FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$9.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$2.0B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$3.4B
Cash generated by operations before capital spending.
CapEx
$1.4B
Capital spending and related asset purchases.
FCF margin
2.9%
The share of revenue converted into free cash flow.
TTM FCF yield
2.3%
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 | $3.4B | Cash generated by operations before capital spending. |
| Capital expenditures | $1.4B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $2.0B | 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 |
|---|---|---|---|---|---|
| 2025-05-11 | $63.2B | $3.5B | $1.1B | $2.3B | 3.7% |
| 2025-11-23 | $67.3B | $4.7B | $1.5B | $3.2B | 4.7% |
| 2026-02-15 | $69.6B | $3.0B | $1.3B | $1.7B | 2.5% |
| 2026-05-10 | $70.5B | $3.4B | $1.4B | $2.0B | 2.9% |
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. |