Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sharply from the prior quarter, driven by higher operating cash flow and slightly lower capital expenditure. Compared to the same quarter last year, free cash flow was lower as revenue and operating cash flow declined.
- Revenue was higher than the prior quarter but lower than a year ago. Operating cash flow rose from the previous quarter, supporting a higher free cash flow margin. Capital expenditure was slightly below the prior quarter and roughly flat versus the year-ago quarter.
- Compared to the immediately preceding quarter, free cash flow and free cash flow margin improved significantly. Versus the same quarter one year earlier, free cash flow and free cash flow margin were lower, with revenue also lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$252.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$341.0M
Cash generated by operations before capital spending.
CapEx
$88.7M
Capital spending and related asset purchases.
FCF margin
6.0%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $4.2B | $730.0M | $99.6M | $630.4M | 14.9% |
| 2024-12-31 | $3.8B | $373.5M | $99.7M | $273.8M | 7.2% |
| 2025-03-31 | $3.7B | $132.3M | $100.0M | $32.4M | 0.9% |
| 2025-06-30 | $4.2B | $341.0M | $88.7M | $252.3M | 6.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 136.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.1% | 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 Recovery
Operating cash flow increased from the prior quarter, contributing to a higher free cash flow. This was the strongest observable driver of the quarter's cash conversion improvement.
The higher operating cash flow directly lifted free cash flow and margin compared to the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than the prior quarter but lower than a year ago. Operating cash flow rose from the previous quarter, supporting a higher free cash flow margin. Capital expenditure was slightly below the prior quarter and roughly flat versus the year-ago quarter.
Compared to the immediately preceding quarter, free cash flow and free cash flow margin improved significantly. Versus the same quarter one year earlier, free cash flow and free cash flow margin were lower, with revenue also lower.
Monitor operating cash flow trends, as the current quarter's improvement followed a notably lower prior quarter.