Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved significantly versus both the prior quarter and the same quarter last year, driven by a sharp increase in operating cash flow. Revenue was stable across all periods, while capital expenditure remained relatively contained.
- Operating cash flow rose substantially, and with capital expenditure only slightly higher than the prior quarter, free cash flow expanded notably. The free cash flow margin improved compared to both the preceding quarter and the year-ago quarter, reflecting stronger cash conversion from the same level of revenue.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow were higher, while capital expenditure was slightly higher. Versus the same quarter one year earlier, operating cash flow and free cash flow were also higher, with capital expenditure lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$684.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$276.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$312.1M
Cash generated by operations before capital spending.
CapEx
$35.9M
Capital spending and related asset purchases.
FCF margin
12.5%
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 |
|---|---|---|---|---|---|
| 2024-12-28 | $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% |
| 2025-09-27 | $2.2B | $312.1M | $35.9M | $276.2M | 12.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 166.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.6% | 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 Surge
Operating cash flow increased sharply from both the prior quarter and the year-ago quarter, while revenue remained essentially unchanged. This was the strongest observable driver of the free cash flow improvement.
The higher operating cash flow directly lifted free cash flow and the free cash flow margin to their best levels among the three periods presented.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow rose substantially, and with capital expenditure only slightly higher than the prior quarter, free cash flow expanded notably. The free cash flow margin improved compared to both the preceding quarter and the year-ago quarter, reflecting stronger cash conversion from the same level of revenue.
Compared to the immediately preceding quarter, operating cash flow and free cash flow were higher, while capital expenditure was slightly higher. Versus the same quarter one year earlier, operating cash flow and free cash flow were also higher, with capital expenditure lower.
Monitor whether operating cash flow can sustain its elevated level relative to revenue in subsequent quarters.