Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow rose sequentially as operating cash flow increased while capital expenditure remained stable, leading to an improved free cash flow margin. Compared to the same quarter last year, free cash flow and margin were lower, with revenue slightly higher but operating cash flow reduced.
- Revenue was slightly lower than the prior quarter, but operating cash flow increased, resulting in a higher free cash flow and an improved free cash flow margin. Capital expenditure remained essentially unchanged.
- Compared to the immediately preceding quarter, free cash flow and margin both improved. Compared to the same quarter one year earlier, free cash flow and margin weakened, despite revenue being higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$920.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$296.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$309.2M
Cash generated by operations before capital spending.
CapEx
$12.6M
Capital spending and related asset purchases.
FCF margin
10.7%
The share of revenue converted into free cash flow.
TTM FCF yield
3.9%
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 | $2.7B | $179.2M | $15.9M | $163.3M | 6.2% |
| 2025-09-30 | $2.9B | $201.4M | $11.1M | $190.3M | 6.6% |
| 2025-12-31 | $2.9B | $283.3M | $13.0M | $270.3M | 9.5% |
| 2026-03-31 | $2.8B | $309.2M | $12.6M | $296.6M | 10.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 129.2% | 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.
Sequential cash flow improvement
Operating cash flow increased from the prior quarter while capital expenditure was stable, driving a higher free cash flow and margin.
This improved cash conversion efficiency compared to the prior quarter, though it remains below the level of the same quarter last year.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was slightly lower than the prior quarter, but operating cash flow increased, resulting in a higher free cash flow and an improved free cash flow margin. Capital expenditure remained essentially unchanged.
Compared to the immediately preceding quarter, free cash flow and margin both improved. Compared to the same quarter one year earlier, free cash flow and margin weakened, despite revenue being higher.
The filing notes risks related to tariffs and government actions on global trade volumes, which could affect future cash conversion.
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 | $23.4B | Used as the denominator for FCF yield. |
| TTM FCF yield | 3.9% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.