| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4.8B | $1.7B | $4.3B | 185.6% | 11.5% |
| Op. Income | $343M | $885M | $426M | -61.3% | -19.6% |
| Gross Margin | 48.3% | 112.3% | 40.2% | -64.0pp | 8.1pp |
| Net Margin | 4.6% | 50.4% | 6.7% | -45.7pp | -2.1pp |
| EPS (Diluted) | $0.81 | $3.34 | $1.06 | -75.9% | -23.7% |
| Free Cash Flow | -$4.6B | $5.9B | $1.1B | -177.9% | -501.4% |
| Item | Amount |
|---|---|
| REVENUE | $4.8B |
| Cost of Revenue | $2.5B |
| GROSS PROFIT | $2.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $666M |
| SG&A Expenses | $666M |
| Other Expenses | $1.3B |
| Operating Expenses | $2.0B |
| Cost & Expenses | $4.4B |
| OPERATING INCOME | $343M |
| Interest Income | $4.2B |
| Interest Expense | $2.2B |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | $335M |
| Income Tax Expense | $113M |
| Net Income from Continuing Ops | $222M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $8M |
| NET INCOME | $221M |
| Net Income Deductions | $25M |
| BOTTOM LINE NET INCOME | $196M |
| D&A | $88M |
| EBIT | $335M |
| EBITDA | $403M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $4.8B |
| Cost of Revenue | $2.5B |
| GROSS PROFIT | $2.3B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $666M |
| SG&A Expenses | $666M |
| Other Expenses | $1.3B |
| Operating Expenses | $2.0B |
| Cost & Expenses | $4.4B |
| OPERATING INCOME | $343M |
| Interest Income | $4.2B |
| Interest Expense | $2.2B |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | $335M |
| Income Tax Expense | $113M |
| Net Income from Continuing Ops | $222M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $8M |
| NET INCOME | $221M |
| Net Income Deductions | $25M |
| BOTTOM LINE NET INCOME | $196M |
| D&A | $88M |
| EBIT | $335M |
| EBITDA | $403M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $196M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $515M |
| Change in Working Capital | -$5.2B |
| OPERATING CASH FLOW | -$4.4B |
| Capital Expenditure | -$140M |
| Acquisitions (Net) | $37M |
| Purchases of Investments | -$16.6B |
| Sales/Maturities of Investments | $9.1B |
| Other Investing Activities | $4.2B |
| NET CASH FROM INVESTING | -$3.5B |
| Net Debt Issuance | $5.8B |
| Common Stock Repurchased | $1M |
| Common Dividends Paid | -$93M |
| Other Financing Activities | $8.3B |
| NET CASH FROM FINANCING | $14.0B |
| FREE CASH FLOW | -$4.6B |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $17.8B |
| Short-Term Investments | $13.8B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $17.8B |
| PP&E (Net) | $5.1B |
| Goodwill | $261M |
| Intangible Assets | $452M |
| Long-Term Investments | $359.7B |
| Tax Assets | $279M |
| Other Non-Current Assets | $22.4B |
| TOTAL NON-CURRENT ASSETS | $388.2B |
| TOTAL ASSETS | $406.0B |
| Account Payables | $0 |
| Short-Term Debt | $33.8B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $33.8B |
| Long-Term Debt | $29.8B |
| Deferred Revenue NC | $239M |
| Deferred Tax Liabilities | $341M |
| Other Non-Current Liabilities | $318.5B |
| TOTAL NON-CURRENT LIABILITIES | $349.1B |
| TOTAL LIABILITIES | $382.9B |
| Common Stock | $2.6B |
| Additional Paid-In Capital | $630M |
| Retained Earnings | $17.3B |
| Treasury Stock | -$24M |
| Accum. Other Comp. Income | $1.4B |
| Other Equity | $1 |
| TOTAL STOCKHOLDERS' EQUITY | $21.8B |
| Minority Interest | $1.2B |
| TOTAL EQUITY | $23.0B |
| TOTAL LIABILITIES & EQUITY | $406.0B |
| Total Debt | $63.8B |
| Net Debt | $46.0B |
