| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $830M | $684M | $677M | 21.5% | 22.6% |
| Op. Income | $186M | $88M | -$60M | 112.0% | 412.0% |
| Gross Margin | 44.1% | 37.3% | 16.6% | 6.8pp | 27.5pp |
| Net Margin | 16.4% | 10.4% | -6.7% | 5.9pp | 23.0pp |
| EPS (Diluted) | $0.63 | $0.32 | $-0.23 | 96.9% | 373.9% |
| Free Cash Flow | -$53M | -$139M | -$113M | 62.0% | 53.5% |
| Item | Amount |
|---|---|
| REVENUE | $830M |
| Cost of Revenue | $464M |
| GROSS PROFIT | $366M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $90M |
| SG&A Expenses | $90M |
| Other Expenses | $90M |
| Operating Expenses | $180M |
| Cost & Expenses | $644M |
| OPERATING INCOME | $186M |
| Interest Income | $658M |
| Interest Expense | $285M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $186M |
| Income Tax Expense | $50M |
| Net Income from Continuing Ops | $136M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $136M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $132M |
| D&A | $5M |
| EBIT | $186M |
| EBITDA | $191M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $830M |
| Cost of Revenue | $464M |
| GROSS PROFIT | $366M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $90M |
| SG&A Expenses | $90M |
| Other Expenses | $90M |
| Operating Expenses | $180M |
| Cost & Expenses | $644M |
| OPERATING INCOME | $186M |
| Interest Income | $658M |
| Interest Expense | $285M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $186M |
| Income Tax Expense | $50M |
| Net Income from Continuing Ops | $136M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $136M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $132M |
| D&A | $5M |
| EBIT | $186M |
| EBITDA | $191M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $136M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $98M |
| Change in Working Capital | -$301M |
| OPERATING CASH FLOW | -$53M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$20.0K |
| Sales/Maturities of Investments | $2.7B |
| Other Investing Activities | -$3.0B |
| NET CASH FROM INVESTING | -$251M |
| Net Debt Issuance | $426M |
| Common Stock Repurchased | -$144M |
| Common Dividends Paid | -$27M |
| Other Financing Activities | -$472M |
| NET CASH FROM FINANCING | -$221M |
| FREE CASH FLOW | -$53M |
| Net Change in Cash | -$525M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3.5B |
| Short-Term Investments | $52M |
| Net Receivables | $1.7B |
| Inventory | $0 |
| Other Current Assets | $193M |
| TOTAL CURRENT ASSETS | $5.5B |
| PP&E (Net) | $119M |
| Goodwill | $61M |
| Intangible Assets | $0 |
| Long-Term Investments | $23.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $443M |
| TOTAL NON-CURRENT ASSETS | $24.1B |
| TOTAL ASSETS | $29.6B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $20.0B |
| TOTAL CURRENT LIABILITIES | $20.0B |
| Long-Term Debt | $6.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $413M |
| TOTAL NON-CURRENT LIABILITIES | $7.3B |
| TOTAL LIABILITIES | $27.3B |
| Common Stock | $89M |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | $4.5B |
| Treasury Stock | -$3.7B |
| Accum. Other Comp. Income | -$45M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.3B |
| TOTAL LIABILITIES & EQUITY | $29.6B |
| Total Debt | $6.8B |
| Net Debt | $3.3B |
