| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $652M | $456M | $549M | 42.7% | 18.6% |
| Op. Income | $276M | $180M | $86M | 53.6% | 220.4% |
| Gross Margin | 46.2% | 70.6% | 45.5% | -24.4pp | 0.7pp |
| Net Margin | 27.9% | 23.5% | 8.2% | 4.4pp | 19.7pp |
| EPS (Diluted) | $1.98 | $1.18 | $0.49 | 67.8% | 304.1% |
| Free Cash Flow | -$3M | -$48M | -$20M | 94.3% | 86.7% |
| Item | Amount |
|---|---|
| REVENUE | $652M |
| Cost of Revenue | $351M |
| GROSS PROFIT | $301M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $25M |
| Operating Expenses | $25M |
| Cost & Expenses | $375M |
| OPERATING INCOME | $276M |
| Interest Income | $0 |
| Interest Expense | $43M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $241M |
| Income Tax Expense | $59M |
| Net Income from Continuing Ops | $182M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $182M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $182M |
| D&A | $122M |
| EBIT | $284M |
| EBITDA | $406M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $652M |
| Cost of Revenue | $351M |
| GROSS PROFIT | $301M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $25M |
| Operating Expenses | $25M |
| Cost & Expenses | $375M |
| OPERATING INCOME | $276M |
| Interest Income | $0 |
| Interest Expense | $43M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $241M |
| Income Tax Expense | $59M |
| Net Income from Continuing Ops | $182M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $182M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $182M |
| D&A | $122M |
| EBIT | $284M |
| EBITDA | $406M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $182M |
| Depreciation & Amortization | $122M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $34M |
| Other Non-Cash Items | $12M |
| Change in Working Capital | -$75M |
| OPERATING CASH FLOW | $275M |
| Capital Expenditure | -$278M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$279M |
| Net Debt Issuance | -$60M |
| Common Stock Repurchased | -$6M |
| Common Dividends Paid | -$48M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $232M |
| FREE CASH FLOW | -$3M |
| Net Change in Cash | $228M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $271M |
| Short-Term Investments | $0 |
| Net Receivables | $336M |
| Inventory | $90M |
| Other Current Assets | $62M |
| TOTAL CURRENT ASSETS | $759M |
| PP&E (Net) | $7.8B |
| Goodwill | $5M |
| Intangible Assets | $0 |
| Long-Term Investments | $138M |
| Tax Assets | $0 |
| Other Non-Current Assets | $487M |
| TOTAL NON-CURRENT ASSETS | $8.4B |
| TOTAL ASSETS | $9.2B |
| Account Payables | $142M |
| Short-Term Debt | $690M |
| Deferred Revenue | $17M |
| Other Current Liabilities | $325M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $2.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.3B |
| Other Non-Current Liabilities | $1.1B |
| TOTAL NON-CURRENT LIABILITIES | $4.4B |
| TOTAL LIABILITIES | $5.6B |
| Common Stock | $95M |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | $2.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$33M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.6B |
| TOTAL LIABILITIES & EQUITY | $9.2B |
| Total Debt | $2.8B |
| Net Debt | $2.5B |
