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 prior quarter and the same quarter last year. Operating cash flow and free cash flow improved significantly, driving a higher free cash flow margin.
- Operating cash flow as a percentage of revenue strengthened, while capital expenditure grew moderately. The resulting free cash flow margin expanded, reflecting improved cash conversion from revenue.
- Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow all rose, with free cash flow margin significantly improved. Versus the same quarter one year ago, all key metrics were also higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$804.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
$516.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$573.7M
Cash generated by operations before capital spending.
CapEx
$57.5M
Capital spending and related asset purchases.
FCF margin
33.2%
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 | $1.4B | -$127.5M | $49.8M | -$177.3M | -12.8% |
| 2025-03-31 | $1.4B | $280.4M | $56.0M | $224.4M | 15.9% |
| 2025-06-30 | $1.5B | $290.2M | $49.3M | $240.9M | 15.7% |
| 2025-09-30 | $1.6B | $573.7M | $57.5M | $516.2M | 33.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 177.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.7% | 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 Acceleration
Operating cash flow grew substantially more than revenue, both sequentially and year over year, expanding the free cash flow margin.
This was the dominant factor behind the quarter's strong free cash flow performance.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow as a percentage of revenue strengthened, while capital expenditure grew moderately. The resulting free cash flow margin expanded, reflecting improved cash conversion from revenue.
Compared to the immediately preceding quarter, revenue, operating cash flow, and free cash flow all rose, with free cash flow margin significantly improved. Versus the same quarter one year ago, all key metrics were also higher.
Track whether the elevated free cash flow margin can be sustained in upcoming periods.