| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $456M | $532M | $372M | -14.2% | 22.7% |
| Op. Income | $180M | $230M | -$197M | -21.9% | 191.5% |
| Gross Margin | 70.6% | 47.8% | 38.7% | 22.8pp | 31.9pp |
| Net Margin | 23.5% | 28.2% | -45.1% | -4.7pp | 68.6pp |
| EPS (Diluted) | $1.18 | $1.64 | $-1.84 | -28.0% | 164.1% |
| Free Cash Flow | -$48M | $195M | -$49M | -124.4% | 2.7% |
| Item | Amount |
|---|---|
| REVENUE | $456M |
| Cost of Revenue | $134M |
| GROSS PROFIT | $322M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $142M |
| Operating Expenses | $142M |
| Cost & Expenses | $277M |
| OPERATING INCOME | $180M |
| Interest Income | $0 |
| Interest Expense | $35M |
| Other Income/Expenses | -$31M |
| INCOME BEFORE TAX | $149M |
| Income Tax Expense | $42M |
| Net Income from Continuing Ops | $107M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $107M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $107M |
| D&A | $120M |
| EBIT | $185M |
| EBITDA | $304M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $456M |
| Cost of Revenue | $134M |
| GROSS PROFIT | $322M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $142M |
| Operating Expenses | $142M |
| Cost & Expenses | $277M |
| OPERATING INCOME | $180M |
| Interest Income | $0 |
| Interest Expense | $35M |
| Other Income/Expenses | -$31M |
| INCOME BEFORE TAX | $149M |
| Income Tax Expense | $42M |
| Net Income from Continuing Ops | $107M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $107M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $107M |
| D&A | $120M |
| EBIT | $185M |
| EBITDA | $304M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $107M |
| Depreciation & Amortization | $120M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $61M |
| Other Non-Cash Items | $6M |
| Change in Working Capital | -$59M |
| OPERATING CASH FLOW | $238M |
| Capital Expenditure | -$286M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $12M |
| NET CASH FROM INVESTING | -$274M |
| Net Debt Issuance | $89M |
| Common Stock Repurchased | -$524.0K |
| Common Dividends Paid | -$48M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $40M |
| FREE CASH FLOW | -$48M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $43M |
| Short-Term Investments | $0 |
| Net Receivables | $197M |
| Inventory | $90M |
| Other Current Assets | $81M |
| TOTAL CURRENT ASSETS | $411M |
| PP&E (Net) | $7.7B |
| Goodwill | $5M |
| Intangible Assets | $0 |
| Long-Term Investments | $108M |
| Tax Assets | $0 |
| Other Non-Current Assets | $483M |
| TOTAL NON-CURRENT ASSETS | $8.3B |
| TOTAL ASSETS | $8.7B |
| Account Payables | $184M |
| Short-Term Debt | $450M |
| Deferred Revenue | $17M |
| Other Current Liabilities | $274M |
| TOTAL CURRENT LIABILITIES | $926M |
| Long-Term Debt | $2.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.2B |
| Other Non-Current Liabilities | $1.1B |
| TOTAL NON-CURRENT LIABILITIES | $4.7B |
| TOTAL LIABILITIES | $5.6B |
| Common Stock | $90M |
| Additional Paid-In Capital | $1.1B |
| Retained Earnings | $2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$59M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.1B |
| TOTAL LIABILITIES & EQUITY | $8.7B |
| Total Debt | $2.8B |
| Net Debt | $2.8B |
