Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both increased versus the prior quarter, lifting free cash flow and the free cash flow margin substantially. Versus the same quarter a year ago, revenue improved but operating cash flow, free cash flow, and the free cash flow margin all declined.
- Operating cash flow increased meaningfully from the prior quarter, and free cash flow rose more than proportionally as capital expenditure also increased. These changes led to a higher free cash flow margin compared with the immediately preceding quarter.
- Compared with the immediately preceding quarter, free cash flow and free cash flow margin improved. Compared with the same quarter one year earlier, free cash flow and free cash flow margin weakened, despite higher revenue.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$75.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
$155.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$217.2M
Cash generated by operations before capital spending.
CapEx
$61.8M
Capital spending and related asset purchases.
FCF margin
19.5%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $603.6M | $25.8M | $24.9M | $932000 | 0.2% |
| 2025-06-30 | $668.5M | -$91.7M | $23.0M | -$114.7M | -17.2% |
| 2025-09-30 | $710.6M | $60.0M | $26.6M | $33.4M | 4.7% |
| 2025-12-31 | $796.7M | $217.2M | $61.8M | $155.4M | 19.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 5662.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 7.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$609.6M | 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 increased sharply from the prior quarter, driving a substantial rise in free cash flow and margin. This was the most noticeable change among the reported metrics.
The increase in operating cash flow was the strongest observable driver of the quarter's free cash flow improvement.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased meaningfully from the prior quarter, and free cash flow rose more than proportionally as capital expenditure also increased. These changes led to a higher free cash flow margin compared with the immediately preceding quarter.
Compared with the immediately preceding quarter, free cash flow and free cash flow margin improved. Compared with the same quarter one year earlier, free cash flow and free cash flow margin weakened, despite higher revenue.
Monitor the trend in capital expenditure, which was higher in the current quarter compared with both the preceding quarter and the same quarter one year earlier.