Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Operating cash flow improved sharply from the prior quarter, driving a swing to positive free cash flow despite lower revenue. Compared with the same quarter last year, free cash flow turned positive as capital expenditure declined more than operating cash flow.
- Revenue was slightly lower than the prior quarter and the year-ago quarter, but operating cash flow rose to a positive figure from a negative prior quarter, and free cash flow became positive as capital expenditure fell. The free cash flow margin improved markedly from negative levels in both comparison periods.
- Compared with the immediately preceding quarter, revenue was lower while operating cash flow, free cash flow, and free cash flow margin all improved. Versus the same quarter one year earlier, revenue was also lower, but free cash flow and free cash flow margin were higher, while operating cash flow was slightly higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$908.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$104.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$238.3M
Cash generated by operations before capital spending.
CapEx
$133.4M
Capital spending and related asset purchases.
FCF margin
2.9%
The share of revenue converted into free cash flow.
TTM FCF yield
n/a
TTM FCF divided by market capitalization.
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 |
|---|---|---|---|---|---|
| 2025-06-30 | $3.7B | $7.5M | $293.2M | -$285.7M | -7.7% |
| 2025-09-30 | $3.6B | $111.7M | $256.0M | -$144.4M | -4.0% |
| 2025-12-31 | $3.8B | -$425.3M | $158.1M | -$583.4M | -15.4% |
| 2026-03-31 | $3.7B | $238.3M | $133.4M | $104.8M | 2.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -71.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.6% | 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.
Capital Expenditure Reduction
Capital expenditure fell compared with both the prior quarter and the year-ago quarter, and the decline was larger than the drop in revenue. This was the strongest observable factor in the swing to positive free cash flow.
Lower capital expenditure directly contributed to free cash flow improvement this quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly lower than the prior quarter and the year-ago quarter, but operating cash flow rose to a positive figure from a negative prior quarter, and free cash flow became positive as capital expenditure fell. The free cash flow margin improved markedly from negative levels in both comparison periods.
Compared with the immediately preceding quarter, revenue was lower while operating cash flow, free cash flow, and free cash flow margin all improved. Versus the same quarter one year earlier, revenue was also lower, but free cash flow and free cash flow margin were higher, while operating cash flow was slightly higher.
Monitor whether the increase in operating cash flow can sustain given that revenue was slightly lower than both prior periods.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | n/a | Used as the denominator for FCF yield. |
| TTM FCF yield | n/a | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.