Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue and operating cash flow were higher than both the prior quarter and the same quarter last year. Free cash flow turned positive compared to a negative figure a year ago, though the free cash flow margin weakened from the prior quarter.
- Revenue increased substantially, and operating cash flow rose, while capital expenditure also grew. The resulting free cash flow was positive, with a margin that was lower than the prior quarter but improved from a negative margin a year earlier.
- Compared to the prior quarter, revenue and operating cash flow were higher, capital expenditure increased, and free cash flow was higher, but the free cash flow margin was lower. Compared to the same quarter one year earlier, all metrics improved, with free cash flow turning from negative to positive.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$665.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.3B
Cash generated by operations before capital spending.
CapEx
$657.0M
Capital spending and related asset purchases.
FCF margin
18.0%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $648.0M | $422.0M | $298.0M | $124.0M | 19.1% |
| 2024-12-31 | $2.0B | $382.0M | $536.0M | -$154.0M | -7.7% |
| 2025-03-31 | $2.2B | $1.1B | $563.0M | $533.0M | 24.3% |
| 2025-06-30 | $3.7B | $1.3B | $657.0M | $665.0M | 18.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 68.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 17.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$4.4B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue and cash flow growth
Revenue was the strongest observable driver, increasing from both the prior quarter and the year-ago period. Operating cash flow and free cash flow also rose, with free cash flow turning positive year over year.
Higher revenue supported improved cash generation, though the free cash flow margin narrowed relative to the prior quarter.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased substantially, and operating cash flow rose, while capital expenditure also grew. The resulting free cash flow was positive, with a margin that was lower than the prior quarter but improved from a negative margin a year earlier.
Compared to the prior quarter, revenue and operating cash flow were higher, capital expenditure increased, and free cash flow was higher, but the free cash flow margin was lower. Compared to the same quarter one year earlier, all metrics improved, with free cash flow turning from negative to positive.
Monitor the free cash flow margin, which declined from the prior quarter despite higher revenue and operating cash flow.