| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $955M | $981M | $579M | -2.7% | 64.9% |
| Op. Income | $322M | $321M | $187M | 0.2% | 71.9% |
| Gross Margin | 72.0% | 70.7% | 68.0% | 1.2pp | 4.0pp |
| Net Margin | 26.0% | 25.1% | 24.9% | 0.8pp | 1.0pp |
| EPS (Diluted) | $2.46 | $2.42 | $1.88 | 1.7% | 30.9% |
| Free Cash Flow | $85M | $155M | $341M | -45.2% | -75.0% |
| Item | Amount |
|---|---|
| REVENUE | $955M |
| Cost of Revenue | $268M |
| GROSS PROFIT | $687M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $364M |
| SG&A Expenses | $364M |
| Other Expenses | $659.0K |
| Operating Expenses | $365M |
| Cost & Expenses | $632M |
| OPERATING INCOME | $322M |
| Interest Income | $849M |
| Interest Expense | $268M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $315M |
| Income Tax Expense | $68M |
| Net Income from Continuing Ops | $248M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $248M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $248M |
| D&A | $0 |
| EBIT | $322M |
| EBITDA | $322M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $955M |
| Cost of Revenue | $268M |
| GROSS PROFIT | $687M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $364M |
| SG&A Expenses | $364M |
| Other Expenses | $659.0K |
| Operating Expenses | $365M |
| Cost & Expenses | $632M |
| OPERATING INCOME | $322M |
| Interest Income | $849M |
| Interest Expense | $268M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $315M |
| Income Tax Expense | $68M |
| Net Income from Continuing Ops | $248M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $248M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $248M |
| D&A | $0 |
| EBIT | $322M |
| EBITDA | $322M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $248M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$170M |
| Change in Working Capital | $24M |
| OPERATING CASH FLOW | $102M |
| Capital Expenditure | -$17M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.9B |
| Sales/Maturities of Investments | $1.9B |
| Other Investing Activities | -$895M |
| NET CASH FROM INVESTING | -$930M |
| Net Debt Issuance | $24M |
| Common Stock Repurchased | -$182M |
| Common Dividends Paid | -$60M |
| Other Financing Activities | $1.1B |
| NET CASH FROM FINANCING | $855M |
| FREE CASH FLOW | $85M |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $583M |
| Short-Term Investments | $6.3B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $6.9B |
| PP&E (Net) | $994M |
| Goodwill | $3.1B |
| Intangible Assets | $386M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $4.5B |
| TOTAL ASSETS | $67.2B |
| Account Payables | $0 |
| Short-Term Debt | $618M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $31.1B |
| TOTAL CURRENT LIABILITIES | $31.7B |
| Long-Term Debt | $697M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $25.7B |
| TOTAL NON-CURRENT LIABILITIES | $26.4B |
| TOTAL LIABILITIES | $58.1B |
| Common Stock | $248M |
| Additional Paid-In Capital | $6.5B |
| Retained Earnings | $2.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$283M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $9.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $9.1B |
| TOTAL LIABILITIES & EQUITY | $67.2B |
| Total Debt | $1.3B |
| Net Debt | $731M |
