Q4 2025 Earnings

Reported March 3, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$3.1B	—	$2.2B	—	45.2%
Op. Income	$1.1B	—	$437M	—	142.5%
Gross Margin	80.5%	—	46.2%	—	34.2pp
Net Margin	7.4%	—	5.3%	—	2.1pp
EPS (Diluted)	$1.96	—	$1.39	—	41.0%

Revenue Flow

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$612M
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.5B
Operating Expenses	$1.5B
Cost & Expenses	$2.1B
OPERATING INCOME	$1.1B
Interest Income	$913M
Interest Expense	$760M
Other Income/Expenses	-$752M
INCOME BEFORE TAX	$308M
Income Tax Expense	$77M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	-$200.0K
NET INCOME	$232M
Net Income Deductions	-$13M
BOTTOM LINE NET INCOME	$232M
D&A	$28M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$612M
GROSS PROFIT	$2.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.5B
Operating Expenses	$1.5B
Cost & Expenses	$2.1B
OPERATING INCOME	$1.1B
Interest Income	$913M
Interest Expense	$760M
Other Income/Expenses	-$752M
INCOME BEFORE TAX	$308M
Income Tax Expense	$77M
Net Income from Continuing Ops	$231M
Net Income from Discontinued Ops	$0
Other Adjustments	-$200.0K
NET INCOME	$232M
Net Income Deductions	-$13M
BOTTOM LINE NET INCOME	$232M
D&A	$28M
EBIT	$1.1B
EBITDA	$1.1B
EPS	$2
EPS Diluted	$2

Balance Sheet

Item	Amount
Cash & Equivalents	$6.4B
Short-Term Investments	$7.1B
Net Receivables	$11.1B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$24.5B
PP&E (Net)	$111M
Goodwill	$0
Intangible Assets	$335M
Long-Term Investments	$5.9B
Tax Assets	$31M
Other Non-Current Assets	$3.8B
TOTAL NON-CURRENT ASSETS	$10.1B
TOTAL ASSETS	$34.7B
Account Payables	$0
Short-Term Debt	$7.8B
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$7.8B
Long-Term Debt	$2.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$14M
Other Non-Current Liabilities	$23.2B
TOTAL NON-CURRENT LIABILITIES	$25.7B
TOTAL LIABILITIES	$33.4B
Common Stock	$100.0K
Additional Paid-In Capital	$227M
Retained Earnings	$982M
Treasury Stock	-$59M
Accum. Other Comp. Income	$15M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	-$200.0K
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$34.7B
Total Debt	$10.2B
Net Debt	$3.8B