working Capital | $118M |
| OPERATING CASH FLOW | $288M |
| Capital Expenditure | -$14M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$863M |
| Sales/Maturities of Investments | $646M |
| Other Investing Activities | $23M |
| NET CASH FROM INVESTING | -$207M |
| Net Debt Issuance | -$58.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$18M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$18M |
| FREE CASH FLOW | $274M |
| Net Change in Cash | $63M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.3B |
| Short-Term Investments | $0 |
| Net Receivables | $746M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $2.1B |
| PP&E (Net) | $171M |
| Goodwill | $43M |
| Intangible Assets | $7M |
| Long-Term Investments | $6.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$6.6B |
| TOTAL NON-CURRENT ASSETS | $221M |
| TOTAL ASSETS | $9.6B |
| Account Payables | $449M |
| Short-Term Debt | $7M |
| Deferred Revenue | $2.3B |
| Other Current Liabilities | -$2.7B |
| TOTAL CURRENT LIABILITIES | $31M |
| Long-Term Debt | $575M |
| 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 | $2.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.4B |
| TOTAL LIABILITIES & EQUITY | $9.6B |
| Total Debt | $587M |
| Net Debt | -$729M |
