Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the prior quarter and the same quarter last year. Operating cash flow turned positive year-over-year but declined sequentially, resulting in negative free cash flow for the current quarter.
- Revenue rose while operating cash flow fell from the prior quarter, and capital expenditure remained relatively stable, causing free cash flow to shift from positive to negative. The free cash flow margin weakened sequentially but improved compared to the same quarter last year.
- Compared to the prior quarter, revenue was higher but operating cash flow was lower, and free cash flow turned from positive to negative. Versus the same quarter last year, revenue was higher, operating cash flow improved from negative to positive, and free cash flow was less negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$979.9M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$13.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$8.1M
Cash generated by operations before capital spending.
CapEx
$22.0M
Capital spending and related asset purchases.
FCF margin
-1.0%
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 | $1.8B | $1.1B | $24.4M | $1.1B | 58.6% |
| 2025-03-31 | $1.0B | -$73.0M | $16.4M | -$89.4M | -8.8% |
| 2025-06-30 | $964.5M | $36.1M | $23.9M | $12.2M | 1.3% |
| 2025-09-30 | $1.4B | $8.1M | $22.0M | -$13.9M | -1.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -5.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.5% | 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 Volatility
Operating cash flow was positive year-over-year but fell sharply from the prior quarter, while revenue increased. This divergence is the strongest observable driver of the negative free cash flow.
The decline in operating cash flow relative to revenue is the primary factor behind the shift to negative free cash flow this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue rose while operating cash flow fell from the prior quarter, and capital expenditure remained relatively stable, causing free cash flow to shift from positive to negative. The free cash flow margin weakened sequentially but improved compared to the same quarter last year.
Compared to the prior quarter, revenue was higher but operating cash flow was lower, and free cash flow turned from positive to negative. Versus the same quarter last year, revenue was higher, operating cash flow improved from negative to positive, and free cash flow was less negative.
Monitor the trend in operating cash flow relative to revenue, as it declined sequentially despite higher revenue.