Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and free cash flow improved sequentially, with margin strengthening. Compared to a year earlier, revenue grew and cash flow improved, though the margin decreased.
- Operating cash flow increased more than revenue, driving higher free cash flow; capital expenditure rose slightly.
- Sequentially, operating cash flow and free cash flow were higher, with margin improvement. Year over year, revenue and cash flow were higher, but margin declined.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$939.8M
Trailing twelve-month free cash flow.
Quarter free cash flow
$234.7M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$251.5M
Cash generated by operations before capital spending.
CapEx
$16.8M
Capital spending and related asset purchases.
FCF margin
26.5%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $737.7M | $265.2M | $7.8M | $257.5M | 34.9% |
| 2025-03-31 | $761.6M | $271.5M | $8.7M | $262.8M | 34.5% |
| 2025-06-30 | $826.8M | $200.1M | $15.2M | $184.9M | 22.4% |
| 2025-09-30 | $885.7M | $251.5M | $16.8M | $234.7M | 26.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 692.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.9% | 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.
Revenue Growth
Revenue increased sequentially and year over year, supporting higher cash generation.
Strong revenue growth was the primary factor behind the improvement in free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow increased more than revenue, driving higher free cash flow; capital expenditure rose slightly.
Sequentially, operating cash flow and free cash flow were higher, with margin improvement. Year over year, revenue and cash flow were higher, but margin declined.
Monitor the trend in capital expenditure as it increased relative to prior periods.