| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.2B | $3.4B | $3.2B | -4.0% | 0.5% |
| Op. Income | $218M | $3.1B | $2.9B | -92.9% | -92.6% |
| Gross Margin | -149.3% | 100.0% | 109.8% | -249.3pp | -259.0pp |
| Net Margin | 5.4% | 1.2% | 10.8% | 4.2pp | -5.4pp |
| EPS (Diluted) | $1.04 | $0.23 | $1.92 | 352.2% | -45.8% |
| Free Cash Flow | $320M | -$403M | $454M | 179.5% | -29.5% |
| Item | Amount |
|---|---|
| REVENUE | $3.2B |
| Cost of Revenue | $1.9B |
| GROSS PROFIT | -$4.8B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $593M |
| Operating Expenses | $593M |
| Cost & Expenses | $3.0B |
| OPERATING INCOME | $218M |
| Interest Income | $0 |
| Interest Expense | $53M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $218M |
| Income Tax Expense | $44M |
| Net Income from Continuing Ops | $174M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $174M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $174M |
| D&A | $31M |
| EBIT | $271M |
| EBITDA | $302M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $174M |
| Depreciation & Amortization | $63M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $785M |
| Change in Working Capital | -$664M |
| OPERATING CASH FLOW | $358M |
| Capital Expenditure | -$38M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$185M |
| NET CASH FROM INVESTING | -$223M |
| Net Debt Issuance | $21M |
| Common Stock Repurchased | -$259M |
| Common Dividends Paid | -$77M |
| Other Financing Activities | $9M |
| NET CASH FROM FINANCING | -$305M |
| FREE CASH FLOW | $320M |
| Net Change in Cash | -$170M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $158M |
| Short-Term Investments | $0 |
| Net Receivables | $1.4B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.6B |
| PP&E (Net) | $0 |
| Goodwill | $354M |
| Intangible Assets | $2.9B |
| Long-Term Investments | $43.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $15.7B |
| TOTAL NON-CURRENT ASSETS | $62.5B |
| TOTAL ASSETS | $64.1B |
| Account Payables | $0 |
| Short-Term Debt | $22M |
| Deferred Revenue | $413M |
| Other Current Liabilities | -$435M |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $3.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $48.7B |
| TOTAL NON-CURRENT LIABILITIES | $52.4B |
| TOTAL LIABILITIES | $53.0B |
| Common Stock | $20M |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | $13.3B |
| Treasury Stock | -$2.0B |
| Accum. Other Comp. Income | -$1.8B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $11.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $11.1B |
| TOTAL LIABILITIES & EQUITY | $64.1B |
| Total Debt | $3.8B |
| Net Debt | $3.6B |
