| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $25.5B | $25.4B | $24.8B | 0.4% | 2.8% |
| Op. Income | $5.0B | $5.0B | $3.8B | -0.6% | 30.9% |
| Gross Margin | 46.5% | 46.3% | 42.0% | 0.2pp | 4.5pp |
| Net Margin | 15.6% | 15.6% | 12.4% | -0.0pp | 3.1pp |
| EPS (Diluted) | $2.74 | $2.74 | $2.13 | 0.0% | 28.9% |
| Free Cash Flow | -$11.2B | $20.8B | $12.1B | -153.9% | -193.0% |
| Item | Amount |
|---|---|
| REVENUE | $25.5B |
| Cost of Revenue | $13.6B |
| GROSS PROFIT | $11.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4.2B |
| SG&A Expenses | $4.2B |
| Other Expenses | $2.6B |
| Operating Expenses | $6.8B |
| Cost & Expenses | $20.5B |
| OPERATING INCOME | $5.0B |
| Interest Income | $19.2B |
| Interest Expense | $12.9B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5.0B |
| Income Tax Expense | $1.0B |
| Net Income from Continuing Ops | $4.0B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4.0B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3.9B |
| D&A | $553M |
| EBIT | $5.0B |
| EBITDA | $5.5B |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $25.5B |
| Cost of Revenue | $13.6B |
| GROSS PROFIT | $11.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4.2B |
| SG&A Expenses | $4.2B |
| Other Expenses | $2.6B |
| Operating Expenses | $6.8B |
| Cost & Expenses | $20.5B |
| OPERATING INCOME | $5.0B |
| Interest Income | $19.2B |
| Interest Expense | $12.9B |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5.0B |
| Income Tax Expense | $1.0B |
| Net Income from Continuing Ops | $4.0B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4.0B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3.9B |
| D&A | $553M |
| EBIT | $5.0B |
| EBITDA | $5.5B |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $4.0B |
| Depreciation & Amortization | $553M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$81M |
| Other Non-Cash Items | $716M |
| Change in Working Capital | -$16.0B |
| OPERATING CASH FLOW | -$10.8B |
| Capital Expenditure | -$401M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$56.6B |
| Sales/Maturities of Investments | $53.3B |
| Other Investing Activities | $16.4B |
| NET CASH FROM INVESTING | $12.7B |
| Net Debt Issuance | $1.8B |
| Common Stock Repurchased | -$3.2B |
| Common Dividends Paid | -$1.7B |
| Other Financing Activities | -$10M |
| NET CASH FROM FINANCING | -$483M |
| FREE CASH FLOW | -$11.2B |
| Net Change in Cash | $1.5B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $63.9B |
| Short-Term Investments | $56.9B |
| Net Receivables | $30.1B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $150.9B |
| PP&E (Net) | $5.0B |
| Goodwill | $14.2B |
| Intangible Assets | $5.4B |
| Long-Term Investments | $1.1T |
| Tax Assets | $3.3B |
| Other Non-Current Assets | $411.3B |
| TOTAL NON-CURRENT ASSETS | $1.5T |
| TOTAL ASSETS | $1.7T |
| Account Payables | $16.8B |
| Short-Term Debt | $348.3B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $761.0B |
| TOTAL CURRENT LIABILITIES | $1.1T |
| Long-Term Debt | $258.6B |
| Deferred Revenue NC | $3.1B |
| Deferred Tax Liabilities | $354M |
| Other Non-Current Liabilities | $196.0B |
| TOTAL NON-CURRENT LIABILITIES | $461.4B |
| TOTAL LIABILITIES | $1.6T |
| Common Stock | $15.2B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $70.8B |
| Treasury Stock | -$57M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $7.1B |
| TOTAL STOCKHOLDERS' EQUITY | $101.6B |
| Minority Interest | $43M |
| TOTAL EQUITY | $101.7B |
| TOTAL LIABILITIES & EQUITY | $1.7T |
| Total Debt | $610.2B |
| Net Debt | $546.3B |
