Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue held steady sequentially, while operating cash flow rose. Free cash flow and margin declined slightly from the prior quarter but improved markedly from the same quarter a year ago.
- Revenue was unchanged from the prior quarter, yet operating cash flow increased. Capital expenditure grew at a faster rate, causing free cash flow to edge lower and margin to narrow sequentially.
- Compared to the prior quarter, free cash flow and margin were lower. Relative to the same quarter last year, all metrics were higher, with free cash flow margin showing the largest improvement.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$419.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$563.0M
Cash generated by operations before capital spending.
CapEx
$144.0M
Capital spending and related asset purchases.
FCF margin
14.9%
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 | $2.6B | $464.0M | $123.0M | $341.0M | 13.0% |
| 2025-03-31 | $2.7B | $314.0M | $117.0M | $197.0M | 7.4% |
| 2025-06-30 | $2.8B | $544.0M | $108.0M | $436.0M | 15.8% |
| 2025-09-30 | $2.8B | $563.0M | $144.0M | $419.0M | 14.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 171.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 5.1% | 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 Growth
Operating cash flow was higher than both the prior quarter and the same quarter a year ago. This increase supported free cash flow, which rose compared to the year-ago quarter.
The improvement in operating cash flow was the primary factor behind the year-over-year rise in free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was unchanged from the prior quarter, yet operating cash flow increased. Capital expenditure grew at a faster rate, causing free cash flow to edge lower and margin to narrow sequentially.
Compared to the prior quarter, free cash flow and margin were lower. Relative to the same quarter last year, all metrics were higher, with free cash flow margin showing the largest improvement.
Monitor the trajectory of capital expenditure relative to operating cash flow, as its sequential increase outpaced the growth in cash from operations.