| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $840M | $878M | $824M | -4.3% | 1.9% |
| Op. Income | $131M | $161M | $88M | -18.6% | 48.9% |
| Gross Margin | 33.7% | 35.0% | 44.5% | -1.3pp | -10.8pp |
| Net Margin | 4.9% | 11.7% | 4.6% | -6.9pp | 0.3pp |
| EPS (Diluted) | $0.37 | $0.93 | $0.35 | -60.2% | 5.7% |
| Free Cash Flow | -$142M | $100M | -$222M | -242.0% | 36.0% |
| Item | Amount |
|---|---|
| REVENUE | $840M |
| Cost of Revenue | $557M |
| GROSS PROFIT | $283M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $101M |
| Other Expenses | $51M |
| Operating Expenses | $152M |
| Cost & Expenses | $709M |
| OPERATING INCOME | $131M |
| Interest Income | $0 |
| Interest Expense | $59M |
| Other Income/Expenses | -$91M |
| INCOME BEFORE TAX | $40M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | $41M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $41M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $41M |
| D&A | $151M |
| EBIT | $131M |
| EBITDA | $282M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $840M |
| Cost of Revenue | $557M |
| GROSS PROFIT | $283M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $101M |
| Other Expenses | $51M |
| Operating Expenses | $152M |
| Cost & Expenses | $709M |
| OPERATING INCOME | $131M |
| Interest Income | $0 |
| Interest Expense | $59M |
| Other Income/Expenses | -$91M |
| INCOME BEFORE TAX | $40M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | $41M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $41M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $41M |
| D&A | $151M |
| EBIT | $131M |
| EBITDA | $282M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $41M |
| Depreciation & Amortization | $151M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $66M |
| Change in Working Capital | -$108M |
| OPERATING CASH FLOW | $148M |
| Capital Expenditure | -$290M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $10M |
| NET CASH FROM INVESTING | -$280M |
| Net Debt Issuance | -$68M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$58M |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | $71M |
| FREE CASH FLOW | -$142M |
| Net Change in Cash | -$36M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $76M |
| Short-Term Investments | $0 |
| Net Receivables | $460M |
| Inventory | $124M |
| Other Current Assets | $316M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $10.9B |
| Goodwill | $0 |
| Intangible Assets | $366M |
| Long-Term Investments | $43M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.1B |
| TOTAL NON-CURRENT ASSETS | $12.4B |
| TOTAL ASSETS | $13.5B |
| Account Payables | $330M |
| Short-Term Debt | $53M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $460M |
| TOTAL CURRENT LIABILITIES | $993M |
| Long-Term Debt | $4.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1.1B |
| Other Non-Current Liabilities | $1.8B |
| TOTAL NON-CURRENT LIABILITIES | $8.4B |
| TOTAL LIABILITIES | $9.4B |
| Common Stock | $2.4B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.1B |
| TOTAL LIABILITIES & EQUITY | $13.5B |
| Total Debt | $5.5B |
| Net Debt | $5.5B |
