| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $726M | $585M | $428M | 24.1% | 69.7% |
| Op. Income | $232M | $139M | $53M | 67.3% | 338.5% |
| Gross Margin | 91.9% | 91.0% | 92.6% | 0.9pp | -0.6pp |
| Net Margin | 34.7% | 27.8% | 16.6% | 6.9pp | 18.1pp |
| EPS (Diluted) | $1.24 | $0.80 | $0.39 | 55.0% | 217.9% |
| Free Cash Flow | $264M | $183M | $89M | 44.0% | 195.7% |
| Item | Amount |
|---|---|
| REVENUE | $726M |
| Cost of Revenue | $59M |
| GROSS PROFIT | $667M |
| R&D Expenses | $199M |
| Selling & Marketing | $164M |
| General & Administrative | $72M |
| SG&A Expenses | $236M |
| Other Expenses | $0 |
| Operating Expenses | $435M |
| Cost & Expenses | $494M |
| OPERATING INCOME | $232M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $23M |
| INCOME BEFORE TAX | $255M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $252M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $252M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $4M |
| EBIT | $232M |
| EBITDA | $236M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $726M |
| Cost of Revenue | $59M |
| GROSS PROFIT | $667M |
| R&D Expenses | $199M |
| Selling & Marketing | $164M |
| General & Administrative | $72M |
| SG&A Expenses | $236M |
| Other Expenses | $0 |
| Operating Expenses | $435M |
| Cost & Expenses | $494M |
| OPERATING INCOME | $232M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $23M |
| INCOME BEFORE TAX | $255M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $252M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $252M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $252M |
| D&A | $4M |
| EBIT | $232M |
| EBITDA | $236M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $252M |
| Depreciation & Amortization | -$2M |
| Stock-Based Compensation | $85M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | -$70M |
| OPERATING CASH FLOW | $267M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$693M |
| Sales/Maturities of Investments | $490M |
| Other Investing Activities | $554.0K |
| NET CASH FROM INVESTING | -$206M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$24M |
| NET CASH FROM FINANCING | -$19M |
| FREE CASH FLOW | $264M |
| Net Change in Cash | $42M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $954M |
| Short-Term Investments | $1.5B |
| Net Receivables | $590M |
| Inventory | $0 |
| Other Current Assets | $69M |
| TOTAL CURRENT ASSETS | $3.1B |
| PP&E (Net) | $33M |
| Goodwill | $42M |
| Intangible Assets | $16M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $12M |
| TOTAL NON-CURRENT ASSETS | $103M |
| TOTAL ASSETS | $3.2B |
| Account Payables | $63M |
| Short-Term Debt | $0 |
| Deferred Revenue | $18M |
| Other Current Liabilities | $91M |
| TOTAL CURRENT LIABILITIES | $271M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $23M |
| TOTAL NON-CURRENT LIABILITIES | $39M |
| TOTAL LIABILITIES | $310M |
| Common Stock | $19.0K |
| Additional Paid-In Capital | $3.6B |
| Retained Earnings | -$671M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.9B |
| TOTAL LIABILITIES & EQUITY | $3.2B |
| Total Debt | $23M |
| Net Debt | -$930M |
