FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$129.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$26.7B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$28.7B
Cash generated by operations before capital spending.
CapEx
$2.0B
Capital spending and related asset purchases.
FCF margin
24.0%
The share of revenue converted into free cash flow.
TTM FCF yield
2.8%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $28.7B | Cash generated by operations before capital spending. |
| Capital expenditures | $2.0B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $26.7B | Operating cash flow less capital spending. |
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-06-28 | $94.0B | $27.9B | $3.5B | $24.4B | 26.0% |
| 2025-09-27 | $102.5B | $29.7B | $3.2B | $26.5B | 25.8% |
| 2025-12-27 | $143.8B | $53.9B | $2.4B | $51.6B | 35.9% |
| 2026-03-28 | $111.2B | $28.7B | $2.0B | $26.7B | 24.0% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |