Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue, operating cash flow, and free cash flow all increased compared to both the prior quarter and the same quarter last year. The free cash flow margin improved significantly, and the filing notes that the company's primary liquidity sources include internally generated cash and access to capital markets.
- Operating cash flow grew faster than revenue, leading to a higher free cash flow margin. Capital expenditure also increased but at a slower pace relative to operating cash flow.
- Compared to the prior quarter, all key metrics were higher and the free cash flow margin improved. Versus the same quarter last year, revenue and cash flows were also higher, with the free cash flow margin above the prior year level.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$1.1B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.4B
Cash generated by operations before capital spending.
CapEx
$297.1M
Capital spending and related asset purchases.
FCF margin
19.8%
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 | $4.0B | $704.0M | $230.0M | $474.0M | 11.7% |
| 2024-12-31 | $4.3B | $847.1M | $199.8M | $647.3M | 15.0% |
| 2025-03-31 | $4.8B | $764.9M | $188.6M | $576.3M | 12.0% |
| 2025-06-30 | $5.7B | $1.4B | $297.1M | $1.1B | 19.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 102.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.3% | 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.
Free Cash Flow Margin Expansion
The free cash flow margin rose from the prior quarter and from the same quarter last year, coinciding with a larger increase in operating cash flow relative to revenue.
This reflects stronger cash generation efficiency during the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow grew faster than revenue, leading to a higher free cash flow margin. Capital expenditure also increased but at a slower pace relative to operating cash flow.
Compared to the prior quarter, all key metrics were higher and the free cash flow margin improved. Versus the same quarter last year, revenue and cash flows were also higher, with the free cash flow margin above the prior year level.
Monitor the level of capital expenditure relative to operating cash flow in future quarters.