| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $894M | $644M | $627M | 38.8% | 42.7% |
| Op. Income | $434M | $210M | $194M | 106.6% | 123.5% |
| Gross Margin | 86.9% | 82.9% | 82.0% | 4.0pp | 4.9pp |
| Net Margin | 38.9% | 21.9% | 20.2% | 17.0pp | 18.7pp |
| EPS (Diluted) | $2.94 | $1.17 | $1.04 | 151.3% | 182.7% |
| Free Cash Flow | $100M | $242M | $90M | -58.5% | 12.2% |
| Item | Amount |
|---|---|
| REVENUE | $894M |
| Cost of Revenue | $117M |
| GROSS PROFIT | $777M |
| R&D Expenses | $115M |
| Selling & Marketing | $142M |
| General & Administrative | $64M |
| SG&A Expenses | $206M |
| Other Expenses | $23M |
| Operating Expenses | $343M |
| Cost & Expenses | $460M |
| OPERATING INCOME | $434M |
| Interest Income | $0 |
| Interest Expense | $17M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $428M |
| Income Tax Expense | $80M |
| Net Income from Continuing Ops | $348M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $348M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $348M |
| D&A | $34M |
| EBIT | $445M |
| EBITDA | $479M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $894M |
| Cost of Revenue | $117M |
| GROSS PROFIT | $777M |
| R&D Expenses | $115M |
| Selling & Marketing | $142M |
| General & Administrative | $64M |
| SG&A Expenses | $206M |
| Other Expenses | $23M |
| Operating Expenses | $343M |
| Cost & Expenses | $460M |
| OPERATING INCOME | $434M |
| Interest Income | $0 |
| Interest Expense | $17M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $428M |
| Income Tax Expense | $80M |
| Net Income from Continuing Ops | $348M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $348M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $348M |
| D&A | $34M |
| EBIT | $445M |
| EBITDA | $479M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $348M |
| Depreciation & Amortization | $34M |
| Stock-Based Compensation | $55M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$30M |
| Change in Working Capital | -$303M |
| OPERATING CASH FLOW | $104M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $15M |
| NET CASH FROM INVESTING | $11M |
| Net Debt Issuance | $824M |
| Common Stock Repurchased | -$75M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$889M |
| NET CASH FROM FINANCING | -$128M |
| FREE CASH FLOW | $100M |
| Net Change in Cash | -$16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $184M |
| Short-Term Investments | $0 |
| Net Receivables | $1.0B |
| Inventory | $0 |
| Other Current Assets | $79M |
| TOTAL CURRENT ASSETS | $1.4B |
| PP&E (Net) | $176M |
| Goodwill | $3.5B |
| Intangible Assets | $825M |
| Long-Term Investments | $379M |
| Tax Assets | $194M |
| Other Non-Current Assets | $167M |
| TOTAL NON-CURRENT ASSETS | $5.2B |
| TOTAL ASSETS | $6.6B |
| Account Payables | $12M |
| Short-Term Debt | $25M |
| Deferred Revenue | $812M |
| Other Current Liabilities | $200M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $15M |
| Deferred Tax Liabilities | $30M |
| Other Non-Current Liabilities | $188M |
| TOTAL NON-CURRENT LIABILITIES | $1.6B |
| TOTAL LIABILITIES | $2.8B |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.8B |
| Retained Earnings | $2.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$81M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.8B |
| TOTAL LIABILITIES & EQUITY | $6.6B |
| Total Debt | $1.4B |
| Net Debt | $1.2B |
