Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow improved compared to both the prior quarter and the same quarter last year. Free cash flow remained negative but narrowed significantly from the year-ago level.
- Operating cash flow as a proportion of revenue was higher than the prior quarter and much higher than the same quarter last year. Capital expenditure decreased from both comparison periods, contributing to a less negative free cash flow margin.
- Compared to the immediately preceding quarter, revenue was higher and operating cash flow improved, while capital expenditure was lower, resulting in a less negative free cash flow. Versus the same quarter one year earlier, revenue and operating cash flow were substantially higher, capital expenditure was lower, and free cash flow was significantly less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$2.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$3.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$1.1B
Capital spending and related asset purchases.
FCF margin
-0.1%
The share of revenue converted into free cash flow.
TTM FCF yield
-3.8%
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $2.9B | $328.1M | $1.9B | -$1.6B | -53.6% |
| 2025-06-30 | $3.0B | $855.8M | $1.5B | -$640.0M | -21.2% |
| 2025-12-31 | $3.1B | $900.7M | $1.3B | -$350.5M | -11.3% |
| 2026-03-31 | $3.2B | $1.1B | $1.1B | -$3.9M | -0.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -0.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 34.9% | 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.
Operating Cash Flow Improvement
Operating cash flow increased from both the prior quarter and the year-ago quarter, while capital expenditure declined, leading to a materially less negative free cash flow.
The combination of higher operating cash flow and lower capital expenditure drove the strongest observable improvement in free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a proportion of revenue was higher than the prior quarter and much higher than the same quarter last year. Capital expenditure decreased from both comparison periods, contributing to a less negative free cash flow margin.
Compared to the immediately preceding quarter, revenue was higher and operating cash flow improved, while capital expenditure was lower, resulting in a less negative free cash flow. Versus the same quarter one year earlier, revenue and operating cash flow were substantially higher, capital expenditure was lower, and free cash flow was significantly less negative.
Monitor whether operating cash flow can sustain its improvement relative to revenue in future quarters.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $66.7B | Used as the denominator for FCF yield. |
| TTM FCF yield | -3.8% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.