Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned positive from a negative prior quarter, driving free cash flow to a positive margin. Revenue increased compared to both the prior quarter and the same quarter last year.
- Revenue rose while operating cash flow improved from a negative to a positive figure, resulting in positive free cash flow and a positive free cash flow margin. Capital expenditure was higher than both the prior quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive, and the free cash flow margin turned positive. Versus the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were all lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$385.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$854.0M
Cash generated by operations before capital spending.
CapEx
$469.0M
Capital spending and related asset purchases.
FCF margin
8.8%
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 | $13.5B | $1.1B | $489.0M | $564.0M | 4.2% |
| 2025-03-31 | $3.7B | -$285.0M | $310.0M | -$595.0M | -16.2% |
| 2025-06-30 | $4.0B | -$1.1B | $406.0M | -$1.5B | -36.8% |
| 2025-09-30 | $4.4B | $854.0M | $469.0M | $385.0M | 8.8% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 231.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 10.7% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$9.8B | 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 shifted from a negative figure in the prior quarter to a positive figure in the current quarter, which was the strongest observable driver of the improvement in free cash flow.
This recovery directly enabled free cash flow to turn positive after a negative prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose while operating cash flow improved from a negative to a positive figure, resulting in positive free cash flow and a positive free cash flow margin. Capital expenditure was higher than both the prior quarter and the year-ago quarter.
Compared to the immediately preceding quarter, operating cash flow and free cash flow both improved from negative to positive, and the free cash flow margin turned positive. Versus the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were all lower.
Monitor the trend in capital expenditure, which increased compared to both the prior quarter and the year-ago quarter.