| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $883M | $932M | $412M | -5.2% | 114.4% |
| Op. Income | $237M | $77M | $218M | 207.8% | 8.6% |
| Gross Margin | 46.8% | 51.9% | 95.8% | -5.1pp | -49.0pp |
| Net Margin | 20.6% | 14.6% | 16.8% | 5.9pp | 3.7pp |
| EPS (Diluted) | $3.37 | $2.54 | $1.30 | 32.7% | 159.2% |
| Free Cash Flow | -$708M | -$142M | -$398M | -399.2% | -77.7% |
| Item | Amount |
|---|---|
| REVENUE | $883M |
| Cost of Revenue | $470M |
| GROSS PROFIT | $413M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $80M |
| SG&A Expenses | $94M |
| Other Expenses | $83M |
| Operating Expenses | $176M |
| Cost & Expenses | $646M |
| OPERATING INCOME | $237M |
| Interest Income | $249M |
| Interest Expense | $231M |
| Other Income/Expenses | -$196.0K |
| INCOME BEFORE TAX | $236M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $182M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $182M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $182M |
| D&A | $16M |
| EBIT | $237M |
| EBITDA | $253M |
| EPS | $4 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $883M |
| Cost of Revenue | $470M |
| GROSS PROFIT | $413M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $80M |
| SG&A Expenses | $94M |
| Other Expenses | $83M |
| Operating Expenses | $176M |
| Cost & Expenses | $646M |
| OPERATING INCOME | $237M |
| Interest Income | $249M |
| Interest Expense | $231M |
| Other Income/Expenses | -$196.0K |
| INCOME BEFORE TAX | $236M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $182M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $182M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $182M |
| D&A | $16M |
| EBIT | $237M |
| EBITDA | $253M |
| EPS | $4 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $182M |
| Depreciation & Amortization | $16M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$917M |
| Change in Working Capital | $12M |
| OPERATING CASH FLOW | -$697M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $53M |
| Sales/Maturities of Investments | $537M |
| Other Investing Activities | $166M |
| NET CASH FROM INVESTING | $753M |
| Net Debt Issuance | $649M |
| Common Stock Repurchased | -$5M |
| Common Dividends Paid | -$16M |
| Other Financing Activities | -$228M |
| NET CASH FROM FINANCING | $404M |
| FREE CASH FLOW | -$708M |
| Net Change in Cash | $460M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $622M |
| Short-Term Investments | $62M |
| Net Receivables | $13.1B |
| Inventory | $0 |
| Other Current Assets | $216M |
| TOTAL CURRENT ASSETS | $14.4B |
| PP&E (Net) | $51M |
| Goodwill | $0 |
| Intangible Assets | $9.8B |
| Long-Term Investments | $920.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.2B |
| TOTAL NON-CURRENT ASSETS | $11.0B |
| TOTAL ASSETS | $25.4B |
| Account Payables | $557M |
| Short-Term Debt | $7.1B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $8.9B |
| Long-Term Debt | $12.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $57M |
| TOTAL NON-CURRENT LIABILITIES | $12.3B |
| TOTAL LIABILITIES | $21.2B |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $87M |
| Retained Earnings | $4.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.2B |
| TOTAL LIABILITIES & EQUITY | $25.4B |
| Total Debt | $19.4B |
| Net Debt | $18.8B |
