| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.8B | $3.7B | -1.3% | 1.4% |
| Op. Income | $607M | $667M | $728M | -9.1% | -16.7% |
| Gross Margin | 20.6% | 18.2% | 25.2% | 2.3pp | -4.7pp |
| Net Margin | 12.1% | 13.6% | 15.7% | -1.5pp | -3.6pp |
| EPS (Diluted) | $1.13 | $1.28 | $1.44 | -11.7% | -21.5% |
| Free Cash Flow | $896M | $1.1B | $796M | -20.2% | 12.6% |
| Item | Amount |
|---|---|
| REVENUE | $3.7B |
| Cost of Revenue | $3.0B |
| GROSS PROFIT | $765M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $159M |
| Operating Expenses | $159M |
| Cost & Expenses | $3.1B |
| OPERATING INCOME | $607M |
| Interest Income | $0 |
| Interest Expense | $32M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $572M |
| Income Tax Expense | $117M |
| Net Income from Continuing Ops | $455M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $450M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $450M |
| D&A | $0 |
| EBIT | $602M |
| EBITDA | $602M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $3.7B |
| Cost of Revenue | $3.0B |
| GROSS PROFIT | $765M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $159M |
| Operating Expenses | $159M |
| Cost & Expenses | $3.1B |
| OPERATING INCOME | $607M |
| Interest Income | $0 |
| Interest Expense | $32M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $572M |
| Income Tax Expense | $117M |
| Net Income from Continuing Ops | $455M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $450M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $450M |
| D&A | $0 |
| EBIT | $602M |
| EBITDA | $602M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $450M |
| Depreciation & Amortization | -$15M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $45M |
| Change in Working Capital | $533M |
| OPERATING CASH FLOW | $1.0B |
| Capital Expenditure | -$116M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.7B |
| Sales/Maturities of Investments | $1.6B |
| Other Investing Activities | -$93M |
| NET CASH FROM INVESTING | -$243M |
| Net Debt Issuance | -$339.0K |
| Common Stock Repurchased | -$196M |
| Common Dividends Paid | -$412M |
| Other Financing Activities | -$9M |
| NET CASH FROM FINANCING | -$618M |
| FREE CASH FLOW | $896M |
| Net Change in Cash | $136M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.5B |
| Short-Term Investments | $26.2B |
| Net Receivables | $7.2B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $36.9B |
| PP&E (Net) | $596M |
| Goodwill | $184M |
| Intangible Assets | $1.0B |
| Long-Term Investments | $4.4B |
| Tax Assets | $141M |
| Other Non-Current Assets | $809M |
| TOTAL NON-CURRENT ASSETS | $7.2B |
| TOTAL ASSETS | $44.1B |
| Account Payables | $616M |
| Short-Term Debt | $0 |
| Deferred Revenue | $6.7B |
| Other Current Liabilities | $19.1B |
| TOTAL CURRENT LIABILITIES | $26.5B |
| Long-Term Debt | $2.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $100M |
| Other Non-Current Liabilities | $4.9B |
| TOTAL NON-CURRENT LIABILITIES | $7.8B |
| TOTAL LIABILITIES | $34.4B |
| Common Stock | $159M |
| Additional Paid-In Capital | $988M |
| Retained Earnings | $13.3B |
| Treasury Stock | -$4.3B |
| Accum. Other Comp. Income | -$451M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $9.7B |
| Minority Interest | $11M |
| TOTAL EQUITY | $9.7B |
| TOTAL LIABILITIES & EQUITY | $44.1B |
| Total Debt | $2.8B |
| Net Debt | $300M |
