| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $974M | $754M | $626M | 29.2% | 55.6% |
| Op. Income | $280M | $111M | -$13M | 152.7% | 2323.8% |
| Gross Margin | 61.8% | 32.0% | 19.5% | 29.8pp | 42.3pp |
| Net Margin | 25.1% | 12.1% | -2.8% | 13.0pp | 27.8pp |
| EPS (Diluted) | $1.97 | $0.73 | $-0.11 | 169.9% | 1890.9% |
| Free Cash Flow | -$28M | $155M | $108M | -118.1% | -126.1% |
| Item | Amount |
|---|---|
| REVENUE | $974M |
| Cost of Revenue | $372M |
| GROSS PROFIT | $602M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $321M |
| Operating Expenses | $321M |
| Cost & Expenses | $694M |
| OPERATING INCOME | $280M |
| Interest Income | $0 |
| Interest Expense | $20M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $280M |
| Income Tax Expense | $36M |
| Net Income from Continuing Ops | $244M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $244M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $240M |
| D&A | $0 |
| EBIT | $300M |
| EBITDA | $300M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $974M |
| Cost of Revenue | $372M |
| GROSS PROFIT | $602M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $321M |
| Operating Expenses | $321M |
| Cost & Expenses | $694M |
| OPERATING INCOME | $280M |
| Interest Income | $0 |
| Interest Expense | $20M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $280M |
| Income Tax Expense | $36M |
| Net Income from Continuing Ops | $244M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $244M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $240M |
| D&A | $0 |
| EBIT | $300M |
| EBITDA | $300M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $244M |
| Depreciation & Amortization | -$1M |
| Stock-Based Compensation | $28M |
| Deferred Income Tax | -$16M |
| Other Non-Cash Items | -$207M |
| Change in Working Capital | -$76M |
| OPERATING CASH FLOW | -$28M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $400.0K |
| Purchases of Investments | $1.9B |
| Sales/Maturities of Investments | -$2.1B |
| Other Investing Activities | $413M |
| NET CASH FROM INVESTING | $189M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$28M |
| Net Change in Cash | $185M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $902M |
| Short-Term Investments | $2.6B |
| Net Receivables | $2.3B |
| Inventory | $0 |
| Other Current Assets | -$5.6B |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $121M |
| Long-Term Investments | $3.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.0B |
| TOTAL NON-CURRENT ASSETS | $121M |
| TOTAL ASSETS | $121M |
| Account Payables | $1.5B |
| Short-Term Debt | $0 |
| Deferred Revenue | $1.4B |
| Other Current Liabilities | -$2.8B |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $689M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $73M |
| Other Non-Current Liabilities | $6.7B |
| TOTAL NON-CURRENT LIABILITIES | $7.5B |
| TOTAL LIABILITIES | $7.5B |
| Common Stock | $12M |
| Additional Paid-In Capital | $968M |
| Retained Earnings | $1.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $62M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | $1M |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $10.0B |
| Total Debt | $689M |
| Net Debt | -$214M |
