| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.7B | $4.2B | $2.9B | 12.7% | 64.6% |
| Op. Income | $1.1B | $1.1B | $767M | -3.5% | 40.4% |
| Gross Margin | 44.3% | 46.6% | 45.7% | -2.3pp | -1.4pp |
| Net Margin | 19.0% | 18.7% | 19.3% | 0.2pp | -0.4pp |
| EPS (Diluted) | $0.18 | $0.16 | $0.11 | 12.5% | 63.6% |
| Free Cash Flow | $1.1B | -$1.1B | $1.3B | 200.6% | -13.5% |
| Item | Amount |
|---|---|
| REVENUE | $4.7B |
| Cost of Revenue | $2.6B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $198M |
| SG&A Expenses | $198M |
| Other Expenses | $810M |
| Operating Expenses | $1.0B |
| Cost & Expenses | $3.6B |
| OPERATING INCOME | $1.1B |
| Interest Income | $2.6B |
| Interest Expense | $1.4B |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $1.1B |
| Income Tax Expense | $183M |
| Net Income from Continuing Ops | $898M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$4M |
| NET INCOME | $892M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $892M |
| D&A | $28M |
| EBIT | $1.1B |
| EBITDA | $1.1B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $4.7B |
| Cost of Revenue | $2.6B |
| GROSS PROFIT | $2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $198M |
| SG&A Expenses | $198M |
| Other Expenses | $810M |
| Operating Expenses | $1.0B |
| Cost & Expenses | $3.6B |
| OPERATING INCOME | $1.1B |
| Interest Income | $2.6B |
| Interest Expense | $1.4B |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $1.1B |
| Income Tax Expense | $183M |
| Net Income from Continuing Ops | $898M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$4M |
| NET INCOME | $892M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $892M |
| D&A | $28M |
| EBIT | $1.1B |
| EBITDA | $1.1B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $892M |
| Depreciation & Amortization | $28M |
| Stock-Based Compensation | $63M |
| Deferred Income Tax | -$332M |
| Other Non-Cash Items | -$1.1B |
| Change in Working Capital | $1.3B |
| OPERATING CASH FLOW | $831M |
| Capital Expenditure | $271M |
| Acquisitions (Net) | -$2M |
| Purchases of Investments | -$4.8B |
| Sales/Maturities of Investments | -$1M |
| Other Investing Activities | $5.1B |
| NET CASH FROM INVESTING | -$64M |
| Net Debt Issuance | $1.3B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$7M |
| NET CASH FROM FINANCING | $1.3B |
| FREE CASH FLOW | $1.1B |
| Net Change in Cash | $1.7B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $15.0B |
| Short-Term Investments | $1.1B |
| Net Receivables | $19.3B |
| Inventory | $0 |
| Other Current Assets | $22M |
| TOTAL CURRENT ASSETS | $35.4B |
| PP&E (Net) | $28M |
| Goodwill | $409M |
| Intangible Assets | $602M |
| Long-Term Investments | $22.3B |
| Tax Assets | $2.5B |
| Other Non-Current Assets | $13.6B |
| TOTAL NON-CURRENT ASSETS | $39.5B |
| TOTAL ASSETS | $74.9B |
| Account Payables | $13.6B |
| Short-Term Debt | $2.5B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $43.4B |
| TOTAL CURRENT LIABILITIES | $59.8B |
| Long-Term Debt | $2.7B |
| Deferred Revenue NC | $78M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $998M |
| TOTAL NON-CURRENT LIABILITIES | $3.8B |
| TOTAL LIABILITIES | $63.6B |
| Common Stock | $84.0K |
| Additional Paid-In Capital | $5.1B |
| Retained Earnings | $6.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$184M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $11.3B |
| Minority Interest | $31M |
| TOTAL EQUITY | $11.3B |
| TOTAL LIABILITIES & EQUITY | $74.9B |
| Total Debt | $5.2B |
| Net Debt | -$9.8B |
