Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
The current quarter's free cash flow margin improved from the prior quarter but was lower than the year-ago quarter. Operating cash flow was higher than both prior periods, while capital expenditure increased versus both.
- Revenue was stable, and operating cash flow was strong relative to revenue. After accounting for capital expenditure, free cash flow was generated at a margin that improved from the prior quarter.
- Versus the prior quarter, operating cash flow and free cash flow were higher, and revenue was stable. Versus the year-ago quarter, revenue was higher, operating cash flow was higher, and free cash flow was stable.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.3B
Trailing twelve-month free cash flow.
Quarter free cash flow
$675.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$841.5M
Cash generated by operations before capital spending.
CapEx
$166.1M
Capital spending and related asset purchases.
FCF margin
19.7%
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 | $3.3B | $547.6M | $170.7M | $377.0M | 11.4% |
| 2025-03-31 | $3.2B | $180.0M | $143.3M | $36.8M | 1.1% |
| 2025-06-30 | $3.4B | $324.2M | $121.1M | $203.1M | 6.0% |
| 2025-09-30 | $3.4B | $841.5M | $166.1M | $675.4M | 19.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 449.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.9% | 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.
Operating Cash Flow Improvement
Operating cash flow was higher than the prior quarter, which drove the increase in free cash flow and the free cash flow margin.
The higher operating cash flow provided a stronger cash generation base for the quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable, and operating cash flow was strong relative to revenue. After accounting for capital expenditure, free cash flow was generated at a margin that improved from the prior quarter.
Versus the prior quarter, operating cash flow and free cash flow were higher, and revenue was stable. Versus the year-ago quarter, revenue was higher, operating cash flow was higher, and free cash flow was stable.
Monitor working capital developments, as the year-to-date filing indicates a decline in operating cash flow partly due to working capital changes.