| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.0B | $758M | -1.4% | 32.9% |
| Op. Income | $304M | $233M | $186M | 30.8% | 63.5% |
| Gross Margin | 68.6% | 66.4% | 61.1% | 2.1pp | 7.5pp |
| Net Margin | 21.5% | 17.9% | 20.3% | 3.6pp | 1.2pp |
| EPS (Diluted) | $0.55 | $0.46 | $0.47 | 19.6% | 17.0% |
| Free Cash Flow | $137M | $356M | $229M | -61.4% | -40.0% |
| Item | Amount |
|---|---|
| REVENUE | $1.0B |
| Cost of Revenue | $316M |
| GROSS PROFIT | $691M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $340M |
| SG&A Expenses | $354M |
| Other Expenses | $32M |
| Operating Expenses | $386M |
| Cost & Expenses | $703M |
| OPERATING INCOME | $304M |
| Interest Income | $897M |
| Interest Expense | $316M |
| Other Income/Expenses | -$33M |
| INCOME BEFORE TAX | $272M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $217M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $217M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $213M |
| D&A | $36M |
| EBIT | $304M |
| EBITDA | $340M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.0B |
| Cost of Revenue | $316M |
| GROSS PROFIT | $691M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $340M |
| SG&A Expenses | $354M |
| Other Expenses | $32M |
| Operating Expenses | $386M |
| Cost & Expenses | $703M |
| OPERATING INCOME | $304M |
| Interest Income | $897M |
| Interest Expense | $316M |
| Other Income/Expenses | -$33M |
| INCOME BEFORE TAX | $272M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $217M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $217M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $213M |
| D&A | $36M |
| EBIT | $304M |
| EBITDA | $340M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $217M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $66M |
| Change in Working Capital | -$124M |
| OPERATING CASH FLOW | $159M |
| Capital Expenditure | -$22M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$560M |
| Sales/Maturities of Investments | $667M |
| Other Investing Activities | -$783M |
| NET CASH FROM INVESTING | -$699M |
| Net Debt Issuance | $242M |
| Common Stock Repurchased | -$25M |
| Common Dividends Paid | -$59M |
| Other Financing Activities | $524M |
| NET CASH FROM FINANCING | $683M |
| FREE CASH FLOW | $137M |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $592M |
| Short-Term Investments | $1.2B |
| Net Receivables | $48.2B |
| Inventory | $0 |
| Other Current Assets | $53M |
| TOTAL CURRENT ASSETS | $50.1B |
| PP&E (Net) | $691M |
| Goodwill | $2.4B |
| Intangible Assets | $482M |
| Long-Term Investments | $14.9B |
| Tax Assets | $0 |
| Other Non-Current Assets | $3.6B |
| TOTAL NON-CURRENT ASSETS | $22.1B |
| TOTAL ASSETS | $72.2B |
| Account Payables | $0 |
| Short-Term Debt | $3.0B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $52.5B |
| TOTAL CURRENT LIABILITIES | $56.6B |
| Long-Term Debt | $4.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $145M |
| Other Non-Current Liabilities | $56.0B |
| TOTAL NON-CURRENT LIABILITIES | $7.1B |
| TOTAL LIABILITIES | $63.7B |
| Common Stock | $390M |
| Additional Paid-In Capital | $5.9B |
| Retained Earnings | $2.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$479M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.5B |
| TOTAL LIABILITIES & EQUITY | $72.2B |
| Total Debt | $7.7B |
| Net Debt | $7.1B |
