Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow was lower than the prior quarter but higher than the same quarter last year, while capital expenditure increased relative to both periods. Free cash flow remained negative, though the margin improved from the prior quarter due to higher revenue.
- Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow was lower than the prior quarter but higher than a year ago, while capital expenditure increased compared to both periods. As a result, free cash flow was more negative than both the prior quarter and the year-ago quarter, and the free cash flow margin weakened relative to a year ago but improved from the prior quarter.
- Compared with the prior quarter, revenue was higher and the free cash flow margin improved, but free cash flow was more negative. Compared with the same quarter last year, revenue was higher, operating cash flow was higher, and capital expenditure was higher, yet free cash flow was more negative and the margin weakened slightly.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$725.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$308.1M
Cash generated by operations before capital spending.
CapEx
$1.0B
Capital spending and related asset purchases.
FCF margin
-54.0%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $2.0B | $922.9M | $839.7M | $83.3M | 4.3% |
| 2025-06-30 | $838.8M | $496.4M | $866.9M | -$370.6M | -44.2% |
| 2025-09-30 | $737.5M | $348.1M | $963.6M | -$615.5M | -83.5% |
| 2025-12-31 | $1.3B | $308.1M | $1.0B | -$725.3M | -54.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -180.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 77.0% | 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 was higher than both the prior quarter and the same quarter last year. This increase supported an improvement in free cash flow margin compared to the prior quarter, even though free cash flow remained negative.
Higher revenue helped narrow the free cash flow deficit relative to the prior quarter, contributing to a less negative margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow was lower than the prior quarter but higher than a year ago, while capital expenditure increased compared to both periods. As a result, free cash flow was more negative than both the prior quarter and the year-ago quarter, and the free cash flow margin weakened relative to a year ago but improved from the prior quarter.
Compared with the prior quarter, revenue was higher and the free cash flow margin improved, but free cash flow was more negative. Compared with the same quarter last year, revenue was higher, operating cash flow was higher, and capital expenditure was higher, yet free cash flow was more negative and the margin weakened slightly.
Monitor capital expenditure levels, as they increased relative to both the prior quarter and the same quarter last year and are a primary driver of the negative free cash flow.