Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue grew compared to both the prior quarter and a year ago, while operating cash flow improved sequentially but remained near the year-ago level. Free cash flow decreased from the prior quarter and more significantly from a year ago due to higher capital expenditure.
- The company generated robust operating cash flow relative to revenue, but capital expenditure increased substantially, resulting in lower free cash flow conversion.
- Compared to the prior quarter, revenue and operating cash flow improved, but capital expenditure rose, keeping free cash flow roughly stable. Versus a year ago, revenue was higher, operating cash flow was similar, but capital expenditure was significantly higher, leading to lower free cash flow.
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
$363.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$543.9M
Cash generated by operations before capital spending.
CapEx
$180.7M
Capital spending and related asset purchases.
FCF margin
1133.4%
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 |
|---|---|---|---|---|---|
| 2024-09-30 | $29.9M | $468.4M | $158.2M | $310.1M | 1037.8% |
| 2024-12-31 | $31.0M | $408.3M | $258.1M | $150.2M | 485.0% |
| 2025-03-31 | $30.9M | $481.4M | $117.1M | $364.3M | 1178.9% |
| 2025-06-30 | $32.0M | $543.9M | $180.7M | $363.2M | 1133.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 145.4% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 563.9% | 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.
Capital Expenditure Increase
Capital expenditure was substantially higher than both the prior quarter and the same quarter last year, which lowered free cash flow despite higher revenue.
This trend may continue to pressure free cash flow if revenue does not outpace investment.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
The company generated robust operating cash flow relative to revenue, but capital expenditure increased substantially, resulting in lower free cash flow conversion.
Compared to the prior quarter, revenue and operating cash flow improved, but capital expenditure rose, keeping free cash flow roughly stable. Versus a year ago, revenue was higher, operating cash flow was similar, but capital expenditure was significantly higher, leading to lower free cash flow.
Monitor capital expenditure trends as they have increased notably and are a key factor in free cash flow.