Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue decreased from the prior quarter but increased compared to the same quarter a year earlier. Operating cash flow grew significantly, resulting in higher free cash flow and an improved free cash flow margin.
- Revenue was lower than the previous quarter, yet operating cash flow was higher, leading to a substantial increase in free cash flow. Capital expenditure was slightly higher, but free cash flow margin improved.
- Compared to the prior quarter, revenue declined while operating cash flow and free cash flow rose. Versus the same quarter last year, revenue, operating cash flow, and free cash flow were all higher, with a higher free cash flow margin.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$765.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$329.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$342.6M
Cash generated by operations before capital spending.
CapEx
$13.2M
Capital spending and related asset purchases.
FCF margin
12.4%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $2.4B | $126.8M | $7.9M | $118.8M | 4.9% |
| 2024-09-30 | $3.0B | $90.0M | $12.3M | $77.7M | 2.6% |
| 2024-12-31 | $3.0B | $249.7M | $10.1M | $239.7M | 8.1% |
| 2025-03-31 | $2.7B | $342.6M | $13.2M | $329.5M | 12.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 161.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.5% | 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 Strength
Despite a lower revenue quarter-over-quarter, the company generated significantly higher operating cash flow, which drove free cash flow and margin higher.
The improved cash conversion strengthened the free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the previous quarter, yet operating cash flow was higher, leading to a substantial increase in free cash flow. Capital expenditure was slightly higher, but free cash flow margin improved.
Compared to the prior quarter, revenue declined while operating cash flow and free cash flow rose. Versus the same quarter last year, revenue, operating cash flow, and free cash flow were all higher, with a higher free cash flow margin.
The company's filing notes risks from tariffs and other government actions on global trade volumes, which could affect future performance.