Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than the preceding quarter but higher than the same quarter one year earlier. Operating cash flow turned positive from negative, leading to positive free cash flow, though the free cash flow margin was lower than the year-ago level.
- Revenue decreased sequentially, but operating cash flow improved markedly from negative to positive. Capital expenditure was slightly lower than the prior quarter, helping to generate positive free cash flow with a margin that was higher than the preceding quarter but lower than the same quarter last year.
- Compared to the preceding quarter, revenue was lower, operating cash flow improved from negative to positive, capital expenditure was slightly lower, and free cash flow turned positive. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$805.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$282.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$503.0M
Cash generated by operations before capital spending.
CapEx
$221.0M
Capital spending and related asset purchases.
FCF margin
5.2%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $3.3B | $117.0M | $117.0M | $0 | 0.0% |
| 2025-06-30 | $5.1B | $1.1B | $220.0M | $894.0M | 17.6% |
| 2025-09-30 | $5.7B | -$133.0M | $238.0M | -$371.0M | -6.5% |
| 2025-12-31 | $5.4B | $503.0M | $221.0M | $282.0M | 5.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 159.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.1% | 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 shifted from negative in the prior quarter to positive in the current quarter, providing the primary lift to free cash flow.
This improvement was the key factor behind the swing to positive free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue decreased sequentially, but operating cash flow improved markedly from negative to positive. Capital expenditure was slightly lower than the prior quarter, helping to generate positive free cash flow with a margin that was higher than the preceding quarter but lower than the same quarter last year.
Compared to the preceding quarter, revenue was lower, operating cash flow improved from negative to positive, capital expenditure was slightly lower, and free cash flow turned positive. Compared to the same quarter one year earlier, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was lower.
The level of capital expenditure, which was higher than the same quarter one year earlier, is a metric to monitor for its impact on free cash flow generation.