| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $734M | $830M | $689M | -11.6% | 6.5% |
| Op. Income | $316M | $186M | $132M | 70.1% | 139.1% |
| Gross Margin | 64.4% | 44.1% | 40.9% | 20.3pp | 23.5pp |
| Net Margin | 31.8% | 16.4% | 16.2% | 15.4pp | 15.6pp |
| EPS (Diluted) | $1.11 | $0.63 | $0.50 | 76.2% | 122.0% |
| Free Cash Flow | $913M | -$53M | $5M | 1830.2% | 20016.1% |
| Item | Amount |
|---|---|
| REVENUE | $734M |
| Cost of Revenue | $261M |
| GROSS PROFIT | $473M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $92M |
| SG&A Expenses | $92M |
| Other Expenses | $64M |
| Operating Expenses | $156M |
| Cost & Expenses | $417M |
| OPERATING INCOME | $316M |
| Interest Income | $657M |
| Interest Expense | $280M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $316M |
| Income Tax Expense | $83M |
| Net Income from Continuing Ops | $233M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $233M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $229M |
| D&A | $0 |
| EBIT | $316M |
| EBITDA | $316M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $734M |
| Cost of Revenue | $261M |
| GROSS PROFIT | $473M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $92M |
| SG&A Expenses | $92M |
| Other Expenses | $64M |
| Operating Expenses | $156M |
| Cost & Expenses | $417M |
| OPERATING INCOME | $316M |
| Interest Income | $657M |
| Interest Expense | $280M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $316M |
| Income Tax Expense | $83M |
| Net Income from Continuing Ops | $233M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $233M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $229M |
| D&A | $0 |
| EBIT | $316M |
| EBITDA | $316M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $233M |
| Depreciation & Amortization | -$15M |
| Stock-Based Compensation | -$32M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $425M |
| Change in Working Capital | $301M |
| OPERATING CASH FLOW | $913M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $70M |
| Sales/Maturities of Investments | -$6.7B |
| Other Investing Activities | $6.4B |
| NET CASH FROM INVESTING | -$211M |
| Net Debt Issuance | -$389M |
| Common Stock Repurchased | -$124M |
| Common Dividends Paid | -$618M |
| Other Financing Activities | $1.6B |
| NET CASH FROM FINANCING | $516M |
| FREE CASH FLOW | $913M |
| Net Change in Cash | $1.2B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $4.2B |
| Short-Term Investments | $49M |
| Net Receivables | $1.6B |
| Inventory | $0 |
| Other Current Assets | $177M |
| TOTAL CURRENT ASSETS | $6.0B |
| PP&E (Net) | $122M |
| Goodwill | $60M |
| Intangible Assets | $0 |
| Long-Term Investments | $23.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $395M |
| TOTAL NON-CURRENT ASSETS | $23.7B |
| TOTAL ASSETS | $29.7B |
| Account Payables | $0 |
| Short-Term Debt | $498M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $21.1B |
| TOTAL CURRENT LIABILITIES | $21.6B |
| Long-Term Debt | $5.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $374M |
| TOTAL NON-CURRENT LIABILITIES | $5.7B |
| TOTAL LIABILITIES | $27.3B |
| Common Stock | $89M |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | $4.7B |
| Treasury Stock | -$3.8B |
| Accum. Other Comp. Income | -$40M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $29.7B |
| Total Debt | $5.9B |
| Net Debt | $1.6B |
