FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$11.8B
Trailing twelve-month free cash flow.
Quarter free cash flow
$3.3B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$3.8B
Cash generated by operations before capital spending.
CapEx
$414.0M
Capital spending and related asset purchases.
FCF margin
21.1%
The share of revenue converted into free cash flow.
TTM FCF yield
2.6%
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 | $3.8B | Cash generated by operations before capital spending. |
| Capital expenditures | $414.0M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $3.3B | 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 |
|---|---|---|---|---|---|
| 2025-07-26 | $14.7B | $4.2B | $217.0M | $4.0B | 27.4% |
| 2025-10-25 | $14.9B | $3.2B | $323.0M | $2.9B | 19.4% |
| 2026-01-24 | $15.3B | $1.8B | $283.0M | $1.5B | 10.0% |
| 2026-04-25 | $15.8B | $3.8B | $414.0M | $3.3B | 21.1% |
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. |