Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was stable compared to the prior quarter and higher than the same quarter a year ago. Free cash flow improved relative to the prior quarter but was lower than the year-ago quarter, resulting in a mixed cash conversion profile.
- Operating cash flow and free cash flow both increased from the prior quarter, while capital expenditure remained generally stable. The free cash flow margin expanded from the prior quarter but contracted compared to the same quarter one year earlier, reflecting a change in the relationship between revenue and cash generation.
- Compared to the immediate prior quarter, revenue was stable, operating cash flow and free cash flow were higher, and the free cash flow margin improved. Compared to the same quarter one year earlier, revenue was higher, while operating cash flow, free cash flow, and the free cash flow margin were lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$2.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$537.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$594.0M
Cash generated by operations before capital spending.
CapEx
$57.0M
Capital spending and related asset purchases.
FCF margin
13.3%
The share of revenue converted into free cash flow.
TTM FCF yield
n/a
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $3.3B | $504.0M | $66.0M | $438.0M | 13.3% |
| 2025-09-30 | $3.4B | $871.0M | $63.0M | $808.0M | 23.4% |
| 2025-12-31 | $4.0B | $421.0M | $54.0M | $367.0M | 9.3% |
| 2026-03-31 | $4.0B | $594.0M | $57.0M | $537.0M | 13.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 291.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.4% | 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.
Operating Cash Flow Strength
Operating cash flow increased from the previous quarter, supporting a higher free cash flow despite a similar level of capital expenditure. This was the strongest observable driver of the quarter's cash generation improvement.
Operating cash flow growth was the primary factor lifting free cash flow from the prior quarter's level.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow and free cash flow both increased from the prior quarter, while capital expenditure remained generally stable. The free cash flow margin expanded from the prior quarter but contracted compared to the same quarter one year earlier, reflecting a change in the relationship between revenue and cash generation.
Compared to the immediate prior quarter, revenue was stable, operating cash flow and free cash flow were higher, and the free cash flow margin improved. Compared to the same quarter one year earlier, revenue was higher, while operating cash flow, free cash flow, and the free cash flow margin were lower.
Monitor free cash flow margin direction, as it weakened year-over-year despite stable sequential revenue.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | n/a | Used as the denominator for FCF yield. |
| TTM FCF yield | n/a | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.