| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.5B | $680M | -27.2% | 59.5% |
| Op. Income | $295M | $237M | $145M | 24.8% | 103.9% |
| Gross Margin | 66.4% | 44.3% | 55.2% | 22.1pp | 11.3pp |
| Net Margin | 19.8% | 12.6% | 17.6% | 7.2pp | 2.2pp |
| EPS (Diluted) | $2.74 | $2.36 | $2.44 | 16.1% | 12.3% |
| Free Cash Flow | -$775M | $258M | -$77M | -400.7% | -906.1% |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $364M |
| GROSS PROFIT | $721M |
| R&D Expenses | $0 |
| Selling & Marketing | $15M |
| General & Administrative | $229M |
| SG&A Expenses | $244M |
| Other Expenses | $182M |
| Operating Expenses | $426M |
| Cost & Expenses | $790M |
| OPERATING INCOME | $295M |
| Interest Income | $887M |
| Interest Expense | $364M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $270M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $210M |
| D&A | $25M |
| EBIT | $295M |
| EBITDA | $321M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $364M |
| GROSS PROFIT | $721M |
| R&D Expenses | $0 |
| Selling & Marketing | $15M |
| General & Administrative | $229M |
| SG&A Expenses | $244M |
| Other Expenses | $182M |
| Operating Expenses | $426M |
| Cost & Expenses | $790M |
| OPERATING INCOME | $295M |
| Interest Income | $887M |
| Interest Expense | $364M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $270M |
| Income Tax Expense | $55M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $210M |
| D&A | $25M |
| EBIT | $295M |
| EBITDA | $321M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $215M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$506M |
| Change in Working Capital | $383M |
| OPERATING CASH FLOW | -$743M |
| Capital Expenditure | -$32M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2.1B |
| NET CASH FROM INVESTING | -$2.1B |
| Net Debt Issuance | $486M |
| Common Stock Repurchased | -$79.0K |
| Common Dividends Paid | -$41M |
| Other Financing Activities | $521M |
| NET CASH FROM FINANCING | $967M |
| FREE CASH FLOW | -$775M |
| Net Change in Cash | -$1.1B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $953M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $953M |
| PP&E (Net) | $398M |
| Goodwill | $1.8B |
| Intangible Assets | $487M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.7B |
| TOTAL ASSETS | $73.1B |
| Account Payables | $0 |
| Short-Term Debt | $3.3B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $61.6B |
| TOTAL CURRENT LIABILITIES | $64.9B |
| Long-Term Debt | $474M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $474M |
| TOTAL LIABILITIES | $65.4B |
| Common Stock | $79M |
| Additional Paid-In Capital | $4.0B |
| Retained Earnings | $3.7B |
| Treasury Stock | -$165M |
| Accum. Other Comp. Income | -$262M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $7.7B |
| Minority Interest | $0 |
| TOTAL EQUITY | $7.7B |
| TOTAL LIABILITIES & EQUITY | $73.1B |
| Total Debt | $3.8B |
| Net Debt | $2.8B |
