Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow turned strongly positive after a negative prior quarter, driven by a significant improvement in operating cash flow. Revenue expanded and free cash flow margin improved year over year.
- Operating cash flow substantially exceeded capital expenditure, resulting in a healthy free cash flow and margin. Revenue growth supported the cash generation, with operating cash flow covering both capex and investment in working capital.
- Compared to the prior quarter, operating cash flow shifted from a net outflow to a strong inflow, lifting free cash flow from negative to positive and significantly widening the margin. Versus the same quarter last year, all cash metrics improved, with operating cash flow and free cash flow both higher.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$561.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$221.2M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$252.5M
Cash generated by operations before capital spending.
CapEx
$31.3M
Capital spending and related asset purchases.
FCF margin
10.2%
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 | $1.8B | $302.2M | $22.1M | $280.1M | 15.5% |
| 2024-12-31 | $1.9B | $210.5M | $40.7M | $169.8M | 9.1% |
| 2025-03-31 | $1.8B | -$88.0M | $22.2M | -$110.2M | -6.0% |
| 2025-06-30 | $2.2B | $252.5M | $31.3M | $221.2M | 10.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 95.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.4% | Lower capital intensity usually supports FCF margin. |
| Net cash | $258.7M | 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 Recovery
Operating cash flow rebounded sharply from a deficit in the prior quarter to a surplus, becoming the primary factor behind the free cash flow improvement. The filing notes that the company's capital needs are primarily for working capital rather than long-term fixed assets, underscoring the importance of cash conversion efficiency.
Sustained operating cash generation will be critical for maintaining positive free cash flow and supporting future growth.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow substantially exceeded capital expenditure, resulting in a healthy free cash flow and margin. Revenue growth supported the cash generation, with operating cash flow covering both capex and investment in working capital.
Compared to the prior quarter, operating cash flow shifted from a net outflow to a strong inflow, lifting free cash flow from negative to positive and significantly widening the margin. Versus the same quarter last year, all cash metrics improved, with operating cash flow and free cash flow both higher.
Monitor working capital trends given the business's reliance on project-related receivables and payables, as highlighted in the filing.