Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned positive and free cash flow improved to a positive margin, reversing the negative cash generation seen in both the prior quarter and the same quarter last year. Revenue was stable compared to the prior quarter but slightly lower than a year ago.
- Revenue remained stable, while operating cash flow shifted from negative to positive, enabling free cash flow to turn positive with a corresponding margin improvement. Capital expenditure was slightly higher than the prior quarter but significantly lower than a year ago, supporting the cash conversion.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive, and the free cash flow margin strengthened. Versus the same quarter one year earlier, operating cash flow was higher, capital expenditure was lower, and free cash flow turned positive from negative, with a stronger margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$112.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
$223.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$355.6M
Cash generated by operations before capital spending.
CapEx
$132.2M
Capital spending and related asset purchases.
FCF margin
17.1%
The share of revenue converted into free cash flow.
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $1.2B | -$4.4M | $342.8M | -$347.2M | -28.2% |
| 2025-03-31 | $1.1B | $547.2M | $182.6M | $364.6M | 33.9% |
| 2025-06-30 | $1.3B | -$9.0M | $119.6M | -$128.7M | -9.7% |
| 2025-09-30 | $1.3B | $355.6M | $132.2M | $223.4M | 17.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -139.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.7B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating cash flow recovery
Operating cash flow turned positive this quarter after being negative in the prior quarter, and was higher than the same quarter last year. This shift was the primary factor behind the improvement in free cash flow and margin.
The positive operating cash flow directly enabled free cash flow to turn positive and improved the overall cash conversion.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue remained stable, while operating cash flow shifted from negative to positive, enabling free cash flow to turn positive with a corresponding margin improvement. Capital expenditure was slightly higher than the prior quarter but significantly lower than a year ago, supporting the cash conversion.
Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive, and the free cash flow margin strengthened. Versus the same quarter one year earlier, operating cash flow was higher, capital expenditure was lower, and free cash flow turned positive from negative, with a stronger margin.
Monitor whether operating cash flow can sustain its positive level given the stable revenue base.