Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than both the prior quarter and the year-ago quarter, while free cash flow improved sequentially but weakened year-over-year. The free cash flow margin was higher than the prior quarter but lower than the same quarter last year.
- Operating cash flow was stable compared to both the prior quarter and the year-ago quarter. Capital expenditure was lower than both periods, which supported free cash flow relative to revenue.
- Compared to the prior quarter, revenue was lower and free cash flow was higher. Compared to the same quarter one year earlier, revenue 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
$3.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$963.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.3B
Cash generated by operations before capital spending.
CapEx
$331.1M
Capital spending and related asset purchases.
FCF margin
426.5%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $196.4M | $1.3B | $325.2M | $1.0B | 515.9% |
| 2024-09-30 | $190.4M | $1.5B | $424.7M | $1.0B | 548.7% |
| 2024-12-31 | $2.5B | $1.2B | $443.4M | $755.6M | 29.7% |
| 2025-03-31 | $226.0M | $1.3B | $331.1M | $963.9M | 426.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 193.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 146.5% | 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.
Capital Expenditure Reduction
Capital expenditure was lower than both the prior quarter and the year-ago quarter, which contributed to the sequential improvement in free cash flow.
Lower capital expenditure directly supported free cash flow in the current quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was stable compared to both the prior quarter and the year-ago quarter. Capital expenditure was lower than both periods, which supported free cash flow relative to revenue.
Compared to the prior quarter, revenue was lower and free cash flow was higher. Compared to the same quarter one year earlier, revenue was higher and free cash flow was lower.
Monitor the relationship between revenue and free cash flow, as free cash flow improved sequentially despite lower revenue.