| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $7.2B | $7.0B | $6.7B | 1.8% | 7.8% |
| Op. Income | $3.7B | $3.0B | $2.3B | 22.5% | 60.6% |
| Gross Margin | 81.6% | 87.1% | 80.1% | -5.5pp | 1.5pp |
| Net Margin | 34.3% | 33.5% | 27.7% | 0.8pp | 6.6pp |
| EPS (Diluted) | $1.33 | $1.26 | $0.94 | 5.6% | 41.5% |
| Free Cash Flow | -$921M | $393M | -$11.1B | -334.4% | 91.7% |
| Item | Amount |
|---|---|
| REVENUE | $7.2B |
| Cost of Revenue | $1.3B |
| GROSS PROFIT | $5.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.1B |
| Operating Expenses | $2.1B |
| Cost & Expenses | $3.5B |
| OPERATING INCOME | $3.7B |
| Interest Income | $4.0B |
| Interest Expense | $832M |
| Other Income/Expenses | -$522M |
| INCOME BEFORE TAX | $3.2B |
| Income Tax Expense | $721M |
| Net Income from Continuing Ops | $2.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $2.5B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $2.4B |
| D&A | $333M |
| EBIT | $3.7B |
| EBITDA | $4.0B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $7.2B |
| Cost of Revenue | $1.3B |
| GROSS PROFIT | $5.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $2.1B |
| Operating Expenses | $2.1B |
| Cost & Expenses | $3.5B |
| OPERATING INCOME | $3.7B |
| Interest Income | $4.0B |
| Interest Expense | $832M |
| Other Income/Expenses | -$522M |
| INCOME BEFORE TAX | $3.2B |
| Income Tax Expense | $721M |
| Net Income from Continuing Ops | $2.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $2.5B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $2.4B |
| D&A | $333M |
| EBIT | $3.7B |
| EBITDA | $4.0B |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $2.5B |
| Depreciation & Amortization | $333M |
| Stock-Based Compensation | $58M |
| Deferred Income Tax | -$36M |
| Other Non-Cash Items | $375M |
| Change in Working Capital | -$4.0B |
| OPERATING CASH FLOW | -$763M |
| Capital Expenditure | -$158M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$6.2B |
| Sales/Maturities of Investments | $9.7B |
| Other Investing Activities | -$4.5B |
| NET CASH FROM INVESTING | -$1.2B |
| Net Debt Issuance | $3.3B |
| Common Stock Repurchased | -$2.8B |
| Common Dividends Paid | -$564M |
| Other Financing Activities | $16.7B |
| NET CASH FROM FINANCING | $16.7B |
| FREE CASH FLOW | -$921M |
| Net Change in Cash | $14.8B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $46.0B |
| Short-Term Investments | $62.1B |
| Net Receivables | $107.5B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $215.7B |
| PP&E (Net) | $3.8B |
| Goodwill | $12.0B |
| Intangible Assets | $7.2B |
| Long-Term Investments | $196.1B |
| Tax Assets | $2.0B |
| Other Non-Current Assets | $54.3B |
| TOTAL NON-CURRENT ASSETS | $275.3B |
| TOTAL ASSETS | $491.0B |
| Account Payables | $142.0B |
| Short-Term Debt | $8.8B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $255.7B |
| TOTAL CURRENT LIABILITIES | $406.5B |
| Long-Term Debt | $22.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $12.8B |
| TOTAL NON-CURRENT LIABILITIES | $35.0B |
| TOTAL LIABILITIES | $441.6B |
| Common Stock | $21M |
| Additional Paid-In Capital | $28.0B |
| Retained Earnings | $44.1B |
| Treasury Stock | -$18.4B |
| Accum. Other Comp. Income | -$11.0B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $49.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $49.4B |
| TOTAL LIABILITIES & EQUITY | $491.0B |
| Total Debt | $31.0B |
| Net Debt | -$15.1B |
