Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Free cash flow was stable year over year but lower than the preceding quarter, with the free cash flow margin weakening sequentially.
- Operating cash flow was higher than a year ago but slightly lower than the prior quarter. Capital expenditure increased from both comparison periods, resulting in free cash flow that matched the year-ago level but declined sequentially.
- Compared to the prior quarter, revenue improved while free cash flow and free cash flow margin weakened. Versus the same quarter last year, revenue and operating cash flow were higher, capital expenditure increased, and free cash flow was stable.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$8.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$2.7B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$3.6B
Cash generated by operations before capital spending.
CapEx
$898.0M
Capital spending and related asset purchases.
FCF margin
14.1%
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 | $14.2B | $1.3B | $710.0M | $579.0M | 4.1% |
| 2025-06-30 | $16.6B | $3.1B | $555.0M | $2.6B | 15.5% |
| 2025-09-30 | $17.6B | $3.7B | $658.0M | $3.1B | 17.5% |
| 2025-12-31 | $19.1B | $3.6B | $898.0M | $2.7B | 14.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 112.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.7% | 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.
Revenue Growth
Revenue was higher than both the immediately preceding quarter and the same quarter one year earlier, providing a larger base for cash generation.
Higher revenue supported operating cash flow, which remained positive and above the year-ago level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than a year ago but slightly lower than the prior quarter. Capital expenditure increased from both comparison periods, resulting in free cash flow that matched the year-ago level but declined sequentially.
Compared to the prior quarter, revenue improved while free cash flow and free cash flow margin weakened. Versus the same quarter last year, revenue and operating cash flow were higher, capital expenditure increased, and free cash flow was stable.
Monitor the trend in capital expenditure, as it increased from both the prior quarter and the year-ago period, affecting free cash flow conversion.