Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue increased compared to both the immediately preceding period and the same period one year earlier. Operating cash flow was lower than the prior period but higher than a year ago, while capital expenditure decreased, resulting in a free cash flow deficit that was larger than the prior period but much smaller than the year-ago period.
- Operating cash flow was insufficient to cover capital expenditure, producing negative free cash flow. The free cash flow margin was negative, though improved from a year ago.
- Sequentially, revenue rose but operating cash flow fell, and the free cash flow deficit widened. Compared to the same period last year, revenue and operating cash flow were higher, capital expenditure was lower, and the free cash flow deficit narrowed substantially.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$45.1M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$67.3M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$916.1M
Cash generated by operations before capital spending.
CapEx
$983.3M
Capital spending and related asset purchases.
FCF margin
-2.0%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $4.1B | $1.0B | $1.0B | $33.2M | 0.8% |
| 2025-06-30 | $2.8B | $1.1B | $1.0B | $15.3M | 0.5% |
| 2025-09-30 | $3.2B | $1.1B | $1.1B | -$26.3M | -0.8% |
| 2025-12-31 | $3.4B | $916.1M | $983.3M | -$67.3M | -2.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -15.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 29.2% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$28.1B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Lower capital expenditure
Capital expenditure decreased compared to both the prior quarter and the year-ago quarter, while revenue increased. This helped reduce the gap between operating cash flow and capital spending.
The free cash flow deficit, though still negative, was significantly smaller than a year ago.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was insufficient to cover capital expenditure, producing negative free cash flow. The free cash flow margin was negative, though improved from a year ago.
Sequentially, revenue rose but operating cash flow fell, and the free cash flow deficit widened. Compared to the same period last year, revenue and operating cash flow were higher, capital expenditure was lower, and the free cash flow deficit narrowed substantially.
The relationship between capital expenditure and operating cash flow, as it directly determines the free cash flow outcome.