Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved compared to both the prior quarter and the same quarter last year, driven by higher operating cash flow. The free cash flow margin also strengthened relative to both periods.
- Revenue was stable compared to a year ago and slightly higher sequentially. Operating cash flow conversion improved, as the increase in operating cash flow outpaced the small change in revenue, leading to higher free cash flow. Capital expenditure was lower than both the prior quarter and the year-ago quarter, which further supported free cash flow.
- Compared to the prior quarter, free cash flow and margin were higher, with operating cash flow higher and capital expenditure lower. Compared to the same quarter last year, free cash flow and margin were also higher, driven by higher operating cash flow and lower capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$578.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
$169.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$204.6M
Cash generated by operations before capital spending.
CapEx
$35.3M
Capital spending and related asset purchases.
FCF margin
16.4%
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 |
|---|---|---|---|---|---|
| 2024-09-28 | $1.0B | $251.8M | $38.7M | $213.1M | 21.1% |
| 2024-12-28 | $1.0B | $159.4M | $75.6M | $83.7M | 8.4% |
| 2025-03-29 | $984.2M | $171.7M | $59.3M | $112.4M | 11.4% |
| 2025-06-28 | $1.0B | $204.6M | $35.3M | $169.3M | 16.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 323.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.4% | 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.
Higher Operating Cash Flow
Operating cash flow was higher than both the prior quarter and the same quarter last year, representing the strongest observable driver of the free cash flow improvement.
This increase directly lifted free cash flow and the free cash flow margin for the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable compared to a year ago and slightly higher sequentially. Operating cash flow conversion improved, as the increase in operating cash flow outpaced the small change in revenue, leading to higher free cash flow. Capital expenditure was lower than both the prior quarter and the year-ago quarter, which further supported free cash flow.
Compared to the prior quarter, free cash flow and margin were higher, with operating cash flow higher and capital expenditure lower. Compared to the same quarter last year, free cash flow and margin were also higher, driven by higher operating cash flow and lower capital expenditure.
Monitor the trajectory of capital expenditure, which decreased from both the prior and year-ago quarters, as it directly impacts free cash flow conversion.