Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was lower than both the prior quarter and the same quarter last year. Free cash flow and free cash flow margin weakened compared to both periods.
- Operating cash flow declined though capital expenditure increased, resulting in lower free cash flow and a weaker free cash flow margin relative to revenue.
- Compared to the prior quarter, revenue was slightly lower and operating cash flow fell sharply, pushing free cash flow and margin markedly lower. Versus the same quarter one year ago, revenue was also lower; operating cash flow decreased moderately while capital expenditure rose, leaving free cash flow and margin lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$518.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
$58.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$147.5M
Cash generated by operations before capital spending.
CapEx
$89.0M
Capital spending and related asset purchases.
FCF margin
5.9%
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 |
|---|---|---|---|---|---|
| 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% |
| 2025-12-27 | $994.2M | $147.5M | $89.0M | $58.6M | 5.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -21.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 8.9% | 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.
Capital expenditure increase
Capital expenditure in the current quarter was higher than both the immediately preceding quarter and the same quarter last year. This was the strongest observable driver of the change in free cash flow, as operating cash flow was lower.
The higher capital expenditure directly reduced free cash flow relative to both comparison periods.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow declined though capital expenditure increased, resulting in lower free cash flow and a weaker free cash flow margin relative to revenue.
Compared to the prior quarter, revenue was slightly lower and operating cash flow fell sharply, pushing free cash flow and margin markedly lower. Versus the same quarter one year ago, revenue was also lower; operating cash flow decreased moderately while capital expenditure rose, leaving free cash flow and margin lower.
Monitor the trend in capital expenditure, which was markedly higher than both the prior quarter and the year-ago period.