Q3 2025 delivered a jarring reality check. Revenue hit $11.51 billion, matching consensus exactly, but EPS came in at $5.87 versus the $6.97 estimate. That 15.8% miss broke a four-quarter beat streak and stemmed largely from a $619 million Brazilian tax dispute that crushed operating margin by more than 5 percentage points. Management framed it as a one-time hit, but the damage to sentiment was real. Shares have drifted lower ever since, falling from around $1,100 in early November to current levels near $90.