Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow increased sequentially as operating cash flow rose despite a slight decline in revenue. However, free cash flow and margin decreased significantly compared to the same quarter last year.
- Revenue was lower than the prior quarter, but higher operating cash flow led to improved free cash flow and margin. Operating cash flow as a share of revenue increased.
- Compared to the preceding quarter, free cash flow and margin improved. Compared to the same quarter one year earlier, free cash flow and margin were substantially lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.1B
Trailing twelve-month free cash flow.
Quarter free cash flow
$321.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$433.0M
Cash generated by operations before capital spending.
CapEx
$112.0M
Capital spending and related asset purchases.
FCF margin
5.0%
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 |
|---|---|---|---|---|---|
| 2024-06-28 | $6.3B | $340.0M | $111.0M | $229.0M | 3.6% |
| 2024-09-27 | $6.5B | $319.0M | $103.0M | $216.0M | 3.3% |
| 2024-12-31 | $6.6B | $413.0M | $112.0M | $301.0M | 4.6% |
| 2025-03-31 | $6.4B | $433.0M | $112.0M | $321.0M | 5.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 144.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 1.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.4B | 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 conversion improvement
Operating cash flow increased even as revenue decreased, leading to a higher free cash flow margin.
This improved cash generation efficiency supported higher free cash flow sequentially.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was lower than the prior quarter, but higher operating cash flow led to improved free cash flow and margin. Operating cash flow as a share of revenue increased.
Compared to the preceding quarter, free cash flow and margin improved. Compared to the same quarter one year earlier, free cash flow and margin were substantially lower.
Capital expenditure remained unchanged sequentially; monitor whether this level continues relative to revenue changes.