FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$2.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$18.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$26.0B
Cash generated by operations before capital spending.
CapEx
$44.2B
Capital spending and related asset purchases.
FCF margin
-10.0%
The share of revenue converted into free cash flow.
TTM FCF yield
-0.1%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $26.0B | Cash generated by operations before capital spending. |
| Capital expenditures | $44.2B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$18.2B | Operating cash flow less capital spending. |
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $167.7B | $32.5B | $32.2B | $332.0M | 0.2% |
| 2025-09-30 | $180.2B | $35.5B | $35.1B | $430.0M | 0.2% |
| 2025-12-31 | $213.4B | $54.5B | $39.5B | $14.9B | 7.0% |
| 2026-03-31 | $181.5B | $26.0B | $44.2B | -$18.2B | -10.0% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |