| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.2B | $5.2B | 1.7% | 21.9% |
| Op. Income | $510M | $320M | $225M | 59.4% | 126.7% |
| Gross Margin | 26.3% | 12.4% | 12.5% | 13.9pp | 13.7pp |
| Net Margin | 7.3% | 4.1% | 2.8% | 3.2pp | 4.5pp |
| EPS (Diluted) | $6.97 | $3.78 | $2.22 | 84.4% | 214.0% |
| Free Cash Flow | $852M | $990M | $1.6B | -13.9% | -46.8% |
| Item | Amount |
|---|---|
| REVENUE | $6.3B |
| Cost of Revenue | $4.7B |
| GROSS PROFIT | $1.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.2B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $5.8B |
| OPERATING INCOME | $510M |
| Interest Income | $0 |
| Interest Expense | $98M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $510M |
| Income Tax Expense | $45M |
| Net Income from Continuing Ops | $465M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $463M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $463M |
| D&A | $0 |
| EBIT | $608M |
| EBITDA | $608M |
| EPS | $7 |
| EPS Diluted | $7 |
| Item | Amount |
|---|---|
| REVENUE | $6.3B |
| Cost of Revenue | $4.7B |
| GROSS PROFIT | $1.7B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $1.2B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $5.8B |
| OPERATING INCOME | $510M |
| Interest Income | $0 |
| Interest Expense | $98M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $510M |
| Income Tax Expense | $45M |
| Net Income from Continuing Ops | $465M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $463M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $463M |
| D&A | $0 |
| EBIT | $608M |
| EBITDA | $608M |
| EPS | $7 |
| EPS Diluted | $7 |
| Item | Amount |
|---|---|
| Net Income | $463M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $389M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $852M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$11.3B |
| Sales/Maturities of Investments | $7.8B |
| Other Investing Activities | $271M |
| NET CASH FROM INVESTING | -$3.3B |
| Net Debt Issuance | -$26M |
| Common Stock Repurchased | -$61M |
| Common Dividends Paid | -$61M |
| Other Financing Activities | $2.1B |
| NET CASH FROM FINANCING | $2.0B |
| FREE CASH FLOW | $852M |
| Net Change in Cash | -$457M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $4.2B |
| Short-Term Investments | $0 |
| Net Receivables | $4.5B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $8.6B |
| PP&E (Net) | $480M |
| Goodwill | $0 |
| Intangible Assets | $6M |
| Long-Term Investments | $130.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $17.0B |
| TOTAL NON-CURRENT ASSETS | $147.9B |
| TOTAL ASSETS | $156.6B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $5.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3.0B |
| Other Non-Current Liabilities | $134.3B |
| TOTAL NON-CURRENT LIABILITIES | $143.0B |
| TOTAL LIABILITIES | $143.0B |
| Common Stock | $1M |
| Additional Paid-In Capital | $2.6B |
| Retained Earnings | $10.2B |
| Treasury Stock | -$2.0B |
| Accum. Other Comp. Income | $2.7B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $13.5B |
| Minority Interest | $90M |
| TOTAL EQUITY | $13.6B |
| TOTAL LIABILITIES & EQUITY | $156.6B |
| Total Debt | $5.7B |
| Net Debt | $1.5B |
