Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved compared to both the prior quarter and the same quarter last year, driven by higher operating cash flow and lower capital expenditure. Revenue was stable sequentially but higher year over year.
- Operating cash flow increased while capital expenditure decreased, resulting in higher free cash flow and an improved free cash flow margin. Revenue was unchanged from the prior quarter but higher than a year ago.
- Compared to the prior quarter, free cash flow and margin were higher; operating cash flow increased while capital expenditure was slightly lower. Versus the same quarter last year, all metrics improved: revenue, operating cash flow, free cash flow, and margin were higher, with capital expenditure lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$441.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$584.0M
Cash generated by operations before capital spending.
CapEx
$143.0M
Capital spending and related asset purchases.
FCF margin
8.5%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $4.9B | $1.1B | $166.0M | $894.0M | 18.2% |
| 2025-03-31 | $4.8B | $273.0M | $197.0M | $76.0M | 1.6% |
| 2025-06-30 | $5.2B | $510.0M | $149.0M | $361.0M | 6.9% |
| 2025-09-30 | $5.2B | $584.0M | $143.0M | $441.0M | 8.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -124.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.7% | 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 Growth
Operating cash flow rose compared to both the prior quarter and the year-ago quarter, while capital expenditure declined.
This combination drove free cash flow higher and expanded the free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased while capital expenditure decreased, resulting in higher free cash flow and an improved free cash flow margin. Revenue was unchanged from the prior quarter but higher than a year ago.
Compared to the prior quarter, free cash flow and margin were higher; operating cash flow increased while capital expenditure was slightly lower. Versus the same quarter last year, all metrics improved: revenue, operating cash flow, free cash flow, and margin were higher, with capital expenditure lower.
Monitor the trend in capital expenditure relative to operating cash flow, as lower spending contributed to the improvement.