Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower sequentially but higher than the prior year. Free cash flow and margins weakened from the previous quarter but improved compared to the same quarter last year.
- Operating cash flow decreased from the prior quarter but increased year over year, while capital expenditure rose slightly. The resulting free cash flow margin narrowed sequentially yet widened versus the year-ago period, indicating mixed cash conversion efficiency.
- Compared to the immediate prior quarter, revenue and free cash flow were lower, and the margin weakened. Versus the same quarter one year earlier, revenue and free cash flow were higher, and the margin improved.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$671.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$714.0M
Cash generated by operations before capital spending.
CapEx
$43.0M
Capital spending and related asset purchases.
FCF margin
1118.3%
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 | $49.0M | $877.0M | $52.0M | $825.0M | 1683.7% |
| 2025-03-31 | $50.0M | $641.0M | $40.0M | $601.0M | 1202.0% |
| 2025-06-30 | $52.0M | $832.0M | $40.0M | $792.0M | 1523.1% |
| 2025-09-30 | $60.0M | $714.0M | $43.0M | $671.0M | 1118.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 207.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 71.7% | 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.
Year-over-year margin expansion
Free cash flow margin rose compared to the same quarter last year, driven by higher free cash flow on revenue that increased less proportionally.
The stronger cash generation relative to revenue supported improved year-over-year profitability on a cash basis.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow decreased from the prior quarter but increased year over year, while capital expenditure rose slightly. The resulting free cash flow margin narrowed sequentially yet widened versus the year-ago period, indicating mixed cash conversion efficiency.
Compared to the immediate prior quarter, revenue and free cash flow were lower, and the margin weakened. Versus the same quarter one year earlier, revenue and free cash flow were higher, and the margin improved.
Monitor the relationship between operating cash flow and revenue, as operating cash flow declined despite lower revenue.