Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow turned strongly positive from a negative prior quarter, driving a large free cash flow. Revenue was lower than the preceding quarter but higher than the same quarter last year.
- Revenue was lower than the prior quarter, yet operating cash flow shifted sharply positive, resulting in a positive free cash flow margin compared with negative margins in both comparison periods. Capital expenditure was slightly higher than both the prior quarter and the year-ago quarter.
- Compared with the immediately preceding quarter, all cash flow measures improved from negative to positive. Versus the same quarter one year earlier, operating cash flow and free cash flow also improved from negative to positive, while revenue was higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.6B
Trailing twelve-month free cash flow.
Quarter free cash flow
$3.2B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$3.4B
Cash generated by operations before capital spending.
CapEx
$129.1M
Capital spending and related asset purchases.
FCF margin
4.3%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $74.2B | $2.5B | $117.9M | $2.4B | 3.2% |
| 2024-09-30 | $79.1B | $1.0B | $182.3M | $818.1M | 1.0% |
| 2024-12-31 | $81.5B | -$2.7B | $105.9M | -$2.8B | -3.5% |
| 2025-03-31 | $75.5B | $3.4B | $129.1M | $3.2B | 4.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 448.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$5.9B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Reversal
Operating cash flow turned positive this quarter after being negative in both comparison periods. This change was the strongest observable driver behind the positive free cash flow.
The positive operating cash flow enabled a positive free cash flow margin this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the prior quarter, yet operating cash flow shifted sharply positive, resulting in a positive free cash flow margin compared with negative margins in both comparison periods. Capital expenditure was slightly higher than both the prior quarter and the year-ago quarter.
Compared with the immediately preceding quarter, all cash flow measures improved from negative to positive. Versus the same quarter one year earlier, operating cash flow and free cash flow also improved from negative to positive, while revenue was higher.
Monitor whether operating cash flow remains positive in the next quarter given the sharp swing from the preceding quarter.