| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.0B | $2.4B | 27.0% | 6.4% |
| Op. Income | $738M | $666M | $657M | 10.8% | 12.3% |
| Gross Margin | 44.5% | 47.0% | 44.4% | -2.5pp | 0.1pp |
| Net Margin | 21.3% | 20.1% | 17.9% | 1.2pp | 3.4pp |
| EPS (Diluted) | $1.92 | $1.41 | $1.49 | 36.2% | 28.9% |
| Free Cash Flow | $482M | $449M | $407M | 7.3% | 18.4% |
| Item | Amount |
|---|---|
| REVENUE | $2.5B |
| Cost of Revenue | $1.4B |
| GROSS PROFIT | $1.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $377M |
| SG&A Expenses | $377M |
| Other Expenses | $0 |
| Operating Expenses | $377M |
| Cost & Expenses | $1.8B |
| OPERATING INCOME | $738M |
| Interest Income | $0 |
| Interest Expense | $133M |
| Other Income/Expenses | -$131M |
| INCOME BEFORE TAX | $607M |
| Income Tax Expense | $72M |
| Net Income from Continuing Ops | $535M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $535M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $535M |
| D&A | $67M |
| EBIT | $740M |
| EBITDA | $807M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $2.5B |
| Cost of Revenue | $1.4B |
| GROSS PROFIT | $1.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $377M |
| SG&A Expenses | $377M |
| Other Expenses | $0 |
| Operating Expenses | $377M |
| Cost & Expenses | $1.8B |
| OPERATING INCOME | $738M |
| Interest Income | $0 |
| Interest Expense | $133M |
| Other Income/Expenses | -$131M |
| INCOME BEFORE TAX | $607M |
| Income Tax Expense | $72M |
| Net Income from Continuing Ops | $535M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $535M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $535M |
| D&A | $67M |
| EBIT | $740M |
| EBITDA | $807M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $535M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$68M |
| Other Non-Cash Items | $90M |
| Change in Working Capital | $60M |
| OPERATING CASH FLOW | $617M |
| Capital Expenditure | -$135M |
| Acquisitions (Net) | -$673M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $13M |
| NET CASH FROM INVESTING | -$795M |
| Net Debt Issuance | $279M |
| Common Stock Repurchased | -$178M |
| Common Dividends Paid | -$197M |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$102M |
| FREE CASH FLOW | $482M |
| Net Change in Cash | -$468M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $709M |
| Short-Term Investments | $0 |
| Net Receivables | $841M |
| Inventory | $0 |
| Other Current Assets | $490M |
| TOTAL CURRENT ASSETS | $2.0B |
| PP&E (Net) | $1.6B |
| Goodwill | $969M |
| Intangible Assets | $909M |
| Long-Term Investments | $0 |
| Tax Assets | $965M |
| Other Non-Current Assets | $1.7B |
| TOTAL NON-CURRENT ASSETS | $6.2B |
| TOTAL ASSETS | $8.2B |
| Account Payables | $1.4B |
| Short-Term Debt | $38M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$1M |
| TOTAL CURRENT LIABILITIES | $1.5B |
| Long-Term Debt | $11.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2.1B |
| TOTAL NON-CURRENT LIABILITIES | $14.0B |
| TOTAL LIABILITIES | $15.5B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$7.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$311M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$7.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | -$7.3B |
| TOTAL LIABILITIES & EQUITY | $8.2B |
| Total Debt | $11.9B |
| Net Debt | $11.2B |
