Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned negative in the current quarter, driven by a significant decline in operating cash flow. Revenue was slightly lower than both the prior quarter and the same quarter last year.
- Operating cash flow was negative, resulting in negative free cash flow and a negative free cash flow margin. Capital expenditure was lower than both comparison periods, but the decline in operating cash flow more than offset that reduction.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow weakened sharply, and the free cash flow margin turned from positive to negative. Versus the same quarter one year earlier, operating cash flow and free cash flow were also lower, and the margin declined.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$606.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$52.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$16.3M
Cash generated by operations before capital spending.
CapEx
$36.0M
Capital spending and related asset purchases.
FCF margin
-2.4%
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 |
|---|---|---|---|---|---|
| 2024-06-29 | $2.2B | $197.7M | $47.5M | $150.2M | 6.7% |
| 2024-09-28 | $2.2B | $270.1M | $43.0M | $227.1M | 10.4% |
| 2024-12-28 | $2.2B | $351.2M | $69.5M | $281.7M | 12.9% |
| 2025-03-29 | $2.1B | -$16.3M | $36.0M | -$52.3M | -2.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -31.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.7% | 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 Decline
The most observable driver of the current quarter's results is the sharp reduction in operating cash flow, which fell from positive levels in both comparison periods to a negative figure. This change directly caused free cash flow to turn negative despite lower capital expenditure.
The negative operating cash flow was the primary factor behind the negative free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was negative, resulting in negative free cash flow and a negative free cash flow margin. Capital expenditure was lower than both comparison periods, but the decline in operating cash flow more than offset that reduction.
Compared to the immediately preceding quarter, operating cash flow and free cash flow weakened sharply, and the free cash flow margin turned from positive to negative. Versus the same quarter one year earlier, operating cash flow and free cash flow were also lower, and the margin declined.
Monitor whether operating cash flow can return to positive levels in the coming quarter.