| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $24.5B | $21.4B | $25.2B | 14.4% | -3.0% |
| Op. Income | $2.7B | $1.8B | $3.0B | 51.4% | -8.5% |
| Gross Margin | 21.1% | 16.3% | 20.8% | 4.8pp | 0.3pp |
| Net Margin | 7.3% | 6.1% | 6.8% | 1.2pp | 0.5pp |
| EPS (Diluted) | $2.10 | $1.55 | $2.02 | 35.5% | 4.0% |
| Free Cash Flow | $2.6B | $1.5B | $2.2B | 71.0% | 16.6% |
| Item | Amount |
|---|---|
| REVENUE | $24.5B |
| Cost of Revenue | $19.3B |
| GROSS PROFIT | $5.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $2.5B |
| Other Expenses | -$104M |
| Operating Expenses | $2.4B |
| Cost & Expenses | $21.8B |
| OPERATING INCOME | $2.7B |
| Interest Income | $0 |
| Interest Expense | $266M |
| Other Income/Expenses | -$360M |
| INCOME BEFORE TAX | $2.4B |
| Income Tax Expense | $581M |
| Net Income from Continuing Ops | $1.8B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1.8B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1.8B |
| D&A | $972M |
| EBIT | $2.7B |
| EBITDA | $3.7B |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $24.5B |
| Cost of Revenue | $19.3B |
| GROSS PROFIT | $5.2B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $2.5B |
| Other Expenses | -$104M |
| Operating Expenses | $2.4B |
| Cost & Expenses | $21.8B |
| OPERATING INCOME | $2.7B |
| Interest Income | $0 |
| Interest Expense | $266M |
| Other Income/Expenses | -$360M |
| INCOME BEFORE TAX | $2.4B |
| Income Tax Expense | $581M |
| Net Income from Continuing Ops | $1.8B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1.8B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1.8B |
| D&A | $972M |
| EBIT | $2.7B |
| EBITDA | $3.7B |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $1.8B |
| Depreciation & Amortization | $972M |
| Stock-Based Compensation | $32M |
| Deferred Income Tax | $26M |
| Other Non-Cash Items | $651M |
| Change in Working Capital | -$170M |
| OPERATING CASH FLOW | $3.3B |
| Capital Expenditure | -$716M |
| Acquisitions (Net) | -$1.5B |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $64M |
| Other Investing Activities | $140M |
| NET CASH FROM INVESTING | -$2.0B |
| Net Debt Issuance | -$6.1B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$1.4B |
| Other Financing Activities | $5.2B |
| NET CASH FROM FINANCING | -$2.2B |
| FREE CASH FLOW | $2.6B |
| Net Change in Cash | -$877M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5.9B |
| Short-Term Investments | $0 |
| Net Receivables | $11.2B |
| Inventory | $0 |
| Other Current Assets | $1.9B |
| TOTAL CURRENT ASSETS | $19.0B |
| PP&E (Net) | $42.0B |
| Goodwill | $5.8B |
| Intangible Assets | $4.0B |
| Long-Term Investments | $0 |
| Tax Assets | $140M |
| Other Non-Current Assets | $2.1B |
| TOTAL NON-CURRENT ASSETS | $54.0B |
| TOTAL ASSETS | $73.1B |
| Account Payables | $6.6B |
| Short-Term Debt | $1.4B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $2.5B |
| TOTAL CURRENT LIABILITIES | $15.6B |
| Long-Term Debt | $27.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $3.7B |
| Other Non-Current Liabilities | $6.6B |
| TOTAL NON-CURRENT LIABILITIES | $41.2B |
| TOTAL LIABILITIES | $56.8B |
| Common Stock | $9M |
| Additional Paid-In Capital | $275M |
| Retained Earnings | $20.2B |
| Treasury Stock | -$5M |
| Accum. Other Comp. Income | -$4.2B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $16.2B |
| Minority Interest | $28M |
| TOTAL EQUITY | $16.3B |
| TOTAL LIABILITIES & EQUITY | $73.1B |
| Total Debt | $32.3B |
| Net Debt | $26.4B |
