Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue declined compared to the prior quarter but increased versus the same quarter last year. Free cash flow remained negative, though the deficit narrowed from the previous quarter and widened from a year ago.
- Operating cash flow decreased versus the prior quarter and increased versus the year-ago quarter. Capital expenditure fell from the prior quarter but rose from a year ago. The resulting free cash flow margin improved compared to the previous quarter but weakened relative to the same quarter last year.
- Compared to the immediately preceding quarter, revenue was lower operating cash flow was lower capital expenditure was lower and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher operating cash flow was higher capital expenditure was higher and free cash flow was more negative.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$643.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$112.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.4B
Cash generated by operations before capital spending.
CapEx
$1.5B
Capital spending and related asset purchases.
FCF margin
-2.7%
The share of revenue converted into free cash flow.
TTM FCF yield
-2.2%
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 | $4.5B | $882.0M | $1.7B | -$830.0M | -18.3% |
| 2025-09-30 | $5.8B | $2.1B | $1.5B | $618.0M | 10.7% |
| 2025-12-31 | $5.2B | $1.6B | $1.9B | -$319.0M | -6.1% |
| 2026-03-31 | $4.1B | $1.4B | $1.5B | -$112.0M | -2.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -21.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 37.5% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$40.1B | 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 Pace
Capital expenditure decreased from the previous quarter but increased from a year ago. This outlay remained above operating cash flow, contributing to the negative free cash flow.
The gap between capital spending and operating cash flow is the strongest observable driver of the sustained negative free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow decreased versus the prior quarter and increased versus the year-ago quarter. Capital expenditure fell from the prior quarter but rose from a year ago. The resulting free cash flow margin improved compared to the previous quarter but weakened relative to the same quarter last year.
Compared to the immediately preceding quarter, revenue was lower operating cash flow was lower capital expenditure was lower and free cash flow was less negative. Compared to the same quarter one year earlier, revenue was higher operating cash flow was higher capital expenditure was higher and free cash flow was more negative.
Monitor the relationship between capital expenditure and operating cash flow, as investment outlays exceeded cash from operations in the current period, sustaining a negative free cash flow margin.
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 | $29.5B | Used as the denominator for FCF yield. |
| TTM FCF yield | -2.2% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | -108.3x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.