Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved from the prior quarter but weakened compared to a year ago. The cash conversion rate, driven by higher operating cash flow relative to revenue, strengthened sequentially.
- Operating cash flow increased sequentially while capital expenditure remained nearly stable, resulting in stronger free cash flow and a higher free cash flow margin. Year-over-year, operating cash flow was lower, leading to a weaker free cash flow margin despite slightly lower capital expenditure.
- Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all improved. Compared to the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were lower, while capital expenditure was slightly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$543.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
$178.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$213.8M
Cash generated by operations before capital spending.
CapEx
$35.6M
Capital spending and related asset purchases.
FCF margin
17.7%
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 |
|---|---|---|---|---|---|
| 2024-12-28 | $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% |
| 2025-09-27 | $1.0B | $213.8M | $35.6M | $178.2M | 17.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 327.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.5% | 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.
Sequential Operating Cash Flow Growth
Operating cash flow rose from the prior quarter, while capital expenditure remained nearly unchanged, driving higher free cash flow and margin.
Free cash flow margin improved sequentially, reversing the weaker year-over-year comparison.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased sequentially while capital expenditure remained nearly stable, resulting in stronger free cash flow and a higher free cash flow margin. Year-over-year, operating cash flow was lower, leading to a weaker free cash flow margin despite slightly lower capital expenditure.
Compared to the immediately preceding quarter, operating cash flow, free cash flow, and free cash flow margin all improved. Compared to the same quarter one year earlier, operating cash flow, free cash flow, and free cash flow margin were lower, while capital expenditure was slightly lower.
Monitor the trajectory of operating cash flow, which was the strongest driver of the sequential improvement but remains below the year-ago level.