| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $6.2B | — | $4.0B | — | 54.1% |
| Op. Income | $1.5B | — | $995M | — | 46.7% |
| Gross Margin | 43.6% | — | 46.2% | — | -2.6pp |
| Net Margin | 12.0% | — | 10.2% | — | 1.9pp |
| EPS (Diluted) | $1.37 | — | $0.75 | — | 83.8% |
| Free Cash Flow | $599M | — | $39M | — | 1447.8% |
| Item | Amount |
|---|---|
| REVENUE | $6.2B |
| Cost of Revenue | $3.5B |
| GROSS PROFIT | $2.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.2B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $4.7B |
| OPERATING INCOME | $1.5B |
| Interest Income | $0 |
| Interest Expense | $530M |
| Other Income/Expenses | -$530M |
| INCOME BEFORE TAX | $929M |
| Income Tax Expense | $219M |
| Net Income from Continuing Ops | $710M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $743M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $743M |
| D&A | $1.2B |
| EBIT | $1.5B |
| EBITDA | $2.7B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $6.2B |
| Cost of Revenue | $3.5B |
| GROSS PROFIT | $2.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.2B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $4.7B |
| OPERATING INCOME | $1.5B |
| Interest Income | $0 |
| Interest Expense | $530M |
| Other Income/Expenses | -$530M |
| INCOME BEFORE TAX | $929M |
| Income Tax Expense | $219M |
| Net Income from Continuing Ops | $710M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $743M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $743M |
| D&A | $1.2B |
| EBIT | $1.5B |
| EBITDA | $2.7B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $543M |
| Depreciation & Amortization | $908M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $85M |
| Change in Working Capital | -$254M |
| OPERATING CASH FLOW | $1.3B |
| Capital Expenditure | -$682M |
| Acquisitions (Net) | $145M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $12M |
| NET CASH FROM INVESTING | -$551M |
| Net Debt Issuance | -$430M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$294M |
| Other Financing Activities | -$129M |
| NET CASH FROM FINANCING | -$853M |
| FREE CASH FLOW | $599M |
| Net Change in Cash | -$107M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $981M |
| Short-Term Investments | $0 |
| Net Receivables | $4.7B |
| Inventory | $402M |
| Other Current Assets | $879M |
| TOTAL CURRENT ASSETS | $6.9B |
| PP&E (Net) | $19.2B |
| Goodwill | $14.6B |
| Intangible Assets | $21.1B |
| Long-Term Investments | $2.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.5B |
| TOTAL NON-CURRENT ASSETS | $58.8B |
| TOTAL ASSETS | $65.7B |
| Account Payables | $3.5B |
| Short-Term Debt | $3.8B |
| Deferred Revenue | $813M |
| Other Current Liabilities | $2.8B |
| TOTAL CURRENT LIABILITIES | $11.4B |
| Long-Term Debt | $26.2B |
| Deferred Revenue NC | $199M |
| Deferred Tax Liabilities | $6.9B |
| Other Non-Current Liabilities | $1.5B |
| TOTAL NON-CURRENT LIABILITIES | $36.6B |
| TOTAL LIABILITIES | $48.0B |
| Common Stock | $1.8B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $12.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$922M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $13.0B |
| Minority Interest | $4.8B |
| TOTAL EQUITY | $17.7B |
| TOTAL LIABILITIES & EQUITY | $65.7B |
| Total Debt | $32.3B |
| Net Debt | $31.3B |
