| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $22.7B | $22.5B | $20.3B | 1.0% | 12.2% |
| Op. Income | $3.7B | $3.3B | $3.0B | 10.8% | 24.1% |
| Gross Margin | 29.3% | 15.8% | 28.8% | 13.5pp | 0.5pp |
| Net Margin | 13.0% | 11.6% | 11.6% | 1.4pp | 1.4pp |
| EPS (Diluted) | $5.02 | $4.45 | $4.01 | 12.8% | 25.2% |
| Free Cash Flow | $3.0B | $5.1B | $2.9B | -40.6% | 5.2% |
| Item | Amount |
|---|---|
| REVENUE | $22.7B |
| Cost of Revenue | $16.1B |
| GROSS PROFIT | $6.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $3.0B |
| Operating Expenses | $3.0B |
| Cost & Expenses | $19.1B |
| OPERATING INCOME | $3.7B |
| Interest Income | $0 |
| Interest Expense | $69M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3.7B |
| Income Tax Expense | $731M |
| Net Income from Continuing Ops | $3.0B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $3.0B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3.0B |
| D&A | $83M |
| EBIT | $3.8B |
| EBITDA | $3.8B |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| REVENUE | $22.7B |
| Cost of Revenue | $16.1B |
| GROSS PROFIT | $6.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $3.0B |
| Operating Expenses | $3.0B |
| Cost & Expenses | $19.1B |
| OPERATING INCOME | $3.7B |
| Interest Income | $0 |
| Interest Expense | $69M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3.7B |
| Income Tax Expense | $731M |
| Net Income from Continuing Ops | $3.0B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $3.0B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3.0B |
| D&A | $83M |
| EBIT | $3.8B |
| EBITDA | $3.8B |
| EPS | $5 |
| EPS Diluted | $5 |
| Item | Amount |
|---|---|
| Net Income | $3.0B |
| Depreciation & Amortization | -$240M |
| Stock-Based Compensation | -$48M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $127M |
| Change in Working Capital | $380M |
| OPERATING CASH FLOW | $3.2B |
| Capital Expenditure | -$121M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$23.2B |
| Sales/Maturities of Investments | $20.5B |
| Other Investing Activities | -$313M |
| NET CASH FROM INVESTING | -$3.1B |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$59M |
| Common Dividends Paid | -$59M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$118M |
| FREE CASH FLOW | $3.0B |
| Net Change in Cash | -$47M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $125M |
| Short-Term Investments | $19.7B |
| Net Receivables | $20.1B |
| Inventory | $0 |
| Other Current Assets | $13M |
| TOTAL CURRENT ASSETS | $40.2B |
| PP&E (Net) | $783M |
| Goodwill | $0 |
| Intangible Assets | $2.0B |
| Long-Term Investments | $77.7B |
| Tax Assets | $748M |
| Other Non-Current Assets | $1.6B |
| TOTAL NON-CURRENT ASSETS | $82.9B |
| TOTAL ASSETS | $123.0B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $25.2B |
| Other Current Liabilities | $43.3B |
| TOTAL CURRENT LIABILITIES | $68.5B |
| Long-Term Debt | $6.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $17.3B |
| TOTAL NON-CURRENT LIABILITIES | $24.2B |
| TOTAL LIABILITIES | $92.7B |
| Common Stock | $586M |
| Additional Paid-In Capital | $2.3B |
| Retained Earnings | $27.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $103M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $30.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $30.3B |
| TOTAL LIABILITIES & EQUITY | $123.0B |
| Total Debt | $6.9B |
| Net Debt | $6.8B |
