| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $7.0B | $7.8B | — | -10.8% | — |
| Op. Income | $911M | $2.6B | — | -64.9% | — |
| Gross Margin | 18.8% | 55.0% | — | -36.2pp | — |
| Net Margin | 6.0% | 21.9% | — | -15.9pp | — |
| EPS (Diluted) | $0.37 | $1.54 | — | -76.0% | — |
| Free Cash Flow | -$1.9B | $384M | — | -585.4% | — |
| Item | Amount |
|---|---|
| REVENUE | $7.0B |
| Cost of Revenue | $5.7B |
| GROSS PROFIT | $1.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $402M |
| Operating Expenses | $402M |
| Cost & Expenses | $6.1B |
| OPERATING INCOME | $911M |
| Interest Income | $0 |
| Interest Expense | $962M |
| Other Income/Expenses | -$715M |
| INCOME BEFORE TAX | $196M |
| Income Tax Expense | -$145M |
| Net Income from Continuing Ops | $341M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $416M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $416M |
| D&A | $1.6B |
| EBIT | $1.2B |
| EBITDA | $2.8B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $7.0B |
| Cost of Revenue | $5.7B |
| GROSS PROFIT | $1.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $402M |
| Operating Expenses | $402M |
| Cost & Expenses | $6.1B |
| OPERATING INCOME | $911M |
| Interest Income | $0 |
| Interest Expense | $962M |
| Other Income/Expenses | -$715M |
| INCOME BEFORE TAX | $196M |
| Income Tax Expense | -$145M |
| Net Income from Continuing Ops | $341M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $416M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $416M |
| D&A | $1.6B |
| EBIT | $1.2B |
| EBITDA | $2.8B |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $416M |
| Depreciation & Amortization | $1.6B |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $263M |
| Other Non-Cash Items | -$203M |
| Change in Working Capital | $516M |
| OPERATING CASH FLOW | $2.6B |
| Capital Expenditure | -$4.5B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$490M |
| Sales/Maturities of Investments | $473M |
| Other Investing Activities | $118M |
| NET CASH FROM INVESTING | -$4.4B |
| Net Debt Issuance | -$301M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$761M |
| Other Financing Activities | -$410M |
| NET CASH FROM FINANCING | $61M |
| FREE CASH FLOW | -$1.9B |
| Net Change in Cash | -$1.7B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.6B |
| Short-Term Investments | $0 |
| Net Receivables | $4.1B |
| Inventory | $3.3B |
| Other Current Assets | $1.8B |
| TOTAL CURRENT ASSETS | $10.9B |
| PP&E (Net) | $114.4B |
| Goodwill | $5.2B |
| Intangible Assets | $300M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $25.0B |
| TOTAL NON-CURRENT ASSETS | $144.8B |
| TOTAL ASSETS | $155.7B |
| Account Payables | $3.7B |
| Short-Term Debt | $169M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $9.1B |
| TOTAL CURRENT LIABILITIES | $16.9B |
| Long-Term Debt | $65.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $579M |
| Other Non-Current Liabilities | $33.7B |
| TOTAL NON-CURRENT LIABILITIES | $100.0B |
| TOTAL LIABILITIES | $116.9B |
| Common Stock | $5.6B |
| Additional Paid-In Capital | $15.7B |
| Retained Earnings | $14.9B |
| Treasury Stock | -$59M |
| Accum. Other Comp. Income | -$75M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $36.0B |
| Minority Interest | $2.9B |
| TOTAL EQUITY | $38.9B |
| TOTAL LIABILITIES & EQUITY | $155.7B |
| Total Debt | $65.8B |
| Net Debt | $64.2B |
