Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow both increased compared to the prior quarter and the same quarter last year. Capital expenditure decreased, leading to free cash flow growth and an improved free cash flow margin.
- Operating cash flow as a percentage of revenue rose, reflecting higher cash conversion. Free cash flow margin improved from both the preceding quarter and the year-ago period.
- Compared to the previous quarter, revenue and operating cash flow were higher, while capital expenditure was lower. Versus the same quarter a year earlier, all metrics improved: revenue, operating cash flow, and free cash flow were higher, and capital expenditure was lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$1.1B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.1B
Cash generated by operations before capital spending.
CapEx
$14.2M
Capital spending and related asset purchases.
FCF margin
67.1%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $1.5B | $776.9M | $18.2M | $758.7M | 49.5% |
| 2024-09-30 | $1.6B | $1.0B | $29.8M | $973.2M | 61.4% |
| 2024-12-31 | $1.5B | $1.0B | $26.2M | $991.7M | 65.0% |
| 2025-03-31 | $1.6B | $1.1B | $14.2M | $1.1B | 67.1% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 115.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.9% | 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.
Cash Conversion Efficiency
Free cash flow margin improved sequentially and year over year, supported by higher revenue, higher operating cash flow, and lower capital expenditure.
The company generated strong free cash flow relative to revenue.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue rose, reflecting higher cash conversion. Free cash flow margin improved from both the preceding quarter and the year-ago period.
Compared to the previous quarter, revenue and operating cash flow were higher, while capital expenditure was lower. Versus the same quarter a year earlier, all metrics improved: revenue, operating cash flow, and free cash flow were higher, and capital expenditure was lower.
Monitor trading volume trends, as the filing notes that operating cash flow improvement was driven by increased trading volume.