Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue decreased sequentially while operating cash flow and free cash flow declined. Compared to the same quarter last year, all metrics improved significantly.
- Free cash flow margin weakened sequentially from the prior quarter but improved versus the same quarter last year. The conversion from revenue to operating cash flow, after capital expenditure, resulted in a margin that reflects the period's cash generation efficiency.
- Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, and free cash flow was lower, resulting in a weakened free cash flow margin. Versus the same quarter one year earlier, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was higher, leading to an improved margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$727.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$939.0M
Cash generated by operations before capital spending.
CapEx
$212.0M
Capital spending and related asset purchases.
FCF margin
9.8%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $5.8B | $593.0M | $154.0M | $439.0M | 7.5% |
| 2024-09-28 | $6.8B | $628.0M | $132.0M | $496.0M | 7.3% |
| 2024-12-28 | $7.7B | $1.3B | $208.0M | $1.1B | 14.2% |
| 2025-03-29 | $7.4B | $939.0M | $212.0M | $727.0M | 9.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 102.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.9% | 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.
Year-over-year cash flow improvement
Operating cash flow and free cash flow were both higher compared to the same quarter last year, with a notable increase in free cash flow margin. This was accompanied by higher revenue and a larger capital expenditure base.
The stronger year-over-year cash generation provides a larger internal resource base relative to the prior year period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Free cash flow margin weakened sequentially from the prior quarter but improved versus the same quarter last year. The conversion from revenue to operating cash flow, after capital expenditure, resulted in a margin that reflects the period's cash generation efficiency.
Compared to the immediately preceding quarter, revenue was lower, operating cash flow was lower, and free cash flow was lower, resulting in a weakened free cash flow margin. Versus the same quarter one year earlier, revenue was higher, operating cash flow was higher, capital expenditure was higher, and free cash flow was higher, leading to an improved margin.
Monitor the sequential change in capital expenditure relative to operating cash flow.