| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.2B | $3.7B | $2.9B | 13.3% | 46.1% |
| Op. Income | $1.1B | $879M | $724M | 26.9% | 54.2% |
| Gross Margin | 46.6% | 44.6% | 46.3% | 2.1pp | 0.4pp |
| Net Margin | 18.7% | 17.3% | 19.4% | 1.5pp | -0.6pp |
| EPS (Diluted) | $0.16 | $0.13 | $0.11 | 23.1% | 45.5% |
| Free Cash Flow | -$1.1B | $2.5B | -$1.1B | -144.1% | 0.8% |
| Item | Amount |
|---|---|
| REVENUE | $4.2B |
| Cost of Revenue | $2.2B |
| GROSS PROFIT | $1.9B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $148M |
| SG&A Expenses | $148M |
| Other Expenses | $681M |
| Operating Expenses | $829M |
| Cost & Expenses | $3.1B |
| OPERATING INCOME | $1.1B |
| Interest Income | $3.6B |
| Interest Expense | $1.3B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $1.1B |
| Income Tax Expense | $334M |
| Net Income from Continuing Ops | $783M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $782M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $782M |
| D&A | $26M |
| EBIT | $1.1B |
| EBITDA | $1.1B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $4.2B |
| Cost of Revenue | $2.2B |
| GROSS PROFIT | $1.9B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $148M |
| SG&A Expenses | $148M |
| Other Expenses | $681M |
| Operating Expenses | $829M |
| Cost & Expenses | $3.1B |
| OPERATING INCOME | $1.1B |
| Interest Income | $3.6B |
| Interest Expense | $1.3B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $1.1B |
| Income Tax Expense | $334M |
| Net Income from Continuing Ops | $783M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $782M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $782M |
| D&A | $26M |
| EBIT | $1.1B |
| EBITDA | $1.1B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $783M |
| Depreciation & Amortization | $26M |
| Stock-Based Compensation | $74M |
| Deferred Income Tax | -$55M |
| Other Non-Cash Items | $3.1B |
| Change in Working Capital | -$4.9B |
| OPERATING CASH FLOW | -$971M |
| Capital Expenditure | -$125M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$123M |
| NET CASH FROM INVESTING | -$125M |
| Net Debt Issuance | $740M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $741M |
| FREE CASH FLOW | -$1.1B |
| Net Change in Cash | -$373M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $17.3B |
| Short-Term Investments | $11.2B |
| Net Receivables | $18.5B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $47.3B |
| PP&E (Net) | $46M |
| Goodwill | $410M |
| Intangible Assets | $575M |
| Long-Term Investments | $12.5B |
| Tax Assets | $2.2B |
| Other Non-Current Assets | $5.3B |
| TOTAL NON-CURRENT ASSETS | $21.1B |
| TOTAL ASSETS | $68.4B |
| Account Payables | $12.0B |
| Short-Term Debt | $1.9B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $39.3B |
| TOTAL CURRENT LIABILITIES | $53.4B |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $111M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3.0B |
| TOTAL NON-CURRENT LIABILITIES | $4.4B |
| TOTAL LIABILITIES | $57.8B |
| Common Stock | $84.0K |
| Additional Paid-In Capital | $5.1B |
| Retained Earnings | $5.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $10.6B |
| Minority Interest | $2M |
| TOTAL EQUITY | $10.6B |
| TOTAL LIABILITIES & EQUITY | $68.4B |
| Total Debt | $3.1B |
| Net Debt | -$14.2B |
