Electronic Arts

As of December 31, 2025: TTM operating cash flow was $2.522B; nine‑month capex was $169M (TTM capex ≈ $223M), implying TTM FCF near $2.30B. Cash, cash equivalents and short‑term investments totaled $2.899B vs. $1.9B of unsecured senior notes (maturities: $400M due 2026, $750M due 2031, $750M due 2051).

Gross margins are >70%, capital intensity is low, and dividends/buybacks are supported by strong cash generation. If the take‑private closes, leverage at the new entity could rise substantially; until then, the public entity remains conservatively positioned.