Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow was stable compared to the same quarter one year earlier, supported by higher revenue and a comparable operating cash flow despite a slight increase in capital expenditure. Relative to the preceding quarter, free cash flow weakened as revenue and operating cash flow declined while capital expenditure rose modestly.
- Revenue and operating cash flow both decreased from the prior quarter, resulting in lower free cash flow and a narrower free cash flow margin. Compared to the same quarter last year, revenue was higher while operating cash flow remained similar, leading to a slightly improved free cash flow margin.
- Relative to the preceding quarter, revenue, operating cash flow, and free cash flow were all lower, with free cash flow margin declining. Versus the same quarter a year ago, revenue was higher, operating cash flow was similar, and free cash flow was essentially unchanged, resulting in a slightly lower free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$3.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$589.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.5B
Cash generated by operations before capital spending.
CapEx
$956.0M
Capital spending and related asset purchases.
FCF margin
14.6%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $3.8B | $1.7B | $877.0M | $786.0M | 20.7% |
| 2024-12-31 | $4.5B | $1.7B | $926.0M | $738.0M | 16.4% |
| 2025-03-31 | $4.5B | $1.9B | $934.0M | $1.0B | 22.2% |
| 2025-06-30 | $4.0B | $1.5B | $956.0M | $589.0M | 14.6% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 65.5% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 23.6% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$7.2B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue Decline from Prior Quarter
Revenue decreased from the prior quarter while operating cash flow also fell, leading to lower free cash flow and margin. Capital expenditure increased slightly, adding to the cash conversion pressure.
The drop in revenue was the strongest observable factor weakening free cash flow compared to the immediately preceding quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue and operating cash flow both decreased from the prior quarter, resulting in lower free cash flow and a narrower free cash flow margin. Compared to the same quarter last year, revenue was higher while operating cash flow remained similar, leading to a slightly improved free cash flow margin.
Relative to the preceding quarter, revenue, operating cash flow, and free cash flow were all lower, with free cash flow margin declining. Versus the same quarter a year ago, revenue was higher, operating cash flow was similar, and free cash flow was essentially unchanged, resulting in a slightly lower free cash flow margin.
Monitor whether capital expenditure continues to rise relative to operating cash flow, as this combination directly pressures free cash flow.