| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $981M | $927M | $619M | 5.8% | 58.4% |
| Op. Income | $321M | $282M | $187M | 13.9% | 72.3% |
| Gross Margin | 70.7% | 70.9% | 70.0% | -0.1pp | 0.7pp |
| Net Margin | 25.1% | 23.2% | 23.1% | 1.9pp | 2.0pp |
| EPS (Diluted) | $2.42 | $2.11 | $1.86 | 14.7% | 30.1% |
| Free Cash Flow | $155M | $52M | -$254M | 196.0% | 161.1% |
| Item | Amount |
|---|---|
| REVENUE | $981M |
| Cost of Revenue | $287M |
| GROSS PROFIT | $694M |
| R&D Expenses | $0 |
| Selling & Marketing | $3M |
| General & Administrative | $5M |
| SG&A Expenses | $8M |
| Other Expenses | $364M |
| Operating Expenses | $372M |
| Cost & Expenses | $659M |
| OPERATING INCOME | $321M |
| Interest Income | $882M |
| Interest Expense | $282M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $321M |
| Income Tax Expense | $75M |
| Net Income from Continuing Ops | $247M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $247M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $247M |
| D&A | $49M |
| EBIT | $321M |
| EBITDA | $371M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $981M |
| Cost of Revenue | $287M |
| GROSS PROFIT | $694M |
| R&D Expenses | $0 |
| Selling & Marketing | $3M |
| General & Administrative | $5M |
| SG&A Expenses | $8M |
| Other Expenses | $364M |
| Operating Expenses | $372M |
| Cost & Expenses | $659M |
| OPERATING INCOME | $321M |
| Interest Income | $882M |
| Interest Expense | $282M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $321M |
| Income Tax Expense | $75M |
| Net Income from Continuing Ops | $247M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $247M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $247M |
| D&A | $49M |
| EBIT | $321M |
| EBITDA | $371M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $247M |
| Depreciation & Amortization | $49M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $19M |
| Other Non-Cash Items | -$119M |
| Change in Working Capital | -$83M |
| OPERATING CASH FLOW | $122M |
| Capital Expenditure | $33M |
| Acquisitions (Net) | -$1.0B |
| Purchases of Investments | -$1.6B |
| Sales/Maturities of Investments | $1.5B |
| Other Investing Activities | $884M |
| NET CASH FROM INVESTING | -$274M |
| Net Debt Issuance | -$405M |
| Common Stock Repurchased | -$43M |
| Common Dividends Paid | -$61M |
| Other Financing Activities | $340M |
| NET CASH FROM FINANCING | -$168M |
| FREE CASH FLOW | $155M |
| Net Change in Cash | -$320M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $859M |
| Short-Term Investments | $34M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $893M |
| PP&E (Net) | $962M |
| Goodwill | $3.1B |
| Intangible Assets | $494M |
| Long-Term Investments | $55.9B |
| Tax Assets | $135M |
| Other Non-Current Assets | $4.6B |
| TOTAL NON-CURRENT ASSETS | $65.2B |
| TOTAL ASSETS | $66.0B |
| Account Payables | $0 |
| Short-Term Debt | $594M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $54.1B |
| TOTAL CURRENT LIABILITIES | $54.7B |
| Long-Term Debt | $696M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.7B |
| TOTAL NON-CURRENT LIABILITIES | $2.4B |
| TOTAL LIABILITIES | $57.0B |
| Common Stock | $253M |
| Additional Paid-In Capital | $6.6B |
| Retained Earnings | $2.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$316M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $9.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $9.0B |
| TOTAL LIABILITIES & EQUITY | $66.0B |
| Total Debt | $1.3B |
| Net Debt | $432M |
