Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned positive from the prior quarter's negative level, driven by a marked improvement in operating cash flow. Revenue held steady compared with the same quarter last year, while free cash flow margin strengthened.
- Operating cash flow grew to a positive level from the prior quarter's outflow, and capital expenditure was lower than both prior periods. The resulting free cash flow and margin both improved sharply relative to the immediate prior quarter and were higher than a year ago.
- Compared with the immediately preceding quarter, revenue increased modestly and all cash flow metrics improved from a negative to a positive position. Versus the same quarter one year earlier, revenue was stable, operating cash flow and free cash flow were higher, and capital expenditure was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$635.3M
Trailing twelve-month free cash flow.
Quarter free cash flow
$178.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$208.8M
Cash generated by operations before capital spending.
CapEx
$30.0M
Capital spending and related asset purchases.
FCF margin
8.1%
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 |
|---|---|---|---|---|---|
| 2024-09-28 | $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% |
| 2025-06-28 | $2.2B | $208.8M | $30.0M | $178.8M | 8.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 94.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.4% | 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 recovery
Operating cash flow turned from a negative figure in the prior quarter to a positive figure this quarter, representing the strongest observable change among the metrics supplied. This swing was the primary factor behind the free cash flow improvement.
It enabled free cash flow to move from negative to positive and increased 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 grew to a positive level from the prior quarter's outflow, and capital expenditure was lower than both prior periods. The resulting free cash flow and margin both improved sharply relative to the immediate prior quarter and were higher than a year ago.
Compared with the immediately preceding quarter, revenue increased modestly and all cash flow metrics improved from a negative to a positive position. Versus the same quarter one year earlier, revenue was stable, operating cash flow and free cash flow were higher, and capital expenditure was lower.
Monitor whether operating cash flow sustains the positive level achieved this quarter.