Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was stable compared to the same quarter one year earlier, while revenue increased. Operating cash flow was lower than the prior year, but capital expenditure was also lower, resulting in similar free cash flow.
- Revenue was higher than both the prior quarter and the same quarter last year. Operating cash flow was higher than the prior quarter but lower than the same quarter last year, while capital expenditure remained minimal. Free cash flow and free cash flow margin improved from the prior quarter but weakened compared to the same quarter last year.
- Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were all higher, and the free cash flow margin improved. Compared to the same quarter one year earlier, revenue was higher, but operating cash flow was lower, free cash flow was stable, and the free cash flow margin weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
$737.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$741.0M
Cash generated by operations before capital spending.
CapEx
$4.0M
Capital spending and related asset purchases.
FCF margin
22.7%
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 | $3.3B | $912.0M | $6.0M | $906.0M | 27.3% |
| 2024-12-31 | $2.5B | $642.0M | $4.0M | $638.0M | 25.1% |
| 2025-03-31 | $2.6B | $310.0M | $3.0M | $307.0M | 12.0% |
| 2025-06-30 | $3.2B | $741.0M | $4.0M | $737.0M | 22.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 107.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | $205.0M | 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 prior quarter and the same quarter last year, providing a stronger base for cash generation.
Higher revenue supported improved free cash flow 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 both the prior quarter and the same quarter last year. Operating cash flow was higher than the prior quarter but lower than the same quarter last year, while capital expenditure remained minimal. Free cash flow and free cash flow margin improved from the prior quarter but weakened compared to the same quarter last year.
Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow were all higher, and the free cash flow margin improved. Compared to the same quarter one year earlier, revenue was higher, but operating cash flow was lower, free cash flow was stable, and the free cash flow margin weakened.
Monitor the relationship between revenue growth and operating cash flow, as operating cash flow declined year-over-year despite higher revenue.