Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow and free cash flow improved sharply compared with both the prior quarter and the same quarter a year ago, lifting the free cash flow margin into positive territory after a negative prior quarter. Revenue was higher sequentially and year-over-year, while capital expenditure was lower sequentially but mixed against the year-ago quarter.
- Revenue increased from the prior quarter and from the same quarter last year, while operating cash flow grew to a level that, after subtracting lower capital expenditure, resulted in a higher free cash flow and a positive free cash flow margin.
- Compared with the immediately preceding quarter, operating cash flow and free cash flow were markedly higher, and the margin improved from negative to positive. Versus the same quarter one year earlier, free cash flow was also higher, and the margin strengthened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$123.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$101.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$162.1M
Cash generated by operations before capital spending.
CapEx
$60.8M
Capital spending and related asset purchases.
FCF margin
11.3%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $732.0M | $53.0M | $54.0M | -$1.0M | -0.1% |
| 2025-06-30 | $781.3M | $146.7M | $118.5M | $28.2M | 3.6% |
| 2025-09-30 | $833.6M | $68.2M | $73.7M | -$5.5M | -0.7% |
| 2025-12-31 | $899.9M | $162.1M | $60.8M | $101.3M | 11.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 217.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 6.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | $1.5B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating cash flow growth
Operating cash flow rose substantially from the prior quarter and from the year-ago quarter, driving the improvement in free cash flow even as revenue growth continued.
The higher operating cash flow was the primary factor turning free cash flow positive this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased from the prior quarter and from the same quarter last year, while operating cash flow grew to a level that, after subtracting lower capital expenditure, resulted in a higher free cash flow and a positive free cash flow margin.
Compared with the immediately preceding quarter, operating cash flow and free cash flow were markedly higher, and the margin improved from negative to positive. Versus the same quarter one year earlier, free cash flow was also higher, and the margin strengthened.
Monitor capital expenditure levels in subsequent quarters, as their change relative to operating cash flow directly influenced free cash flow direction.