Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased relative to both the prior quarter and the same quarter last year. Operating cash flow was stable, while free cash flow improved versus the prior quarter but weakened compared to a year ago.
- Cash conversion improved as operating cash flow remained steady while revenue rose, leading to an expansion in free cash flow compared to the previous quarter. The free cash flow margin narrowed from the prior quarter and the year-ago quarter due to a higher proportion of revenue relative to free cash flow.
- Compared to the prior quarter, revenue and free cash flow were higher, operating cash flow was stable, capital expenditure was lower, and free cash flow margin weakened. Compared to the same quarter last year, revenue and capital expenditure were higher, operating cash flow was stable, while free cash flow and free cash flow margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
$976.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.3B
Cash generated by operations before capital spending.
CapEx
$304.6M
Capital spending and related asset purchases.
FCF margin
400.9%
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 | $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% |
| 2025-06-30 | $243.7M | $1.3B | $304.6M | $976.9M | 400.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 256.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 125.0% | 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.
Revenue Growth
Revenue increased sequentially and year-over-year, providing a larger base for cash conversion despite stable operating cash flow.
Higher revenue supported an improvement in free cash flow from the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Cash conversion improved as operating cash flow remained steady while revenue rose, leading to an expansion in free cash flow compared to the previous quarter. The free cash flow margin narrowed from the prior quarter and the year-ago quarter due to a higher proportion of revenue relative to free cash flow.
Compared to the prior quarter, revenue and free cash flow were higher, operating cash flow was stable, capital expenditure was lower, and free cash flow margin weakened. Compared to the same quarter last year, revenue and capital expenditure were higher, operating cash flow was stable, while free cash flow and free cash flow margin were lower.
Monitor capital expenditure trends given its decline from the prior quarter but increase from a year ago, as it directly influences free cash flow generation.