| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.5B | $1.3B | -5.4% | 10.2% |
| Op. Income | $431M | $692M | $482M | -37.7% | -10.5% |
| Gross Margin | 72.4% | 74.3% | 71.0% | -1.9pp | 1.4pp |
| Net Margin | 20.8% | 34.4% | 29.3% | -13.6pp | -8.5pp |
| EPS (Diluted) | $0.82 | $1.43 | $1.05 | -42.7% | -21.9% |
| Free Cash Flow | $345M | $667M | $176M | -48.3% | 95.9% |
| Item | Amount |
|---|---|
| REVENUE | $1.4B |
| Cost of Revenue | $394M |
| GROSS PROFIT | $1.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $602M |
| Other Expenses | $0 |
| Operating Expenses | $602M |
| Cost & Expenses | $996M |
| OPERATING INCOME | $431M |
| Interest Income | $21M |
| Interest Expense | $64M |
| Other Income/Expenses | -$42M |
| INCOME BEFORE TAX | $389M |
| Income Tax Expense | $92M |
| Net Income from Continuing Ops | $297M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $297M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $297M |
| D&A | $86M |
| EBIT | $453M |
| EBITDA | $539M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.4B |
| Cost of Revenue | $394M |
| GROSS PROFIT | $1.0B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $602M |
| Other Expenses | $0 |
| Operating Expenses | $602M |
| Cost & Expenses | $996M |
| OPERATING INCOME | $431M |
| Interest Income | $21M |
| Interest Expense | $64M |
| Other Income/Expenses | -$42M |
| INCOME BEFORE TAX | $389M |
| Income Tax Expense | $92M |
| Net Income from Continuing Ops | $297M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $297M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $297M |
| D&A | $86M |
| EBIT | $453M |
| EBITDA | $539M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $297M |
| Depreciation & Amortization | $86M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $300.0K |
| Other Non-Cash Items | $161M |
| Change in Working Capital | -$139M |
| OPERATING CASH FLOW | $405M |
| Capital Expenditure | -$61M |
| Acquisitions (Net) | -$3.3B |
| Purchases of Investments | -$5.8B |
| Sales/Maturities of Investments | $5.8B |
| Other Investing Activities | -$4M |
| NET CASH FROM INVESTING | -$3.4B |
| Net Debt Issuance | $4.1B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$389M |
| Other Financing Activities | -$404M |
| NET CASH FROM FINANCING | $3.3B |
| FREE CASH FLOW | $345M |
| Net Change in Cash | $64M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.6B |
| Short-Term Investments | $35M |
| Net Receivables | $2.0B |
| Inventory | $0 |
| Other Current Assets | $5.2B |
| TOTAL CURRENT ASSETS | $8.9B |
| PP&E (Net) | $575M |
| Goodwill | $4.5B |
| Intangible Assets | $1.9B |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $611M |
| TOTAL NON-CURRENT ASSETS | $7.6B |
| TOTAL ASSETS | $16.6B |
| Account Payables | $130M |
| Short-Term Debt | $418M |
| Deferred Revenue | $69M |
| Other Current Liabilities | $5.4B |
| TOTAL CURRENT LIABILITIES | $7.0B |
| Long-Term Debt | $4.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $445M |
| Other Non-Current Liabilities | $431M |
| TOTAL NON-CURRENT LIABILITIES | $5.5B |
| TOTAL LIABILITIES | $12.4B |
| Common Stock | $4M |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | $2.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$54M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.1B |
| TOTAL LIABILITIES & EQUITY | $16.6B |
| Total Debt | $5.0B |
| Net Debt | $3.4B |
