Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow were higher than both the prior quarter and the same quarter last year. Free cash flow remained negative but improved substantially from the prior quarter, while weakening slightly versus the same quarter last year.
- Operating cash flow exceeded the prior quarter's level by a wide margin, but capital expenditure also increased. The resulting free cash flow was slightly negative, with a free cash flow margin that improved from the prior quarter but was lower than the year-ago quarter.
- Compared to the immediately preceding quarter, free cash flow improved significantly driven by higher operating cash flow. Compared to the same quarter one year earlier, free cash flow was weaker as capital expenditure rose more than operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$937.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$33.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$764.0M
Cash generated by operations before capital spending.
CapEx
$797.0M
Capital spending and related asset purchases.
FCF margin
-2.3%
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 | $1.2B | $639.0M | $894.0M | -$255.0M | -21.6% |
| 2025-03-31 | $1.1B | $331.0M | $548.0M | -$217.0M | -19.1% |
| 2025-06-30 | $1.3B | $301.0M | $733.0M | -$432.0M | -34.0% |
| 2025-09-30 | $1.5B | $764.0M | $797.0M | -$33.0M | -2.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -8.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 54.8% | 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
The company generated substantially higher operating cash flow in the current quarter relative to the prior quarter, reflecting a stronger cash conversion from revenue.
This improvement was the primary driver reducing the free cash flow deficit from the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow exceeded the prior quarter's level by a wide margin, but capital expenditure also increased. The resulting free cash flow was slightly negative, with a free cash flow margin that improved from the prior quarter but was lower than the year-ago quarter.
Compared to the immediately preceding quarter, free cash flow improved significantly driven by higher operating cash flow. Compared to the same quarter one year earlier, free cash flow was weaker as capital expenditure rose more than operating cash flow.
The relationship between capital expenditure growth and operating cash flow generation, as capital spending continues to increase.