Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
The current quarter's free cash flow margin improved compared to the preceding quarter but was lower than the same quarter one year earlier. Revenue increased relative to both periods, while operating cash flow rose from the prior quarter yet fell from the year-ago level.
- Revenue was higher than both the preceding quarter and the same quarter a year ago. Operating cash flow increased from the prior quarter, and capital expenditure was slightly higher than the preceding quarter but lower than the year-ago period. Free cash flow rose sequentially, yet the margin improved from the prior quarter while weakening from the year-ago quarter.
- Compared with the immediate preceding quarter, revenue, operating cash flow, free cash flow, and margin all improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow, free cash flow, and margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$5.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$2.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$2.2B
Cash generated by operations before capital spending.
CapEx
$44.0M
Capital spending and related asset purchases.
FCF margin
44.1%
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 | $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% |
| 2025-09-30 | $4.9B | $2.2B | $44.0M | $2.2B | 44.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 236.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.9% | 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.
Sequential improvement in cash generation
Operating cash flow increased from the preceding quarter, leading to a higher free cash flow and an improved margin. Revenue also rose, supporting the stronger cash conversion.
The sequential improvement in free cash flow and margin reflects a stronger cash conversion in the current quarter compared to the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than both the preceding quarter and the same quarter a year ago. Operating cash flow increased from the prior quarter, and capital expenditure was slightly higher than the preceding quarter but lower than the year-ago period. Free cash flow rose sequentially, yet the margin improved from the prior quarter while weakening from the year-ago quarter.
Compared with the immediate preceding quarter, revenue, operating cash flow, free cash flow, and margin all improved. Versus the same quarter one year earlier, revenue was higher, but operating cash flow, free cash flow, and margin were lower.
Monitor the free cash flow margin relative to the year-ago level, as it declined despite higher revenue.