Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned positive and the margin was modest, supported by operating cash flow that covered capital expenditure. Compared to the same quarter one year earlier, the company moved from a negative free cash flow position to a positive one.
- Revenue was higher than both the prior quarter and the year-ago quarter. Operating cash flow was positive and exceeded capital expenditure, yielding positive free cash flow and a positive margin.
- Compared to the immediately preceding quarter, revenue, operating cash flow, capital expenditure, free cash flow, and margin were all higher. Compared to the same quarter one year earlier, all metrics improved substantially, with operating cash flow and free cash flow turning from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$375.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.3B
Cash generated by operations before capital spending.
CapEx
$956.0M
Capital spending and related asset purchases.
FCF margin
1.6%
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 | $19.5B | -$1.6B | $674.0M | -$2.3B | -11.7% |
| 2025-06-30 | $22.7B | $227.0M | $427.0M | -$200.0M | -0.9% |
| 2025-09-30 | $23.3B | $1.1B | $885.0M | $238.0M | 1.0% |
| 2025-12-31 | $23.9B | $1.3B | $956.0M | $375.0M | 1.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 4.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$42.9B | 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
The company’s operating cash flow turned positive and increased from the prior quarter, driven by higher commercial airplane deliveries, lower customer considerations, and working capital improvements, as stated in the filing.
This improvement was the primary factor behind the positive free cash flow, reversing the prior year’s negative position.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than both the prior quarter and the year-ago quarter. Operating cash flow was positive and exceeded capital expenditure, yielding positive free cash flow and a positive margin.
Compared to the immediately preceding quarter, revenue, operating cash flow, capital expenditure, free cash flow, and margin were all higher. Compared to the same quarter one year earlier, all metrics improved substantially, with operating cash flow and free cash flow turning from negative to positive.
Monitor commercial airplane delivery volumes, as the filing highlights their role in driving the operating cash flow improvement.