| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.3B | $2.5B | $3.3B | 32.6% | -0.2% |
| Op. Income | $971M | $1.0B | $882M | -5.3% | 10.1% |
| Gross Margin | 70.5% | 95.0% | 66.5% | -24.5pp | 4.0pp |
| Net Margin | 22.8% | 31.5% | 20.4% | -8.7pp | 2.4pp |
| EPS (Diluted) | $4.67 | $4.82 | $3.86 | -3.1% | 21.0% |
| Free Cash Flow | $467M | $1.1B | $1.6B | -55.6% | -70.6% |
| Item | Amount |
|---|---|
| REVENUE | $3.3B |
| Cost of Revenue | $983M |
| GROSS PROFIT | $2.4B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $809M |
| SG&A Expenses | $809M |
| Other Expenses | $570M |
| Operating Expenses | $1.4B |
| Cost & Expenses | $2.4B |
| OPERATING INCOME | $971M |
| Interest Income | $2.6B |
| Interest Expense | $858M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $971M |
| Income Tax Expense | $212M |
| Net Income from Continuing Ops | $759M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $759M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $759M |
| D&A | $0 |
| EBIT | $971M |
| EBITDA | $971M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| REVENUE | $3.3B |
| Cost of Revenue | $983M |
| GROSS PROFIT | $2.4B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $809M |
| SG&A Expenses | $809M |
| Other Expenses | $570M |
| Operating Expenses | $1.4B |
| Cost & Expenses | $2.4B |
| OPERATING INCOME | $971M |
| Interest Income | $2.6B |
| Interest Expense | $858M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $971M |
| Income Tax Expense | $212M |
| Net Income from Continuing Ops | $759M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $759M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $759M |
| D&A | $0 |
| EBIT | $971M |
| EBITDA | $971M |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| Net Income | $759M |
| Depreciation & Amortization | $122M |
| Stock-Based Compensation | $136M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$39M |
| Change in Working Capital | -$455M |
| OPERATING CASH FLOW | $523M |
| Capital Expenditure | -$56M |
| Acquisitions (Net) | -$683M |
| Purchases of Investments | -$1.1B |
| Sales/Maturities of Investments | $1.3B |
| Other Investing Activities | -$3.2B |
| NET CASH FROM INVESTING | -$3.8B |
| Net Debt Issuance | -$1.9B |
| Common Stock Repurchased | -$502M |
| Common Dividends Paid | -$228M |
| Other Financing Activities | $3.5B |
| NET CASH FROM FINANCING | $1.3B |
| FREE CASH FLOW | $467M |
| Net Change in Cash | -$2.1B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $18.8B |
| Short-Term Investments | $36.6B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $55.4B |
| PP&E (Net) | $0 |
| Goodwill | $8.5B |
| Intangible Assets | $64M |
| Long-Term Investments | $136.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $13.0B |
| TOTAL NON-CURRENT ASSETS | $158.1B |
| TOTAL ASSETS | $213.5B |
| Account Payables | $0 |
| Short-Term Debt | $2.1B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $171.3B |
| TOTAL CURRENT LIABILITIES | $173.4B |
| Long-Term Debt | $10.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $10.9B |
| TOTAL LIABILITIES | $184.3B |
| Common Stock | $90M |
| Additional Paid-In Capital | $10.0B |
| Retained Earnings | $20.9B |
| Treasury Stock | -$4.9B |
| Accum. Other Comp. Income | $277M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $29.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $29.2B |
| TOTAL LIABILITIES & EQUITY | $213.5B |
| Total Debt | $13.1B |
| Net Debt | -$5.7B |
