FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$7.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$4.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$4.4B
Cash generated by operations before capital spending.
CapEx
$200.0M
Capital spending and related asset purchases.
FCF margin
9.3%
The share of revenue converted into free cash flow.
TTM FCF yield
21.0%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $4.4B | Cash generated by operations before capital spending. |
| Capital expenditures | $200.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $4.2B | Operating cash flow less capital spending. |
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $42.5B | $1.8B | $208.0M | $1.6B | 3.7% |
| 2025-09-30 | $44.9B | $1.4B | $211.0M | $1.1B | 2.6% |
| 2025-12-31 | $44.7B | $437.0M | $213.0M | $224.0M | 0.5% |
| 2026-03-31 | $44.7B | $4.4B | $200.0M | $4.2B | 9.3% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |