| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.7B | $2.0B | — | -13.8% | — |
| Op. Income | $361M | $605M | — | -40.4% | — |
| Gross Margin | 36.7% | 43.6% | — | -6.9pp | — |
| Net Margin | 17.4% | 25.7% | — | -8.3pp | — |
| EPS (Diluted) | $0.67 | $1.15 | — | -41.7% | — |
| Free Cash Flow | $675M | $609M | — | 10.7% | — |
| Item | Amount |
|---|---|
| REVENUE | $1.7B |
| Cost of Revenue | $1.1B |
| GROSS PROFIT | $633M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $272M |
| Other Expenses | $0 |
| Operating Expenses | $272M |
| Cost & Expenses | $1.4B |
| OPERATING INCOME | $361M |
| Interest Income | $27M |
| Interest Expense | $85M |
| Other Income/Expenses | -$55M |
| INCOME BEFORE TAX | $305M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $300M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $300M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $300M |
| D&A | $81M |
| EBIT | $361M |
| EBITDA | $441M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $1.7B |
| Cost of Revenue | $1.1B |
| GROSS PROFIT | $633M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $272M |
| Other Expenses | $0 |
| Operating Expenses | $272M |
| Cost & Expenses | $1.4B |
| OPERATING INCOME | $361M |
| Interest Income | $27M |
| Interest Expense | $85M |
| Other Income/Expenses | -$55M |
| INCOME BEFORE TAX | $305M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $300M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $300M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $300M |
| D&A | $81M |
| EBIT | $361M |
| EBITDA | $441M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $300M |
| Depreciation & Amortization | $81M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $73M |
| Change in Working Capital | $378M |
| OPERATING CASH FLOW | $833M |
| Capital Expenditure | -$158M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$158M |
| Net Debt Issuance | $95M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$14M |
| NET CASH FROM FINANCING | $91M |
| FREE CASH FLOW | $675M |
| Net Change in Cash | $767M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3.8B |
| Short-Term Investments | $0 |
| Net Receivables | $142M |
| Inventory | $96M |
| Other Current Assets | $461M |
| TOTAL CURRENT ASSETS | $4.5B |
| PP&E (Net) | $7.5B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $55M |
| Other Non-Current Assets | $141M |
| TOTAL NON-CURRENT ASSETS | $7.7B |
| TOTAL ASSETS | $12.2B |
| Account Payables | $259M |
| Short-Term Debt | $401M |
| Deferred Revenue | $4.6B |
| Other Current Liabilities | $452M |
| TOTAL CURRENT LIABILITIES | $5.7B |
| Long-Term Debt | $5.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $54M |
| TOTAL NON-CURRENT LIABILITIES | $5.4B |
| TOTAL LIABILITIES | $11.1B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $1.1B |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $12.2B |
| Total Debt | $5.7B |
| Net Debt | $1.9B |
