Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and margin improved substantially compared to the same quarter last year, though both were lower than the immediately preceding quarter. The company generated higher operating cash flow relative to revenue, with capital expenditure also reduced from the year-ago level.
- Operating cash flow as a share of revenue was higher than a year earlier but lower than the prior quarter. Capital expenditure was slightly higher than the prior quarter but significantly lower than the year-ago period, resulting in free cash flow and margin that reflected these mixed trends.
- Compared to the prior quarter, revenue, operating cash flow, free cash flow, and margin all decreased. Versus the same quarter last year, all metrics improved, with operating cash flow and free cash flow showing the largest relative increases.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$893.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$265.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$291.0M
Cash generated by operations before capital spending.
CapEx
$26.0M
Capital spending and related asset purchases.
FCF margin
29.1%
The share of revenue converted into free cash flow.
TTM FCF yield
n/a
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-07-31 | $924.0M | $160.0M | $31.0M | $129.0M | 14.0% |
| 2025-10-31 | $1.0B | $132.0M | $25.0M | $107.0M | 10.3% |
| 2026-01-31 | $1.1B | $417.0M | $25.0M | $392.0M | 37.1% |
| 2026-04-30 | $912.0M | $291.0M | $26.0M | $265.0M | 29.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 490.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$2.1B | 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 Improvement
The most notable change was the rise in operating cash flow compared to the same quarter last year, even as revenue increased only modestly. This drove a significant expansion in free cash flow and margin.
Continued strong operating cash flow conversion is a key support for free cash flow generation.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a share of revenue was higher than a year earlier but lower than the prior quarter. Capital expenditure was slightly higher than the prior quarter but significantly lower than the year-ago period, resulting in free cash flow and margin that reflected these mixed trends.
Compared to the prior quarter, revenue, operating cash flow, free cash flow, and margin all decreased. Versus the same quarter last year, all metrics improved, with operating cash flow and free cash flow showing the largest relative increases.
Monitor whether operating cash flow can sustain its elevated level relative to revenue in future quarters.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | n/a | Used as the denominator for FCF yield. |
| TTM FCF yield | n/a | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.