| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $28.9B | $30.0B | $26.0B | -4.0% | 11.1% |
| Op. Income | $5.8B | $6.0B | $4.9B | -4.4% | 17.4% |
| Gross Margin | 58.0% | 56.9% | 57.5% | 1.2pp | 0.6pp |
| Net Margin | 15.2% | 15.3% | 14.3% | -0.1pp | 0.9pp |
| EPS (Diluted) | $2.67 | $2.80 | $2.22 | -4.6% | 20.3% |
| Free Cash Flow | -$221M | -$4.0B | $10.9B | 94.5% | -102.0% |
| Item | Amount |
|---|---|
| REVENUE | $28.9B |
| Cost of Revenue | $12.1B |
| GROSS PROFIT | $16.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $358M |
| General & Administrative | $6.9B |
| SG&A Expenses | $7.3B |
| Other Expenses | $3.7B |
| Operating Expenses | $11.0B |
| Cost & Expenses | $23.1B |
| OPERATING INCOME | $5.8B |
| Interest Income | $15.0B |
| Interest Expense | $12.1B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5.8B |
| Income Tax Expense | $1.3B |
| Net Income from Continuing Ops | $4.4B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4.4B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $4.3B |
| D&A | $1.1B |
| EBIT | $5.8B |
| EBITDA | $6.9B |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $28.9B |
| Cost of Revenue | $12.1B |
| GROSS PROFIT | $16.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $358M |
| General & Administrative | $6.9B |
| SG&A Expenses | $7.3B |
| Other Expenses | $3.7B |
| Operating Expenses | $11.0B |
| Cost & Expenses | $23.1B |
| OPERATING INCOME | $5.8B |
| Interest Income | $15.0B |
| Interest Expense | $12.1B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5.8B |
| Income Tax Expense | $1.3B |
| Net Income from Continuing Ops | $4.4B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4.4B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $4.3B |
| D&A | $1.1B |
| EBIT | $5.8B |
| EBITDA | $6.9B |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $4.4B |
| Depreciation & Amortization | $1.1B |
| Stock-Based Compensation | $469M |
| Deferred Income Tax | $561M |
| Other Non-Cash Items | -$42.7B |
| Change in Working Capital | $33.7B |
| OPERATING CASH FLOW | -$2.4B |
| Capital Expenditure | $2.2B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $27.1B |
| Sales/Maturities of Investments | -$26.9B |
| Other Investing Activities | -$15.8B |
| NET CASH FROM INVESTING | -$13.4B |
| Net Debt Issuance | -$23.0B |
| Common Stock Repurchased | $4.3B |
| Common Dividends Paid | -$1.7B |
| Other Financing Activities | $44.3B |
| NET CASH FROM FINANCING | $24.0B |
| FREE CASH FLOW | -$221M |
| Net Change in Cash | $8.0B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $111.7B |
| Short-Term Investments | $428.3B |
| Net Receivables | $114.7B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $654.7B |
| PP&E (Net) | $4.2B |
| Goodwill | $16.7B |
| Intangible Assets | $6.0B |
| Long-Term Investments | $552.5B |
| Tax Assets | $5.2B |
| Other Non-Current Assets | $181.0B |
| TOTAL NON-CURRENT ASSETS | $765.6B |
| TOTAL ASSETS | $1.4T |
| Account Payables | $415.5B |
| Short-Term Debt | $144.0B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $559.6B |
| Long-Term Debt | $327.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3.0B |
| Other Non-Current Liabilities | $413.5B |
| TOTAL NON-CURRENT LIABILITIES | $748.0B |
| TOTAL LIABILITIES | $1.3T |
| Common Stock | $20M |
| Additional Paid-In Capital | $31.2B |
| Retained Earnings | $115.1B |
| Treasury Stock | -$38.1B |
| Accum. Other Comp. Income | -$6.3B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $111.6B |
| Minority Interest | $1.0B |
| TOTAL EQUITY | $112.7B |
| TOTAL LIABILITIES & EQUITY | $1.4T |
| Total Debt | $475.6B |
| Net Debt | $363.9B |
