Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable sequentially and higher year-over-year, while operating cash flow improved from the prior quarter and was also higher than the prior year. The company maintained substantial liquidity during the period, as noted in the filing.
- Operating cash flow increased sequentially and year-over-year, while capital expenditure was slightly higher than the prior quarter and notably higher than the prior year. Free cash flow remained stable in both comparisons, and the free cash flow margin improved from the prior quarter but was slightly lower than the prior year.
- Compared to the prior quarter, revenue was stable, operating cash flow improved, and free cash flow was stable with a higher margin. Compared to the same quarter last year, revenue was higher, operating cash flow was higher, free cash flow was stable, and the margin was slightly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$6.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
$1.7B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.8B
Cash generated by operations before capital spending.
CapEx
$38.0M
Capital spending and related asset purchases.
FCF margin
38.4%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $4.6B | $3.0B | $49.0M | $3.0B | 65.8% |
| 2024-12-31 | $4.6B | $383.0M | $58.0M | $325.0M | 7.0% |
| 2025-03-31 | $4.5B | $1.7B | $36.0M | $1.6B | 36.8% |
| 2025-06-30 | $4.5B | $1.8B | $38.0M | $1.7B | 38.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 162.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.8% | 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 Improvement
Operating cash flow increased from the prior quarter and was also higher than the prior year, while revenue remained stable sequentially. This improvement supported free cash flow stability despite a higher capital expenditure.
The improvement in operating cash flow was the primary factor behind the stable free cash flow and the higher free cash flow margin compared to the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased sequentially and year-over-year, while capital expenditure was slightly higher than the prior quarter and notably higher than the prior year. Free cash flow remained stable in both comparisons, and the free cash flow margin improved from the prior quarter but was slightly lower than the prior year.
Compared to the prior quarter, revenue was stable, operating cash flow improved, and free cash flow was stable with a higher margin. Compared to the same quarter last year, revenue was higher, operating cash flow was higher, free cash flow was stable, and the margin was slightly lower.
Monitor the trend in capital expenditure, which was higher than the same quarter last year.