Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow were all higher than the prior quarter and the same quarter one year earlier. The free cash flow margin improved compared with both periods.
- Revenue was higher than the prior quarter and the year-ago quarter. Operating cash flow was higher than both comparison periods, while capital expenditure also increased. The resulting free cash flow was higher, and the free cash flow margin improved.
- Compared with the immediately preceding quarter, all key metrics improved: revenue, operating cash flow, capital expenditure, free cash flow, and margin were higher. Versus the same quarter one year earlier, the same directional improvement was observed across all metrics.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$11.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$4.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$4.7B
Cash generated by operations before capital spending.
CapEx
$436.0M
Capital spending and related asset purchases.
FCF margin
44.4%
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 | $9.1B | $4.8B | $371.0M | $4.4B | 48.4% |
| 2025-03-31 | $8.1B | $1.4B | $411.0M | $980.0M | 12.0% |
| 2025-06-30 | $9.2B | $2.3B | $369.0M | $1.9B | 20.8% |
| 2025-09-30 | $9.6B | $4.7B | $436.0M | $4.2B | 44.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 132.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$45.1B | 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 improvement
Operating cash flow was higher in the current quarter compared with both the prior quarter and the same quarter last year, supporting a higher free cash flow and margin.
The increase in operating cash flow was the strongest observable driver of the improved free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter and the year-ago quarter. Operating cash flow was higher than both comparison periods, while capital expenditure also increased. The resulting free cash flow was higher, and the free cash flow margin improved.
Compared with the immediately preceding quarter, all key metrics improved: revenue, operating cash flow, capital expenditure, free cash flow, and margin were higher. Versus the same quarter one year earlier, the same directional improvement was observed across all metrics.
Monitor the trend in capital expenditure relative to operating cash flow, as it increased in both sequential and year-over-year comparisons.