| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $92.6B | — | $84.0B | — | 10.2% |
| Op. Income | -$27.5B | — | -$3.5B | — | -697.3% |
| Gross Margin | -10.6% | — | 7.9% | — | -18.5pp |
| Net Margin | -25.3% | — | -0.2% | — | -25.1pp |
| EPS (Diluted) | $-8.14 | — | $-0.06 | — | -13258.9% |
| Free Cash Flow | -$7.4B | — | -$7.3B | — | -1.7% |
| Item | Amount |
|---|---|
| REVENUE | $92.6B |
| Cost of Revenue | $102.1B |
| GROSS PROFIT | -$9.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $17.7B |
| Operating Expenses | $17.7B |
| Cost & Expenses | $120.2B |
| OPERATING INCOME | -$27.5B |
| Interest Income | $223M |
| Interest Expense | $808M |
| Other Income/Expenses | -$96M |
| INCOME BEFORE TAX | -$27.6B |
| Income Tax Expense | -$4.3B |
| Net Income from Continuing Ops | -$23.5B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$23.5B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$23.5B |
| D&A | $5.2B |
| EBIT | -$26.8B |
| EBITDA | -$21.6B |
| EPS | -$8 |
| EPS Diluted | -$8 |
| Item | Amount |
|---|---|
| Net Income | -$23.5B |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $20.0B |
| Change in Working Capital | $755M |
| OPERATING CASH FLOW | -$2.8B |
| Capital Expenditure | -$4.7B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $272M |
| NET CASH FROM INVESTING | -$4.4B |
| Net Debt Issuance | $6.5B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $6.6B |
| FREE CASH FLOW | -$7.4B |
| Net Change in Cash | -$36.0B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $35.2B |
| Short-Term Investments | $0 |
| Net Receivables | $6.6B |
| Inventory | $25.9B |
| Other Current Assets | $26.4B |
| TOTAL CURRENT ASSETS | $94.2B |
| PP&E (Net) | $50.2B |
| Goodwill | $0 |
| Intangible Assets | $52.5B |
| Long-Term Investments | $8.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $22.8B |
| TOTAL NON-CURRENT ASSETS | $134.0B |
| TOTAL ASSETS | $228.2B |
| Account Payables | $35.1B |
| Short-Term Debt | $16.5B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $39.9B |
| TOTAL CURRENT LIABILITIES | $92.1B |
| Long-Term Debt | $37.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $35.8B |
| TOTAL NON-CURRENT LIABILITIES | $73.0B |
| TOTAL LIABILITIES | $165.0B |
| Common Stock | $62.6B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $62.6B |
| Minority Interest | $526M |
| TOTAL EQUITY | $63.1B |
| TOTAL LIABILITIES & EQUITY | $228.2B |
| Total Debt | $53.7B |
| Net Debt | $18.5B |
