Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved significantly compared to the same quarter one year earlier, driven by a substantial increase in operating cash flow. However, free cash flow and its margin weakened relative to the immediately preceding quarter.
- Revenue was stable compared to the prior quarter and higher than a year ago. Operating cash flow was lower than the prior quarter but much higher than the year-ago quarter. Capital expenditure was slightly lower than the prior quarter and higher than a year ago. Free cash flow and free cash flow margin followed the same pattern as operating cash flow.
- Compared to the immediately preceding quarter, free cash flow and free cash flow margin were lower. Compared to the same quarter one year earlier, free cash flow and free cash flow margin were higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$583.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$120.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$151.0M
Cash generated by operations before capital spending.
CapEx
$30.8M
Capital spending and related asset purchases.
FCF margin
11.6%
The share of revenue converted into free cash flow.
TTM FCF yield
4.6%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $1.0B | $128.7M | $21.5M | $107.2M | 10.6% |
| 2025-09-30 | $995.7M | $188.7M | $19.8M | $169.0M | 17.0% |
| 2025-12-31 | $1.0B | $223.2M | $35.9M | $187.3M | 17.9% |
| 2026-03-31 | $1.0B | $151.0M | $30.8M | $120.3M | 11.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 106.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | 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 was substantially higher than the same quarter one year earlier, which was the strongest observable driver of the year-over-year improvement in free cash flow.
This drove free cash flow and free cash flow margin to be higher than the year-ago quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to the prior quarter and higher than a year ago. Operating cash flow was lower than the prior quarter but much higher than the year-ago quarter. Capital expenditure was slightly lower than the prior quarter and higher than a year ago. Free cash flow and free cash flow margin followed the same pattern as operating cash flow.
Compared to the immediately preceding quarter, free cash flow and free cash flow margin were lower. Compared to the same quarter one year earlier, free cash flow and free cash flow margin were higher.
Monitor whether operating cash flow can sustain its improvement relative to the year-ago level, given the sequential decline from the prior quarter.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $12.8B | Used as the denominator for FCF yield. |
| TTM FCF yield | 4.6% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.