| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.5B | $1.3B | 5.2% | 21.7% |
| Op. Income | $204M | $222M | $196M | -7.8% | 4.3% |
| Gross Margin | -136.0% | 41.6% | 42.4% | -177.6pp | -178.4pp |
| Net Margin | 4.5% | 4.4% | 4.4% | 0.0pp | 0.1pp |
| EPS (Diluted) | $0.15 | $0.14 | $0.13 | 7.1% | 15.4% |
| Free Cash Flow | $368M | $286M | $292M | 28.4% | 26.0% |
| Item | Amount |
|---|---|
| REVENUE | $1.6B |
| Cost of Revenue | $3.7B |
| GROSS PROFIT | -$2.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $41M |
| SG&A Expenses | $41M |
| Other Expenses | -$2.4B |
| Operating Expenses | -$2.3B |
| Cost & Expenses | $1.4B |
| OPERATING INCOME | $204M |
| Interest Income | $8M |
| Interest Expense | $154M |
| Other Income/Expenses | -$132M |
| INCOME BEFORE TAX | $72M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | $73M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $70M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $70M |
| D&A | $330M |
| EBIT | $226M |
| EBITDA | $557M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $70M |
| Depreciation & Amortization | $342M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $58M |
| Change in Working Capital | $35M |
| OPERATING CASH FLOW | $505M |
| Capital Expenditure | -$138M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$421M |
| Sales/Maturities of Investments | $94M |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$462M |
| Net Debt Issuance | $391M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$226M |
| Other Financing Activities | -$10M |
| NET CASH FROM FINANCING | $500M |
| FREE CASH FLOW | $368M |
| Net Change in Cash | $544M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $741M |
| Short-Term Investments | $0 |
| Net Receivables | $416M |
| Inventory | $0 |
| Other Current Assets | $88M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $0 |
| Goodwill | $1.0B |
| Intangible Assets | $11M |
| Long-Term Investments | $718M |
| Tax Assets | $3M |
| Other Non-Current Assets | $24.5B |
| TOTAL NON-CURRENT ASSETS | $26.3B |
| TOTAL ASSETS | $27.6B |
| Account Payables | $1.2B |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $4M |
| TOTAL CURRENT LIABILITIES | $1.4B |
| Long-Term Debt | $13.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $23M |
| Other Non-Current Liabilities | $375M |
| TOTAL NON-CURRENT LIABILITIES | $13.6B |
| TOTAL LIABILITIES | $15.0B |
| Common Stock | $119M |
| Additional Paid-In Capital | $20.0B |
| Retained Earnings | $0 |
| Treasury Stock | -$34.0K |
| Accum. Other Comp. Income | -$7.6B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $12.5B |
| Minority Interest | $59M |
| TOTAL EQUITY | $12.6B |
| TOTAL LIABILITIES & EQUITY | $27.6B |
| Total Debt | $13.2B |
| Net Debt | $12.5B |
