| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $2.2B | 1.6% | 2.8% |
| Op. Income | $478M | $569M | $377M | -16.0% | 26.8% |
| Gross Margin | 25.8% | 44.7% | 36.3% | -18.8pp | -10.5pp |
| Net Margin | 11.7% | 14.2% | 8.0% | -2.5pp | 3.7pp |
| EPS (Diluted) | $0.36 | $0.43 | $0.24 | -16.3% | 50.0% |
| Free Cash Flow | -$614M | -$179M | -$349M | -243.0% | -75.9% |
| Item | Amount |
|---|---|
| REVENUE | $2.3B |
| Cost of Revenue | $1.7B |
| GROSS PROFIT | $587M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $109M |
| Operating Expenses | $109M |
| Cost & Expenses | $1.8B |
| OPERATING INCOME | $478M |
| Interest Income | $7M |
| Interest Expense | $209M |
| Other Income/Expenses | -$150M |
| INCOME BEFORE TAX | $328M |
| Income Tax Expense | $62M |
| Net Income from Continuing Ops | $266M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $266M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $267M |
| D&A | $368M |
| EBIT | $537M |
| EBITDA | $905M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $2.3B |
| Cost of Revenue | $1.7B |
| GROSS PROFIT | $587M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $109M |
| Operating Expenses | $109M |
| Cost & Expenses | $1.8B |
| OPERATING INCOME | $478M |
| Interest Income | $7M |
| Interest Expense | $209M |
| Other Income/Expenses | -$150M |
| INCOME BEFORE TAX | $328M |
| Income Tax Expense | $62M |
| Net Income from Continuing Ops | $266M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $266M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $267M |
| D&A | $368M |
| EBIT | $537M |
| EBITDA | $905M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $266M |
| Depreciation & Amortization | $368M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $15M |
| Other Non-Cash Items | -$36M |
| Change in Working Capital | -$65M |
| OPERATING CASH FLOW | $548M |
| Capital Expenditure | -$1.2B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $18M |
| NET CASH FROM INVESTING | -$1.1B |
| Net Debt Issuance | $395M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$201M |
| Other Financing Activities | -$32M |
| NET CASH FROM FINANCING | $563M |
| FREE CASH FLOW | -$614M |
| Net Change in Cash | -$33M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.1B |
| Short-Term Investments | $0 |
| Net Receivables | $1.8B |
| Inventory | $551M |
| Other Current Assets | $405M |
| TOTAL CURRENT ASSETS | $3.9B |
| PP&E (Net) | $36.1B |
| Goodwill | $2.2B |
| Intangible Assets | $327M |
| Long-Term Investments | $0 |
| Tax Assets | $9M |
| Other Non-Current Assets | $2.6B |
| TOTAL NON-CURRENT ASSETS | $41.3B |
| TOTAL ASSETS | $45.2B |
| Account Payables | $1.6B |
| Short-Term Debt | $1.4B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.4B |
| TOTAL CURRENT LIABILITIES | $4.5B |
| Long-Term Debt | $18.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3.6B |
| Other Non-Current Liabilities | $4.2B |
| TOTAL NON-CURRENT LIABILITIES | $25.8B |
| TOTAL LIABILITIES | $30.4B |
| Common Stock | $8M |
| Additional Paid-In Capital | $12.4B |
| Retained Earnings | $3.2B |
| Treasury Stock | -$575M |
| Accum. Other Comp. Income | -$202M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $14.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $14.9B |
| TOTAL LIABILITIES & EQUITY | $45.2B |
| Total Debt | $19.4B |
| Net Debt | $18.3B |
