FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$9.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
-$1.1B
Free cash flow in the selected fiscal quarter.
Operating cash flow
$1.3B
Cash generated by operations before capital spending.
CapEx
$2.4B
Capital spending and related asset purchases.
FCF margin
-2.5%
The share of revenue converted into free cash flow.
TTM FCF yield
18.5%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | $1.3B | Cash generated by operations before capital spending. |
| Capital expenditures | $2.4B | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$1.1B | Operating cash flow less capital spending. |
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 | $50.2B | $6.3B | $2.1B | $4.2B | 8.4% |
| 2025-09-30 | $50.5B | $7.4B | $2.1B | $5.3B | 10.4% |
| 2025-12-31 | $45.9B | $3.9B | $2.8B | $1.1B | 2.4% |
| 2026-03-31 | $43.3B | $1.3B | $2.4B | -$1.1B | -2.5% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |